Dreyfus High Yield Strategies Fund (DHF) Announces Dividend Reduction.

NEW YORK -- Dreyfus High Yield Strategies Fund (NYSE: DHF) - On December 13, 2006, the Board of Trustees of DHF declared from net investment income a monthly cash dividend of $0.0285 per share of beneficial interest, payable on January 12, 2007 to shareholders of record at the close of business on December 28, 2006. The ex-dividend date is December 26, 2006. The $0.0285 per share investment income dividend represents a reduction of $0.004 from the previously declared monthly net investment income dividend of $0.0325.

The dividend reduction primarily reflects the lower reinvestment rate environment that has existed in the market for the reinvestment of the proceeds from coupon payments and from called, sold and/or matured securities, increased borrowing costs related to DHF's leverage, and an effort to reduce the accumulated distribution in excess of investment income-net, which was approximately $(1,423,000) as of November 30, 2006.(*)

* The accumulated distribution in excess of investment income-net is determined in accordance with income tax regulations, which differ from U.S. generally accepted accounting principles.