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<PAGE> PAGE 2
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SIGNATURE MICHELLE WHALEN
TITLE SR. ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001061353
<NAME> DLJ HIGH YIELD BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> JUL-28-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 467864904
<INVESTMENTS-AT-VALUE> 412839798
<RECEIVABLES> 25862955
<ASSETS-OTHER> 176709
<OTHER-ITEMS-ASSETS> 5550
<TOTAL-ASSETS> 438885012
<PAYABLE-FOR-SECURITIES> 24932614
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<TOTAL-LIABILITIES> 78928936
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 43045288
<SHARES-COMMON-PRIOR> 0
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<ACCUMULATED-NET-GAINS> (13855150)
<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees of
DLJ High Yield Bond Fund
In planning and performing our audit of the financial statements of DLJ High
Yield Bond Fund for the period ended October 31, 1998, we considered its
internal control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control.
The management of DLJ High Yield Bond Fund is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the specific internal control components does not reduce to a
relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
October 31, 1998.
This report is intended solely for the information and use of the board of
trustees and management of DLJ High Yield Bond Fund and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
ERNST & YOUNG LLP
December 10, 1998
Exhibit 77o
DLJ High Yield Bond Fund
10f-3 Report
Purch.
Issuer/ Trade Cate- 3 yrs Selling Face Price per
Description Date gory (1) Ops Broker Amount Share
Albecca, Inc. 08/06/98 (iv) Yes MSCO $5 mil 100
10 3/4% 08/15/08
Bell Sports Inc. 08/10/98 (iv) Yes NATF $5 mil 100
11% 08/15/08
Telewest, Plc 10/28/98 (iv) Yes TDF $1 mil 100
11 1/4% 11/01/08
(1) Securities are (i) part of an issue registered under the Securities Act
of 1933 (the "1933 Act") that is being offered to the public, (ii) Eligible
Municipal Securities (as defined in Rule 10f-3 under the 1940 Act
(the "Rule")), (iii) securities sold in an Eligible Foreign Offering
(as defined in the Rule), or (iv) securities sold in an Eligible Rule 144A
Offering (as defined in the Rule).
(2) Represents purchases by all affiliated funds: may not exceed (i)
if an offering other than an Eligible Rule 144A offering, 25% of the
principal amount of the offering or (ii) if an Eligible Rule 144A offering,
25% of the total of (x) the principal amount of the offering of such class
sold by underwriters or members of the selling syndicate to Qualified
Institutional Buyers, as defined in Rule 144A (a)(1) under the 1933 Act,
plus (y) the principal amount of the offering of such class in any
concurrent public offering.
