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.

STATEMENT OF INVESTMENTS
Dreyfus High Yield Strategies Fund
December 31, 2016 (Unaudited)

STATEMENT OF INVESTMENTS (Unaudited) (continued)

a Principal amount stated in U.S. Dollars unless otherwise noted.
EUR—Euro
GBP—British Pound

STATEMENT OF INVESTMENTS
Dreyfus High Yield Strategies Fund
December 31, 2016 (Unaudited)

The following is a summary of the inputs used as of December 31, 2016 in valuing the fund’s investments:

NOTES

The Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification 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.

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:

Registered investment companies that are not traded on an exchange are valued at their
net asset value and are generally categorized within Level 1 of the fair value hierarchy.

Investments in securities, excluding short-term investments (other than U.S. Treasury
Bills), financial futures and forward foreign currency exchange contracts ("forward
contracts") are valued each business day by an independent pricing service (the
“Service”) approved by the fund's Board Members (the "Board"). Investments for
which quoted bid prices are readily available and are representative of the bid side of the

NOTES

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 (which constitute a majority of the portfolio securities) 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 is engaged under the general supervision of the Board.

When market quotations or official closing prices are not readily available, or are
determined not to reflect accurately fair value, such as when the value of a security has
been significantly affected by events after the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market), but before
the fund calculates its net asset value, the fund may value these investments at fair value
as determined in accordance with the procedures approved by the Board. Certain
factors may be considered when fair valuing investments such as: fundamental analytical
data, the nature and duration of restrictions on disposition, an evaluation of the forces
that influence the market in which the securities are purchased and sold, and public
trading in similar securities of the issuer or comparable issuers. These securities are
either categorized within Level 2 or 3 of the fair value hierarchy depending on the
relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market
activity and risk are used and are generally categorized within Level 3 of the fair value
hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the
prevailing rates of exchange.

Financial futures, which are traded on an exchange, are valued at the last sales price on
the securities exchange on which such securities are primarily traded or at the last sales
price on the national securities market on each business day and are generally
categorized within Level 1 of the fair value hierarchy. Forward contracts are valued at
the forward rate and are generally categorized within Level 2 of the fair value hierarchy.

Derivatives: A derivative is a financial instrument whose performance is derived from
the performance of another asset. Each type of derivative instrument that was held by
the fund at December 31, 2016 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

NOTES

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 or unrealized gains or losses which occurred during the period are 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 generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty.

At December 31, 2016, accumulated net unrealized appreciation on investments was $5,336,228, consisting of $13,109,071 gross unrealized appreciation and $7,772,843 gross unrealized depreciation.

NOTES

At December 31, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC 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

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

Date:    February 14, 2017

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/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

Date:    February 14, 2017

By:       /s/ James Windels

            James Windels

            Treasurer

Date:    February 14, 2017

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)