-----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, ElaHp4Xqfl5Wto6wsmC+duADr3+taDW/phAdq/UnUhBiy0Thtur6xsr+dSVifUZj D7tqDXdywAq9gt5vo3yr+w== 0000935069-05-001262.txt : 20050525 0000935069-05-001262.hdr.sgml : 20050525 20050525165738 ACCESSION NUMBER: 0000935069-05-001262 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050525 DATE AS OF CHANGE: 20050525 EFFECTIVENESS DATE: 20050525 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: 05857366 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 g15264cim_nq.txt CIM NQ FILING 3-31-2005 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 ----------- Date of reporting period: March 31, 2005 -------------- 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 Schedules of Investments are attached herewith. CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS MARCH 31, 2005 (UNAUDITED)
PRINCIPAL VALUE AMOUNT (NOTE 1) -------------- -------------- CORPORATE BONDS AND NOTES -- 124.3% CHEMICALS AND PLASTICS -- 8.9% $162,000 Crystal US (BCP), Sr. Sub. Notes, 9.625%, 06/15/14** $ 185,490 275,000 Equistar Chemical Funding, Sr. Notes, 10.625%, 05/01/11 310,062 300,000 Hercules Inc., Sr. Sub. Notes, 6.750%, 10/15/29 295,500 213,000 Huntsman ICI Chemicals Ltd., Sr. Sub. Notes, 10.125%, 07/01/09 222,585 75,000 Huntsman International LLC., Sr. Sub. Notes, 7.375%, 01/01/15** 75,000 175,000 Innophos Inc., Sr. Sub. Notes, 8.875%, 08/15/14** 184,625 350,000 Lyondell Chemical Co., Sr. Sub. Notes, 10.875%, 05/01/09 364,875 250,000 Nalco Company, Sr. Sub. Notes, 8.875%, 11/15/13 268,750 200,000 Rhodia SA, Sr. Sub. notes, 8.875%, 06/01/11 195,500 100,000 Rockwood Specialities GRP., Sr. Sub. Notes, 10.625%, 05/15/11 111,500 200,000 Rockwood Specialties GRP., Sr. Sub. Notes, 7.500%, 11/15/14** 201,000 -------------------- 2,414,887 -------------------- LODGING AND CASINOS -- 8.7% 100,000 Aztar Corp., Sr. Sub. Notes, 7.875%, 06/15/14 106,750 250,000 Felcor Lodging LP., Sr. Notes, 9.000%, 06/01/11 270,000 275,000 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%, 11/01/13 199,500 200,000 Jacobs Entertainment, Sr. Notes, 11.875%, 02/01/09 219,000 175,000 Majestic Star Casino LLC., Sr. Notes, 9.500%, 10/15/10 183,969 150,000 Resort International Hotel/Casino, Sr. Notes, 11.500%, 03/15/09 171,562 175,000 River Rock Entertainment, Sr. Notes, 9.750%, 11/01/11 192,500 140,000 Riviera Holdings Corp., Sr. Notes, 11.000%, 06/15/10 155,400 225,000 Seneca Gaming Corp., Sr. Notes, 7.250%, 05/01/12 225,000 200,000 Wheeling Island Gaming, Sr. Notes, 10.125%, 12/15/09 216,000 -------------------- 2,340,806 -------------------- UTILITIES -- 8.1% 200,000 AES Corporation, Sr. Notes, 9.000%, 05/15/15** 221,000 104,000 AES Corporation, Sr. Notes, 8.750%, 06/15/08 110,500 300,000 Allegheny Energy Supply, Sr. Notes, 8.250%, 04/15/12** 319,500 150,000 Aquila Inc., Sr. Notes, 9.950%, 02/01/11 168,750 475,000 Calpine Corp., Sr. Notes, 8.500%, 07/15/10** 375,250 200,000 CMS Energy Corp., Sr. Notes, 9.875%, 10/15/07 218,000 75,000 Dynegy Holding, Inc., Sr. Notes, 10.125%, 07/15/13** 82,125 200,000 Midwest Generation Ll C., Sr. Notes, 8.750%, 05/01/34 224,000 273,000 NRG Energy Inc., Sr. Notes, 8.000%, 12/15/13** 290,062 75,000 PSEG Energy Holding, Sr. Notes, 10.000%, 10/01/09 84,563 100,000 Texas Genco LLC Financing, Sr. Notes, 6.875%, 12/15/14** 100,750 -------------------- 2,194,500 -------------------- WIRELESS COMMUNICATIONS -- 7.7% 250,000 Alamosa Delaware, Inc., Sr. Notes, 8.500%, 01/31/12 260,312 100,000 American Tower Corp., Sr. Notes, 7.250%, 12/01/11 103,750
1 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS MARCH 31, 2005 (UNAUDITED)
PRINCIPAL VALUE AMOUNT (NOTE 1) -------------- -------------- CORPORATE BONDS AND NOTES -- (CONTINUED) $100,000 American Tower Corp., Sr. Notes., 7.125%, 10/15/12 $ 100,000 275,000 Crown Castle International Corp., Sr. Notes, 7.500%, 12/01/13 303,187 350,000 Nextel Communications, Sr. Notes, 7.375%, 08/01/15 371,438 171,000 Nextel Partners, Inc., Sr. Notes, 12.500%, 11/15/09 188,955 150,000 Nextel Partners, Inc., Sr. Notes, 8.125%, 07/01/11 160,125 250,000 Rogers Wireless, Inc., Sr. Sub. Notes, 8.000%, 12/15/12 258,125 150,000 Rural Cellular Corp., Sr. Notes, 9.875%, 02/01/10 151,500 150,000 Western Wireless Corp., Sr. Notes, 9.250%, 07/15/13 171,750 -------------------- 2,069,142 -------------------- WIRELINE -- 7.6% 200,000 AT & T Corp., Sr. Notes, 9.050%, 11/15/11 228,250 200,000 Cincinnati Bell, Inc., Sr. Sub. Notes, 8.375%, 01/15/14 198,000 150,000 Level 3 Communications, Sr. Notes, 11.250%, 03/15/10 125,250 250,000 MCI Inc., Sr. Sr. Notes, 8.735%, 05/01/14 275,625 275,000 Panamsat Corp., Sr. Notes, 9.000%, 08/15/14 291,500 200,000 Qwest Capital Funding, Sr. Notes, 7.900%, 08/15/10 192,500 675,000 Qwest Capital Funding, Sr. Notes, 7.000%, 08/03/09 636,187 100,000 Qwest Communications International, Sr. Notes, 7.250%, 02/15/11** 98,250 -------------------- 2,045,562 -------------------- CABLE AND SATELLITE TELEVISION -- 6.7% 250,000 Cablevision Systems Corp., Sr. Notes, 8.000%, 04/15/12** 258,125 350,000 Charter Communications Holdings II, Sr. Notes, 10.250%, 09/15/10 358,750 50,000 Charter Communications Holdings, Sr. Notes, 10.750%, 10/01/09 41,250 350,000 Charter Communications Holdings, Sr. Notes, 10.250%, 01/15/10 282,625 100,000 CSC Holdings, Inc., Sr. Notes, 7.250%, 07/15/08 103,000 150,000 GCI Inc., Sr. Notes, 7.250%, 02/15/14 146,250 125,000 Insight Midwest, Sr. Notes, 10.500%, 11/01/10 134,375 150,000 Lodgenet Entertainment, Sr. Sub. Notes, 9.500%, 06/15/13 164,250 100,000 Mediacom LLC., Sr. Notes, 9.500%, 01/15/13 100,250 200,000 NTL Cable PLC., Sr. Notes, 8.750%, 04/15/14** 216,500 -------------------- 1,805,375 -------------------- PUBLISHING & PRINTING -- 6.6% 100,000 American Media Operation, Sr. Sub. Notes, 8.875%, 01/15/11 103,500 100,000 American Media Operation, Sr. Sub. Notes, Series B, 10.250%, 05/01/09 103,500 250,000 Cenveo Corp., Sr. Sub. Notes, 7.875%, 12/01/13 224,375 200,000 Dex Media Inc., Sr. Notes, 8.000%, 11/15/13 208,000 147,000 Dex Media West, Sr. Sub Notes, Series B, 9.875%, 08/15/13 164,640 200,000 Houghton Mifflin Co., Sr. Sub. Notes, 9.875%, 02/01/13 207,000 100,000 Mail Well I, Corp.(Cenveo Corp.), Sr. Notes, 9.625%, 03/15/12 107,000 400,000 Vertis, Inc., Sr. Notes, Series B, 10.875%, 06/15/09 388,000 300,000 WDAC Subsidiary Corp., Sr. Notes, 8.375%, 12/01/14** 280,500 -------------------- 1,786,515 --------------------
2 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS MARCH 31, 2005 (UNAUDITED)
PRINCIPAL VALUE AMOUNT (NOTE 1) -------------- -------------- CORPORATE BONDS AND NOTES -- (CONTINUED) INDUSTRIAL MACHINERY/COMPONENTS -- 6.6% $260,000 Case New Holland Inc., Sr. Notes, 9.250%, 08/01/11** $ 278,200 50,000 Dresser Rand Group Inc., Sr. Sub. Notes, 7.375%, 11/01/14** 50,250 150,000 Dresser, Inc., Sr. Sub. Notes, 9.375%, 04/15/11 159,750 100,000 JLG Industries, Inc., Sr. Sub Notes, 8.375%, 06/15/12 107,000 250,000 Mueller Group Inc.., Sr. Sub. Notes, 10.000%, 05/01/12 271,250 275,000 Sensus Metering Systems, Sr. Sub. Notes, 8.625%, 12/15/13 282,563 150,000 Terex Corp., Sr. Sub. Notes, Series B, 10.375%, 04/01/11 163,875 200,000 Trimas Corp. Sr. Sub. Notes, 9.875%, 06/15/12 205,000 260,000 Wesco Distribution, Inc., Sr. Sub. Notes, Series B, 9.125%, 06/01/08 267,909 -------------------- 1,785,797 -------------------- BUILDING AND DEVELOPMENT -- 5.9% 200,000 Associated Materials, Inc., Sr. Sub. Notes, 9.750%, 04/15/12 216,000 250,000 Builders Firstsource Inc., Sr. Notes, 7.024%, 02/15/12** 247,500 325,000 Ply Gem Industries Inc., Sr. Sub Notes, 9.000%, 02/15/12 308,750 275,000 Thl Buildco (Nortek Inc) Sr. Sub. Notes, 8.500%, 09/01/14 266,750 300,000 WCI Communities, Inc., Sr. Sub. Notes, 9.125%, 05/01/12 322,500 200,000 William Lyon Homes, Sr. Notes, 10.750%, 04/01/13 221,000 -------------------- 1,582,500 -------------------- CONSUMER PRODUCTS -- 5.3% 250,000 Amscan Holdings Inc., Sr. Sub. Notes, 8.750%, 05/01/14 243,750 175,000 Chattem Inc., Sr. Sub. Notes, 7.000%, 03/01/14 176,750 100,000 Jostens IH Corp., Sr. Notes, 7.625%, 10/01/12 99,500 225,000 Playtex Products, Inc. Sr. Sub Notes, 9.375%, 06/01/11 235,125 150,000 Rayovac Corp., Sr. Sub. Notes, 7.375%, 02/01/15** 144,375 275,000 Samsonite Corp., Sr. Sub. Notes, 8.875%, 06/01/11 289,437 225,000 Sealy Mattress Co., Sr. Sub. Notes, 8.250%, 06/15/14 235,688 -------------------- 1,424,625 -------------------- PIPE LINES/EX NATURAL GAS -- 5.2% 100,000 El Paso CGP. Co., Sr. Notes, 7.625%, 09/01/08 100,750 100,000 El Paso CGP., Sr. Notes, 7.750%, 06/15/10 100,500 350,000 El Paso Corp., Sr. Notes, 7.875%, 06/15/12 350,000 195,000 El Paso Production Holding, Sr. Notes, 7.750%, 06/01/13 198,412 150,000 Sonat, Inc., Sr. Notes, 7.625%, 07/15/11 148,875 200,000 Williams Cos., Inc., Sr. Notes, 8.125%, 03/15/12 220,000 275,000 Williams Cos., Inc., Sr. Notes, 7.625%, 07/15/19 299,063 -------------------- 1,417,600 -------------------- HEALTH CARE -- 5.1% 225,000 HCA Inc., Sub. Notes, 6.750%, 07/15/13 231,589 200,000 Iasis Healthcare Corp., Sr. Sub. Notes, 8.750%, 06/15/14 209,500 200,000 Insight Health Services, Sr. Sub. Notes, Series B, 9.875%, 11/01/11 197,000 175,000 Tenet Healthcare Corp., Sr. Notes, 9.875%, 07/01/14 182,875
3 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS MARCH 31, 2005 (UNAUDITED)
PRINCIPAL VALUE AMOUNT (NOTE 1) -------------- -------------- CORPORATE BONDS AND NOTES -- (CONTINUED) $150,000 Tenet Healthcare Corp., Sr. Notes, 9.250%, 02/01/15** $ 150,375 100,000 Triad Hospitals, Inc., Sr. Sub. Notes, 7.000%, 11/15/13 98,750 100,000 Vanguard Health Holdings II, Sr. Sub. Notes, 9.000%, 10/01/14 105,750 200,000 VWR International Inc., Sr. Sub. Notes, 8.000%, 04/15/14 203,500 -------------------- 1,379,339 -------------------- OIL AND GAS -- 3.5% 100,000 Chesapeake Energy Corp., Sr. Notes, 7.000%, 08/15/14 103,500 250,000 Ferrellgas Partners L.P., Sr. Notes, 8.750%, 06/15/12 261,250 250,000 Sesi LLC., Sr. Notes, 8.875%, 05/15/11 268,125 300,000 Transmontaigne, Inc., Sr. Sub. Notes, 9.125%, 06/01/10 319,500 -------------------- 952,375 -------------------- FINANCIAL INTERMEDIARIES -- 3.8% 350,000 Americredit Corp., Sr. Notes, 9.250%, 05/01/09 376,687 200,000 Refco Finance Holdings,, 9.000%, 08/01/12** 213,000 200,000 Thornburg Mortgage, Sr. Sub. Notes, 8.000%, 05/15/13 209,000 200,000 Western Financial Bank, Sr. Sub. Notes, 9.625%, 05/15/12 223,000 -------------------- 1,021,687 -------------------- FOOD/DRUG RETAILERS -- 3.7% 100,000 B&G Foods Holding Corp., Sr. Notes, 8.000%, 10/01/11 104,500 275,000 Great Atlantic & Pacific Tea Co., Sr. Notes, 9.125%, 12/15/11 271,563 100,000 Ingles Markets, Inc., Sr. Sub. Notes, 8.875%, 12/01/11 103,000 225,000 Jean Coutu Group PJC. Inc., Sr. Sub. Notes, 8.500%, 08/01/14 219,656 100,000 Rite Aid Corp., Sr. Notes, 9.250%, 06/01/13 100,000 200,000 Strater Bros Holdings, Inc., Sr. Notes, 8.125%, 06/15/12 194,000 -------------------- 992,719 -------------------- AUTO PARTS & ACCESSORIES -- 3.2% 200,000 Delco Remy International, Inc., Sr. Sub. Notes, 11.000%, 05/01/09 185,000 100,000 Dura Operating Corp., Sr. Sub. Notes, Series B, 8.625%, 04/15/12 92,750 275,000 Goodyear Tire & Rubber Sr. Notes, 7.857%, 08/15/11 266,750 125,000 Navistar International, Sr. Notes, 7.500%, 06/15/11 126,563 175,000 Tenneco Automotive, Inc., Sr. Notes, Series B, 10.250%, 07/15/13 196,000 200,000 Venture Holdings Trust, Sr. Notes, 11.000%, 06/01/07+ 2,250 -------------------- 869,313 -------------------- CONTAINERS/PACKAGING -- 3.2% 200,000 Berry Plastic, Sr. Sub. Notes, 10.750%, 07/15/12 226,500 225,000 Constar International, Sr. Sub Notes, 11.000%, 12/01/12 226,125 100,000 Graham Packaging Co., Sr. Notes, 8.500%, 10/15/12** 100,500 100,000 Plastipak Holdings, Inc., Sr. Notes, 10.750%, 09/01/11 111,500 200,000 Solo Cup Company Sr. Sub. Notes, 8.500%, 02/15/14 201,000 -------------------- 865,625 --------------------
4 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS MARCH 31, 2005 (UNAUDITED)
PRINCIPAL VALUE AMOUNT (NOTE 1) -------------- -------------- CORPORATE BONDS AND NOTES -- (CONTINUED) PAPER & FOREST PRODUCTS -- 3.0% $200,000 Appleton Papers Inc., Sr. Notes, 8.125%, 06/15/11 $ 207,500 100,000 Boise Cascade LLC., Sr. Sub. Notes, 7.125%, 10/15/14** 101,750 175,000 Graphic Packaging International Sr. Sub. Notes, 9.500%, 08/15/13 186,375 125,000 Millar Western Forest, Sr. Notes, 7.750%, 11/15/13 124,375 100,000 Tembec Industries Inc., Sr. Notes, 8.625%, 06/30/09 97,000 100,000 Tembec Industries, Inc., Sr. Notes, 8.500%, 02/01/11 95,250 -------------------- 812,250 -------------------- ELECTRONICS/ELECTRIC -- 2.1% 225,000 Amkor Technologies Inc., Sr. Notes, 7.125%, 03/15/11 190,687 200,000 Celestica, Inc., Sr. Sub. Notes, 7.875%, 07/01/11 203,500 125,000 New Asat Finance Ltd., Sr. Notes, 9.250%, 02/01/11 104,375 75,000 Sanmina-SCI Corp., Sr. Notes, 6.750%, 03/01/13** 70,688 -------------------- 569,250 -------------------- LEISURE GOODS, ACTIVITIES, MOVIE -- 2.1% 100,000 LCE Acquisition Corp., Sr. Notes, 9.000%, 08/01/14** 100,000 175,000 NCL Corp., Sr. Notes, 10.625%, 07/15/14** 181,781 300,000 Six Flags, Inc., Sr. Notes, 9.625%, 06/01/14 278,250 -------------------- 560,031 -------------------- ECOLOGICAL SERVICES AND EQUIPMENT -- 2.0% 300,000 Allied Waste North America, Inc., Sr. Notes, Series B, Sr. Notes, 9.250%, 09/01/12 322,500 100,000 Allied Waste North America, Sr. Notes, 7.875%, 04/15/13 100,250 100,000 Casella Waste Systems, Sr. Sub. Notes, 9.750%, 02/01/13 110,500 -------------------- 533,250 -------------------- STEEL -- 1.6% 225,000 Ak Steel Corp., Sr. Notes, 7.750%, 06/15/12 217,688 100,000 International Steel Group, Sr. Notes, 6.500%, 04/15/14 102,500 125,000 Ryerson Tull Inc., Sr. Notes, 8.250%, 12/15/11 119,375 -------------------- 439,563 -------------------- BROADCASTING -- 1.6% 100,000 Nexstar Finance Inc., Sr. Sub. Notes, 7.000%, 01/15/14 95,000 200,000 Rainbow National Services LLC., Sr. Notes, 8.750%, 09/01/12** 216,000 125,000 Sinclair Broadcast Group, Sr. Sub. Notes, 8.000%, 03/15/12 128,125 -------------------- 439,125 -------------------- RETAIL -- 1.5% 150,000 CSK Auto Inc., Sr. Notes, 7.000%, 01/15/14 142,313 100,000 Finlay Fine Jewelry Corp., Sr. Notes, 8.375%, 06/01/12 95,000 175,000 Petro Shopping Center, Sr. Notes, 9.000%, 02/15/12 181,125 -------------------- 418,438 --------------------
5 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS MARCH 31, 2005 (UNAUDITED)
PRINCIPAL VALUE AMOUNT (NOTE 1) -------------- -------------- CORPORATE BONDS AND NOTES -- (CONTINUED) FOOD SERVICE -- 1.4% $200,000 Buffets, Inc., Sr. Sub. Notes, 11.250%, 07/15/10 $ 212,000 175,000 Friendly Ice Cream Corp., Sr. Notes, 8.375%, 06/15/12 167,125 -------------------- 379,125 -------------------- AEROSPACE/DEFENSE -- 1.4% 100,000 BE Aerospace Inc., Sr. Sub. Notes, Series B, 8.875%, 05/01/11 101,750 150,000 BE Aerospace, Sr. Sub. Notes, Series B, 8.000%, 03/01/08 149,625 125,000 K & F Acquisition, Inc., Sr. Sub. Notes, 7.750%, 11/15/14** 121,875 -------------------- 373,250 -------------------- OFFICE/BUSINESS EQUIPMENT -- 1.3% 300,000 Xerox Corp., Sr. Notes, 9.750%, 01/15/09 339,750 -------------------- EQUIPMENT LEASING -- 1.0% 125,000 United Rentals Inc., Sr. Sub. Notes, 7.000%, 02/15/14 115,000 150,000 United Rentals N.A. Inc., Sr. Sub. Notes, 7.750%, 11/15/13 146,250 -------------------- 261,250 -------------------- SOFTWARE/SERVICES -- 0.8% 200,000 UGS Corp., Sr. Sub. Notes, 10.000%, 06/01/12 222,000 -------------------- AGRICULTURAL PRODUCTION - CROPS -- 0.8% 200,000 Hines Nurseries, Inc.. Sr. Notes, 10.250%, 10/01/11 217,000 -------------------- PERSONAL SERVICES -- 0.8% 100,000 Service Corp. International, Sr. Notes, 7.700%, 04/15/09 103,500 100,000 Service Corp. International, Sr. Notes, 7.700%, 04/15/09 103,500 -------------------- 207,000 -------------------- PROPERTY - CASUALTY INSURANCE -- 0.7% 175,000 Crum & Forster Holding Corp., Sr. Notes, 10.375%, 06/15/13 196,875 -------------------- METALS/MINERALS -- 0.6% 175,000 Novelis Inc. Sr. Notes, 7.250%, 02/15/15 172,375 -------------------- INSURANCE -- 0.6% 175,000 Fairfax Financial Holdings, Sr. Notes, 7.750%, 04/26/12 169,750 -------------------- APPAREL & TEXTILES -- 0.4% 100,000 Phillips Van-Heusen, Sr. Notes, 8.125%, 05/01/13 105,250 -------------------- MARINE TRANSPORTATION -- 0.3% 100,000 Great Lakes Dredge & Dock, Sr. Sub Notes, 7.750%, 12/15/13 83,500 -------------------- AIRLINES -- 0.3% 100,000 Northwest Airlines, Inc., Sr. Notes, 9.875%, 03/15/07 75,000 --------------------
6 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS MARCH 31, 2005 (UNAUDITED)
PRINCIPAL VALUE AMOUNT (NOTE 1) -------------- -------------- CORPORATE BONDS AND NOTES -- (CONTINUED) TELECOMMUNICATIONS EQUIPMENT -- 0.2% $75,000 Lucent Technologies, Sr. Notes, 6.450%, 03/15/29 $ 65,063 -------------------- TOTAL CORPORATE BONDS AND NOTES (Cost $33,004,129) 33,587,462 -------------------- FOREIGN BONDS -- 6.3% OIL & GAS -- 1.8% 200,000 Gazprom International SA., Sr. Notes, 7.201%, 02/01/20** 204,500 100,000 Morgan Stanley (Gazprom), Sr. Notes, 9.625%, 03/01/13** 114,750 175,000 Petrobras International Finance, Sr. Notes, 7.750%, 09/15/14 172,375 -------------------- 491,625 -------------------- FOREST PRODUCTS & PAPER -- 1.2% 300,000 Kappa Beheer BV, Sr. Sub. Notes, 10.625%, 07/15/09 317,250 -------------------- TELECOMMUNICATIONS EQUIPMENT -- 1.0% 175,000 Intelsat Bermuda Ltd., Sr. Notes, 8.625%, 01/15/15** 179,375 100,000 Intelsat Bermuda Ltd., Sr. Notes, 7.794%, 01/15/12** 102,000 -------------------- 281,375 -------------------- CONTAINERS/PACKAGING -- 1.0% 225,000 Crown Euro Holdings SA., Sr. Notes, 10.875%, 03/01/13 262,125 -------------------- UTILITIES -- 0.7% 250,000 Calpine Corp., Sr. Notes, 8.500%, 05/01/08 178,750 -------------------- CHEMICALS AND PLASTICS -- 0.6% 150,000 Acetex Corp., Sr. Notes, 10.875%, 08/01/09 160,500 -------------------- TOTAL FOREIGN BONDS (Cost $1,693,074) 1,691,625 -------------------- SHORT TERM OBLIGATIONS -- 0.4% 95,000 United Sates Treasury Bill, 2.570%***, 04/07/05 94,959 -------------------- TOTAL SHORT TERM OBLIGATIONS (Cost $94,959) 94,959 -------------------- TOTAL INVESTMENTS (Cost $34,792,162) 131.0% 35,374,046 OTHER ASSETS AND LIABILITIES (NET) (31.0%) (8,361,550) -------- -------------------- NET ASSETS 100.0% $ 27,012,496 ======== ==================== ** Security purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities is $5,637,471. *** Rate represents annualized yield at date of purchase. + Securities in default. ^ Variable rate security -- the interest rate shown is the rate at March 31, 2005. At March 31, 2005, the Fund's credit quality allocation was as follows: STANDARD & POOR'S CREDIT RATING (UNAUDITED) - ------------------------------------------- BBB ..................................... .57 BB ...................................... 11.76 B ....................................... 71.67 CCC ..................................... 15.63 CC ...................................... .35 Not Rated ............................... .02
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 May 23, 2005 ---------------------------------------------------------------------------- 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 May 23, 2005 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ Cindy Cameron ------------------------------------------------------- Cindy Cameron, Treasurer (principal financial officer) Date May 23, 2005 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g15264cim_cert.txt CERTIFICATION 302 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) and internal control over financial reporting (as defined under Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (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: May 23, 2005 /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) and internal control over financial reporting (as defined under Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (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: May 23, 2005 /s/ Cindy Cameron ----------------------- --------------------------------- Cindy Cameron, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----