CIBCEmergingMarketsIndexFund … · 2020-07-29 · ScheduleofInvestmentPortfolio(unaudited)AsatJune30,2016 Security Number ofShares Average Cost ($000s) Fair Value ($000s) %of Net

The accompanying notes are an integral part of these financial statements.

CIBC Emerging Markets Index Fund

Interim Financial Reports (unaudited)for the period ended June 30, 2016

† Securities LendingThe tables that follow indicate the Fund had assets involved in securities lending transactionsoutstanding as at June 30, 2016 and December 31, 2015.

Aggregate Valueof Securities

on Loan($000s)

AggregateValue

of Collateralfor Loan

($000s)x

x

June 30, 2016 7,831 8,460x

December 31, 2015 4,353 4,648x

Collateral Type* ($000s)i ii iii iv

xx

June 30, 2016 – 8,460 – –x

December 31, 2015 – 4,637 – 11x

x

* See note 2j for Collateral Type definitions.

Organization of the Fund (note 1)The Fund was established on August 9, 2000 (Date Established).

Inception Datexx

Class A September 26, 2000x

Premium Class December 1, 2011x

Institutional Class December 5, 2014x

Class O April 12, 2012xx

Statements of Financial Position (unaudited)(in 000s, except per unit amounts)

As at June 30, 2016 and December 31, 2015 (note 1)

June 30, 2016 December 31, 2015x

xxx

Assetsxxx

Current assetsx

Investments (non-derivative financial assets) † (notes2 and 3) $ 110,532 $ 116,896

x

Cash including foreign currency holdings, at fair value 301 911x

Margin 85 18x

Dividends receivable 713 288x

Receivable for portfolio securities sold 2 5x

Receivable for units issued 71 232x

Derivative assets 44 19xxx

Total Assets 111,748 118,369xxx

Liabilitiesxxx

Current liabilitiesx

Payable for portfolio securities purchased – 5x

Payable for units redeemed 674 266x

Other accrued expenses 1 2x

Derivative liabilities 1 –xxx

Total Liabilities 676 273xxx

Net Assets Attributable to Holders ofRedeemable Units (note 5) $ 111,072 $ 118,096

xxx

Net Assets Attributable to Holders ofRedeemable Units per Class

x

Class A $ 86,074 $ 90,872x

Premium Class $ 18,128 $ 18,728x

Institutional Class $ 720 $ 717x

Class O $ 6,150 $ 7,779xxx

Net Assets Attributable to Holders ofRedeemable Units per Unit (note 5)

x

Class A $ 17.42 $ 17.42x

Premium Class $ 11.01 $ 10.96x

Institutional Class $ 9.49 $ 9.45x

Class O $ 10.65 $ 10.58x

1



Statements of Comprehensive Income (unaudited)(in 000s, except per unit amounts)

For the periods ended June 30, 2016 and 2015 (note 1)

June 30, 2016 June 30, 2015x

x

Net Gain (loss) on Financial Instrumentsx

Interest for distribution purposes $ 1 $ 15x

Dividend revenue 2,084 1,961x

Derivative income (loss) (46) 184x

Other changes in fair value of investments andderivatives

x

Net realized gain (loss) on sale of investments andderivatives 97 900

x

Net realized gain (loss) on foreign currency (notes 2fand g) (8) (12)

x

Net change in unrealized appreciation (depreciation)of investments and derivatives (1,267) 10,815

xxx

Net Gain (loss) on Financial Instruments ± 861 13,863xx

x

Other Incomex

Foreign exchange gain (loss) on cash (1) 20x

Securities lending revenue ±± 16 10xxx

15 30xx

x

Expenses (note 6)x

Management fees ±±± 637 785x

Audit fees 7 5x

Custodial fees 167 226x

Independent review committee fees – –x

Legal fees 1 1x

Regulatory fees 16 20x

Transaction costs ±±±± 44 13x

Unitholder reporting costs 155 162x

Withholding taxes (note 7) 209 214x

Other expenses 1 1xxx

1,237 1,427xx

x

Expenses waived/absorbed by the Manager (337) (403)xx

x

900 1,024xx

x

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units (excludingdistributions) (24) 12,869

xx

x

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units per Class(excluding distributions)

x

Class A $ (213) $ 9,930x

Premium Class $ 32 $ 1,944x

Institutional Class $ 3 $ 75x

Class O $ 154 $ 920xxx

Average Number of Units Outstanding for theperiod per Class

x

Class A 5,089 5,413x

Premium Class 1,703 1,755x

Institutional Class 76 74x

Class O 855 720xxx

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units per Unit(excluding distributions)

x

Class A $ (0.04) $ 1.83x

Premium Class $ 0.01 $ 1.11x

Institutional Class $ 0.05 $ 1.02x

Class O $ 0.18 $ 1.28x

x

± Net Gain (Loss) on Financial Instruments(in 000s)

Net gains (losses)

Category June 30, 2016 June 30, 2015x..

Financial assets at FVTPL..

Held for Trading $ (28) $ 35..

Designated at Inception 889 13,828......

Total financial assets at FVTPL $ 861 $ 13,863..

±± Securities Lending Revenue (note 2j)June 30, 2016 June 30, 2015

(in 000s)

% of Grosssecurities

lending revenue (in 000s)

% of Grosssecurities

lending revenuexx

Gross securities lending revenue $ 24 100.0 $ 15 100.0x

Interest paid on collateral – – – –x

Withholding taxes 1 4.2 – –x

Agent fees - Bank of New YorkMellon Corp. (The) 7 29.1 5 33.3

xxx

Securities lending revenue $ 16 66.7 $ 10 66.7xx

±±± Maximum Chargeable Annual Management Fee Rates (note 6)xx

Class A 1.20%x

Premium Class 0.75%x

Institutional Class 0.60%x

Class O 0.00%xx

±±±± Brokerage Commissions and Fees (notes 8 and 9)

2016 2015x

x

Brokerage commissions and other fees ($000s)x

Total Paid 21 6x

Paid to CIBC World Markets Inc. – –x

Paid to CIBC World Markets Corp. – –x

Soft dollars ($000s)x

Total Paid – –x

Paid to CIBC World Markets Inc. and CIBC World Markets Corp. – –xx

Administrative and Other Fund Operating Expenses (note 9)

2016 2015x

x

($000s) 53 66xx

Service Provider (note 9)The amounts paid by the Fund (including all applicable taxes) to CIBC Mellon Trust Company forcustodial fees, and to CIBC Mellon Global Securities Services Company (CIBC GSS) for securitieslending, fund accounting and reporting, and portfolio valuation (all net of absorptions) for the periodsended June 30, 2016 and 2015 were as follows:

2016 2015x

x

($000s) 37 46xx

2


CIBC Emerging Markets Index Fundx

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (unaudited)(in 000s)For the periods ended June 30, 2016 and 2015 (note 1)

Class A Units Premium Class Units Institutional Class Units Class O Units

June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015xx.

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units (excludingdistributions) $ (213) $ 9,930 $ 32 $ 1,944 $ 3 $ 75 $ 154 $ 920

xxx.

Distributions Paid or Payable to Holders ofRedeemable Units ‡

x.

From net investment income (1) (1) – – – – – –x.xx

(1) (1) – – – – – –xxx.

Redeemable Unit Transactionsx.

Amount received from the issuance of units 4,287 7,984 781 2,977 – 1 2,354 1,367x.

Amount received from reinvestment of distributions 1 1 – – – – – –x.

Amount paid on redemptions of units (8,872) (12,735) (1,413) (1,454) – – (4,137) (2,807)x.xx

(4,584) (4,750) (632) 1,523 – 1 (1,783) (1,440)xxx.

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units (4,798) 5,179 (600) 3,467 3 76 (1,629) (520)

x.

Net Assets Attributable to Holders of Redeemable Unitsat Beginning of Period 90,872 97,959 18,728 18,793 717 708 7,779 8,553

x.xx

Net Assets Attributable to Holders of Redeemable Unitsat End of Period $ 86,074 $ 103,138 $ 18,128 $ 22,260 $ 720 $ 784 $ 6,150 $ 8,033

xxx.

Redeemable Units Issued and Outstanding (note 5)x.

As at June 30, 2016 and 2015x.

Balance - beginning of period 5,216 5,566 1,708 1,695 76 74 736 799x.

Redeemable units issued 257 409 74 239 – – 238 116x.xx

5,473 5,975 1,782 1,934 76 74 974 915x.

Redeemable units redeemed (533) (655) (135) (118) – – (396) (238)x.xx

Balance - end of period 4,940 5,320 1,647 1,816 76 74 578 677x

x

‡ Net Capital and Non-Capital Losses (note 7)As at December 2015, the Fund had non-capital and capital losses (in $000s) for income tax purposes available to be carried forward as follows:

Total Net Capital Losses

Total Non-Capital Lossesthat Expire in:

2026 to 2035x..

5,515 –.

.

3


CIBC Emerging Markets Index Fundx

x

Statements of Cash Flows (unaudited)(in 000s)For the periods ended June 30, 2016 and 2015 (note 1)

June 30, 2016 June 30, 2015xx.

Cash Flows from Operating Activitiesx.

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations (excluding distributions) $ (24) $ 12,869x.

Adjustments for:x.

Foreign exchange loss (gain) on cash 1 (20)x.

Net realized (gain) loss on sale of investments and derivatives (97) (900)x.

Net change in unrealized (appreciation) depreciation of investments and derivatives 1,267 (10,815)x.

Purchase of investments (12,670) (2,517)x.

Proceeds from the sale of investments 17,838 7,591x.

Margin (67) (81)x.

Dividends receivable (425) (525)x.

Other liabilities (1) –x.xx

5,822 5,602xxx.

Cash Flows from Financing Activitiesx.

Amount received from the issuance of units 7,583 12,267x.

Amount paid on redemptions of units (14,014) (16,800)x.xx

(6,431) (4,533)xxx.

Increase (Decrease) in Cash during the Period (609) 1,069xxx.

Foreign exchange loss (gain) on cash (1) 20xxx.

Cash (Bank Overdraft) at Beginning of Period 911 914xxx.

Cash (Bank Overdraft) at End of Period $ 301 $ 2,003x

x.

Interest received $ 1 $ 15x.

Dividends received, net of withholding taxes $ 1,450 $ 1,222

4



x

Schedule of Investment Portfolio (unaudited) As at June 30, 2016

SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assetsx

INTERNATIONAL EQUITIES..

Brazil..

Ambev SA 116,229 408 891..

Banco Bradesco SA 18,540 208 202..

Banco Bradesco SA, Preferred 68,281 701 691..

Banco do Brasil SA 21,243 311 145..

Banco Santander (Brasil) SA 14,409 86 105..

BB Seguridade Participações SA 17,598 245 198..

BM&FBOVESPA SA 41,745 299 299..

BRF Brasil Foods SA 15,133 217 273..

CCR SA 22,050 126 149..

CETIP SA - Balco Organizado de Ativos e Derivativos 7,118 98 125..

Cia Saneamento Basico de Sao Paulo NPV 9,249 76 107..

Cielo SA 26,324 167 357..

Companhia Brasileira de Distribuicao 5,472 203 103..

Embraer SA 19,149 178 134..

Equatorial Energia SA 5,715 74 112..

Fibria Celulose SA 7,795 102 68..

Hypermarcas SA 10,456 76 98..

Itau Unibanco Holding SA, Preferred 69,802 1,010 849..

Itausa-Investimentos Itau SA, Preferred, Registered 100,798 497 304..

Klabin SA 18,604 111 115..

Kroton Educacional SA 33,590 249 183..

Localiza Rent a Car SA 6,084 75 84..

Lojas Americanas SA, Preferred 15,579 88 101..

Lojas Renner SA 16,789 112 160..

Petróleo Brasileiro SA 76,054 992 350..

Petróleo Brasileiro SA, Preferred 86,864 1,068 328..

Raia Drogasil SA 6,345 93 162..

Telefonica Brasil SA, Preferred 12,814 338 226..

Tim Participações SA 31,341 119 85..

Tractebel Energia SA 7,124 98 110..

Ultrapar Participações SA 10,953 145 313..

Vale SA 28,152 486 183..

Vale SA, Preferred, Series 'A' 52,593 807 274..

Weg SA 21,456 143 118..

....

10,006 8,002 7.2%..x

Chile..

Aguas Andinas SA, Class 'A' 122,761 89 91..

Banco de Chile 815,856 108 113..

Banco Santander Chile SA 2,000,698 118 125..

Cencosud SA 34,408 115 127..

Empresa Nacional de Electricidad SA 92,586 153 111..

Empresas CMPC SA 32,570 121 87..

Empresas Copec SA 14,170 203 160..

Enersis Americas SA 568,289 219 126..

Enersis Chile SA 477,987 73 73..

LATAM Airlines Group SA 9,686 128 83..

S.A.C.I. Falabella SA 14,092 101 138..

Sociedad Quimica y Minera de Chile SA, Series 'B' 2,704 105 86..

....

1,533 1,320 1.2%..x

China..

AAC Technologies Holdings Inc. 18,076 115 200..

Agricultural Bank of China Ltd. 634,285 355 301..

Alibaba Group Holding Ltd. 23,065 2,338 2,370..

Anhui Conch Cement Co. Ltd., Series 'H' 35,841 105 112..

Anta Sports Products Ltd. 30,064 115 78..

Bank of China Ltd., Class 'H' 1,898,973 1,139 986..

Bank of Communications Co. Ltd., Class 'H' 218,783 266 180..

BYD Co. Ltd., Class 'H' 18,293 141 143..

CGN Power Co. Ltd. 281,820 147 102..

China Cinda Asset Management Co. Ltd. 263,057 143 115..

China Citic Bank, Class 'H' 242,371 187 192..

China Communications Construction Co. Ltd., Class 'H' 122,110 134 171..

China Conch Venture Holdings Ltd. 39,050 117 100..

China Construction Bank Corp., Class 'H' 1,987,239 1,826 1,712..

China Galaxy Securities Co. 85,546 124 100..

China Life Insurance Co. Ltd., Series 'H' 182,375 775 508..

China Longyuan Power Group Corp. 100,386 109 108..

China Medical System Holdings Ltd. 48,648 90 96..

China Merchants Bank Co. Ltd. 94,885 257 277..

China Minsheng Banking Corp. Ltd., Series 'H' 147,454 116 185..

China Pacific Insurance (Group) Co. Ltd., Class 'H' 66,267 318 290..

China Petroleum and Chemical Corp. (Sinopec), Series 'H' 641,616 461 599..

China Railway Construction Corp., Class 'H' 62,877 89 102..

China Railway Group Ltd., Class 'H' 119,396 101 116..

China Shenhua Energy Co. Ltd. 91,911 429 221..

China Telecom Corp. Ltd., Series 'H' 349,876 225 203..

China Vanke Co. Ltd. 34,127 87 87..

CITIC Securities Co. Ltd., Class 'H' 57,595 220 165..

Country Garden Holdings Co. 166,040 83 91..

CSR Corp. Ltd., Class 'H' 106,677 180 124

5



Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd)

SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assets..

Ctrip.com International Ltd., ADR 7,927 402 422..

Dalian Wanda Commercial Properties Co. Ltd. 15,705 132 126..

Dongfeng Motor Corp., Class 'H' 78,723 134 107..

ENN Energy Holdings Ltd. 20,882 144 134..

Evergrande Real Estate Group Ltd. 119,251 56 95..

Fosun International 78,353 123 132..

GF Securities Co. Ltd. 34,550 107 102..

Great Wall Motor Co. Ltd., Class 'H' 82,879 165 89..

Guangzhou Automobile Group Co. Ltd., Class 'H' 65,709 76 102..

Guangzhou R&F Properties Co. Ltd., Class 'H' 48,073 82 79..

Haitong Securities Co. Ltd., Class 'H' 81,763 225 180..

Hengan International Group Co. Ltd. 20,963 168 227..

Huaneng Power International Inc., Series 'H' 114,659 152 92..

Huatai Securities Co. Ltd., Class 'H' 37,198 97 103..

Industrial and Commercial Bank of China, Class 'H' 1,757,189 1,434 1,266..

Jiangsu Expressway Co. Ltd., Class 'H' 59,487 103 107..

Lenovo Group Ltd. 188,725 188 148..

Longfor Properties 55,233 103 93..

NetEase Inc., ADR 1,858 395 464..

New China Life Insurance Co. Ltd. 21,592 110 100..

New Oriental Education & Technology Group Inc., ADR 3,247 165 176..

People's Insurance Co. (Group) of China Ltd. 242,738 129 121..

PetroChina Co. Ltd., Series 'H' 525,982 619 468..

PICC Property and Casualty Co. Ltd., Series 'H' 116,937 149 238..

Ping An Insurance (Group) Co. of China Ltd. 126,526 702 724..

Qinqin Foodstuffs Group (Cayman) Co. Ltd. 4,192 8 8..

Semiconductor Manufacturing International Corp. 893,934 103 93..

Shanghai Pharmaceuticals Holding Co. Ltd. 27,627 79 79..

Shenzhou International Group 16,764 115 105..

Sinopharm Group Co. 33,610 135 209..

Tencent Holdings Ltd. 131,948 576 3,910..

Travelsky Technology Ltd., Class 'H' 31,580 82 79..

Vipshop Holdings Ltd. 9,577 142 138..

Want Want China Holdings Ltd. 161,862 130 148..

Zhuzhou CRRC Times Electric Co. Ltd. 14,653 126 105..

....

18,448 20,803 18.8%..x

Colombia..

Bancolombia SA, Preferred 10,728 131 121..

Cementos Argos SA 13,917 70 73..

Ecopetrol SA 142,706 215 88..

Grupo Argos SA 9,270 73 77..

Grupo de Inversiones Suramericana 7,352 98 125..

....

587 484 0.4%..x

Czech Republic..

CEZ AS 5,560 270 122..

Komercni Banka AS 2,430 109 118..

....

379 240 0.2%..x

Egypt..

Commercial International Bank 29,574 85 172..

....

85 172 0.2%..x

Greece..

Alpha Bank SA 34,139 93 83..

Hellenic Telecommunications Organization SA 7,345 96 87..

OPAP SA 7,568 73 68..

....

262 238 0.2%..x

Hong Kong..

Alibaba Health Information Technology Ltd. 84,553 78 81..

Alibaba Pictures Group Ltd. 291,204 103 88..

Beijing Enterprises Holdings Ltd. 16,642 105 122..

Beijing Enterprises Water Group Ltd. 141,954 106 111..

Belle International Holdings Ltd. 166,839 227 127..

Brilliance China Automotive Holdings Ltd. 83,121 154 111..

China Everbright International 82,785 139 120..

China Everbright Ltd. 32,220 79 81..

China Gas Holdings Ltd. 49,618 96 98..

China Mengniu Dairy Co. Ltd. 68,747 132 155..

China Merchants Holdings International Co. Ltd. 39,344 133 136..

China Mobile Ltd. 143,285 1,866 2,139..

China Overseas Land & Investment Ltd. 99,025 192 408..

China Pharmaceutical Group Ltd. 114,726 121 132..

China Resources Beer (Holdings) Co. Ltd. 30,186 80 85..

China Resources Gas Group Ltd. 25,748 78 101..

China Resources Land Ltd. 73,654 188 224..

China Resources Power Holdings Co. Ltd. 51,611 113 100..

China State Construction International Holdings Ltd. 58,664 101 100..

China Taiping Insurance Holdings Co. Ltd. 44,628 169 108..

China Unicom Ltd. 151,145 218 204..

CITIC Ltd. 114,145 312 216..

CNOOC Ltd. 442,239 633 713..

COSCO Pacific Ltd. 58,184 95 75..

GCL Poly Energy Holdings Ltd. 441,578 124 75

6




SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assets..

Geely Automobile Holdings Ltd. 149,352 86 105..

Guangdong Investment Ltd. 73,736 115 145..

Haier Electronics Group Co. Ltd. 41,878 123 83..

Hanergy Thin Film Power Group Ltd. 346,000 134 12..

Kunlun Energy Co. Ltd. 112,174 136 121..

Shimao Property Holdings Ltd. 48,032 96 79..

Sino Biopharmaceutical Ltd. 122,191 90 104..

....

6,422 6,559 5.9%..x

Hungary..

MOL Hungarian Oil and Gas PLC 1,333 124 100..

OTP Bank Nyrt. 6,091 190 176..

Richter Gedeon Nyrt. 4,293 77 110..

....

391 386 0.3%..x

India..

Adani Ports and Special Economic Zone Ltd. 22,421 117 89..

Ambuja Cements Ltd. 21,901 48 107..

Asian Paints Ltd. 7,915 114 152..

Aurobindo Pharma Ltd. 7,480 78 107..

Axis Bank Ltd. 15,289 156 157..

Bajaj Auto Ltd. 2,341 111 121..

Bharti Airtel Ltd. 27,643 183 195..

Bharti Infratel Ltd. 15,207 115 101..

Bosch Ltd. 232 89 101..

Cipla Ltd. 14,327 95 138..

Coal India Ltd. 18,009 121 108..

Dabur India Ltd. 17,915 79 106..

Dr. Reddy's Laboratories Ltd. 2,984 53 194..

Eicher Motors Ltd. 340 107 125..

Gail (India) Ltd. 13,013 93 96..

Godrej Consumer Products Ltd. 3,165 58 97..

HCL Technologies Ltd. 13,986 205 196..

Hero MotoCorp Ltd. 1,569 61 96..

Hindalco Industries Ltd. 42,493 137 101..

Hindustan Unilever Ltd. 15,879 99 274..

Housing Development Finance Corp. Ltd. 35,909 475 864..

ICICI Bank Ltd. 30,077 133 139..

Indiabulls Housing Finance Ltd. 7,238 94 93..

Infosys Technologies Ltd. 43,361 473 972..

ITC Ltd. 55,555 157 393..

Larsen & Toubro Ltd. 8,346 197 240..

LIC Housing Finance Ltd. 9,830 84 93..

Lupin Ltd. 6,030 216 178..

Mahindra & Mahindra Ltd. 9,657 91 265..

Maruti Suzuki India Ltd. 2,816 229 226..

Nestle India Ltd. 755 89 94..

NTPC Ltd. 50,282 188 151..

Oil and Natural Gas Corp. Ltd. 28,064 172 117..

Reliance Industries Ltd. 32,040 985 596..

Sesa Sterlite Ltd. 39,185 89 100..

Shree Cement Ltd. 336 77 94..

Shriram Transport Finance Co. Ltd. 4,097 90 95..

State Bank of India 43,592 238 183..

Sun Pharmaceutical Industries Ltd. 23,749 124 348..

Tata Consultancy Services Ltd. 11,482 159 562..

Tata Motors Ltd. 41,663 232 369..

Ultra Tech Cement Ltd. 1,296 84 85..

United Spirits Ltd. 1,772 123 85..

UPL Ltd. 9,052 79 96..

Wipro Ltd. 16,036 113 172..

Zee Entertainment Enterprises Ltd. 15,894 112 139..

....

7,222 9,410 8.5%..x

Indonesia..

PT Astra International TBK 508,205 61 370..

PT Bank Central Asia TBK 331,581 183 434..

PT Bank Mandiri 267,185 141 250..

PT Bank Negara Indonesia (Persero) TBK 229,959 128 118..

PT Bank Rakyat Indonesia (Persero) TBK 288,008 124 306..

PT Gudang Garam TBK 16,260 89 110..

PT Hanjaya Mandala Sampoerna Tbk 11,130 4 4..

PT Indocement Tunggal Prakarsa TBK 52,732 71 87..

PT Kalbe Farma TBK 728,379 121 109..

PT Matahari Department Store Tbk 65,324 94 129..

PT Perusahaan Gas Negara 338,102 134 78..

PT Semen Indonesia (Persero)TBK 107,188 161 99..

PT Telekomunikasi Indonesia Persero TBK, Series 'B' 1,294,198 95 509..

PT Unilever Indonesia TBK 41,519 52 183..

PT United Tractors TBK 56,274 102 82..

....

1,560 2,868 2.6%..

7




SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assetsx

Malaysia..

AMMB Holdings BHD 77,259 117 110..

Axiata Group BHD 75,964 159 137..

British American Tobacco Malaysia BHD 5,790 86 98..

CIMB Group Holdings BHD 96,642 135 136..

DiGi.Com Berhad 89,623 63 138..

Gamuda BHD 56,814 60 89..

Genting BHD 66,444 122 175..

Genting Malaysia BHD 88,917 76 127..

Hong Leong Bank BHD 31,579 149 134..

IHH Healthcare BHD 78,544 127 166..

IJM Corp. BHD 107,420 83 120..

IOI Corp. BHD 69,648 118 97..

Kuala Lumpur Kepong Berhad 12,848 62 96..

Malayan Banking BHD 87,303 233 228..

Maxis BHD 53,363 122 101..

Petronas Chemicals Group BHD 68,619 119 146..

Petronas Gas BHD 22,656 76 160..

PPB Group Berhad 13,631 69 72..

Public Bank BHD 73,088 359 455..

Sime Darby Berhad 66,495 183 162..

Telekom Malaysia BHD 42,500 84 92..

Tenaga Nasional BHD 86,497 216 391..

YTL Corp. BHD 145,747 73 78..

....

2,891 3,508 3.2%..x

Malta..

Brait SE 9,087 68 112..

....

68 112 0.1%..x

Mexico..

Alfa SAB, Series 'A' 69,745 45 155..

America Movil SAB de CV, Series 'L' 724,097 399 575..

Arca Continental SAB de CV 15,391 108 143..

Cemex SAB de CV 368,416 414 294..

Coca-Cola FEMSA SAB de CV 13,114 131 140..

Fibra Uno Administracion SA 65,611 214 181..

Fomento Economico Mexicano SAB de CV 43,922 211 525..

GRUMA SAB de CV, Class 'B' 5,376 110 100..

Grupo Aeroportuario del Pacifico SA de CV 8,533 104 113..

Grupo Aeroportuario del Sureste SAB de CV 5,711 83 118..

Grupo Bimbo SAB de CV, Series 'A' 38,053 64 154..

Grupo Financiero Banorte SAB de CV 58,414 250 422..

Grupo Financiero Inbursa SAB de CV, Class 'O' 59,096 116 130..

Grupo Financiero Santander Mexico SAB de CV, Series 'B' 48,932 113 115..

Grupo México SAB de CV, Series 'B' 92,111 220 279..

Grupo Televisa SA, Series 'CPO' 62,386 227 420..

Industrias Penoles SA de CV 3,712 84 114..

Kimberly-Clark de Mexico SAB de CV, Series 'A' 38,838 43 119..

Mexichem SAB de CV 33,582 67 91..

Promotora y Operadora de Infraestructura SAB de CV 7,963 107 127..

Wal-Mart de Mexico SAB de CV, Series 'V' 120,675 135 375..

....

3,245 4,690 4.2%..x

Netherlands..

Steinhoff International Holdings NV 71,551 524 530..

....

524 530 0.5%..x

Peru..

Compañía de Minas Buenaventura SA, ADR, Series 'B' 5,334 77 83..

Credicorp Ltd. 1,691 103 337..

....

180 420 0.4%..x

Philippines..

Aboitiz Equity Ventures Inc. 61,021 84 131..

Ayala Corp. 7,991 53 187..

Ayala Land Inc. 194,776 53 209..

Bank of the Philippine Islands 31,899 42 85..

BDO Unibank Inc. 44,319 120 137..

GT Capital Holdings Inc. 2,304 87 91..

JG Summit Holdings Inc. 76,649 128 181..

Jollibee Foods Corp. 14,719 80 98..

Metro Pacific Investments Corp. 462,934 82 89..

Philippine Long Distance Telephone Co. 2,724 178 161..

Security Bank Corp. 16,829 93 89..

SM Investments Corp. 4,817 32 129..

SM Prime Holdings Inc. 228,202 99 172..

Universal Robina Corp. 26,021 128 149..

....

1,259 1,908 1.7%..

8




SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assetsx

Poland..

Bank Pekao SA 3,890 241 175..

Bank Zachodni WBK SA 1,197 155 103..

KGHM Polska Miedz SA 5,076 179 111..

LPP SA 44 117 73..

Polska Grupa Energetyczna SA 28,573 183 111..

Polski Koncern Naftowy Orlen SA 8,604 104 195..

Polskie Gornictwo Naftowe i Gazownictwo SA 48,840 69 90..

Powszechna Kasa Oszczednosci Bank Polski SA 26,853 347 206..

Powszechny Zaklad Ubezpieczen SA 17,048 277 161..

....

1,672 1,225 1.1%..x

Qatar..

Ezdan Holding Group QSC 19,547 122 125..

Industries Qatar Q.S.C. 4,401 254 154..

Masraf Al Rayan 10,018 144 121..

Ooredoo Q.S.C. 2,775 97 87..

Qatar Insurance Co. 4,149 119 108..

Qatar National Bank 5,233 284 260..

....

1,020 855 0.8%..x

Romania..

New Europe Property Investment PLC 9,051 132 133..

....

132 133 0.1%..x

Russia..

AK Transneft OAO, Preferred 36 83 121..

Gazprom PJSC 280,771 1,579 791..

LUKOIL PJSC 10,440 598 566..

Magnit PJSC, GDR 7,132 196 307..

Mining and Metallurgical Co. Norilsk Nickel 1,415 260 244..

Mobile TeleSystems PJSC, ADR 13,628 243 146..

Moscow Exchange MICEX-RTS PJSC 38,393 88 87..

NovaTek OAO, GDR 2,209 145 292..

Rosneft Oil Co. 29,592 211 197..

Sberbank of Russia PJSC 256,744 771 690..

Severstal PJSC 6,520 118 92..

Surgutneftegas OJSC 187,811 187 126..

Surgutneftegas, Preferred 156,596 79 122..

Tatneft PJSC 36,462 180 245..

VTB Bank PJSC 44,922,056 175 62..

....

4,913 4,088 3.7%..x

South Africa..

African Bank Investments Ltd. 27,513 107 1..

AngloGold Ashanti Ltd. 9,581 381 224..

Aspen Pharmacare Holdings Ltd. 8,814 97 281..

Barclays Africa Group Ltd. 9,823 177 124..

Bid Corp. Ltd. 7,525 167 182..

Bidvest Group Ltd. (The) 10,242 124 125..

Discovery Ltd. 10,189 110 110..

FirstRand Ltd. 81,390 204 321..

Gold Fields Ltd. 18,799 100 118..

Growthpoint Properties Ltd. 65,579 143 148..

Hyprop Investments Ltd. 10,189 113 116..

Impala Platinum Holdings Ltd. 17,999 70 75..

Investec Ltd. 12,669 111 100..

Life Healthcare Group Holdings Pte Ltd. 31,820 129 101..

Mondi Ltd. 4,132 118 98..

Mr. Price Group Ltd. 6,504 139 118..

MTN Group Ltd. 40,140 578 504..

Naspers Ltd., Series 'N' 10,277 335 2,027..

Netcare Ltd. 31,831 114 87..

Redefine Properties Ltd. 139,589 142 138..

Remgro Ltd. 13,322 185 299..

Resilient REIT Ltd. 10,633 94 123..

RMB Holdings Ltd. 19,592 80 97..

Sanlam Ltd. 37,532 92 200..

Sasol Ltd. 14,050 404 491..

Shoprite Holdings Ltd. 11,116 105 163..

Spar Group Ltd. (The) 5,870 103 104..

Standard Bank Group Ltd. 31,276 319 352..

Tiger Brands Ltd. 3,996 84 127..

Truworths International Ltd. 10,604 71 80..

Vodacom Group Ltd. 10,910 94 161..

Woolworths Holdings Ltd. 25,281 192 187..

....

5,282 7,382 6.6%..x

South Korea..

Amorepacific Corp. 788 52 384..

Amorepacific Group 803 92 152..

BS Financial Group Inc. 7,930 103 72..

Celltrion Inc. 1,778 164 193..

Cheil Industries Inc. 1,825 341 254..

CJ CheilJedang Corp. 247 85 108

9




SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assets..

CJ Corp. 405 65 92..

Coway Co. Ltd. 1,436 48 169..

Daelim Industrial Co. Ltd. 779 68 67..

Dongbu Insurance Co. Ltd. 1,337 77 104..

E-MART Inc. 585 119 114..

GLOVIS Co. Ltd. 491 135 95..

GS Holdings Corp. 1,539 47 83..

Hana Financial Group Inc. 7,492 329 197..

Hankook Tire Co. Ltd. 2,150 93 124..

Hanmi Pharm. Co. Ltd. 132 114 106..

Hanwha Chemical Corp. 3,083 74 83..

Hotel Shilla Co. Ltd. 1,059 94 81..

Hyosung Corp. 562 68 79..

Hyundai Department Store Co. Ltd. 662 95 96..

Hyundai Development Co. 1,647 74 74..

Hyundai Engineering & Construction Co. Ltd. 2,143 133 81..

Hyundai Heavy Industries Co. Ltd. 1,067 267 128..

Hyundai MOBIS 1,601 207 455..

Hyundai Motor Co. Ltd. 3,355 317 513..

Hyundai Motor Co. Ltd., Preferred 685 90 73..

Hyundai Motor Co. Ltd., Second-Preferred 1,001 137 109..

Hyundai Steel Co. 2,448 177 127..

Industrial Bank of Korea 7,807 105 98..

Kakao Corp. 786 105 83..

Kangwon Land Inc. 3,455 115 162..

KB Financial Group Inc. 9,804 629 360..

KCC Corp. 185 72 80..

Kia Motors Corp. 6,416 117 312..

Korea Aerospace Industries Ltd. 1,525 145 126..

Korea Electric Power Corp. 6,390 226 433..

Korea Zinc Co. Ltd. 240 48 138..

KT&G Corp. 3,021 209 462..

LG Chem Ltd. 1,126 179 332..

LG Corp. 2,576 163 185..

LG Display Co. Ltd. 6,313 202 189..

LG Electronics Inc. 2,928 290 178..

LG Household & Health Care Ltd. 239 47 302..

LOTTE CHEMICAL CORP. 387 64 124..

Lotte Shopping Co. Ltd. 405 123 93..

NCsoft Corp. 475 70 126..

NHN Corp. 677 175 542..

Orion Corp. 102 102 108..

POSCO 1,891 908 433..

Samsung Electro-Mechanics Co. Ltd. 1,637 117 93..

Samsung Electronics Co. Ltd. 2,377 1,691 3,824..

Samsung Electronics Co. Ltd., Preferred 439 206 585..

Samsung Fire & Marine Insurance 861 174 256..

Samsung Life Insurance Co. Ltd. 1,876 235 212..

Samsung SDI Co. Ltd. 1,422 175 174..

Samsung SDS Co. Ltd. 875 284 142..

Samsung Securities Co. Ltd. 2,232 148 89..

Shinhan Financial Group Co. Ltd. 10,456 500 444..

SK Energy Co. Ltd. 1,569 165 250..

SK Holdings Co. Ltd. 1,186 320 271..

SK Hynix Inc. 14,571 252 536..

SK Telecom Co. Ltd. 549 109 133..

S-Oil Corp. 1,185 78 101..

Woori Bank 6,619 110 71..

Yuhan Corp. 260 85 90..

....

12,408 16,350 14.7%..x

Taiwan..

Advanced Semiconductor Engineering Inc. 163,221 113 240..

Advantech Co. Ltd. 9,087 70 90..

Asustek Computer Inc. 18,230 215 195..

AU Optronics Corp. 255,195 303 114..

Catcher Technology Co. Ltd. 16,984 92 164..

Cathay Financial Holding Co. Ltd. 207,771 331 294..

Chailease Holding Co. Ltd. 36,948 103 78..

Chang Hwa Commercial Bank 139,253 70 94..

Cheng Shin Rubber Industry Co. Ltd. 57,256 97 156..

China Development Financial Holding Corp. 430,466 148 135..

China Life Insurance Co. Ltd. 116,889 101 118..

China Steel Corp. 318,101 355 268..

Chunghwa Telecom Co. Ltd. 91,413 234 427..

Compal Electronics Inc. 128,623 141 105..

CTBC Financial Holding Co. Ltd. 402,378 196 273..

Delta Electronics Inc. 51,692 202 326..

E.Sun Financial Holding Co. Ltd. 192,214 76 147..

Far Eastern New Century Corp. 107,790 109 104..

Far EasTone Telecommunications Co. Ltd. 30,825 49 96..

First Financial Holding Co. Ltd. 295,937 159 201..

Formosa Chemicals & Fibre Corp. 87,754 214 286..

Formosa Petrochemical Corp. 35,141 98 124..

Formosa Plastics Corp. 105,575 251 331

10




SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assets..

Foxconn Technology Co. Ltd. 34,350 130 105..

Fubon Financial Holding Co. Ltd. 161,622 152 246..

Giant Manufacturing Co. Ltd. 8,551 36 69..

Hon Hai Precision Industry Co. Ltd. 341,601 992 1,137..

Hotai Motor Co. Ltd. 7,325 128 93..

Hua Nan Financial Holdings Co. Ltd. 273,717 148 184..

Innolux Corp. 255,652 388 112..

Inotera Memories Inc. 66,973 62 68..

Largan Precision Co. Ltd. 2,388 20 285..

Lite-On Technology Corp. 66,221 97 118..

MediaTek Inc. 36,325 582 359..

Mega Financial Holding Co. Ltd. 265,100 173 259..

Nan Ya Plastics Corp. 127,923 308 315..

Novatek Microelectronics Corp. Ltd. 18,688 71 90..

Pegatron Corp. 51,737 75 142..

Pou Chen Corp. 61,346 55 107..

President Chain Store Corp. 13,695 56 138..

Quanta Computer Inc. 70,647 123 174..

Shin Kong Financial Holding Co. Ltd. 370,746 160 94..

Siliconware Precision Industries Co. 55,581 97 109..

SinoPac Financial Holdings Co. 351,781 128 135..

Synnex Technology International Corp. 54,408 121 76..

Taishin Financial Holdings Co. Ltd. 277,519 108 139..

Taiwan Cement Corp. 105,830 137 137..

Taiwan Cooperative Financial Holding 315,694 177 180..

Taiwan Mobile Co. Ltd. 44,109 93 199..

Taiwan Semiconductor Manufacturing Co. Ltd. 573,474 1,165 3,734..

Uni-President Enterprises Corp. 121,537 99 310..

United Microelectronics Corp. 343,207 211 174..

WPG Holdings Co. Ltd. 55,992 89 84..

Yuanta Financial Holding Co. Ltd. 331,094 176 139..

....

10,084 13,877 12.5%..x

Thailand..

Advanced Info Service Public Co. Ltd., Registered 24,964 72 145..

Airports of Thailand Public Co. Ltd. 10,638 105 153..

Bangkok Dusit Medical Services Public Co. Ltd. 123,790 88 109..

Bumrungrad Hospital Public Co. Ltd. 10,077 51 68..

C.P. 7-Eleven Public Co. Ltd. 124,107 185 230..

Central Pattana Public Compay Ltd. 43,786 71 96..

Charoen Pokphand Foods PCL 77,234 82 82..

IRPC PCL 470,297 84 83..

Kasikornbank Public Co. Ltd. 44,599 216 279..

Minor International PCL 65,028 76 97..

PTT Exploration and Production Public Co. Ltd. 40,309 193 125..

PTT Global Chemical PCL 63,387 124 139..

PTT Public Co. Ltd. 26,345 218 305..

Siam Cement Public Co. Ltd. (The) 11,430 151 201..

Siam Commercial Bank Public Co. Ltd. 40,334 110 207..

....

1,826 2,319 2.1%..x

Turkey..

Akbank T.A.S. 58,942 264 218..

Anadolu Efes Biracilik ve Malt Sanayii AS 8,201 68 72..

BIM Birlesik Magazalar AS 5,773 68 145..

Emlak Konut Gayrimenkul Yatirim Ortakligi AS 67,708 92 87..

Eregli Demir ve Celik Fabrikalari TAS 42,716 109 78..

Haci Omer Sabanci Holding AS 30,158 132 128..

Koc Holding AS 22,757 138 135..

Tupras-Turkiye Petrol Rafinerileri AS 3,674 74 105..

Turkcell Iletisim Hizmetleri AS 24,996 177 119..

Turkiye Garanti Bankasi AS 61,439 237 210..

Turkiye Halk Bankasi AS 21,948 149 84..

Turkiye Is Bankasi, Series 'C' 52,904 139 109..

....

1,647 1,490 1.3%..x

United Arab Emirates..

Abu Dhabi Commercial Bank PJSC 51,699 115 110..

Aldar Properties PJSC 90,958 80 87..

DP World Ltd. 5,577 136 120..

Emaar Properties PJSC 92,411 231 203..

Emirates Telecommunications Group Co. PJSC 43,465 289 290..

First Gulf Bank PJSC 23,692 110 105..

....

961 915 0.8%..x

United States..

iShares MSCI Emerging Markets Index Fund 3,835 157 170..

Southern Copper Corp. 2,227 100 78..

....

257 248 0.2%..

..

TOTAL INTERNATIONAL EQUITIES 95,264 110,532 99.5%..

..

Less: Transaction costs included in average cost (103).

..

..

TOTAL INVESTMENTS 95,161 110,532 99.5%..

..

Margin 85 0.1%

11




SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assets..

Derivative assets 44 0.0%..

Derivative liabilities (1) 0.0%..

Other Assets, less Liabilities 412 0.4%..

....

TOTAL NET ASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE UNITS 111,072 100.0%

.

...

x

x

Schedule of Derivative Assets and Liabilities - Futures Contracts (note 11)

ContractedValue ($) Name of Future Expiry Date

Number ofContracts Currency

ContractedPrice

FairValue ($)

Unrealized Gain(Loss) ($000s)

x..

711,632 mini MSCI Emerging Markets Index September 2016 14 USD 786.89 754,873 43......

711,632 Derivative Assets and Liabilities - Futures 754,873 43..

..

As at June 30, 2016, $85,481 cash was deposited as margin for the futures contracts.

x

Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts (note 10)

CounterpartyCredit Rating for

Counterparty*Settlement

DateCurrency

Buys Par ValueCurrency

Sells Par Value Forward Rate Current RateUnrealized Gain

(Loss) ($000s)x..

Royal Bank of Canada A-1+ 2016/09/13 USD 59,000 CAD 74,836 1.268 1.292 1..

State Street Trust Co. Canada A-1+ 2016/09/13 USD 150,000 CAD 194,930 1.300 1.292 (1)......

Derivative Assets and Liabilities - Forwards –..

..

* The credit rating of each counterparty (as rated by S&P Global Ratings, a division of S&P Global) of the forward foreign currency contracts held by the Fund meets or exceeds the minimum approved credit rating.

12



Supplemental Schedule to Schedule of Investment Portfolio (unaudited)

Offsetting Arrangements (note 2d)

(in 000s)

The Fund may enter into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allowfor the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of the contracts.

The following table reconciles the net amount of “Over-The-Counter” derivatives presented in the Statements of Financial Position, as at June 30, 2016 to:

l The gross amount before offsetting required under IFRS; and

l The net amount after offsetting under the terms of master netting arrangements or other similar arrangements, but which do not meet the criteria for offsetting under IFRS.

As at December 31, 2015, the Fund did not enter into any arrangements whereby the financial instruments were eligible for offset.

x

Financial Assets and Liabilities Amounts Offset Amounts Not Offset Net

Gross Assets(Liabilities)

Amounts Offset UnderIFRS

Net AmountsPresented onStatements of

Financial PositionMaster NettingArrangements

Cash CollateralReceived

x..

As at June 30, 2016..

OTC Derivative Assets $ 1 $ – $ 1 $ – $ – $ 1..

OTC Derivative Liabilities (1) – (1) – – (1)......

Total $ – $ – $ – $ – $ – $ –..

Interests in Underlying Funds (note 4)

As at June 30, 2016 and December 31, 2015, the Fund had no investments in underlying funds where the ownership exceeded 20% of each underlying fund.

13



Financial Instrument RisksInvestment Objective: CIBC Emerging Markets Index Fund (the Fund) seeks to providelong-term growth through capital appreciation. The Fund is managed to obtain a returnthat approximates the performance of the MSCI Emerging Markets Index, which is a freefloat-adjusted market capitalization index that is intended to represent the emergingcountries equity market in Asia, Latin America, Europe, Africa, and the Middle East.

Investment Strategies: The Fund uses passive management strategies to create aportfolio with characteristics similar to the MSCI Emerging Markets Index, allowing theFund to obtain a return that approximates the performance of that index in Canadiandollars.

Significant risks that are relevant to the Fund are discussed here. General information onrisk management and specific discussion on concentration, credit, currency, interest rate,liquidity, and other price/market risk can be found in note 2 of the financial statements.

In the following risk tables, Net Assets is defined as meaning “Net assets attributable toholders of redeemable units".

Concentration Risk as at June 30, 2016 and December 31, 2015The Schedule of Investment Portfolio presents the securities held by the Fund as at June30, 2016.The following table presents the investment sectors held by the Fund as at December 31,2015 and groups the securities by asset type, industry sector, geographic region, orcurrency exposure:

As at December 31, 2015

Portfolio Breakdown% of Net

Assetsx

x

International Equitiesx

Brazil 5.7x

Chile 1.3x

China 18.0x

Colombia 0.3x

Czech Republic 0.2x

Egypt 0.2x

Greece 0.1x

Hong Kong 6.9x

Hungary 0.4x

India 8.7x

Indonesia 2.5x

Malaysia 3.4x

Malta 0.1x

Mexico 4.7x

Peru 0.2x

Philippines 1.5x

Poland 1.3x

Qatar 1.0x

Russia 3.4x

South Africa 6.8x

South Korea 15.6x

Taiwan 12.8x

Thailand 1.9x

Turkey 1.3x

United Arab Emirates 0.6x

United States 0.1x

Other Assets, less Liabilities 1.0xxx

Total 100.0xx

Credit RiskCredit ratings represent a consolidation of the ratings provided by various outside serviceproviders and are subject to change, which could be material.

See the Schedule of Investment Portfolio for counterparty from over-the-counterderivative contracts, where applicable.

As at June 30, 2016 and December 31, 2015, the Fund had no significant investments indebt securities.

Currency RiskThe tables that follow indicate the currencies to which the Fund had significant exposureas at June 30, 2016 and December 31, 2015, based on the market value of the Fund'sfinancial instruments (including cash and cash equivalents) and the underlying principalamounts of forward foreign currency contracts, as applicable.

As at June 30, 2016

Currency (note 2m)Total Currency

Exposure* ($000s)% of

Net Assetsx

x

HKD 23,859 21.5x

KRW 16,353 14.7x

TWD 14,035 12.6x

INR 9,430 8.5x

ZAR 8,159 7.3x

BRL 8,043 7.2x

USD 5,873 5.3x

MXN 4,696 4.2x

MYR 3,521 3.2x

RUB 3,120 2.8x

IDR 2,878 2.6x

THB 2,326 2.1x

PHP 1,912 1.7x

TRY 1,493 1.3x

CLP 1,320 1.2x

PLN 1,235 1.1x

QAR 855 0.8x

AED 795 0.7xxx

* Amounts reflect the carrying value of monetary and non-monetary items (including the notionalamount of forward foreign currency contracts, if any).

As at December 31, 2015

Currency (note 2m)Total Currency

Exposure* ($000s)% of

Net Assetsx

x

HKD 28,803 24.4x

KRW 18,607 15.8x

TWD 15,117 12.8x

INR 10,276 8.7x

ZAR 8,173 6.9x

BRL 6,757 5.7x

MXN 5,526 4.7x

MYR 4,037 3.4x

RUB 3,015 2.6x

IDR 2,988 2.5x

USD 2,925 2.5x

THB 2,259 1.9x

PHP 1,772 1.5x

PLN 1,532 1.3x

TRY 1,524 1.3x

CLP 1,497 1.3x

QAR 1,215 1.0x

AED 556 0.5xxx

* Amounts reflect the carrying value of monetary and non-monetary items (including the notionalamount of forward foreign currency contracts, if any).

The table that follows indicates how net assets as at June 30, 2016 and December 31,2015 would have decreased or increased had the Canadian dollar strengthened orweakened by 1% in relation to all foreign currencies. This analysis assumes that all othervariables remain unchanged. In practice, the actual results may differ from this analysisand the difference could be material.


x

Impact on Net Assets ($000s) 1,119 1,180xx

Interest Rate RiskAs at June 30, 2016 and December 31, 2015, the majority of the Fund’s financial assetsand liabilities are non-interest bearing and short-term in nature; accordingly, the Fund isnot subject to significant amounts of risk due to fluctuations in the prevailing levels ofmarket interest rates.

Liquidity RiskLiquidity risk is the risk that the Fund will encounter difficulty in meeting obligationsassociated with financial liabilities. The Fund is exposed to daily cash redemptions ofredeemable units. The Fund maintains sufficient cash on hand to fund anticipatedredemptions.

With the exception of derivative contracts, where applicable, all of the Fund’s financialliabilities are short-term liabilities maturing within 90 days after the period end.

For funds that hold derivative contracts with a term-to-maturity that exceeds 90 days fromthe period end, further information related to those contracts can be referenced in thederivative schedules following the Schedule of Investment Portfolio.

14



Other Price/Market RiskThe table that follows indicates how net assets as at June 30, 2016 and December 31,2015 would have increased or decreased had the value of the Fund’s benchmark(s)increased or decreased by 1%. This change is estimated based on the historicalcorrelation between the return of Class A units of the Fund as compared to the return ofthe Fund’s benchmark(s), using 36 monthly data points, as available, based on themonthly net returns of the Fund. This analysis assumes that all other variables remainunchanged. The historical correlation may not be representative of the future correlationand, accordingly, the impact on net assets could be materially different..

Impact on Net Assets ($000s)

Benchmark June 30, 2016 December 31, 2015x

x

MSCI Emerging Markets Index 1,105 1,167xx

Fair Value Measurement of Financial InstrumentsThe following is a summary of the inputs used as at June 30, 2016 and December 31,2015 in valuing the Fund’s financial assets and financial liabilities, carried at fair value:

As at June 30, 2016Level 1 (i) Level 2 (ii) Level 3 (iii) Total

Classification ($000s) ($000s) ($000s) ($000s)xx

Financial Assetsx

Equities 19,416 91,103 13 110,532x

Derivative assets 43 270 – 313xxx

Total Financial Assets 19,459 91,373 13 110,845xx

x

Financial Liabilitiesx

Derivative liabilities – (270) – (270)xxx

Total Financial Liabilities – (270) – (270)xx

x

Total Financial Assets and Liabilities 19,459 91,103 13 110,575xx

x

(i) Quoted prices in active markets for identical assetsx

(ii) Significant other observable inputsx

(iii) Significant unobservable inputs

As at December 31, 2015Level 1 (i) Level 2 (ii) Level 3 (iii) Total

Classification ($000s) ($000s) ($000s) ($000s)xx

Financial Assetsx

Equities 15,614 101,108 174 116,896x

Derivative assets 19 201 – 220xxx

Total Financial Assets 15,633 101,309 174 117,116xx

x

Financial Liabilitiesx

Derivative liabilities – (201) – (201)xxx

Total Financial Liabilities – (201) – (201)xx

x

Total Financial Assets and Liabilities 15,633 101,108 174 116,915xx

x

(i) Quoted prices in active markets for identical assetsx

(ii) Significant other observable inputsx

(iii) Significant unobservable inputs

Transfer of assets between Level 1 and Level 2Financial assets and liabilities transferred from Level 1 to Level 2 are the result ofsecurities no longer being traded in an active market..


x

Fair value of assets transferred from Level 1 toLevel 2 during the period ($000s) 216 1,403

x

x

Financial assets and liabilities transferred from Level 2 to Level 1 are the result ofsecurities now being traded in an active market..


x

Fair value of assets transferred from Level 2 toLevel 1 during the period ($000s) 122 –

x

x

Reconciliation of financial asset and liability movement – Level 3The following table shows a reconciliation of all movements in the Level 3 financialassets and liabilities from the beginning of the period until the end of the period:

As at June 30, 2016Financial

AssetsFixed

IncomeSecurities

($000s)

FinancialAssets

Equities($000s)

TotalFinancial

Assets($000s)

TotalFinancial

Liabilities($000s)

TotalFinancial

Assets andLiabilities

($000s)xx

Balance, beginning of period – 174 174 – 174xx

x

Purchases – – – – –xx

x

Sales – (48) (48) – (48)xx

x

Net transfers – – – – –xx

x

Realized gains (losses) – (58) (58) – (58)xx

x

Change in unrealized appreciation(depreciation) – (55) (55) – (55)

xx

x

Balance, end of period – 13 13 – 13xx

x

Total change in unrealizedappreciation (depreciation) forassets held at the end of theperiod – (55) (55) – (55)

xx

As at December 31, 2015Financial

AssetsFixed

IncomeSecurities

($000s)

FinancialAssets

Equities($000s)

TotalFinancial

Assets($000s)

TotalFinancial

Liabilities($000s)

TotalFinancial

Assets andLiabilities

($000s)xx

Balance, beginning of period – – – – –xx

x

Purchases – 1 1 – 1xx

x

Sales – (17) (17) – (17)xx

x

Net transfers – 259 259 – 259xx

x

Realized gains (losses) – 8 8 – 8xx

x

Change in unrealized appreciation(depreciation) – (77) (77) – (77)

xx

x

Balance, end of period – 174 174 – 174xx

x

Total change in unrealizedappreciation (depreciation) forassets held at the end of theperiod – (173) (173) – (173)

xx

The Manager utilizes a variety of valuation techniques and assumptions in determiningthe fair value of securities classified as Level 3. Those techniques include the use ofcomparable recent arm's length transactions, discounted cash flow models, and othertechniques commonly used by market participants and which rely on the use ofobservable inputs such as broker quotations, industry multipliers and discount rates.Changes in the inputs used may cause material changes in the fair value of the financialinstruments held by the Fund.

As at June 30, 2016 and December 31, 2015, the potential impact of using reasonablepossible assumptions for valuing Level 3 financial assets or liabilities is as follows:

As at June 30, 2016Increase

($000s)Decrease

($000s)x

x

Impact on fair value – 13x

x

As at December 31, 2015Increase

($000s)Decrease

($000s)x

x

Impact on fair value – 174x

x

15

Notes to Financial Statements (unaudited)

x

As at and for the periods as disclosed in the financial statements (see note 1)

1. Organization of the Funds and Financial Reporting Periods

Each of the CIBC Mutual Funds and CIBC Family of Managed Portfolios (individually, a Fund, and collectively, the Funds) is a mutual fund trust organized under the laws of Ontario and governed by a declaration of trust(Declaration of Trust). The address of the Funds’ registered office is 18 York Street, Suite 1300, Toronto, Ontario.

CIBC Securities Inc. is the principal distributor, Canadian Imperial Bank of Commerce (CIBC) is the manager (the Manager), and CIBC Trust Corporation is the trustee (the Trustee) of the Funds.

Each Fund is permitted to have an unlimited number of classes of units and may issue an unlimited number of units of each class. In the future, the offering of any classes of units of a Fund may be terminated oradditional classes of units may be offered. The following table indicates the classes of units offered for sale by each of the Funds, as at the date of these financial statements:x

Funds Class A Class T4 Class T6 Class T8 Premium Class Institutional Class Class Ox..

CIBC Canadian T-Bill Fund ü ü..

CIBC Money Market Fund ü ü ü..

CIBC U.S. Dollar Money Market Fund ü ü ü..

CIBC Short-Term Income Fund ü ü ü..

CIBC Canadian Bond Fund ü ü ü..

CIBC Monthly Income Fund ü ü..

CIBC Global Bond Fund ü ü..

CIBC Global Monthly Income Fund ü ü..

CIBC Balanced Fund ü..

CIBC Dividend Income Fund ü ü..

CIBC Dividend Growth Fund ü ü..

CIBC Canadian Equity Fund ü ü..

CIBC Canadian Equity Value Fund ü ü..

CIBC Canadian Small-Cap Fund ü..

CIBC U.S. Equity Fund ü ü..

CIBC U.S. Small Companies Fund ü ü..

CIBC Global Equity Fund ü..

CIBC International Equity Fund ü ü..

CIBC European Equity Fund ü ü..

CIBC Emerging Markets Fund ü ü..

CIBC Asia Pacific Fund ü ü..

CIBC Latin American Fund ü..

CIBC International Small Companies Fund ü..

CIBC Financial Companies Fund ü..

CIBC Canadian Resources Fund ü ü..

CIBC Energy Fund ü ü..

CIBC Canadian Real Estate Fund ü ü..

CIBC Precious Metals Fund ü ü..

CIBC Global Technology Fund ü..

CIBC Canadian Short-Term Bond Index Fund ü ü ü ü..

CIBC Canadian Bond Index Fund ü ü ü ü..

CIBC Global Bond Index Fund ü ü ü..

CIBC Balanced Index Fund ü ü ü..

CIBC Canadian Index Fund ü ü ü ü..

CIBC U.S. Broad Market Index Fund ü ü ü ü..

CIBC U.S. Index Fund ü ü ü ü..

CIBC International Index Fund ü ü ü ü..

CIBC European Index Fund ü ü ü..

CIBC Emerging Markets Index Fund ü ü ü ü..

CIBC Asia Pacific Index Fund ü ü ü ü..

CIBC Nasdaq Index Fund ü ü ü..

CIBC Managed Income Portfolio ü ü ü..

CIBC Managed Income Plus Portfolio ü ü ü..

CIBC Managed Balanced Portfolio ü ü ü ü..

CIBC Managed Monthly Income Balanced Portfolio ü ü ü..

CIBC Managed Balanced Growth Portfolio ü ü ü ü..

CIBC Managed Growth Portfolio ü ü ü ü..

CIBC Managed Aggressive Growth Portfolio ü ü ü ü..

CIBC U.S. Dollar Managed Income Portfolio ü ü ü..

CIBC U.S. Dollar Managed Balanced Portfolio ü ü ü ü..

CIBC U.S. Dollar Managed Growth Portfolio ü ü ü üx

16

p / 2 Notes to Financial Statements (unaudited)

Each class of units may charge a different management fee. Operating expenses can be either common or class-specific. Class-specific expenses are allocated on a class-by-class basis. As a result, a separate netasset value per unit is calculated for each class of units.

Class A units are available to all investors on a no-load basis with a minimum investment of $500. Investors may have to pay a short-term trading fee if applicable.

Class T4, T6, and T8 units have the same characteristics as Class A units, except that they each intend to pay a fixed distribution amount per unit, which also results in a separate net asset value per unit for each class,and may have different minimum investment requirements.

Premium Class units are available to investors on a no-load basis with a minimum investment of $100,000 for CIBC Canadian T-Bill Fund and CIBC Money Market Fund, US$100,000 for CIBC U.S. Dollar Money MarketFund, $50,000 for CIBC Short-Term Income Fund, CIBC Canadian Bond Fund, CIBC Canadian Short-Term Bond Index Fund, CIBC Canadian Bond Index Fund, CIBC Global Bond Index Fund, CIBC Balanced Index Fund,CIBC Canadian Index Fund, CIBC U.S. Broad Market Index Fund, CIBC U.S. Index Fund, CIBC International Index Fund, CIBC European Index Fund, CIBC Emerging Markets Index Fund, CIBC Asia Pacific Index Fund, andCIBC Nasdaq Index Fund, and US$50,000 for the U.S. dollar purchase option of CIBC U.S. Broad Market Index Fund and CIBC Nasdaq Index Fund. Management fees charged in respect of Premium Class units are lowerthan those charged in respect of Class A units.

Institutional Class units are available to investors with a minimum investment of $50,000. Institutional Class units are available to investors participating in programs that do not require the payment of sales charges byinvestors and do not require the payment of service or trailing commissions to dealers, and others who pay an annual fee to their dealer. For these investors, we “unbundle” the typical distribution costs and charge alower management fee. Potential investors include institutional clients, clients of “fee-for-service” investment advisors, dealer sponsored “wrap accounts”, and others who pay an annual fee to their dealer instead oftransactional sales charges and where the dealer does not receive service fees or trailing commissions from the Manager.

Class O units are only available to certain investors who have been approved by and have entered into a Class O unit account agreement with the Manager or whose dealer or discretionary manager offers separatelymanaged accounts or similar programs and has entered into a Class O unit account agreement with the Manager. These investors are typically financial services companies, including the Manager, that use Class Ounits of a fund to facilitate offering other products to investors. No management fees or operating expenses are charged to a fund in respect of Class O units; instead, a negotiated management fee is charged by theManager directly to, or as directed by, Class O unitholders or dealers and discretionary managers on behalf of unitholders.

The date upon which each Fund was established by Declaration of Trust (Date Established) and the date upon which each class of units of each Fund was first sold to the public (Inception Date) are reported in footnoteOrganization of the Fund on the Statements of Financial Position.

The Schedule of Investment Portfolio of each of the Funds is as at June 30, 2016. The Statements of Financial Position of each of the Funds are as at June 30, 2016 and December 31, 2015. The Statements ofComprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units, and the Statements of Cash Flows of each of the Funds are for the six-month periods ended June 30, 2016and 2015, except for Funds or classes established during either period, in which case the information presented is from the Date Established or the Inception Date to June 30, 2016 or 2015.

These financial statements were approved for issuance by the Manager on August 18, 2016.

2. Summary of Significant Accounting Policies

These financial statements have been prepared in accordance with International Accounting Standards Interim Financial Reporting (IAS 34) as published by the International Accounting Standards Board (IASB). TheFunds adopted IFRS in 2014 as required by Canadian securities legislation and the Canadian Accounting Standards Board. Previously, the Funds prepared their financial statements in accordance with Canadiangenerally accepted accounting principles (GAAP) as defined in Part V of the CPA Canada Handbook.

The financial statements have been prepared on a going concern basis using the historical cost convention. However, each Fund is an investment entity and primarily all financial assets and financial liabilities aremeasured at fair value in accordance with IFRS. Accordingly, the Funds’ accounting policies for measuring the fair value of investments and derivatives are consistent with those used in measuring the Net Asset Valuefor transactions with unitholders. In applying IFRS, these financial statements include estimates and assumptions made by management that affect the reported amounts of assets, liabilities, income, and expensesduring the reporting periods. However, existing circumstances and assumptions may change due to market changes or circumstances arising beyond the control of the Funds. Such changes are reflected in theassumptions when they occur.

These financial statements have been presented in Canadian dollars, which is the Funds’ functional currency (unless otherwise noted).

a) Financial Instruments

Classification and recognition of financial instruments

In accordance with IAS 39 Financial Instruments: Recognition and Measurement, financial assets and financial liabilities are classified at initial recognition into the following categories:

Financial assets and liabilities at fair value through profit or loss (“FVTPL”)

This category is sub-divided into:

l Financial instruments classified as Held For Trading: Financial assets and liabilities are classified as Held For Trading if they are acquired for the purpose of selling and/or repurchasing in the near term, andare acquired principally for the purpose of generating a profit from short-term fluctuations in price. Derivatives and securities sold short held by the Funds are classified as Held For Trading and do not meetthe definition of effective hedging instruments as defined by IAS 39.

l Financial instruments designated as FVTPL through inception: All investments held by the Funds, excluding those classified as Held For Trading (discussed above), are designated as fair value through profitor loss upon initial recognition. These financial assets are designated upon initial recognition on the basis that they are part of a group of financial assets that are managed and have their performanceevaluated on a fair value basis, in accordance with risk management and investment strategies of the Funds, as set out in the Funds’ prospectus.

Loans and receivables

The Funds include in this category receivable balances relating to portfolio investments and other short-term receivables such as receivable for units issued.

Other financial liabilities

This category includes all financial liabilities, other than those classified as fair value through profit or loss. The Funds include in this category amounts relating to payables for portfolio securities purchased and otheraccrued liabilities such as payable for units redeemed and distributions payable to holders of redeemable units.

All Funds have contractual obligations to distribute cash to the unitholders. As a result, each Fund's obligation for net assets attributable to holders of redeemable units represents a financial liability and is presentedat the redemption amount.

b) Risk Management

The Funds’ overall risk management approach includes formal guidelines that govern the extent of exposure to various types of risk, including diversification within asset classes and limits on the exposure to individualinvestments and counterparties. In addition, derivative financial instruments may be used to manage certain risk exposures. The Manager also has various internal controls to oversee the Funds’ investment activities,including monitoring compliance with the investment objectives and strategies, internal guidelines, and securities regulations. Please refer to each Fund’s Supplemental Schedule to Schedule of Investment Portfoliofor specific risk disclosures.

Fair value of financial instruments by using valuation techniques

Financial instruments are valued at their fair value which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at themeasurement date. Refer to notes 3a to 3f for valuation of each specific type of financial instrument held by the Funds. The fair value of financial assets and liabilities traded in active markets are based on quotedmarket prices at the close of trading on the reporting date. The Funds use the last traded market price for both financial assets and financial liabilities where the last traded price falls within that day’s bid-ask spread.In circumstances where the last traded price is not within the bid-ask spread, the Manager determines the price that is most representative of fair value based on the specific facts and circumstances.

For financial assets and financial liabilities that are not traded in an active market, fair value is determined using valuation techniques.

The Funds classify fair value measurement within a hierarchy which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority tounobservable inputs (Level 3). The three levels of the fair value hierarchy are:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

17

Notes to Financial Statements (unaudited) p / 3

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Inputs are unobservable for the asset or liability.

If inputs are used to measure an asset’s or liability’s fair value, the classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. Each Fund’s fair value hierarchyclassification of its assets and liabilities is included in the Supplemental Schedule to Schedule of Investment Portfolio.

The carrying values of all non-investment assets and liabilities approximate their fair values due to their short-term nature. Fair values are classified as Level 1 when the related security or derivative is actively tradedand a quoted price is available. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2, unless themeasurement of its fair value requires the use of significant unobservable inputs, in which case it is classified as Level 3.

The Manager is responsible for performing the fair value measurements included in the financial statements of a Fund, including the Level 3 measurements. The Manager obtains pricing from third-party pricingvendors and the pricing is reviewed daily. At each financial reporting date, the Manager reviews and approves all Level 3 fair value measurements. The Funds also have a Valuation Committee which meets quarterly toperform detailed reviews of the valuations of investments held by the Funds, which includes discussion on Level 3 measurements.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument, such as a fixed income security or a derivative contract, will fail to discharge an obligation or commitment that it has entered into with the Funds. Thevalue of fixed income securities and derivatives as presented on the Schedule of Investment Portfolio includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit riskexposure of the Funds. Certain Funds may invest in short-term fixed income securities issued or guaranteed primarily by the Government of Canada or, any Canadian provincial or Canadian municipal government,obligations of Canadian chartered banks or trust companies, and commercial paper with approved credit ratings. The risk of default on these short-term fixed income securities is considered low and these securitiesprimarily have credit ratings of ‘A-1 (Low)’ or higher (as rated by S&P Global Ratings, a division of S&P Global, or equivalent rating from another rating service).

The bond ratings noted in the Funds’ ‘Financial Instruments Risk’ under sub-section ‘Credit Risk’ represent ratings collected and disseminated by recognized third party vendors. These ratings utilized by the Manager,while obtained from vendors skilled and recognized for bond rating services, may not be the same as those used directly by the portfolio advisor or portfolio sub-advisors. Ratings used by the portfolio advisor orportfolio sub-advisors could be higher or lower than those used for risk disclosure in the financial statements in compliance with their investment policy guidelines.

The Funds may engage in securities lending transactions. The credit risk related to securities lending transactions is limited by the fact that the value of cash or securities held as collateral by the Funds in connectionwith these transactions is at least 102% of the fair value of the securities loaned. The collateral and loaned securities are marked to market on each business day. Further information regarding the collateral andsecurities on loan can be found in the footnotes to the Statements of Financial Position and in note 2j.

Currency risk

Currency risk is the risk that the value of an investment will fluctuate due to changes in foreign exchange rates. Mutual funds may invest in securities denominated or traded in currencies other than the Funds’reporting currency.

Interest rate risk

Prices of fixed income securities generally increase when interest rates decline and decrease when interest rates rise. This risk is known as interest rate risk. Prices of longer-term fixed income securities will generallyfluctuate more in response to interest rate changes than would shorter-term securities. Due to the nature of short-term fixed income securities with a remaining term-to-maturity of less than one year, theseinvestments are not generally exposed to a significant risk that their value will fluctuate in response to changes in the prevailing levels of market interest rates.

Liquidity risk

The Funds are exposed to daily cash redemptions of redeemable units. Generally, the Funds retain sufficient cash and cash equivalent positions to maintain adequate liquidity. However, liquidity risk also involves theability to sell an asset for cash easily and at a fair price. Some securities are illiquid due to legal restrictions on their resale, the nature of the investment, or simply a lack of interested buyers for a particular security orsecurity type. Certain securities may become less liquid due to changes in market conditions, such as interest rate changes or market volatility, which could impair the ability of a Fund to sell such securities quickly or ata fair price. Difficulty in selling securities could result in a loss or a lower return for a Fund.

Other price/market risk

Other price/market risk is the risk that the value of investments will fluctuate as a result of changes in market conditions. Several factors can influence market trends, such as economic developments, changes ininterest rates, political changes, and catastrophic events. All investments are exposed to other price/market risk.

c) Investment Transactions, Income Recognition, and Recognition of Realized and Unrealized Gains and Losses

i) Interest for distribution purposes shown on the Statements of Comprehensive Income represents the coupon interest received by the Fund accounted for on an accrual basis. The Funds do not amortizepremiums paid or discounts received on the purchase of fixed income securities except for zero coupon bonds, which are amortized on a straight-line basis.

ii) Dividend income is recorded on the ex-dividend date.

iii) Securities that are exchange-traded are recorded at fair value established by the last traded market price when that price falls within that day’s bid-ask spread. Debt securities are recorded at fair value,established by the last traded price on the over-the-counter market (OTC) when that price falls within that day’s bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread,the Manager determines the price that is most representative of fair value based on the specific facts and circumstances. Unlisted securities are recorded at fair value using fair valuation techniquesestablished by the Manager in establishing a fair value.

iv) Realized gains and losses on investments and unrealized appreciation or depreciation of investments are calculated using the average cost, excluding transaction costs, of the related investments.

v) Investment income is the sum of income paid to the fund that is generated from a fund’s investment fund holdings.

vi) Other income is the sum of income, excluding transaction costs, other than that which is separately classified on the Statements of Comprehensive Income.

d) Offsetting

Financial assets and liabilities are offset and the net amount reported in the Statements of Financial Position, if there is a currently enforceable legal right to offset the recognized amounts and there is an intention tosettle on a net basis, or to realize the asset and settle the liability simultaneously.

Where applicable, additional information can be found in the table Offsetting Arrangements as part of the Supplemental Schedule to Schedule of Investment Portfolio. This supplemental schedule discloses the OTCderivatives which are subject to offsetting.

e) Portfolio Securities

The cost of securities of a Fund is determined in the following manner: securities are purchased and sold at a market-traded price to arrive at a value for the position traded. The total purchased value represents thetotal cost of the security to the Fund. When additional units of the same security are purchased, the cost of those additional units is added to the total security cost. When units of the same security are sold, theproportionate cost of the units of the security sold is deducted from the total security cost. If there is a return of capital paid by a security, the amount of this return of capital is deducted from the total security cost.This method of tracking security cost is known as “average cost” and the current total for any one security is referred to as the “adjusted cost base” or “ACB” of the security. Transaction costs incurred in portfoliotransactions are excluded from the average cost of investments and are recognized immediately in Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units and are presented as a separateexpense item in the financial statements.

The difference between the fair value of securities and their average cost, excluding transaction costs, represents the unrealized appreciation (depreciation) in value of the portfolio investments. The applicable periodchange in unrealized appreciation (depreciation) of investments is included on the Statements of Comprehensive Income.

Short-term investments on the Schedule of Investment Portfolio are presented at their amortized cost which approximates the fair value. Accrued interest for bonds is disclosed separately on the Statements ofFinancial Position.

18


f) Foreign Exchange

The value of investments and other assets and liabilities denominated in foreign currencies is translated into Canadian dollars, which is the Funds’ functional and presentation currency (except for CIBC U.S. DollarMoney Market Fund, CIBC U.S. Dollar Managed Income Portfolio, CIBC U.S. Dollar Managed Balanced Portfolio, and CIBC U.S. Dollar Managed Growth Portfolio, which are valued in U.S. dollars) at the current ratesprevailing on each valuation date.

Purchases and sales of investments, income, and expenses are translated into Canadian dollars, which is the Funds’ functional and presentation currency (with the exception of the above-mentioned Funds which arevalued in U.S. dollars) at the foreign exchange rates prevailing on the dates of such transactions. Foreign currency translation gains (losses) on investments and income transactions are included in Net realized gain(loss) on foreign currency and in Income, respectively, on the Statements of Comprehensive Income.

g) Forward Foreign Currency Contracts

The Funds may enter into forward foreign currency contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securitiesregulatory authorities.

Changes in the fair value of forward foreign currency contracts are included in derivative assets or derivative liabilities on the Statements of Financial Position, and are recorded as an Increase (decrease) in unrealizedappreciation (depreciation) of investments and derivatives during the applicable period on the Statements of Comprehensive Income.

The gain or loss arising from the difference between the value of the original forward foreign currency contract and the value of such contract at close or delivery is realized and recorded as Net realized gain (loss) onforeign currency for Funds that use the forward foreign currency contracts for hedging, or as Derivative income (loss) from forward foreign currency contracts for Funds that do not use the forward foreign currencycontracts for hedging.

h) Futures Contracts

The margin deposits with brokers relating to futures contracts are included in Margin on the Statements of Financial Position. Any change in the margin requirement is settled daily and included in Receivable forportfolio securities sold or Payable for portfolio securities purchased on the Statements of Financial Position.

Any difference between the settlement value at the close of business on each valuation date and the settlement value at the close of business on the previous valuation date is recorded as Derivative income (loss)from futures contracts on the Statements of Comprehensive Income.

i) Options

Premiums paid for purchased call and put options are included in derivative assets and subsequently measured at fair value on the Statements of Financial Position. When a purchased option expires, the Fund willrealize a loss in the amount of the cost of the option. For a closing transaction, the Fund will realize a gain or loss depending on whether the proceeds are greater or less than the premium paid at the time of purchase.When a purchased call option is exercised, the cost of the security purchased is increased by the premium paid at the time of purchase.

Premiums received from writing options are included in derivative liabilities and subsequently measured at fair value on the Statements of Financial Position as initial reductions in the value of investments. Premiumsreceived from writing options that expire unexercised are recorded as realized gains and reported as Net gain (loss) on sale of investments and derivatives on the Statements of Comprehensive Income. For a closingtransaction, if the cost of closing the transaction exceeds the premium received, the Fund will record a realized loss or, if the premium received at the time the option was written is greater than the amount paid, theFund will record a realized gain and is reported as Net gain (loss) on sale of investments and derivatives. If a written put option is exercised, the cost for the security delivered is reduced by the premiums received at thetime the option was written.

j) Securities Lending

A Fund may lend portfolio securities in order to earn additional revenue, which is disclosed on the Statements of Comprehensive Income. The loaned assets of any one Fund are not permitted to exceed 50% of thefair value of the assets of that Fund (excluding collateral debt for the loaned securities). The minimum allowable collateral is 102% of the fair value of the loaned securities as per the requirements of NationalInstrument 81-102 – Investment Funds. Collateral can consist of the following:

i) Cash.

ii) Qualified securities.

iii) Irrevocable letters of credit issued by a Canadian financial institution that is not the counterparty, or an affiliate counterparty, of the fund in the transaction, if evidences of indebtedness of the Canadianfinancial institution that are rated as short-term debt by an approved credit rating organization have an approved credit rating.

iv) Securities that are immediately convertible into securities of the same issuer, class, or type, and the same term, as the securities loaned.

The fair value of the loaned securities is determined on the close of any valuation date and any additional required collateral is delivered to the Fund on the next business day. The securities on loan continue to beincluded on the Schedule of Investment Portfolio and are included in the total value on the Statements of Financial Position in Investments (non-derivative financial assets) at fair value. Where applicable, a Fund’ssecurities lending transactions are reported in footnote Securities Lending on the Statements of Financial Position.

Changes to National Instrument 81-106 – Investment Fund Continuous Disclosure took effect for Funds with a financial year beginning on or after January 1, 2016. Those changes now require a reconciliation of thegross amount generated from the securities lending transactions of the Funds to the revenue from securities lending disclosed in the Funds’ Statements of Comprehensive Income. The gross amount generated fromsecurities lending includes interest paid on collateral, withholding taxes deducted, the fees paid to the Funds’ lending agent and the securities lending revenue received by the Funds. Where applicable, thereconciliation can be found in the footnotes to the Funds’ Statements of Comprehensive Income.

k) Multi-Class Structured Funds

The realized and unrealized capital gains or losses, income, and common expenses (other than class-specific operating expenses and management fees) of the Fund are allocated on each valuation date to theunitholders in proportion to the respective prior day’s net asset value, which includes unitholder trades dated for that day, of each class of units at the date on which the allocation is made. All class-specific operatingexpenses and management fees do not require allocation. All class-specific operating expenses are paid by the Manager and are collected from the Funds on a recoverable basis.

l) Loans and Receivables, Other Assets and Liabilities

Loans and Receivables, other assets and liabilities (other than those classified as FVTPL) are recorded at cost, which approximates their fair value, with the exception of net assets attributable to holders of redeemableunits which are presented at the redemption value.x

x..x

m) Legend of Abbreviations

The following is a list of abbreviations (foreign currency translation and others) that may be used on the Schedule of Investment Portfolio:

x

Currency Abbreviations

x..

AED – United Arab Emirates Dirham KRW – South Korean Won..

ARS – Argentine Peso MAD – Morocco Dirham..

AUD – Australian Dollar MXN – Mexican Peso..

BRL – Brazilian Real MYR – Malaysian Ringgit..

CAD – Canadian Dollar NOK – Norwegian Krone..

CHF – Swiss Franc NZD – New Zealand Dollar..

CLP – Chilean Peso PEN – Peruvian Nuevo Sol..

CNY – Chinese Renminbi PHP – Philippine Peso

19


..

COP – Colombian Peso PKR – Pakistan Rupee..

CZK – Czech Koruna PLN – Polish Zloty..

DKK – Danish Krone QAR – Qatari Riyal..

EGP – Egyptian Pound RUB – Russian Ruble..

EUR – Euro SEK – Swedish Krona..

GBP – British Pound SGD – Singapore Dollar..

HKD – Hong Kong Dollar THB – Thai Baht..

HUF – Hungarian Forint TRY – New Turkish Lira..

IDR – Indonesian Rupiah TWD – Taiwan Dollar..

ILS – Israeli Shekel USD – United States Dollar..

INR – Indian Rupee VEF – Venezuelan Bolivar Fuerte..

JOD – Jordanian Dinars ZAR – South African Rand..

JPY – Japanese Yen..

Other Abbreviations

..

ADR – American Depositary Receipt..

CVO – Contingent Value Obligations..

ETF – Exchange-Traded Fund..

GDR – Global Depositary Receipt Securities..

NVDR – Non-Voting Depositary Receiptxxxxxxxx

n) Standards issued but not yet effective

Standards issued but not yet effective up to the date of issuance of the Funds’ financial statements are listed below. The Funds intend to adopt applicable standards when they become effective.

IFRS 9, Financial Instruments - Classification and Measurement

In July 2014, the IASB issued the final version of IFRS 9, Financial Instruments which reflects all phases of the financial instruments project and replaces IAS 39, Financial Instruments: Recognition and Measurementand all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. IFRS 9 is effective for annual periods beginning on or afterJanuary 1, 2018, with early application permitted. The Funds are in the process of assessing the impact of IFRS 9.

o) Increase (decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit

Increase (decrease) in net assets attributable to holders of redeemable units per unit of each class is calculated by dividing the Increase (decrease) in net assets attributable to holders of redeemable units (excludingdistributions), as reported on the Statements of Comprehensive Income, by the weighted average number of units in issue during the related period.

3. Valuation of Investments

The valuation date (Valuation Date) for a Fund is any day when the Manager’s head office is open for business. The Manager may, at its discretion, establish other Valuation Dates.

The value of the investments or assets of a Fund is determined as follows:

a) Cash and Other Assets

Cash, accounts receivable, dividends receivable, distributions receivable, and interest receivable are valued at fair value or at their recorded cost, plus or minus any foreign exchange between recognition of the assetby the Fund and the current Valuation Date, which approximates fair value.

b) Bonds, Debentures, and Other Debt Obligations

Bonds, debentures, and other debt obligations are fair valued using the last traded price provided by a recognized vendor upon the close of trading on a Valuation Date, whereby the last traded price falls within thatday’s bid-ask spread. If the last traded price does not fall within that day’s bid-ask spread, the Manager will then determine the price that is most representative of fair value based on the specific facts andcircumstances.

c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities

Any security that is listed or traded on a securities exchange is fair valued using the last traded price, whereby the last traded price falls within that day’s bid-ask spread or, if there is no traded price on that exchangeor the last traded price does not fall within that day’s bid-ask spread and in the case of securities traded on an OTC market, at the fair value as determined by the Manager as an appropriate basis for valuation. In suchsituations, a fair value will be determined by the Manager to establish current value. If any securities are inter-listed or traded on more than one exchange or market, the Manager will use the principal exchange ormarket for the fair value of such securities.

Units of each mutual fund in which a Fund invests will be valued at fair value using the most recent net asset value quoted by the Trustee or Manager of the mutual fund on the Valuation Date.

Unlisted securities are fair valued using the last traded price quoted by a recognized dealer, or the Manager may determine a price that more accurately reflects the fair value of these securities if the Manager feelsthe last traded price does not reflect fair value.

Fair value pricing is designed to avoid stale prices and to provide a more accurate fair value, and may assist in the deterrence of harmful short-term or excessive trading in the Fund. When securities listed or traded onmarkets or exchanges that close prior to North or South American markets or exchanges are valued by the Manager at their fair market value, instead of using quoted or published prices, the prices of such securitiesused to calculate the Fund’s net assets or net asset value may differ from quoted or published prices of such securities.

d) Derivatives

Long positions in options, debt-like securities, and listed warrants are fair valued using the last traded price as established on either their principal trading exchange or by a recognized dealer in such securities,whereby the last traded price falls within that day’s bid-ask spread and the credit rating of each counterparty (as rated by S&P Global Ratings, a division of S&P Global) meets or exceeds the minimum approved creditrating.

When any option is written by any Fund, the premium received by the Fund will be reflected as a liability that will be valued at an amount equal to the current fair value of the option that would have the effect ofclosing the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment; the liability shall be deducted in arriving at the net assets attributable to holders ofredeemable units of the Fund. The securities that are the subject of a written option, if any, will be valued in the manner described above for listed securities.

Futures contracts, forward contracts, or swaps will be valued at fair value of the gain or loss, if any, that would be realized on the Valuation Date if the position in the futures contracts, forward contracts, or swapswere to be closed out.

Margin paid or deposited in respect of futures contracts and forward contracts will be reflected as an account receivable and margin consisting of assets other than cash will be noted as held as collateral.

Other derivatives and margin are fair valued in a manner that the Manager determines to represent their fair value.

e) Restricted Securities

Restricted securities purchased by any Fund will be fair valued in a manner that the Manager determines to represent their fair value.

20


f) Other Investments

All other investments of the Funds will be fair valued in accordance with the laws of the Canadian securities regulatory authorities where applicable.

The value of any security or other property of a Fund for which a market quotation is not readily available or where the market quotations do not properly reflect the fair value of such securities will be determined bythe Manager by valuing the securities at their fair value. In such situations, fair value will be determined using fair valuation techniques that most accurately reflect their fair value as established by the Manager.

4. Interest in Underlying Funds

The Funds may invest in other investment funds (Underlying Funds). Each Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for itsunitholders. Each Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder’s option and entitle the unitholder to a proportionate share of theUnderlying Fund’s net assets. The funds’ interests in Underlying Funds held in the form of redeemable units, are reported in their Schedule of Investments at fair value, which represents the Funds’ maximum exposureon those investments. The Funds' interests in Underlying Funds as at the prior year period ends are presented in the Financial Instruments Risks - Concentration Risk section in the Supplemental Schedule to Scheduleof Investment Portfolio. Distributions earned from Underlying Funds are included in “Investment Income” in the Statements of Comprehensive Income. The total realized and change in unrealized gains (losses) arisingfrom Underlying Funds are also included in the Statement of Comprehensive Income. The Funds do not provide any additional significant financial or other support to Underlying Funds.

Where applicable, the table “Interests in Underlying Funds” presented as part of the Supplemental Schedule to Schedule of Investment Portfolio, provides additional information on the Funds’ investments inUnderlying Funds where the ownership interest exceeds 20% of each Underlying Fund.

5. Redeemable Units Issued and Outstanding

Each Fund is permitted to have an unlimited number of classes of units and may issue an unlimited number of units of each class. The outstanding units represent the net assets attributable to holders of redeemableunits of a Fund. Each unit has no par value and the value of each unit is the net asset value as determined on each valuation date. Settlement of the cost for units issued is completed as per security regulations inplace at the time of issue. Distributions made by a Fund and reinvested by unitholders in additional units also constitute issued redeemable units of a Fund.

Units are redeemed at the net assets attributable to holders of a redeemable unit per unit of a Fund. A right to redeem units of a Fund may be suspended with the approval of the Canadian securities regulatoryauthorities or when normal trading is suspended on a stock, options, or futures exchange within Canada or outside of Canada on which securities or derivatives that make up more than 50% of the value or underlyingexposure of the total assets of a Fund, not including any liabilities of a Fund, are traded and when those securities or derivatives are not traded on any other exchange that represents a reasonably practical alternativefor a Fund. The Fund is not subject to any externally imposed capital requirements.

The capital received by a Fund is utilized within the respective investment mandate of the Fund. This includes the ability to make liquidity available to satisfy unitholder unit redemption requirements upon aunitholder’s request.

Changes in issued and outstanding units for the six-month periods ended June 30, 2016 and 2015 can be found on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units.x

6. Management Fees and Operating Expenses

Management fees are based on the net asset value of the Funds and are calculated daily. Management fees are paid to the Manager in consideration for providing, or arranging for the provision of, management,distribution, and portfolio advisory services. The maximum annual management fee expressed as a percentage of the average net asset value for each class of units of the Fund is reported in footnote MaximumChargeable Annual Management Fee Rates on the Statements of Comprehensive Income. For Class O units, management fees are negotiated with and paid by, or as directed by, unitholders, or dealers anddiscretionary managers on behalf of unitholders.

In addition to the management fees, the Funds are responsible for all expenses relating to the operation and conduct of the business of the Funds, including interest, operating, and administrative costs (other thanadvertising and promotional expenses, which are the responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, Independent Review Committee fees, taxes, audit and legal fees andexpenses, safekeeping and custodial fees, investor servicing costs, and costs of unitholder reports, prospectuses, and other reports. All class-specific operating expenses are paid by the Manager and recovered fromthe Funds. The Funds do not pay a fee to the Trustee.

The Manager may recover from a Fund less than the actual class-specific operating expenses paid by the Manager, resulting in the Manager absorbing class-specific expenses. The Manager may also charge to a Fundless than the maximum management fee in footnote Maximum Chargeable Annual Management Fee Rates on the Statements of Comprehensive Income, resulting in the Manager waiving management fees.

At its sole discretion, the Manager may stop absorbing class-specific operating expenses and/or waiving management fees at any time. Class-specific operating expenses absorbed and/or management fees waivedby the Manager are disclosed on the Statements of Comprehensive Income.

In some cases, the Manager may charge management fees to a Fund that are less than the management fees the Manager is entitled to charge in respect of certain investors in a Fund. The difference in the amount ofthe management fees will be paid out by the Fund to the applicable investors as a distribution of additional units of the Fund (Management Fee Distributions). Management Fee Distributions are negotiable betweenthe Manager and the investor and are dependent primarily on the size of the investor’s investment in the Fund. Management Fee Distributions paid to qualified investors do not adversely impact the Fund or any of theFund’s other investors. The Manager may increase or decrease the amount of Management Fee Distributions to certain investors from time to time.

Where a Fund invests in units of an Underlying fund, the Fund does not pay duplicate management fees on the portion of its assets that it invests in units of the Underlying Fund. In addition, the Fund will not payduplicate sales fees or redemption fees with respect to the purchase or redemption by it of units of the Underlying Fund. Some of the Underlying Funds held by the Funds may offer Management Fee Distributions. SuchManagement Fee Distributions of an Underlying Fund will be paid out as required for taxable distribution payments by a Fund. The manager of an Underlying Fund may, in some cases, waive a portion of an UnderlyingFund’s management fee and/or absorb a portion of an Underlying Fund’s operating expenses.

7. Income Taxes and Withholding Taxes

The Funds qualify as mutual fund trusts under the Income Tax Act (Canada). No income tax is payable by the Funds on net income and/or net realized capital gains that are distributed to unitholders. In addition, incometaxes payable on undistributed net realized capital gains are refundable on a formula basis when units of the Funds are redeemed. Sufficient net income and realized capital gains of the Funds have been, or will be,distributed to the unitholders such that no tax is payable by the Funds and, accordingly, no provision for income taxes has been made in the financial statements. Occasionally, a Fund may pay distributions in excess ofthe net income and net realized capital gains of the Fund. This excess distribution is called a return of capital and is non-taxable to the unitholder. However, a return of capital reduces the average cost of theunitholder’s units for tax purposes, which may result in a capital gain to the unitholder to the extent the average cost becomes less than zero.

CIBC U.S. Dollar Money Market Fund, CIBC U.S. Dollar Managed Income Portfolio, CIBC U.S. Dollar Managed Balanced Portfolio, and CIBC U.S. Dollar Managed Growth Portfolio may realize net foreign currency gainsand losses on the translation of their net realized capital gains to Canadian dollars for tax purposes. These gains will be distributed to investors annually unless these Funds elect to retain them, with the result that thetax would be payable by the Funds.

Non-capital losses that arose in 2006 and thereafter are available to be carried forward for 20 years.

Capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized in future years. Where applicable, a Fund’s net capital and non-capital losses are reported infootnote Net Capital and Non-Capital Losses on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units.

The Funds have a taxation year-end of December 15 (except for CIBC Canadian T-Bill Fund, CIBC Money Market Fund, CIBC U.S. Dollar Money Market Fund which have a taxation year-end of December 31).

The Funds currently incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are recorded on a gross basis and the related withholding taxes are shown asa separate expense in the Statements of Comprehensive Income.

8. Brokerage Commissions and Fees

The total commissions paid by the Funds to brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund whereapplicable. In allocating brokerage business, consideration may be given by the portfolio sub-advisors of the Funds to dealers that furnish research, statistical analysis, and other securities to portfolio sub-advisors thatprocess trades through such dealers (referred to in the industry as “soft dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the portfolio sub-advisors withtheir investment decision-making services to the Funds. The total soft dollar payments paid by the Funds to brokers are reported in footnote Brokerage Commissions and Fees on the Statements of ComprehensiveIncome of each Fund. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Fund. Any commission recaptured will be paid to the applicable Fund.

Fixed income and certain other securities are transacted in an OTC market, where participants are dealing as principals. Such securities are generally traded on a net basis and do not normally involve brokeragecommissions, but will typically include a “spread” (being the difference between the bid and the offer prices on the security of the applicable marketplace).

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Spreads associated with fixed income securities trading and certain other securities are not ascertainable and, for that reason, are not included in the dollar amounts. In addition, the soft dollar amounts only includethe value of research and other services supplied by a third party to CIBC Asset Management Inc. (CAMI or the Portfolio Advisor) and any portfolio sub-advisors, as the value of the services supplied to the PortfolioAdvisor and any portfolio sub-advisors by the dealer is not ascertainable. When these services benefit more than one Fund, the costs are allocated among the Funds based on transaction activity or some other fairbasis as determined by the Portfolio Advisor and any portfolio sub-advisors.x

9. Related Party Transactions

CIBC and its affiliates have the following roles and responsibilities with respect to the Funds and receive the fees described below in connection with their roles and responsibilities. The Funds may hold securities ofCIBC. CIBC and its affiliates may also be involved in underwriting or lending to issuers of securities that may be held by the Funds, have purchased or sold securities from or to the Funds while acting as principal, havepurchased or sold securities from or to the Funds on behalf of another investment fund managed by CIBC or an affiliate, and also may have been involved as a counterparty to derivative transactions. Management feespayable and other accrued expenses on the Statements of Financial Position are amounts generally payable to a related party of the Fund.

Manager, Trustee, Portfolio Advisor, and certain Portfolio Sub-Advisors of the Funds

CIBC is the Manager, CIBC Trust Corporation is the Trustee, and CAMI is the Portfolio Advisor of each of the Funds. American Century Investment Management, Inc. (ACI) is a portfolio sub-advisor to certain Funds.Although not an affiliate, CIBC had previously owned a 41% equity interest in ACI. On December 21, 2015, CIBC announced that it entered into a definitive agreement to sell its minority position in ACI. The sale wascompleted on May 19, 2016.

The Manager also arranges for fund administrative services (other than advertising and promotional, which are the responsibility of the Manager), legal, investor servicing, and costs of unitholder reports,prospectuses, and other reports. The Manager is the registrar and transfer agent for the Funds and provides, or arranges for the provision of, all other administrative services required by the Funds. The dollar amount(including all applicable taxes) of all fund administrative expenses (net of absorptions) that the Manager recovers from a Fund is reported in footnote Administrative and Other Fund Operating Expenses on theStatements of Comprehensive Income.

Brokerage Arrangements and Soft Dollars

The Portfolio Advisor generally delegates trading and execution authority to the portfolio sub-advisors.

The Portfolio Advisor and portfolio sub-advisors make decisions, including the selection of markets and dealers and the negotiation of commissions, with respect to the purchase and sale of portfolio securities, certainderivative products (including futures and forwards), and the execution of portfolio transactions. Brokerage business may be allocated by the Portfolio Advisor or portfolio sub-advisors to CIBC World Markets Inc. andCIBC World Markets Corp., each a subsidiary of CIBC. The total commissions paid to related brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on theStatements of Comprehensive Income of each Fund.

CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the sale of fixed income and other securities, and certain derivative products (including futures and forwards) to the Funds. Dealers,including CIBC World Markets Inc. and CIBC World Markets Corp., may furnish goods and services, other than order execution, to the Portfolio Advisor and portfolio sub-advisors that process trades through them(referred to in the industry as “soft dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the Portfolio Advisor and portfolio sub-advisors with theirinvestment decision-making services to the Fund or relate directly to executing portfolio transactions on behalf of the Fund. As per terms of the portfolio sub-advisory agreements, such soft dollar arrangements are incompliance with applicable laws. Custodial fees directly related to portfolio transactions incurred by a Fund, otherwise payable by the Fund, shall be paid by CAMI, and/or dealer(s) directed by CAMI, up to the amountof the credits generated under soft dollar arrangements from trading on behalf of the Fund, or a portion of the Fund, during that month. The total soft dollar payments paid by the Fund to related brokers are reported infootnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect tothe Funds. Any commission recaptured will be paid to the relevant Fund.

Custodian

The custodian holds all cash and securities for the Funds and ensures that those assets are kept separate from any other cash or securities that the custodian might be holding. The custodian also provides otherservices to the Funds including record keeping and processing of foreign exchange transactions. CIBC Mellon Trust Company is the custodian of the Funds (the Custodian). The Custodian may hire sub-custodians forthe Funds. The fees and spreads for services of the Custodian directly related to the execution of portfolio transactions by a Fund, or a portion of a Fund, are paid by CAMI and/or dealer(s) directed by CAMI up to theamount of the credits generated under soft dollar arrangements from trading on behalf of the Funds during that month. All other fees for the services of the Custodian are paid by the Manager, and charged to theFunds on a recoverable basis. CIBC owns a 50% interest in CIBC Mellon Trust Company.

Service Provider

CIBC Mellon Global Securities Services Company (CIBC GSS) provides certain services to the Funds, including securities lending, fund accounting and reporting, and portfolio valuation. Such servicing fees are paid bythe Manager and charged to the Funds on a recoverable basis. CIBC indirectly owns a 50% interest in CIBC GSS.

The dollar amount paid by the Funds (including all applicable taxes) to CIBC Mellon Trust Company for custodial fees (net of absorptions) and to CIBC GSS for securities lending, fund accounting and reporting, andportfolio valuation (net of absorptions) for the six-month periods ended June 30, 2016 and 2015 is reported in footnote Service Provider on the Statements of Comprehensive Income.

10. Hedging

Certain foreign currency denominated positions have been hedged, or partially hedged, by forward foreign currency contracts as part of the investment strategies of certain Funds. These hedges are indicated by ahedging reference number on the Schedule of Investment Portfolio and a corresponding hedging reference number on the Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts for thoseFunds.

11. Collateral on Specified Derivatives

Short-term investments may be used as collateral for futures contracts outstanding with brokers.x

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The Fund is not sponsored, endorsed, or promoted by Morgan Stanley Capital International Inc. "MSCI" and MSCI bear no liability with respect to such Fund or any index on which suchFund is based. The simplified prospectus contains a more detailed description of the limited relationship MSCI has with CIBC, CIBC Asset Management Inc., and any related funds.

CIBC Mutual FundsCIBC Family of Managed Portfolios

CIBC

18 York Street, Suite 1300Toronto, Ontario

M5J 2T8

CIBC Securities Inc.1-800-465-3863

Websitewww.cibc.com/mutualfunds

CIBC Securities Inc. is a wholly-owned subsidiary of CIBC and is the principal distributor of the CIBC Mutual Funds and the CIBC Family of Managed Portfolios. CIBC Family ofManaged Portfolios are mutual funds that primarily invest in other CIBC Mutual Funds. To obtain a copy of the simplified prospectus, call CIBC Securities Inc. at 1-800-465-3863 or askyour advisor.

Documents

CIBCEmergingMarketsIndexFund … · 2020-07-29 · ScheduleofInvestmentPortfolio(unaudited)AsatJune30,2016 Security Number ofShares Average Cost ($000s) Fair Value ($000s) %of Net