form430
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) 
 
Mark N. Jacobs, 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:    12/31/04 

FORM N-Q

Item 1. Schedule of Investments.

Statement of Investments             
December 31, 2004 (Unaudited)             
    Prinicipal         
Bonds and Notes - 127.1%    Amount        Value ($) 
Advertising - .4%             
RH Donnelley Financial,             
Sr. Notes, 8.875%, 2010    660,000    a,b    739,200 
Sr. Sub. Notes, 10.875%, 2012    551,000    a,b    657,067 
            1,396,267 
Aerospace & Defense - .9%             
Argo-Tech,             
Sr. Notes, 9.25%, 2011    1,182,000    b    1,303,155 
BE Aerospace,             
Sr. Sub. Notes, Ser. B, 8.875%, 2011    1,427,000    b    1,498,350 
DRS Technologies,             
Sr. Sub. Notes, 6.875%, 2013    438,000    a    459,900 
            3,261,405 
Agricultural - .2%             
Seminis Vegetable Seeds,             
Sr. Sub. Notes, 10.25%, 2013    685,000        774,050 
Airlines - 2.0%             
AMR,             
Debs., 9.75%, 2021    2,400,000    b    1,752,000 
Delta Airlines,             
Pass-Through Ctfs.,             
Ser. 2001-1, Cl. B, 7.711%, 2013    1,317,000        1,013,250 
Northwest Airlines,             
Pass-Through Ctfs., Ser. 1996-1, 7.67%    1,647,442    b    1,433,118 
Sr. Notes, 10%, 2009    2,403,000    b    2,036,543 
United AirLines,             
Enhanced Pass-Through Ctfs., Ser. 1997    720,274    c    614,650 
            6,849,561 
Asset-Backed - Other - .3%             
Aircraft Finance Trust,             
Asset-Backed Notes,             
Ser. 1999-1A, Cl. D, 11%, 2024    6,395,441    a,b    1,141,781 
Auto Manufactering - .4%             
Navistar International,             
Sr. Notes, 7.5%, 2011    1,292,000    b    1,392,130 
Automotive, Trucks & Parts - 2.2%             
Airxcel,             
Sr. Sub. Notes, Ser. B, 11%, 2007    2,959,000    b    2,944,205 
Collins & Aikman Products:             
Sr. Notes, 10.75%, 2011    2,216,000    b    2,271,400 
Sr. Sub. Notes, 12.875%, 2012    1,765,000    a    1,533,343 
HLI Operating,             
Sr. Notes, 10.5%, 2010    278,000    b    299,545 
United Components,             
Sr. Sub. Notes, 9.375%, 2013    675,000    b    735,750 
            7,784,243 
Building & Construction - 2.3%             
Asia Aluminum,             
Secured Notes, 8%, 2011    355,000    a    360,325 
Atrium Cos.,             

Sr. Sub. Notes, Ser. B, 10.5%, 2009    986,000    b    1,042,695 
Goodman Global,             
Sr. Sub. Notes, 7.875%, 2012    438,000    a    435,810 
Owens Corning,             
Debs., 7.5%, 2018    2,826,000    d    2,324,385 
THL Buildco,             
Sr. Sub. Notes, 8.5%, 2014    1,319,000    a    1,384,950 
WCI Communities,             
Sr. Sub. Notes, 10.625%, 2011    2,370,000    b    2,642,550 
            8,190,715 
Chemicals - 9.9%             
Aqua Chemical,             
Sr. Sub. Notes, 11.25%, 2008    2,000,000    b    1,610,000 
Crompton,             
Sr. Notes, 9.875%, 2012    3,068,000    a    3,528,200 
HMP Equity,             
Sr. Discount Notes, 0%, 2008    1,941,000        1,293,191 
Huntsman,             
Sr. Secured Notes, 11.625%, 2010    1,399,000    b    1,661,313 
Huntsman ICI Chemicals:             
Sr. Notes, 9.875%, 2009    438,000        482,895 
Sr. Sub. Notes, 10.125%, 2009    5,764,000    b    6,095,430 
Nalco,             
Sr. Sub. Notes, 8.875%, 2013    4,508,000    b    4,970,070 
OM Group,             
Sr. Sub. Notes, 9.25%, 2011    4,128,000    b    4,416,960 
Resolution Performance Products/Capital,         
Sr. Secured Notes, 8%, 2009    692,000        747,360 
Rhodia:             
Sr. Notes, 7.625%, 2010    3,183,000    b    3,206,873 
Sr. Notes, 10.25%, 2010    4,454,000    b    5,033,020 
Rockwood Specialties,             
Sr. Sub. Notes, 10.625%, 2011    1,380,000    b    1,593,900 
            34,639,212 
Commercial Services - 1.3%             
Alliance Laundry Systems,             
Sr. Sub. Notes, Ser. B, 9.625%, 2008    2,000,000    b    2,060,000 
Brickman,             
Sr. Sub. Notes, Ser. B, 11.75%, 2009    888,000    b    1,043,400 
United Rentals North America,             
Sr. Sub. Notes, 7.75%, 2013    1,571,000        1,547,435 
            4,650,835 
Consumer Products - 1.6%             
Ames True Temper,             
Sr. Sub. Notes, 10%, 2012    1,290,000        1,328,700 
Amscan,             
Sr. Sub. Notes, 8.75%, 2014    1,669,000    b    1,677,345 
Playtex Products,             
Sr. Sub. Notes, 9.375%, 2011    2,264,000    b    2,428,140 
            5,434,185 
Diversified Financial Service - 3.0%             
Air 2 US,             
Enhanced Equipment Notes, Ser. D, 12.    9,640,958    a,d,e    1 
BCP Caylux Holdings Luxembourg SCA,         

Sr. Sub. Notes, 9.625%, 2014    3,000,000    a,b    3,397,500 
FINOVA,             
Notes, 7.5%, 2009    2,914,160    b    1,442,510 
K&F Acquisition,             
Sr. Sub. Notes, 7.75%, 2014    560,000    a    581,000 
Stena AB,             
Sr. Notes, 7.5%, 2013    1,170,000        1,231,425 
Trump Casino Holdings/Funding,             
First Priority Mortgage Notes, 11.625%    3,503,000    b    3,809,512 
            10,461,948 
Electric Utilities - 11.0%             
Allegheny Energy Statutory Trust 2001:             
Secured Notes, 10.25%, 2007    2,965,999    a,b    3,377,389 
Allegheny Energy Supply:             
Bonds, 8.25%, 2012    6,929,000    a,b    7,777,802 
Notes, 7.8%, 2011    840,000        919,800 
CMS Energy,             
Sr. Notes, 9.875%, 2007    2,442,000    b    2,741,145 
Calpine:             
Secured Notes, 8.5%, 2010    7,021,000    a,b    6,055,613 
Secured Notes, 8.75%, 2013    2,963,000    a,b    2,459,290 
Secured Notes, 9.875%, 2011    903,000    a,b    794,640 
Calpine Generating:             
Secured Notes, 8.03%, 2010    961,000    b,c    944,183 
Secured Notes, 11.16875%, 2011    216,000    b,c    212,220 
Mirant,             
Sr. Notes, 7.4%, 2004    1,558,000    a,d    1,152,920 
Nevada Power:             
Mortgage, Bonds Ser. A, 8.25%, 2011    1,091,000        1,258,741 
Mortgage Note, 6.50%, 2012    478,000    b    507,875 
Notes, Ser. E, 10.875%, 2009    977,000        1,133,320 
Reliant Energy:             
Sr. Secured, Notes, 9.25%, 2010    4,913,000    b    5,502,560 
Sr. Secured Notes, 9.5%, 2013    1,480,000        1,689,050 
Sierra Pacific Resources,             
Sr. Notes, 8.625%, 2014    1,932,000    b    2,192,820 
            38,719,368 
Electrical & Electronics - 1.8%             
Dresser,             
Sr. Sub. Notes, 9.375%, 2011    1,950,000    b    2,145,000 
Fisher Scientific International,             
Sr. Sub. Notes, 8%, 2013    2,322,000    b    2,647,080 
Imax,             
Sr. Notes, 9.625%, 2010    919,000    b    1,006,305 
Rayovac,             
Sr. Sub. Notes, 8.5%, 2013    465,000        518,475 
            6,316,860 
Entertainment - 1.8%             
Argosy Gaming,             
Sr. Sub. Notes, 9%, 2011    1,501,000    b    1,681,120 
Bally Total Fitness,             
Sr. Notes, 10.5%, 2011    2,579,000    b    2,611,237 
Intrawest,             
Sr. Notes, 7.5%, 2013    133,000        142,144 
Six Flags,             

Sr. Notes, 9.625%, 2014    1,920,000    b    1,939,200 
            6,373,701 
Environmental Control - 5.3%             
Allied Waste North America:             
Sr. Notes, Ser. B, 8.5%, 2008    2,724,000        2,901,060 
Sr. Notes, Ser. B, 8.875%, 2008    6,285,000        6,756,375 
Sr. Notes, Ser. B, 9.25%, 2012    1,823,000        1,982,513 
Sr. Secured, Ser. B, 6.375%, 2011    4,186,000    b    4,070,885 
Geo Sub,             
Sr. Notes, 11%, 2012    840,000    b    848,400 
IMCO Recycling Escrow,             
Sr. Notes, 9%, 2014    223,000    a    233,035 
Synagro Technologies,             
Sr. Sub. Notes, 9.5%, 2009    896,000    b    981,120 
Waste Services,             
Sr. Sub. Notes, 9.5%, 2014    985,000    a    985,000 
            18,758,388 
Food & Beverages - 3.5%             
Agrilink Foods,             
Sr. Sub. Notes, 11.875%, 2008    225,000    b    235,406 
Corn Products International:             
Sr. Notes, 8.25%, 2007    863,000        950,027 
Sr. Notes, 8.45%, 2009    863,000        1,002,024 
Del Monte,             
Sr. Sub. Notes, 8.625%, 2012    1,879,000    b    2,113,875 
Dole Food:             
Secured Debs., 8.75%, 2013    665,000    b    746,462 
Sr. Notes, 8.625%, 2009    919,000    b    1,004,008 
Sr. Notes, 8.875%, 2011    1,333,000    b    1,456,303 
Land O'Lakes,             
Sr. Notes, 8.75%, 2011    3,822,000    b    3,822,000 
National Beef Packing,             
Sr. Notes, 10.5%, 2011    904,000    b    953,720 
            12,283,825 
Gaming & Lodging - 6.9%             
Inn of the Mountain Gods Resort & Casino,         
Sr. Notes, 12%, 2010    2,548,000    b    2,993,900 
Isle of Capri Casinos,             
Sr. Sub. Notes, 9%, 2012    878,000        972,385 
Kerzner International,             
Sr. Sub. Notes, 8.875%, 2011    1,311,000    b    1,438,823 
MGM Mirage,             
Sr. Notes, 8.5%, 2010    2,858,000    b    3,265,265 
Mandalay Resort,             
Sr. Notes, 6.5%, 2009    1,825,000    b    1,934,500 
Mohegan Tribal Gaming Authority,             
Sr. Sub. Notes, 6.375%, 2009    1,800,000    b    1,858,500 
Park Place Entertainment:             
Sr. Sub. Notes, 7.875%, 2010    1,140,000    b    1,289,625 
Sr. Sub. Notes, 8.875%, 2008    1,848,000    b    2,097,480 
Resorts International Hotel and Casino,         
First Mortgage, 11.5%, 2009    4,752,000    b    5,607,360 
Turning Stone Casino Resort Enterprise,         
Sr. Notes, 9.125%, 2010    1,290,000    a,b    1,402,875 

Wynn Las Vegas Capital,             
First Mortgage Notes, 6.625%, 2014    1,331,000    a    1,324,345 
            24,185,058 
Health Care - 6.1%             
Beverly Enterprises,             
Sr. Sub. Notes, 7.875%, 2014    860,000    a    926,650 
Extendicare Health Services,             
Sr. Sub. Notes, 9.5%, 2010    791,000    b    889,875 
Hanger Orthopedic,             
Sr. Notes, 10.375%, 2009    2,704,000    b    2,805,400 
Healthsouth:             
Sr. Notes, 6.875%, 2005    920,000        930,350 
Sr. Notes, 7%, 2008    2,801,000    b    2,857,020 
Province Health Care,             
Sr. Sub. Notes, 7.5%, 2013    2,034,000    b    2,288,250 
Tenet HealthCare:             
Notes, 7.375%, 2013    3,883,000    b    3,785,925 
Sr. Notes, 9.875%, 2014    3,463,000    a    3,791,985 
Triad Hospitals,             
Sr. Sub. Notes, 7%, 2013    2,918,000        2,998,245 
            21,273,700 
Machinery - 1.7%             
Case New Holland:             
Sr. Notes, 6%, 2009    840,000    a, b    823,200 
Sr. Notes, 9.25%, 2011    2,245,000    a, b    2,508,788 
Terex,             
Sr. Sub. Notes, Ser. B, 10.375%, 2011    2,250,000    b    2,531,250 
            5,863,238 
Manufacturing - 3.2%             
Hexcel,             
Sr. Sub. Notes, 9.75%, 2009    3,321,000    b    3,470,445 
JB Poindexter & Co.,             
Sr. Notes, 8.75%, 2014    2,259,000    a,b    2,411,482 
Key Components,             
Sr. Notes, 10.5%, 2008    2,567,000    b    2,676,098 
MAAX,             
Sr. Sub. Notes, 9.75%, 2012    430,000    a    456,875 
Polypore:             
Sr. Discount Note, 0/10.50%, 2012    2,003,000    a,f    1,291,935 
Sr. Sub. Note, 8.75% 2012    1,044,000    b    1,096,200 
            11,403,035 
Media - 15.6%             
Adelphia Communications,             
Sr. Note, Ser. B, 7.75%, 2009    1,550,000    d    1,457,000 
CSC Holdings,             
Sr. Notes, 6.75%, 2012    2,855,000    a, b    2,954,925 
Charter Communications Holdings/Capital:         
Sr. Discount Notes, 0/11.75%, 2011    5,465,000    b,f    4,044,100 
Sr. Notes, 8.75%, 2013    4,546,000    b    4,716,475 
Sr. Notes, 10%, 2011    3,193,000    b    2,745,980 
Sr. Notes, 10.25%, 2010    3,693,000    b    3,933,045 
Sr. Notes, 10.75%, 2009    5,057,000    b    4,627,155 
Dex Media East Finance:             
Sr. Sub. Notes, 9.875%, 2009    178,000        203,588 

Sr. Sub. Notes, Ser. B, 12.125%, 2012    2,060,000    b    2,520,925 
Dex Media West/Finance,             
Sr. Sub. Notes, Ser. B, 9.875%, 2013    4,165,000    b    4,820,988 
Granite Broadcasting,             
Sr. Secured Notes, 9.75%, 2010    1,843,000    b    1,769,280 
Gray Television,             
Sr. Sub. Notes, 9.25%, 2011    450,000    b    506,250 
Kabel Deutschland,             
Sr. Notes, 10.625%, 2014    1,268,000    a    1,464,540 
LBI Media,             
Sr. Discount Notes, 0/11%, 2013    1,392,000    b,f    1,030,080 
Lodgenet Entertainment,             
Sr. Sub. Deb., 9.5%, 2013    419,000    b    465,090 
Nexstar Finance:             
Sr. Discount Notes, 0/11.375%, 2013    2,245,000    b,f    1,784,775 
Sr. Sub. Notes, 7%, 2014    2,993,000    b    2,978,035 
Pegasus Communications,             
Sr. Notes, Ser. B, 12.5%, 2007    2,898,000    d    1,876,455 
Salem Communications,             
Sr. Sub. Notes, Ser. B, 9%, 2011    2,121,000        2,338,402 
Spanish Broadcasting System,             
Sr. Sub. Notes, 9.625%, 2009    5,427,000    b    5,711,917 
Young Broadcasting:             
Sr. Sub. Notes, 8.75%, 2014    2,176,000        2,203,200 
Sr. Sub. Notes, 10%, 2011    435,000        466,537 
            54,618,742 
Mining & Metals - 2.6%             
AK Steel:             
Sr. Notes, 7.75%, 2012    3,191,000    b    3,302,685 
Sr. Notes, 7.875%, 2009    915,000    b    936,731 
CSN Islands VIII,             
Sr. Notes, 10%, 2015    1,315,000    a    1,418,556 
Consol Energy,             
Notes, 7.875%, 2012    3,182,000    b    3,579,750 
            9,237,722 
Oil & Gas - 7.5%             
Coastal:             
Notes, 7.625%, 2008    3,893,000    b    4,087,650 
Notes, 7.75%, 2010    3,942,000    b    4,139,100 
Sr. Deb., 6.5%, 2008    862,000    b    877,085 
El Paso Production,             
Sr. Notes, 7.75%, 2013    2,321,000    b    2,442,852 
Hanover Compressor:             
Sr. Notes, 9%, 2014    1,263,000    b    1,411,403 
Sr. Sub. Notes, 8.625%, 2010    921,000    b    1,010,798 
Hanover Equipment Trust,             
Sr. Secured Notes, Ser. B, 8.75%, 2011    3,912,000    b    4,264,080 
McMoRan Exploration:             
Sr. Notes, 5.25%, 2011    891,000    a    1,264,106 
Sr. Notes, 6%, 2008    4,497,000    a,b    6,818,576 
            26,315,650 
Packaging & Containers - 3.2%             
Jefferson Smurfit,             
Sr. Note, 8.25%, 2012    876,000        959,220 

Owens-Brockway:             
Sr. Notes, 6.75%, 2014    445,000    a    451,675 
Sr. Notes, 8.25%, 2013    450,000    b    497,250 
Sr. Secured Notes, 7.75%, 2011    900,000    b    978,750 
Sr. Secured Notes, 8.75%, 2012    133,000        150,622 
Sr. Secured Notes, 8.875%, 2009    1,000,000    b    1,091,250 
Pliant:             
Sr. Secured Discount Notes, 0/11.125%    1,437,000    b,f    1,334,614 
Sr. Secured Notes, 11.125%, 2009    443,000    b    485,085 
Sr. Sub. Notes, 13%, 2010    900,000    b    882,000 
Stone Container:             
Sr. Notes, 8.375%, 2012    662,000    b    724,890 
Sr. Notes, 9.75%, 2011    2,525,000    b    2,777,500 
Tekni-Plex,             
Secured Notes, 8.75%, 2013    845,000    a    845,000 
            11,177,856 
Paper & Forest Products - 3.8%             
Appleton Papers,             
Sr. Sub Notes, 9.75%, 2014    1,289,000    b    1,430,790 
Buckeye Technologies:             
Sr. Notes, 8.5%, 2013    1,150,000    b    1,253,500 
Sr. Sub Notes, 9.25%, 2008    1,000,000    b    1,005,000 
Georgia-Pacific:             
Sr. Notes, 7.375%, 2008    1,772,000    b    1,935,910 
Sr. Notes, 8.875%, 2010    3,051,000    b    3,565,856 
Sr. Notes, 9.375%, 2013    3,454,000    b    4,041,180 
            13,232,236 
Pipelines - 4.5%             
ANR Pipeline,             
Notes, 8.875%, 2010    2,230,000    b    2,508,750 
Dynegy:             
Secured Notes, 9.875%, 2010    5,415,000    a,b    6,078,338 
Secured Notes, 10.125%, 2013    3,550,000    a,b    4,082,500 
Southern Natural Gas,             
Notes, 8.875%, 2010    1,795,000    b    2,019,375 
Williams Cos.,             
Notes, 7.125%, 2011    1,000,000    b    1,097,500 
            15,786,463 
Retail - 1.7%             
JC Penney,             
Sr. Notes, 8%, 2010    1,472,000    b    1,689,120 
Remington Arms,             
Sr. Notes, 10.5%, 2011    335,000    b    324,950 
Rite Aid:             
Sr. Secured Notes, 8.125%, 2010    1,035,000    b    1,099,688 
Sr. Secured Notes, 12.5%, 2006    899,000        1,015,870 
Saks,             
Notes, 7.5%, 2010    876,000        937,320 
VICORP Restaurants,             
Sr. Notes, 10.5%, 2011    966,000        975,660 
            6,042,608 
Structured Index - 4.3%             
Dow Jones CDX NA,             
Credit Linded Notes, Ser. 3-1, 7.75% 20    14,806,000    a,g    15,240,926 

Technology - .5%             
AMI Semiconductor,             
Sr. Sub. Notes, 10.75%, 2013    1,163,000    b    1,372,340 
MagnaChip Semiconductor Finance,             
Sr. Sub. Notes, 8%, 2014    250,000    a    261,875 
            1,634,215 
Telecommunications - 14.3%             
American Tower:             
Sr. Notes, 7.125%, 2012    1,329,000    a,b    1,365,548 
Sr. Notes, 9.375%, 2009    1,935,000        2,055,938 
Sr. Sub. Notes, 7.25%, 2011    2,250,000    b    2,396,250 
American Tower Escrow,             
Discount Notes, 0%, 2008    450,000    b    338,625 
Call-Net Enterprises,             
Sr.Secured Notes, 10.625%, 2008    1,000,000    b    1,005,000 
Crown Castle International:             
Sr. Notes, 7.5%, 2013    2,321,000    b    2,506,680 
Sr. Notes, 9.375%, 2011    2,695,000    b    3,031,875 
Sr. Notes, 10.75%, 2011    1,000,000    b    1,090,000 
Sr. Notes, Ser. B, 7.5%, 2013    2,133,000    b    2,303,640 
Dobson Communications,             
Sr. Notes, 8.875%, 2013    832,000    b    588,640 
Fairpoint Communications,             
Sr. Notes, 11.875%, 2010    449,000    b    527,575 
Innova S de RL,             
Notes, 9.375%, 2013    1,814,000        2,072,495 
MJD Communications,             
Floating Rate Notes, Ser. B, 6.4875%, 2    4,930,000    b,c    4,880,700 
Nextel Partners,             
Sr. Notes, 12.5%, 2009    1,073,000    b    1,220,537 
Pegasus Satellite Communications,             
Sr. Notes, 12.375%, 2006    677,000    d    438,357 
Qwest:             
Bank Note, Ser. A, 6.5%, 2007    2,645,000    c    2,757,412 
Bank Note, Ser. B, 6.95%, 2010    500,000    c    511,250 
Qwest Services,             
Sr. Secured Notes, 13%, 2007    4,803,000    a    5,511,442 
Roger Wireless,             
Sr. Secured Notes, 9.625%, 2011    1,000,000    b    1,177,500 
SBA Telecommunications, stp             
Sr. Discount Notes, 0/9.75%, 2011    6,205,000    b,f    5,258,738 
Spectrasite,             
Sr. Notes, 8.25%, 2010    1,763,000        1,890,818 
UbiquiTel Operating,             
Sr. Notes, 9.875%, 2011    1,330,000    a    1,499,575 
US Unwired,             
Sr. Secured Notes, Ser. B, 10%, 2012    2,172,000        2,459,790 
Western Wireless,             
Sr. Notes, 9.25%, 2013    3,026,000        3,305,904 
            50,194,289 
Textiles & Apparel - .8%             
Dan River,             
Sr. Notes, 12.75%, 2009    1,831,000    a, d    361,623 
Levi Strauss & Co.,             

Sr. Notes, 12.25%, 2012    2,166,000    b    2,420,505 
            2,782,128 
Transportation - 2.5%             
CHC Helicopter,             
Sr. Sub. Notes, 7.375%, 2014    1,476,000    b    1,564,560 
Gulfmark Offshore,             
Sr. Notes, 7.75%, 2014    1,745,000    a, b    1,858,425 
TFM, S.A. de C.V.,             
Sr. Notes, 10.25%, 2007    5,000,000        5,350,000 
            8,772,985 
 
Total Bonds and Notes            446,189,325 
(Cost $433,875,295)             
 
Preferred Stocks - 3.2%             
Commercial Services - .8%             
Kaiser Group Holdings,             
Cum., $3.85    49,107        2,700,885 
Diversified Financial Service - .2%         
Williams Holdings Of Delaware,             
Cum. Conv., $2.75    6,650    a    558,600 
Media - 2.2%             
Paxson Communications,             
Cum., $1,325    3        24,733 
Cum. Conv., $975    843    a    4,633,856 
Spanish Broadcasting System             
Cum. Conv., Ser. B, $107.5    2,886        3,218,113 
            7,876,702 
Total Preferred Stocks             
(Cost $ 12,405,838)            11,136,187 
 
 
 
Common Stocks - .2%             
Oil & Gas - 0.0%             
Link Energy (Units)    444,013    h    39,961 
Telecommunications - .2%             
AboveNet    17,570    h    562,240 
Neon Communications    158,722    e, h    436,485 
Stellex Aerostructures    2,793    e, h    0 
            998,725 
Total Common Stock Investments         
(Cost $ 6,828,827)            1,038,686 
 
Other-.3%             
Chemicals - 0.0%             
Huntsman (warrants)    436    a,h    205,141 
Mining And Metals - 0.0%             
Kaiser Group Holdings (rights)    108,168    e, h    0 
Telecommunication Equipment - .3%         
AboveNet (warrants)    16,095    h    158,340 
Loral Cyberstar (warrants)    6,980    h    70 
 
Neon Communications (warrants)    158,722    e, h    0 
            158,410 

Total Other Investments         
(Cost $ 330,548)        363,551 
 
Other Investments - 7.4%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market fund    26,074,000 i    26,074,000 
(cost $26,074,000)         
 
Total Investment (Cost $479,514,508)    138.1%    484,801,749 
Cash and Receivable (net)    -38.1%    (133,778,189) 
Net Assets    100.0%    351,023,560 

a    Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold 
    in transactions exempt from registration, normally to qualified institutional buyers. These securities have 
    been deemed to be liquid by the Board of Trustees. At Decmber 31, 2004, these securities amounted to 
    $108,868,128 or 31.0% of net assets. 
b    Collateral for Revolving Credit and Security Agreement. 
c    Variable rate security-interest rate subject to periodic change. 
d    Non-income producing-security in default. 
e    The value of these securities has been determined in good faith under the direcion of the Board of Trustees 
f    Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
g    Security linked to a portfolio of debt securities. 
h    Non-income producing security. 
i    Investment in affiliated money market mutual funds 

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.

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.

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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/ Stephen E. Canter 
    Stephen E. Canter 
    President 
 
Date:    February 18, 2005 

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/ Stephen E. Canter 
    Stephen E. Canter 
    Chief Executive Officer 
 
Date:    February 18, 2005 
 
By:    /s/ James Windels 
    James Windels 
    Chief Financial Officer 
 
Date:    February 18, 2005 
 
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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