Dreyfus High Yield Strategies Fund -- DHF -- Releases Fund Statistics.

    Business Editors

    NEW YORK, New York--(BUSINESS WIRE)--Feb. 13, 2003--DREYFUS HIGH
YIELD STRATEGIES FUND (NYSE:DHF) -- The following information for DHF
is as of December 31, 2002 (except where otherwise noted), and is
subject to change at any time:
-0-
*T

DHF market price  $3.79
DHF NAV           $3.50

Market yield      19.63%
NAV yield         21.25%
*T

    These yields are calculated by multiplying the current monthly
distribution by 12 and dividing by the appropriate price. Past
performance is no guarantee of future results, and prices and yields
will vary. Higher yields typically relate to increased risk exposure.

    The undistributed income as of December 31, 2002 was approximately
$858,216. The undistributed income as of the indicated date is based
on the undistributed income as of September 30, 2002, published in the
October 31, 2002 press release, adjusted for income earned from
October 1, 2002 through December 31, 2002, inclusive of any accrual
adjustments and dividends recorded during that period.
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*T
Weighted average eff. Duration:     2.45 years
Weighted average maturity:          5.12 years

Portfolio credit profile:
                 12/31/02     9/30/02     6/30/02     3/25/02
                 --------     -------     -------     -------
Cash  (a)          -1.07%       -1.03%       0.57%      -1.40%
TSY/AGY             3.19%        2.68%       1.90%       0.37%
AAA                 0.00%        0.00%       0.00%       0.00%
AA                  0.00%        0.00%       0.00%       0.00%
A                   0.00%        0.06%       0.00%       0.00%
BBB                 2.01%        5.97%       4.42%       3.07%
BB                 13.66%        9.27%      14.35%      17.67%
B                  48.29%       54.34%      48.64%      56.61%
CCC                24.03%       18.75%      20.58%      16.75%
CC                  0.51%        0.22%       0.86%       0.91%
NR                  3.21%        4.18%       2.23%       1.92%
D                   6.17%        5.37%       6.39%       4.09%
Equity              0.01%        1.69%       0.84%       0.01%
*T

    (a) The cash positions indicated above reflect the cash positions
        as of the dates noted, adjusted for payments anticipated to be
        made, or received, for future settlements of trades executed
        on or before that particular day.

    As of December 31, 2002, the average credit quality for the
portfolio was B. The Fund has experienced an annualized default rate
of approximately 9.15% since inception, through December 31, 2002. The
Fund's actual default rate will vary at any particular point in time.
The Fund's default rate is calculated by dividing the cost of each
defaulted position by the market value of the Fund at the time of
purchase, then summed up, and annualized since inception. There are
different methods for calculating default rates, and accordingly,
published default rates may not be comparable.
    As of December 31, 2002, the list of defaulted securities held
within the portfolio, and securities placed on non-accrual status are
as follows:

Defaulted:
---------

Metromedia Fiber
Owens (purchased in default)
Sleepmaster
UIH Australia
Worldcom
EOTT Energy
Telewest

Non Accrual:
-----------
Marconi
CD-Radio

    Top 10 sectors with top 3 issuers (except where otherwise noted)
with credit ratings in each:

CABLEMEDIA                          9.49%
         Charter Comm.     3.02%            B-
         CSC Holding Inc   2.08%            B
         Comcast UK Cable  1.60%            CCC

CHEMICALS                           6.78%
         Huntsman Intl     2.59%            B-
         Avecia Group      1.59%            B-
         Lyondell Petro
          Chem             2.10%            BB

BROADCAST MEDIA                     5.84%
         Paxson Comm.      2.38%            CCC+
         Acme Tele         1.63%            NR
         XM Satellite      0.81%            CCC+

TELECOM - WIRELESS                  5.56%
         Nextel Comm.      1.52%            B
         SBA Comm.         1.01%            B-
         American Tower    0.86%            B-

TELECOM - INTEGRATED/SERV           5.36%
         Qwest Capital     2.78%            BB-
         MJD Comm          0.87%            B-
         Call Net          0.31%            B


GAS DISTRIBUTION                    4.94%
         Williams          2.10%            B
         Coastal           1.63%            BB
         El Paso           0.75%            BB-

DIVERSIFIED CAPITAL                 4.73%
         Tyco Int'l Group  2.01%            BBB-
         Elgin Nat'l Ind   1.06%            CCC
         Key Components    0.98%            B-

AUTO PARTS & EQUIP                  4.58%
         Advanced Accs     1.71%            B-
         Poindexter JB     1.18%            B-
         Airxcel Inc.      0.98%            B-

AEROSPACE/DEFENSE                   3.50%
         Hexcel Corp       2.24%            CCC+
         BE Aerospace      1.01%            B
         K&Finds Inc       0.19%            B

ENVIRONMENTAL                       3.10%
         Allied Waste      1.85%            B+
         Kaiser Group      1.24%            D
*T

    The sector and individual credits are measured as a percentage of
total assets at market prices plus accrued interest. The ratings are
the higher of Standard & Poors or Moody's per issue, or if multiple
issues of the same issuer are held, it is the higher of those ratings.

    --30--bp/ny*

    CONTACT: For Press Inquiries:
             The Dreyfus Corporation
             Patrice Kozlowski
             [phone]
             or
             For Other Inquiries:
             Dreyfus Service Corporation
             The National Marketing Desk
             144 Glenn Curtiss Boulevard
             Uniondale, New York 11556-0144
             1-800-334-6899

    KEYWORD: NEW YORK
    INDUSTRY KEYWORD: BANKING
    SOURCE: The Dreyfus Corporation