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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 562013806
<INVESTMENTS-AT-VALUE> 519670560
<RECEIVABLES> 14104550
<ASSETS-OTHER> 101745
<OTHER-ITEMS-ASSETS> 4594
<TOTAL-ASSETS> 533881449
<PAYABLE-FOR-SECURITIES> 4110777
<SENIOR-LONG-TERM-DEBT> 169500000
<OTHER-ITEMS-LIABILITIES> 1591340
<TOTAL-LIABILITIES> 175202117
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 445378101
<SHARES-COMMON-STOCK> 44953107
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44461701)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (42343244)
<NET-ASSETS> 358679332
<DIVIDEND-INCOME> 276398
<INTEREST-INCOME> 56655057
<OTHER-INCOME> 0
<EXPENSES-NET> 13873076
<NET-INVESTMENT-INCOME> 43058379
<REALIZED-GAINS-CURRENT> (30606551)
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<NET-CHANGE-FROM-OPS> 25133690
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1907819
<NET-CHANGE-IN-ASSETS> (1276744)
<ACCUMULATED-NII-PRIOR> 37897
<ACCUMULATED-GAINS-PRIOR> (13855150)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5218935
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<GROSS-EXPENSE> 13873076
<AVERAGE-NET-ASSETS> 383000898
<PER-SHARE-NAV-BEGIN> 8.36
<PER-SHARE-NII> 0.98
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</TABLE>
Exhibit 77B
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 year ended October 31, 1999, 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, 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 mistatements
caused by error 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, 1999.
This report is intended solely for the information and use of management, the
board of trustees 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
New York, New York
December 27, 1999
EXHIBIT 77C
A special meeting of DLJ High Yield Bond Fund's shareholders was held on
May 20, 1999 for the purpose of considering and acting upon the matters
set forth in the Proxy Statement and summarized below. A quorum was
represented at the meeting and the voting results are set forth below:
A. Election of Trustees of the Fund for each Class (I, II and III):
For Against
Wilmot H. Kidd, III (Class I) 40,690,430 262,382
Martin Jaffe (Class II) 40,693,259 259,553
John W. Waller, III (Class III) 40,602,680 350,132
G. Moffett Cochran (Class III) 40,693,259 259,553
Robert E. Fischer (Class III) 40,675,411 277,401
B. Selection of Ernst & Young LLP as independent auditors of the Fund for
the fiscal year ending October 31, 1999:
For Against Abstain
40,672,295 128,285 152,232
Exhibit 77o
DLJ High Yield Bond Fund
10f-3 Report
Purc
Issuer/ Trade Cate- 3 yrs Selling Face Price per
Description Date gory(1) Ops Broker Amount Share
Fischer Scientific 11/10/98 (i) Yes CHASE $482,500 96.50
9% 02/01/08
Esat Telecom 11/20/98 (i) Yes 1st BOS $3 million 100
11.875% 12/01/08
Metromedia Fiber 11/20/98 (i) Yes S. Barney $1 million 100
10% 11/15/08
Verio, Inc. 11/20/98 (i) Yes S. Barney $1 million 100
11 1/4% 12/01/08
Neff Corp. 12/02/98 (i) Yes BT Sec. $2,955,480 98.516
10 1/4% 06/01/08
Premier Graphics 12/08/98 (i) Yes Pru. Sec. $4 million 100
11 1/2% 12/01/05
Allied Waste NA 12/14/98 (i) Yes Goldman $998,260 99.826
7.875% 01/01/09
EchoStar UBS Corp. 01/15/99 (iv) Yes Lehman Bros$5 million 100
9.375% 02/01/09
Nat'l Wine & Spirit 01/20/99 (iv) Yes 1st Chicago $2 million 100
10.125% 01/15/09
Emmis Comm. 02/09/99 (iii)(iv)Yes Goldman, $500,000 100
Corp. Sachs & Co.
8.125% 03/15/09
Amer Axle & Mfg 03/02/99 (iv) Yes Chase $3 million 99.22
9.750% 03/01/09
Charter Comm. 03/12/99 (iv) Yes Goldman, $3 million 99.695
Holdings, LLC Sachs & Co.
8.625% 04/01/09
Charter Comm. 03/12/99 (iv) Yes Goldman, $6.5 million 61.394
Holdings, LLC Sachs & Co.
9.920% 04/01/11
Jordan Industries 03/17/99 (iv) Yes Bank Boston $4.5 million 96.620
10.375% 08/01/07
Telewest Comm. 04/1/99 (iv) Yes S. Barney $1.5 million 63.628
9.125% 4/15/09
Fairchild Corp. 04/15/99 (iv) Yes 1st BOS $7 million 100
10.750% 4/15/09
Lyondell Chem. 05/11/99 (iv) Yes JP Morgan $2 million 100
10.876% 5/01/09
Caprock Comm. Cor. 05/13/99 (iv) Yes MLCO $4 million 98.541
11.754% 5/01/09
Netia Holdings 06/03/99 (iv) Yes CHAF $4 million 100
13.171% 6/15/09
Allied Waste NA 07/27/99 (iv) Yes CHAF $5.75 million 99.668
10.000% 8/01/09
Worldwide Flight 08/05/99 (i) Yes CHAF $4 million 97.533
12.250% 8/15/07
ASAT Finance LLC 10/20/99 (i) Yes CHASE $3 million 97.743
12 1/2% 11/01/06
(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.
