UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-8703

Dreyfus High Yield Strategies Fund

(Exact name of Registrant as specified in charter)

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York 10166

(Address of principal executive offices) (Zip code)

Michael A. Rosenberg, Esq.

200 Park Avenue

New York, New York 10166

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 922-6000

Date of fiscal year end:		03/31
Date of reporting period:		12/31/07

---

FORM N-Q

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS
Dreyfus High Yield Strategies Fund
December 31, 2007 (Unaudited)
		Coupon		Maturity		Principal
Bonds and Notes--132.2%		Rate (%)		Date		Amount ($)		Value ($)
Advertising--1.5%
Lamar Media,
Gtd. Notes, Ser. B		6.63		8/15/15		570,000 a		557,175
Lamar Media,
Sr. Unscd. Notes		6.63		8/15/15		1,850,000 a		1,808,375
R.H. Donnelley,
Sr. Notes		8.88		10/15/17		2,375,000 b		2,208,750
								4,574,300
Aerospace & Defense--1.8%
DRS Technologies,
Gtd. Notes		6.88		11/1/13		438,000 a		438,000
Esterline Technologies,
Gtd. Notes		6.63		3/1/17		1,950,000 a		1,940,250
L-3 Communications,
Gtd. Bonds		3.00		8/1/35		550,000 a		667,563
L-3 Communications,
Gtd. Notes, Ser. B		6.38		10/15/15		1,400,000 a		1,386,000
L-3 Communications,
Gtd. Notes		7.63		6/15/12		1,050,000 a		1,080,188
								5,512,001
Agricultural--.5%
Alliance One International,
Gtd. Notes		11.00		5/15/12		1,430,000 a		1,501,500
Airlines--.4%
United AirLines,
Pass-Through Ctfs., Ser. 00-2		7.81		10/1/09		1,153,705 a		1,361,372
Asset-Backed Ctfs./Home Equity Loans--.0%
Countrywide Asset-Backed
Certificates, Ser. 2007-4,
Cl. M8		7.20		9/25/37		135,000		60,734
Countrywide Asset-Backed
Certificates, Ser. 2007-4,
Cl. M7		7.20		9/25/37		250,000		71,322
								132,056
Automobile Manufacturers--3.2%
Ford Motor,
Unscd. Notes		7.45		7/16/31		4,785,000 a		3,576,787
General Motors,
Sr. Unscd. Notes		7.20		1/15/11		3,725,000 a		3,436,312
General Motors,
Sr. Unscd. Notes		8.38		7/15/33		2,125,000 a		1,721,250
GMAC,
Notes		7.00		2/1/12		1,200,000 a		1,018,968
								9,753,317
Automotive, Trucks & Parts--3.1%
American Axle and Manufacturing,
Gtd. Notes		7.88		3/1/17		1,628,000 a		1,477,410
Goodyear Tire & Rubber,
Gtd. Notes		8.63		12/1/11		488,000 a		511,180
Goodyear Tire & Rubber,
Sr. Notes		9.00		7/1/15		1,300,000 a		1,384,500
Tenneco Automotive,
Gtd. Notes		8.63		11/15/14		4,070,000 a		4,019,125
United Components,

---

Sr. Sub. Notes		9.38		6/15/13		2,290,000 a		2,272,825
								9,665,040
Banks--1.7%
Chevy Chase Bank,
Sub. Notes		6.88		12/1/13		3,620,000 a		3,466,150
Colonial Bank,
Sub. Notes		8.00		3/15/09		750,000 a		775,229
Colonial Bank,
Sub. Notes		9.38		6/1/11		1,000,000 a,b		1,128,063
								5,369,442
Building & Construction--.7%
Goodman Global Holdings,
Gtd. Notes		7.88		12/15/12		438,000 a		453,330
Goodman Global Holdings,
Gtd. Notes, Ser. B		7.99		6/15/12		1,596,000 a,c		1,592,010
								2,045,340
Cable & Media--1.4%
CCH I Holdings,
Scd. Notes		11.00		10/1/15		3,595,000 a		2,947,900
General Cable,
Gtd. Notes		7.13		4/1/17		880,000		866,800
Mediacom,
Sr. Unscd. Notes		9.50		1/15/13		695,000		648,956
								4,463,656
Casinos & Gaming--1.3%
Fontainebleau Las Vegas,
2nd Mortgage Notes		10.25		6/15/15		2,685,000 a,b		2,342,662
Shingle Springs Tribal Group,
Sr. Notes		9.38		6/15/15		1,660,000 b		1,618,500
								3,961,162
Chemicals--2.8%
Airgas,
Gtd. Notes		6.25		7/15/14		1,300,000 a		1,248,000
Huntsman,
Gtd. Notes		11.63		10/15/10		909,000 a		965,812
Ineos Group Holdings,
Gtd. Notes		8.50		2/15/16		2,900,000 b		2,595,500
Nalco,
Sr. Sub. Notes		8.88		11/15/13		3,508,000 a		3,674,630
								8,483,942
Commercial & Professional Services--3.1%
Aramark,
Gtd. Notes		8.50		2/1/15		1,446,000 a		1,471,305
Corrections Corp. of America,
Gtd. Notes		6.25		3/15/13		2,475,000 a		2,450,250
Education Management,
Gtd. Notes		8.75		6/1/14		1,100,000 a		1,109,625
Education Management,
Gtd. Notes		10.25		6/1/16		1,955,000 a		2,023,425
Hertz,
Gtd. Notes		8.88		1/1/14		1,660,000 a		1,691,125
Hertz,
Gtd. Notes		10.50		1/1/16		900,000 a		936,000
								9,681,730
Commercial Mortgage Pass-Through Ctfs.--.4%
Global Signal Trust,
Ser. 2006-1, Cl. F		7.04		2/15/36		1,210,000 b		1,178,951
Consumer Products--.5%
Chattem,
Sr. Sub. Notes		7.00		3/1/14		1,455,000 a		1,444,087

---

Diversified Financial Services--12.7%
Basell,
Gtd. Notes		8.38		8/15/15		3,100,000 a,b		2,518,750
CCM Merger,
Notes		8.00		8/1/13		1,325,000 a,b		1,255,437
Consolidated Communications
Illinois/Texas Holdings, Sr.
Notes		9.75		4/1/12		747,000 a		773,145
Ford Motor Credit,
Unscd. Notes		7.38		10/28/09		7,160,000 a		6,742,085
Ford Motor Credit,
Sr. Unscd. Notes		8.00		12/15/16		950,000 a		808,154
Ford Motor Credit,
Sr. Unscd. Notes		8.63		11/1/10		1,650,000 a		1,532,045
Ford Motor Credit,
Sr. Unscd. Notes		9.75		9/15/10		2,284,000 a		2,180,649
GMAC,
Sr. Unsub. Notes EUR		5.38		6/6/11		1,140,000 d		1,378,911
GMAC,
Notes		6.13		1/22/08		1,515,000 a		1,515,245
GMAC,
Unsub. Notes		6.63		5/15/12		185,000		153,932
GMAC,
Unsub. Notes		7.75		1/19/10		3,435,000 a		3,205,693
GMAC,
Bonds		8.00		11/1/31		1,835,000 a		1,542,998
Hanover Insurance,
Debs.		7.63		10/15/25		3,300,000		3,205,125
HUB International Holdings,
Sr. Sub. Notes		10.25		6/15/15		3,985,000 a,b		3,407,175
Idearc,
Gtd. Notes		8.00		11/15/16		3,700,000 a		3,413,250
Leucadia National,
Sr. Unscd. Notes		7.00		8/15/13		1,725,000 a		1,660,312
Leucadia National,
Sr. Unscd. Notes		7.13		3/15/17		1,500,000 a		1,395,000
Stena,
Sr. Notes		7.50		11/1/13		1,170,000 a		1,159,762
UCI Holdco,
Sr. Notes		12.49		12/15/13		1,212,694 a,b,c		1,152,059
								38,999,727
Diversified Metals & Mining--3.2%
Alpha Natural Resources,
Gtd. Notes		10.00		6/1/12		2,500,000 a		2,656,250
CSN Islands IX,
Gtd. Notes		10.50		1/15/15		1,315,000 a,b		1,528,687
Freeport-McMoRan Cooper & Gold,
Sr. Unscd. Notes		8.25		4/1/15		2,335,000 a		2,480,937
Gibraltar Industries,
Gtd. Notes, Ser. B		8.00		12/1/15		900,000 a		814,500
Peabody Energy,
Gtd. Notes, Ser. B		6.88		3/15/13		525,000		530,250
Steel Dynamics,
Sr. Notes		7.38		11/1/12		1,750,000 b		1,767,500
								9,778,124
Electric Utilities--13.3%
AES,
Sr. Notes		7.75		10/15/15		675,000 b		688,500
AES,
Sr. Notes		8.00		10/15/17		425,000 b		436,687

---

AES,
Sr. Unsub. Notes		8.88		2/15/11		2,375,000 a		2,487,812
AES,
Sr. Notes		9.38		9/15/10		7,610,000 a		8,028,550
Allegheny Energy Supply,
Sr. Unscd. Bonds		8.25		4/15/12		5,650,000 a,b		6,059,625
Edison Mission Energy,
Sr. Unscd. Notes		7.00		5/15/17		505,000		498,687
Edison Mission Energy,
Sr. Unscd. Notes		7.50		6/15/13		1,465,000 a		1,508,950
Energy Future Holdings,
Gtd. Notes		10.88		11/1/17		3,080,000 b		3,110,800
Mirant Americas Generation,
Sr. Unscd. Notes		8.30		5/1/11		2,975,000 a		2,997,312
Mirant North America,
Gtd. Notes		7.38		12/31/13		2,735,000 a		2,755,512
Nevada Power,
Mortgage Notes, Ser. A		8.25		6/1/11		1,216,000 a		1,326,870
NRG Energy,
Gtd. Notes		7.25		2/1/14		1,175,000 a		1,148,563
NRG Energy,
Gtd. Notes		7.38		2/1/16		435,000		425,213
NRG Energy,
Gtd. Notes		7.38		1/15/17		1,000,000 a		977,500
PSEG Energy Holdings,
Sr. Unscd. Notes		10.00		10/1/09		350,000 a		370,653
Reliant Energy,
Sr. Notes		7.63		6/15/14		4,565,000 a		4,542,175
Sierra Pacific Resources,
Sr. Unscd. Notes		8.63		3/15/14		3,467,000 a		3,721,935
								41,085,344
Environmental Control--2.3%
Allied Waste North America,
Scd. Notes		6.88		6/1/17		6,250,000 a		6,125,000
WCA Waste,
Gtd. Notes		9.25		6/15/14		1,070,000		1,094,075
								7,219,075
Food & Beverages--3.1%
Dean Foods,
Gtd. Notes		7.00		6/1/16		2,340,000 a		2,094,300
Del Monte,
Sr. Sub. Notes		8.63		12/15/12		1,879,000 a		1,902,487
Dole Food,
Sr. Notes		8.63		5/1/09		702,000 a		680,940
Smithfield Foods,
Sr. Notes, Ser. B		7.75		5/15/13		1,750,000		1,732,500
Smithfield Foods,
Sr. Unscd. Notes		7.75		7/1/17		490,000		476,525
Stater Brothers Holdings,
Sr. Notes		8.13		6/15/12		2,550,000 a		2,530,875
								9,417,627
Health Care--8.6%
Alliance Imaging,
Sr. Sub. Notes		7.25		12/15/12		760,000 b		725,800
Bausch & Lomb,
Sr. Unscd. Notes		9.88		11/1/15		1,635,000 b		1,663,612
Community Health Systems,
Gtd. Notes		8.88		7/15/15		3,910,000 a		4,002,862
DaVita,
Gtd. Notes		7.25		3/15/15		1,720,000 a		1,732,900

---

HCA,
Sr. Unscd. Notes		6.30		10/1/12		2,580,000		2,309,100
HCA,
Sr. Unscd. Notes		8.75		9/1/10		3,370,000 a		3,416,337
HCA,
Scd. Notes		9.13		11/15/14		1,695,000 a		1,767,037
HCA,
Scd. Notes		9.25		11/15/16		1,725,000 a		1,815,563
Psychiatric Solutions,
Gtd. Notes		7.75		7/15/15		2,510,000 a		2,516,275
Psychiatric Solutions,
Gtd. Notes		7.75		7/15/15		2,850,000 a		2,857,125
Tenet Healthcare,
Sr. Notes		6.38		12/1/11		1,585,000		1,450,275
Tenet Healthcare,
Sr. Notes		9.88		7/1/14		2,406,000 a		2,303,745
								26,560,631
Lodging & Entertainment--11.4%
AMC Entertainment,
Sr. Sub. Notes		8.00		3/1/14		3,837,000 a		3,625,965
Cinemark,
Sr. Discount Notes		9.75		3/15/14		3,915,000 a,e		3,665,419
Gaylord Entertainment,
Gtd. Notes		6.75		11/15/14		1,775,000 a		1,681,813
Gaylord Entertainment,
Gtd. Notes		8.00		11/15/13		1,550,000 a		1,550,000
Mandalay Resort Group,
Sr. Sub. Notes		9.38		2/15/10		4,000,000 a		4,160,000
Marquee Holdings,
Sr. Discount Notes		9.51		8/15/14		820,000 a,e		660,100
Mashantucket Pequot Tribe,
Bonds		8.50		11/15/15		965,000 b		974,650
MGM Mirage,
Gtd. Notes		8.38		2/1/11		625,000 a		642,188
MGM Mirage,
Gtd. Notes		8.50		9/15/10		2,233,000 a		2,327,903
Mohegan Tribal Gaming Authority,
Gtd. Notes		6.38		7/15/09		1,800,000 a		1,809,000
Mohegan Tribal Gaming Authority,
Sr. Sub. Notes		7.13		8/15/14		1,220,000 a		1,186,450
Pokagon Gaming Authority,
Sr. Notes		10.38		6/15/14		3,495,000 a,b		3,774,600
Royal Caribbean Cruises,
Sr. Notes		8.75		2/2/11		1,575,000 a		1,650,102
Scientific Games,
Gtd. Notes		6.25		12/15/12		3,005,000 a		2,884,800
Seneca Gaming,
Sr. Unscd. Notes, Ser. B		7.25		5/1/12		1,675,000		1,695,938
Speedway Motorsports,
Sr. Sub. Notes		6.75		6/1/13		2,100,000 a		2,079,000
Trump Entertainment Resorts,
Scd. Notes		8.50		6/1/15		810,000		620,663
								34,988,591
Machinery--2.9%
Case,
Notes		7.25		1/15/16		2,280,000 a		2,291,400
Columbus McKinnon,
Sr. Sub. Notes		8.88		11/1/13		615,000		639,600
Douglas Dynamics,
Gtd. Notes		7.75		1/15/12		2,835,000 a,b		2,466,450

---

Terex,
Gtd. Notes		7.38		1/15/14		3,415,000 a		3,474,763
								8,872,213
Manufacturing--2.7%
Bombardier,
Notes		6.30		5/1/14		2,200,000 a,b		2,161,500
Bombardier,
Sr. Unscd. Notes		8.00		11/15/14		675,000 a,b		708,750
J.B. Poindexter & Co.,
Gtd. Notes		8.75		3/15/14		2,170,000 a		1,828,225
Mueller Water Products,
Gtd. Notes		7.38		6/1/17		1,300,000		1,168,375
RBS Global & Rexnord,
Gtd. Notes		9.50		8/1/14		1,825,000		1,815,875
RBS Global & Rexnord,
Gtd. Notes		11.75		8/1/16		665,000		653,363
								8,336,088
Media--6.9%
Cablevision Systems,
Sr. Unscd. Notes, Ser. B		9.64		4/1/09		850,000 a,c		863,813
CCH II,
Sr. Unscd. Notes		10.25		9/15/10		4,225,000 a		4,161,625
CSC Holdings,
Sr. Unscd. Notes		6.75		4/15/12		2,855,000 a		2,744,369
CSC Holdings,
Sr. Notes, Ser. B		8.13		7/15/09		1,150,000 a		1,171,563
Dex Media West/Finance,
Sr. Unscd. Notes, Ser. B		8.50		8/15/10		720,000 a		733,500
Dex Media West/Finance,
Gtd. Notes, Ser. B		9.88		8/15/13		4,165,000 a		4,342,013
ION Media Networks,
Sr. Sub. Notes, Ser. A		11.00		7/31/13		31,028		15,669
ION Media Networks,
Sr. Sub. Notes		11.00		7/31/13		33,232 b		16,782
Kabel Deutschland,
Gtd. Notes		10.63		7/1/14		2,093,000 a		2,208,115
LBI Media,
Sr. Sub. Notes		8.50		8/1/17		1,930,000 a,b		1,869,688
Nexstar Finance Holdings,
Sr. Discount Notes		11.38		4/1/13		2,245,000 a,e		2,236,581
Nexstar Finance,
Gtd. Notes		7.00		1/15/14		400,000		374,500
Radio One,
Gtd. Notes, Ser. B		8.88		7/1/11		595,000 a		558,556
								21,296,774
Oil & Gas--6.5%
ANR Pipeline,
Sr. Notes		7.00		6/1/25		110,000 a		121,308
ANR Pipeline,
Sr. Unscd. Debs.		7.38		2/15/24		50,000 a		56,827
Chesapeake Energy,
Gtd. Notes		7.00		8/15/14		2,140,000 a		2,161,400
Chesapeake Energy,
Gtd. Notes		7.50		6/15/14		800,000 a		818,000
Chesapeake Energy,
Gtd. Notes		7.63		7/15/13		600,000 a		622,500
Cimarex Energy
Gtd. Notes		7.13		5/1/17		2,375,000 a		2,345,313
Dynegy Holdings,
Sr. Unscd. Notes		8.38		5/1/16		3,685,000 a		3,620,513

---

Dynegy Holdings,
Sr. Notes		8.75		2/15/12		280,000 a		284,200
Whiting Petroleum,
Gtd. Notes		7.25		5/1/13		2,225,000 a		2,202,750
Williams Cos.,
Notes		6.73		10/1/10		3,000,000 a,b,c		3,052,500
Williams Cos.,
Sr. Unscd. Notes		7.13		9/1/11		1,925,000 a		2,042,906
Williams Cos.,
Sr. Notes		7.63		7/15/19		500,000		544,375
Williams Cos.,
Sr. Unscd. Notes		7.88		9/1/21		1,900,000 a		2,116,125
								19,988,717
Packaging & Containers--8.4%
Ball,
Gtd. Notes		6.88		12/15/12		350,000		357,000
BPC Holding,
Scd. Notes		8.87		9/15/14		275,000 a,c		258,500
BPC Holding,
Scd. Notes		8.88		9/15/14		1,945,000 a		1,857,475
Crown Americas/Capital,
Gtd. Notes		7.63		11/15/13		7,225,000		7,423,688
Crown Americas/Capital,
Gtd. Notes		7.75		11/15/15		4,125,000 a		4,269,375
Norampac,
Gtd. Notes		6.75		6/1/13		3,554,000 a		3,260,795
Owens Brockway Glass Container,
Gtd. Notes		6.75		12/1/14		445,000		445,000
Owens Brockway Glass Container,
Gtd. Notes		8.25		5/15/13		450,000 a		469,125
Owens Brockway Glass Container,
Gtd. Notes		8.88		2/15/09		879,000 a		883,395
Owens-Illinois,
Debs.		7.50		5/15/10		1,400,000 a		1,424,500
Plastipak Holdings,
Sr. Notes		8.50		12/15/15		2,590,000 a,b		2,602,950
Stone Container,
Sr. Unscd. Notes		8.00		3/15/17		2,855,000		2,772,919
								26,024,722
Paper & Forest Products--2.1%
Georgia-Pacific,
Gtd. Notes		7.00		1/15/15		4,705,000 a,b		4,599,138
Georgia-Pacific,
Sr. Unscd. Notes		8.00		1/15/24		805,000 a		752,675
Verso Paper,
Gtd. Notes, Ser. B		11.38		8/1/16		970,000		989,400
								6,341,213
Real Estate Investment Trusts--2.1%
B.F. Saul REIT,
Scd. Notes		7.50		3/1/14		2,210,000 a		2,044,250
Host Marriott,
Gtd. Notes, Ser. M		7.00		8/15/12		2,150,000 a		2,160,750
Host Marriott,
Gtd. Notes		7.13		11/1/13		1,390,000 a		1,407,375
Realogy,
Gtd. Notes		12.38		4/15/15		1,560,000 b		986,700
								6,599,075
Retail--2.1%
Amerigas Partners,
Sr. Unscd. Notes		7.25		5/20/15		1,600,000 a		1,576,000

---

Central European Distribution,
Scd. Bonds		EUR		8.00		7/25/12		520,000 b,d		764,789
Michaels Stores,
Gtd. Notes				10.00		11/1/14		1,320,000		1,260,600
Neiman-Marcus Group,
Gtd. Notes				9.00		10/15/15		1,000,000		1,036,250
Rite Aid,
Gtd. Notes				9.38		12/15/15		2,175,000 a		1,816,125
										6,453,764
Structured Index--2.5%
Dow Jones CDX,
Pass Thrus Ctfs, Ser. 4-T1				8.25		6/29/10		7,415,700 a,b,f		7,693,789
Technology--3.4%
Amkor Technologies,
Gtd. Notes				9.25		6/1/16		1,095,000		1,103,213
Freescale Semiconductor,
Gtd. Notes				8.88		12/15/14		3,780,000 a		3,392,550
Freescale Semiconductor,
Gtd. Notes				10.13		12/15/16		1,080,000 a		896,400
Sensata Technologies,
Gtd. Notes		EUR		9.00		5/1/16		1,450,000 d		1,873,288
Sungard Data Systems,
Gtd. Notes				9.13		8/15/13		1,000		1,023
Sungard Data Systems,
Gtd. Notes				10.25		8/15/15		3,164,000		3,251,010
										10,517,484
Telecommunications--13.2%
Arch Western Finance,
Gtd. Notes				6.75		7/1/13		1,000,000 a,c		975,000
Belden,
Sr. Sub. Notes				7.00		3/15/17		700,000 a		686,000
Centennial Cellular Operating,
Gtd. Notes				10.13		6/15/13		1,300,000 a		1,371,500
Centennial Communications,
Sr. Unscd. Notes				8.13		2/1/14		940,000 c		930,600
Cricket Communications I,
Gtd. Notes				9.38		11/1/14		1,140,000 a		1,074,450
Digicel Group,
Sr. Unscd. Notes				8.88		1/15/15		1,200,000 b		1,101,000
Digicel Group,
Sr. Unscd. Notes				9.13		1/15/15		2,439,000 a,b		2,231,685
Intelsat Bermuda,
Sr. Unscd. Notes				10.83		6/15/13		2,000,000 c		2,060,000
Intelsat Bermuda,
Sr. Unscd. Notes				11.25		6/15/16		4,525,000		4,694,688
Intelsat Subsidiary Holding,
Gtd. Notes				8.25		1/15/13		1,370,000 c		1,383,700
Intelsat Subsidiary Holding,
Gtd. Notes				8.63		1/15/15		360,000 c		363,600
Intelsat,
Sr. Unscd. Notes				7.63		4/15/12		1,990,000		1,641,750
Level 3 Financing,
Gtd. Notes				9.15		2/15/15		1,640,000 a,c		1,389,900
MetroPCS Wireless,
Gtd. Notes				9.25		11/1/14		2,175,000 a		2,055,375
Nordic Telephone Holdings,
Scd. Notes		EUR		8.25		5/1/16		1,450,000 b,d		2,148,461
Nordic Telephone Holdings,
Scd. Bonds				8.88		5/1/16		415,000 b		427,450
Qwest,

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Sr. Unscd. Notes		7.50		10/1/14		460,000				469,200
Qwest,
Sr. Notes		7.88		9/1/11		200,000				209,000
Qwest,
Sr. Notes		8.24		6/15/13		2,650,000 a,c				2,716,250
Rogers Wireless,
Scd. Notes		9.63		5/1/11		1,136,000 a				1,294,077
US Unwired,
Gtd. Notes, Ser. B		10.00		6/15/12		2,172,000 a				2,302,943
Wind Acquisition Finance,
Scd. Bonds		10.75		12/1/15		575,000 b				629,625
Windstream,
Gtd. Notes		8.13		8/1/13		6,020,000 a				6,260,800
Windstream,
Gtd. Notes		8.63		8/1/16		2,175,000 a				2,294,625
										40,711,679
Textiles & Apparel--1.8%
Invista,
Sr. Unscd. Notes		9.25		5/1/12		4,405,000 a,b				4,581,200
Levi Strauss & Co.,
Sr. Unsub. Notes		9.75		1/15/15		1,085,000				1,087,713
										5,668,913
Transportation--.6%
Kansas City Southern of Mexico,
Sr. Unsub. Notes		7.63		12/1/13		1,100,000				1,090,375
Kansas City Southern Railway,
Gtd. Notes		7.50		6/15/09		790,000 a				794,938
										1,885,313
Total Bonds and Notes
(cost $418,136,497)										407,566,759
Preferred Stocks--1.2%						Shares				Value ($)
Banks--.5%
Sovereign Capital Trust IV,
Conv., Cum. $2.1875						57,250				1,688,875
Media--.7%
Spanish Broadcasting System,
Ser. B, Cum. $107.5						2,125				2,149,650
Total Preferred Stocks
(cost $5,026,150)										3,838,525
Common Stocks--.3%
Cable & Media--.0%
Time Warner Cable, Cl. A						6 a,g				166
Electric Utilities--.2%
Mirant						12,912g				503,310
Telecommunications--.1%
Above Net						2,480 g				193,440
Above Net (warrants 9/8/2008)						1,044 g				57,420
Above Net (warrants 9/8/2010)						1,228 g				61,400
										312,260
Total Common Stocks
(cost $526,669)										815,736
Other Investment--4.2%
Registered Investment Company;
Dreyfus Institutional Preferred
Plus Money Market Fund
(cost $12,803,000)						12,803,000 h				12,803,000

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Total Investments (cost $436,492,316)		137.9%		425,024,020
Liabilities, Less Cash and Receivables		(37.9%)		(116,777,278)
Net Assets		100.0%		308,246,742

a		Collateral for Revolving Credit and Security Agreement.
b		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
		transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, these
		securities amounted to $78,178,765 or 25.4% of net assets.
c		Variable rate security--interest rate subject to periodic change.
d		Principal amount stated in U.S. Dollars unless otherwise noted.
		EUR--Euro
e		Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
f		Security linked to a portfolio of debt securities.
g		Non-income producing security.
h		Investment in affiliated money market mutual fund.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

At December 31, 2007, the fund held the following forward foreign currency exchange contracts:

								Unrealized
								Appreciation/
Forward Currency		Foreign						(Depreciation)
Exchange Contracts		Currency Amount		Cost		Value ($)		at 12/31/2007 ($)
Sales:
EURO, expiring 3/19/2008		6,560,000		9,693,557		9,583,504		(110,053)

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Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

-2-

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus High Yield Strategies Fund

By:		/s/ J. David Officer
		J. David Officer
		President
Date:		February 25, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:		/s/ J. David Officer
		J. David Officer
		President
Date:		February 25, 2008
By:		/s/ James Windels
		James Windels
		Treasurer
Date:		February 25, 2008
EXHIBIT INDEX
		(a) Certifications of principal executive and principal financial officers as required by Rule 30a-
		2(a) under the Investment Company Act of 1940. (EX-99.CERT)

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