CIBC Mutual Funds CIBC Family of Managed Portfolios Annual Report 2005
Inside This Report FINANCIAL STATEMENTS CIBC MUTUAL FUNDS CIBC FAMILY OF MANAGED PORTFOLIOS CIBC Savings Funds CIBC Managed Portfolios CIBC Canadian T-Bill Fund 2 CIBC Managed Income Portfolio 158 CIBC Premium Canadian T-Bill Fund 4 CIBC Managed Income Plus Portfolio 160 CIBC Money Market Fund 6 CIBC Managed Balanced Portfolio 162 CIBC U.S. Dollar Money Market Fund 9 CIBC Managed Balanced Growth Portfolio 164 CIBC High Yield Cash Fund 11 CIBC Managed Balanced Growth RRSP Portfolio 166 CIBC Managed Growth Portfolio 168 CIBC Income Funds CIBC Managed Growth RRSP Portfolio 170 CIBC Mortgage and Short-Term Income Fund 13 CIBC Managed Aggressive Growth Portfolio 172 CIBC Canadian Bond Fund 15 CIBC Managed Aggressive Growth RRSP Portfolio 174 CIBC Monthly Income Fund 18 CIBC Global Bond Fund 21 CIBC U.S. Dollar Managed Portfolios CIBC U.S. Dollar Managed Income Portfolio 176 CIBC Growth Funds CIBC U.S. Dollar Managed Balanced Portfolio 178 CIBC Balanced Fund 25 CIBC U.S. Dollar Managed Growth Portfolio 180 CIBC Diversified Income Fund 32 CIBC Dividend Fund 35 NOTES TO FINANCIAL STATEMENTS 182 CIBC Core Canadian Equity Fund 38 Canadian Imperial Equity Fund 40 AUDITORS REPORT 192 CIBC Capital Appreciation Fund 42 CIBC Canadian Small Companies Fund 44 CIBC Canadian Emerging Companies Fund 46 CIBC U.S. Small Companies Fund 48 CIBC Global Equity Fund 51 CIBC European Equity Fund 56 CIBC Japanese Equity Fund 60 CIBC Emerging Economies Fund 62 CIBC Far East Prosperity Fund 65 CIBC Latin American Fund 68 CIBC International Small Companies Fund 70 CIBC Financial Companies Fund 73 CIBC Canadian Resources Fund 75 CIBC Energy Fund 77 CIBC Canadian Real Estate Fund 79 CIBC Precious Metals Fund 81 CIBC North American Demographics Fund 83 CIBC Global Technology Fund 85 CIBC Index Funds CIBC Canadian Short-Term Bond Index Fund 87 CIBC Canadian Bond Index Fund 91 CIBC Global Bond Index Fund 96 CIBC Balanced Index Fund 99 CIBC Canadian Index Fund 104 CIBC U.S. Equity Index Fund 107 CIBC U.S. Index RRSP Fund 122 CIBC International Index Fund 124 CIBC International Index RRSP Fund 133 CIBC European Index Fund 135 CIBC European Index RRSP Fund 141 CIBC Japanese Index RRSP Fund 143 CIBC Emerging Markets Index Fund 145 CIBC Asia Pacific Index Fund 149 CIBC Nasdaq Index Fund 153 CIBC Nasdaq Index RRSP Fund 156 1
CIBC Canadian T-Bill Fund Statement of Investment Portfolio As at December 31, 2005 Average Cost Current Value Par Value Holdings ($) ($) Short-Term Investments 40,000,000 Government of Canada Treasury Bill, 2.870%, 2006/01/12 39,632,600 39,962,602 25,000,000 Government of Canada Treasury Bill, 3.056%, 2006/01/26 24,813,000 24,945,978 40,000,000 Government of Canada Treasury Bill, 3.058%, 2006/02/09 39,633,600 39,867,173 25,000,000 Government of Canada Treasury Bill, 3.234%, 2006/02/23 24,802,250 24,881,350 45,000,000 Government of Canada Treasury Bill, 3.025%, 2006/03/09 44,449,800 44,749,523 30,000,000 Government of Canada Treasury Bill, 3.371%, 2006/03/23 29,730,900 29,774,835 22,000,000 Government of Canada Treasury Bill, 3.391%, 2006/04/06 21,789,460 21,805,655 37,600,000 Government of Canada Treasury Bill, 3.540%, 2006/06/01 36,970,695 37,055,027 14,000,000 Darwin Receivables Trust Discount Note, 3.210%, 2006/02/06 13,885,200 13,954,813 7,000,000 Diversified Trust Discount Note, 3.121%, 2006/01/16 6,945,960 6,990,499 19,000,000 King Street Funding Trust Discount Note, 3.131%, 2006/01/18 18,854,460 18,970,892 6,000,000 Prime Trust Senior Discount Note, 3.451%, 2006/03/14 5,948,820 5,958,944 12,000,000 Stars Trust Series A Discount Note, 3.129%, 2006/01/23 11,907,120 11,976,525 12,000,000 Summit Trust Discount Note, 3.091%, 2006/01/11 11,910,240 11,988,906 43,500,000 Royal Bank of Canada Term Deposit, 3.250%, 2006/01/03 43,500,000 43,503,873 6,000,000 Bank of Nova Scotia Bearer Deposit Note, 3.252%, 2006/02/14 5,951,220 5,976,140 Total of Short-Term Investments (99.91%) 380,725,325 382,362,735 Total of Investments (99.91%) 380,725,325 382,362,735 Other Assets, less Liabilities (0.09%) 357,201 Total Net Assets (100.00%) 382,719,936 2 The accompanying notes are an integral part of these financial statements.
CIBC Canadian T-Bill Fund Statements of Net Assets Statements of Operations As at December 31, 2005 and 2004 (note 1) For the years ended December 31, 2005 and 2004 (note 1) Assets Income Investments at current value (notes 2 and 3) $ 382,363 $ 458,803 Interest revenue $ 11,052 $ 11,783 Cash including foreign currency holdings, at current value 48 52 Securities lending revenue 59 53 Accrued interest and dividends receivable 13 Receivable for units issued 2,259 6,465 11,111 11,836 Total Assets 384,670 465,333 Expenses (notes 5 and 8) Management fees 4,474 5,387 Liabilities Audit fees 13 12 Payable for units redeemed 1,594 1,529 Custodial fees 83 82 Management fees payable 338 418 Legal fees 39 27 Other accrued expenses 17 21 Regulatory fees 21 25 Distributions payable to unitholders 1 8 Unitholder reporting costs 472 541 Total Liabilities 1,950 1,976 Other expenses 22 54 Total Net Assets $ 382,720 $ 463,357 5,124 6,128 Net Asset Value per Unit (note 4) $ 10.00 $ 10.00 Expenses absorbed by the Manager (426) (472) 4,698 5,656 Net Investment Income (Loss) 6,413 6,180 Increase (Decrease) in Net Assets from Operations $ 6,413 $ 6,180 Increase (Decrease) in Net Assets from Operations per Unit $ 0.16 $ 0.12 Statements of Changes in Net Assets For the years ended December 31, 2005 and 2004 (note 1) Increase (Decrease) in Net Assets from Operations $ 6,413 $ 6,180 Distributions Paid or Payable to Unitholders From net investment income (6,413) (6,180) (6,413) (6,180) Changes Due to Unitholder Transactions Amount received from issuance of units 328,927 379,015 Amount received from reinvestment of distributions 6,310 6,094 Amount paid on redemptions of units (415,874) (470,735) (80,637) (85,626) Increase (Decrease) in Net Assets for the Year (80,637) (85,626) Net Assets at Beginning of Year 463,357 548,983 Net Assets at End of Year $ 382,720 $ 463,357 The accompanying notes are an integral part of these financial statements. 3
CIBC Premium Canadian T-Bill Fund Statement of Investment Portfolio As at December 31, 2005 Average Cost Current Value Par Value Holdings ($) ($) Short-Term Investments 200,000,000 Government of Canada Treasury Bill, 2.917%, 2006/01/12 198,446,000 199,809,714 244,000,000 Government of Canada Treasury Bill, 3.069%, 2006/02/09 241,802,360 243,186,625 250,000,000 Government of Canada Treasury Bill, 3.371%, 2006/03/23 247,757,500 248,123,622 21,325,000 Government of Canada Treasury Bill, 3.375%, 2006/04/06 21,133,502 21,137,410 300,000,000 Government of Canada Treasury Bill, 3.540%, 2006/06/01 294,985,000 295,651,317 19,000,000 Canadian Master Trust Series A Discount Note, 3.294%, 2006/01/05 18,950,410 18,991,450 42,000,000 Canadian Master Trust Series A Discount Note, 3.088%, 2006/01/16 41,668,620 41,943,595 20,000,000 Darwin Receivables Trust Discount Note, 3.232%, 2006/02/09 19,838,400 19,929,739 14,500,000 Diversified Trust Discount Note, 3.121%, 2006/01/16 14,388,060 14,480,318 15,000,000 King Street Funding Trust Discount Note, 3.179%, 2006/02/03 14,880,750 14,955,930 21,000,000 Plaza Trust Discount Note, 3.316%, 2006/01/23 20,933,430 20,956,254 20,000,000 Prime Trust Senior Discount Note, 3.308%, 2006/02/17 19,834,600 19,913,705 14,000,000 Prime Trust Senior Discount Note, 3.381%, 2006/03/02 13,882,960 13,921,545 22,000,000 Pure Trust Discount Note, 3.306%, 2006/01/16 21,936,420 21,968,210 18,000,000 Ridge Trust Series A Discount Note, 3.260%, 2006/01/06 17,948,700 17,990,381 6,400,000 Ridge Trust Series A Discount Note, 3.171%, 2006/02/01 6,349,248 6,382,347 30,000,000 Score Trust Discount Note, 3.261%, 2006/02/15 29,752,800 29,877,729 49,000,000 Stars Trust Series A Discount Note, 3.316%, 2006/01/18 48,840,260 48,920,130 9,700,000 Storm King Funding Trust Discount Note, 3.334%, 2006/01/17 9,676,138 9,684,976 27,500,000 Storm King Funding Trust Discount Note, 3.318%, 2006/01/18 27,425,200 27,455,120 8,000,000 Summit Trust Discount Note, 3.169%, 2006/02/01 7,937,280 7,977,944 345,000,000 Bank of Montreal Term Deposit, 3.250%, 2006/01/03 345,000,000 345,030,718 310,300,000 Royal Bank of Canada Term Deposit, 3.250%, 2006/01/03 310,300,000 310,327,629 210,050,000 Toronto-Dominion Bank (The), Term Deposit, 3.250%, 2006/01/03 210,050,000 210,068,703 30,000,000 Bank of Nova Scotia Bearer Deposit Note, 3.328%, 2006/02/22 29,753,100 29,856,201 10,000,000 Bank of Nova Scotia Bearer Deposit Note, 3.460%, 2006/03/16 9,915,400 9,929,500 9,000,000 Citibank Canada Bearer Deposit Note, 3.078%, 2006/01/09 8,932,950 8,993,220 20,000,000 Royal Bank of Canada Bearer Deposit Note, 3.151%, 2006/01/26 19,842,400 19,955,461 20,000,000 Royal Bank of Canada Bearer Deposit Note, 3.221%, 2006/02/09 19,837,200 19,929,979 20,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.209%, 2006/02/09 19,837,800 19,930,237 Total of Short-Term Investments (99.95%) 2,311,836,488 2,317,279,709 Total of Investments (99.95%) 2,311,836,488 2,317,279,709 Other Assets, less Liabilities (0.05%) 1,194,169 Total Net Assets (100.00%) 2,318,473,878 4 The accompanying notes are an integral part of these financial statements.
CIBC Premium Canadian T-Bill Fund Statements of Net Assets Statements of Operations As at December 31, 2005 and 2004 (note 1) For the years ended December 31, 2005 and 2004 (note 1) Assets Income Investments at current value (notes 2 and 3) $ 2,317,280 $2,770,289 Interest revenue $ 69,503 $ 72,327 Cash including foreign currency holdings, at current value 165 63 Securities lending revenue 270 190 Accrued interest and dividends receivable 420 Receivable for units issued 10,627 15,133 69,773 72,517 Total Assets 2,328,072 2,785,905 Expenses (notes 5 and 8) Management fees 11,449 14,198 Liabilities Audit fees 13 12 Payable for units redeemed 8,441 10,186 Custodial fees 314 331 Management fees payable 1,051 1,267 Legal fees 248 164 Other accrued expenses 105 127 Regulatory fees 59 83 Distributions payable to unitholders 1 94 Unitholder reporting costs 656 1,339 Total Liabilities 9,598 11,674 Other expenses 138 336 Total Net Assets $ 2,318,474 $ 2,774,231 12,877 16,463 Net Asset Value per Unit (note 4) $ 10.00 $ 10.00 Expenses absorbed by the Manager (29) (595) 12,848 15,868 Net Investment Income (Loss) 56,925 56,649 Increase (Decrease) in Net Assets from Operations $ 56,925 $ 56,649 Increase (Decrease) in Net Assets from Operations per Unit $ 0.22 $ 0.18 Statements of Changes in Net Assets For the years ended December 31, 2005 and 2004 (note 1) Increase (Decrease) in Net Assets from Operations $ 56,925 $ 56,649 Distributions Paid or Payable to Unitholders From net investment income (56,925) (56,649) (56,925) (56,649) Changes Due to Unitholder Transactions Amount received from issuance of units 2,957,548 3,090,385 Amount received from reinvestment of distributions 55,799 55,550 Amount paid on redemptions of units (3,469,104) (3,774,885) (455,757) (628,950) Increase (Decrease) in Net Assets for the Year (455,757) (628,950) Net Assets at Beginning of Year 2,774,231 3,403,181 Net Assets at End of Year $ 2,318,474 $2,774,231 The accompanying notes are an integral part of these financial statements. 5
CIBC Money Market Fund Statement of Investment Portfolio As at December 31, 2005 Average Cost Current Value Par Value Holdings ($) ($) Short-Term Investments 28,200,000 Government of Canada Treasury Bill, 2.917%, 2006/01/12 27,980,886 28,189,633 103,745,000 Government of Canada Treasury Bill, 2.859%, 2006/03/09 102,334,068 103,199,867 9,000,000 Government of Canada Treasury Bill, 3.080%, 2006/08/10 8,745,390 8,836,164 40,000,000 Canadian Master Trust Series A Discount Note, 3.088%, 2006/01/09 39,704,400 39,969,768 68,600,000 Canadian Master Trust Series A Discount Note, 3.169%, 2006/02/01 68,062,176 68,410,875 20,000,000 Canadian Master Trust Series A Discount Note, 3.182%, 2006/02/02 19,842,600 19,942,921 21,800,000 Canadian Master Trust Series A Discount Note, 3.229%, 2006/02/07 21,627,780 21,727,285 33,000,000 Canadian Master Trust Series A Discount Note, 3.411%, 2006/03/08 32,724,780 32,795,114 29,625,000 Care Trust Series A Discount Note, 3.229%, 2006/02/06 29,390,963 29,528,785 18,600,000 Care Trust Series A Discount Note, 3.410%, 2006/03/01 18,451,758 18,496,575 31,725,000 Care Trust Series A Discount Note, 3.419%, 2006/03/16 31,430,592 31,504,194 69,000,000 Care Trust Series D Discount Note, 3.018%, 2006/01/04 68,480,410 68,977,348 25,000,000 Corporate Receivables Trust Discount Note, 3.361%, 2006/02/28 24,792,250 24,865,305 12,175,000 Darwin Receivables Trust Senior Discount Note, 3.151%, 2006/01/25 12,079,061 12,148,930 12,025,000 Darwin Receivables Trust Senior Discount Note, 3.361%, 2006/02/28 11,925,072 11,960,212 42,000,000 Darwin Receivables Trust Senior Discount Note, 3.410%, 2006/03/07 41,645,940 41,743,209 27,000,000 Darwin Receivables Trust Senior Discount Note, 3.451%, 2006/03/14 26,769,690 26,815,246 5,000,000 Diversified Trust Discount Note, 3.131%, 2006/01/20 4,960,850 4,991,489 11,000,000 Diversified Trust Discount Note, 3.182%, 2006/02/02 10,913,430 10,968,607 23,800,000 Diversified Trust Discount Note, 3.229%, 2006/02/07 23,611,980 23,720,614 50,000,000 Diversified Trust Discount Note, 3.701%, 2006/06/19 49,094,000 49,153,736 9,830,000 Financiere CDP Discount Note, 3.378%, 2006/02/28 9,749,689 9,776,760 14,800,000 King Street Funding Trust Discount Note, 3.149%, 2006/01/25 14,684,708 14,768,327 50,000,000 King Street Funding Trust Discount Note, 3.181%, 2006/02/03 49,598,000 49,853,032 85,000,000 King Street Funding Trust Discount Note, 3.328%, 2006/02/17 84,338,700 84,630,902 28,000,000 King Street Funding Trust Discount Note, 3.411%, 2006/03/07 27,766,480 27,828,752 50,500,000 King Street Funding Trust Discount Note, 3.409%, 2006/03/08 50,069,740 50,186,659 18,000,000 Merit Trust Senior Discount Note, 3.129%, 2006/01/20 17,860,680 17,969,380 19,700,000 Merit Trust Senior Discount Note, 3.361%, 2006/02/28 19,534,520 19,593,877 5,000,000 Merit Trust Senior Discount Note, 3.410%, 2006/03/07 4,957,850 4,969,430 24,000,000 Prime Trust Discount Note, 3.021%, 2006/01/09 23,814,720 23,982,260 29,275,000 Prime Trust Discount Note, 3.151%, 2006/01/25 29,044,313 29,212,313 25,000,000 Prime Trust Discount Note, 3.210%, 2006/02/06 24,795,000 24,919,308 30,000,000 Prime Trust Discount Note, 3.308%, 2006/02/17 29,751,900 29,870,557 18,200,000 Prime Trust Senior Discount Note, 3.129%, 2006/01/20 18,059,132 18,169,040 4,000,000 Prime Trust Senior Discount Note, 3.139%, 2006/01/24 3,968,600 3,991,808 15,000,000 Prime Trust Senior Discount Note, 3.159%, 2006/01/27 14,881,500 14,965,223 48,875,000 Prime Trust Senior Discount Note, 3.361%, 2006/02/28 48,467,600 48,611,683 13,000,000 Prime Trust Senior Discount Note, 3.410%, 2006/03/07 12,890,815 12,920,509 15,800,000 Prime Trust Senior Discount Note, 3.451%, 2006/03/14 15,665,226 15,691,885 64,000,000 Ridge Trust Series A Discount Note, 3.089%, 2006/01/11 63,516,160 63,940,864 9,000,000 Ridge Trust Series A Discount Note, 3.411%, 2006/03/08 8,924,940 8,944,122 18,000,000 Stars Trust Discount Note, 3.451%, 2006/03/17 17,841,420 17,871,786 6,000,000 Stars Trust Series A Discount Note, 3.131%, 2006/01/20 5,953,020 5,989,787 7,000,000 Stars Trust Series A Discount Note, 3.129%, 2006/01/23 6,945,820 6,986,306 61,600,000 Stars Trust Series A Discount Note, 3.173%, 2006/02/01 61,113,762 61,429,972 17,800,000 Stars Trust Series A Discount Note, 3.232%, 2006/02/09 17,656,176 17,737,468 25,000,000 Summit Trust Discount Note, 3.080%, 2006/01/11 24,809,500 24,976,973 12,700,000 Summit Trust Discount Note, 3.171%, 2006/02/01 12,599,289 12,664,970 10,000,000 Summit Trust Series A Discount Note, 3.439%, 2006/03/13 9,915,000 9,932,747 40,200,000 Zeus Receivables Trust Senior Discount Note, 3.361%, 2006/02/28 39,865,263 39,983,417 100,000,000 Zeus Receivables Trust Senior Discount Note, 3.369%, 2006/03/02 99,158,000 99,441,717 20,500,000 Zeus Receivables Trust Senior Discount Note, 3.410%, 2006/03/07 20,327,185 20,374,662 75,000,000 Bank of Nova Scotia Bankers Acceptance, 3.139%, 2006/01/23 74,424,000 74,852,800 15,400,000 National Bank of Canada Bankers Acceptance, 3.149%, 2006/01/23 15,282,652 15,369,674 4,000,000 Royal Bank of Canada Term Deposit, 3.250%, 2006/01/03 4,000,000 4,000,356 50,000,000 Bank of Montreal Bearer Deposit Note, 3.121%, 2006/01/17 49,614,000 49,927,890 75,000,000 Bank of Montreal Bearer Deposit Note, 3.388%, 2006/03/06 74,351,250 74,551,396 24,000,000 Bank of Montreal Bearer Deposit Note, 3.448%, 2006/03/17 23,790,960 23,829,172 90,000,000 Bank of Nova Scotia Bearer Deposit Note, 3.119%, 2006/01/18 89,298,000 89,862,652 25,000,000 Bank of Nova Scotia Bearer Deposit Note, 3.666%, 2006/06/02 24,551,250 24,622,754 26,500,000 Citibank Canada Bearer Deposit Note, 3.078%, 2006/01/09 26,302,575 26,480,036 51,800,000 Citibank Canada Bearer Deposit Note, 3.129%, 2006/01/23 51,399,068 51,698,666 50,000,000 Citibank Canada Bearer Deposit Note, 3.341%, 2006/02/22 49,582,500 49,759,484 35,000,000 Citibank Canada Bearer Deposit Note, 3.408%, 2006/03/03 34,714,750 34,799,028 54,000,000 National Bank of Canada Bearer Deposit Note, 3.010%, 2006/01/05 53,593,380 53,977,901 99,200,000 Royal Bank of Canada Bearer Deposit Note, 3.151%, 2006/01/26 98,418,303 98,979,086 12,500,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.151%, 2006/01/26 12,401,500 12,472,163 49,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.448%, 2006/03/17 48,573,210 48,651,225 150,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.489%, 2006/03/22 148,720,500 148,848,448 Total of Short-Term Investments (92.30%) 2,442,110,682 2,452,815,104 6 The accompanying notes are an integral part of these financial statements.
CIBC Money Market Fund Average Cost Current Value Par Value Holdings ($) ($) Canadian Bonds 50,925,000 Bank of Nova Scotia, 3.628%, 2007/03/30 50,917,822 50,917,820 60,525,000 Broadway Credit Card Trust, Floating Rate, 3.237%, 2007/07/17 60,525,000 60,525,000 23,900,000 Citigroup Finance Canada Inc., Floating Rate, 3.573%, 2006/12/04 23,900,000 23,900,000 61,300,000 Royal Bank of Canada, Floating Rate, 3.210%, 2006/10/20 61,300,000 61,300,000 Total of Canadian Bonds (7.40%) 196,642,822 196,642,820 Total of Investments (99.70%) 2,638,753,504 2,649,457,924 Other Assets, less Liabilities (0.30%) 7,842,921 Total Net Assets (100.00%) 2,657,300,845 The accompanying notes are an integral part of these financial statements. 7
CIBC Money Market Fund Statements of Net Assets Statements of Operations As at December 31, 2005 and 2004 (note 1) For the years ended December 31, 2005 and 2004 (note 1) Assets Income Investments at current value (notes 2 and 3) $ 2,649,458 $3,048,514 Interest revenue $ 77,365 $ 77,638 Cash including foreign currency holdings, at current value 666 65 Securities lending revenue 65 103 Accrued interest and dividends receivable 846 977 Receivable for units issued 22,536 14,987 77,430 77,741 Total Assets 2,673,506 3,064,543 Expenses (notes 5 and 8) Management fees 27,095 30,926 Liabilities Audit fees 14 12 Payable for units redeemed 13,659 15,152 Custodial fees 305 301 Management fees payable 2,358 2,785 Legal fees 263 169 Other accrued expenses 188 223 Regulatory fees 56 65 Distributions payable to unitholders 35 Unitholder reporting costs 5,248 5,330 Total Liabilities 16,205 18,195 Other expenses 146 346 Total Net Assets $ 2,657,301 $ 3,046,348 33,127 37,149 Net Asset Value per Unit (note 4) $ 10.00 $ 10.00 Expenses absorbed by the Manager (3,588) (3,443) 29,539 33,706 Net Investment Income (Loss) 47,891 44,035 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1 Increase (decrease) in unrealized appreciation (depreciation) of investments Net Gain (Loss) on Investments Increase (Decrease) in Net Assets from Operations $ 47,891 $ 44,035 Increase (Decrease) in Net Assets from Operations per Unit $ 0.17 $ 0.14 Statements of Changes in Net Assets For the years ended December 31, 2005 and 2004 (note 1) Increase (Decrease) in Net Assets from Operations $ 47,891 $ 44,035 Distributions Paid or Payable to Unitholders From net investment income (47,891) (44,036) (47,891) (44,036) Changes Due to Unitholder Transactions Amount received from issuance of units 2,856,273 3,299,029 Amount received from reinvestment of distributions 47,422 43,650 Amount paid on redemptions of units (3,292,742) (3,709,777) (389,047) (367,098) Increase (Decrease) in Net Assets for the Year (389,047) (367,099) Net Assets at Beginning of Year 3,046,348 3,413,447 Net Assets at End of Year $ 2,657,301 $ 3,046,348 1 Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) Cost of Investments Held at Beginning of Year $ 286,650 $ 500,327 Purchases 50,918 361,769 337,568 862,096 Cost of Investments Held at End of Year 196,643 286,650 Cost of Investments Sold or Matured 140,925 575,446 Proceeds from sales or maturities 140,925 575,446 Net Realized Gain (Loss) on Sale of Investments $ $ 8 The accompanying notes are an integral part of these financial statements.
CIBC U.S. Dollar Money Market Fund Statement of Investment Portfolio (in U.S. $) As at December 31, 2005 Average Cost Current Value Par Value Holdings (U.S. $) (U.S. $) Short-Term Investments 9,800,000 Alcan Inc. Discount Note, 4.377%, 2006/01/31 9,750,216 9,763,255 22,000,000 Care Trust Discount Note, 4.351%, 2006/02/21 21,794,520 21,863,013 10,000,000 Chevron Canada Capital Co. Discount Note, 3.991%, 2006/01/04 9,902,300 9,995,609 6,500,000 Darwin Receivables Trust Discount Note, 4.149%, 2006/01/30 6,429,605 6,477,770 19,000,000 Darwin Receivables Trust Discount Note, 4.361%, 2006/03/06 18,786,060 18,852,063 8,800,000 Diversified Trust Discount Note, 4.160%, 2006/02/01 8,707,424 8,767,800 10,400,000 Enbridge Inc. Discount Note, 4.320%, 2006/02/13 10,307,232 10,345,576 3,700,000 Gaz Metropolitan Discount Note, 4.341%, 2006/02/22 3,663,777 3,676,587 11,500,000 GE Capital Canada Funding Co. Discount Note, 4.100%, 2006/01/25 11,379,480 11,467,602 7,000,000 GE Capital Canada Funding Co. Discount Note, 4.120%, 2006/01/27 6,926,290 6,978,600 6,000,000 GE Capital Canada Funding Co. Discount Note, 4.260%, 2006/02/17 5,938,860 5,966,268 13,000,000 King Street Funding Trust Discount Note, 4.110%, 2006/01/18 12,867,790 12,973,558 9,000,000 King Street Funding Trust Discount Note, 4.368%, 2006/03/07 8,900,640 8,928,720 14,000,000 Prime Trust Senior Discount Note, 4.281%, 2006/02/21 13,843,620 13,914,403 9,000,000 Prime Trust Senior Discount Note, 4.339%, 2006/02/28 8,902,350 8,936,689 10,000,000 Pure Trust Discount Note, 4.191%, 2006/01/17 9,927,200 9,980,356 16,500,000 Royal Bank of Canada Discount Note, 4.029%, 2006/01/17 16,322,790 16,468,943 7,000,000 Royal Bank of Canada Discount Note, 4.420%, 2006/03/28 6,919,290 6,926,087 10,000,000 Thomson Corp. (The), Discount Note, 4.370%, 2006/02/21 9,927,700 9,937,340 15,000,000 Zeus Receivables Trust Senior Discount Note, 4.339%, 2006/02/28 14,837,250 14,894,481 4,525,000 Bank of Montreal Term Deposit, 4.000%, 2006/01/03 4,525,000 4,525,503 1,000,000 Bank of Montreal Bearer Deposit Note, 4.220%, 2006/02/15 989,330 994,665 10,000,000 Caisse Centrale Desjardins Bearer Deposit Note, 4.339%, 2006/03/07 9,892,700 9,921,313 4,100,000 Caisse Centrale Desjardins Bearer Deposit Note, 4.260%, 2006/02/22 4,055,843 4,074,562 6,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.961%, 2006/01/05 5,939,220 5,996,730 Total of Short-Term Investments (91.72%) 241,436,487 242,627,493 Canadian Bonds 9,000,000 Province of Ontario, Floating Rate, 4.341%, 2006/09/15 9,000,000 9,000,000 10,000,000 Citigroup Finance Canada Inc., Floating Rate, 4.407%, 2007/12/06 10,000,000 10,000,000 Total of Canadian Bonds (7.18%) 19,000,000 19,000,000 Total of Investments (98.90%) 260,436,487 261,627,493 Other Assets, less Liabilities (1.10%) 2,897,074 Total Net Assets (100.00%) 264,524,567 The accompanying notes are an integral part of these financial statements. 9
CIBC U.S. Dollar Money Market Fund Statements of Net Assets Statements of Operations As at December 31, 2005 and 2004 (note 1) For the years ended December 31, 2005 and 2004 (note 1) (U.S. $) (U.S. $) (U.S. $) (U.S. $) Assets Income Investments at current value (notes 2 and 3) $ 261,627 $ 280,045 Interest revenue $ 8,579 $ 3,942 Cash including foreign currency holdings, at current value 23 64 Accrued interest and dividends receivable 49 14 8,579 3,942 Refundable capital gain taxes 211 661 Expenses (notes 5 and 8) Receivable for units issued 3,701 5,455 Management fees 2,660 2,916 Total Assets 265,611 286,239 Audit fees 13 10 Custodial fees 63 57 Liabilities Legal fees 25 16 Payable for units redeemed 882 627 Regulatory fees 19 18 Management fees payable 204 224 Unitholder reporting costs 187 233 Distributions payable to unitholders 4 Other expenses 14 32 Total Liabilities 1,086 855 2,981 3,282 Total Net Assets $ 264,525 $ 285,384 Expenses waived/absorbed by the Manager (641) (713) Net Asset Value per Unit (note 4) $ 10.00 $ 10.00 2,340 2,569 Net Investment Income (Loss) 6,239 1,373 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1 Net Gain (Loss) on Investments Increase (Decrease) in Net Assets from Operations $ 6,239 $ 1,373 Increase (Decrease) in Net Assets from Operations per Unit $ 0.23 $ 0.05 Statements of Changes in Net Assets For the years ended December 31, 2005 and 2004 (note 1) 1 Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (U.S. $) (U.S. $) Cost of Investments Held at Beginning of Year $ 9,000 $ (U.S. $) (U.S. $) Purchases 10,000 9,000 Increase (Decrease) in Net Assets from Operations $ 6,239 $ 1,373 19,000 9,000 Distributions Paid or Payable to Unitholders Cost of Investments Held at End of Year 19,000 9,000 From net investment income (6,239) (1,373) Cost of Investments Sold or Matured (6,239) (1,373) Proceeds from sales or maturities Changes Due to Unitholder Transactions Net Realized Gain (Loss) on Sale of Investments $ $ Amount received from issuance of units 292,536 265,524 Amount received from reinvestment of distributions 6,151 1,360 Amount paid on redemptions of units (319,546) (296,535) (20,859) (29,651) Increase (Decrease) in Net Assets for the Year (20,859) (29,651) Net Assets at Beginning of Year 285,384 315,035 Net Assets at End of Year $ 264,525 $ 285,384 10 The accompanying notes are an integral part of these financial statements.
CIBC High Yield Cash Fund Statement of Investment Portfolio As at December 31, 2005 Average Cost Current Value Par Value Holdings ($) ($) Canadian Bonds 5,000,000 Government of Canada, 3.000%, 2006/06/01 4,990,250 4,987,600 6,500,000 Government of Canada, 3.000%, 2007/06/01 6,491,388 6,425,380 3,500,000 Government of Canada, 2.750%, 2007/12/01 3,439,100 3,429,440 Government of Canada & Guaranteed (21.13%) 14,920,738 14,842,420 1,150,000 407 International Inc., Floating Rate, 3.479%, 2006/11/22 1,150,000 1,150,000 1,300,000 Bank of Nova Scotia, 3.627%, 2007/03/30 1,299,818 1,299,818 2,250,000 Broadway Credit Card Trust, Floating Rate, 3.237%, 2007/07/17 2,250,000 2,250,000 4,000,000 Citigroup Finance Canada Inc., 4.300%, 2006/04/25 4,017,606 4,006,600 2,200,000 Citigroup Finance Canada Inc., Floating Rate, 3.573%, 2006/12/04 2,200,000 2,200,000 5,000,000 Hydro One Inc., 4.450%, 2007/05/04 5,096,932 5,028,200 1,200,000 John Deere Credit Inc., 3.633%, 2007/12/13 1,199,983 1,199,983 1,100,000 Royal Bank of Canada, Floating Rate, 3.210%, 2006/10/20 1,100,000 1,100,000 3,000,000 Thomson Corp. (The), 6.500%, 2007/07/09 3,174,090 3,105,120 2,000,000 TransCanada Pipelines Ltd., 6.150%, 2007/10/01 2,113,180 2,068,840 2,600,000 Wells Fargo Financial Canada Corp., 5.800%, 2006/02/21 2,608,266 2,607,124 Corporate (37.04%) 26,209,875 26,015,685 Total of Canadian Bonds (58.17%) 41,130,613 40,858,105 Short-Term Investments 1,025,000 Government of Canada Treasury Bill, 2.859%, 2006/03/09 1,011,060 1,018,553 3,500,000 Province of Quebec Treasury Bill, 3.481%, 2006/05/19 3,441,900 3,452,680 1,200,000 Care Trust Series A Discount Note, 3.229%, 2006/02/06 1,190,520 1,195,872 3,850,000 Darwin Receivables Trust Discount Note, 3.232%. 2006/02/08 3,818,892 3,836,025 5,000,000 King Street Funding Trust Discount Note, 3.149%, 2006/01/25 4,961,050 4,988,299 2,000,000 Prime Trust Senior Discount Note, 3.151%, 2006/01/25 1,984,240 1,995,320 2,000,000 Toronto-Dominion Bank (The), Bankers Acceptance, 3.689%, 2006/06/12 1,964,460 1,966,640 1,800,000 Bank of Nova Scotia Bearer Deposit Note, 3.719%, 2006/06/20 1,767,402 1,768,338 1,600,000 Citibank Canada Bearer Deposit Note, 3.078%, 2006/01/09 1,588,080 1,598,512 4,300,000 Royal Bank of Canada Bearer Deposit Note, 3.221%, 2006/02/09 4,264,998 4,283,660 Total of Short-Term Investments (37.16%) 25,992,602 26,103,899 Total of Investments (95.33%) 67,123,215 66,962,004 Other Assets, less Liabilities (4.67%) 3,278,970 Total Net Assets (100.00%) 70,240,974 The accompanying notes are an integral part of these financial statements. 11
CIBC High Yield Cash Fund Statements of Net Assets Statements of Operations As at December 31, 2005 and 2004 (note 1) For the years ended December 31, 2005 and 2004 (note 1) Assets Income Investments at current value (notes 2 and 3) $ 66,962 $ 91,429 Interest revenue $ 2,327 $ 3,395 Cash including foreign currency holdings, at current value 29 95 Securities lending revenue 9 7 Accrued interest and dividends receivable 396 457 Receivable for units issued 3,075 90 2,336 3,402 Total Assets 70,462 92,071 Expenses (notes 5 and 8) Management fees 671 961 Liabilities Audit fees 16 12 Payable for units redeemed 150 146 Custodial fees 72 71 Management fees payable 61 90 Legal fees 8 6 Other accrued expenses 7 10 Regulatory fees 14 17 Distributions payable to unitholders 3 3 Unitholder reporting costs 71 99 Total Liabilities 221 249 Other expenses 4 13 Total Net Assets $ 70,241 $ 91,822 856 1,179 Net Asset Value per Unit (note 4) $ 10.07 $ 10.11 Expenses absorbed by the Manager (91) (78) 765 1,101 Net Investment Income (Loss) 1,571 2,301 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1 94 114 Net realized gain (loss) on foreign currency (notes 2d and e) 46 Increase (decrease) in unrealized appreciation (depreciation) of investments (417) (180) Net Gain (Loss) on Investments (323) (20) Increase (Decrease) in Net Assets from Operations $ 1,248 $ 2,281 Increase (Decrease) in Net Assets from Operations per Unit $ 0.15 $ 0.19 Statements of Changes in Net Assets For the years ended December 31, 2005 and 2004 (note 1) Increase (Decrease) in Net Assets from Operations $ 1,248 $ 2,281 Distributions Paid or Payable to Unitholders From net investment income (1,569) (2,355) (1,569) (2,355) Changes Due to Unitholder Transactions Amount received from issuance of units 31,736 58,325 Amount received from reinvestment of distributions 1,558 2,338 Amount paid on redemptions of units (54,554) (111,854) (21,260) (51,191) Increase (Decrease) in Net Assets for the Year (21,581) (51,265) Net Assets at Beginning of Year 91,822 143,087 Net Assets at End of Year $ 70,241 $ 91,822 1 Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) Cost of Investments Held at Beginning of Year $ 62,475 $ 86,391 Purchases 29,527 43,815 92,002 130,206 Cost of Investments Held at End of Year 41,131 62,475 Cost of Investments Sold or Matured 50,871 67,731 Proceeds from sales or maturities 50,965 67,845 Net Realized Gain (Loss) on Sale of Investments $ 94 $ 114 12 The accompanying notes are an integral part of these financial statements.
CIBC Mortgage and Short-Term Income Fund Statement of Investment Portfolio As at December 31, 2005 Mortgages* Interest Rate Principal Value Amortized Cost Current Value (%) Quantity ($) ($) ($) 4.750-4.999 2 190,055 187,252 188,231 5.000-5.249 2 255,433 252,788 251,992 5.250-5.499 24 1,756,204 1,746,955 1,743,569 5.500-5.749 76 5,986,775 5,962,947 5,970,803 5.750-5.999 185 14,500,557 14,484,613 14,504,935 6.000-6.249 100 6,091,087 6,097,286 6,108,256 6.250-6.499 181 11,910,526 11,962,444 11,988,866 6.500-6.749 194 11,677,963 11,766,313 11,800,540 6.750-6.999 201 10,862,993 10,947,326 10,966,228 7.000-7.249 86 4,709,551 4,738,628 4,755,833 7.250-7.499 144 7,544,644 7,648,165 7,687,108 7.500-7.749 89 5,075,195 5,112,377 5,130,457 7.750-7.999 102 4,572,856 4,603,745 4,615,346 8.000-8.249 12 800,842 821,777 828,376 8.250-8.499 10 713,090 726,572 727,733 8.500-8.749 54 2,941,037 3,017,222 3,028,498 8.750-8.999 2 113,723 116,880 117,483 Total of Mortgages (14.43%) 1,464 89,702,531 90,193,290 90,414,254 Average Cost Current Value Par Value Holdings ($) ($) Canadian Bonds 40,000,000 Canada Housing Trust No. 1, 4.400%, 2008/03/15 40,304,327 40,351,600 50,000,000 Canada Housing Trust No. 1, 4.100%, 2008/12/15 49,355,000 50,095,500 40,000,000 Canada Housing Trust No. 1, 3.550%, 2009/03/15 39,327,400 39,460,800 Government of Canada & Guaranteed (20.73%) 128,986,727 129,907,900 5,142,025 NHA MBS Alberta Motor Association Insurance Co., 4.900%, 2007/07/01 5,121,560 5,182,081 6,240,755 NHA MBS Alberta Motor Association Insurance Co., 4.500%, 2007/08/01 6,222,906 6,261,037 3,611,611 NHA MBS Bank of Nova Scotia, 4.000%, 2008/03/01 3,615,945 3,602,798 5,372,004 NHA MBS Bank of Nova Scotia, 3.500%, 2010/02/01 5,292,069 5,244,419 19,543,713 NHA MBS Bank of Nova Scotia, 5.300%, 2012/08/01 20,628,584 20,654,186 22,027,342 NHA MBS Equitable Trust Co., 3.750%, 2009/02/01 21,471,813 21,759,049 2,754,024 NHA MBS MRS Trust, 4.550%, 2007/08/01 2,725,162 2,760,358 21,684,947 NHA MBS Toronto-Dominion Bank (The), 4.125%, 2008/05/01 21,462,026 21,686,682 40,505,219 NHA MBS Toronto-Dominion Bank (The), 4.375%, 2009/07/01 39,844,174 40,775,389 28,217,610 NHA MBS Toronto-Dominion Bank (The), 3.375%, 2010/03/01 27,587,228 27,408,893 23,094,133 NHA MBS Toronto-Dominion Bank (The), 3.375%, 2010/05/01 22,596,455 22,847,488 21,754,416 NHA MBS Toronto-Dominion Bank (The), 3.250%, 2010/06/01 21,235,790 20,986,050 7,734,959 NHA MBS Toronto-Dominion Bank (The), 5.500%, 2011/03/01 8,168,890 8,160,691 42,383,407 NHA MBS Toronto-Dominion Bank (The), 4.500%, 2014/11/01 41,331,875 42,935,663 6,186,901 Real Estate Asset Liquidity Trust, Class A1, Series 2004-1, 4.445%, 2013/05/12 6,205,803 6,206,699 9,941,507 Real Estate Asset Liquidity Trust, Class A1, Series 2005-2, 4.342%, 2015/06/12 9,941,134 9,896,770 17,063,566 Schooner Trust, 4.639%, 2014/01/12 17,119,757 17,229,082 Mortgage-Backed Securities (45.25%) 280,571,171 283,597,335 10,000,000 Bank of Nova Scotia, 3.470%, 2008/09/02 9,999,000 9,831,600 13,750,000 Canadian Credit Card Trust, Series 05-1, 4.143%, 2010/04/26 13,750,000 13,699,263 20,000,000 Genesis Trust, Series 2005-2, Class A, 4.002%, 2010/03/15 20,000,000 19,842,200 15,000,000 Glacier Credit Card Trust, 4.274%, 2009/11/20 15,000,000 15,042,600 18,000,000 Merrill Lynch Financial Assets Inc., 5.278%, 2014/10/12 17,999,640 18,981,001 Corporate (12.35%) 76,748,640 77,396,664 Total of Canadian Bonds (78.33%) 486,306,538 490,901,899 Total of Investments before Short-Term Investments (92.76%) 576,499,828 581,316,153 Short-Term Investments 12,325,000 Government of Canada Treasury Bill, 3.029%, 2006/01/26 12,226,319 12,299,049 9,125,000 Government of Canada Treasury Bill, 3.212%, 2006/02/23 9,046,981 9,082,010 22,700,000 Government of Canada Treasury Bill, 3.371%, 2006/03/23 22,496,380 22,529,626 Total of Short-Term Investments (7.01%) 43,769,680 43,910,685 Total of Investments (99.77%) 620,269,508 625,226,838 Other Assets, less Liabilities (0.23%) 1,452,663 Total Net Assets (100.00%) 626,679,501 *All mortgages held are National Housing Act (Canada) insured and are pre-payable. The accompanying notes are an integral part of these financial statements. 13
CIBC Mortgage and Short-Term Income Fund Statements of Net Assets Statements of Operations As at December 31, 2005 and 2004 (note 1) For the years ended December 31, 2005 and 2004 (note 1) Assets Income Investments at current value (notes 2 and 3) $ 625,227 $ 717,212 Interest revenue $ 20,070 $ 17,349 Cash including foreign currency holdings, at current value 12 94 Interest on mortgages 11,789 23,751 Accrued interest and dividends receivable 2,781 3,015 Securities lending revenue 25 17 Receivable for units issued 335 279 Other income 2 3 Other receivables 292 911 31,886 41,120 Total Assets 628,647 721,511 Expenses (notes 5 and 8) Liabilities Management fees 8,993 10,128 Payable for units redeemed 1,073 1,808 Audit fees 15 12 Management fees payable 694 816 Custodial fees 127 117 Other accrued expenses 200 202 Legal fees 63 40 Total Liabilities 1,967 2,826 Mortgage administration fees 479 990 Regulatory fees 18 23 Total Net Assets $ 626,680 $ 718,685 Unitholder reporting costs 1,705 1,737 Other expenses 35 82 Net Asset Value per Unit (note 4) $ 11.65 $ 11.81 11,435 13,129 Expenses absorbed by the Manager (48) (52) 11,387 13,077 Net Investment Income (Loss) 20,499 28,043 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1 1,430 (3,630) Increase (decrease) in unrealized appreciation (depreciation) of investments (9,723) 924 Net Gain (Loss) on Investments (8,293) (2,706) Increase (Decrease) in Net Assets from Operations $ 12,206 $ 25,337 Increase (Decrease) in Net Assets from Operations per Unit $ 0.22 $ 0.40 Statements of Changes in Net Assets For the years ended December 31, 2005 and 2004 (note 1) 1 Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) Cost of Investments Held at Beginning of Year $ 655,296 $ 698,478 Purchases 80,075 232,229 Increase (Decrease) in Net Assets from Operations $ 12,206 $ 25,337 735,371 930,707 Distributions Paid or Payable to Unitholders Cost of Investments Held at End of Year 576,500 655,296 From net investment income (20,799) (28,298) Cost of Investments Sold or Matured 158,871 275,411 (20,799) (28,298) Proceeds from sales or maturities 160,301 271,781 Changes Due to Unitholder Transactions Net Realized Gain (Loss) on Sale of Investments $ 1,430 $ (3,630) Amount received from issuance of units 73,738 99,422 Amount received from reinvestment of distributions 19,951 27,122 Amount paid on redemptions of units (177,101) (202,170) (83,412) (75,626) Increase (Decrease) in Net Assets for the Year (92,005) (78,587) Net Assets at Beginning of Year 718,685 797,272 Net Assets at End of Year $ 626,680 $ 718,685 14 The accompanying notes are an integral part of these financial statements.
CIBC Canadian Bond Fund Statement of Investment Portfolio As at December 31, 2005 Hedging Average Cost Current Value Par Value Holdings Ref. No.* ($) ($) Canadian Bonds 33,150,000 Canada Housing Trust No. 1, 4.400%, 2008/03/15 33,487,228 33,441,389 34,150,000 Canada Housing Trust No. 1, 3.550%, 2009/03/15 34,292,238 33,689,658 35,750,000 Canada Housing Trust No. 1, 4.650%, 2009/09/15 37,146,484 36,509,688 46,100,000 Canada Housing Trust No. 1, 3.550%, 2010/09/15 46,428,264 45,140,198 47,925,000 Government of Canada, Series WL43, 5.750%, 2029/06/01 53,715,848 59,848,740 65,295,000 Government of Canada, Series XX71, 4.500%, 2015/06/01 68,368,158 67,939,448 Government of Canada & Guaranteed (34.83%) 273,438,220 276,569,121 2,725,000 Hydro-Quebec, 6.500%, 2011/02/15 2,760,569 3,013,959 7,300,000 Hydro-Quebec, Series HL, 11.000%, 2020/08/15 11,478,930 12,315,538 17,121,285 Province of Ontario, 3.210%, 2009/08/13 17,121,285 16,893,572 35,500,000 Province of Quebec, 5.250%, 2013/10/01 36,386,080 37,688,575 10,000,000 Province of Quebec, 5.000%, 2015/12/01 10,399,000 10,461,500 7,500,000 Province of Quebec, 5.750%, 2036/12/01 8,561,100 8,709,450 Provincial Government & Guaranteed (11.22%) 86,706,964 89,082,594 6,530,209 N-45 First CMBS Corp., 5.248%, 2006/12/15 6,544,124 6,556,003 19,776,741 NHA MBS Toronto-Dominion Bank (The), 3.250%, 2010/06/01 19,305,264 19,078,227 4,700,000 Schooner Trust, 5.100%, 2014/07/12 4,736,620 4,902,100 Mortgage-Backed Securities (3.85%) 30,586,008 30,536,330 7,456,000 407 International Inc., 9.000%, 2007/08/15 7,728,474 7,974,565 10,500,000 407 International Inc., 5.960%, 2035/12/03 10,492,650 11,986,905 5,452,364 Alliance Pipeline L.P., Series A, 7.181%, 2023/06/30 5,479,997 6,476,318 4,111,933 Alliance Pipeline L.P., Series A, 5.546%, 2023/12/31 4,111,933 4,305,605 9,800,000 Bank of Montreal, 4.690%, 2011/01/31 9,797,844 9,983,750 10,000,000 Bank of Nova Scotia, 4.515%, 2008/11/19 10,000,000 10,094,900 10,429,536 Bank of Nova Scotia, 3.318%, 2009/08/18 10,429,536 10,266,835 15,700,000 BCE Inc., Series B, 6.750%, 2007/10/30 16,358,102 16,353,748 7,450,000 Bell Canada, 10.350%, 2009/12/15 8,918,639 9,047,206 3,500,000 Bell Canada, 6.900%, 2011/12/15 4,072,250 3,936,730 8,000,000 BMO Capital Trust, Series E, Variable Rate, 4.633%, 2015/12/31 8,000,000 7,924,480 4,975,000 Borealis Infrastructure Trust, 6.270%, 2011/05/03 5,236,055 5,420,213 10,500,000 Brascan Corp., 5.950%, 2035/06/14 10,433,115 11,011,245 5,425,000 British Columbia Ferry Services Inc., 6.250%, 2034/10/13 6,232,228 6,436,166 3,900,000 Calpine Canada Energy Finance ULC, 8.750%, 2007/10/15 3,585,692 1,072,500 5,000,000 Canada Safeway Ltd., 4.450%, 2008/11/14 4,994,150 4,980,850 6,450,000 Canadian Oil Sands Ltd., 5.750%, 2008/04/09 6,480,789 6,642,726 700,000 CHC Helicopter Corp., Callable, 7.375%, 2014/05/01 (USD) 944,862 830,993 6,393,000 Clublink Corp., 6.000%, 2008/05/15 5,520,607 6,397,795 2,700,000 Cogeco Cable Inc., Series 1, 6.750%, 2009/06/04 2,712,042 2,774,250 7,150,000 CU Inc., 5.896%, 2034/11/20 7,150,000 8,186,481 4,900,000 Dofasco Inc., 4.961%, 2017/06/15 4,900,000 4,807,286 7,415,000 EnCana Corp., 5.300%, 2007/12/03 7,403,007 7,573,607 2,100,000 Fraser Papers Inc., 8.750%, 2015/03/15 (USD) 2,529,030 2,146,476 9,750,000 Golden Credit Card Trust, 4.159%, 2008/10/15 9,750,000 9,757,313 2,450,000 Hudbay Mining & Smelting Inc., 9.625%, 2012/01/15 (USD) 3,025,815 3,062,305 3,750,000 Jean Coutu Group (PJC) Inc. (The), 8.500%, 2014/08/01 (USD) 4,713,356 4,030,118 10,570,000 NAV Canada, Series 97-2, 7.560%, 2027/03/01 11,747,995 13,221,802 21,522,076 New Brunswick (F-M) Project Co. Inc., 6.470%, 2027/11/30 22,009,165 25,265,841 3,350,000 Nova Scotia Power Inc., 5.750%, 2013/10/01 3,344,707 3,601,920 4,700,000 Nova Scotia Power Inc., 6.950%, 2033/08/25 4,652,636 5,724,318 9,350,000 Ontario School Boards Financing Corp., 6.300%, 2010/09/22 9,316,434 10,142,226 3,132,330 Ontario School Boards Financing Corp., 5.900%, 2027/10/11 3,115,947 3,504,294 4,600,000 RBC Capital Trust, Callable, 4.870%, 2015/12/31 4,600,000 4,641,722 7,000,000 Rogers Wireless Inc., 7.625%, 2011/12/15 7,115,500 7,525,000 4,200,000 Royal Bank of Canada, Variable Rate, Callable, 3.700%, 2015/06/24 4,199,244 4,098,528 8,140,000 Scotiabank Capital Trust, 6.282%, 2013/06/30 8,215,485 9,016,271 5,050,000 Shaw Communications Inc., 7.500%, 2013/11/20 5,499,585 5,416,125 2,350,000 Sherritt International Corp., Callable, 7.875%, 2012/11/26 2,350,000 2,419,443 11,000,000 Sun Life Assurance Co. of Canada, Variable Rate, 6.150%, 2022/06/30 12,085,130 12,058,090 10,335,000 TD Capital Trust, 7.600%, 2009/12/31 10,905,131 11,551,223 3,650,000 Terasen Gas Inc., 5.900%, 2035/02/26 3,718,066 3,940,723 5,050,000 Terasen Inc., Callable, 8.000%, 2040/04/19 5,590,098 5,536,719 7,190,000 Toronto-Dominion Bank (The), Variable Rate, Callable, 5.690%, 2018/06/03 7,264,833 7,759,808 4,100,000 TransCanada PipeLines Ltd., Series U, 11.800%, 2020/11/20 6,860,735 7,105,751 4,420,000 Union Gas Ltd., 7.200%, 2010/06/01 4,520,532 4,923,261 3,815,000 Union Gas Ltd., 6.650%, 2011/05/04 3,938,126 4,224,502 6,184,000 Union Gas Ltd., Series 1993, 8.750%, 2018/08/03 8,584,410 8,476,038 1,500,000 University of Toronto, Series B, Callable, 5.841%, 2043/12/15 1,787,340 1,814,100 6,526,000 Vancouver International Airport Authority, Series B, 7.375%, 2026/12/07 6,933,297 8,544,818 The accompanying notes are an integral part of these financial statements. 15
CIBC Canadian Bond Fund Hedging Average Cost Current Value Par Value Holdings Ref. No.* ($) ($) 6,198,000 Westcoast Energy Inc., 8.850%, 2025/07/21 7,430,248 8,827,192 2,800,000 Westcoast Energy Inc., Series O, 8.500%, 2018/09/04 3,489,332 3,724,168 4,100,000 Westcoast Energy Inc., Series S, 9.900%, 2020/01/10 5,565,597 6,121,628 Corporate (46.94%) (note 10) 1 355,839,746 372,666,877 Total of Canadian Bonds (96.84%) 746,570,938 768,854,922 International Bonds 1,000,000 Mercer International Inc., Callable, 9.250%, 2013/02/15 1,030,980 990,000 2,775,000 Wolverine Tube Inc., Callable, 10.500%, 2009/04/01 3,827,582 2,528,461 United States Dollar (0.44%) (note 10) 1 4,858,562 3,518,461 Total of International Bonds (0.44%) 4,858,562 3,518,461 Total of Bonds (97.28%) 751,429,500 772,373,383 Total of Investments before Short-Term Investments (97.28%) 751,429,500 772,373,383 Short-Term Investments 275,000 Government of Canada Treasury Bill, 2.909%, 2006/01/12 272,869 275,778 4,725,000 Government of Canada Treasury Bill, 3.051%, 2006/01/26 4,689,193 4,714,808 4,775,000 Government of Canada Treasury Bill, 3.310%, 2006/03/09 4,732,932 4,745,810 4,450,000 Government of Canada Treasury Bill, 3.371%, 2006/03/23 4,410,084 4,416,601 Total of Short-Term Investments (1.78%) 14,105,078 14,152,997 Total of Investments (99.06%) 765,534,578 786,526,380 Unrealized Gain (Loss) on Forward Foreign Currency Contracts (0.01%) 51,801 Other Assets, less Liabilities (0.93%) 7,391,683 Total Net Assets (100.00%) 793,969,864 *The hedging reference number has a corresponding number on the Forward Foreign Currency Contracts Schedule. Forward Foreign Currency Contracts Schedule (note 10) Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) Canadian Imperial Bank of Commerce A1+ 2006/03/06 USD 775,000 CAD 890,088 1 1.149 1.166 13,493 State Street Trust Co. Canada A1+ 2006/03/06 USD 1,320,000 CAD 1,514,410 1 1.147 1.166 24,592 State Street Trust Co. Canada A1+ 2006/03/06 CAD 14,685,286 USD 12,583,793 1 0.857 0.858 13,716 51,801 *The credit rating of each counterparty (as rated by Standard & Poor s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund meets or exceeds the minimum approved credit rating. **See corresponding reference number on the Statement of Investment Portfolio. 16 The accompanying notes are an integral part of these financial statements.
CIBC Canadian Bond Fund Statements of Net Assets Statements of Operations As at December 31, 2005 and 2004 (note 1) For the years ended December 31, 2005 and 2004 (note 1) Assets Income Investments at current value (notes 2 and 3) $ 786,526 $ 801,651 Interest revenue $ 41,366 $ 43,840 Cash including foreign currency holdings, at current value 10 Securities lending revenue 49 21 Accrued interest and dividends receivable 8,625 7,635 Other income 5 8 Receivable for portfolio securities sold 7,096 Receivable for units issued 422 559 41,420 43,869 Unrealized gain on forward foreign currency contracts 52 Expenses (notes 5 and 8) Total Assets 795,635 816,941 Management fees 10,735 10,532 Audit fees 15 12 Liabilities Custodial fees 111 107 Bank overdraft 916 Legal fees 51 32 Payable for portfolio securities purchased 7,250 Regulatory fees 18 21 Payable for units redeemed 625 1,408 Unitholder reporting costs 1,951 1,924 Management fees payable 867 908 Other expenses 28 65 Other accrued expenses 173 182 Unrealized loss on forward foreign currency contracts 58 12,909 12,693 Total Liabilities 1,665 10,722 Expenses absorbed by the Manager (27) (1) Total Net Assets $ 793,970 $ 806,219 12,882 12,692 Net Asset Value per Unit (note 4) $ 12.77 $ 12.67 Net Investment Income (Loss) 28,538 31,777 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1 13,134 7,599 Net realized gain (loss) on foreign currency (notes 2d and e) 46 2,374 Increase (decrease) in unrealized appreciation (depreciation) of investments (5,963) 6,628 Net Gain (Loss) on Investments 7,217 16,601 Increase (Decrease) in Net Assets from Operations $ 35,755 $ 47,778 Increase (Decrease) in Net Assets from Operations per Unit $ 0.57 $ 0.76 Statements of Changes in Net Assets For the years ended December 31, 2005 and 2004 (note 1) Increase (Decrease) in Net Assets from Operations $ 35,755 $ 47,778 Distributions Paid or Payable to Unitholders From net investment income (28,904) (31,049) (28,904) (31,049) Changes Due to Unitholder Transactions Amount received from issuance of units 97,115 154,250 Amount received from reinvestment of distributions 28,647 30,752 Amount paid on redemptions of units (144,862) (152,377) (19,100) 32,625 Increase (Decrease) in Net Assets for the Year (12,249) 49,354 Net Assets at Beginning of Year 806,219 756,865 Net Assets at End of Year $ 793,970 $ 806,219 1 Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) Cost of Investments Held at Beginning of Year $ 751,015 $ 712,808 Purchases 535,692 589,092 1,286,707 1,301,900 Cost of Investments Held at End of Year 751,430 751,015 Cost of Investments Sold or Matured 535,277 550,885 Proceeds from sales or maturities 548,411 558,484 Net Realized Gain (Loss) on Sale of Investments $ 13,134 $ 7,599 The accompanying notes are an integral part of these financial statements. 17
CIBC Monthly Income Fund Statement of Investment Portfolio As at December 31, 2005 Average Cost Current Value Par Value Holdings ($) ($) Canadian Bonds 195,000,000 Government of Canada, 6.000%, 2008/06/01 210,038,250 204,477,000 375,000,000 Government of Canada, 6.000%, 2011/06/01 416,451,000 412,462,500 40,000,000 Government of Canada, 4.500%, 2015/06/01 41,166,000 41,620,000 Government of Canada & Guaranteed (13.30%) 667,655,250 658,559,500 1,000,000 407 International Inc., 9.000%, 2007/08/15 1,123,870 1,069,550 1,488,465 Alliance Pipeline L.P., Series A, 7.181%, 2023/06/30 1,486,309 1,767,999 10,000,000 Bank of Montreal, 4.690%, 2011/01/31 9,997,800 10,187,500 5,000,000 BCE Inc., Series B, 6.750%, 2007/10/30 4,991,450 5,208,200 5,000,000 Bell Canada, 6.700%, 2007/06/28 5,083,000 5,186,850 1,500,000 Bell Canada, 8.875%, 2026/04/17 1,575,315 1,984,050 2,000,000 BMO Capital Trust, Series A, 6.903%, 2010/06/30 2,045,140 2,203,220 20,000,000 Brascan Power Corp., 4.650%, 2009/12/16 20,039,700 20,112,400 6,000,000 Canadian Oil Sands Ltd., 5.750%, 2008/04/09 5,987,640 6,179,280 3,500,000 EnCana Corp., 5.300%, 2007/12/03 3,496,675 3,574,865 9,775,000 General Motors Acceptance Corp. of Canada Ltd., 4.550%, 2008/03/05 9,775,000 8,744,715 2,000,000 Golden Credit Card Trust, 6.839%, 2006/08/15 1,998,310 2,034,600 7,200,000 Hydro One Inc., 4.000%, 2008/06/23 7,188,984 7,185,600 1,000,000 Mansfield Trust, 7.000%, 2025/11/15 901,450 1,090,380 7,500,000 Rogers Wireless Inc., 7.625%, 2011/12/15 7,725,000 8,062,500 8,500,000 Scotiabank Capital Trust, 6.282%, 2013/06/30 8,500,000 9,415,025 10,000,000 Shaw Communications Inc., 7.500%, 2013/11/20 10,693,000 10,725,000 2,352,000 Telesat Canada Inc., Series 99-B, 7.400%, 2006/06/28 2,324,378 2,385,751 Corporate (2.16%) 104,933,021 107,117,485 Total of Canadian Bonds (15.46%) 772,588,271 765,676,985 Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 40,000 Brookfield Asset Management Inc., Preferred, Class B, Series 10 1,114,000 1,112,000 65,600 Aeroplan Income Fund 656,000 846,896 1,291,500 Canadian Imperial Bank of Commerce 90,094,878 98,683,515 163,300 Quebecor World Inc. 3,808,700 2,694,450 30,700 Canadian Imperial Bank of Commerce, 203,400 Quebecor World Inc., 6.75%, 4.80%, Preferred, Class A, Series 30 760,995 782,850 Preferred, Series 4 5,156,600 5,074,830 75,000 Great-West Life Assurance, 5.55%, 182,700 Quebecor World Inc., 6.90%, Preferred, Series O 1,917,750 2,126,250 Preferred, Series 5 4,668,664 4,494,420 208,000 Great-West Lifeco Inc., 4.70%, 706,500 Thomson Corp. (The) 29,246,283 28,019,790 Preferred, Series D 5,177,689 5,543,200 275,000 Thomson Corp. (The), Preferred, 472,000 Great-West Lifeco Inc., Preferred, Series B, Floating Rate 6,343,250 7,012,500 Series X 12,194,950 13,098,000 5,501,100 Yellow Pages Income Fund 68,229,536 89,667,930 979,500 H&R REIT 11,942,096 20,373,600 Consumer Discretionary (2.78%) 118,109,033 137,810,816 25,000 IGM Financial Inc., Preferred, 5.75%, Series A 698,500 722,500 70,000 Liquor Stores Income Fund 679,966 1,224,300 1,191,000 Manulife Financial Corp. 67,428,673 81,309,570 413,500 Loblaw Cos. Ltd. 26,746,516 23,308,995 402,400 Manulife Financial Corp., Preferred 10,012,407 10,884,920 213,600 Weston (George) Ltd., 5.15%, 140,000 National Bank of Canada, Preferred, Preferred, Series II 5,491,950 5,823,804 Series 15 3,562,500 3,815,000 73,400 Weston (George) Ltd., 5.80%, 3,553,600 Power Financial Corp. 95,556,688 118,690,240 Preferred, Series I 1,854,838 1,949,504 97,000 Power Financial Corp., 5.20%, Preferred, Series C 2,520,062 2,703,875 Consumer Staples (0.65%) 34,773,270 32,306,603 255,000 Power Financial Corp., Preferred, Series A, Floating Rate 5,481,750 6,502,500 95,900 AltaGas Income Trust 2,146,556 2,680,405 30,000 Power Financial Corp., Preferred, 6,870 AltaGas Utility Group Inc. 44,263 64,235 Series J 781,800 826,650 2,844,000 ARC Energy Trust 40,422,023 75,337,560 180,000 Premium Income Corp., 5.75%, 1,380,000 Canadian Oil Sands Trust 60,236,565 173,880,000 Preferred, Series A 2,900,900 2,970,000 5,117,000 Enbridge Inc. 133,856,650 185,951,780 3,163,700 RioCan REIT 43,282,655 72,100,723 502,900 Enbridge Income Fund 5,829,114 7,281,992 2,116,900 Royal Bank of Canada 133,869,908 192,235,689 484,900 Enerplus Resources Fund 12,278,703 27,086,514 143,250 Royal Bank of Canada, 4.70%, 4,566,600 Fort Chicago Energy Partners L.P. 44,116,878 54,753,534 Preferred, Series N 3,686,740 3,678,660 1,212,300 Husky Energy Inc. 36,590,033 71,525,700 40,000 Royal Bank of Canada, 6.10%, 226,000 Imperial Oil Ltd. 9,416,610 26,082,660 Preferred, Series S 1,000,000 1,081,600 1,269,100 Pengrowth Energy Trust, Class B 17,399,786 28,745,115 1,097,000 Sun Life Financial Inc. 38,961,023 51,262,810 398,200 Penn West Energy Trust 13,614,329 15,127,618 223,000 Sun Life Financial Inc., 4.75%, 966,000 Petro-Canada 33,492,018 45,063,900 Preferred, Series 1 5,434,600 5,798,000 756,500 PrimeWest Energy Trust 17,282,069 27,158,350 2,416,900 Toronto-Dominion Bank (The) 127,502,534 147,745,097 4,572,000 TransCanada Corp. 119,496,042 167,563,800 555,000 Toronto-Dominion Bank (The), Energy (18.34%) 546,221,639 908,303,163 Convertible, Preferred, Class A, Series M 14,175,350 15,462,300 3,329,200 Bank of Montreal 164,667,190 216,398,000 365,900 Toronto-Dominion Bank (The), Preferred 9,335,145 10,248,859 107,400 Bank of Montreal, 4.75%, Preferred, Class B, Series 6 2,843,780 2,777,364 Financials (27.39%) 1,041,050,412 1,356,161,554 83,700 Bank of Montreal, 4.80%, Preferred, 1,529,100 Canadian National Railway Co. 88,076,290 142,420,374 Class B, Series 4 2,190,972 2,160,297 593,000 Canadian Pacific Railway Ltd. 25,947,563 28,885,030 4,794,300 Bank of Nova Scotia 159,450,092 221,209,002 38,000 Brascan Corp., 5.63%, Preferred, Industrials (3.46%) 114,023,853 171,305,404 Class A, Series 9 990,280 1,003,960 594,300 Brookfield Asset Management Inc., 130,600 Alcan Inc., Preferred, Series E 3,297,874 3,445,881 Class A 14,372,955 34,831,923 100,000 Alcan Inc., Preferred, Series F 2,005,000 2,600,000 240,000 Brookfield Asset Management Inc., 1,777,536 Dofasco Inc. 60,381,534 115,504,289 Preferred, Class A, Series 2 5,172,800 5,673,600 3,062,072 Falconbridge Ltd. 55,628,578 105,641,484 100,000 Brookfield Asset Management Inc., 292,000 Falconbridge Ltd., 4.58%, Preferred, Preferred, Class A, Series 4 1,968,750 2,349,000 Series 3 7,116,241 7,460,600 18 The accompanying notes are an integral part of these financial statements.