formnq430
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:    3/31 
Date of reporting period:    12/31/05 

FORM N-Q 

Item 1.    Schedule of Investments. 

DREYFUS HIGH YIELD STRATEGIES FUND             
Statement of Investments             
December 31, 2005 (Unaudited)             
    Prinicipal         
Bonds and Notes -- 133.0%    Amount    a    Value ($) 
Advertising -- .2%             
RH Donnelley Financial,             
Sr. Sub. Notes, 10.875%, 2012    551,000    b,c    624,008 
Aerospace & Defense -- 2.5%             
Argo-Tech,             
Sr. Notes, 9.25%, 2011    1,182,000    b    1,217,460 
BE Aerospace,             
Sr. Sub. Notes, Ser. B, 8.875%, 2011    1,239,000    b    1,307,145 
DRS Technologies,             
Sr. Sub. Notes, 6.875%, 2013    438,000        421,028 
L-3 Communications:             
Conv. Bonds, 3%, 2035    550,000    c    546,562 
Sr. Sub. Notes, 6.375%, 2015    1,400,000    b,c    1,403,500 
Sr. Sub. Notes, 7.625%, 2012    1,050,000    b    1,110,375 
Transdigm,             
Sr. Sub Notes, 8.375%, 2011    1,955,000    b    2,067,412 
            8,073,482 
Agricultural -- .4%             
Alliance One International,             
Notes, 11%, 2012    1,430,000    b,c    1,265,550 
Airlines -- .7%             
Northwest Airlines,             
Pass-Through Ctfs., Ser. 1996-1, 7.67%, 2015    1,601,875    b    1,446,998 
United AirLines,             
Enhanced Pass-Through Ctfs., Ser. 1997-1A, 4.77%, 2049    668,434    e    668,604 
            2,115,602 
Auto Manufacturing -- .4%             
Navistar International,             
Sr. Notes, 7.5%, 2011    1,292,000    b    1,237,090 
Automotive, Trucks & Parts -- 1.9%             
Cooper-Standard Automotive,             
Sr. Sub. Notes, 8.375%, 2014    525,000        401,625 
Goodyear Tire & Rubber,             
Sr. Notes, 9%, 2015    2,525,000    c    2,499,750 
HLI Operating,             
Sr. Notes, 10.5%, 2010    278,000        228,655 
Polypore International,             
Sr. Discount Notes, 0/10.5%, 2012    2,003,000    f    1,131,695 
United Components,             
Sr. Sub. Notes, 9.375%, 2013    675,000    b    675,000 
Visteon,             
Sr. Notes, 8.25%, 2010    1,475,000    b    1,261,125 
            6,197,850 
Banking -- 1.5%             
Chevy Chase Bank,             
Sub. Notes, 6.875%, 2013    3,620,000    b    3,746,700 
Colonial Bank of Montgomery Alabama,             
Sub. Notes, 9.375%, 2011    1,000,000        1,175,416 
            4,922,116 
Building & Construction -- 4.4%             
Asia Aluminum,             
Secured Notes, 8%, 2011    355,000    c    348,344 
Beazer Homes,             

Sr. Notes, 6.875%, 2015    2,000,000    b    1,927,500 
Compression Polymers,             
Sr. Notes, 10.5%, 2013    1,325,000    b,c    1,291,875 
DR Horton,             
Sr. Notes, 8.5%, 2012    2,600,000    b    2,790,861 
Goodman Global:             
Sr. Notes, 6.41%, 2012    2,225,000    c,d    2,213,875 
Sr. Sub. Notes, 7.875%, 2012    438,000    c    409,530 
Nortek,             
Sr. Sub. Notes, 8.5%, 2014    1,319,000        1,279,430 
Owens Corning,             
Debs., 7.5%, 2018    2,826,000    e    2,211,345 
Standard-Pacific,             
Sr. Notes, 6.5%, 2010    1,600,000    b    1,534,000 
Texas Industries,             
Sr. Notes, 7.25%, 2013    250,000    c    260,625 
            14,267,385 
Chemicals -- 6.3%             
Airgas,             
Sr. Sub. Notes, 6.25%, 2014    202,000        216,140 
Sr. Sub. Notes, 9.125, 2011    1,300,000        1,283,750 
Equistar Chemical/Funding,             
Notes, 10.125%, 2008    1,200,000        1,308,000 
Huntsman:             
Sr. Notes, 9.875%, 2009    438,000        464,280 
Sr. Secured Notes, 11.625%, 2010    909,000    b    1,039,669 
Huntsman ICI Chemicals,             
Sr. Sub. Notes, 10.125%, 2009    3,516,000        3,647,850 
IMC Global,             
Sr. Notes, Ser. B, 10.875%, 2008    1,000,000        1,112,500 
Nalco,             
Sr. Sub. Notes, 8.875%, 2013    4,508,000    b    4,744,670 
Nova Chemicals,             
Sr. Notes, 6.5%, 2012    520,000        506,350 
PQ,             
Sr. Sub. Notes, 7.5%, 2013    250,000    c    233,750 
Rhodia,             
Sr. Notes, 10.25%, 2010    4,454,000    b    4,899,400 
Rockwood Specialties,             
Sr. Sub. Notes, 7.5%, 2014    1,006,000    b    1,107,857 
            20,564,216 
Commercial & Professional Services -- 1.9%         
Brickman,             
Sr. Sub. Notes, Ser. B, 11.75%, 2009    888,000    b    987,900 
Corrections Corp of America,             
Sr. Sub. Notes, 6.25%, 2013    2,475,000    b    2,462,625 
Hertz:             
Sr. Notes, 8.875%, 2014    1,085,000    c    1,110,769 
Sr. Sub. Notes, 10.5%, 2016    500,000    c    517,500 
Service Corp International,             
Sr. Notes, 7%, 2017    660,000    c    658,350 
Williams Scotsman,             
Sr. Notes, 8.5%, 2015    550,000        572,000 
            6,309,144 
Consumer Products -- 1.6%             
Ames True Temper,             
Sr. Sub. Notes, 10%, 2012    1,290,000    b    1,019,100 
Amscan,             
Sr. Sub. Notes, 8.75%, 2014    1,669,000    b    1,414,478 

Playtex Products,                 
Sr. Sub. Notes, 9.375%, 2011        2,264,000    b    2,382,860 
Rayovac,                 
Sr. Sub. Notes, 8.5%, 2013        465,000        408,037 
                5,224,475 
Diversified Financial Services -- 9.4%                 
BCP Crystal US,                 
Sr. Sub. Notes, 9.625%, 2014        2,280,000    b    2,547,900 
CCM Merger,                 
Notes, 8%, 2013        1,325,000    c    1,278,625 
Consolidated Communications Illinois/Texas,                 
Sr. Notes, 9.75%, 2012        747,000    b    799,290 
E*Trade Financial,                 
Sr. Notes, 7.375%, 2013        350,000    c    356,125 
FINOVA,                 
Notes, 7.5%, 2009        2,275,440    b    807,781 
Ford Motor Credit:                 
Global Landmark Securities, 7.375%, 2009        1,650,000    b    1,464,528 
Notes, 5.29%, 2006        4,500,000    b,d    4,370,414 
GMAC:                 
Bonds, 8%, 2031        1,300,000    b    1,248,545 
Notes, 7.75%, 2010        3,435,000    b    3,210,598 
Sr. Notes, 5.375%, 2011    EUR    1,140,000        1,204,181 
Glencore Funding,                 
Notes, 6%, 2014        1,150,000    c    1,083,346 
K&F Acquisition,                 
Sr. Sub. Notes, 7.75%, 2014        560,000        568,400 
Kansas City Southern Railway,                 
Sr. Notes, 9.5%, 2008        1,090,000        1,185,375 
Leucadia National,                 
Sr. Notes, 7%, 2013        1,725,000        1,725,000 
Nell AF SARL,                 
Sr. Notes, 8.375%, 2015        1,280,000    b,c    1,273,600 
Noble,                 
Sr. Notes, 6.625%, 2015        2,475,000    c    2,283,759 
Residential Capital:                 
Sr. Notes, 6.375%, 2010        3,040,000    b    3,091,975 
Sr. Notes, 6.875%, 2015        800,000        851,555 
Stena AB,                 
Sr. Notes, 7.5%, 2013        1,170,000    b    1,129,050 
                30,480,047 
Diversified Metals & Mining -- 2.7%                 
Consol Energy,                 
Notes, 7.875%, 2012        3,182,000    b    3,488,268 
CSN Islands VIII,                 
Sr. Notes, 10%, 2015        1,315,000    b,c    1,472,800 
Freeport-McMoRan Copper & Gold:                 
Sr. Notes, 6.875%, 2014        975,000        989,625 
Sr. Notes, 10.125%, 2010        1,000,000        1,103,750 
Gibraltar Industries,                 
Sr. Sub. Notes, 8%, 2015        900,000    c    911,250 
Southern Peru Copper,                 
Notes, 6.375%, 2015        650,000    c    650,441 
                8,616,134 
Electric Utilities -- 15.3%                 
AES,                 
Sr. Sub. Notes, 9.375%, 2010        7,610,000    b    8,351,975 
Allegheny Energy Supply,                 
Bonds, 8.25%, 2012        5,650,000    b,c    6,398,625 

CMS Energy,             
Sr. Notes, 9.875%, 2007    4,442,000    b    4,775,150 
Calpine Generating,             
Secured Notes, 11.168%, 2011    216,000    b,d,f    220,320 
FPL Energy National Wind,             
Notes, 6.125%, 2019    4,528,635    b,c    4,441,028 
MSW Energy:             
Notes, 7.375%, 2010    450,000        464,625 
Secured Bonds, 8.5%, 2010    1,450,000        1,551,500 
Mirant:             
Sr. Notes, 7.375%, 2013    3,535,000    c    3,592,444 
Sr. Notes, 7.4%, 2004    1,558,000    c,e    1,939,710 
Nevada Power:             
First Mortgage, 6.50%, 2012    478,000    b    492,340 
Mortgage, Bonds Ser. A, 8.25%, 2011    1,216,000        1,352,800 
Notes, Ser. E, 10.875%, 2009    635,000        696,912 
NRG Energy,             
Sr. Secured Notes, 8%, 2013    1,900,000    b    2,128,000 
Reliant Energy,             
Sr. Secured Notes, 9.25%, 2010    4,913,000    b    4,937,565 
Reliant Resources,             
Sr. Secured Notes, 9.5%, 2013    1,480,000        1,491,100 
Sierra Pacific Power,             
Mortgage Notes, 6.25%, 2012    425,000        433,500 
Sierra Pacific Resources,             
Sr. Notes, 8.625%, 2014    3,467,000    b    3,768,591 
TECO Energy,             
Sr. Notes, 6.75%, 2015    525,000        546,000 
TXU,             
Sr. Notes, 5.55%, 2014    2,225,000    b    2,124,510 
            49,706,695 
Environmental Control -- 3.6%             
Allied Waste:             
Sr. Notes, Ser. B, 8.5%, 2008    9,009,000    b    9,504,495 
Sr. Notes, Ser. B, 9.25%, 2012    1,215,000    b    1,321,313 
Geo Sub,             
Sr. Notes, 11%, 2012    840,000    b    827,400 
            11,653,208 
Food & Beverages -- 3.5%             
Agrilink Foods,             
Sr. Sub. Notes, 11.875%, 2008    225,000    b    230,625 
Corn Products International,             
Sr. Notes, 8.25%, 2007    863,000        902,027 
Sr. Notes, 8.45%, 2009    863,000        951,874 
Del Monte,             
Sr. Sub. Notes, 8.625%, 2012    1,879,000    b,d    2,005,833 
Dole Foods:             
Debs., 8.75%, 2013    665,000    b    688,275 
Sr. Notes, 8.625%, 2009    702,000    b    723,060 
Sr. Notes, 8.875%, 2011    475,000    b    489,250 
Ingles Markets,             
Sr. Sub. Notes, 8.875%, 2011    395,000        410,800 
Smithfield Foods,             
Sr. Notes, 7%, 2011    1,500,000    b    1,537,500 
Stater Brothers:             
Sr. Notes, 7.991%, 2010    1,115,000    b,d    1,120,575 
Sr. Notes, 8.125%, 2012    2,375,000    b    2,363,125 
            11,422,944 
Health Care -- 7.1%             

Beverly Enterprises,             
Sr. Sub. Notes, 7.875%, 2014    860,000    b    924,500 
Coventry Health Care,             
Sr. Notes, 8.125%, 2012    505,000        539,088 
DaVita,             
Sr. Sub. Notes, 7.25%, 2015    1,225,000        1,246,437 
Extendicare Health Services,             
Sr. Notes, 9.5%, 2010    791,000    b    843,404 
HCA,             
Notes, 8.75%, 2010    3,570,000        3,966,259 
Hanger Orthopedic,             
Sr. Notes, 10.375%, 2009    2,704,000    b    2,717,520 
Healthsouth,             
Sr. Notes, 8.375%, 2011    1,925,000        1,968,312 
Psychiatric Solutions,             
Sr. Sub. Notes, 7.75%, 2015    525,000        544,687 
Tenet Healthcare,             
Sr. Notes, 9.875%, 2014    7,346,000    b    7,474,555 
Triad Hospitals,             
Sr. Sub. Notes, 7%, 2013    2,918,000    b    2,939,885 
            23,164,647 
Lodging & Entertainment -- 11.4%             
AMC Entertainment,             
Sr. Sub. Notes, 9.875%, 2012    1,200,000        1,182,000 
Chumash Casino & Resort Enterprise,             
Sr. Notes, 9.26%, 2010    610,000    c    651,175 
Cinemark:             
Sr. Discount Notes, 0/9.75%, 2014    1,335,000    b,f    994,575 
Sr. Sub. Notes, 9%, 2013    90,000        95,625 
Gaylord Entertainment:             
Sr. Notes, 6.75%, 2014    775,000        763,375 
Sr. Notes, 8%, 2013    200,000        210,500 
Inn of the Mountain Gods Resort & Casino,         
Sr. Notes, 12%, 2010    2,548,000    b    2,535,260 
Isle of Capri Casinos,             
Sr. Sub. Notes, 9%, 2012    1,878,000        1,995,375 
Leslie's Poolmart,             
Sr. Notes, 7.75%, 2013    970,000        977,275 
MGM Mirage,             
Notes, 8.5%, 2010    2,858,000    b    3,111,647 
Mandalay Resort:             
Sr. Notes, 6.5%, 2009    1,825,000    b    1,854,656 
Sr. Sub. Notes, 9.375%, 2010    2,000,000        2,200,000 
Mashantucket Western Pequot Tribe,             
Bonds, 5.912%, 2021    2,850,000    c    2,854,794 
Mohegan Tribal Gaming Authority:             
Sr. Notes, 6.125%, 2013    2,225,000        2,197,187 
Sr. Sub. Notes, 6.375%, 2009    1,800,000    b    1,820,250 
Park Place Entertainment:             
Sr. Sub. Notes, 7.875%, 2010    1,140,000    b    1,231,200 
Sr. Sub. Notes, 8.875%, 2008    1,848,000    b    2,002,770 
Penn National Gaming,             
Sr. Sub. Notes, 6.75%, 2015    540,000        533,250 
Resorts International Hotel and Casino,             
First Mortgage, 11.5%, 2009    4,752,000    b    5,286,600 
Royal Caribbean Cruises,             
Sr. Notes, 8.75%, 2011    1,575,000    b    1,787,625 
Seneca Gaming,             
Sr. Notes, 7.25%, 2012    875,000    c    884,844 

Turning Stone Casino Entertainment,             
Sr. Notes, 9.125%, 2010    690,000    b,c    714,150 
Wynn Las Vegas Capital,             
First Mortgage Notes, 6.625%, 2014    1,331,000    b    1,301,052 
            37,185,185 
Machinery -- 3.2%             
Case New Holland,             
Sr. Notes, 9.25%, 2011    3,270,000    b    3,515,250 
Columbus McKinnon,             
Sr. Sub. Notes, 8.875%, 2013    615,000    c    642,675 
Douglas Dynamics,             
Sr. Notes, 7.75%, 2012    3,100,000    b,c    3,007,000 
Terex:             
Notes, 7.375%, 2014    890,000    b    885,550 
Sr. Sub. Notes, Ser. B, 10.375%, 2011    2,250,000    b    2,396,250 
            10,446,725 
Manufacturing -- 1.2%             
Bombardier,             
Notes, 6.3%, 2014    1,275,000    b,c    1,122,000 
JB Poindexter & Co,             
Sr. Notes, 8.75%, 2014    2,259,000    b    1,920,150 
Polypore,             
Sr. Sub. Notes, 8.75%, 2012    1,044,000    b    923,940 
            3,966,090 
Media -- 7.5%             
Adelphia Communications,             
Sr. Notes, Ser. B, 7.75%, 2009    1,550,000    e    875,750 
Cablevision Systems,             
Sr. Notes, Ser. B, 7.89%, 2009    850,000    d    862,750 
CBD Media,             
Sr. Sub. Notes, 8.625%, 2011    200,000        205,000 
Charter Communications,             
Sr. Notes, 8.75%, 2013    2,466,000    b    2,361,195 
CSC Holdings:             
Sr. Notes, 6.75%, 2012    2,855,000    b,c    2,712,250 
Sr. Notes, Ser.B, 8.125%, 2009    1,150,000    b    1,167,250 
Dex Media East Finance:             
Sr. Sub. Notes, Ser. B, 9.875%, 2009    178,000        193,353 
Sr. Sub. Notes, Ser. B, 12.125%, 2012    2,060,000    b    2,420,500 
Dex Media West/Finance,             
Sr. Sub. Notes, Ser. B, 9.875%, 2013    4,165,000    b    4,643,975 
Entercom Radio Capital,             
Sr. Sub. Notes, 7.625%, 2014    425,000        428,187 
Kabel Deutschland,             
Sr. Notes, 10.625%, 2014    1,268,000    c    1,340,910 
LBI Media,             
Sr. Discount Notes, 0/11%, 2013    1,392,000    b,f    1,024,860 
Lodgenet Entertainment,             
Sr. Sub. Deb., 9.5%, 2013    419,000    b    457,757 
Nexstar Finance,             
Sr. Discount Notes, 0/11.375%, 2013    2,245,000    b,f    1,703,394 
Pegasus Communications,             
Sr. Sub. Notes, Ser. B, 12.5%, 2007    2,898,000    b.e    264,442 
Radio One,             
Sr. Sub. Notes, Ser. B, 8.875%, 2011    1,435,000        1,521,100 
Salem Communications,             
Sr. Sub. Notes, Ser. B, 9%, 2011    2,121,000    b    2,245,609 
            24,428,282 
Oil & Gas -- 13.1%             

ANR Pipeline:             
Debs., 7.375%, 2024    50,000    b    51,654 
Notes, 8.875%, 2010    2,230,000    b    2,394,384 
Sr. Notes, 7%, 2025    95,000    b    94,513 
Colorado Interstate Gas,             
Sr. Notes, 5.95%, 2015    460,000        446,605 
Dynegy:             
Secured Notes, 9.875%, 2010    5,415,000    b,c    5,963,269 
Secured Notes, 10.125%, 2013    3,550,000    b,c    4,029,250 
El Paso Production:             
Debs., 6.5%, 2008    862,000    b,c    857,690 
Notes, 7.625%, 2008    3,893,000    b    3,970,860 
Notes, 7.75%, 2010    3,942,000    b    4,040,550 
Sr. Notes, 7.75%, 2013    2,321,000    b    2,419,643 
Hanover Compressor:             
Sr. Notes, 8.625%, 2010    921,000    b    978,563 
Sr. Notes, 9%, 2014    1,263,000    b    1,382,985 
Hanover Equipment Trust,             
Sr. Secured Notes, Ser. B, 8.75%, 2011    1,452,000    b    1,542,750 
McMoRan Exploration,             
Sr. Notes, 5.25%, 2011    891,000    c    1,104,840 
Northwest Pipeline,             
Sr. Notes, 8.125%, 2010    2,200,000        2,343,000 
Pogo Producing,             
Sr. Sub. Notes, 6.625%, 2015    1,875,000        1,837,500 
Southern Natural Gas,             
Notes, 8.875%, 2010    1,795,000    b    1,927,318 
Whiting Petroleum,             
Sr. Sub. Notes, 7.25%, 2013    2,225,000    b    2,263,938 
Williams Cos.:             
Notes, 7.625%, 2019    500,000        538,750 
Notes, 7.125%, 2011    1,925,000    b    2,009,219 
Notes, 7.875%, 2021    1,900,000    b    2,066,250 
Notes, 8.75%, 2032    435,000        506,775 
            42,770,306 
Packaging & Containers -- 9.1%             
Berry Plastics,             
Sr. Sub. Notes, 10.75%, 2012    1,825,000    b    1,971,000 
Crown Americas Capital:             
Sr. Notes, 7.625%, 2013    7,225,000    b,c    7,532,063 
Sr. Notes, 7.75%, 2015    4,125,000    c    4,290,000 
Jefferson Smurfit,             
Sr. Notes, 8.25%, 2012    1,026,000        990,090 
Norampac,             
Sr. Notes, 6.75%, 2013    1,500,000        1,455,000 
Owens Brockway:             
Sr. Notes, 6.75%, 2014    445,000        433,875 
Sr. Notes, 8.25%, 2013    450,000    b    466,875 
Sr. Secured Notes, 7.75%, 2011    900,000    b    943,875 
Sr. Secured Notes, 8.75%, 2012    133,000        143,640 
Sr. Secured Notes, 8.875%, 2009    1,000,000    b    1,048,750 
Owens-Illinois:             
Debs., 7.5%, 2010    900,000        918,000 
Debs., 7.8%, 2018    1,815,000        1,815,000 
Plastipak,             
Sr. Notes, 8.5%, 2015    2,400,000    c    2,436,000 
Pliant,             
Sr. Secured Discount Notes, 0/11.125%, 2009    1,437,000    f,g    1,216,061 
Solo Cup,             

Sr. Sub. Notes, 8.5%, 2014        800,000        704,000 
Stone Container:                 
Sr. Notes, 8.375%, 2012        662,000    b    643,795 
Sr. Notes, 9.75%, 2011        2,525,000    b    2,562,875 
                29,570,899 
Paper & Forest Products -- 2.2%                 
Appleton Papers,                 
Sr. Sub. Notes, 9.75%, 2014        2,709,000    b    2,546,460 
Buckeye Technologies:                 
Sr. Notes, 8.5%, 2013        1,150,000    b    1,155,750 
Sr. Sub Notes, 9.25%, 2008        651,000    b    654,255 
Georgia-Pacific,                 
Sr. Notes, 8%, 2014        805,000        772,800 
Temple-Inland,                 
Bonds, 6.625%, 2018        1,975,000        2,038,976 
                7,168,241 
Real Estate Investment Trust -- 1.4%                 
BF Saul,                 
Sr. Secured Notes, 7.5%, 2014        2,210,000    b    2,259,725 
Host Marriott:                 
Sr. Notes, Ser. I, 9.5%, 2007        90,000        93,600 
Sr. Notes, Ser. M, 7%, 2012        2,150,000    b    2,214,500 
                4,567,825 
Retail -- 2.4%                 
Amerigas Partners,                 
Sr. Notes, 7.25%, 2015        1,100,000    b    1,127,500 
Central European Distributor,                 
Sr. Secured Bonds, 8%, 2012    EUR    650,000    c    834,170 
JC Penney,                 
Sr. Notes, 8%, 2010        1,472,000    b    1,619,564 
Neiman-Marcus,                 
Sr. Notes, 9%, 2015        525,000    c    539,438 
RH Donnelley,                 
Notes, 10.875%, 2012        690,000        781,425 
Rite Aid:                 
Sr. Secured Notes, 8.125%, 2010        1,035,000    b    1,058,288 
Sr. Secured Notes, 12.5%, 2006        899,000        945,074 
VICORP Restaurants,                 
Sr. Notes, 10.5%, 2011        966,000    b    900,795 
                7,806,254 
State Government -- .7%                 
Erie Tobacco Asset Securitization,                 
Asset-Backed, Ser. E, 6%, 2028        750,000        735,473 
Tobacco Settlement Authority of Iowa,                 
Asset-Backed, Ser. A, 6.5%, 2023        1,625,000        1,631,126 
                2,366,599 
Structured Index -- 2.4%                 
Dow Jones CDX,                 
Credit Linked Notes, Ser. 4-T1, 8.25%, 2010        7,727,940    b,c,h    7,824,539 
Technology - 2.9%                 
Dresser,                 
Sr. Sub. Notes, 9.375%, 2011        1,950,000    b    2,062,125 
Fisher Scientific International,                 
Sr. Sub. Notes, 6.125%, 2015        1,350,000    b,c    1,356,750 
Freescale Semiconductor:                 
Sr. Notes, 6.875%, 2011        3,190,000    b    3,365,450 
Sr. Notes, 7.125%, 2014        1,425,000        1,524,750 
Imax,                 
Sr. Notes, 9.625%, 2010        919,000    b    951,165 

Sungard Data Systems,             
Sr. Notes, 8.524%, 2013    300,000    c,d    312,000 
            9,572,240 
Telecommunications -- 6.9%             
American Tower:             
Sr. Notes, 7.125%, 2012    1,329,000    b    1,375,515 
Sr. Sub. Notes, 7.25%, 2011    1,100,000    b    1,149,500 
American Tower Escrow,             
Discount Notes, 0%, 2008    450,000    b    354,375 
Hawaiian Telcom Communications,             
Sr. Notes, 8.91375%, 2013    1,050,000    b,c,d    1,018,500 
Innova S de RL,             
Notes, 9.375%, 2013    1,814,000        2,022,610 
Intelsat Bermuda:             
Sr. Notes, 7.805%, 2012    1,250,000    b,c,d    1,276,563 
Sr. Notes, 8.25%, 2013    1,370,000    b    1,390,550 
MCI,             
Sr. Notes, 8.735%, 2014    40,000    d    44,350 
Pegasus Satellite Communications,             
Sr. Notes, 12.375%, 2006    677,000    e    61,776 
Qwest:             
Bank Note, Ser. A, 8.53%, 2007    1,058,000    d    1,081,805 
Bank Note, Ser. B, 6.95%, 2010    500,000    d    505,625 
Roger Wireless:             
Secured Notes, 7.25%, 2012    2,000,000    b    2,112,500 
Sr. Secured Notes, 9.625%, 2011    1,000,000    b    1,155,000 
Rural Cellular,             
Sr. Notes, 9.875%, 2010    610,000        646,600 
SBA Telecommunications,             
Sr. Discount Notes, 0/9.75%, 2011    4,045,000    b,f    3,771,963 
UbiquiTel Operating,             
Sr. Notes, 9.875%, 2011    1,330,000    b    1,479,625 
US Unwired,             
Second Priority Sr. Secured Notes, Ser. B, 10%, 2012    2,172,000    b    2,454,360 
Wind Acquisition Finance,             
Sr. Bonds, 10.75%, 2015    575,000    c    596,563 
            22,497,780 
Textiles & Apparel -- 2.1%             
INVISTA,             
Notes, 9.25%, 2012    4,260,000    b,c    4,568,850 
Levi Strauss & Co.,             
Sr. Notes, 12.25%, 2012    2,166,000    b    2,425,920 
            6,994,770 
Transportation -- 3.1%             
CHC Helicopter,             
Sr. Sub. Notes, 7.375%, 2014    1,476,000        1,499,985 
Greenbrier Cos.,             
Sr. Notes, 8.375%, 2015    1,375,000        1,409,375 
Gulfmark Offshore,             
Sr. Notes, 7.75%, 2014    1,745,000        1,823,525 
TFM, S.A. de C.V.,             
Sr. Notes, 10.25%, 2007    5,000,000    b    5,300,000 
            10,032,885 
Total Bonds and Notes             
(cost $429,493,875)            433,043,213 
 
Preferred Stocks - 2.8 %             
Banking -- 1.3%             
Sovereign Capital Trust IV,             

Conv., $2.1875    92,250        4,059,000 
Diversified Financial Services -- .2%             
Williams Holdings Of Delaware,             
Cum. Conv., $2.75    6,650    c    748,125 
Media -- 1.3%             
Paxson Communications,             
Cum., $1,325    4        33,609 
Cum. Conv., $975    289    c    1,997,945 
Spanish Broadcasting System (Units)             
Cum. Conv., Ser. B, $107.5    2,125        2,300,540 
            4,332,094 
Total Preferred Stocks             
(cost $10,096,701)            9,139,219 
 
Common Stocks -- 0%             
Chemicals-fibers & Diversified -- 0%             
Huntsman,    8,533    i    146,938 
Telecommunications -- 0%             
iPCS    554    i    26,731 
Textiles & Apparel -- 0%             
Dan River    58,891    i    17,667 
Trump Entertainment Resorts    4,799    b,i    96,606 
            114,273 
Total Common Stocks             
(cost $1,006,066)            287,942 
 
Other Investments -- 6.1%             
Registered Investment Company;             
Dreyfus Institutional Preferred Plus Money Market Fund             
(cost $19,746,000)    19,746,000    j    19,746,000 
 
 
Total Investment( cost $ 460,0342,642)    141.9%        462,216,374 
Liabiliotes, Less Cash and Receivables    (41.9%)        (136,566,468) 
Net Assets    100.0%        325,649,906 
 
a Principal amount stated in U.S Dollars unless otherwise noted.             
EUR--Euro             
b Collateral for Revolving Credit and Security Agreement.             
c 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, 2005, these securities amounted to $101,672,644 or 31.2% of net assets.         
d Variable rate security--interest rate subject to periodic change.             
e Non-income producing--security in default.             
f Zero Coupon until a specified date at which time the stated coupon rate becomes effective until maturity date.     
g Subsequent to December 31, 2005, this security became Non - income producing.             
h Security linked to portfolio of debt securities.             
i Non-income producing.             
j 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.

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.

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

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.

Date: February 16, 2006

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)