EX-99.77B ACCT LTTR

Report of Independent Registered Public Accounting Firm

To the Shareholders
and Board of Trustees of CIM High Yield Securities

In planning and performing our audit of the financial
statements of CIM High Yield Securities Fund as of and for
the year ended December 31, 2005, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States), we considered its internal control over
financial reporting, including control activities for
safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of CIM High
Yield Securities Fund's internal control over financial
reporting.  Accordingly, we express no such opinion.

The management of The CIM High Yield Securities Fund is
responsible for establishing and maintaining effective
internal control over financial reporting. In fulfilling
this responsibility, estimates and judgments by management
are required to assess the expected benefits and related
costs of controls. A fund's internal control over financial
reporting is a process designed 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. Such internal control includes policies and
procedures that provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition,
use or disposition of a fund's assets that could have a
material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A control deficiency exists when the design or operation of
a control does not allow management or employees, in the
normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A
significant deficiency is a control deficiency, or
combination of control deficiencies, that adversely affects
the fund's ability to initiate, authorize, record, process
or report external financial data reliably in accordance
with generally accepted accounting principles such that
there is more than a remote likelihood that a misstatement
of the fund's annual or interim financial statements that
is more than inconsequential will not be prevented or
detected. A material weakness is a significant deficiency,
or combination of significant deficiencies, that results in
more than a remote likelihood that a material misstatement
of the annual or interim financial statements will not be
prevented or detected.

Our consideration of CIM High Yield High Securities Fund's
internal control over financial reporting was for the
limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal
control that might be significant deficiencies or material
weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).
However, we noted no deficiencies in CIM High Yield Fund's
internal control over financial reporting and its
operation, including controls for safeguarding securities,
that we consider to be a material weakness as defined above
as of December 31, 2005.

This report is intended solely for the information and use
of management and the Board of Directors of CIM High Yield
Securities Fund and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone
other than these specified parties.

Ernst & Young LLP

Philadelphia, Pennsylvania
February 10, 2006

EX-99.77C VOTES

CIM High Yield Securities

Exhibit to Item 77 C

The Annual Meeting of Shareholders of CIM High Yield
Securities was held on October 7, 2005. The following proposals
were submitted for a vote of the shareholders:

	1. To liquidate and dissolve the Fund.

2. To elect one Robert G. Wade as Trustee of the Fund.

 With respect to the proposal to liquidate and dissolve the
Fund, the Annual Meeting of Shareholders was adjourned and
reconvened on December 1, 2005, December 16, 2005 and January
20, 2006 at which meeting, the following votes and percentages
were recorded and the liquidation and dissolution of the Fund
was duly approved:

        For                 Against            Abstain
4,106,040 (66.937%)    266,151 (4.339%)    175,994 (2.869%)

With respect to the proposal to elect Robert G. Wade as Trustee
of the Fund, the following votes and percentages were recorded
and the election of the Trustee was duly approved on October 7,
2005:

       For                      Abstain
 5,415,387  (88.262%)       299,847 (4.888%)

EX-99.77Q1 OTHR EXHB

Item 77Q (1)  Amended By-Laws

At the quarterly meeting of the Trustees held on October 7,
2005, the Trustees unanimously approved the amendment to Section
4 of the Fund's By-laws.

Section 4.  Proxies.  At any meeting of Shareholders, any holder
of Shares entitled to vote thereat may vote by proxy, provided
that no proxy shall be voted at any meeting unless it shall have
been placed on file with the Secretary, or with such other
officer or agent of the Trust as the Secretary may direct, for
verification prior to the time at which such vote shall be
taken.  Any Shareholder may give instructions for another person
to execute his or her proxy through telephonic, electronic or
telegraphic methods of communication or via facsimile or the
Internet or other reasonable means if, in each case, such method
or means has been authorized by the officers of the Trust, and
pursuant in each case to procedures established or approved by
the officers of the Trust as reasonably designed to verify that
such instructions have been authorized by such Shareholder; and
the placing of a Shareholder's name on a proxy pursuant to such
instructions shall constitute execution of such proxy by or
behalf of such Shareholder. Pursuant to a resolution of a
majority of the Trustees, proxies may be solicited in the name
of one or more Trustees or one or more of the officers of the
Trust.  Only Shareholders of record shall be entitled to vote.
Each full Share shall be entitled to one vote and fractional
Shares shall be entitled to a vote of such fraction.  When any
Share is held jointly by several persons, any one of them may
vote at any meeting in person or by proxy in respect to such
Share, but if more than one of them shall be present at such
meeting in person or by proxy, and such joint owners or their
proxies so present disagree as to any vote to be cast, such vote
shall not be received in respect of such Share.  A proxy
purporting to be executed by or on behalf of a Shareholder shall
be deemed valid unless challenged at or prior to its exercise,
and the burden of proving invalidity shall rest on the
challenger.  If the holder of any such Share is a minor or a
person of unsound mind, and subject to guardianship or to the
legal control of any other person as regards the charge or
management of such Share, he may vote by his guardian or such
other person appointed or having such control, and such vote may
be given in person or by proxy. Unless otherwise specifically
limited by their terms, proxies shall entitle the holder thereof
to vote at any adjournment of a meeting.