UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

FORM N-Q

Item 1.                         Schedule of Investments.

a Principal amount stated in U.S. Dollars unless otherwise noted.
EUR-- Euro
GBP--British Pound
b Collateral for Revolving Credit and Security Agreement.
c Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be
resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013,
these securities were valued at $146,670,122 or 50.0% of net assets.
d Variable rate security--interest rate subject to periodic change.
e Investment in affiliated money market mutual fund.

At December 31, 2013, net unrealized appreciation on investments was $25,359,423 of which $25,804,334 related to appreciated
investment securities and $444,911 related to depreciated investment securities. At December 31, 2013, the cost of investments for federal
income tax purposes was substantially the same as the cost for financial reporting purposes.

† Based on net assets.

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
December 31, 2013 (Unaudited)

Counterparties:

a Goldman Sachs International
b Commonwealth Bank of Australia
c Morgan Stanley Capital Services

The following is a summary of the inputs used as of December 31, 2013 in valuing the fund's investments:

+ See Statement of Investments for additional detailed categorizations.
++ Amount shown represents unrealized (depreciation) at period end.

The Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) is the exclusive reference of
authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities.
Rules and interpretive releases of the Securities and Exchange
Commission (“SEC”) under authority of federal laws are also sources
of authoritative GAAP for SEC registrants. The fund's
financial statements are prepared in accordance with GAAP, which
may require the use of management estimates and assumptions. Actual
results could differ from those estimates.

Portfolio valuation: The fair value of a financial instrument is the
amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the
measurement date (i.e. the exit price). GAAP establishes a fair value
hierarchy that prioritizes the inputs of valuation techniques used to
measure fair value. This hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities
(Level 1 measurements) and the lowest priority to unobservable inputs
(Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the
volume and activity in a market has decreased significantly and
whether such a decrease in activity results in transactions that are not
orderly. GAAP requires enhanced disclosures around valuation inputs
and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments
relating to fair value measurements. These inputs are summarized
in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s
own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an
assigned level within the disclosure hierarchy. Valuation techniques
used to value the fund’s investments are as follows:

Investments in debt securities excluding short-term investments (other
than U.S. Treasury Bills) are valued each business day by an independent
pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative
of the bid side of the market in the judgment of the Service

are valued at the mean between the quoted bid prices (as obtained by the
Service from dealers in such securities) and asked prices (as calculated by
the Service based upon its evaluation of the market for such securities).
Other investments are valued as determined by the Service, based on
methods which include consideration of the following: yields or prices of securities of
comparable quality, coupon, maturity and type; indications as to values
from dealers; and general market conditions. These securities are generally
categorized within Level 2 of the fair value hierarchy.
U.S. Treasury Bills are valued at the mean price between quoted bid
prices and asked prices by the Service. These securities are generally
categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general
supervision of the Board of Trustees.

Derivatives: A derivative is a financial instrument whose performance
is derived from the performance of another asset. Each type of deriv-
ative instrument that was held by the fund during the period ended
December 31, 2013 is discussed below.

Forward Foreign Currency Exchange Contracts: The fund enters
into forward contracts in order to hedge its exposure to changes in foreign
currency exchange rates on its foreign portfolio holdings, to settle
foreign currency transactions or as a part of its investment strategy.
When executing forward contracts, the fund is obligated to buy or sell
a foreign currency at a specified rate on a certain date in the future.
With respect to sales of forward contracts, the fund incurs a loss if the
value of the contract increases between the date the forward contract is
opened and the date the forward contract is closed. The fund realizes a
gain if the value of the contract decreases between those dates. With
respect to purchases of forward contracts, the fund incurs a loss if the
value of the contract decreases between the date the forward contract
is opened and the date the forward contract is closed. The fund realizes
a gain if the value of the contract increases between those dates. Any
realized gain or loss which occurred during the period is reflected in
the Statement of Operations. The fund is exposed to foreign currency
risk as a result of changes in value of underlying financial instruments.
The fund is also exposed to credit risk associated with counterparty
nonperformance on these forward contracts, which is typically limited
to the unrealized gain on each open contract.

Additional 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.

FORM N-Q

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

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)