Dreyfus High Yield Strategies Fund - DHF's Portfolio Holdings as of March 31, 2003.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 25, 2003

As stated in DHF's press release dated April 24, 2003, included below are the Fund's holdings as of March 31, 2003.

   Description                  Coupon   Maturity       PAR  % Mkt Val
ACME INTR SR DISC NT                  0  9/30/2005     5,800    1.55
ADVANCED ACCS SR SUB NT            9.75  10/1/2007     6,300    1.65
AFT 99-1A D USER                     11 10/27/2008     6,699    0.17
AIR 2 US-AIRBUS 144A D           12.266  10/1/2020     9,641    0.11
AIRXCEL INC SR SUB NT                11 11/15/2007     4,200    0.89
ALAMOSA SR DISC NT                    0  2/15/2010       580    0.05
ALAMOSA SR NT                    13.625  8/15/2011       730    0.10
ALLEGHENY ENERGY 144A             10.25  11/1/2007     1,786    0.46
ALLEGHENY ENERGY BD 144A           8.75  4/15/2012     4,495    0.89
ALLIANCE LAUNDRY SRSUBNT          9.625   5/1/2008     4,000    0.95
ALLIED WASTE SRSUB                   10   8/1/2009     6,541    1.76
AMC ENTMT SR SUB NT               9.875   2/1/2012       986    0.26
AMC ENTMT SR SUB NT                 9.5  3/15/2009       358    0.09
AMER TOWER SRNT                   9.375   2/1/2009     4,184     .98
AMERICAN TWR ESC UNITS                0   8/1/2008       450    0.08
AMI SEMICON INC 144A              10.75   2/1/2013     1,790    0.49
AMR CORP DEL DEB                   9.75  8/15/2021     2,400    0.14
AMR CORP DEL DEB                      9   8/1/2012     1,800    0.10
ANR PIPELINE SRNT 144A            8.875  3/15/2010     2,230    0.61
APPLETON PAPERS INC GLBL           12.5 12/15/2008       850    0.25
AQUA CHEM INC SR SUB NT           11.25   7/1/2008     2,000    0.40
AVECIA GROUP SRNT                    11   7/1/2009    10,529    2.33
BALLY TOTAL SRSUBNT               9.875 10/15/2007     1,330    0.30
BE AEROSPACE INC                  8.875   5/1/2011     3,361    0.55
BELDEN & BLAKE SRNT               9.875  6/15/2007     4,947    1.16
BRICKMAN GROUP LTD 144A           11.75 12/15/2009       888    0.25
BUCKEYE CELL SR SUB NT              8.5 12/15/2005     2,478    0.62
BUCKEYE CELL SR SUB NT             9.25  9/15/2008     1,000    0.24
BUFFETS INC SRSUBNT GLBL          11.25  7/15/2010       448    0.10
CALL NET ENTERP SRNT             10.625 12/31/2008     2,000    0.36
CALPINE CANADA ENER SRNT            8.5   5/1/2008     7,314    1.10
CALPINE CORP SR NT                 7.75  4/15/2009     7,290    1.06
CALPINE CORP SR NT                7.625  4/15/2006     2,000    0.31
CENTERPOINT EN RESC 144A          7.875   4/1/2013       875    0.24
CHARTER COM SR DISC                   0  1/15/2011     2,170    0.17
CHARTER COM SR NT                 10.75  10/1/2009    11,637    1.41
CHARTER COMM HLD NT                   0   4/1/2011     1,343    0.14
CHARTER COMM SR NT                    0  5/15/2011     7,934    0.64
CHARTER COMM SR NT                   10  5/15/2011     3,193    0.36
CHARTER COMM SR NT                    0  1/15/2012     1,345    0.10
CMS ENERGY SR NT                  9.875 10/15/2007     4,739    1.14
COASTAL CORP NT                     6.5   6/1/2008    12,518    2.62
COASTAL CORP NT                   7.625   9/1/2008     2,891    0.62
COAXIAL COMM SR NT                   10  8/15/2006     2,218    0.58
COLLINS & AIKMN PD GLBL           10.75 12/31/2011     2,216    0.56
COMCAST UK CABLE PARTNER           11.2 11/15/2007     7,790    1.50
CROWN CASTLE INTL                 9.375   8/1/2011     1,386    0.33
CROWN CASTLE SR NT                10.75   8/1/2011     1,000    0.25
CountryWide, 2001-9 B4             6.75  6/25/2031       489    0.11
CountryWide, 2001-9 B5             6.75  6/25/2031       711    0.07
DAY INTL GROUP SR NT             11.125   6/1/2005     1,000    0.27
DEL MONTE SRSUBNT 144A            8.625 12/15/2012     1,879    0.52
DELTA AIRLINES NT                   7.7 12/15/2005     1,970    0.30
DOANE PET CARE SRNT 144A          10.75   3/1/2010     1,350    0.36
DOLE FOOD INC NT                  8.875  3/15/2011       444    0.12
DRESSER INC SRNT                  9.375  4/15/2011       975    0.25
DYNEGY INC SR NTS                 8.125  3/15/2005     4,011    0.85
EL PASO ENERGY SRNT 144A         10.625  12/1/2012     1,765    0.51
ELGIN NATL IND SRNT                  11  11/1/2007     6,026    0.71
EOTT ENERGY PART SR NT               11  10/1/2009     6,746     1.1
EQUISTAR CHEMICALS L.P.             6.5  2/15/2006       250    0.06
EXTENDICARE HEALTH SRSUB           9.35 12/15/2007     1,124    0.24
FAIRPOINT COMM REG S             11.875   3/1/2010       449    0.12
FAIRPOINT COMM SRSB                12.5   5/1/2010       555    0.13
FHLMC GOLD 2407                     6.5  2/15/2022       903    0.00
FINOVA GROUP INC                    7.5 11/15/2009     1,365    0.13
FNMA REMIC 01-52                    6.5  3/25/2021     3,999    0.00
GEORGIA PAC CORP 144A             9.375   2/1/2013     1,480    0.41
GEORGIA PAC CORP 144A             8.875   2/1/2010       845    0.23
GRAY TELEVISION SR SUB             9.25 12/15/2011       450    0.13
HANOVER EQUIP TR 01 GBGL           8.75   9/1/2011     3,912     .99
HAYNES INTL INC SR NT            11.625   9/1/2004     2,000     0.8
HEALTHSTH CO SR NT                    7  6/15/2008     4,320     0.2
HEXCEL CORP SRSUBNT                9.75  1/15/2009     4,703    1.11
HOLLYWOOD ENTMT CORP              9.625  3/15/2011       888    0.24
HORIZON PCS INC GLOBAL            13.75  6/15/2011     3,000    0.11
HOST MARRIOTT LP GLBL               9.5  1/15/2007       450    0.12
HOUGHTON MIFFLIN 144A             9.875   2/1/2013       445    0.13
HUNTSMAN INTL LLC                10.125   7/1/2009    11,081    2.73
HUNTSMAN PACK SRSUB                  13   6/1/2010     1,350    0.32
INSIGHT MIDWEST 144A               9.75  10/1/2009       885    0.24
JPMORGANHYDI NT 144A               8.75 11/15/2007     5,000    1.35
JPMORGANHYDI NT 144A                9.7 11/15/2007     1,500    0.40
K&F INDS INC SR SUB               9.625 12/15/2010       657    0.18
KEY COMPONENTS SR NT               10.5   6/1/2008     2,567    0.65
LAND O LAKES INC SRNT              8.75 11/15/2011     4,742    0.77
LEVI STRAUSS &CO NT              11.625  1/15/2008     3,676    0.90
LEVIATHAN GAS SR NT              10.375   6/1/2009       986    0.27
LORAL CYBERSTAR INC                  10  7/15/2006     2,198    0.24
LYONDELL PETRO-CHEM 144A            9.5 12/15/2008     1,475    0.37
LYONDELL PETRO-CHEM SRNT         11.125  7/15/2012       433    0.12
LYONDELL PETRO-CHEM SRNT          9.875   5/1/2007       295    0.08
MARCONI CORP PLC BD               8.375  9/15/2030     5,586    0.39
MEDIACOM BROADBAND SR NT             11  7/15/2013     1,500    0.44
METROMEDIA FIBER SR NT               10 12/15/2009    12,350    0.11
METROMEDIA FIBER SR NT               10 11/15/2008     6,600    0.06
MEXICAN BONOS 110714               10.5  7/14/2011    20,000    0.49
MIRANT AMERICAS                   7.625   5/1/2006     6,380    1.01
MIRANT AMERICAS                     7.2  10/1/2008     3,379    0.45
MJD COMM F/R NT                   5.806   5/1/2008     5,000     .96
MOORE NORTH AMER 144A             7.875  1/15/2011       560    0.15
NATIONAL EQUIP SRNT                  10 11/30/2004     6,487    0.34
NATIONAL EQUIP SRNT                  10 11/30/2004     4,700    0.25
NEXTEL COMM SR NT                 9.375 11/15/2009       945    0.26
NEXTEL COMMUNICATIONS              5.25  1/15/2010     2,500    0.56
NEXTEL PART SR NT                  12.5 11/15/2009     3,170    0.85
NORTHEAST OPTIC SRNT              12.75  8/15/2008     2,960    0.06
NUEVO ENERGY SRSUBNT              9.375  10/1/2010     2,690    0.72
OLD EVANGELINE DOWN 144A             13   3/1/2010       900    0.24
OM GROUP INC                       9.25 12/15/2011     6,954    1.41
OWENS CORNING DEB                   7.5   8/1/2018     6,700    0.42
OWENS CORNING NT                    7.7   5/1/2008        50    0.00
PARK PLACE ENT NT                 8.875  9/15/2008       985    0.27
PEGASUS COMM SRNT                  12.5   8/1/2007     6,100    1.25
PENNEY JC INC NT                      8   3/1/2010       896    0.24
PERKINELMER INC 144A              8.875  1/15/2013     1,227    0.33
PETROBRAS INTL FIN                9.875   5/9/2008     2,000    0.52
POINDEXTER J B INC SR NT           12.5  5/15/2004     5,000     .94
PREMCOR REFINING 144A               9.5   2/1/2013     1,120    0.31
PREMCOR REFINING 144A              9.25   2/1/2010       900    0.25
PREMIER PARKS SR NT                9.75  6/15/2007     2,888    0.73
QUEBEC PROVINCE                     3.3  12/1/2013     1,170    0.21
QWEST CAPITAL FDG                 5.875   8/3/2004     2,000     0.7
QWEST SERVICES CORP 144A           13.5 12/15/2010     6,119    1.68
QWEST SERVICES CORP 144A             13 12/15/2007     1,800    0.49
QWEST SERVICES CORP 144A             14 12/15/2014     1,458    0.41
R.H. DONNELLY INC 144A            8.875 12/15/2010       660    0.19
R.H. DONNELLY INC 144A           10.875 12/15/2012       440    0.13
RAB ENTERPRISES SR NT              10.5   5/1/2005     3,047    0.40
RADNOR HLDGS SRNT 144A               11  3/15/2010       650    0.16
REGAL CINEMAS SR NT GLBL          9.375   2/1/2012       455    0.13
REMINGTON ARMS SRNT 144A           10.5   2/1/2011       335    0.09
RESOLUTION PERFO                   13.5 11/15/2010     1,354    0.37
RESORTS INTL HOTEL                 11.5  3/15/2009     5,002    1.13
REXNORD CORP SRSBNT 144A         10.125 12/15/2012       975    0.27
RESIDENTIAL FUND 2001-S19 B1        6.5  8/25/2016       144    0.04
RESIDENTIAL FUND 2001-S19 B2        6.5  8/25/2016        72    0.02
RESIDENTIAL FUND 2001-S19 B3        6.5  8/25/2016       144    0.02
RIVERWOOD INTL SR SUB NT         10.875   4/1/2008     1,339    0.36
RIVIERA HLDS SRNT GLBL               11  6/15/2010     1,350    0.30
ROGERS WIRELESS INC               9.625   5/1/2011     1,000    0.28
SBA COMM SR NT                    10.25   2/1/2009     1,500    0.28
SLEEPMASTER SR NT                    11  5/15/2009    17,631    0.87
SOU NAT GAS SRNT 144A             8.875  3/15/2010     1,795    0.49
STAR CHOICE COMM                     13 12/15/2005     7,750    2.05
STATION CASINOS SRSUBNT           9.875   7/1/2010       449    0.13
SWIFT & CO SR NT 144A            10.125  10/1/2009       441    0.11
SYNAGRO TECH SRSBNT GLBL            9.5   4/1/2009       896    0.25
TEKNI-PLEX SR SUB NT              12.75  6/15/2010     3,488    0.83
TELESYSTEM INTL 144A                 14 12/30/2003       207    0.05
TELESYSTEM INTL SRNT                 14 12/30/2003     2,173    0.53
TEMBEC INDS INC NT                  8.5   2/1/2011     1,343    0.36
TEREX CORP SRSUBNT               10.375   4/1/2011     2,250    0.61
TESORO PETE CO SRSUBNT                9   7/1/2008     3,418    0.76
TFM SA DE CV SR NT                10.25  6/15/2007     5,000    1.17
TREAS NOTES TIPS                  3.875  1/15/2009       926     0.3
TREAS NOTES TIPS                  3.625  1/15/2008       926     0.3
TRUMP HLDGS & FDG 144A           11.625  3/15/2010       900    0.22
TRW AUTOMOTIVE INC 144A           9.375  2/15/2013       494    0.13
TURNING STONE CAS 144A            9.125 12/15/2010     1,113    0.30
TYCO INTL GROUP SA NT             6.375  6/15/2005     7,389    1.90
U S TIMBERLAND SR NT              9.625 11/15/2007     7,750    1.29
UNITED RNTL NT                    10.75  4/15/2008     1,775    0.48
UNITED RNTL NT 144A               10.75  4/15/2008       984    0.27
US WEST CAP FDG NT                 6.25  7/15/2005     3,944    0.87
WCI COMMUNITIES INC              10.625  2/15/2011     2,370    0.63
WILLIAMS CO INC NT 144A           8.125  3/15/2012     4,275    0.97
WILLIAMS CO INC NTS                 6.5   8/1/2006     4,933    1.16
WILLIAMS CO INC NTS                6.75  1/15/2006     2,785    0.67
WILLIAMS CO INC NTS               7.125   9/1/2011     1,997    0.45
WILLIAMS COMM GROUP LOAN              0  3/14/2007     1,154    0.26
WILLIAMS HLDG INC NT                6.5  12/1/2008     2,558    0.56
WILLMS SCTMN SR NT                9.875   6/1/2007     2,229    0.56
WISER OIL SR SUB NT                 9.5  5/15/2007     4,543     .98
WORLDCOM INC GLBL NT                7.5  5/15/2011     7,000    0.49
WORLDCOM INC NT                   7.875  5/15/2003     5,550    0.39
WYNN LAS VEGAS 2NDMTG                12  11/1/2010     1,390    0.38
Short-Term Instruments                                 5,554    1.44

                            Dividend Rate       Shares     % Mkt Value
KAISER GROUP HLD PFD              $3.85         75,565        .80
KAISER GROUP HLDGS                             108,168       0.00
PAXSON COMM EXCH PIK PFD           $975            769        .99
PAXSON EXCH PIK PFD              $1,325            214        .43
CSC HOLDING INC PIK PFD          $11.75         78,166       2.08
EXCO RESOURCES PFD                $1.05        184,924        .86
LORAL CYBERSTAR WARRANTS                         6,980       0.00
IMPERIAL WARRANTS                              118,282       0.00
SIRIUS COMMON STOCK                          2,621,068        .49
STELLEX COMMON STOCK                             2,793       0.00

Portfolio composition is subject to change at any time, and there can be no assurance that the securities listed herein remain in the portfolio at the time of this press release or thereafter. All figures are unaudited.