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CIBC Multi-Asset Absolute Return Strategy

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CIBC Multi-Asset Absolute Return Strategy CIBC Multi-Asset Absolute Return Strategy Interim Financial Reports (unaudited) for the period ended February 28, 2021 Statements of Financial Position (unaudited) Organization of the Fund (note 1) The Fund was established on October 5, 2018 (referred to as Date Established). (in 000s, except per unit amounts) Inception Date As at February 28, 2021 and August 31, 2020 (note 1) x x Series A October 9, 2018 x February 28, 2021 August 31, 2020 Series F October 22, 2018 x x Assets Series O October 22, 2018 x x x x Series S October 22, 2018 x Current assets x x Investments- long (non-derivative financial assets) † (notes 2 and 3) $ 1,330,956 $ 826,935 x Cash including foreign currency holdings, at fair value 19,306 – x Margin 84,222 40,538 x Interest receivable 5,191 2,099 x Dividends receivable 95 149 x Receivable for portfolio securities sold 110,914 838 x Receivable for units issued 2,523 15,345 x Derivative assets 52,760 31,156 x x x Total Assets 1,605,967 917,060 x x x Liabilities x x x Current liabilities x Bank overdraft – 77 x Payable for portfolio securities purchased 151,965 838 x Payable for units redeemed 192 818 x Management fees payable – 75 x Other accrued expenses – 8 x Derivative liabilities 43,819 21,968 x x x Total Liabilities 195,976 23,784 x x x Net Assets Attributable to Holders of Redeemable Units (note 6) $ 1,409,991 $ 893,276 x x Net Assets Attributable to Holders of Redeemable Units per Series x Series A $ 40,304 $ 24,454 x Series F $ 83,479 $ 52,106 x Series O $ 1,286,208 $ 816,716 x Series S $ – $ – x x Net Assets Attributable to Holders of Redeemable Units per Unit (note 6) x Series A $ 10.75 $ 10.86 x Series F $ 10.86 $ 10.96 x Series O $ 10.95 $ 11.08 x Series S $ 10.79 $ 10.74 x † Securities Lending The tables that follow indicate the Fund had assets involved in securities lending transactions outstanding as at February 28, 2021 and August 31, 2020: Aggregate Value Aggregate Value of Securities of Collateral on Loan for Loan ($000s) ($000s) x x February 28, 2021 3,873 4,069 x August 31, 2020 31,038 34,868 x Collateral Type* ($000s) i ii iii iv x x February 28, 2021 – 4,069 – – x August 31, 2020 – 34,281 – 587 x x * See note 2l for Collateral Type definitions. The accompanying notes are an integral part of these financial statements. 1 CIBC Multi-Asset Absolute Return Strategy Statements of Comprehensive Income (unaudited) ±±±± Brokerage Commissions and Fees (notes 9 and 10) (in 000s, except per unit amounts) 2021 2020 x x For the periods ended February 28, 2021 and February 29, 2020 (note 1) Brokerage commissions and other fees ($000s) x Total Paid 268 825 February 28, 2021 February 29, 2020 x x x Paid to CIBC World Markets Inc. – – x Net Gain (Loss) on Financial Instruments Paid to CIBC World Markets Corp. – – x x Interest for distribution purposes $ 7,117 $ 3,684 x Soft dollars ($000s) Dividend revenue 2,045 802 x x Total Paid – – Derivative income (loss) (1,203) (172) x x Paid to CIBC World Markets Inc. and CIBC World Markets Corp. – – x Other changes in fair value of investments and x derivatives x Net realized gain (loss) on sale of investments and derivatives 4,033 (152) x Net realized gain (loss) on foreign currency (notes 2f and g) (1,274) (273) x Net change in unrealized appreciation (depreciation) of investments and derivatives 18,464 (13,132) x x x Net Gain (Loss) on Financial Instruments 29,182 (9,243) x x Other Income x Foreign exchange gain (loss) on cash 310 (43) x Securities lending revenue ± 60 – x x x 370 (43) x x Expenses (note 7) x Management fees ±± 619 115 x Fixed administration fees ±±± 101 20 x Independent review committee fees – – x Transaction costs ±±±± 1,052 1,008 x Withholding taxes (note 8) 655 250 x x x 2,427 1,393 x x Expenses waived/absorbed by the Manager – – x x 2,427 1,393 x x Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (excluding (10,679) distributions) 27,125 x x Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Series (excluding distributions) x Series A $ 355 $ (174) x Series F $ 995 $ (355) x Series O $ 25,775 $ (10,150) x Series S $ – $ – x x Average Number of Units Outstanding for the Period per Series x Series A 2,886 485 x Series F 5,819 1,224 x Series O 93,511 36,477 x Series S – – x x Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit (excluding distributions) x Series A $ 0.12 $ (0.37) x Series F $ 0.18 $ (0.29) x Series O $ 0.27 $ (0.29) x Series S $ 0.05 $ (0.29) x ± Securities Lending Revenue (note 2l) February 28, 2021 February 29, 2020 % of Gross % of Gross securities lending securities (in 000s) revenue (in 000s) lending revenue x x Gross securities lending revenue $ 100 100.0 $ – – x Interest paid on collateral – – – – x Withholding taxes (20) (20.0) – – x Agent fees - Bank of New York Mellon Corp. (The) (20) (20.0) – – x x x Securities lending revenue $ 60 60.0 $ – – x x ±± Maximum Chargeable Management Fee Rates (note 7) x x Series A 1.90% x Series F 0.90% x Series O n/a x Series S 0.90% x x ±±± Fixed Administration Fee (note 7) x x Series A 0.20% x Series F 0.20% x Series O n/a x Series S 0.15% x x 2 The accompanying notes are an integral part of these financial statements. x CIBC Multi-Asset Absolute Return Strategy Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (unaudited) (in 000s) For the periods ended February 28, 2021 and February 29, 2020 (note 1) Series A Units Series F Units Series O Units Series S Units February 28, February 29, February 28, February 29, February 28, February 29, February 28, February 29, 2021 2020 2021 2020 2021 2020 2021 2020 x x. Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (excluding x distributions) $ 355 $ (174) $ 995 $ (355) $ 25,775 $ (10,150) $ – $ – x x. Distributions Paid or Payable to Holders of Redeemable x. Units Fromx. net investment income (496) – (1,272) (13) (26,167) (2,274) – – Fromx. net realized capital gains (150) – (271) (14) (9,154) (470) – – x x x (646) – (1,543) (27) (35,321) (2,744) – – x x. Redeemablex. Unit Transactions Amountx. received from the issuance of units 22,995 2,261 53,761 5,647 480,033 267,410 – – Amountx. received from reinvestment of distributions 606 – 1,277 21 35,277 2,740 – – Amountx. paid on redemptions of units (7,460) (554) (23,117) (3,168) (36,272) (8,464) – – x x x 16,141 1,707 31,921 2,500 479,038 261,686 – – x x. Increase (Decrease) in Net Assets Attributable to x. Holders of Redeemable Units 15,850 1,533 31,373 2,118 469,492 248,792 – – Net Assets Attributable to Holders of Redeemable Units x. at Beginning of Period 24,454 4,261 52,106 11,235 816,716 275,593 – – x x Net Assets Attributable to Holders of Redeemable Units x at End of Period $ 40,304 $ 5,794 $ 83,479 $ 13,353 $ 1,286,208 $ 524,385 $ – $ – x x. Redeemablex. Units Issued and Outstanding (note 6) As at February 28, 2021 and February 29, 2020 x. Balancex. - beginning of period 2,252 411 4,755 1,081 73,683 26,304 – – Redeemablex. units issued 2,140 220 4,952 548 43,843 25,706 – – Redeemablex. units issued on reinvestments 56 – 119 2 3,261 266 – – x x x. 4,448 631 9,826 1,631 120,787 52,276 – – Redeemablex. units redeemed (697) (54) (2,137) (308) (3,310) (815) – – x x Balancex - end of period 3,751 577 7,689 1,323 117,477 51,461 – – The accompanying notes are an integral part of these financial statements. 3 x CIBC Multi-Asset Absolute Return Strategy x Statements of Cash Flows (unaudited) (in 000s) For the periods ended February 28, 2021 and February 29, 2020 (note 1) February 28, 2021 February 29, 2020 x x. Cashx. Flows from Operating Activities Increasex. (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations (excluding distributions) $ 27,125 $ (10,679) Adjustmentsx. for: x. Foreign exchange loss (gain) on cash (310) 43 x. Net realized (gain) loss on sale of investments and derivatives (4,033) 152 x. Net change in unrealized (appreciation) depreciation of investments and derivatives (18,464) 13,132 x. Purchase of investments (4,805,641) (1,588,980) x. Proceeds from the sale of investments 4,365,415 1,323,234 x. Margin (43,684) (7,138) x. Interest receivable (3,092) (1,754) x. Dividends receivable 54 (63) x. Other accrued expenses and liabilities (83) – x x x (482,713) (272,053) x x. Cashx. Flows from Financing Activities Amountx. received from the issuance of units 569,611 275,871 Amountx. paid on redemptions of units (67,475) (12,028) Distributionsx. paid to unitholders (350) (10) x x x 501,786 263,833 x x. Increasex (Decrease) in Cash during the Period 19,073 (8,220) x x. Foreignx Exchange Loss (Gain) on Cash 310 (43) x x.
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