-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B2289LOFkZ/KLY9KoD3QE8glvH56NfY7oppTx7b99afbdTmNW3tNjYoxlXQBTXPc kFBwzxnapeJcIHc73fM2xA== 0000935069-04-001845.txt : 20041124 0000935069-04-001845.hdr.sgml : 20041124 20041124093206 ACCESSION NUMBER: 0000935069-04-001845 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041124 DATE AS OF CHANGE: 20041124 EFFECTIVENESS DATE: 20041124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIM HIGH YIELD SECURITIES CENTRAL INDEX KEY: 0000821466 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05328 FILM NUMBER: 041165352 BUSINESS ADDRESS: STREET 1: C/O CHANCELLOR TRUST COMPANY STREET 2: 1166 AVENUE OF THE AMERICAS 27TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2122789559 MAIL ADDRESS: STREET 1: C/O CHANCELLOR TRUST COMPANY STREET 2: 1166 AVENUE OF THE AMERICAS 27TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 N-Q 1 g14522_cim.txt CIM HIGH YIELD SECURITIES N-Q 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-05328 -------------------------- CIM High Yield Securities ----------------------------------------------------------------------- (Exact name of registrant as specified in charter) 400 W. Market Street, Suite 3300 Louisville, KY 40202 ----------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Cindy Cameron INVESCO Institutional, (N.A.) Inc. 400 W. Market Street, Suite 3300 Louisville, KY 40202 ----------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 502-561-3210 ------------- Date of fiscal year end: December 31, 2004 ------------------ Date of reporting period: September 30, 2004 ------------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule of Investments is attached herewith. CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2004 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - --------- ------------- COMMON STOCK -- 0.3% BROADCASTING -- 0.3% 8,453 Telewest Global, Inc., 0.000%, $ 98,224 ------------- TOTAL COMMON STOCK (Cost $206,000) 98,224 ------------- CORPORATE BONDS AND NOTES -- 122.4% LODGING AND CASINOS -- 9.3% $200,000 Aztar Corp., Sr. Sub. Notes, 7.875%, 06/15/14** 213,000 250,000 Felcor Lodging LP., Sr. Notes, 9.000%, 06/01/11 276,250 275,000 Global Cash Account Finance, Sr. Sub. Notes, 8.750%, 03/15/12** 292,875 100,000 Hard Rock Hotel, Inc., Sr. Notes, 8.875%, 06/01/13 108,250 200,000 Host Marriott LP., Sr. Notes, 7.125%, 11/01/13 211,000 200,000 Jacobs Entertainment, Sr. Notes, 11.875%, 02/01/09 227,000 75,000 Majestic Star Casino LLC., Sr. Notes, 9.500%, 10/15/10 76,875 175,000 OED Corp./Diamond Jo, Sr. Notes, 8.750%, 04/15/12** 162,750 100,000 Prime Hospitality Corp., Sr. Sub. Notes, Series B, 8.375%, 05/01/12 113,750 150,000 Resort International Hotel/Casino, Sr. Notes, 11.500%, 03/15/09 173,250 75,000 River Rock Entertainment, Sr. Notes, 9.750%, 11/01/11 79,312 140,000 Riviera Holdings Corp., Sr. Notes, 11.000%, 06/15/10 154,700 225,000 Seneca Gaming Corp., Sr. Notes, 7.250%, 05/01/12** 233,438 200,000 Wheeling Island Gaming, Sr. Notes, 10.125%, 12/15/09 212,500 ------------- 2,534,950 ------------- UTILITIES -- 8.6% 200,000 AES Corporation, Sr. Notes, 9.000%, 05/15/15** 226,500 104,000 AES Corporation, Sr. Notes, 8.750%, 06/15/08 112,840 300,000 Allegheny Energy Supply, Sr. Notes, 8.250%, 04/15/12** 333,000 150,000 Aquila Inc., Sr. Notes, 9.950%, 02/01/11 165,750 400,000 Calpine Corp., Sr. Notes, 8.500%, 07/15/10** 308,000 200,000 CMS Energy Corp., Sr. Notes, 9.875%, 10/15/07 223,250 250,000 Dynegy Holding, Inc., Sr. Notes, 10.125%, 07/15/13** 288,750 200,000 Midwest Generation Llc., 8.750%, 05/01/34 219,000 350,000 NRG Energy Inc., Sr. Notes, 8.000%, 12/15/13** 376,687 75,000 PSEG Energy Holding, Sr. Notes, 10.000%, 10/01/09 89,063 ------------- 2,342,840 ------------- CHEMICALS AND PLASTICS -- 7.7% 250,000 BCP Caylux Holdings Lux SCA., Sr. Sub. Notes, 9.625%, 06/15/14 271,250 275,000 Equistar Chemical Funding, Sr. Notes, 10.625%, 05/01/11 314,875 350,000 Huntsman ICI Chemicals Ltd., Sr. Sub. Notes, 10.125%, 07/01/09 369,250 175,000 Innophos Inc., Sr. Sub. Notes, 8.875%, 08/15/14 187,250 350,000 Lyondell Chemical Co., Sr. Sub. Notes, 10.875%, 05/01/09 372,750 100,000 Nalco Company, 8.875%, 11/15/13 108,000 100,000 Polyone Corp., Sr. Notes, 10.625%, 05/15/10 110,000 100,000 Rockwood Specialities GRP., Sr. Sub. Notes, 10.625%, 05/15/11 110,500 1 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2004 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - --------- ------------- CORPORATE BONDS AND NOTES -- (CONTINUED) $250,000 Sovereign Specialty Chemicals, Sr. Sub. Notes, 11.875%, 03/15/10 $ 265,000 ------------- 2,108,875 ------------- WIRELESS COMMUNICATIONS -- 6.9% 250,000 Alamosa Delaware, Inc., Sr. Notes, 8.500%, 01/31/12 254,375 100,000 American Tower Corp., Sr. Notes, 7.500%, 05/01/12 102,500 100,000 American Tower Corp., Sr. Notes, 7.250%, 12/01/11 104,500 275,000 Crown Castle International Corp., Sr. Notes, 7.500%, 12/01/13 289,437 350,000 Nextel Communications, Sr. Notes, 7.375%, 08/01/15 378,000 171,000 Nextel Partners, Inc., Sr. Notes, 12.500%, 11/15/09 198,360 150,000 Nextel Partners, Inc., Sr. Notes, 8.125%, 07/01/11 159,750 250,000 Rural Cellular Corp., Sr. Notes, 9.875%, 02/01/10 248,750 150,000 Western Wireless Corp., Sr. Notes, 9.250%, 07/15/13 153,750 ------------- 1,889,422 ------------- CABLE AND SATELLITE TELEVISION -- 6.5% 250,000 Cablevision Systems Corp., Sr. Notes, 8.000%, 04/15/12** 262,500 350,000 Charter Communications Holdings II,, 10.250%, 09/15/10** 359,187 200,000 Charter Communications Holdings, Sr. Notes, 10.750%, 10/01/09 165,000 350,000 Charter Communications Holdings, Sr. Notes, 10.250%, 01/15/10 282,625 100,000 CSC Holdings, Inc., Sr. Notes, 7.250%, 07/15/08 104,500 125,000 Insight Midwest, Sr. Notes, 10.500%, 11/01/10 137,500 150,000 Lodgenet Entertainment, Sr. Sub. Notes, 9.500%, 06/15/13 164,250 100,000 Mediacom LLC, Sr. Notes, 9.500%, 01/15/13 96,750 200,000 NTL Cable PLC., Sr. Notes, 8.750%, 04/15/14** 217,500 ------------- 1,789,812 ------------- BUILDING AND DEVELOPMENT -- 5.9% 200,000 Associated Materials, Inc., Sr. Sub. Notes, 9.750%, 04/15/12 230,500 175,000 Atrium Companies, Inc., Sr. Sub. Notes, Series B, 10.500%, 05/01/09 184,625 225,000 Ply Gem Industries Inc., Sr. Sub. Notes, 9.000%, 02/15/12** 225,562 175,000 THL Buildco (Nortek Inc.) Sr. Sub. Notes, 8.500%, 09/01/14** 184,188 200,000 US Concrete Inc., 8.375%, 04/01/14 210,000 300,000 WCI Communities, Inc., Sr. Sub. Notes, 9.125%, 05/01/12 336,000 200,000 William Lyon Homes, Sr. Notes, 10.750%, 04/01/13 232,000 ------------- 1,602,875 ------------- INDUSTRIAL MACHINERY/COMPONENTS -- 5.8% 200,000 Case New Holland Inc., Sr. Notes, 9.250%, 08/01/11** 225,000 150,000 Dresser, Inc., Sr. Sub. Notes, 9.375%, 04/15/11 165,750 100,000 JLG Industries, Inc., Sr. Sub. Notes, 8.375%, 06/15/12 105,000 200,000 Polypore, Inc., Sr. Sub. Notes, 8.750%, 05/15/12** 208,500 200,000 Sensus Metering Systems, Sr. Sub. Notes, 8.625%, 12/15/13** 205,000 150,000 Terex Corp., Sr. Sub. Notes, Series B, 10.375%, 04/01/11 170,250 200,000 Trimas Corp. Sr. Sub. Notes, 9.875%, 06/15/12 208,500 2 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2004 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - --------- ------------- CORPORATE BONDS AND NOTES -- (CONTINUED) $300,000 Wesco Distribution, Inc., Sr. Sub. Notes, Series B, 9.125%, 06/01/08 $ 310,875 ------------- 1,598,875 ------------- PUBLISHING -- 6.6% 40,000 American Color Graphics, Sr. Notes, 10.000%, 06/15/10 31,000 100,000 American Media Operation, Sr. Sub. Notes, Series B, 10.250%, 05/01/09 105,750 250,000 Cenveo Corp., Sr. Sub. Notes, 7.875%, 12/01/13 245,000 200,000 Dex Media Inc., Sr. Notes, 8.000%, 11/15/13** 211,000 147,000 Dex Media West, Sr. Sub. Notes, Series B, 9.875%, 08/15/13 173,460 200,000 Houghton Mifflin Co., Sr. Sub. Notes, 9.875%, 02/01/13 211,000 100,000 Mail Well I, Corp.(Cenveo Corp.), Sr. Notes, 9.625%, 03/15/12 110,500 550,000 Vertis, Inc., Sr. Notes, Series B, 10.875%, 06/15/09 594,000 100,000 Von Hoffmann Corporation, Sr. Notes, 10.250%, 03/15/09 111,500 ------------- 1,793,210 ------------- WIRELINE -- 5.5% 75,000 AT & T Corp., Sr. Notes, 8.050%, 11/15/11 84,281 200,000 Cincinnati Bell, Inc., Sr. Sub. Notes, 8.375%, 01/15/14 183,500 250,000 Level 3 Communications, Sr. Notes, 11.250%, 03/15/10 182,500 200,000 Qwest Capital Funding, Sr. Notes, 7.900%, 08/15/10 185,500 675,000 Qwest Capital Funding, Sr. Notes, 7.000%, 08/03/09 621,000 100,000 Qwest Communications International, Sr. Notes, 7.250%, 02/15/11** 95,250 150,000 Time Warner Telecom Holdings, Sr. Notes, 9.250%, 02/15/14** 150,000 ------------- 1,502,031 ------------- AUTO PARTS & ACCESSORIES -- 4.9% 150,000 CSK Auto Inc., 7.000%, 01/15/14 145,875 200,000 Delco Remy International, Inc., Sr. Sub. Notes, 11.000%, 05/01/09 211,000 100,000 Dura Operating Corp., Sr. Sub. Notes, Series B, 8.625%, 04/15/12 99,500 175,000 Eagle Picher, Inc., Sr. Notes, 9.750%, 09/01/13 179,375 250,000 Goodyear Tire & Rubber Sr. Notes, 7.857%, 08/15/11 236,875 125,000 Navistar International, Sr. Notes, 7.500%, 06/15/11 134,062 175,000 Tenneco Automotive, Inc, 10.250%, 07/15/13 200,375 125,000 Tenneco Automotive, Inc., Sr. Sub. Notes, Series B, 11.625%, 10/15/09 132,500 200,000 Venture Holdings Trust, Sr. Notes, 11.000%, 06/01/07+ 9,000 ------------- 1,348,562 ------------- OIL AND GAS -- 4.7% 100,000 Chesapeake Energy Corp., Sr. Notes, 7.000%, 08/15/14** 106,250 250,000 Ferrellgas Partners L.P., Sr. Notes, 8.750%, 06/15/12 276,250 250,000 Sesi LLC., Sr. Notes, 8.875%, 05/15/11 274,375 250,000 Swift Energy Co., Sr. Sub. Notes, 9.375%, 05/01/12 281,250 300,000 Transmontaigne, Inc., Sr. Sub. Notes, 9.125%, 06/01/10 338,250 ------------- 1,276,375 ------------- PIPE LINES/EX NATURAL GAS -- 4.5% 100,000 El Paso CGP. Co., Sr. Notes, 7.625%, 09/01/08 101,250 3 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2004 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - --------- ------------- CORPORATE BONDS AND NOTES -- (CONTINUED) $450,000 El Paso Corp., Sr. Notes, 7.875%, 06/15/12 $ 448,875 200,000 El Paso Production Holding, Sr. Notes, 7.750%, 06/01/13 201,500 150,000 Sonat, Inc., Sr. Notes, 7.625%, 07/15/11 148,500 200,000 William Co., Inc., Sr. Notes, 8.125%, 03/15/12 231,500 100,000 Williams Co. Credit Link, Sr. Notes, 6.750%, 04/15/09** 104,750 ------------- 1,236,375 ------------- CONTAINERS/GLASS PRODUCTS -- 4.3% 150,000 Anchor Glass Container, Sr. Notes, 11.000%, 02/15/13 171,750 200,000 Berry Plastic, Sr. Sub. Notes, 10.750%, 07/15/12 227,000 225,000 Constar International, Sr. Sub. Notes, 11.000%, 12/01/12 213,750 50,000 Graham Packaging GPC., Sr. Sub. Notes, Series B, 8.750%, 01/15/08 51,687 250,000 Plastipak Holdings, Inc., Sr. Notes, 10.750%, 09/01/11 280,000 100,000 Solo Cup Company Sr. Sub. Notes, 8.500%, 02/15/14 99,000 150,000 Tekni-Plex, Inc., Sr. Sub. Notes, Series B, 12.750%, 06/15/10 126,000 ------------- 1,169,187 ------------- FOOD/DRUG RETAILERS -- 4.1% 225,000 Di Giorgio Corp., Sr. Notes, Series B, 10.000%, 06/15/07 226,125 275,000 Great Atlantic & Pacific Tea Co., Sr. Notes, 9.125%, 12/15/11 211,750 100,000 Ingles Markets, Inc., Sr. Sub. Notes, 8.875%, 12/01/11 108,250 125,000 Jean Coutu Group PJC Inc., Sr. Sub. Notes, 8.500%, 08/01/14** 124,688 150,000 Rite Aid Corp., Sr. Notes, 9.250%, 06/01/13 154,500 100,000 Rite Aid Corp., Sr. Notes, 6.875%, 08/15/13 88,000 200,000 Strater Bros Holdings, Inc., Sr. Notes, 8.125%, 06/15/12** 210,500 ------------- 1,123,813 ------------- CONSUMER PRODUCTS -- 3.9% 250,000 Amscan Holdings Inc., Sr. Sub. Notes, 8.750%, 05/01/14** 256,250 175,000 Chattem Inc., Sr. Sub. Notes, 7.000%, 03/01/14 178,938 225,000 Playtex Products, Inc. Sr. Sub. Notes, 9.375%, 06/01/11 231,750 175,000 Samsonite Corp., Sr. Sub. Notes, 8.875%, 06/01/11** 183,750 225,000 Sealy Mattress Co., Sr. Sub. Notes, 8.250%, 06/15/14** 228,375 ------------- 1,079,063 ------------- HEALTH CARE -- 3.5% 50,000 HCA Inc., Sub. Notes, 6.750%, 07/15/13 53,243 200,000 Iasis Healthcare Corp., Sr. Sub. Notes, 8.750%, 06/15/14** 210,500 200,000 Insight Health Services, Sr. Sub. Notes, Series B, 9.875%, 11/01/11 201,000 175,000 Tenet Healthcare Corp., Sr. Notes, 9.875%, 07/01/14** 183,750 100,000 Triad Hospitals, Inc., Sr. Sub. Notes, 7.000%, 11/15/13 102,250 100,000 Vanguard Health Holding II, Sr. Sub. Notes, 9.000%, 10/01/14** 100,750 100,000 VWR International Inc., Sr. Sub. Notes, 8.000%, 04/15/14** 106,250 ------------- 957,743 ------------- RAILROAD INDUSTRIES -- 2.9% 700,000 Railamerica Transport, Sr. Sub. Notes, 12.875%, 08/15/10 804,125 ------------- 4 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2004 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - --------- ------------- CORPORATE BONDS AND NOTES -- (CONTINUED) OFFICE/BUSINESS EQUIPMENT -- 1.8% $125,000 Danka Business Systems, Sr. Notes, 11.000%, 06/15/10 $ 131,875 300,000 Xerox Corp., Sr. Notes, 9.750%, 01/15/09 351,000 ------------- 482,875 ------------- FINANCIAL INTERMEDIARIES -- 2.6% 350,000 Americredit Corp., Sr. Notes, 9.250%, 05/01/09 373,625 100,000 Refco Finance Holdings,, 9.000%, 08/01/12** 107,250 200,000 Western Financial Bank, Sr. Sub. Notes, 9.625%, 05/15/12 227,000 ------------- 707,875 ------------- PAPER FOREST PRODUCTS -- 2.4% 100,000 Appleton Papers Inc., Sr. Notes, 8.125%, 06/15/11** 103,500 175,000 Graphic Packaging International Sr. Sub. Notes, 9.500%, 08/15/13 200,813 125,000 Millar Western Forest, Sr. Notes, 7.750%, 11/15/13 131,875 100,000 Tembec Industries Inc., Sr. Notes, 8.625%, 06/30/09 103,000 100,000 Tembec Industries, Inc., Sr. Notes, 8.500%, 02/01/11 105,000 ------------- 644,188 ------------- ELECTRONICS/ELECTRIC -- 2.3% 200,000 Amkor Technologies Inc., Sr. Notes, 7.125%, 03/15/11 165,000 200,000 Celestica, Inc., Sr. Sub. Notes, 7.875%, 07/01/11 208,500 175,000 New Asat Finance LTD., Sr. Notes, 9.250%, 02/01/11** 147,875 100,000 Viasystems Inc, 10.500%, 01/15/11 95,500 ------------- 616,875 ------------- BROADCASTING -- 2.2% 100,000 Emmis Operating Co., 6.875%, 05/15/12 104,250 100,000 Nexstar Finance Inc., Sr. Sub. Notes, 7.000%, 01/15/14 99,000 275,000 Panamsat Corp., 9.000%, 08/15/14** 287,375 100,000 Rainbow National Services LLC., Sr. Notes, 8.750%, 09/01/12** 104,250 ------------- 594,875 ------------- LEISURE GOODS, ACTIVITIES, MOVIE -- 2.1% 100,000 LCE Acquisition Corp., 9.000%, 08/01/14** 103,750 175,000 NCL Corp., Sr. Notes, 10.625%, 07/15/14** 184,188 300,000 Six Flags, Inc., Sr. Notes, 9.625%, 06/01/14 282,000 ------------- 569,938 ------------- AEROSPACE -- 2.0% 200,000 BE Aerospace, Sr. Sub. Notes, 9.500%, 11/01/08 208,000 300,000 K & F Industries, Sr. Sub. Notes, Series B, 9.625%, 12/15/10 335,250 ------------- 543,250 ------------- FOOD SERVICE -- 1.7% 275,000 Buffets, Inc., Sr. Sub. Notes, 11.250%, 07/15/10 292,875 5 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2004 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - --------- ------------- CORPORATE BONDS AND NOTES -- (CONTINUED) $175,000 Friendly Ice Cream Corp., Sr. Notes, 8.375%, 06/15/12** $ 168,875 ------------- 461,750 ------------- ECOLOGICAL SERVICES AND EQUIPMENT -- 1.6% 300,000 Allied Waste North America, Inc., Sr. Notes, Series B, 9.250%, 09/01/12 335,250 100,000 Casella Waste Systems, Sr. Sub. Notes, 9.750%, 02/01/13 109,500 ------------- 444,750 ------------- RETAIL -- 1.1% 100,000 Finlay Fine Jewelry Corp., 8.375%, 06/01/12 108,000 100,000 Jostens Ih Corp., 7.625%, 10/01/12** 101,000 100,000 Petro Shopping Center, 9.000%, 02/15/12 106,500 ------------- 315,500 ------------- STEEL -- 1.1% 100,000 Ak Steel Corp. Sr. Notes, 7.875%, 02/15/09 99,750 200,000 International Steel Group, Sr. Notes, 6.500%, 04/15/14** 201,000 ------------- 300,750 ------------- EQUIPMENT LEASING -- 0.9% 125,000 United Rentals Inc., Sr. Sub. Notes, 7.000%, 02/15/14 111,563 150,000 United Rentals N.A. Inc., Sr. Sub. Notes, 7.750%, 11/15/13 141,375 ------------- 252,938 ------------- AIRLINES -- 0.9% 125,000 Continental Airlines, Inc., Sr. Notes, 8.000%, 12/15/05 115,000 100,000 Delta Airlines, Sr. Notes, 7.700%, 12/15/05 44,000 100,000 Northwest Airlines, Inc., Sr. Notes, 9.875%, 03/15/07 76,000 ------------- 235,000 ------------- SOFTWARE/SERVICES -- 0.8% 200,000 UGS Corp., Sr. Sub. Notes, 10.000%, 06/01/12** 219,000 ------------- PERSONAL SERVICES -- 0.8% 100,000 Service Corp. International, Sr. Notes, 7.700%, 04/15/09 108,250 100,000 Service Corp. International, Sr. Notes, 7.700%, 04/15/09 108,250 ------------- 216,500 ------------- AGRICULTURAL PRODUCTION - CROPS -- 0.8% 200,000 Hines Nurseries, Inc.. Sr. Notes, 10.250%, 10/01/11 213,000 ------------- MARINE TRANSPORTATION -- 0.7% 100,000 General Maritime, Sr. Notes, 10.000%, 03/15/13 114,125 100,000 Great Lakes Dredge & Dock, Sr. Sub. Notes, 7.750%, 12/15/13 87,000 ------------- 201,125 ------------- PROPERTY - CASUALTY INSURANCE -- 0.7% 175,000 Crum & Forster Holding Corp., Sr. Notes, 10.375%, 06/15/13 187,688 ------------- 6 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2004 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - --------- ------------- CORPORATE BONDS AND NOTES -- (CONTINUED) INSURANCE -- 0.3% $100,000 Fairfax Financial Holding, Sr. Notes, 8.250%, 10/01/15 $ 91,500 ------------- TOTAL CORPORATE BONDS AND NOTES (Cost $32,069,694) 33,457,510 ------------- FOREIGN BONDS -- 4.0% CHEMICALS AND PLASTICS -- 1.3% 150,000 Acetex Corp., Sr. Notes, 10.875%, 08/01/09 165,750 225,000 Avecia Group PLC, Sr. Notes, 11.000%, 07/01/09 199,125 ------------- 364,875 ------------- FOREST PRODUCTS & PAPER -- 1.2% 300,000 Kappa Beheer BV, Sr. Sub. Notes, 10.625%, 07/15/09 318,000 ------------- CONTAINERS/GLASS PRODUCTS -- 1.0% 225,000 Crown Euro Holdings SA., Sr. Notes, 10.875%, 03/01/13 262,687 ------------- UTILITIES -- 0.5% 200,000 Calpine Corp., Sr. Notes, 8.500%, 05/01/08 139,000 ------------- TOTAL FOREIGN BONDS (Cost $1,055,360) 1,084,562 ------------- FOREIGN GOVERNMENT SECURITIES -- 1.9% FOREIGN SOVEREIGN -- 1.9% 360,000 ARG Boden ( Floater), 1.980%, 08/03/12 268,625 71,000 Republic of Brazil, 11.000%, 08/17/40 79,680 105,549 Republic of Brazil, Series C, 8.000%, 04/15/14 105,055 70,000 Republic of Peru (Floater), 4.500%, 03/07/17 62,682 ------------- 516,042 ------------- TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $467,023) 516,042 ------------- SHORT TERM OBLIGATIONS -- 3.3% 190,000 United States Treasury Bill, 1.480%***, 10/07/04 189,953 335,000 United States Treasury Bill, 1.530%***, 10/14/04 334,815 375,000 United States Treasury Bill, 1.520%***, 10/07/04 374,905 ------------- TOTAL SHORT TERM OBLIGATIONS (Cost $899,673) 899,673 ------------- TOTAL INVESTMENTS (Cost $34,697,750*) 131.9% 36,056,011 OTHER ASSETS AND LIABILITIES (NET) (31.9%) (8,714,228) ------ ------------- NET ASSETS 100.0% $27,341,783 ====== =========== * Aggregate cost for Federal income tax purposes. *** Rate represents annualized yield at date of purchase. + Securities in default. 7 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. 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. (Registrant) CIM High Yield Securities ---------------------------------------------------------------- By (Signature and Title)* /s/ George Baumann --------------------------------------------------- George Baumann, President (principal executive officer) Date November 15, 2004 ------------------------------------------------------------------------ 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 (Signature and Title)* /s/ George Baumann --------------------------------------------------- George Baumann, President (principal executive officer) Date November 15, 2004 ------------------------------------------------------------------------ By (Signature and Title)* /s/ Cindy Cameron --------------------------------------------------- Cindy Cameron, Treasurer (principal financial officer) Date November 15, 2004 ------------------------------------------------------------------------ * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g14522_302cert.txt 302 CERTIFICATION CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, George Baumann, certify that: 1. I have reviewed this report on Form N-Q of CIM High Yield Securities; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [Omitted] (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 15, 2004 /s/ George Baumann --------------------- ------------------------------------------- George Baumann, President (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Cindy Cameron, certify that: 1. I have reviewed this report on Form N-Q of CIM High Yield Securities; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [Omitted] (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 15, 2004 /s/ Cindy Cameron --------------------- ------------------------------------------- Cindy Cameron, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----