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SIGNATURE THOMAS N. CALABRIA
TITLE CORP. COMPLIANCE
<TABLE> <S> <C>
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<CIK> 0000821466
<NAME> CIM HIGH YIELD SECURITIES
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<PERIOD-TYPE> 12-MOS
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<INVESTMENTS-AT-COST> 53291518
<INVESTMENTS-AT-VALUE> 49667424
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Independent Auditors' Report
To the Shareholders and Trustees
CIM High Yield Securities:
In planning and performing our audit of the financial statements of CIM High
Yield Securities for the year ended December 31, 1999, we considered its
internal control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of CIM High Yield Securities is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and may not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants.A material weakness is a condition in which the design or
operation of one or more internal control components does not reduce to
a relatively low level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and
its operation, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Trustees of CIM High Yield Securities, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
Philadelphia, PA
February 4, 2000
Attachment
ITEM 77
Sub-Item 77C
The annual meeting of the Shareholders of CIM High Yield Securities was
held on October 6, 1999.
Election of Trustees:
Dr. Donald Ratajczak and Mr. Robert G. Wade were elected as Trustees.
On the election of the Trustees, 86.77% of the outstanding shares voted
in favor of the nomination of Dr. Donald Ratajczak and 86.28% of the
outstanding shares voted in favor of the nomination of Mr. Robert G. Wade.
The other Trustees now in office are as follows:
Mr. John F. Nickoll
Dr. Bruce H. Olson
Other matters voted upon at the meeting were as follows:
1. To ratify the selection of KPMG Peat Marwick LLP as independent
auditors for the Fund for the fiscal year ending December 31, 1999.
On the ratification of the selection of KPMG Peat Marwick LLP as independent
auditors for the Fund, the holders of 86.37% of the outstanding shares voted
in favor of the Proposal.
1
l:\shared\boslegal\clients\cim\misc\nsar1298.doc
