SCHEDULE 14A INFORMATION


Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

Filed by Registrant [ X ]
Filed by a Party other than the Registrant [ ] Check the appropriate box:

[    ]  Preliminary Proxy Statement
[ X ]   Definitive Proxy Statement
[    ]  Definitive Additional Materials
[    ]  Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12

        CIM High Yield Securities
        (Name of Registrant as Specified In Its Charter)

        Gail A. Hanson, Secretary
        (Name of Person(s) Filing Proxy Statement)

Payment of Filing Fee (Check the appropriate box):

[ X ]   No fee required.

[     ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

1)      Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

3) Per unit price or other underlying value of transaction  computed pursuant to
Exchange  Act Rule  0-11  (Set  forth the  amount  on which  the  filing  fee is
calculated and state how it was determined):

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

[    ]  Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange  Act Rule
0-11(a)(2)  and  identify  the  filing  for  which the  offsetting  fee was paid
previously.  Identify the previous filing by registration  statement  number, or
the Form or Schedule and the date of its filing.

1)      Amount Previously Paid:

2)      Form, Schedule or Registration Statement No.:

3)      Filing Party:

4)      Date Filed:


CIM HIGH YIELD SECURITIES
101 Federal Street
Boston, Massachusetts 02110


NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

To be held on October 6, 1999



To the Shareholders of CIM HIGH YIELD SECURITIES:

        Notice is hereby given that the Annual  Meeting of  Shareholders  of CIM
High Yield Securities (the "Fund"), a Massachusetts business trust, will be held
at the offices of Bingham  Dana LLP,  150 Federal  Street,  25th Floor,  Boston,
Massachusetts  02110,  at 10:00  a.m.,  on October 6,  1999,  for the  following
purposes:

1.       To elect two (2) Trustees of the Fund (Proposal 1).

2. To ratify the selection of KPMG Peat Marwick LLP as independent  auditors for
the Fund for the fiscal year ending December 31, 1999 (Proposal 2).

3. To transact  such other  business as may properly  come before the meeting or
any adjournment thereof.

        The Board of Trustees has fixed the close of business on August 13, 1999
as the record date for the  determination of shareholders  entitled to notice of
and to vote at the meeting.

        By order of the Board of Trustees,


        GAIL A. HANSON
        Secretary

August 23, 1999


SHAREHOLDERS  WHO DO NOT EXPECT TO ATTEND THE MEETING ARE  REQUESTED TO PROMPTLY
COMPLETE,  SIGN,  DATE AND RETURN THE PROXY CARD IN THE ENCLOSED  ENVELOPE WHICH
NEEDS NO POSTAGE IF MAILED IN THE CONTINENTAL  UNITED STATES.  INSTRUCTIONS  FOR
THE PROPER EXECUTION OF PROXIES ARE SET FORTH ON THE INSIDE COVER.


Instructions for Signing Proxy Cards

        The following general rules for signing proxy cards may be of assistance
to you and avoid the time and expense to the Fund  involved in  validating  your
vote if you fail to sign your proxy card properly.

        1.  Individual Accounts: Sign your name exactly as it appears in the
registration on the proxy card.

        2.  Joint  Accounts:  Either  party may sign,  but the name of the party
signing should conform exactly to a name shown in the registration.

        3. All Other Accounts:  The capacity of the individual signing the proxy
should be  indicated  unless it is reflected  in the form of  registration.  For
example:


Registration                                            Valid Signature

Corporate Accounts
(1) ABC Corp.   ABC Corp.
(2) ABC Corp.                                   John Doe, Treasurer

(3) ABC Corp.
c/o John Doe, Treasurer                                 John Doe

(4) ABC Corp. Profit Sharing Plan                       John Doe, Trustee

Trust Accounts
(1) ABC Trust   Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee
u/t/d 12/28/78                                  Jane B. Doe

Custodial or Estate Accounts
(1) John B. Smith, Cust.
f/b/o John B. Smith, Jr. UGMA                   John B. Smith
(2) John B. Smith       John B. Smith, Jr., Executor


CIM HIGH YIELD SECURITIES

101 Federal Street
Boston, Massachusetts 02110
- ---------------------------

ANNUAL MEETING OF SHAREHOLDERS

October 6, 1999
- ---------------------------

PROXY STATEMENT

        This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Trustees of CIM High Yield  Securities  (the "Fund") for
use at the Annual Meeting of  Shareholders of the Fund to be held at 10:00 a.m.,
on October 6, 1999, at the offices of Bingham Dana LLP, 150 Federal Street, 25th
Floor,   Boston,   Massachusetts   02110   and  at  any   adjournments   thereof
(collectively,  the "Meeting"). A Notice of Annual Meeting of Shareholders and a
proxy card  accompany this Proxy  Statement.  Proxy  solicitations  will be made
primarily  by  mail,  but  such  solicitations  may  also be made by  telephone,
telegraph or personal interviews conducted by officers or employees of the Fund;
INVESCO (NY), Inc.  ("INVESCO"),  the investment  adviser of the Fund; and First
Data  Investor  Services  Group,   Inc.   ("Investor   Services   Group"),   the
administrator  and transfer agent of the Fund, or any of their  affiliates.  The
costs of  proxy  solicitation  and  expenses  incurred  in  connection  with the
preparation of this Proxy Statement and its enclosures will be paid by the Fund.
The Fund will also  reimburse  brokerage  firms and others for their expenses in
forwarding  solicitation  material to the beneficial owners of Fund shares.  The
Fund's most recent annual and  semi-annual  reports are available  upon request,
without  charge,  by writing to Investor  Services  Group,  101 Federal  Street,
Boston, Massachusetts 02110 or calling 1-800-331-1710.  This Proxy Statement and
the form of proxy will first be mailed to  shareholders  on or about  August 23,
1999.

        If the  enclosed  proxy is properly  executed and returned in time to be
voted at the Meeting, the shares represented thereby will be voted in accordance
with the instructions  marked thereon.  Unless  instructions to the contrary are
marked  thereon,  a proxy  will be voted FOR the  election  of the  nominees  as
Trustees,  FOR the  selection  of  auditors,  and FOR any other  matters  deemed
appropriate.  Proxies that reflect  abstentions  and "broker  non-votes"  (i.e.,
shares held by brokers or nominees  as to which (i)  instructions  have not been
received from the beneficial owners or the persons entitled to vote and (ii) the
broker or  nominee  does not have  discretionary  voting  power on a  particular
matter)  will be counted as shares that are present and  entitled to vote on the
matter for purposes of determining the presence of a quorum. With respect to the
election of Trustees  and the  selection of auditors,  neither  abstentions  nor
broker non-votes have any effect on the outcome. Any shareholder who has given a
proxy has the right to revoke  it at any time  prior to its  exercise  either by
attending the Meeting and voting his or her shares in person, or by submitting a
letter of  revocation  or a  later-dated  proxy to the Fund at the above address
prior to the date of the Meeting.


        In the event  that a quorum is not  present  at the  Meeting,  or in the
event that a quorum is present at the  Meeting but  sufficient  votes to approve
any of the proposals are not received,  the persons named as proxies may propose
one or more  adjournments  of the  Meeting  to permit  further  solicitation  of
proxies. Any such adjournment will require the affirmative vote of a majority of
those shares  represented  at the Meeting in person or by proxy.  If a quorum is
present,  the persons  named as proxies will vote those  proxies  which they are
entitled to vote FOR all the proposals to be considered at the adjourned meeting
in favor of such an  adjournment,  and will vote those  proxies  required  to be
voted AGAINST any such proposal against any such adjournment. A shareholder vote
may be taken on one or more of the  proposals in this Proxy  Statement  prior to
any such adjournment if sufficient votes have been received for approval.  Under
the By-Laws of the Fund, a quorum is constituted by the presence in person or by
proxy of the  holders  of more  than 50% of the  outstanding  shares of the Fund
entitled to vote at the Meeting.

        The close of  business  on August 13,  1999 has been fixed as the record
date for the determination of shareholders  entitled to notice of and to vote at
the Meeting and all adjournments thereof.

        The Fund has one class of shares of beneficial interest,  par value $.01
per share.  On the record date,  August 13, 1999,  there were  5,878,324  shares
outstanding  (the "Shares").  Each of such Shares is entitled to one vote at the
Meeting, and fractional Shares are entitled to proportionate shares of one vote.
To the  knowledge  of the Board of Trustees,  as of August 13,  1999,  no single
shareholder  or "group" (as that term is used in Section 13(d) of the Securities
Exchange  Act of 1934 (the "1934 Act"))  beneficially  owned more than 5% of the
Fund's outstanding  Shares.  Information as to beneficial  ownership is based on
reports  filed  with the  Securities  and  Exchange  Commission  ("SEC") by such
holders.  As of August 13, 1999, Cede & Co., a nominee partnership of Depository
Trust  Company,  located at 7 Hanover  Square,  New York,  New York 10004,  held
5,435,213 or 92.46% of the Fund's Shares.

        As of August 13,  1999,  the Trustees and officers as a group owned less
than 1% of the Fund's outstanding Shares.

        In order that your Shares may be  represented  at the  Meeting,  you are
requested to:

- --      indicate your instructions on the proxy card;

- --      date and sign the proxy card;

- --      mail the proxy card promptly in the enclosed envelope which requires no
postage if mailed in the continental United States; and

- --      allow sufficient time for the proxy to be received on or before 5:00
p.m., on October 5, 1999.


PROPOSAL 1: ELECTION OF TRUSTEES.

        At the  Meeting,  two (2) of the  four  Trustees  of the  Fund are to be
elected,  to hold office for a period of three years and until his  successor is
elected and qualified. The Board of Trustees is divided into three classes. Each
year the term of office of one class will expire.  The  nominees  are  currently
Trustees of the Fund and each has indicated that he will serve, if elected,  but
if either  nominee  should be unable to serve,  the proxy  will be voted FOR any
other person  determined by the persons  named in the proxy in  accordance  with
their judgment.

        Name, Age, Principal Occupation               Shares of the Fund
        and other Directorships*        Served as a     Beneficially Owned as of
        During the Past Five Years      Trustee Since   August 13, 1999

DR. DONALD RATAJCZAK, age 56                 1987         15,264.000
Chairman of the Board of Trustees;
Director, Economic Forecasting Center,
Georgia State University; Professor,
Georgia State University; Director, Ruby
Tuesday, Inc.; Director, Morgan, Keegan &
Company.

**ROBERT G. WADE, JR., age 71                1987          2,629.419
Trustee; Consultant to INVESCO (NY), Inc.
from November 1996 to December 1998;
Chairman of the Board of Chancellor
Capital Management, Inc. and its
subsidiaries from January 1995 to
November 1996; President, Chief Executive
Officer and Chairman of the Board of
Chancellor Capital Management, Inc. and its
subsidiaries from 1988 to January 1995.

        The  following  Trustees of the Fund  continue to serve in such capacity
until their terms of office expire and the successors are elected and qualified:

        Name, Age, Principal Occupation                 Shares of the Fund
        and other Directorships*        Served as a     Beneficially Owned as of
        During the Past Five Years      Trustee Since   August 13, 1999

JOHN F. NICKOLL, age 64                     1987            6,196.00
Trustee; Director, Chairman, President
and Chief  Executive  Officer of
The Foothill  Group Inc., a commercial
finance and asset  management  company;
Chairman  and Chief  Executive  Officer of Foothill
Capital Corporation; term expires 2000.


        Name, Age, Principal Occupation                 Shares of the Fund
        and other Directorships*        Served as a     Beneficially Owned as of
        During the Past Five Years      Trustee Since   August 13, 1999

DR. BRUCE H. OLSON, age 63                  1987            1,666.000
Trustee; Professor of Finance, Miami
University (Ohio); Trustee, Olde Custodian
Fund; Trustee, Summit Investment Trust;
term expires 2001.

     * Directorships or Trusteeships of companies required to report to the SEC.
** "Interested  person" of the Fund as defined in the Investment  Company Act of
1940, as amended ("1940 Act").

        The  principal  executive  officers  of the Fund are listed in the table
below, along with certain additional information.  Each officer of the Fund will
hold such office until a successor has been elected by the Board of Trustees.

        Name, Age, Principal Occupation
        During the Past Five Years           Office (Year First Elected)

DENNIS DONAHUE, age 55                        President (1999)
Chief Operating Officer of INVESCO U.S.
Institutional  Group  (since  March  1999);
Chairman of PRIMCO,  a fixed income
management division of INVESCO,  Inc.
(since 1996); prior to 1996,  President of
PRIMCO (since 1993); prior to 1993,
Vice President of PRIMCO (since 1988).

MARGARET RILEY, age 35                         Treasurer (1997)
Chief Financial  Officer,  INVESCO (NY),
Inc. (since  September  1996);
prior to  September,  1996  held
various  management positions at
Chancellor Capital Management and its
successor  corporations since
1989.

GAIL A. HANSON, age 57                          Secretary (1997)
Counsel, Investor Services Group (since
September 1994); prior to September 1994,
associate, Bingham Dana LLP

        Section 16(a) of the 1934 Act requires the Fund's  officers and Trustees
and persons who  beneficially  own more than ten percent of the Fund's shares to
file reports of ownership with the SEC, the American Stock  Exchange,  Inc., and
the Fund.  Based solely upon its review of the copies of such forms  received by
it and written  representations  from certain of such persons, the Fund believes
that  during  its  fiscal  year  ended   December  31,  1998,  all  such  filing
requirements applicable to such persons were complied with.



All Trustees not otherwise affiliated with the Fund or INVESCO receive $1,000 as
compensation  for each board meeting and each committee  meeting attended and an
annual fee of $6,000, plus reimbursement for travel and out-of-pocket  expenses.
The  aggregate  remuneration  paid to  Trustees  by the Fund for the fiscal year
ended December 31, 1998, amounted to $40,565 (including reimbursement for travel
and out-of-pocket expenses). The Board of Trustees held four meetings during the
1998 fiscal year.  Each of the Trustees  attended at least 75% of the  meetings.
The Board of Trustees  has an Audit  Committee  consisting  of Messrs.  Nickoll,
Olson and Ratajczak.  The Audit  Committee met once during the fiscal year ended
December  31, 1998,  and all member  Trustees  were present at the meeting.  The
Audit  Committee  reviews the scope and results of the Fund's  annual audit with
the  Fund's   independent   auditors  and  recommends  the  engagement  of  such
independent  auditors.  The  Board  of  Trustees  performs  the  functions  of a
nominating committee.

        The  following  table  sets  forth  certain  information  regarding  the
compensation of the Fund's Trustees for the fiscal year ended December 31, 1998.
The  officers of the Fund receive no  compensation  from the Fund for serving in
such capacity.

                              Compensation Table

                                         Pension or           Total Compensation
                         Aggregate       Retirement Benefits  From the Fund
    Name of Person       Compensation    Accrued as Part of   Complex Paid to
    and Position         From the Fund   Fund Expenses        Trustees

Dr. Donald Ratajczak,     $12,000           $ 0                  $12,000
Chairman of the Board
of Trustees

Dr. Bruce H. Olson,       $12,000           $ 0                  $12,000
Trustee

John F. Nickoll, Trustee  $12,000           $ 0                  $12,000

Robert G. Wade, Jr.,
President and Trustee       $ 0             $ 0                    $ 0

Required Vote

        Election of the listed  nominees for Trustees  requires the  affirmative
vote of the holders of a majority of the Shares of the Fund  represented  at the
Meeting in person or by proxy.

PROPOSAL 2: RATIFICATION OF THE SELECTION OF INDEPENDENT AUDITORS.

        KPMG Peat  Marwick  LLP  ("KPMG"),  New York,  New York,  has  served as
independent  auditors  for the Fund  since its  commencement  of  operations  on
November 18, 1987 and has been selected to serve in such capacity for the Fund's
fiscal year ending  December 31, 1999 by at least a majority of those members of
the Board of Trustees who are not  "interested  persons" (as defined in the 1940
Act) of the Fund or INVESCO.  KPMG has no direct or indirect material  financial
interest in the Fund or INVESCO.  It is expected  that  representatives  of KPMG
will not attend the  Meeting,  but will be  available by telephone to respond to
appropriate questions.

Required Vote

        Ratification  of the selection of KPMG as  independent  auditors for the
Fund requires the affirmative vote of the holders of a majority of the Shares of
the Fund represented at the Meeting in person or by proxy.


ADDITIONAL INFORMATION

The Administrator

        Investor  Services Group,  the Fund's  Administrator,  is a wholly-owned
subsidiary of First Data Corporation.  Investor Services Group is located at 101
Federal Street,  Boston,  Massachusetts 02110. First Data Corporation is located
at 5660 New Northside Drive, Atlanta,  Georgia 30328. Investor Services Group is
a leading  provider of full service mutual fund  shareholder  and  recordkeeping
services.  In  addition  to its mutual  fund  transfer  agent and  recordkeeping
service, Investor Services Group provides complimentary services through its own
subsidiary business units.


DATE TO SUBMIT SHAREHOLDER PROPOSALS

        A  shareholder  proposal  intended  to be  presented  at the Fund's 2000
Annual  Meeting  must be received by the Fund on or before  April 25,  2000,  in
order to be considered  for inclusion in the Fund's proxy  statement and form of
proxy relating to that meeting.


OTHER MATTERS TO COME BEFORE THE MEETING

        No business other than the matters  described  above is expected to come
before the Meeting, but should any other matter requiring a vote of shareholders
arise,  including  any  question as to an  adjournment  or  postponement  of the
Meeting,  the  persons  named on the  enclosed  proxy  card  will  vote  thereon
according to their best judgment in the  interests of the Fund.  In  determining
whether to adjourn the Meeting,  the following  factors may be  considered:  the
nature of the proposals which are the subject of the Meeting,  the percentage of
votes actually cast, the percentage of actual negative votes,  the nature of any
further  solicitation  and the information to be provided to  shareholders  with
respect to the reasons for such solicitation.

August 23, 1999




IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS
WHO DO NOT EXPECT TO ATTEND THE MEETING ARE THEREFORE URGED
TO COMPLETE, SIGN, DATE AND RETURN THE PROXY CARD AS SOON AS
POSSIBLE IN THE ENCLOSED STAMPED ENVELOPE.

CIM HIGH YIELD SECURITIES
PROXY SOLICITED BY THE BOARD OF TRUSTEES


        The undersigned  hereby appoints Margaret Riley and Gail A. Hanson,  and
each of them,  attorneys  and  proxies for the  undersigned,  with full power of
substitution and revocation,  to represent the undersigned and to vote on behalf
of the undersigned all shares of CIM High Yield Securities which the undersigned
is entitled to vote at the Annual Meeting of Shareholders of the Fund to be held
at the offices of Bingham  Dana LLP,  150 Federal  Street,  25th Floor,  Boston,
Massachusetts  02110 on October 6, 1999,  at 10:00  a.m.,  and any  adjournments
thereof.  The undersigned hereby  acknowledges  receipt of the Notice of Meeting
and Proxy  Statement,  and hereby  instructs  said attorneys and proxies to vote
said shares as indicated hereon. In their discretion, the proxies are authorized
to vote upon such other  business as may  properly  come before the  Meeting.  A
majority  of the  proxies  present  and  acting at the  Meeting  in person or by
substitute  (or, if only one shall be so present,  then that one) shall have and
may exercise  all of the power and  authority  of said  proxies  hereunder.  The
undersigned hereby revokes any proxy previously given.


CONTINUED AND TO BE SIGNED ON REVERSE SIDE      SEE REVERSE SIDE


  X Please mark votes as in this example.

     This proxy, if properly  executed,  will be voted in the manner directed by
the undersigned  shareholder.  IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED
FOR ELECTION OF THE TWO NOMINEES AS TRUSTEES AND FOR PROPOSAL 2.

1. ELECTION OF TRUSTEES:
   Nominees:
   Dr. Donald Ratajczak    ___  FOR        ___ WITHHELD
   Robert G. Wade, Jr.     ___  FOR        ___ WITHHELD

2. To ratify the selection of KPMG Peat Marwick LLP
   as independent auditors for the Fund. ___  FOR   ___  AGAINST   ___  ABSTAIN


MARK HERE FOR ADDRESS CHANGE AND NOTE BELOW ______


PLEASE SIGN, DATE, AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
Note:  Please sign exactly as your name appears on this Proxy.  If joint owners,
EITHER may sign this Proxy. When signing as attorney,  executor,  administrator,
trustee, guardian or corporate officer, please give your full title.


Signature:              Date:


Signature:              Date: