-----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, QPaJvF8sWmWU+v9/96NtXn70E/LUC9d132ADCzJ3GG0uIdEEUQIT21QICT1/BocX g6nb2Jd8QLgAiGd0Dpg6dw== 0000935069-05-003107.txt : 20051123 0000935069-05-003107.hdr.sgml : 20051123 20051123143550 ACCESSION NUMBER: 0000935069-05-003107 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051123 DATE AS OF CHANGE: 20051123 EFFECTIVENESS DATE: 20051123 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: 051224482 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 g17314_cimnq.txt CIM HIGH YIELD N-Q 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: 502-589-2011 ------------- Date of fiscal year end: December 31 ------------ Date of reporting period: September 30, 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 SEPTEMBER 30, 2005 (UNAUDITED)
PRINCIPAL VALUE AMOUNT (NOTE 1) - -------- ----------- CORPORATE BONDS AND NOTES -- 117.5% WIRELINE -- 8.6% $ 75,000 American Cellular Corp., Sr. Notes, Series B, 10.000%, 08/01/11 $ 82,125 200,000 AT & T Corp., Sr. Notes, 9.050%, 11/15/11 226,250 150,000 Cincinnati Bell Inc., Sr. Notes, 7.000%, 02/15/15 145,500 75,000 Citizens Communications, Sr. Notes, 9.250%, 05/15/11 82,687 75,000 Dobson Cellular Systems, Sr. Notes, 9.875%, 11/01/12 82,500 75,000 Dobson Cellular Systems, Sr. Notes, 8.375%, 11/01/11 79,313 100,000 Dobson Communications, Sr. Sub. Notes, 8.875%, 10/01/13 100,500 250,000 MCI Inc., Sr. Sr. Notes, 8.735%, 05/01/14 279,375 179,000 Panamsat Corp., Sr. Notes, 9.000%, 08/15/14** 189,740 200,000 Qwest Capital Funding, Sr. Notes, 7.900%, 08/15/10 199,500 200,000 Qwest Capital Funding, Sr. Notes, 7.000%, 08/03/09 196,500 125,000 Qwest Communications International, Sr. Notes, 7.250%, 02/15/11 122,344 150,000 Qwest Corporation, Sr. Notes, 7.875%, 09/01/11 157,125 125,000 Qwest Corporation, Sr. Notes, 7.625%, 06/15/15** 128,281 100,000 Qwest Services Corp. Sr. Notes, 13.500%, 12/15/10 115,000 100,000 Time Warner Telecom Holdings, Sr Notes, 9.250%, 02/15/14 101,750 ----------- 2,288,490 ----------- UTILITIES -- 8.2% 200,000 AES Corporation, Sr. Notes, 9.000%, 05/15/15** 220,500 104,000 AES Corporation, Sr. Notes, 8.750%, 06/15/08 110,500 200,000 Allegheny Energy Supply, Sr. Notes, 8.250%, 04/15/12** 226,000 150,000 Aquila Inc., Sr. Notes, 9.950%, 02/01/11 169,125 115,000 Calpine Corp., Sr. Notes, 8.500%, 07/15/10** 82,800 200,000 CMS Energy Corp., Sr. Notes, 9.875%, 10/15/07 218,500 75,000 Dynegy Holdings, Inc., Sr. Notes, 10.125%, 07/15/13** 84,000 150,000 Dynegy Holdings, Inc., Sr. Notes, 8.750%, 02/15/12 163,500 150,000 Midwest Generation LLC., Sr. Notes, 8.750%, 05/01/34 167,812 186,000 NRG Energy Inc., Sr. Notes, 8.000%, 12/15/13 199,020 75,000 PSEG Energy Holding, Sr. Notes, 10.000%, 10/01/09 83,625 75,000 PSEG Energy Holdings, Sr Notes, 8.500%, 06/15/11 81,188 100,000 Texas Genco LLC Financing, Sr. Notes, 6.875%, 12/15/14** 102,250 275,000 TXU Corp., Sr. Notes, 5.550%, 11/15/14 262,440 ----------- 2,171,260 ----------- CHEMICALS AND PLASTICS -- 8.2% 162,000 BCP Crystal US Holdings Corp., Sr. Sub. Notes, 9.625%, 06/15/14 181,035 175,000 Equistar Chemical Funding, Sr. Notes, 10.625%, 05/01/11 191,625 250,000 Hercules Inc., Sr. Sub. Notes, 6.750%, 10/15/29 246,250 213,000 Huntsman ICI Chemicals Ltd., Sr. Sub. Notes, 10.125%, 07/01/09 220,189 40,000 Huntsman International LLC., Sr. Sub. Notes, 7.375%, 01/01/15** 38,500 175,000 Innophos Inc., Sr. Sub. Notes, 8.875%, 08/15/14** 179,812 350,000 Lyondell Chemical Co., Sr. Sub. Notes, 10.875%, 05/01/09 362,250 150,000 Nalco Company, Sr. Sub. Notes, 8.875%, 11/15/13 154,688 150,000 Nell AF Sarl, Sr. Notes, 8.375%, 08/15/15 147,375 See Notes to Finanical Statements. 1 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - -------- ----------- CORPORATE BONDS AND NOTES -- (CONTINUED) $175,000 Rhodia SA, Sr. Sub. notes, 8.875%, 06/01/11 $ 166,250 73,000 Rockwood Specialties GRP., Sr. Sub. Notes, 10.625%, 05/15/11 79,935 200,000 Rockwood Specialties GRP., Sr. Sub. Notes, 7.500%, 11/15/14** 195,000 ----------- 2,162,909 ----------- LODGING AND CASINOS -- 7.7% 100,000 Aztar Corp., Sr. Sub. Notes, 7.875%, 06/15/14 105,000 200,000 Felcor Lodging LP., Sr. Notes, 9.000%, 06/01/11 218,500 275,000 Global Cash Account Finance, Sr. Sub Notes, 8.750%, 03/15/12 297,000 100,000 Hard Rock Hotel, Inc., Sr. Notes, 8.875%, 06/01/13 107,750 200,000 Host Marriott LP., Sr. Notes, 7.125%, 11/01/13 205,250 200,000 Jacobs Entertainment, Sr. Notes, 11.875%, 02/01/09 214,500 150,000 Resort International Hotel/Casino, Sr. Notes, 11.500%, 03/15/09 168,750 175,000 River Rock Entertainment, Sr. Notes, 9.750%, 11/01/11 195,125 140,000 Riviera Holdings Corp., Sr. Notes, 11.000%, 06/15/10 151,900 175,000 Seneca Gaming Corp., Sr. Notes, 7.250%, 05/01/12 180,250 200,000 Wheeling Island Gaming, Sr. Notes, 10.125%, 12/15/09 211,000 ----------- 2,055,025 ----------- CABLE AND SATELLITE TELEVISION -- 7.1% 250,000 Cablevision Systems, Corp., Sr. Notes. Series B, 8.000%, 04/15/12 243,750 249,437 Charter Communications Holdings, Sr. Sub. Notes, 11.000%, 10/01/15 244,448 350,000 Charter Communications Holdings II, Sr. Notes, 10.250%, 09/15/10 360,500 100,000 CSC Holdings, Inc., Sr. Notes, 7.250%, 07/15/08 100,875 175,000 DIRECTV Holdings Finance, Sr. Notes, 6.375%, 06/15/15** 174,563 150,000 GCI, Inc., Sr. Notes, 7.250%, 02/15/14 145,875 125,000 Insight Midwest, Sr. Notes, 10.500%, 11/01/10 131,875 150,000 Lodgenet Entertainment, Sr. Sub. Notes, 9.500%, 06/15/13 165,000 100,000 Mediacom LLC., Sr. Notes, 9.500%, 01/15/13 99,750 200,000 NTL Cable PLC., Sr. Notes, 8.750%, 04/15/14 207,500 ----------- 1,874,136 ----------- BUILDING AND DEVELOPMENT -- 6.0% 200,000 Builders Firstsource, Inc., Sr. Notes, 8.040%, 02/15/12** 203,000 250,000 D.R. Horton, Inc., Sr. Notes, 6.875%, 05/01/13 263,184 125,000 KB Home, Sr. Notes, 6.250%, 06/15/15 121,836 225,000 Ply Gem Industries, Inc., Sr. Sub Notes, 9.000%, 02/15/12 190,125 100,000 Standard Pacific Corp, Sr. Sub. Note, 7.000%, 08/15/15 96,000 200,000 THL Buildco (Nortek, Inc.) Sr. Sub. Notes, 8.500%, 09/01/14 185,000 300,000 WCI Communities, Inc., Sr. Sub. Notes, 9.125%, 05/01/12 310,500 200,000 William Lyon Homes, Sr. Notes, 10.750%, 04/01/13 216,500 PUBLISHING & PRINTING -- 5.6% 50,000 American Media Operation, Sr. Sub. Notes, 8.875%, 01/15/11 44,500 50,000 American Media Operation, Sr. Sub. Notes, Series B, 10.250%, 05/01/09 48,875 250,000 Cenveo Corp., Sr. Sub. Notes, 7.875%, 12/01/13 242,500 See Notes to Finanical Statements. 2 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - -------- ----------- CORPORATE BONDS AND NOTES -- (CONTINUED) $147,000 Dex Media West, Sr. Sub Notes, Series B, 9.875%, 08/15/13 $ 162,986 200,000 Dex Media, Inc., Sr. Notes, 8.000%, 11/15/13 206,500 200,000 Houghton Mifflin Co., Sr. Sub. Notes, 9.875%, 02/01/13 213,000 100,000 Mail Well I, Corp.(Cenveo Corp.), Sr. Notes, 9.625%, 03/15/12 107,750 175,000 Vertis, Inc., Sr. Notes, Series B, 10.875%, 06/15/09 172,813 300,000 WDAC Subsidiary Corp., Sr. Notes, 8.375%, 12/01/14** 291,750 ----------- 1,490,674 ----------- PIPE LINES/EX NATURAL GAS -- 5.6% 100,000 El Paso CGP. Co., Sr. Notes, 7.750%, 06/15/10 102,500 100,000 El Paso CGP. Co., Sr. Notes, 7.625%, 09/01/08 102,125 350,000 El Paso Corp., Sr. Notes, 7.875%, 06/15/12 364,000 225,000 El Paso Production Holding, Sr. Notes, 7.750%, 06/01/13 236,250 150,000 Sonat, Inc., Sr. Notes, 7.625%, 07/15/11 153,000 200,000 Williams Cos., Inc., Sr. Notes, 8.125%, 03/15/12 219,500 275,000 Williams Cos., Inc., Sr. Notes, 7.625%, 07/15/19 299,062 ----------- 1,476,437 ----------- FINANCIAL INTERMEDIARIES -- 5.4% 300,000 Americredit Corp., Sr. Notes, 9.250%, 05/01/09 318,000 100,000 Athena Neuro Finance LLC., Sr. Sub. Nores, 7.250%, 02/21/08 96,500 350,000 Ford Motor Credit Company, Sr. Sub. Notes, 7.000%, 10/01/13 325,056 375,000 General Motors Accept Corp., Sr. Sub. Notes, 6.750%, 12/01/14 326,723 130,000 Refco Finance Holdings, Sr. Sub. Notes, 9.000%, 08/01/12 142,025 200,000 Western Financial Bank, Sr. Sub. Notes, 9.625%, 05/15/12 230,000 ----------- 1,438,304 ----------- WIRELESS COMMUNICATIONS -- 5.0% 150,000 Alamosa Delaware, Inc., Sr. Notes, 8.500%, 01/31/12 160,875 100,000 American Tower Corp., Sr. Notes, 7.250%, 12/01/11 106,750 100,000 American Tower Corp., Sr. Notes., 7.125%, 10/15/12** 105,500 175,000 Centennial Communications, Sr. Notes, 8.125%, 02/01/14 185,937 225,000 Nextel Communications, Sr. Notes, 7.375%, 08/01/15 241,078 25,000 Nextel Partners, Inc., Sr. Notes, 12.500%, 11/15/09 26,812 75,000 Nextel Partners, Inc., Sr. Notes, 8.125%, 07/01/11 81,375 150,000 Rogers Wireless, Inc., Sr. Sub. Notes, 8.000%, 12/15/12** 159,188 150,000 Rural Cellular Corp., Sr. Notes, 8.250%, 03/15/12 158,250 100,000 Ubiquitel Operating Co., Sr. Notes, 9.875%, 03/01/11 111,500 ----------- 1,337,265 ----------- HEALTH CARE -- 4.8% 275,000 HCA, Inc., Sub. Notes, 6.750%, 07/15/13 281,188 100,000 Insight Health Services, Sr. Sub. Notes, Series B, 9.875%, 11/01/11 81,250 100,000 Senior Housing Properties Trust, Sr.Notes, 7.875%, 04/15/15 107,000 225,000 Tenet Healthcare Corp., Sr. Notes, 9.875%, 07/01/14 236,250 150,000 Tenet Healthcare Corp., Sr. Notes, 9.250%, 02/01/15** 152,250 100,000 Triad Hospitals, Inc., Sr. Sub. Notes, 7.000%, 11/15/13 101,750 See Notes to Finanical Statements. 3 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - -------- ----------- CORPORATE BONDS AND NOTES -- (CONTINUED) $100,000 Vanguard Health Holdings II, Sr. Sub. Notes, 9.000%, 10/01/14 $ 107,000 200,000 VWR International, Inc., Sr. Sub. Notes, 8.000%, 04/15/14 195,750 ----------- 1,262,438 ----------- INDUSTRIAL MACHINERY/COMPONENTS -- 4.7% 225,000 Case New Holland, Inc. Sr. Notes, 9.250%, 08/01/11** 239,062 44,000 Dresser Rand Group, Inc., Sr. Sub. Notes, 7.375%, 11/01/14** 45,870 65,000 JLG Industries, Inc., Sr. Sub Notes, 8.375%, 06/15/12 69,225 250,000 Mueller Group, Inc.., Sr. Sub. Notes, 10.000%, 05/01/12 266,250 200,000 Sensus Metering Systems, Sr. Sub. Notes, 8.625%, 12/15/13 185,000 200,000 Trimas Corp. Sr., Sub. Notes, 9.875%, 06/15/12 165,000 260,000 Wesco Distribution, Inc., Sr. Sub. Notes, Series B, 9.125%, 06/01/08 264,550 ----------- 1,234,957 ----------- OIL AND GAS -- 4.4% 175,000 Chesapeake Energy Corp., Sr. Notes, 7.000%, 08/15/14 184,625 250,000 Ferrellgas Partners LP., Sr. Notes, 8.750%, 06/15/12 255,000 250,000 Sesi LLC., Sr. Notes, 8.875%, 05/15/11 265,000 100,000 Swift Energy Co., Sr. Notes, 7.625%, 07/15/11 103,500 300,000 Transmontaigne, Inc., Sr. Sub. Notes, 9.125%, 06/01/10 316,500 50,000 Whiting Petroleum Corp., Sr. Sub. Notes, 7.250%, 05/01/13 51,125 ----------- 1,175,750 ----------- AUTO PARTS & ACCESSORIES -- 4.1% 100,000 CSK Auto, Inc., Sr. Notes, 7.000%, 01/15/14 94,000 200,000 Delco Remy International, Inc., Sr. Sub. Notes, 11.000%, 05/01/09 131,000 150,000 Dura Operating Corp., Sr. Sub. Notes, Series B, 8.625%, 04/15/12 134,250 275,000 Goodyear Tire & Rubber, Sr. Notes, 7.857%, 08/15/11 267,437 125,000 Navistar International, Sr. Notes, 7.500%, 06/15/11 126,875 50,000 Tenneco Automotive, Inc., Sr. Notes, Series B, 10.250%, 07/15/13 56,125 200,000 Tenneco Automotive, Inc., Sr. Sub. Notes, 8.625%, 11/15/14 202,500 75,000 Visteon Corp., Sr. Notes, 7.000%, 03/10/14 65,438 ----------- 1,077,625 ----------- CONSUMER PRODUCTS -- 3.8% 250,000 Amscan Holdings, Inc., Sr. Sub. Notes, 8.750%, 05/01/14 220,000 175,000 Chattem, Inc., Sr. Sub. Notes, 7.000%, 03/01/14 178,500 175,000 Playtex Products, Inc., Sr. Sub Notes, 9.375%, 06/01/11 183,531 225,000 Samsonite Corp., Sr. Sub. Notes, 8.875%, 06/01/11 240,188 175,000 Sealy Mattress Co., Sr. Sub. Notes, 8.250%, 06/15/14 176,750 ----------- 998,969 ----------- ELECTRONICS/ELECTRIC -- 2.4% 100,000 Amkor Technologies, Inc., Sr. Notes, 7.125%, 03/15/11 86,750 200,000 Celestica, Inc., Sr. Sub. Notes, 7.875%, 07/01/11 205,000 100,000 L-3 Communications Inc., Sr. Sub. Notes, 6.375%, 10/15/15 101,250 75,000 Sanmina-Sci Corp., Sr. Notes, 10.375%, 01/15/10 83,062 See Notes to Finanical Statements. 4 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - -------- ----------- CORPORATE BONDS AND NOTES -- (CONTINUED) $100,000 Stats Chippac Ltd., Sr. Notes, 7.500%, 07/19/10 $ 101,500 75,000 Stats Chippac LTD., Sr. Notes, 6.750%, 11/15/11 73,125 ----------- 650,687 ----------- FOOD/DRUG RETAILERS -- 2.4% 100,000 B&G Foods Holding Corp., Sr. Notes, 8.000%, 10/01/11 101,750 100,000 Ingles Markets, Inc., Sr. Sub. Notes, 8.875%, 12/01/11 101,500 225,000 Jean Coutu Group PJC., Inc., Sr. Sub. Notes, 8.500%, 08/01/14 225,000 200,000 Stater Bros Holdings, Inc., Sr. Notes, 8.125%, 06/15/12 198,500 ----------- 626,750 ----------- CONTAINERS/PACKAGING -- 2.2% 200,000 Berry Plastic, Sr. Sub. Notes, 10.750%, 07/15/12 216,000 125,000 Constar International, Sr. Sub Notes, 11.000%, 12/01/12 79,375 100,000 Graham Packaging Co., Sr. Notes, 8.500%, 10/15/12 100,000 100,000 Plastipak Holdings, Inc., Sr. Notes, 10.750%, 09/01/11 109,500 100,000 Solo Cup Company, Sr. Sub. Notes, 8.500%, 02/15/14 89,000 ----------- 593,875 ----------- PAPER & FOREST PRODUCTS -- 2.2% 75,000 Abitibi Consolidated Inc., Sr. Notes, 8.550%, 08/01/10 76,687 100,000 Appleton Papers, Inc., Sr. Notes, 8.125%, 06/15/11 98,500 200,000 Boise Cascade Llc., 7.125%, 10/15/14 190,500 125,000 Graphic Packaging International, Sr. Sub. Notes, 9.500%, 08/15/13 118,125 125,000 Millar Western Forest, Sr. Notes, 7.750%, 11/15/13 107,188 ----------- 591,000 ----------- LEISURE GOODS, ACTIVITIES, MOVIE -- 1.8% 175,000 NCL Corp., Sr. Notes, 11.625%, 07/15/14** 185,500 300,000 Six Flags, Inc., Sr. Notes, 9.625%, 06/01/14 297,000 ----------- 482,500 ----------- ECOLOGICAL SERVICES AND EQUIPMENT -- 1.6% $200,000 Allied Waste North America, Inc., Sr. Notes, Series B, Sr. Notes, 9.250%, 09/01/12 $ 217,500 100,000 Allied Waste North America, Sr. Notes, 7.875%, 04/15/13 102,500 100,000 Casella Waste Systems, Sr. Sub. Notes, 9.750%, 02/01/13 108,500 ----------- 428,500 ----------- RETAIL -- 1.5% 75,000 Dillards, Inc., Sr. Sub. Notes, 7.850%, 10/01/12 78,750 125,000 Penney (JC) Co., Inc., Sr. Notes, 9.000%, 08/01/12 147,813 175,000 Petro Shopping Center, Sr. Notes, 9.000%, 02/15/12 173,250 ----------- 399,813 ----------- AEROSPACE/DEFENSE -- 1.4% 100,000 BE Aerospace, Inc., Sr. Sub. Notes, Series B, 8.875%, 05/01/11 105,500 100,000 Bombardier Inc., Sr. Sub. Notes, 6.750%, 05/01/12 ** 93,750 See Notes to Finanical Statements. 5 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - -------- ----------- CORPORATE BONDS AND NOTES -- (CONTINUED) $175,000 K & F Acquisition, Inc., Sr. Sub. Notes, 7.750%, 11/15/14 $ 177,625 ----------- 376,875 ----------- BROADCASTING -- 1.3% 200,000 Rainbow National Services LLC., Sr. Notes, 8.750%, 09/01/12** 214,250 125,000 Sinclair Broadcast Group, Sr. Sub. Notes, 8.000%, 03/15/12 128,594 ----------- 342,844 ----------- OFFICE/BUSINESS EQUIPMENT -- 1.3% 300,000 Xerox Corp., Sr. Notes, 9.750%, 01/15/09 337,500 ----------- FOOD SERVICE -- 1.2% 150,000 Buffets, Inc., Sr. Sub. Notes, 11.250%, 07/15/10 151,500 175,000 Friendly Ice Cream Corp., Sr. Notes, 8.375%, 06/15/12 166,250 ----------- 317,750 ----------- STEEL -- 1.2% 100,000 Ak Steel Corp., Sr. Notes, 7.750%, 06/15/12 92,750 100,000 International Steel Group, Sr. Notes, 6.500%, 04/15/14 99,500 125,000 Ryerson Tull, Inc., Sr. Notes, 8.250%, 12/15/11 122,188 ----------- 314,438 ----------- SOFTWARE/SERVICES -- 1.2% 100,000 Sungard Data Systems, Inc., Sr. Sub. Notes, 4.875%, 01/15/14 88,250 200,000 UGS Corp., Sr. Sub. Notes, 10.000%, 06/01/12 220,000 ----------- 308,250 ----------- APPAREL & TEXTILES -- 0.8% 100,000 Levi Strauss & Co., Sr. Notes, 9.750%, 01/15/15 102,500 100,000 Phillips Van-Heusen, Sr. Notes, 8.125%, 05/01/13 105,500 ----------- 208,000 ----------- AGRICULTURAL PRODUCTION - CROPS -- 0.8% 200,000 Hines Nurseries, Inc., Sr. Notes, 10.250%, 10/01/11 204,000 ----------- SUPPORT SERVICES -- 0.7% 200,000 Geo Group, Inc., Sr. Notes, 8.250%, 07/15/13 200,000 ----------- PROPERTY - CASUALTY INSURANCE -- 0.7% 175,000 Crum & Forster Holding Corp., Sr. Notes, 10.375%, 06/15/13 192,063 ----------- CONSULTING SERVICES -- 0.7% 175,000 FTI Consulting, Sr. Notes, 7.625%, 06/15/13 179,375 ----------- INSURANCE -- 0.6% 175,000 Fairfax Financial Holdings, Sr. Notes, 7.750%, 04/26/12 168,875 ----------- PERSONAL SERVICES -- 0.6% 50,000 Service Corp. International, Sr. Notes, 7.700%, 04/15/09 52,750 See Notes to Finanical Statements. 6 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED) PRINCIPAL VALUE AMOUNT (NOTE 1) - -------- ----------- CORPORATE BONDS AND NOTES -- (CONTINUED) $100,000 Service Corp. International, Sr. Notes, 7.700%, 04/15/09 $ 105,500 ----------- 158,250 ----------- MARINE TRANSPORTATION -- 0.6% 150,000 Omi Corp., Sr. Notes, 7.625%, 12/01/13 156,000 ----------- METALS/MINERALS -- 0.5% 135,000 Novelis, Inc., Sr. Notes, 7.250%, 02/15/15** 128,250 ----------- EQUIPMENT LEASING -- 0.4% 100,000 United Rentals, N.A. Inc., Sr. Sub. Notes, 7.750%, 11/15/13 97,000 ----------- TELECOMMUNICATIONS EQUIPMENT -- 0.2% 75,000 Lucent Technologies, Sr. Notes, 6.450%, 03/15/29 66,000 ----------- TOTAL CORPORATE BONDS AND NOTES (Cost $30,715,061) 31,158,979 ----------- FOREIGN BONDS -- 4.9% OIL & GAS -- 2.0% 200,000 Gazprom International SA., Sr. Notes, 7.201%, 02/01/20** (Luxembourg) 219,500 100,000 Morgan Stanley (Gazprom), Sr. Notes, 9.625%, 03/01/13** (Denmark) 124,375 175,000 Petrobras International Finance, Sr. Notes, 7.750%, 09/15/14 (Kyrgyzstan) 190,312 ----------- 534,187 ----------- CONTAINERS/PACKAGING -- 1.0% 225,000 Crown Euro Holdings SA., Sr. Notes, 10.875%, 03/01/13 (France) 262,125 ----------- FOREST PRODUCTS & PAPER -- 1.0% 250,000 Kappa Beheer BV, Sr. Sub. Notes, 10.625%, 07/15/09 (Netherlands) 261,562 ----------- TELECOMMUNICATIONS EQUIPMENT -- 0.7% 175,000 Intelsat Bermuda LTD., Sr. Notes, 8.625%, 01/15/15** (Bermuda) 179,375 ----------- UTILITIES -- 0.2% 115,000 Calpine Corp., Sr. Notes, 8.500%, 05/01/08 (Canada) 69,288 ----------- TOTAL FOREIGN BONDS (Cost $1,290,698) 1,306,537 ----------- SHORT TERM OBLIGATIONS -- 5.9% 265,000 912795Vu2 T-Bill 10 06 05, 2.900%, 10/06/05 264,893 350,000 912795Vu2 T-Bill 10 06 05, 3.100%, 10/06/05 349,849 935,000 912795Vu2 T-Bill 10 06 05, 3.200%, 10/06/05 934,585 ----------- TOTAL SHORT TERM OBLIGATIONS (Cost $1,549,327) 1,549,327 ----------- See Notes to Finanical Statements. 7 CIM HIGH YIELD SECURITIES PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED) TOTAL INVESTMENTS (Cost $33,555,086) 128.3% 34,014,843 LIABILITIES LESS OTHER ASSETS (Net) (28.3%) (7,493,395) ----- ----------- NET ASSETS 100.0% $26,521,448 ===== ===========
** 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. *** Rate represents annualized yield at date of purchase. See Notes to Finanical Statements. 8 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 22, 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 November 22, 2005 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ Cindy Cameron ------------------------------------------------------- Cindy Cameron, Treasurer (principal financial officer) Date November 22, 2005 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g17314_302cer.txt 302 CERTIFICATIONS 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: November 22, 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: November 22, 2005 /s/ Cindy Cameron ------------------ ----------------------------------- Cindy Cameron, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----