ITEM 77M: Mergers
Xxxxxx Xxxxxxx High Yield Securities Inc.
On December 10, 2002, at a Special
Meeting of Shareholders of Xxxxxx Xxxxxxx High Income
Advantage Trust III ("HIAT III"), Shareholders of HIAT
III approved an Agreement and Plan of Reorganization
(the "Reorganization Agreement") between HIAT III and
Xxxxxx Xxxxxxx High Yield Securities Inc. ("High
Yield"), pursuant to which substantially all of the assets
of HIAT III would be combined with those of High Yield
and shareholders of HIAT III would become shareholders
of High Yield, receiving shares of High Yield with a
value equal to the value of their holdings in HIAT III (the
"Reorganization"). The Reorganization Agreement was
unanimously approved by the Board of Trustees on July
25, 2002.
On December 16, 2002, the Reorganization
Plan between Capital Growth and High Yield was
completed according to the terms set forth in the
Reorganization Agreement.
