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109A290E 08/05 Inside This Report

STATEMENTS OF INVESTMENT PORTFOLIO — STATEMENTS OF INVESTMENT PORTFOLIO — CIBC MUTUAL FUNDS CIBC FAMILY OF MANAGED PORTFOLIOS CIBC Savings Funds CIBC Managed Portfolios CIBC Canadian T-Bill Fund 2 CIBC Managed Income Portfolio 94 CIBC Premium Canadian T-Bill Fund 2 CIBC Managed Income Plus Portfolio 95 CIBC Money Market Fund 3 CIBC Managed Balanced Portfolio 95 CIBC U.S. Dollar Money Market Fund 4 CIBC Managed Balanced Growth Portfolio 96 CIBC High Yield Cash Fund 5 CIBC Managed Balanced Growth RRSP Portfolio 96 CIBC Managed Growth Portfolio 97 CIBC Income Funds CIBC Managed Growth RRSP Portfolio 97 CIBC Mortgage and Short-Term Income Fund 5 CIBC Managed Aggressive Growth Portfolio 97 CIBC Canadian Bond Fund 6 CIBC Managed Aggressive Growth RRSP Portfolio 98 CIBC Monthly Income Fund 8 CIBC Global Bond Fund 9 CIBC U.S. Dollar Managed Portfolios CIBC U.S. Dollar Managed Income Portfolio 98 CIBC Growth Funds CIBC U.S. Dollar Managed Balanced Portfolio 99 CIBC Balanced Fund 11 CIBC U.S. Dollar Managed Growth Portfolio 100 CIBC Diversified Income Fund 17 CIBC Dividend Fund 18 FINANCIAL STATEMENTS CIBC Core Canadian Equity Fund 19 CIBC Mutual Funds 101 Canadian Imperial Equity Fund 20 CIBC Family of Managed Portfolios 119 CIBC Capital Appreciation Fund 21 CIBC Canadian Small Companies Fund 22 NOTES TO FINANCIAL STATEMENTS 124 CIBC Canadian Emerging Companies Fund 23 CIBC U.S. Small Companies Fund 24 ADDITIONAL DISCLOSURE 134 CIBC Global Equity Fund 26 CIBC European Equity Fund 30 CIBC Japanese Equity Fund 32 CIBC Emerging Economies Fund 33 CIBC Far East Prosperity Fund 35 CIBC Latin American Fund 37 CIBC International Small Companies Fund 38 CIBC Financial Companies Fund 39 CIBC Canadian Resources Fund 40 CIBC Energy Fund 40 CIBC Canadian Real Estate Fund 41 CIBC Precious Metals Fund 42 CIBC North American Demographics Fund 43 CIBC Global Technology Fund 43

CIBC Index Funds CIBC Canadian Short-Term Bond Index Fund 44 CIBC Canadian Bond Index Fund 47 CIBC Global Bond Index Fund 50 CIBC Balanced Index Fund 52 CIBC Canadian Index Fund 55 CIBC U.S. Equity Index Fund 57 CIBC U.S. Index RRSP Fund 70 CIBC International Index Fund 71 CIBC International Index RRSP Fund 79 CIBC European Index Fund 81 CIBC European Index RRSP Fund 85 CIBC Japanese Index RRSP Fund 86 CIBC Emerging Markets Index Fund 87 CIBC Asia Pacific Index Fund 90 CIBC Nasdaq Index Fund 92 CIBC Nasdaq Index RRSP Fund 94

1 CIBC Canadian T-Bill Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 25,000,000 Government of Canada Treasury Bill, 2.621%, 2005/07/14 24,675,750 24,976,966 25,000,000 Government of Canada Treasury Bill, 2.549%, 2005/07/28 24,806,000 24,953,232 60,000,000 Government of Canada Treasury Bill, 2.498%, 2005/08/11 59,360,326 59,833,405 35,000,000 Government of Canada Treasury Bill, 2.556%, 2005/08/25 34,583,500 34,866,820 12,530,000 Government of Canada Treasury Bill, 2.589%, 2005/09/08 12,374,628 12,469,431 35,000,000 Government of Canada Treasury Bill, 2.575%, 2005/09/22 34,640,250 34,797,139 35,000,000 Government of Canada Treasury Bill, 2.529%, 2005/10/06 34,611,500 34,767,380 25,000,000 Government of Canada Treasury Bill, 2.576%, 2005/11/17 24,695,000 24,757,743 40,000,000 Government of Canada Treasury Bill, 2.588%, 2005/12/29 39,469,600 39,493,475 12,000,000 Canadian Master Trust Series ’A’ Discount Note, 2.600%, 2005/08/17 11,923,560 11,960,081 10,000,000 Darwin Receivables Trust Discount Note, 2.592%, 2005/08/17 9,934,400 9,966,847 4,500,000 Diversified Trust Discount Note, 2.592%, 2005/07/08 4,472,370 4,497,777 8,000,000 Diversified Trust Discount Note, 2.592%, 2005/08/04 7,950,880 7,980,804 5,000,000 Ridge Trust Series ’A’ Discount Note, 2.592%, 2005/07/12 4,967,900 4,996,120 10,000,000 Ridge Trust Series ’A’ Discount Note, 2.592%, 2005/08/04 9,939,300 9,976,002 15,000,000 Vision Trust Class ’A’ Discount Note, 2.619%, 2005/09/22 14,899,500 14,911,261 9,700,000 Zeus Receivables Trust Discount Note, 2.592%, 2005/08/17 9,636,368 9,667,842 53,000,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 53,000,000 53,003,704 6,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 2.711%, 2005/11/14 5,917,380 5,940,232 Total of Short-Term Investments (99.88%) 421,858,212 423,816,261 Total of Investments (99.88%) 421,858,212 423,816,261 Other Assets, less Liabilities (0.12%) 518,800 Total of Net Assets (100.00%) 424,335,061 The accompanying notes are an integral part of these financial statements.

CIBC Premium Canadian T-Bill Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 107,300,000 Government of Canada Treasury Bill, 2.569%, 2005/07/14 106,096,819 107,202,908 251,300,000 Government of Canada Treasury Bill, 2.549%, 2005/07/28 249,349,912 250,829,890 150,000,000 Government of Canada Treasury Bill, 2.455%, 2005/08/11 149,017,833 149,589,094 156,675,000 Government of Canada Treasury Bill, 2.557%, 2005/08/25 154,767,217 156,078,668 275,000,000 Government of Canada Treasury Bill, 2.489%, 2005/09/08 272,762,000 273,716,519 150,000,000 Government of Canada Treasury Bill, 2.529%, 2005/10/06 148,335,000 149,003,056 150,000,000 Government of Canada Treasury Bill, 2.541%, 2005/12/15 148,174,500 148,277,636 174,750,000 Government of Canada Treasury Bill, 2.576%, 2005/12/29 172,534,170 172,546,345 20,000,000 Canadian Master Trust Series ’A’ Discount Note, 2.553%, 2005/07/08 19,945,600 19,990,236 21,500,000 Care Trust Series ’D’ Discount Note, 2.592%, 2005/07/18 21,354,445 21,474,225 3,700,000 Care Trust Series ’D’ Discount Note, 2.600%, 2005/08/16 3,676,431 3,687,954 12,000,000 Darwin Receivables Trust Senior Discount Note, 2.592%, 2005/08/17 11,921,280 11,960,217 20,000,000 King Street Funding Trust Discount Note, 2.571%, 2005/07/21 19,872,600 19,972,000 10,800,000 King Street Funding Trust Discount Note, 2.551%, 2005/07/27 10,773,648 10,780,424 20,775,000 King Street Funding Trust Discount Note, 2.568%, 2005/08/03 20,635,600 20,727,081 10,600,000 King Street Funding Trust Discount Note, 2.580%, 2005/09/07 10,532,265 10,549,386 33,000,000 Merit Trust Senior Discount Note, 2.548%, 2005/07/15 32,931,030 32,967,814 28,000,000 Plaza Trust Discount Note, 2.551%, 2005/07/06 27,931,680 27,990,240 42,000,000 Pure Trust Discount Note, 2.551%, 2005/08/03 41,897,520 41,903,376 44,000,000 Ridge Trust Series ’A’ Discount Note, 2.550%, 2005/07/25 43,898,800 43,926,400 12,800,000 Ridge Trust Series ’A’ Discount Note, 2.592%, 2005/09/21 12,722,304 12,725,918 22,700,000 Stars Trust Discount Note, 2.571%, 2005/07/20 22,555,401 22,669,809 5,000,000 Stars Trust Series ’A’ Discount Note, 2.571%, 2005/07/25 4,968,500 4,991,600 7,000,000 Stars Trust Series ’A’ Discount Note, 2.600%, 2005/08/18 6,954,430 6,976,225 50,000,000 Storm King Funding Trust Discount Note, 2.549%, 2005/07/18 49,892,000 49,940,774 10,000,000 Storm King Funding Trust Discount Note, 2.572%, 2005/07/25 9,956,500 9,983,161 15,000,000 Storm King Funding Trust Discount Note, 2.592%, 2005/08/22 14,904,750 14,944,966 12,000,000 Vision Trust Class ’A’ Discount Note, 2.619%, 2005/09/22 11,919,600 11,929,008 650,000,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 650,000,000 650,045,411 147,900,000 Royal Bank of Canada Term Deposit, 2.500%, 2005/07/06 147,900,000 147,910,130 85,000,000 Royal Bank of Canada Bearer Deposit Note, 2.592%, 2005/08/10 84,448,350 84,760,151

2 CIBC Premium Canadian T-Bill Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 20,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 2.560%, 2005/09/12 19,867,600 19,898,261 Total of Short-Term Investments (99.86%) 2,702,497,785 2,709,948,883 Total of Investments (99.86%) 2,702,497,785 2,709,948,883 Other Assets, less Liabilities (0.14%) 3,834,529 Total of Net Assets (100.00%) 2,713,783,412 The accompanying notes are an integral part of these financial statements.

CIBC Money Market Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 116,450,000 Government of Canada Treasury Bill, 2.710%, 2005/09/22 114,939,644 115,725,808 149,000,000 Government of Canada Treasury Bill, 2.561%, 2005/10/20 147,264,150 147,853,099 39,000,000 Government of Canada Treasury Bill, 2.600%, 2005/12/29 38,460,240 38,504,078 22,200,000 Province of Quebec Treasury Bill, 2.541%, 2005/07/22 21,929,826 22,167,946 17,830,000 Province of Quebec Treasury Bill, 2.572%, 2005/09/23 17,587,321 17,718,606 13,000,000 Canadian Master Trust Series ’A’ Discount Note, 2.592%, 2005/07/08 12,916,540 12,993,580 13,500,000 Canadian Master Trust Series ’A’ Discount Note, 2.580%, 2005/07/14 13,413,735 13,487,677 30,000,000 Canadian Master Trust Series ’A’ Discount Note, 2.600%, 2005/08/15 29,806,800 29,904,462 13,000,000 Canadian Master Trust Series ’A’ Discount Note, 2.600%, 2005/08/17 12,917,190 12,956,755 40,000,000 Canadian Master Trust Series ’A’ Discount Note, 2.572%, 2005/09/07 39,742,400 39,809,600 14,200,000 Care Trust Discount Note, 2.570%, 2005/08/30 14,115,510 14,140,360 37,600,000 Care Trust Series ’A’ Discount Note, 2.600%, 2005/08/25 37,357,856 37,453,649 8,200,000 Care Trust Series ’A’ Discount Note, 2.579%, 2005/09/23 8,150,472 8,151,624 11,000,000 Care Trust Series ’D’ Discount Note, 2.570%, 2005/07/21 10,935,320 10,984,600 13,700,000 Care Trust Series ’D’ Discount Note, 2.600%, 2005/08/16 13,610,813 13,655,406 25,500,000 Darwin Receivables Trust Senior Discount Note, 2.612%, 2005/07/06 25,335,015 25,490,935 20,000,000 Darwin Receivables Trust Senior Discount Note, 2.600%, 2005/07/07 19,871,200 19,991,507 28,000,000 Darwin Receivables Trust Senior Discount Note, 2.572%, 2005/08/04 27,819,680 27,933,360 22,800,000 Darwin Receivables Trust Senior Discount Note, 2.600%, 2005/08/25 22,649,976 22,711,276 41,000,000 Darwin Receivables Trust Senior Discount Note, 2.580%, 2005/09/02 40,732,270 40,818,635 43,500,000 Darwin Receivables Trust Senior Discount Note, 2.568%, 2005/09/06 43,211,160 43,296,292 25,000,000 Darwin Receivables Trust Senior Discount Note, 2.568%, 2005/09/12 24,834,000 24,872,442 11,000,000 Diversified Trust Discount Note, 2.612%, 2005/07/06 10,928,060 10,996,091 5,000,000 Diversified Trust Discount Note, 2.601%, 2005/08/11 4,970,250 4,985,479 6,800,000 Diversified Trust Discount Note, 2.571%, 2005/09/01 6,756,684 6,770,488 15,000,000 King Street Funding Trust Discount Note, 2.592%, 2005/07/12 14,903,700 14,988,359 11,650,000 King Street Funding Trust Discount Note, 2.571%, 2005/07/20 11,575,790 11,634,506 40,000,000 King Street Funding Trust Discount Note, 2.572%, 2005/07/21 39,743,100 39,944,000 34,000,000 King Street Funding Trust Discount Note, 2.571%, 2005/08/03 33,783,420 33,921,460 43,300,000 King Street Funding Trust Discount Note, 2.580%, 2005/09/07 43,020,282 43,093,252 35,500,000 King Street Funding Trust Discount Note, 2.572%, 2005/09/09 35,271,380 35,326,050 50,000,000 King Street Funding Trust Discount Note, 2.592%, 2005/09/28 49,679,000 49,686,055 18,000,000 Merit Trust Senior Discount Note, 2.571%, 2005/07/21 17,885,340 17,974,800 5,500,000 Merit Trust Senior Discount Note, 2.600%, 2005/08/25 5,463,810 5,478,597 5,000,000 Merit Trust Senior Discount Note, 2.568%, 2005/09/06 4,966,800 4,976,585 4,000,000 Plaza Trust Discount Note, 2.580%, 2005/08/15 3,974,440 3,987,360 15,000,000 Prime Trust Senior Discount Note, 2.612%, 2005/07/06 14,902,950 14,994,667 25,000,000 Prime Trust Senior Discount Note, 2.600%, 2005/07/07 24,839,000 24,989,385 18,000,000 Prime Trust Senior Discount Note, 2.571%, 2005/07/21 17,885,340 17,974,800 9,000,000 Prime Trust Senior Discount Note, 2.571%, 2005/07/25 8,942,670 8,984,880 11,000,000 Prime Trust Senior Discount Note, 2.572%, 2005/08/04 10,929,160 10,973,820 46,200,000 Prime Trust Senior Discount Note, 2.592%, 2005/08/17 45,896,928 46,046,835 34,875,000 Prime Trust Senior Discount Note, 2.600%, 2005/08/25 34,645,523 34,739,288 44,000,000 Prime Trust Senior Discount Note, 2.600%, 2005/08/26 43,710,480 43,825,665 14,600,000 Prime Trust Senior Discount Note, 2.592%, 2005/08/30 14,502,180 14,538,219 6,000,000 Prime Trust Senior Discount Note, 2.568%, 2005/09/06 5,960,160 5,971,902 11,200,000 Prime Trust Senior Discount Note, 2.568%, 2005/09/12 11,125,632 11,142,854 20,000,000 Prime Trust Senior Discount Note, 2.592%, 2005/09/14 19,868,800 19,894,194 11,250,000 Prime Trust Senior Discount Note, 2.592%, 2005/09/22 11,176,200 11,184,136 25,000,000 Ridge Trust Series ’A’ Discount Note, 2.592%, 2005/07/06 24,843,000 24,991,179 17,650,000 Ridge Trust Series ’A’ Discount Note, 2.592%, 2005/07/12 17,537,923 17,636,302 28,000,000 Ridge Trust Series ’A’ Discount Note, 2.570%, 2005/07/26 27,833,400 27,951,000 12,600,000 Ridge Trust Series ’A’ Discount Note, 2.600%, 2005/08/29 12,518,856 12,547,390 15,000,000 Ridge Trust Series ’B’ Discount Note, 2.600%, 2005/08/15 14,903,400 14,952,231 26,300,000 Stars Trust Series ’A’ Discount Note, 2.592%, 2005/08/10 26,129,313 26,225,788 10,000,000 Stars Trust Series ’A’ Discount Note, 2.600%, 2005/08/17 9,934,900 9,966,742 16,000,000 Stars Trust Series ’A’ Discount Note, 2.579%, 2005/08/22 15,907,840 15,941,557 15,000,000 Stars Trust Series ’A’ Discount Note, 2.599%, 2005/08/29 14,899,200 14,937,398 26,300,000 Stars Trust Series ’A’ Discount Note, 2.571%, 2005/08/30 26,137,992 26,189,540 25,000,000 Storm King Funding Trust Discount Note, 2.559%, 2005/07/15 24,841,500 24,975,616 44,300,000 Storm King Funding Trust Discount Note, 2.580%, 2005/08/15 44,016,923 44,160,017 16,100,000 Summit Trust Series ’A’ Discount Note, 2.570%, 2005/07/14 16,003,078 16,085,349 28,200,000 Summit Trust Series ’A’ Discount Note, 2.570%, 2005/07/27 28,031,286 28,148,676 28,500,000 Summit Trust Series ’A’ Discount Note, 2.601%, 2005/08/11 28,328,430 28,417,243 10,000,000 Summit Trust Series ’A’ Discount Note, 2.580%, 2005/09/01 9,935,400 9,956,465 10,000,000 Summit Trust Series ’A’ Discount Note, 2.592%, 2005/09/19 9,937,900 9,943,545 45,000,000 Summit Trust Series ’A’ Discount Note, 2.649%, 2005/11/17 44,406,900 44,551,952

3 CIBC Money Market Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 18,000,000 Toronto-Dominion Bank (The), Discount Note, 2.649%, 2005/12/01 17,762,760 17,802,730 4,500,000 Vision Trust Class ’A’ Discount Note, 2.612%, 2005/08/15 4,470,885 4,485,603 47,625,000 Zeus Receivables Trust Senior Discount Note, 2.590%, 2005/07/11 47,116,841 47,591,569 27,500,000 Zeus Receivables Trust Senior Discount Note, 2.592%, 2005/08/26 27,321,525 27,391,363 28,500,000 Zeus Receivables Trust Senior Discount Note, 2.568%, 2005/09/06 28,310,760 28,366,536 10,000,000 Bank of Montreal Bearer Deposit Note, 2.579%, 2005/08/09 9,940,300 9,972,608 62,750,000 Bank of Montreal Bearer Deposit Note, 2.592%, 2005/08/18 62,348,737 62,537,499 100,000,000 Bank of Nova Scotia Bearer Deposit Note, 2.592%, 2005/07/12 99,358,000 99,922,396 50,000,000 Bank of Nova Scotia Bearer Deposit Note, 2.592%, 2005/09/28 49,679,000 49,686,055 70,000,000 Bank of Nova Scotia Bearer Deposit Note, 2.600%, 2005/10/25 69,104,000 69,428,922 44,800,000 Citibank Canada Bearer Deposit Note, 2.580%, 2005/09/06 44,501,183 44,589,255 20,500,000 National Bank of Canada Bearer Deposit Note, 2.572%, 2005/09/09 20,366,544 20,399,550 100,000,000 Royal Bank of Canada Bearer Deposit Note, 2.649%, 2005/09/15 98,682,000 99,455,607 110,000,000 Royal Bank of Canada Bearer Deposit Note, 2.600%, 2005/10/26 108,584,300 109,094,881 60,400,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 2.650%, 2005/07/05 59,616,612 60,382,607 150,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 2.649%, 2005/12/22 148,023,000 148,130,446 Total of Short-Term Investments (89.31%) 2,576,241,885 2,586,461,041 Canadian Bonds 50,925,000 Bank of Nova Scotia, 2.693%, 2007/03/30 50,915,026 50,915,024 60,525,000 Broadway Credit Card Trust, 2.689%, 2007/07/17 60,525,000 60,525,000 23,900,000 Citigroup Finance Canada Inc., Floating Rate, 2.760%, 2006/12/04 23,900,000 23,900,000 90,000,000 National Bank of Canada, 2.589%, 2005/10/18 90,000,000 90,000,000 61,300,000 Royal Bank of Canada, 2.647%, 2006/10/20 61,300,000 61,300,000 Total of Canadian Bonds (9.90%) 286,640,026 286,640,024 Total of Investments (99.21%) 2,862,881,911 2,873,101,065 Other Assets, less Liabilities (0.79%) 23,205,189 Total of Net Assets (100.00%) 2,896,306,254 The accompanying notes are an integral part of these financial statements.

CIBC U.S. Dollar Money Market Fund

Statement of Investment Portfolio (in U.S. $) (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings (U.S. $) (U.S. $) Short-Term Investments 9,200,000 Alcan Inc. Discount Note, 3.250%, 2005/08/11 9,125,848 9,166,220 8,000,000 Business Development Bank of Canada Discount Note, 3.151%, 2005/10/13 7,888,160 7,928,201 5,000,000 Care Trust Discount Note, 3.261%, 2005/08/04 4,984,200 4,984,651 20,000,000 Care Trust Discount Note, 3.219%, 2005/08/29 19,829,800 19,895,398 9,100,000 Canadian National Railway Company Discount Note, 3.261%, 2005/07/27 9,076,158 9,078,624 10,500,000 Chevron Canada Capital Co. Discount Note, 3.022%, 2005/07/11 10,420,410 10,491,254 8,500,000 Chevron Canada Capital Co. Discount Note, 3.020%, 2005/07/13 8,439,820 8,491,504 4,000,000 Chevron Canada Capital Co. Discount Note, 3.019%, 2005/07/14 3,971,360 3,995,670 20,000,000 Darwin Receivables Trust Discount Note, 3.220%, 2005/09/01 19,835,000 19,890,000 10,200,000 Enbridge Inc. Discount Note, 3.118%, 2005/07/19 10,139,412 10,184,195 12,000,000 Farm Credit Corp. Discount Note, 3.000%, 2005/08/02 11,912,640 11,968,233 9,000,000 GE Capital Canada Funding Co. Discount Note, 3.262%, 2005/08/18 8,959,410 8,961,034 7,200,000 GE Capital Canada Funding Co. Discount Note, 3.209%, 2005/09/01 7,145,856 7,160,507 8,500,000 GE Capital Canada Funding Co. Discount Note, 3.391%, 2005/10/24 8,408,115 8,408,907 5,000,000 King Street Funding Trust Discount Note, 3.271%, 2005/09/01 4,958,550 4,972,066 20,100,000 Pure Trust Discount Note, 3.225%, 2005/07/27 20,046,132 20,053,314 15,000,000 Royal Bank of Canada Discount Note, 3.150%, 2005/08/15 14,875,050 14,941,430 6,500,000 Royal Bank of Canada Discount Note, 3.209%, 2005/09/02 6,445,985 6,463,799 12,500,000 TransCanada PipeLines Discount Note, 3.159%, 2005/07/25 12,409,625 12,473,868 12,000,000 Zeus Receivables Trust Discount Note, 3.189%, 2005/08/26 11,901,960 11,940,965 9,000,000 Bank of Montreal Term Deposit, 3.270%, 2005/07/05 9,000,000 9,000,818 5,000,000 Caisse Centrale Desjardins Bearer Deposit Note, 3.234%, 2005/07/25 4,987,900 4,989,244 12,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.351%, 2005/09/23 11,891,520 11,907,017 10,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.378%, 2005/09/28 9,914,400 9,917,191 Total of Short-Term Investments (95.68%) 246,567,311 247,264,110 Canadian Bond 9,000,000 Province of Ontario, Floating Rate, 3.260%, 2006/09/15 9,000,000 9,000,000 Total of Canadian Bond (3.48%) 9,000,000 9,000,000 Total of Investments (99.16%) 255,567,311 256,264,110 Other Assets, less Liabilities (0.84%) 2,173,350 Total of Net Assets (100.00%) 258,437,460 The accompanying notes are an integral part of these financial statements.

4 CIBC High Yield Cash Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bonds 7,000,000 Government of Canada, 2.995%, 2005/12/01 6,969,879 7,013,020 5,000,000 Government of Canada, 2.991%, 2006/06/01 4,990,250 5,014,550 7,500,000 Government of Canada, 3.226%, 2006/12/01 7,504,500 7,551,075 6,500,000 Government of Canada, 2.991%, 2007/06/01 6,491,388 6,516,900 Government of Canada & Guaranteed (32.96%) 25,956,017 26,095,545 1,150,000 407 International Inc., 2.742%, 2006/11/22 1,150,000 1,150,000 1,300,000 Bank of Nova Scotia, 2.693%, 2007/03/30 1,299,745 1,299,745 2,250,000 Broadway Credit Card Trust, 2.687%, 2007/07/17 2,250,000 2,250,000 2,200,000 Citigroup Finance Canada Inc., Floating Rate, 2.757%, 2006/12/04 2,200,000 2,200,000 4,000,000 Citigroup Finance Canada Inc., Series ’MTN’, 4.248%, 2006/04/25 4,045,622 4,046,120 5,000,000 Hydro One Inc., 4.335%, 2007/05/04 5,133,207 5,124,000 1,200,000 John Deere Credit Inc., Series ’MTN’, 2.777%, 2007/12/13 1,199,977 1,199,977 3,500,000 Loblaws Cos. Ltd., Zero Coupon, 0.000%, 2005/11/23 3,502,058 3,462,865 2,000,000 National Bank of Canada, 2.588%, 2005/10/18 2,000,000 2,000,000 1,100,000 Royal Bank of Canada, 2.647%, 2006/10/20 1,100,000 1,100,000 2,600,000 Wells Fargo Financial Canada Corp., 5.692%, 2006/02/21 2,637,346 2,644,278 Corporate Bonds (33.44%) 26,517,955 26,476,985 Total of Canadian Bonds (66.40%) 52,473,972 52,572,530 Short-Term Investments 5,500,000 Government of Canada Treasury Bill, 2.566%, 2005/09/22 5,438,070 5,468,870 1,000,000 Government of Canada Treasury Bill, 2.561%, 2005/12/15 988,350 988,419 5,500,000 Government of Canada Treasury Bill, 2.600%, 2005/12/29 5,423,880 5,430,480 2,500,000 Province of Quebec Treasury Bill, 2.760%, 2005/09/23 2,465,875 2,485,500 1,300,000 Financial CDP Inc., Discount Note, 2.620%, 2005/09/29 1,286,428 1,291,602 3,000,000 Toronto-Dominion Bank (The), Discount Note, 2.649%, 2005/12/01 2,960,460 2,966,670 3,175,000 Bank of Nova Scotia Bearer Deposit Note, 2.639%, 2005/09/08 3,133,312 3,159,252 3,725,000 Royal Bank of Canada Bearer Deposit Note, 2.649%, 2005/09/15 3,675,905 3,704,587 1,100,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 2.711%, 2005/11/14 1,084,853 1,089,143 Total of Short-Term Investments (33.57%) 26,457,133 26,584,523 Total of Investments (99.97%) 78,931,105 79,157,053 Other Assets, less Liabilities (0.03%) 27,485 Total of Net Assets (100.00%) 79,184,538 The accompanying notes are an integral part of these financial statements.

CIBC Mortgage and Short-Term Income Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Interest Rate Principal Value Amortized Cost Current Value ($) Holdings (%) Quantity ($) ($) ($) NHA Mortgages 3.500-4.999 2 195,543 191,698 195,630 5.000-5.249 5 719,532 716,052 719,393 5.250-5.499 33 3,100,524 3,086,815 3,121,421 5.500-5.749 98 8,656,053 8,621,951 8,748,203 5.750-5.999 220 18,335,521 18,309,855 18,583,718 6.000-6.249 149 9,823,824 9,837,298 9,958,477 6.250-6.499 244 16,942,163 17,031,141 17,281,845 6.500-6.749 263 16,582,388 16,720,141 17,007,113 6.750-6.999 273 15,997,691 16,140,622 16,357,499 7.000-7.249 196 11,417,945 11,490,695 11,610,142 7.250-7.499 284 18,362,758 18,546,277 18,749,724 7.500-7.749 187 11,894,423 11,975,670 12,129,079 7.750-7.999 191 9,667,283 9,738,260 9,879,605 8.000-8.249 28 1,604,713 1,636,186 1,663,174 8.250-8.499 334 18,161,781 18,202,415 18,286,798 8.500-8.749 64 3,607,401 3,739,818 3,807,941 8.750-8.999 3 221,866 226,445 228,991 Total of NHA Mortgages (24.89%) 2,574 165,291,409 166,211,339 168,328,753 Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bonds 50,000,000 Canada Housing Trust, 4.400%, 2008/03/15 50,380,409 51,747,000 50,000,000 Canada Housing Trust No. 1, 4.100%, 2008/12/15 49,355,000 51,513,500

5 CIBC Mortgage and Short-Term Income Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 20,000,000 Canada Housing Trust No. 1, 3.550%, 2009/03/15 19,182,000 20,245,800 Government of Canada & Guaranteed Bonds (18.26%) 118,917,409 123,506,300 7,543,173 NHA MBS Alberta Motor Association Insurance Co., 4.900%, 2007/07/01 7,513,151 7,740,125 10,321,917 NHA MBS Alberta Motor Association Insurance Co., 4.500%, 2007/08/01 10,292,396 10,538,161 5,449,313 NHA MBS Bank of Nova Scotia, 3.500%, 2010/02/01 5,368,227 5,449,585 22,323,252 NHA MBS Equitable Trust Co., 3.750%, 2009/02/01 21,760,260 22,577,291 4,273,797 NHA MBS MRS Trust, 4.550%, 2007/08/01 4,229,007 4,358,418 21,952,455 NHA MBS Toronto-Dominion Bank, 4.125%, 2008/05/01 21,726,784 22,458,459 41,044,476 NHA MBS Toronto-Dominion Bank, 4.375%, 2009/07/01 40,374,630 42,441,630 28,607,772 NHA MBS Toronto-Dominion Bank, 3.375%, 2010/03/01 27,968,674 28,447,569 23,442,585 NHA MBS Toronto-Dominion Bank, 3.375%, 2010/05/01 22,937,397 23,598,009 22,000,000 NHA MBS Toronto-Dominion Bank, 3.250%, 2010/06/01 21,475,520 21,475,520 42,906,237 NHA MBS Toronto-Dominion Bank, 4.500%, 2014/11/01 41,841,733 43,978,464 5,846,945 Real Estate Asset Liquidity Trust, Class ’A1’, Series 2004-1, 4.445%, 2013/05/12 5,856,385 6,019,429 17,451,468 Schooner Trust, 4.639%, 2014/01/12 17,508,936 18,102,407 Mortgage-Backed Securities (38.03%) 248,853,100 257,185,067 13,750,000 Canadian Credit Card Trust, Series 05-1, 4.143%, 2010/04/26 13,750,000 14,109,288 20,000,000 Genesis Trust, Series 2005-2, Class ’A’, 4.002%, 2010/03/15 20,000,000 20,440,000 15,000,000 Glacier Credit Card Trust, 4.274%, 2009/11/20 15,000,000 15,498,750 18,000,000 Merrill Lynch Financial Assets Inc., 5.278%, 2014/10/12 17,999,640 19,260,000 Corporate Bonds (10.25%) 66,749,640 69,308,038 Total of Canadian Bonds (66.54%) 434,520,149 449,999,405 Total of Investments before Short-Term Investments (91.43%) 600,731,488 618,328,158 Short-Term Investments 6,750,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 6,704,438 6,742,522 9,000,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 8,941,320 8,983,831 11,000,000 Government of Canada Treasury Bill, 2.465%, 2005/08/25 10,932,340 10,959,390 20,000,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 19,869,800 19,908,329 9,375,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 9,375,000 9,375,655 Total of Short-Term Investments (8.28%) 55,822,898 55,969,727 Total of Investments (99.71%) 656,554,386 674,297,885 Other Assets, less Liabilities (0.29%) 1,993,169 Total of Net Assets (100.00%) 676,291,054 The accompanying notes are an integral part of these financial statements.

CIBC Canadian Bond Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* ($) ($) Canadian Bonds 85,300,000 Canada Housing Trust, 4.400%, 2008/03/15 86,167,740 88,280,382 23,725,000 Canada Housing Trust, 4.650%, 2009/09/15 24,644,092 24,947,549 31,275,000 Canada Housing Trust No. 1, 3.550%, 2009/03/15 31,415,738 31,659,370 71,450,000 Government of Canada, 5.000%, 2014/06/01 75,304,583 77,994,820 3,000,000 Government of Canada, 5.750%, 2033/06/01 3,727,500 3,726,000 51,575,000 Government of Canada, Series ‘WL43’, 5.750%, 2029/06/01 57,807,000 62,875,083 Government of Canada & Guaranteed (35.52%) 279,066,653 289,483,204 2,725,000 Hydro-Quebec, 6.500%, 2011/02/15 2,760,569 3,125,057 7,300,000 Hydro-Quebec, Series ‘HL’, 11.000%, 2020/08/15 11,478,930 12,447,960 19,112,140 Province of Ontario, 3.210%, 2009/08/13 19,112,140 19,073,916 35,500,000 Province of Quebec, 5.250%, 2013/10/01 36,386,080 38,545,545 10,000,000 Province of Quebec, 5.000%, 2015/12/01 10,399,000 10,629,400 7,500,000 Province of Quebec, 5.750%, 2036/12/01 8,561,100 8,569,875 Provincial Government & Guaranteed (11.34%) 88,697,819 92,391,753 7,012,235 N-45 First CMBS Corp., 5.248%, 2006/12/15 7,027,177 7,158,931 20,000,000 NHA MBS Toronto-Dominion Bank, 3.250%, 2010/06/01 19,523,200 19,523,200 4,000,000 Schooner Trust, 5.100%, 2014/07/12 3,999,800 4,230,000 Mortgage-Backed Securities (3.79%) 30,550,177 30,912,131 7,456,000 407 International Inc., 9.000%, 2007/08/15 7,728,474 8,261,248 10,500,000 407 International Inc., 5.960%, 2035/12/03 10,492,650 11,642,715 11,205,000 Alberta Energy Co. Ltd., 7.150%, 2009/12/17 12,463,669 12,851,575 4,111,933 Alliance Pipeline LP, 5.546%, 2023/12/31 4,111,933 4,405,936 5,452,364 Alliance Pipeline LP, Series ‘A’, 7.181%, 2023/06/30 5,479,997 6,607,175 9,800,000 Bank of Montreal, 4.690%, 2011/01/31 9,797,844 10,289,216 10,000,000 Bank of Nova Scotia, 4.515%, 2008/11/19 10,000,000 10,341,500 11,639,326 Bank of Nova Scotia, 3.318%, 2009/08/18 11,639,326 11,591,605 15,700,000 BCE Inc., Series ‘B’, 6.750%, 2007/10/30 16,358,102 16,860,073

6 CIBC Canadian Bond Fund (Cont’d***)

Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* ($) ($) 7,450,000 Bell Canada, 10.350%, 2009/12/15 8,918,639 9,500,687 3,500,000 Bell Canada, 6.900%, 2011/12/15 4,072,250 4,063,150 4,975,000 Borealis Infrastructure Trust, 6.270%, 2011/05/03 5,236,055 5,547,921 10,500,000 Brascan Corp., 5.950%, 2035/06/14 10,433,112 10,559,220 1,525,000 British Columbia Ferry Services Inc., 6.250%, 2034/10/13 1,665,446 1,746,735 3,900,000 Calpine Canada Energy Finance ULC, 8.750%, 2007/10/15 3,585,692 2,925,000 6,450,000 Canadian Oil Sands Ltd., 5.750%, 2008/04/09 6,480,789 6,815,651 990,000 Canadian Utilities Ltd., 11.400%, 2010/08/15 1,324,581 1,345,578 700,000 CHC Helicopter Corp., 7.375%, 2014/05/01 944,862 859,503 6,043,000 Clublink Corp., 6.000%, 2008/05/15 4,986,978 6,049,043 2,700,000 Cogeco Cable Inc., Series 1, 6.750%, 2009/06/04 2,712,042 2,862,000 7,150,000 CU Inc., 5.896%, 2034/11/20 7,150,000 7,991,586 4,900,000 Dofasco Inc., 4.961%, 2017/06/15 4,900,000 4,976,785 7,415,000 EnCana Corp., 5.300%, 2007/12/03 7,403,007 7,767,583 2,100,000 Fraser Papers Inc., Series 144A, 8.750%, 2015/03/15, (USD) 2,529,030 2,366,314 9,750,000 Golden Credit Card Trust, 4.159%, 2008/10/15 9,750,000 10,021,440 675,000 Great Atlantic & Pacific Tea Corp. Inc., 7.750%, 2007/04/15, (USD) 870,131 849,475 700,000 Hudbay Mining & Smelting Co. Ltd., 9.625%, 2012/01/15, (USD) 859,005 844,500 1,750,000 Hudbay Mining & Smelting Inc., 9.625%, 2012/01/15, (USD) 2,166,810 2,111,249 3,100,000 IPSCO Inc., Debentures, 7.800%, 2006/12/01 3,262,500 3,233,579 3,500,000 Jean Coutu Group PJC Inc., 8.500%, 2014/08/01, (USD) 4,435,621 4,254,649 10,570,000 NAV Canada, Series 97-2, 7.560%, 2027/03/01 11,747,995 13,469,034 18,792,569 New Brunswick (F-M) Project Co. Inc., 6.470%, 2027/11/30 18,860,637 21,640,019 3,350,000 Nova Scotia Power Inc., 5.750%, 2013/10/01 3,344,707 3,655,688 4,700,000 Nova Scotia Power Inc., 6.950%, 2033/08/25 4,652,636 5,593,611 9,350,000 Ontario School Boards Financing Corp., 6.300%, 2010/09/22 9,316,434 10,496,497 3,166,933 Ontario School Boards Financing Corp., 5.900%, 2027/10/11 3,150,369 3,596,147 7,000,000 Rogers Wireless Inc., 7.625%, 2011/12/15 7,115,500 7,525,000 4,200,000 Royal Bank of Canada, 5.950%, 2014/06/18 4,275,012 4,645,116 4,200,000 Royal Bank of Canada, 3.700%, 2015/06/24 4,199,244 4,223,704 8,140,000 Scotiabank Capital Trust, 6.282%, 2013/06/30 8,215,485 9,190,060 1,400,000 Secunda International Ltd., 11.141%, 2012/09/01, (USD) 1,803,870 1,680,426 2,100,000 Shaw Communications Inc., 7.400%, 2007/10/17 2,140,564 2,233,980 11,000,000 Sun Life Assurance Co. of Canada, 6.150%, 2022/06/30 12,085,130 12,329,570 10,335,000 TD Capital Trust, 7.600%, 2009/12/31 10,905,131 12,011,544 3,650,000 Terasen Gas Inc., 5.900%, 2035/02/26 3,718,066 3,840,202 5,050,000 Terasen Inc., 8.000%, 2040/04/19 5,590,098 5,678,321 7,190,000 Toronto-Dominion Bank (The), 5.690%, 2018/06/03 7,264,833 7,884,842 4,100,000 TransCanada PipeLines Ltd., Series ‘U’, 11.800%, 2020/11/20 6,860,735 7,028,753 4,420,000 Union Gas Ltd., 7.200%, 2010/06/01 4,520,532 5,106,161 3,815,000 Union Gas Ltd., 6.650%, 2011/05/04 3,938,126 4,357,531 6,526,000 Vancouver International Airport Authority, Series ‘B’, 7.375%, 2026/12/07 6,933,297 8,402,421 10,500,000 Wells Fargo Financial Canada Corp., 4.380%, 2015/06/30 10,495,170 10,503,150 6,198,000 Westcoast Energy Inc., 8.850%, 2025/07/21 7,430,248 8,590,056 2,800,000 Westcoast Energy Inc., Series ‘O’, Debentures, 8.500%, 2018/09/04 3,489,332 3,810,912 4,100,000 Westcoast Energy Inc., Series ‘S’, 9.900%, 2020/01/10 5,565,597 6,068,738 2,775,000 Wolverine Tube Inc., 10.500%, 2009/04/01, (USD) 3,827,584 3,245,870 Corporate Bonds (46.17%) (note 10) 1 353,204,877 376,350,044 Total of Canadian Bonds (96.82%) 751,519,526 789,137,132 Total of Investments before Short-Term Investments (96.82%) 751,519,526 789,137,132 Short-Term Investments 3,450,000 Government of Canada Treasury Bill, 2.460%, 2005/08/25 3,428,507 3,436,035 14,755,000 Government of Canada Treasury Bill, 2.478%, 2005/10/06 14,657,469 14,658,465 6,025,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 6,025,000 6,025,421 Total of Short-Term Investments (2.96%) 24,110,976 24,119,921 Total of Investments (99.78%) 775,630,502 813,257,053 Unrealized Gain on Forward Foreign Currency Contracts (0.05%) 388,154 Other Assets, less Liabilities (0.17%) 1,392,854 Total of Net Assets (100.00%) 815,038,061 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/09/06 CAD 16,011,828 USD 12,778,793 1 0.798 0.818 386,622 State Street Trust Co. Canada A1+ 2005/09/06 CAD 301,105 USD 245,000 1 0.814 0.818 1,532 388,154 *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

7 CIBC Monthly Income Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bonds 195,000,000 Government of Canada, 6.000%, 2008/06/01 210,038,250 211,243,500 260,000,000 Government of Canada, 6.000%, 2011/06/01 287,991,500 294,866,000 Government of Canada & Guaranteed (12.77%) 498,029,750 506,109,500 1,000,000 407 International Inc., 9.000%, 2007/08/15 1,123,870 1,108,000 1,488,465 Alliance Pipeline LP, Series ’A’, 7.181%, 2023/06/30 1,486,309 1,803,722 5,500,000 Altagas Services Inc., Series ’MTN’, 7.280%, 2005/10/04 5,602,320 5,557,860 10,000,000 Bank of Montreal, 4.690%, 2011/01/31 9,997,800 10,499,200 5,000,000 BCE Inc., Series ’B’, 6.750%, 2007/10/30 4,991,450 5,369,450 5,000,000 Bell Canada, 6.700%, 2007/06/28 5,083,000 5,344,000 1,500,000 Bell Canada, 8.875%, 2026/04/17 1,575,315 1,991,400 2,000,000 BMO Capital Trust, Series ’A’, 6.903%, 2010/06/30 2,045,140 2,282,620 20,000,000 Brascan Power Corp., 4.650%, 2009/12/16 20,039,700 20,534,000 6,000,000 Canadian Oil Sands Ltd., 5.750%, 2008/04/09 5,987,640 6,340,140 3,500,000 EnCana Corp., 5.300%, 2007/12/03 3,496,675 3,666,425 9,775,000 General Motors Acceptance Corp. of Canada Ltd., 4.550%, 2008/03/05 9,775,000 9,283,318 2,000,000 Golden Credit Card Trust, 6.839%, 2006/08/15 1,998,310 2,080,400 7,200,000 Hydro One Inc., 4.000%, 2008/06/23 7,188,984 7,360,632 1,000,000 Mansfield Trust, 7.000%, 2025/11/15 901,450 1,107,570 7,500,000 Rogers Wireless Inc., 7.625%, 2011/12/15 7,725,000 8,062,500 8,500,000 Scotiabank Capital Trust, 6.282%, 2013/06/30 8,500,000 9,596,500 1,050,000 Sobeys Inc., 7.600%, 2005/11/01 1,069,299 1,066,475 2,352,000 Telesat Canada Inc., Series 99-B, 7.400%, 2006/06/28 2,324,379 2,440,200 4,875,000 Telus Corp., 7.500%, 2006/06/01 4,474,439 5,068,050 Corporate Bonds (2.79%) 105,386,080 110,562,462 Total of Canadian Bonds (15.56%) 603,415,830 616,671,962 Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 206,000 Great-West Lifeco Inc., 4.70%, Preferred, Series ’D’ 5,123,649 5,580,540 65,600 Aeroplan Income Fund 656,000 774,080 472,000 Great-West Lifeco Inc., Preferred, 70,000 Liquor Stores Income Fund 689,372 1,309,000 Series ’E’ 12,194,950 13,074,400 163,300 Quebecor World Inc. 3,808,700 4,131,490 979,500 H&R REIT 12,151,102 19,119,840 203,400 Quebecor World Inc., 6.75%, 25,000 IGM Financial Inc., Preferred, 5.75% Preferred, Series 4 5,156,600 5,278,230 Series ’A’ 698,500 712,500 182,700 Quebecor World Inc., 6.90%, 1,066,000 Manulife Financial Corp. 59,821,843 62,371,660 Preferred, Series 5 4,668,664 5,015,115 402,400 Manulife Financial Corp., Preferred 10,012,407 10,703,840 706,500 Thomson Corp. (The) 29,246,283 28,980,630 140,000 National Bank of Canada, Preferred, 275,000 Thomson Corp. (The), Preferred, Series 15 3,562,500 3,801,000 Series ’B,’ Floating Rate 6,343,250 6,985,000 217,391 O & Y Properties Corp. 2,064,875 2,673,909 4,981,800 Yellow Pages Income Fund 60,490,908 74,278,638 2,688,400 Power Financial Corp. 66,906,995 87,856,912 Consumer Discretionary (3.20%) 111,059,777 126,752,183 97,000 Power Financial Corp., 5.20%, Preferred, Series ’C’ 2,520,062 2,749,950 413,500 Loblaws Cos. Ltd. 26,746,516 29,900,185 255,000 Power Financial Corp., Preferred, 73,400 Weston (George) Ltd., 5.80%, Series ’A,’ Floating Rate 5,481,750 6,415,800 Preferred, Series I 1,854,838 1,949,504 30,000 Power Financial Corp., Preferred, 213,600 Weston (George) Ltd., 5.15%, Series ’J’ 781,800 823,200 Preferred, Series II 5,491,950 5,884,680 180,000 Premium Income Corp., 5.75%, Preferred, Series ’A’ 2,900,900 2,944,800 Consumer Staples (0.95%) 34,093,304 37,734,369 2,813,500 RioCan REIT 36,495,878 56,270,000 1,810,700 Royal Bank of Canada 108,579,098 137,432,130 2,696,900 ARC Energy Trust 37,165,037 53,776,186 143,250 Royal Bank of Canada, 4.70%, 1,300,000 Canadian Oil Sands Trust 50,847,225 117,130,000 Preferred, Series N 3,686,740 3,717,338 1,259,500 Emera Inc. 21,175,217 23,678,600 40,000 Royal Bank of Canada, 6.10%, 502,900 Enbridge Income Fund 5,866,095 7,105,977 Preferred, Series S 1,000,000 1,098,000 4,547,000 Enbridge Inc. 113,301,666 158,917,650 847,000 Sun Life Financial Inc. 27,454,025 34,955,690 484,900 Enerplus Resources Fund 12,371,076 22,693,320 223,000 Sun Life Financial Inc., 4.75%, 4,184,300 Fort Chicago Energy Partners L.P. 40,868,673 54,437,743 Preferred, Series 1 5,434,600 5,519,250 990,300 Husky Energy Inc. 23,901,302 48,257,319 46,970 TD Split Inc., Preferred 712,723 709,247 226,000 Imperial Oil Ltd. 9,416,610 23,056,520 1,713,400 Toronto-Dominion Bank (The) 86,604,207 93,620,176 1,040,500 Pengrowth Energy Trust, Class ’B’ 13,526,248 19,145,200 50,000 Toronto-Dominion Bank (The), 5.10%, 408,000 Petro-Canada 26,509,750 32,538,000 Preferred, Class ’A’, Series ’J’ 1,252,401 1,316,000 756,500 PrimeWest Energy Trust 17,792,706 23,194,290 555,000 Toronto-Dominion Bank (The), 4,322,000 TransCanada Corp. 111,192,152 139,341,280 Convertible, Preferred, Class ’A’, Energy (18.25%) 483,933,757 723,272,085 Series ’M’ 14,175,350 15,534,450 365,900 Toronto-Dominion Bank (The), Preferred 9,335,145 10,087,863 2,814,400 Bank of Montreal 134,778,810 160,505,232 107,400 Bank of Montreal, 4.75%, Preferred, Financials (26.72%) 875,099,325 1,059,009,839 Class ’B’, Series 6 2,843,780 2,792,400 1,529,100 Canadian National Railway Co. 88,076,290 108,076,788 83,700 Bank of Montreal, 4.80%, Preferred, 415,000 Canadian Pacific Railway Ltd. 17,502,641 17,591,850 Class ’B’, Series 4 2,190,972 2,166,156 4,341,400 Bank of Nova Scotia 139,941,855 176,000,356 Industrials (3.17%) 105,578,931 125,668,638 594,300 Brascan Corp. 14,372,955 27,813,240 38,000 Brascan Corp., 5.63%, Preferred, 130,600 Alcan Inc., Preferred, Series ’E’ 3,297,874 3,454,370 Class ’A’, Series 9 990,280 982,300 100,000 Alcan Inc., Preferred, Series ’F’ 2,005,000 2,515,000 240,000 Brascan Corp., Preferred, Class ’A’, 1,734,536 Dofasco Inc. 58,730,059 66,953,090 Series 2 5,172,800 5,484,000 292,000 Falconbridge Ltd., 4.58%, Preferred, 100,000 Brascan Corp., Preferred, Class ’A’, Series 3 7,116,241 7,548,200 Series 4 1,968,750 2,290,000 56,400 Fording Canadian Coal Trust 6,537,249 6,326,952 40,000 Brascan Corp., Preferred, Series 10 1,114,000 1,128,000 400,000 Labrador Iron Ore Royalty Trust 8,565,500 9,080,000 1,291,500 Canadian Imperial Bank of Commerce 90,094,878 97,882,785 3,062,072 Noranda Inc. 55,628,578 64,364,753 30,700 Canadian Imperial Bank of Commerce, 115,000 Noranda Inc., 6.50%, Preferred, 4.80%, Preferred, Class ’A’, Series 30 760,995 767,500 Series ‘H’ 3,110,250 3,060,150 75,000 Great West Life Assurance, 5.55%, 170,210 Noranda Inc., Preferred, Series ‘G’, Preferred, Series ’O’ 1,917,750 2,109,375 Variable Rate 4,366,848 4,433,971 8 CIBC Monthly Income Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 330,000 Norbord Inc. 2,224,462 3,458,400 17,200 Canadian Utilities Ltd., 5.90%, 668,300 Teck Cominco Ltd., Class ‘B’ 26,687,629 27,627,522 Preferred, Series ‘T’ 436,020 441,266 741,300 Canadian Utilities Ltd., Class ‘A’ 38,995,309 51,876,174 Materials (5.02%) 178,269,690 198,822,408 168,300 Canadian Utilities Ltd., Preferred, 972,400 Aliant Inc. 28,558,985 25,963,080 Series ‘X’ 4,209,774 4,527,270 128,300 Aliant Inc., 5.45%, Preferred, Series 2 3,235,685 3,297,310 374,319 Duke Energy Canada Exchangeco Inc. 12,384,172 13,759,966 3,458,700 BCE Inc. 100,145,796 100,302,300 168,900 Fortis Inc. 8,780,751 13,128,597 31,700 BCE Inc., 5.28%, Preferred, Series ‘S’ 792,584 792,817 75,000 Fortis Inc., 4.90%, Preferred, Series ‘E’ 2,031,250 2,081,250 347,900 BCE Inc., 5.32%, Preferred, Series ‘Z’ 8,624,539 9,306,325 343,900 Fortis Inc., Preferred, Series ‘C’ 8,820,146 9,560,420 79,400 BCE Inc., 6.17%, Preferred, Series ‘R’ 2,050,066 2,036,610 178,300 Nova Scotia Power Inc., 5.90%, 100,000 BCE Inc., Preferred, Series ‘AC’ 2,627,000 2,663,000 Preferred, Series ‘D’ 4,755,214 5,431,018 50,000 Bell Canada, 4.40%, Preferred, 43,500 Nova Scotia Power Inc., Preferred, Series 16 1,262,500 1,307,500 Series ‘C’ 1,064,305 1,201,688 50,000 Bell Canada, 5.25%, Preferred, 3,121,600 Terasen Inc. 69,450,860 91,494,096 Class ’A’, Series ‘B’ 1,260,500 1,275,500 205,400 TransAlta Corp. 3,937,919 4,196,322 128,000 Bell Canada, 5.55%, Preferred, 334,500 TransAlta Power L.P. 2,374,642 3,294,825 Class ’A’, Series 19 3,301,600 3,302,400 171,800 TransCanada Power L.P. 4,132,026 6,287,878 791,700 Bell Nordiq Income Fund 11,243,703 14,408,940 Utilities (5.52%) 172,039,459 218,710,752 1,333,100 Manitoba Telecom Services Inc. 64,424,125 62,255,770 2,118,800 Telus Corp., Non-Voting 55,270,613 88,544,652 Total of Canadian Equities (70.79%) 2,242,871,939 2,805,426,478 Telecommunication Services (7.96%) 282,797,696 315,456,204 Total of Investments before Short-Term Investments (86.35%) 2,846,287,769 3,422,098,440 95,900 AltaGas Income Trust 2,208,651 2,419,557 314,500 Atco Ltd., 5.75%, Preferred, Series 3 8,458,420 9,010,425

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 120,275,000 Government of Canada Treasury Bill, 2.526%, 2005/07/14 119,464,644 120,167,504 71,150,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 70,686,102 71,022,191 22,375,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 22,228,220 22,292,624 127,780,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 126,948,151 127,194,309 78,715,000 Government of Canada Treasury Bill, 2.456%, 2005/09/22 78,199,417 78,278,333 89,050,000 Government of Canada Treasury Bill, 2.486%, 2005/10/06 88,459,599 88,465,624 6,425,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 6,425,000 6,425,449 19,875,000 Royal Bank of Canada Term Deposit, 2.500%, 2005/07/04 19,875,000 19,876,361 Total of Short-Term Investments (13.47%) 532,286,133 533,722,395 Total of Investments (99.82%) 3,378,573,902 3,955,820,835 Other Assets, less Liabilities (0.18%) 7,200,365 Total of Net Assets (100.00%) 3,963,021,200 The accompanying notes are an integral part of these financial statements.

CIBC Global Bond Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Hedging Average Cost Current Value Par Value Holdings Ref. No.* ($) ($) International Bonds 800,000 European Investment Bank, 6.000%, 2013/08/14 737,888 773,024 1,000,000 Inter-American Development Bank, 5.000%, 2006/11/15 940,082 928,469 3,200,000 Inter-American Development Bank, 5.750%, 2011/06/15 2,975,947 3,032,345 1,700,000 Province of Ontario, 5.500%, 2013/04/23 1,520,073 1,580,778 2,000,000 Province of Quebec, 6.000%, 2009/02/18 2,053,062 1,888,680 Australian Dollar (2.94%) (note 10) 1 8,227,052 8,203,296 1,200,000 Finning International Inc., 5.625%, 2013/05/30 2,667,344 2,689,795 1,400,000 Inter-American Development Bank, 5.750%, 2009/12/07 3,361,645 3,250,279 2,250,000 International Bank for Reconstruction and Development (The), 5.375%, 2014/01/15 5,394,596 5,270,589 500,000 Province of Ontario, 5.375%, 2009/07/28 1,193,861 1,136,116 125,000 United Kingdom Treasury Bond, 5.000%, 2025/03/07 311,477 302,964 British Pound (4.53%) (note 10) 2 12,928,923 12,649,743 1,800,000 Alcan Inc., 5.500%, 2006/05/02 3,017,412 2,738,443 1,350,000 Deutsche Telekom, 5.250%, 2007/01/22 2,192,164 2,088,863 2,000,000 Dexia Municipal Agency, 3.250%, 2008/07/12 3,274,230 3,049,565 2,725,000 European Investment Bank, 4.875%, 2006/04/15 4,378,276 4,131,556 5,000,000 European Investment Bank, 2.625%, 2007/10/15 8,287,767 7,484,454 2,700,000 European Investment Bank, 4.625%, 2020/04/15 4,329,919 4,536,046 2,400,000 European Investment Bank, 4.000%, 2037/10/15 3,859,186 3,688,624 1,700,000 Federal Republic of Germany Bonds, 4.750%, 2034/07/04 2,991,785 3,009,796 1,600,000 Government of France, 4.500%, 2006/07/12 2,595,755 2,434,171 2,700,000 HBOS Treasury Services PLC, 3.875%, 2020/02/07 4,216,487 4,127,682 1,700,000 Kingdom of Belgium Bonds, 5.500%, 2028/03/28 2,997,770 3,234,144 700,000 Northern Rock PLC, 3.500%, 2009/05/04 1,108,887 1,077,405 9,400,000 Province of Ontario, 4.125%, 2013/05/14 15,591,496 15,046,458 700,000 Province of Quebec, 5.125%, 2009/01/04 1,166,939 1,131,899

9 CIBC Global Bond Fund (Cont’d***)

Hedging Average Cost Current Value Par Value Holdings Ref. No.* ($) ($) 8,450,000 Province of Quebec, 4.250%, 2013/02/27 13,642,531 13,569,659 Euro (25.58%) 73,650,604 71,348,765 200,000,000 Government of Hungary, 6.500%, 2006/08/24 1,200,988 1,200,460 230,000,000 Government of Hungary, Series ‘2010/B’, 6.750%, 2010/10/12 1,401,112 1,400,826 Hungarian Forint (0.93%) 2,602,100 2,601,286 253,000,000 Government of Canada, 1.900%, 2009/03/23 3,100,793 2,981,014 1,314,000,000 Inter-American Development Bank, 1.900%, 2009/07/08 17,473,065 15,525,990 515,000,000 KFW International Finance Inc., 1.750%, 2010/03/23 6,376,216 6,073,763 380,000,000 Province of Ontario, 1.875%, 2010/01/25 4,710,085 4,492,112 2,209,000,000 Province of Quebec, 1.600%, 2013/05/09 26,679,981 25,673,863 Japanese Yen (19.63%) 58,340,140 54,746,742 27,000,000 Mexican Fixed Rate Bonds, 9.000%, 2009/12/24 2,814,042 3,044,560 Mexican New Peso (1.09%) 2,814,042 3,044,560 275,000 General Electric Capital Corp., Series ‘A’, 6.625%, 2010/02/04 240,886 235,395 600,000 International Finance Corp., 6.750%, 2009/07/15 484,806 523,346 2,100,000 Province of Ontario, Series ‘GMTN’, 6.250%, 2015/06/16 1,849,809 1,762,808 New Zealand Dollar (0.90%) (note 10) 3 2,575,501 2,521,549 2,000,000 Alcan Inc., 5.200%, 2014/01/15 2,613,859 2,514,872 1,000,000 Asian Development Bank , 4.250%, 2014/10/20 1,255,885 1,240,022 825,000 Federal Republic of Brazil, 12.000%, 2010/04/15 1,271,949 1,224,172 2,600,000 Hydro-Quebec, 7.500%, 2016/04/01 4,181,847 3,956,943 375,000 International Bank for Reconstruction and Development (The), 8.625%, 2016/10/15 653,604 630,757 3,000,000 International Bank for Reconstruction and Development (The), 4.750%, 2035/02/15 3,681,646 3,802,254 2,200,000 Petro-Canada, 4.000%, 2013/07/15 2,682,708 2,554,249 2,550,000 Philip Morris Capital Corp., 7.500%, 2009/07/16 3,581,188 3,377,784 2,000,000 Procter & Gamble Co., 6.125%, 2008/05/08 2,647,017 2,581,878 4,500,000 Province of Ontario, 5.500%, 2008/10/01 5,872,155 5,765,135 2,900,000 Province of Ontario, 4.500%, 2015/02/03 3,596,496 3,615,749 3,175,000 Province of Quebec, 7.125%, 2024/02/09 4,948,720 5,086,950 United States Dollar (13.03%) 36,987,074 36,350,765 Total of International Bonds (68.63%) 198,125,436 191,466,706 Total of Bonds (68.63%) 198,125,436 191,466,706 Total of Investments before Short-Term Investments (68.63%) 198,125,436 191,466,706 Short-Term Investments (note 11) 800,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 794,600 799,284 9,075,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 9,015,831 9,058,699 15,835,000 Government of Canada Treasury Bill, 2.460%, 2005/08/25 15,732,871 15,776,687 45,000,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 44,707,050 44,793,739 10,000,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 9,934,400 9,944,441 13,075,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 13,075,000 13,075,913 1,930 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 2,394 2,364 Total of Short-Term Investments (33.51%) 93,262,146 93,451,127 Total of Investments (102.14%) 291,387,582 284,917,833 Margin (0.23%) 635,686 Unrealized Gain on Futures Contracts (0.16%) 455,552 Unrealized Loss on Forward Foreign Currency Contracts (–1.06%) (2,967,838) Other Assets, less Liabilities (–1.47%) (4,091,681) Total of Net Assets (100.00%) 278,949,552 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Bond Futures Value ($) Gain/(Loss) ($) Value ($) Bond Futures Value ($) Gain/(Loss) ($) 4,478,426 British LIF LONG GILT Bond, 4,511,664 33,238 7,760,971 Japanese TSE 10 Year Bond, 7,803,526 42,555 Expiry September 2005; Expiry September 2005; 18 contracts at GBP 113.33 per contract. 5 contracts at JPY 140.43 per contract. 24,058,008 German EURO-BUND, 24,355,798 297,790 28,001,320 United States CBT 2 Year Treasury Note, 27,981,322 (19,998) Expiry September 2005; Expiry September 2005; 133 contracts at EUR 121.99 per contract. 110 contracts at USD 103.92 per contract. 12,325,750 German EURO-SCHATZ Bond, 12,368,544 42,794 2,849,727 United States Long Bond, 2,908,900 59,173 Expiry September 2005; Expiry September 2005; 78 contracts at EUR 106.57 per contract. 20 contracts at USD 116.33 per contract. 79,474,202 Total Bond Futures 79,929,754 455,552 As at June 30, 2005, $635,686 cash was deposited as margin for the futures contracts.

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/08/24 CAD 7,666,040 AUD 8,089,100 1 1.055 1.076 148,900 Royal Bank of Canada A1+ 2005/08/24 AUD 400,000 CAD 372,288 1 0.931 0.929 (571) Citibank N.A., New York A1+ 2005/07/11 CAD 1,854,691 DKK 9,110,000 4.912 5.025 41,759 10 CIBC Global Bond Fund (Cont’d***)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) Royal Bank of Canada A1+ 2005/07/11 CAD 1,693,679 DKK 7,800,000 4.605 5.025 141,443 Royal Bank of Canada A1+ 2005/07/11 DKK 9,560,000 CAD 1,929,715 0.202 0.199 (27,231) State Street Trust Co. Canada A1+ 2005/07/11 DKK 4,225,000 CAD 895,507 0.212 0.199 (54,712) State Street Trust Co. Canada A1+ 2005/07/11 DKK 7,870,000 CAD 1,719,647 0.219 0.199 (153,481) Toronto-Dominion Bank (The) A1+ 2005/07/11 DKK 7,990,000 CAD 1,713,614 0.214 0.199 (123,568) Royal Bank of Canada A1+ 2005/09/19 CAD 11,000,744 EUR 7,420,000 0.674 0.674 (14,175) Royal Bank of Canada A1+ 2005/09/19 EUR 13,850,715 CAD 21,012,920 1.517 1.484 (451,667) Royal Bank of Canada A1+ 2005/09/19 EUR 9,770,000 CAD 14,677,471 1.502 1.484 (174,000) State Street Trust Co. Canada A1+ 2005/09/19 EUR 1,300,000 CAD 1,948,271 1.499 1.484 (18,434) Citibank N.A., New York A1+ 2005/07/20 CAD 8,343,160 GBP 3,590,000 2 0.430 0.456 471,394 Royal Bank of Canada A1+ 2005/07/20 CAD 8,179,325 GBP 3,500,000 2 0.428 0.456 504,902 Royal Bank of Canada A1+ 2005/07/20 CAD 2,421,016 GBP 1,040,000 2 0.430 0.456 140,616 Royal Bank of Canada A1+ 2005/07/20 CAD 4,097,839 GBP 1,820,000 2 0.444 0.456 107,139 State Street Trust Co. Canada A1+ 2005/07/20 CAD 4,185,696 GBP 1,770,000 2 0.423 0.456 304,630 State Street Trust Co. Canada A1+ 2005/07/20 CAD 563,778 GBP 250,000 2 0.443 0.456 15,604 State Street Trust Co. Canada A1+ 2005/07/20 CAD 5,330,949 GBP 2,375,000 2 0.446 0.456 123,304 Toronto-Dominion Bank (The) A1+ 2005/07/20 CAD 5,568,999 GBP 2,390,000 2 0.429 0.456 328,464 Citibank N.A., New York A1+ 2005/07/20 GBP 1,250,000 CAD 2,827,038 2 2.262 2.193 (86,172) Royal Bank of Canada A1+ 2005/07/20 GBP 12,240,370 CAD 28,607,458 2 2.337 2.193 (1,768,092) Royal Bank of Canada A1+ 2005/07/20 GBP 1,860,000 CAD 4,161,824 2 2.238 2.193 (83,416) State Street Trust Co. Canada A1+ 2005/07/20 GBP 680,000 CAD 1,540,445 2 2.265 2.193 (49,414) Citibank N.A., New York A1+ 2005/08/16 CAD 1,496,007 JPY 125,500,000 83.890 90.163 104,081 Royal Bank of Canada A1+ 2005/08/16 CAD 13,459,327 JPY 1,182,200,000 87.835 90.163 347,495 State Street Trust Co. Canada A1+ 2005/08/16 CAD 593,507 JPY 50,000,000 84.245 90.163 38,955 State Street Trust Co. Canada A1+ 2005/08/16 CAD 1,249,872 JPY 110,000,000 88.009 90.163 29,857 Citibank N.A., New York A1+ 2005/08/16 JPY 241,800,000 CAD 2,797,834 0.012 0.011 (116,020) Royal Bank of Canada A1+ 2005/08/16 JPY 370,700,000 CAD 4,411,152 0.012 0.011 (299,702) Royal Bank of Canada A1+ 2005/08/16 JPY 264,900,000 CAD 3,081,738 0.012 0.011 (143,720) Royal Bank of Canada A1+ 2005/08/16 JPY 45,000,000 CAD 528,200 0.012 0.011 (29,103) State Street Trust Co. Canada A1+ 2005/08/16 JPY 907,983,833 CAD 10,796,478 0.012 0.011 (725,990) State Street Trust Co. Canada A1+ 2005/08/16 JPY 370,900,000 CAD 4,341,820 0.012 0.011 (228,152) State Street Trust Co. Canada A1+ 2005/08/16 JPY 785,000,000 CAD 8,866,850 0.011 0.011 (160,381) Citibank N.A., New York A1+ 2005/07/07 CAD 4,136,479 NOK 21,410,000 5.176 5.337 125,181 Citibank N.A., New York A1+ 2005/07/07 NOK 21,410,000 CAD 4,245,405 0.198 0.187 (234,107) State Street Trust Co. Canada A1+ 2005/09/19 CAD 2,527,558 NZD 2,872,225 3 1.136 1.185 103,832 Royal Bank of Canada A1+ 2005/09/21 CAD 4,026,216 SEK 25,340,000 6.294 6.360 41,887 State Street Trust Co. Canada A1+ 2005/09/21 SEK 39,790,000 CAD 6,448,947 0.162 0.157 (192,574) Royal Bank of Canada A1+ 2005/09/06 CAD 3,999,018 USD 3,210,000 0.803 0.818 74,007 Royal Bank of Canada A1+ 2005/09/06 CAD 4,332,545 USD 3,500,000 0.808 0.818 52,938 State Street Trust Co. Canada A1+ 2005/09/06 CAD 15,218,371 USD 12,250,000 0.805 0.818 239,745 Citibank N.A., New York A1+ 2005/09/06 USD 19,600,000 CAD 24,449,628 1.247 1.223 (483,826) Royal Bank of Canada A1+ 2005/09/06 USD 3,160,000 CAD 3,936,886 1.246 1.223 (73,012) Royal Bank of Canada A1+ 2005/09/06 USD 4,230,000 CAD 5,178,281 1.224 1.223 (6,070) State Street Trust Co. Canada A1+ 2005/09/06 USD 25,000,177 CAD 31,325,222 1.253 1.223 (756,381) (2,967,838) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC Balanced Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* ($) ($) Canadian Bonds 22,600,000 Canada Housing Trust, 4.400%, 2008/03/15 22,941,661 23,389,644 11,675,000 Canada Housing Trust, 4.650%, 2009/09/15 12,127,634 12,276,613 20,775,000 Canada Housing Trust No. 1, 3.550%, 2009/03/15 20,868,488 21,030,325 1,995,000 Government of Canada, 4.500%, 2009/04/28 (EUR) 3,509,969 3,193,371 70,000 Government of Canada, 5.500%, 2010/06/01 74,956 76,881 26,340,000 Government of Canada, 5.000%, 2014/06/01 27,739,987 28,752,744 1,000,000 Government of Canada, 5.750%, 2033/06/01 1,242,500 1,242,000 16,785,000 Government of Canada, Series ’WL43’, 5.750%, 2029/06/01 18,996,447 20,462,594 Government of Canada & Guaranteed (12.09%) (note 10) 4 107,501,642 110,424,172 1,500,000 Hydro-Quebec, 6.500%, 2011/02/15 1,658,250 1,720,215 3,550,000 Hydro-Quebec, Series ’HL’, 11.000%, 2020/08/15 5,599,925 6,053,460 1,800,000 Province of British Columbia, 4.625%, 2006/10/03 (USD) 2,282,183 2,229,854 8,309,626 Province of Ontario, 3.210%, 2009/08/13 8,309,626 8,293,007 170,000 Province of Ontario, Series ’GMTN’, 6.250%, 2015/06/16 (NZD) 149,746 142,704 300,000 Province of Quebec, 6.000%, 2009/02/18 (AUD) 280,621 283,302 2,575,000 Province of Quebec, 4.250%, 2013/02/27 (EUR) 4,480,112 4,135,133 200,000,000 Province of Quebec, 1.600%, 2013/05/09 (JPY) 2,404,795 2,324,478 14,825,000 Province of Quebec, 5.250%, 2013/10/01 15,195,032 16,096,837 5,000,000 Province of Quebec, 5.000%, 2015/12/01 5,199,500 5,314,700 1,215,000 Province of Quebec, 7.125%, 2024/02/09 (USD) 1,825,834 1,946,660 2,500,000 Province of Quebec, 5.750%, 2036/12/01 2,853,700 2,856,625 Provincial Government & Guaranteed (5.63%) (note 10) 1,4,6 50,239,324 51,396,975 3,584,314 N-45 First CMBS Corp., 5.248%, 2006/12/15 3,591,903 3,659,298 8,000,000 NHA MBS Toronto-Dominion Bank, 3.250%, 2010/06/01 7,809,280 7,809,280

11 CIBC Balanced Fund (Cont’d***)

Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* ($) ($) 2,000,000 Schooner Trust, 5.100%, 2014/07/12 1,999,900 2,115,000 Mortgage-Backed Securities (1.49%) 13,401,083 13,583,578 3,525,000 407 International Inc., 9.000%, 2007/08/15 3,773,249 3,905,700 4,500,000 407 International Inc., 5.960%, 2035/12/03 4,496,850 4,989,735 5,625,000 Alberta Energy Co. Ltd., 7.150%, 2009/12/17 6,257,481 6,451,594 1,762,257 Alliance Pipeline LP, 5.546%, 2023/12/31 1,762,257 1,888,258 3,249,110 Alliance Pipeline LP, Series ‘A’, 7.181%, 2023/06/30 3,232,037 3,937,272 2,875,000 Bank of Montreal, 4.690%, 2011/01/31 2,874,368 3,018,520 5,000,000 Bank of Nova Scotia, 4.515%, 2008/11/19 5,000,000 5,170,750 5,819,662 Bank of Nova Scotia, 3.318%, 2009/08/18 5,819,662 5,795,801 7,040,000 BCE Inc., Series ‘B’, 6.750%, 2007/10/30 7,290,319 7,560,186 2,550,000 Bell Canada, 10.350%, 2009/12/15 3,035,010 3,251,913 1,500,000 Bell Canada, 6.900%, 2011/12/15 1,745,250 1,741,350 2,150,000 Borealis Infrastructure Trust, 6.270%, 2011/05/03 2,262,725 2,397,594 4,500,000 Brascan Corp., 5.950%, 2035/06/14 4,471,335 4,580,689 600,000 British Columbia Ferry Services Inc., 6.250%, 2034/10/13 653,472 687,240 1,700,000 Calpine Canada Energy Finance ULC, 8.750%, 2007/10/15 1,620,383 1,275,000 2,850,000 Canadian Oil Sands Ltd., 5.750%, 2008/04/09 2,866,167 3,011,567 650,000 Canadian Utilities Ltd., 11.400%, 2010/08/15 889,005 883,461 300,000 CHC Helicopter Corp., 7.375%, 2014/05/01 (USD) 404,941 368,359 330,000 CIT Group Inc., 5.000%, 2014/05/13 (EUR) 572,702 537,279 2,600,000 Clublink Corp., 6.000%, 2008/05/15 2,093,482 2,602,600 1,300,000 Cogeco Cable Inc., Series 1, 6.750%, 2009/06/04 1,305,798 1,378,000 3,250,000 CU Inc., 5.896%, 2034/11/20 3,250,000 3,632,539 2,100,000 Dofasco Inc., 4.961%, 2017/06/15 2,100,000 2,132,908 2,825,000 EnCana Corp., 5.300%, 2007/12/03 2,822,316 2,959,329 5,250,000 Golden Credit Card Trust, 4.159%, 2008/10/15 5,250,000 5,396,160 300,000 Hudbay Mining & Smelting Co. Ltd., 9.625%, 2012/01/15 (USD) 368,145 361,928 750,000 Hudbay Mining & Smelting Inc., 9.625%, 2012/01/15 (USD) 928,633 904,821 1,000,000 IPSCO Inc., Debentures, 7.800%, 2006/12/01 1,053,750 1,043,090 1,500,000 Jean Coutu Group PJC Inc., 8.500%, 2014/08/01 (USD) 1,900,981 1,823,421 4,350,000 NAV Canada, Series 97-2, 7.560%, 2027/03/01 4,806,746 5,543,075 9,421,827 New Brunswick (F-M) Project Co. Inc., 6.470%, 2027/11/30 9,020,328 10,849,422 1,650,000 Nova Scotia Power Inc., 5.750%, 2013/10/01 1,647,393 1,800,563 2,300,000 Nova Scotia Power Inc., 6.950%, 2033/08/25 2,281,424 2,737,299 3,425,000 Ontario School Boards Financing Corp., 6.300%, 2010/09/22 3,412,704 3,844,974 1,523,647 Ontario School Boards Financing Corp., 5.900%, 2027/10/11 1,515,678 1,730,147 1,875,000 RBC Capital Trust, 7.183%, 2049/12/31 2,107,613 2,193,938 3,000,000 Rogers Wireless Inc., 7.625%, 2011/12/15 3,049,500 3,225,000 1,800,000 Royal Bank of Canada, 5.950%, 2014/06/18 1,832,148 1,990,764 1,800,000 Royal Bank of Canada, 3.700%, 2015/06/24 1,799,676 1,810,159 3,300,000 Scotiabank Capital Trust, 6.282%, 2013/06/30 3,330,525 3,725,700 600,000 Secunda International Ltd., Floating Rate, 11.141%, 2012/09/01 (USD) 773,087 720,182 900,000 Shaw Communications Inc., 7.400%, 2007/10/17 917,542 957,420 5,000,000 Sun Life Assurance Co. of Canada, 6.150%, 2022/06/30 5,493,950 5,604,350 6,400,000 TD Capital Trust, 7.600%, 2009/12/31 6,667,740 7,438,208 1,600,000 Terasen Gas Inc., 5.900%, 2035/02/26 1,628,977 1,683,376 2,250,000 Terasen Inc., 8.000%, 2040/04/19 2,490,638 2,529,945 2,200,000 Toronto-Dominion Bank (The), 5.690%, 2018/06/03 2,199,604 2,412,608 1,800,000 TransCanada PipeLines Ltd., Series ’U’, 11.800%, 2020/11/20 3,009,446 3,085,794 1,800,000 Union Gas Ltd., 7.200%, 2010/06/01 1,839,128 2,079,432 1,820,000 Union Gas Ltd., 6.650%, 2011/05/04 1,890,138 2,078,822 2,675,000 Vancouver International Airport Authority, Series ‘B’, 7.375%, 2026/12/07 2,860,862 3,444,143 4,500,000 Wells Fargo Financial Canada Corp., 4.380%, 2015/06/30 4,497,930 4,501,350 2,600,000 Westcoast Energy Inc., 8.850%, 2025/07/21 3,014,670 3,603,444 1,450,000 Westcoast Energy Inc., Series ’O’, Debentures, 8.500%, 2018/09/04 1,806,976 1,973,508 1,950,000 Westcoast Energy Inc., Series ’S’, 9.900%, 2020/01/10 2,643,278 2,886,351 Corporate Bonds (18.41%) (note 10) 4 156,638,019 168,137,038 Total of Canadian Bonds (37.62%) 327,780,068 343,541,763 International Bonds 300,000 European Investment Bank, 6.000%, 2013/08/14 284,605 289,884 335,000 Inter-American Development Bank, 5.750%, 2011/06/15 311,544 317,449 Australian Dollar (0.07%) (note 10) 1 596,149 607,333 85,000 Finning International Inc., 5.625%, 2013/05/30 196,080 190,527 155,000 International Bank for Reconstruction and Development (The), 5.375%, 2014/01/15 385,702 363,085 250,000 United Kingdom Treasury Bond, 5.000%, 2012/03/07 592,476 576,839 British Pound (0.12%) (note 10) 5 1,174,258 1,130,451 750,000 Federal Republic of Germany, 5.000%, 2012/01/04 1,296,917 1,260,013 250,000 Federal Republic of Germany, Series 03, 4.500%, 2013/01/04 412,713 410,737 300,000 GE Capital Euro Funding, Series ’EMTN’, 3.250%, 2010/03/17 483,753 455,295 495,000 Kingdom of Belgium Bonds, 5.500%, 2028/03/28 956,419 941,707 Euro (0.34%) (note 10) 4 3,149,802 3,067,752 25,000,000 Government of Hungary, Series ’2010/B’, 6.750%, 2010/10/12 152,295 152,264 Hungarian Forint (0.02%) 152,295 152,264 338,000,000 Inter-American Development Bank, 1.900%, 2009/07/08 4,230,358 3,993,748 10,000,000 International Bank for Reconstruction and Development (The), 2.000%, 2008/02/18 124,649 116,334 95,000,000 Japan Finance Corp. for Municipal Enterprises, 1.350%, 2013/11/26 1,127,729 1,085,751 Japanese Yen (0.57%) (note 10) 6 5,482,736 5,195,833 2,800,000 Mexican Fixed Rate Bonds, 9.000%, 2009/12/24 291,827 315,732 Mexican Peso (0.03%) 291,827 315,732 350,000 General Electric Capital Corp., Series ‘A’, 6.625%, 2010/02/04 306,583 299,594 New Zealand Dollar (0.03%) (note 10) 7 306,583 299,594

12 CIBC Balanced Fund (Cont’d***)

Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* ($) ($) 900,000 Fraser Papers Inc., Series 144A, 8.750%, 2015/03/15 1,083,870 1,014,134 325,000 Great Atlantic & Pacific Tea Corp. Inc., 7.750%, 2007/04/15 418,952 409,007 300,000 Procter & Gamble Co., 6.125%, 2008/05/08 397,162 387,282 590,000 United States Treasury Notes, 2.500%, 2006/09/30 715,979 713,261 665,000 United States Treasury Notes, 5.000%, 2011/08/15 870,321 868,612 115,000 United States Treasury Notes, 4.000%, 2014/02/15 143,413 141,743 1,225,000 Wolverine Tube Inc., 10.500%, 2009/04/01 1,689,899 1,432,858 United States Dollar (0.54%) 5,319,596 4,966,897 Total of International Bonds (1.72%) 16,473,246 15,735,856 Total of Bonds (39.34%) 344,253,314 359,277,619

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) Canadian Equities 243,300 Cardiome Pharma Corp. 1,726,216 1,605,780 190,246 Merge Cedara ExchangeCo 24,950 Aeroplan Income Fund 249,500 294,410 Ltd. 4,185,427 4,377,560 83,900 Alliance Atlantis Communications Inc., Health Care (0.66%) 5,911,643 5,983,340 Class ‘B’, Non-Voting 2,610,575 2,416,320 21,700 Canadian Tire Corp. Ltd., 114,000 ACE Aviation Holdings Inc., Class ‘A’ 734,250 1,228,654 Class ‘B’ 4,318,277 4,548,600 191,100 CanWest Global 85,400 Canadian National Railway Communications Corp. 2,694,111 2,602,782 Co. 4,148,458 6,036,072 66,300 Four Seasons Hotels Inc. 5,552,799 5,364,996 69,700 Superior Plus Income Fund 1,661,231 2,219,945 103,200 Gildan Activewear Inc. 1,998,783 3,314,784 275,200 Transat A.T. Inc., Class ‘B’ 6,345,893 6,604,800 313,500 Great Canadian Gaming Industrials (2.13%) 16,473,859 19,409,417 Corp. 4,133,520 6,144,600 78,000 Linamar Corp. 1,155,696 1,205,100 85,200 Aastra Technologies Ltd. 1,390,629 1,640,100 48,500 Magna International Inc., 164,000 Celestica Inc. 3,334,267 2,689,600 Class ‘A’ 4,263,550 4,173,910 66,500 Cognos Inc. 3,254,606 2,782,360 158,800 Quebecor World Inc. 4,472,436 3,811,200 96,050 Research in Motion Ltd. 8,114,773 8,660,829 212,800 Rothmans Inc. 3,000,146 5,000,800 146,600 Workbrain Corp. 2,485,277 2,345,600 110,400 Sears Canada Inc. 1,863,252 2,715,840 167,300 Yellow Pages Income Fund 1,918,829 2,494,443 Information Technology (1.98%) 18,579,552 18,118,489 Consumer Discretionary (4.46%) 34,647,447 40,767,839 45,600 Agrium Inc. 1,129,244 1,091,664 193,900 Alcan Inc. 8,246,627 7,131,642 232,700 Alimentation Couche-Tard 100,100 Barrick Gold Corp. 2,474,453 3,063,060 Inc., Class ‘B’ 3,734,313 4,353,817 119,200 Cameco Corp. 6,147,937 6,514,280 128,700 Metro Inc., Class ‘A’ 3,265,117 3,432,429 161,600 Cascades Inc. 2,212,534 1,856,784 91,500 Dofasco Inc. 2,733,377 3,531,900 Consumer Staples (0.85%) 6,999,430 7,786,246 2,968,894 EuroZinc Mining Corp. 1,860,537 1,959,470 116,700 ARC Energy Trust 2,305,057 2,326,998 45,200 Grande Cache Coal Corp. 608,540 430,756 236,700 Birchcliff Energy Ltd. 946,800 970,470 563,300 Hudbay Minerals Inc. 1,937,634 1,447,681 142,800 Canadian Natural 101,200 Inco Ltd. 4,027,528 4,670,380 Resources Ltd. 1,794,820 6,340,320 108,300 Labrador Iron Ore Royalty 23,300 Canadian Oil Sands Trust 973,387 2,099,330 Trust 2,232,284 2,458,410 142,000 CHC Helicopter Corp., 77,100 NOVA Chemicals Corp. 3,454,899 2,883,540 Class ‘A’ 4,118,726 3,390,960 75,120 Novelis Inc. 2,093,149 2,333,978 77,800 Duvernay Oil Corp. 2,065,652 2,537,058 9,900 Potash Corp. of 298,672 EnCana Corp. 8,516,070 14,434,818 Saskatchewan Inc. 496,408 1,157,805 155,000 First Calgary Petroleums 122,100 Shore Gold Inc. 752,219 598,290 Ltd. 1,314,708 1,247,750 121,600 Teck Cominco Ltd., 54,600 Imperial Oil Ltd. 2,618,871 5,570,292 Class ‘B’ 1,880,567 5,026,944 104,700 Nexen Inc. 3,804,194 3,894,840 Materials (5.05%) 42,287,937 46,156,584 88,100 Niko Resources Ltd. 4,804,737 5,082,489 71,100 Petro-Canada 3,672,967 5,670,225 78,500 BCE Inc. 2,311,653 2,276,500 402,900 PetroFalcon Corp. 2,035,952 846,090 77,300 Call-Net Enterprises Inc., 33,000 PetroKazakhstan Inc., Class ‘B’ 694,772 728,939 Class ‘A’ 1,379,364 1,477,410 56,100 Manitoba Telecom Services 119,100 Shell Canada Ltd. 2,104,942 3,917,199 Inc. 2,757,523 2,619,870 130,035 Talisman Energy Inc. 3,167,514 5,968,607 102,000 TransCanada Corp. 2,578,251 3,288,480 Telecommunication Services (0.62%) 5,763,948 5,625,309 156,300 Western Oil Sands Inc., Class ‘A’ 3,338,868 3,718,377 49,600 ATCO Ltd., Class ‘I’ 2,457,364 3,472,496 Energy (7.97%) 51,540,880 72,781,713 Utilities (0.38%) 2,457,364 3,472,496 228,200 Bank of Montreal 10,879,744 13,014,246 Total of Canadian Equities (35.26%) 260,323,845 321,989,598 297,400 Bank of Nova Scotia 7,217,737 12,056,596 International Equities 62,750 Brascan Corp. 1,440,254 2,936,700 53,250 Brookfield Properties Corp. 1,096,302 1,845,113 76,555 Dexia 1,326,136 2,062,051 85,200 Canadian Imperial Bank of Commerce 5,163,713 6,457,308 Belgium (0.23%) (note 10) 4 1,326,136 2,062,051 58,000 Empire Co. Ltd., Class ‘A’ 1,709,460 2,218,500 2,832 ACE Ltd. 150,224 155,568 3,300 Fairfax Financial Holdings 2,410 Ingersoll-Rand Co. Ltd., Ltd. 703,820 670,065 Class ‘A’ 153,748 210,609 86,800 GMP Capital Corp. 2,000,740 2,334,920 1,149 XL Capital Ltd., Class ‘A’ 140,927 104,731 71,100 Great-West Lifeco Inc. 1,453,842 1,980,135 50,000 IGM Financial Inc. 1,388,866 1,882,500 Bermuda (0.05%) 444,899 470,908 113,790 Manulife Financial Corp. 6,460,839 6,658,029 46,300 National Bank of Canada 1,714,594 2,519,183 29,286 Novo Nordisk AS, 143,000 Power Corp. of Canada 3,252,375 4,392,960 Series ‘B’ 1,358,622 1,823,663 235,700 Power Financial Corp. 4,606,371 7,702,676 84,225 Vestas Wind Systems AS 1,509,303 1,707,380 204,200 Royal Bank of Canada 11,383,741 15,498,780 94,200 Sun Life Financial Inc. 3,601,606 3,887,634 Denmark (0.39%) (note 10) 3 2,867,925 3,531,043 246,200 Toronto-Dominion Bank 30,800 Carrefour SA 1,936,051 1,825,166 (The) 9,779,069 13,452,368 19,038 Dassault Systemes SA 745,072 1,127,576 65,200 TSX Group Inc. 1,808,712 2,380,452 23,170 Essilor International SA 1,292,486 1,936,295 Financials (11.16%) 75,661,785 101,888,165 9,932 L’Air Liquide SA 1,865,943 2,069,582 8,326 L’Oreal ´ SA 887,336 730,473 18,112 LVMH Moet ¨ Hennessy Louis Vuitton SA 1,241,425 1,708,532 37,290 Publicis Groupe 1,278,228 1,344,113

13 CIBC Balanced Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 22,189 Sanofi-Aventis SA 1,728,039 2,226,663 4,201 Starbucks Corp. 134,530 265,811 6,227 Total SA 1,335,932 1,785,384 3,714 Starwood Hotels & Resorts Worldwide Inc. 158,758 266,429 France (1.62%) (note 10) 4 12,310,512 14,753,784 30,704 Time Warner Inc. 1,730,601 628,401 13,100 Allianz AG, Registered 1,832,539 1,835,330 2,743 Tribune Co. 169,828 118,192 20,414 Celesio AG 1,143,012 1,956,738 11,474 Viacom Inc., Class ‘B’ 791,766 449,988 90,700 Qiagen AG 1,364,229 1,285,107 14,372 Walt Disney Co. (The) 517,631 443,239 5,593 SAP AG 972,361 1,187,983 1,882 Whirlpool Corp. 166,717 161,609 Germany (0.69%) (note 10) 4 5,312,141 6,265,158 Consumer Discretionary (1.06%) 11,037,213 9,634,105 70,075 Luxottica Group SPA, ADR 1,484,650 1,767,196 14,680 Altria Group Inc. 1,029,411 1,162,591 4,096 Anheuser-Busch Italy (0.19%) (note 10) 4 1,484,650 1,767,196 Companies Inc. 284,096 229,518 4,424 Campbell Soup Co. 165,584 166,728 51,700 Oriflame Cosmetics SA 1,383,830 1,441,581 15,220 Coca-Cola Co. (The) 1,101,644 778,281 3,467 Colgate-Palmolive Co. 291,098 211,937 Luxembourg (0.16%) (note 10) 4 1,383,830 1,441,581 4,905 ConAgra Foods Inc. 161,169 139,137 58,282 Heineken NV 2,539,391 2,203,133 3,937 Costco Wholesale Corp. 230,030 216,124 49,889 ING Groep NV 1,400,278 1,718,175 7,564 CVS Corp. 186,601 269,316 174,987 Koninklijke Ahold NV 2,116,453 1,756,518 2,573 General Mills Inc. 173,783 147,454 76,782 Wolters Kluwer NV, CVA 1,705,471 1,795,757 7,157 Gillette Co. 331,702 443,817 3,232 H.J. Heinz Co. 186,165 140,212 Netherlands (0.82%) (note 10) 4 7,761,593 7,473,583 3,325 Kellogg Co. 158,347 180,980 3,312 Kimberly-Clark Corp. 290,486 253,899 85,121 Banco Bilbao Vizcaya 7,930 Kroger Co. 238,110 184,830 Argentaria SA 1,258,404 1,602,536 10,289 Pepsico Inc. 704,975 679,624 108,500 Banco Popular Espanol SA 1,489,164 1,604,267 14,090 Procter & Gamble Co. 816,155 910,330 Spain (0.35%) (note 10) 4 2,747,568 3,206,803 5,175 Safeway Inc. 230,555 143,183 6,959 Sara Lee Corp. 197,891 168,848 7,370 Nestle ´ SA, Registered, 4,993 Sysco Corp. 215,282 221,317 Series ‘B’ 2,334,379 2,306,725 6,640 Target Corp. 351,414 442,499 14,586 Roche Holding AG 7,187 Walgreen Co. 355,787 404,833 Genusscheine 1,588,478 2,254,848 27,212 Wal-Mart Stores Inc. 2,117,451 1,606,470 8,770 Synthes Inc. 843,908 1,177,528 Consumer Staples (1.00%) 9,817,736 9,101,928 Switzerland (0.63%) (note 10) 2 4,766,765 5,739,101 2,731 Anadarko Petroleum Corp. 186,570 274,786 135,232 BP PLC 1,478,152 1,723,247 3,310 Apache Corp. 125,853 261,894 117,720 Diageo PLC 2,054,435 2,121,971 4,627 Burlington Resources Inc. 149,294 313,053 69,427 GlaxoSmithKline PLC 2,262,549 2,055,586 12,156 Chevron Corp. 801,053 832,574 57,464 HSBC Holdings PLC 1,006,209 1,119,722 8,326 ConocoPhillips 360,045 586,265 127 HSBC Holdings PLC 2,554 2,486 4,941 Devon Energy Corp. 178,540 306,702 215,600 Kingfisher PLC 1,349,038 1,158,991 39,418 ExxonMobil Corp. 2,445,527 2,774,604 167,056 Lloyds TSB Group PLC 2,119,788 1,728,661 4,842 Halliburton Co. 176,171 283,596 161,100 Prudential PLC 1,894,484 1,749,200 2,599 Kerr-McGee Corp. 174,263 242,914 184,789 Reed Elsevier PLC 2,254,991 2,162,617 1,767 Kinder Morgan Inc. 132,712 180,063 66,197 Royal Bank of Scotland 3,812 Marathon Oil Corp. 146,836 249,181 PLC 2,544,808 2,442,194 3,501 Occidental Petroleum Corp. 148,284 329,878 675,619 Vodafone Group PLC 2,244,376 2,012,707 3,409 Schlumberger Ltd. 244,043 317,076 108,307 WPP Group PLC 1,212,836 1,359,332 5,629 Transocean Inc. 210,322 372,091 3,513 Unocal Corp. 155,358 279,892 United Kingdom (2.15%) (note 10) 5 20,424,220 19,636,714 Energy (0.83%) 5,634,871 7,604,569 Total of International Equities (7.28%) 60,830,239 66,347,922 4,345 Aflac Inc. 199,062 230,326 United States Equities 4,247 Allstate Corp. (The) 269,589 310,803 8,566 American Express Co. 484,347 558,470 1,840 Apollo Group Inc., Class ‘A’ 126,555 176,279 16,382 American International 4,048 Avon Products Inc. 144,845 187,660 Group Inc. 1,947,911 1,165,758 2,735 Bed Bath & Beyond Inc. 133,238 139,956 4,282 AmSouth Bancorp 127,127 136,359 2,804 Best Buy Co. Inc. 170,764 235,424 3,933 Apartment Investment & 5,008 Carnival Corp. 217,795 334,599 Management Co., Class ‘A’ 183,548 197,117 4,882 Clear Channel 24,241 Bank of America Corp. 1,114,529 1,354,178 Communications Inc. 350,258 184,945 5,800 Bank of New York Co. Inc. 2,401 Dow Jones & Co. Inc. 153,458 104,249 (The) 351,701 204,449 3,683 Eastman Kodak Co. 184,621 121,119 3,053 BB&T Corp. 169,877 149,460 8,476 eBay Inc. 197,879 342,690 2,151 Capital One Financial Corp. 163,065 210,790 2,983 Federated Department 12,955 Charles Schwab Corp. Stores Inc. 158,036 267,734 (The) 233,589 178,983 16,115 Ford Motor Co. 452,904 202,114 31,355 Citigroup Inc. 2,107,067 1,775,399 1,943 Gannett Co. Inc. 202,414 169,274 2,126 Comerica Inc. 162,290 150,507 7,686 Gap Inc. (The) 247,197 185,923 4,988 Countrywide Financial 3,186 Genuine Parts Co. 147,298 160,342 Corp. 99,346 235,880 3,123 Harley-Davidson Inc. 208,317 189,723 4,503 Equity Residential 173,147 203,072 15,529 Home Depot Inc. 1,002,074 739,875 6,026 Fannie Mae 758,750 431,030 4,722 International Game 3,722 Fifth Third Bancorp 355,071 187,864 Technology Inc. 135,628 162,806 2,988 Franklin Resources Inc. 176,189 281,724 2,489 Johnson Controls Inc. 147,430 171,724 4,530 Freddie Mac 462,140 361,918 2,891 Kohl’s Corp. 252,894 197,972 3,277 Goldman Sachs Group Inc. 381,329 409,475 4,988 Leggett & Platt Inc. 147,038 162,385 2,682 Hartford Financial Services 6,254 Limited Brands Inc. 148,326 164,075 Group Inc. (The) 224,394 245,646 5,546 Lowes Companies Inc. 306,984 395,470 5,082 Huntington Bancshares Inc. 136,052 150,258 2,811 Marriott International Inc., 50,760 iShares MSCI Emerging Class ‘A’ 167,813 234,876 Markets Index Fund 4,502,846 4,451,433 5,043 May Department Stores 22,278 J.P. Morgan Chase & Co. 1,129,241 963,745 Co. 185,188 248,055 3,669 KeyCorp 141,597 148,969 10,584 McDonald’s Corp. 403,697 359,731 2,147 Lehman Brothers Holdings 4,136 McGraw-Hill Companies Inc. 215,178 261,071 Inc. 190,904 224,160 2,510 Loews Corp. 185,693 238,250 2,237 New York Times Co., 3,622 Marsh & McLennan Class ‘A’ 141,076 85,347 Companies Inc. 272,220 122,883 2,506 Nike Inc., Class ‘B’ 177,351 265,804 3,276 Marshall & Ilsley Corp. 144,255 178,353 1,907 Omnicom Group Inc. 206,601 186,528 9,401 MBNA Corp. 302,240 301,215 1,100 Sears Holdings Corp. 176,273 201,917 4,090 Mellon Financial Corp. 211,951 143,721 6,006 St. Paul Travelers 6,400 Merrill Lynch & Co. Inc. 461,790 431,208 Companies Inc. (The) 359,764 290,789 5,577 MetLife Inc. 248,457 306,972 7,923 Staples Inc. 122,762 206,891 7,317 Morgan Stanley 610,949 470,229 14 CIBC Balanced Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 3,717 National City Corp. 172,075 155,334 4,989 Automatic Data Processing 3,120 Northern Trust Corp. 220,274 174,215 Inc. 343,367 256,459 120 Piper Jaffray Companies 47,425 Cisco Systems Inc. 1,176,881 1,110,026 Inc. 6,439 4,472 6,182 Computer Associates 4,068 Plum Creek Timber Co. International Inc. 223,478 208,071 Inc. 158,551 180,864 17,381 Dell Inc. 708,163 841,099 2,152 PNC Financial Services 3,151 Electronic Arts Inc. 149,302 218,478 Group 182,703 143,544 5,253 Electronic Data Systems 3,343 Principal Financial Group Corp. 324,142 123,852 Inc. 144,576 171,560 18,047 EMC Corp. 426,083 303,045 1,641 Progressive Corp. (The) 122,578 198,598 94 Enterasys Networks Inc. — 104 4,503 Prudential Financial Inc. 220,921 362,133 5,599 First Data Corp. 298,095 275,266 3,161 Regions Financial Corp. 137,028 131,170 21,257 Hewlett-Packard Co. 707,390 612,096 2,991 SLM Corp. 124,893 186,100 11,012 IBM Corp. 1,626,685 1,000,772 3,215 State Street Corp. 212,824 189,996 44,327 Intel Corp. 1,765,272 1,414,842 1,781 SunTrust Banks Inc. 176,333 157,582 2,218 Intuit Inc. 133,094 122,546 5,413 Synovus Financial Corp. 187,817 190,078 2,539 KLA Tencor Corp. 171,591 135,897 12,083 U.S. Bancorp 417,882 432,138 1,379 Lexmark International Inc. 125,709 109,498 7,489 Wachovia Corp. 394,868 454,957 3,642 Linear Technology Corp. 191,287 163,664 5,944 Washington Mutual Inc. 347,666 296,232 3,527 Maxim Integrated Products 9,048 Wells Fargo & Co. 649,934 682,429 Inc. 199,527 165,062 70,225 Microsoft Corp. 3,415,602 2,136,529 Financials (2.33%) 22,583,899 21,258,917 20,481 Motorola Inc. 438,340 458,054 9,938 Abbott Laboratories 716,772 596,553 37,228 Oracle Corp. 929,032 601,879 1,271 Allergan Inc. 135,365 132,695 3,774 Paychex Inc. 187,374 150,413 8,506 Amgen Inc. 647,625 629,881 11,895 Qualcomm Inc. 446,721 480,923 8,960 Archer-Daniels-Midland Co. 166,264 234,629 29,458 Sun Microsystems Inc. 428,235 134,579 2,570 Becton, Dickinson & Co. 135,399 165,162 13,816 Texas Instruments Inc. 569,286 474,996 6,219 Boston Scientific Corp. 125,121 205,660 4,306 Veritas Software Corp. 231,145 128,685 12,896 Bristol-Myers Squibb Co. 872,026 394,560 9,066 Xerox Corp. 120,051 153,125 3,289 Cardinal Health Inc. 324,071 231,953 4,140 Xilinx Inc. 180,820 129,302 2,306 Chiron Corp. 143,799 98,543 8,676 Yahoo! Inc. 117,651 368,209 7,205 Eli Lilly and Co. 768,170 491,623 Information Technology (1.34%) 15,634,323 12,277,471 2,849 Forest Laboratories Inc., Class ‘A’ 174,086 135,565 6,959 Alcoa Inc. 354,992 222,716 2,318 Genzyme Corp. 154,720 170,601 6,632 Dow Chemicals Co. (The) 326,085 361,712 2,959 Guidant Corp. 152,046 243,908 6,353 E.I. du Pont de Nemours & 4,391 HCA Inc. 272,923 304,777 Co. 427,000 334,667 993 Hospira Inc. 38,866 47,433 3,864 International Paper Co. 218,535 142,973 18,247 Johnson & Johnson 1,492,790 1,452,680 4,066 MeadWestvaco Corp. 149,892 139,640 3,040 McKesson Corp. 160,040 166,771 3,900 Newmont Mining Corp. 1,678 Medco Health Solutions Holding Co. 151,048 186,435 Inc. 54,354 109,666 2,126 PPG Industries Inc. 161,587 163,422 2,528 MedImmune Inc. 140,791 82,733 3,558 Praxair Inc. 135,301 203,075 7,806 Medtronic Inc. 530,182 495,153 3,309 Rohm and Haas Co. 155,581 187,810 13,929 Merck & Co. Inc. 1,241,140 525,455 2,237 Weyerhaeuser Co. 185,993 174,393 51,518 Pfizer Inc. 2,791,223 1,740,277 10,742 Schering-Plough Corp. 511,330 250,769 Materials (0.23%) 2,266,014 2,116,843 3,240 St. Jude Medical Inc. 97,650 173,060 2,223 ALLTEL Corp. 190,367 169,572 3,294 Stryker Corp. 142,040 191,880 7,408 AT&T Corp. 732,516 172,756 7,866 UnitedHealth Group Inc. 215,691 502,331 12,440 BellSouth Corp. 692,716 404,834 5,566 Wellpoint Inc. 254,911 474,752 15,410 Comcast Corp., Class ‘A’ 615,753 579,437 8,858 Wyeth 716,185 482,793 8,440 Nextel Communications Health Care (1.18%) 13,175,580 10,731,863 Inc., Class ‘A’ 178,993 333,999 21,836 SBC Communications Inc. 1,277,768 635,187 4,668 3M Co. 414,558 413,366 10,562 Sprint Corp. 258,667 324,573 2,510 Air Products and Chemicals 17,344 Verizon Communications Inc. 160,966 185,377 Inc. 1,305,528 733,943 3,791 Analog Devices Inc. 204,700 173,238 14,032 Applied Materials Inc. 407,161 278,076 Telecommunication Services (0.37%) 5,252,308 3,354,301 3,357 Baker Hughes Inc. 152,238 210,352 4,293 American Electric Power 5,022 Baxter International Inc. 310,335 228,200 Co. Inc. 228,922 193,865 6,192 Boeing Co. (The) 451,323 500,541 2,844 Constellation Energy Group 3,871 Burlington Northern Santa Inc. 143,711 200,953 Fe Corp. 168,542 223,216 1,892 Dominion Resources Inc. 174,713 170,068 2,749 Caterpillar Inc. 207,365 320,906 8,458 Duke Energy Corp. 386,331 307,984 8,805 Cendant Corp. 231,734 241,246 6,192 Edison International 135,232 307,530 1,564 Chubb Corp. (The) 155,222 163,993 1,847 Entergy Corp. 117,689 170,910 3,137 Danaher Corp. 142,463 201,101 3,874 Exelon Corp. 177,698 243,554 2,317 Deere and Co. 147,416 185,852 3,024 FirstEnergy Corp. 155,919 178,190 3,272 Dover Corp. 149,935 145,795 4,945 NiSource Inc. 143,430 149,781 3,661 Emerson Electric Co. 285,217 280,832 6,474 PG&E Corp. 162,443 297,668 2,598 FedEx Corp. 183,324 257,776 2,426 PPL Corp. 153,144 176,440 2,261 Freescale Semiconductor 2,377 Progress Energy Inc. 154,863 131,709 Inc. 50,686 58,653 2,202 Public Services Enterprise 1,850 General Dynamics Corp. 214,438 248,205 Group Inc. 138,760 164,032 62,742 General Electric Co. 4,035,018 2,662,728 3,252 Southern Co. (The) 124,267 138,092 6,950 Honeywell International Inc. 339,276 311,808 Utilities (0.31%) 2,397,122 2,830,776 2,567 Illinois Tool Works Inc. 246,504 250,519 3,277 Lockheed Martin Corp. 227,082 260,367 Total of United States Equities (9.77%) 99,566,723 89,134,165 4,857 Masco Corp. 175,416 188,936 2,998 Northrop Grumman Corp. 198,756 202,875 Total of Equities (52.31%) 420,720,807 477,471,685 3,857 Raytheon Co. 172,580 184,805 Total of Investments before Short-Term 6,615 Southwest Airlines Inc. 173,702 112,862 Investments (91.65%) 764,974,121 836,749,304 15,207 Tyco International Ltd. 869,531 543,866 7,314 United Parcel Service Inc., Class ‘B’ 740,479 619,548 6,450 United Technologies Corp. 351,409 405,663 4,687 Waste Management Inc. 200,281 162,690 Industrials (1.12%) 11,767,657 10,223,392

15 CIBC Balanced Fund (Cont’d***)

Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* ($) ($) Short-Term Investments (note 11) 4,800,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 4,767,600 4,795,701 30,900,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 30,697,296 30,786,238 4,300,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 4,272,007 4,280,291 21,800,000 Government of Canada Treasury Bill, 2.456%, 2005/09/22 21,657,200 21,679,057 17,425,000 Government of Canada Treasury Bill, 2.478%, 2005/10/06 17,309,821 17,310,996 375,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/06/30 375,000 375,026 3,819,884 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 4,683,291 4,678,660 Total of Short-Term Investments (9.19%) 83,762,215 83,905,969 Total of Investments (100.84%) 848,736,336 920,655,273 Margin (0.01%) 108,175 Unrealized Gain on Futures Contracts (0.10%) 900,986 Unrealized Gain on Forward Foreign Currency Contracts (0.28%) 2,590,825 Other Assets, less Liabilities (–1.23%) (11,247,433) Total of Net Assets (100.00%) 913,007,826 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 3,463,174 Japanese NIKKEI 225 Index Future, 3,577,685 114,511 (5,227,753) United States S&P 500 E-Mini Index Future, (5,124,869) 102,884 Expiry September 2005; Expiry September 2005; 28 contracts at JPY 11,190.00 per (70) contracts at USD 1,219.50 per contract. contract. 26,483,078 Japanese TOPIX Index Future, 27,132,230 649,152 (9,279,008) United States S&P 500 Index Future, (9,151,553) 127,455 Expiry September 2005; Expiry September 2005; 209 contracts at JPY 1,146.40 per (25) contracts at USD 1,212.15 per contract. contract. 4,546,599 Korean KOSPI 200 Index Future, 4,534,363 (12,236) Expiry September 2005; 33,567,184 Total Equity Index Futures 34,468,170 900,986 59 contracts at KRW 130.05 per contract. 9,031,929 Singapore MSCI SING Index ETS Future, 9,000,963 (30,966) As at June 30, 2005, $108,175 cash was deposited as margin for the futures contracts. Expiry September 2005; 237 contracts at SGD 262.50 per contract. 4,549,165 Taiwanese MSCI Stock Index Future, 4,499,351 (49,814) Expiry July 2005; 142 contracts at USD 261.57 per contract.

Forward Foreign Currency Contracts (note 10)

Credit Rating for Settlement Currency Currency Hedging Forward Current Unrealized Counterparty Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) Citibank N.A., New York A1+ 2005/08/24 CAD 591,325 AUD 625,000 1 1.057 1.076 10,517 State Street Trust Co. Canada A1+ 2005/08/24 CAD 800,807 AUD 845,000 1 1.055 1.076 15,554 State Street Trust Co. Canada A1+ 2005/08/24 AUD 750,000 CAD 710,730 1 0.948 0.929 (13,761) Citibank N.A., New York A1+ 2005/08/09 CAD 1,512,276 CHF 1,530,000 2 1.012 1.044 46,428 State Street Trust Co. Canada A1+ 2005/08/09 CAD 4,545,935 CHF 4,305,000 2 0.947 1.044 421,440 State Street Trust Co. Canada A1+ 2005/08/09 CAD 129,260 CHF 125,000 2 0.967 1.044 9,502 Royal Bank of Canada A1+ 2005/08/09 CHF 1,410,000 CAD 1,405,993 2 0.997 0.958 (55,113) Royal Bank of Canada A1+ 2005/07/11 CAD 181,739 DKK 850,000 3 4.677 5.025 12,585 State Street Trust Co. Canada A1+ 2005/07/11 CAD 3,243,959 DKK 15,305,000 3 4.718 5.025 198,195 State Street Trust Co. Canada A1+ 2005/07/11 CAD 133,063 DKK 625,000 3 4.697 5.025 8,686 State Street Trust Co. Canada A1+ 2005/07/11 CAD 86,039 DKK 425,000 3 4.940 5.025 1,462 Toronto-Dominion Bank (The) A1+ 2005/07/11 CAD 869,066 DKK 4,000,000 3 4.603 5.025 73,048 State Street Trust Co. Canada A1+ 2005/07/11 DKK 6,720,000 CAD 1,444,664 3 0.215 0.199 (107,360) State Street Trust Co. Canada A1+ 2005/07/11 DKK 850,000 CAD 184,374 3 0.217 0.199 (15,225) Royal Bank of Canada A1+ 2005/09/19 CAD 34,718,834 EUR 22,885,000 4 0.659 0.674 746,272 State Street Trust Co. Canada A1+ 2005/09/19 CAD 75,427 EUR 50,000 4 0.663 0.674 1,202 State Street Trust Co. Canada A1+ 2005/09/19 CAD 300,222 EUR 200,000 4 0.666 0.674 3,324 State Street Trust Co. Canada A1+ 2005/09/19 EUR 525,000 CAD 786,965 4 1.499 1.484 (7,607) Royal Bank of Canada A1+ 2005/07/20 CAD 10,447,016 GBP 4,470,000 5 0.428 0.456 645,681 Royal Bank of Canada A1+ 2005/07/20 CAD 176,430 GBP 75,000 5 0.425 0.456 11,978 State Street Trust Co. Canada A1+ 2005/07/20 CAD 59,230 GBP 25,000 5 0.422 0.456 4,413 State Street Trust Co. Canada A1+ 2005/07/20 CAD 59,093 GBP 25,000 5 0.423 0.456 4,275 State Street Trust Co. Canada A1+ 2005/07/20 CAD 230,090 GBP 100,000 5 0.435 0.456 10,821 State Street Trust Co. Canada A1+ 2005/07/20 CAD 113,120 GBP 50,000 5 0.442 0.456 3,485 State Street Trust Co. Canada A1+ 2005/07/20 CAD 56,475 GBP 25,000 5 0.443 0.456 1,658 State Street Trust Co. Canada A1+ 2005/07/20 CAD 168,619 GBP 75,000 5 0.445 0.456 4,167 Toronto-Dominion Bank (The) A1+ 2005/07/20 CAD 10,695,274 GBP 4,590,000 5 0.429 0.456 630,816 Royal Bank of Canada A1+ 2005/07/20 GBP 2,240,000 CAD 5,234,768 5 2.337 2.193 (323,137) Royal Bank of Canada A1+ 2005/07/20 GBP 25,000 CAD 58,816 5 2.353 2.193 (3,998) State Street Trust Co. Canada A1+ 2005/07/20 GBP 50,000 CAD 118,260 5 2.365 2.193 (8,625) State Street Trust Co. Canada A1+ 2005/07/20 GBP 50,000 CAD 117,565 5 2.351 2.193 (7,930) Royal Bank of Canada A1+ 2005/08/16 CAD 1,906,769 JPY 160,405,000 6 84.124 90.163 127,710 Royal Bank of Canada A1+ 2005/08/16 CAD 484,364 JPY 41,635,000 6 85.958 90.163 22,589 State Street Trust Co. Canada A1+ 2005/08/16 CAD 5,335,375 JPY 448,705,000 6 84.100 90.163 358,768 State Street Trust Co. Canada A1+ 2005/08/16 CAD 826,446 JPY 70,000,000 6 84.700 90.163 50,073 Royal Bank of Canada A1+ 2005/08/16 JPY 59,160,000 CAD 703,976 6 0.012 0.011 (47,828) State Street Trust Co. Canada A1+ 2005/08/16 JPY 588,500,000 CAD 6,889,084 6 0.012 0.011 (362,003) State Street Trust Co. Canada A1+ 2005/09/19 CAD 409,200 NZD 465,000 7 1.136 1.185 16,810 State Street Trust Co. Canada A1+ 2005/09/21 CAD 1,119,935 SEK 6,910,000 6.170 6.360 33,443 State Street Trust Co. Canada A1+ 2005/09/06 CAD 54,178,150 USD 43,238,747 0.798 0.818 1,308,188 State Street Trust Co. Canada A1+ 2005/09/06 CAD 965,418 USD 775,000 0.803 0.818 17,790 State Street Trust Co. Canada A1+ 2005/09/06 CAD 25,293,554 USD 20,360,000 0.805 0.818 398,466 State Street Trust Co. Canada A1+ 2005/09/06 CAD 196,812 USD 158,400 0.805 0.818 3,129 16 CIBC Balanced Fund (Cont’d***)

Credit Rating for Settlement Currency Currency Hedging Forward Current Unrealized Counterparty Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/09/06 CAD 9,193,029 USD 7,335,000 0.798 0.818 224,194 Toronto-Dominion Bank (The) A1+ 2005/09/06 CAD 51,197,353 USD 41,230,000 0.805 0.818 783,576 Toronto-Dominion Bank (The) A1+ 2005/09/06 CAD 9,136,382 USD 7,275,000 0.796 0.818 240,912 Royal Bank of Canada A1+ 2005/09/06 USD 44,170,000 CAD 55,029,195 1.246 1.223 (1,020,546) State Street Trust Co. Canada A1+ 2005/09/06 USD 7,182,761 CAD 9,000,000 1.253 1.223 (217,314) State Street Trust Co. Canada A1+ 2005/09/06 USD 170,000 CAD 211,480 1.244 1.223 (3,613) Toronto-Dominion Bank (The) A1+ 2005/09/06 USD 12,855,000 CAD 16,002,547 1.245 1.223 (284,160) Citibank N.A, New York A1+ 2005/09/06 USD 55,990,000 CAD 69,843,606 1.247 1.223 (1,382,112) 2,590,825 *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC Diversified Income Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bonds 150,000 Canada Housing Trust, 3.700%, 2008/09/15 152,685 152,780 Government of Canada & Guaranteed (1.56%) 152,685 152,780 150,000 Province of Quebec, 5.000%, 2015/12/01 159,300 159,978 Provincial Government & Guaranteed (1.63%) 159,300 159,978 150,000 407 International Inc., 9.000%, 2007/08/15 166,755 167,091 150,000 Bank of Montreal, 4.870%, 2020/04/22 155,460 155,998 150,000 RioCan REIT, Series ’H’, 4.700%, 2012/06/15 150,375 150,818 150,000 Sun Life Assurance Co. of Canada, 6.150%, 2022/06/30 168,150 168,665 100,000 Union Gas Ltd., 11.500%, 2015/08/28 155,750 155,984 Corporate Bonds (8.15%) 796,490 798,556 Total of Canadian Bonds (11.34%) 1,108,475 1,111,314

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 18,225 RioCan REIT 366,283 364,500 1,350 Royal Bank of Canada 101,927 102,465 5,775 Gateway Casinos Income Fund 110,166 111,689 3,300 Linamar Corp. 51,489 50,985 Financials (18.49%) 1,818,000 1,812,940 650 Magna International Inc., Class ’A’ 55,792 55,939 2,125 Quebecor World Inc. 51,074 51,000 700 Canadian National Railway Co. 50,247 49,476 2,150 Rothmans Inc. 50,764 50,525 7,550 Contrans Income Fund 110,359 107,890 14,600 Yellow Pages Income Fund 218,794 217,681 6,900 Superior Plus Income Fund 221,573 219,765 Consumer Discretionary (5.49%) 538,079 537,819 Industrials (3.85%) 382,179 377,131 1,300 Empire Co. Ltd., Class ’A’ 49,119 49,725 2,975 Celestica Inc. 48,428 48,790 Consumer Staples (0.51%) 49,119 49,725 Information Technology (0.50%) 48,428 48,790 18,225 ARC Energy Trust 364,372 363,407 2,850 Alcan Inc. 108,235 104,823 9,350 Bonavista Energy Trust 291,494 290,224 2,875 Dofasco Inc. 109,783 110,975 1,925 Canadian Oil Sands Trust 177,852 173,443 3,150 Labrador Iron Ore Royalty Trust 71,897 71,505 3,700 CCS Income Trust 107,267 107,300 2,275 Novelis Inc. 70,663 70,684 2,175 EnCana Corp. 108,711 105,118 4,850 TimberWest Forest Corp. 72,025 71,441 4,175 Enerplus Resources Fund 194,696 195,390 Materials (4.38%) 432,603 429,428 725 Imperial Oil Ltd. 73,489 73,965 2,175 Shell Canada Ltd. 72,292 71,536 1,700 BCE Inc. 49,906 49,300 1,150 TransCanada Corp. 37,369 37,076 11,975 Bell Nordiq Income Fund 218,683 217,945 1,125 Manitoba Telecom Services Inc. 52,848 52,538 Energy (14.46%) 1,427,542 1,417,459 Telecommunication Services (3.26%) 321,437 319,783 1,900 Bank of Montreal 109,046 108,357 2,750 Bank of Nova Scotia 112,750 111,485 5,675 Great Lakes Hydro Income Fund 110,077 110,946 5,800 Canadian Apartment Properties REIT 86,710 86,014 7,550 Northland Power Income Fund 110,758 110,683 8,325 Canadian Hotel Income Properties REIT 95,148 94,739 4,775 CREIT 94,904 92,205 Utilities (2.26%) 220,835 221,629 5,325 Davis + Henderson Income Fund 111,344 111,399 14,875 H&R REIT 291,680 290,360 Total of Canadian Equities (53.20%) 5,238,222 5,214,704 4,900 Livingston International Income Fund 106,545 104,272 Total of Investments before Short-Term 1,950 National Bank of Canada 106,686 106,100 Investments (64.54%) 6,346,697 6,326,018 5,725 North West Company Fund 183,586 190,356 1,650 Power Corp. of Canada 51,391 50,688

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 150,000 Government of Canada Treasury Bill, 2.455%, 2005/08/11 149,063 149,587 3,350,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 3,350,000 3,350,234

17 CIBC Diversified Income Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) Total of Short-Term Investments (35.71%) 3,499,063 3,499,821 Total of Investments (100.25%) 9,845,760 9,825,839 Other Assets, less Liabilities (–0.25%) (24,400) Total of Net Assets (100.00%) 9,801,439 The accompanying notes are an integral part of these financial statements.

CIBC Dividend Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bond 5,700,000 Queensway Financial Holdings Ltd., 5.250%, 2008/05/21 5,700,000 — Corporate Bond (0.00%) 5,700,000 — Total of Canadian Bond (0.00%) 5,700,000 —

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 204,404 National Bank of Canada 5,490,339 11,121,622 198,125 North West Company Fund 3,707,972 6,587,656 107,950 Astral Media Inc. 2,057,470 3,405,823 299,400 Power Financial Corp. 6,323,587 9,784,392 61,750 Fairmont Hotels & Resorts Inc. 2,019,455 2,621,905 38,500 Power Financial Corp., 5.25%, 47,100 Gateway Casinos Income Fund 855,126 910,914 Preferred, Series ’E’ 810,425 994,455 32,600 Magna International Inc., Class ’A’ 2,487,437 2,805,556 308,700 RioCan REIT 3,996,855 6,174,000 116,000 Quebecor World Inc., 6.75%, 249,800 Royal Bank of Canada 12,486,531 18,959,820 Preferred, Series 4 2,900,000 3,010,200 30,200 Royal Bank of Canada, 6.10%, 120,000 Quebecor World Inc., 6.90%, Preferred, Series S 755,000 828,990 Preferred, Series 5 3,000,000 3,294,000 194,231 Sixty Split Corp., 5.70%, Preferred 4,759,500 5,050,006 358,450 Rothmans Inc. 3,791,415 8,423,575 296,075 Sun Life Financial Inc. 7,891,843 12,219,015 130,075 Thomson Corp. (The) 5,819,411 5,335,677 354,325 Toronto-Dominion Bank (The) 11,282,918 19,360,318 369,100 Yellow Pages Income Fund 4,624,863 5,503,281 200,000 Toronto-Dominion Bank (The), Consumer Discretionary (6.87%) 27,555,177 35,310,931 Convertible, Preferred, Class ’A’, Series ’M’ 5,000,000 5,598,000 28,000 Connors Bros. Income Fund 475,263 422,800 179,875 Jean Coutu Group (PJC) Inc., Class ’A’ 3,183,065 3,351,071 Financials (39.07%) 135,638,742 200,848,748 45,600 Loblaws Cos. Ltd. 3,336,525 3,297,336 175,681 MDS Inc. 3,826,360 3,234,287 22,720 Molson Coors Canada Inc., Class ’B’ 2,076,553 1,734,672 Health Care (0.63%) 3,826,360 3,234,287 Consumer Staples (1.71%) 9,071,406 8,805,879 258,825 Onex Corp. 4,621,008 5,083,323 403,700 ARC Energy Trust 5,517,600 8,049,778 119,700 Bonavista Energy Trust 2,898,357 3,715,488 Information Technology (0.99%) 4,621,008 5,083,323 208,450 Canadian Natural Resources Ltd. 2,092,650 9,255,180 80,700 Canadian Oil Sands Trust 3,602,874 7,271,070 173,812 Canadian National Railway Co. 6,383,685 12,285,032 132,512 Enbridge Inc. 1,867,536 4,631,294 52,000 Canadian Pacific Railway Ltd. 2,311,166 2,204,280 373,838 EnCana Corp. 10,655,648 18,067,591 27,900 Contrans Income Fund 443,601 398,691 93,000 Enerplus Resources Fund 3,486,211 4,352,400 17,500 SNC-Lavalin Group Inc. 973,418 1,200,500 200,790 Nexen Inc. 3,822,683 7,469,388 143,000 Superior Plus Income Fund 3,970,005 4,554,550 336,100 Pembina Pipeline Income Fund 3,937,580 4,671,790 73,750 Transcontinental Inc., Class ’A’ 1,663,852 1,899,063 174,700 Petro-Canada 7,989,423 13,932,325 Industrials (4.39%) 15,745,727 22,542,116 129,150 Shell Canada Ltd. 1,088,880 4,247,744 150,200 Suncor Energy Inc. 3,839,179 8,699,584 282,375 Abitibi-Consolidated Inc. 3,252,832 1,541,768 115,050 Talisman Energy Inc. 4,213,573 5,280,795 202,525 Alcan Inc. 8,508,976 7,448,870 219,671 TransCanada Corp. 4,955,563 7,082,193 282,750 Barrick Gold Corp. 8,062,503 8,652,150 52,975 Dofasco Inc. 2,185,429 2,044,835 Energy (20.76%) 59,967,757 106,726,620 174,875 Domtar Inc. 2,707,129 1,584,368 247,800 Bank of Montreal 8,160,461 14,132,034 181,500 Falconbridge Ltd., 4.58%, Preferred, 180,000 Bank of Montreal, 5.30%, Preferred, Series 3 4,540,691 4,691,775 Class ’B’, Series 5 4,528,000 4,824,000 4,200 Fording Canadian Coal Trust 448,832 471,156 478,541 Bank of Nova Scotia 10,553,808 19,400,052 276,800 Labrador Iron Ore Royalty Trust 4,974,531 6,283,360 95,225 Brascan Corp. 2,659,572 4,456,530 422,829 Noranda Inc. 6,722,918 8,887,866 71,600 Brascan Corp., Preferred, Class ’A’, 32,190 Novelis Inc. 774,555 1,000,143 Series 2 1,435,581 1,636,060 126,475 Teck Cominco Ltd., Class ’B’ 2,451,068 5,228,477 150,000 Brascan Financial Corp., Preferred, 170,900 TimberWest Forest Corp. 2,364,885 2,517,357 Class ’A’, Series 13, Floating Rate 2,996,001 3,435,000 Materials (9.80%) 46,994,349 50,352,125 108,287 Brookfield Properties Corp. 2,086,657 3,752,145 356,101 Canadian Apartment Properties REIT 4,647,815 5,280,978 563,550 BCE Inc. 17,650,067 16,342,950 185,000 Canadian General Investment, 21,000 BCE Inc., 6.17%, Preferred, Series ’R’ 572,651 538,650 Preferred, Class ’A’, Series 1 4,625,000 5,045,875 28,800 Bell Canada, 5.55%, Preferred, 47,300 CREIT 761,549 913,363 Class ’A’, Series 19 714,240 743,040 104,200 Davis + Henderson Income Fund 1,841,647 2,179,864 214,500 Bell Nordiq Income Fund 3,033,564 3,903,900 335,000 Great West Life Assurance, 5.55%, 92,925 Manitoba Telecom Services Inc. 4,451,126 4,339,598 Preferred, Series ’O’ 8,040,000 9,421,875 150,425 Telus Corp. 4,141,836 6,477,301 242,600 H&R REIT 3,362,699 4,735,552 62,700 IGM Financial Inc. 2,201,947 2,360,655 Telecommunication Services (6.29%) 30,563,484 32,345,439 178,600 Industrial Alliance Insurance and Financial Services Inc. 3,653,258 5,049,022 82,350 Duke Energy Canada Exchangeco Inc. 2,239,726 3,027,186 88,000 Livingston International Income Fund 1,714,442 1,872,640 219,550 Emera Inc. 3,675,221 4,127,540 267,900 Manulife Financial Corp. 9,865,335 15,674,829 65,000 Fortis Inc., 4.90%, Preferred, Series ’E’ 1,751,000 1,803,750 18 CIBC Dividend Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 307,300 Great Lakes Hydro Income Fund 4,758,535 6,007,715 Total of Canadian Equities (94.58%) 351,969,691 486,156,644 21,900 TransCanada Power L.P. 689,050 801,540 202,500 Westcoast Energy Inc., 5.60%, Total of Investments before Short-Term Preferred 1, Series 8 4,872,149 5,139,445 Investments (94.58%) 357,669,691 486,156,644 Utilities (4.07%) 17,985,681 20,907,176

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 4,000,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 3,973,920 3,992,815 4,075,000 Government of Canada Treasury Bill, 2.452%, 2005/08/11 4,048,350 4,063,850 3,025,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 3,005,156 3,013,863 700,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 695,443 696,792 10,700,000 Government of Canada Treasury Bill, 2.456%, 2005/09/22 10,629,915 10,640,642 4,700,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 4,700,000 4,700,328 Total of Short-Term Investments (5.27%) 27,052,784 27,108,290 Total of Investments (99.85%) 384,722,475 513,264,934 Other Assets, less Liabilities (0.15%) 758,503 Total of Net Assets (100.00%) 514,023,437 The accompanying notes are an integral part of these financial statements.

CIBC Core Canadian Equity Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bond 323,000 Weston (George) Ltd., 3.000%, 2023/06/30 516,800 282,625 Corporate Bond (0.04%) 516,800 282,625 Total of Canadian Bond (0.04%) 516,800 282,625

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 401,225 Royal Bank of Canada 19,837,561 30,452,978 471,700 Sun Life Financial Services of 42,300 Aeroplan Income Fund 423,000 499,140 Canada Inc. 12,240,759 19,467,059 108,750 Astral Media Inc., Class ’A’ 1,972,748 3,431,063 554,800 Toronto-Dominion Bank (The) 19,147,256 30,314,272 223,500 CanWest Global Communications Corp. 3,193,815 3,044,070 51,250 Four Seasons Hotels Inc. 3,031,014 4,147,150 Financials (34.22%) 147,650,546 221,444,456 233,750 Gildan Activewear Inc., Class ’A’ 4,425,803 7,508,050 48,375 Magna International Inc., Class ’A’ 3,573,501 4,163,153 117,800 Axcan Pharma Inc. 2,817,206 2,194,614 133,175 Quebecor Inc., Class ’B’ 3,893,970 3,931,326 93,525 MDS Inc. 1,819,030 1,721,795 270,250 Rona Inc. 2,405,307 6,669,770 Health Care (0.61%) 4,636,236 3,916,409 191,925 Thomson Corp. (The) 8,695,213 7,872,764 389,400 Yellow Pages Income Fund 5,247,629 5,805,954 114,300 ACE Aviation Holdings Inc., Class ’B’ 4,063,594 4,560,570 251,162 Canadian National Railway Co. 9,472,414 17,752,130 Consumer Discretionary (7.27%) 36,862,000 47,072,440 117,425 CP Railway Ltd. 4,615,830 4,977,646 155,325 Cott Corp. 4,788,559 4,145,624 187,700 Finning International Inc. 6,131,106 6,785,355 495,125 Jean Coutu Group (PJC) Inc., Class ’A’ 8,202,501 9,224,179 78,425 SNC-Lavalin Group Inc. 3,856,054 5,379,955 91,700 Loblaws Cos. Ltd. 5,136,158 6,630,827 166,450 Toromont Industries Ltd. 3,151,674 3,678,545 72,100 Metro Inc., Class ’A’ 1,914,181 1,922,907 198,675 Transcontinental Inc., Class ’A’ 4,345,759 5,115,881 64,425 Vincor International Inc. 1,574,768 1,939,193 Industrials (7.46%) 35,636,431 48,250,082 Consumer Staples (3.68%) 21,616,167 23,862,730 344,175 ATI Technologies Inc. 6,481,251 4,990,538 338,350 Canadian Natural Resources Ltd. 7,065,716 15,022,740 170,225 Celestica Inc. 3,784,790 2,791,690 741,438 EnCana Corp. 19,046,174 35,833,699 106,350 Cognos Inc. 4,138,481 4,449,684 135,825 Husky Energy Inc. 4,563,846 6,618,752 2,668,673 Nortel Networks Corp. 28,288,628 8,513,067 147,400 Nexen Inc. 2,767,856 5,483,280 105,500 Research in Motion Ltd. 10,057,582 9,512,935 346,600 Petro-Canada 17,639,686 27,641,350 Information Technology (4.68%) 52,750,732 30,257,914 207,900 Suncor Energy Inc. 5,005,837 12,041,568 452,050 Talisman Energy Inc. 12,463,783 20,749,095 430,200 Abitibi-Consolidated Inc. 3,875,303 2,348,892 319,000 TransCanada Corp. 8,614,657 10,284,560 508,050 Alcan Inc. 22,308,388 18,686,073 474,000 Barrick Gold Corp. 13,577,433 14,504,400 Energy (20.65%) 77,167,555 133,675,044 91,300 Dofasco Inc. 3,833,539 3,524,180 371,725 Bank of Montreal 13,895,918 21,199,477 411,450 Domtar Inc. 4,940,585 3,727,737 728,075 Bank of Nova Scotia 17,536,045 29,516,161 298,600 Inco Ltd. 10,380,916 13,780,390 121,975 Brascan Corp., Class ’A’ 2,587,314 5,708,430 208,193 Noranda Inc. 3,842,986 4,376,217 277,275 Canadian Imperial Bank of Commerce 16,544,043 21,014,672 410,750 Placer Dome Inc. 9,144,322 7,701,563 175,875 Great-West Lifeco Inc. 4,593,925 4,898,119 281,625 Teck Cominco Ltd., Class ’B’ 7,252,570 11,642,378 379,650 Industrial Alliance Insurance and Materials (12.41%) 79,156,042 80,291,830 Financial Services Inc. 8,288,837 10,732,706 493,050 Manulife Financial Corp. 21,079,751 28,848,356 625,700 BCE Inc. 23,085,024 18,145,300 121,800 National Bank of Canada 4,344,052 6,627,138 106,675 Manitoba Telecom Services Inc. 5,165,748 4,981,723 412,275 Power Corp. of Canada 7,555,085 12,665,088

19 CIBC Core Canadian Equity Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 142,900 Telus Corp. 3,448,041 6,153,274 54,800 Kellogg Co. 3,155,642 2,982,770 186,900 Pfizer Inc. 8,205,520 6,313,479 Telecommunication Services (4.52%) 31,698,813 29,280,297 Total of United States Equities (1.44%) 11,361,162 9,296,249 173,525 Emera Inc. 3,398,779 3,262,270 Total of Equities (97.44%) 501,934,463 630,609,721 Utilities (0.50%) 3,398,779 3,262,270 Total of Investments before Short-Term Total of Canadian Equities (96.00%) 490,573,301 621,313,472 Investments (97.48%) 502,451,263 630,892,346 United States Equities

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 4,650,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 4,619,682 4,641,620 2,750,000 Government of Canada Treasury Bill, 2.452%, 2005/08/11 2,732,015 2,742,476 1,800,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 1,788,192 1,793,373 1,700,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 1,688,848 1,690,555 6,250,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 6,250,000 6,250,437 73,047 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 90,602 89,529 Total of Short-Term Investments (2.66%) 17,169,339 17,207,990 Total of Investments (100.14%) 519,620,602 648,100,336 Other Assets, less Liabilities (–0.14%) (931,659) Total of Net Assets (100.00%) 647,168,677 The accompanying notes are an integral part of these financial statements.

Canadian Imperial Equity Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 339,700 Transat A.T. Inc., Class ’B’ 7,865,508 8,152,800 103,800 Alliance Atlantis Communications Inc., Industrials (5.93%) 13,204,505 13,774,710 Class ’B’, Non-Voting 3,221,894 2,989,440 235,800 CanWest Global Communications Corp. 3,324,358 3,211,596 82,000 Cognos Inc. 4,006,065 3,430,880 79,100 Four Seasons Hotels Inc. 6,601,399 6,400,772 118,300 Research in Motion Ltd. 10,052,725 10,667,111 130,100 Gildan Activewear Inc. 2,637,387 4,178,812 166,300 Workbrain Corp. 2,820,312 2,660,800 384,250 Great Canadian Gaming Corp. 5,255,022 7,531,300 Information Technology (7.21%) 16,879,102 16,758,791 Consumer Discretionary (10.47%) 21,040,060 24,311,920 100,150 Alcan Inc. 3,949,676 3,683,517 286,800 Alimentation Couche-Tard Inc., 147,200 Cameco Corp. 7,611,343 8,044,480 Class ’B’ 4,699,702 5,366,028 3,658,100 EuroZinc Mining Corp. 2,367,048 2,414,346 47,600 Grande Cache Coal Corp. 638,914 453,628 Consumer Staples (2.31%) 4,699,702 5,366,028 696,400 Hudbay Minerals Inc. 2,386,606 1,789,748 81,900 Inco Ltd. 3,501,229 3,779,685 282,600 Birchcliff Energy Ltd. 1,130,400 1,158,660 94,700 NOVA Chemicals Corp. 4,235,084 3,541,780 179,400 CHC Helicopter Corp., Class ’A’ 5,185,364 4,284,072 147,500 Shore Gold Inc. 908,604 722,750 95,500 Duvernay Oil Corp. 2,545,600 3,114,255 61,200 Teck Cominco Ltd., Class ’B’ 1,236,881 2,530,008 210,962 EnCana Corp. 6,341,911 10,195,793 192,000 First Calgary Petroleums Ltd. 1,628,541 1,545,600 Materials (11.61%) 26,835,385 26,959,942 129,200 Nexen Inc. 4,695,907 4,806,240 108,500 Niko Resources Ltd. 5,991,004 6,259,365 95,900 Call-Net Enterprises Inc., Class ’B’ 861,949 904,337 488,200 PetroFalcon Corp. 2,431,169 1,025,220 Telecommunication Services (0.39%) 861,949 904,337 40,800 PetroKazakhstan Inc., Class ’A’ 1,705,395 1,826,616 163,000 Talisman Energy Inc. 4,370,045 7,481,700 Total of Canadian Equities (83.22%) 173,349,573 193,307,130 192,900 Western Oil Sands Inc., Class ’A’ 4,123,660 4,589,091 United States Equities Energy (19.93%) 40,148,996 46,286,612 31,900 eBay Inc. 1,544,696 1,289,738 151,600 Bank of Montreal 7,897,074 8,645,748 21,300 Starwood Hotels & Resorts Worldwide 136,000 Bank of Nova Scotia 3,647,713 5,513,440 Inc. 1,479,034 1,527,988 106,900 Canadian Imperial Bank of Commerce 6,660,463 8,101,950 107,100 GMP Capital Corp. 2,468,655 2,880,990 Consumer Discretionary (1.21%) 3,023,730 2,817,726 88,600 Great-West Lifeco Inc. 1,926,709 2,467,510 33,200 Manulife Financial Corp. 1,819,082 1,942,532 24,200 American Express Co. 1,509,094 1,577,746 165,700 Power Financial Corp. 3,790,287 5,415,076 66,500 Merrill Lynch & Co. Inc. 4,649,905 4,480,520 116,300 Sun Life Financial Inc. 4,454,808 4,799,701 Financials (2.61%) 6,158,999 6,058,266 162,400 Toronto-Dominion Bank (The) 7,549,223 8,873,536 82,400 TSX Group Inc. 2,295,578 3,008,424 27,500 Amgen Inc. 2,153,517 2,036,414 33,500 Genentech Inc. 2,058,761 3,293,953 Financials (22.23%) 42,509,592 51,648,907 47,600 Gilead Sciences Inc. 2,024,838 2,564,638 263,100 Cardiome Pharma Corp. 1,854,880 1,736,460 Health Care (3.40%) 6,237,116 7,895,005 241,609 Merge Cedara ExchangeCo Ltd. 5,315,402 5,559,423 17,700 3M Co. 1,800,006 1,567,389 Health Care (3.14%) 7,170,282 7,295,883 18,400 United Technologies Corp. 954,089 1,157,240 140,900 ACE Aviation Holdings Inc., Class ’B’ 5,338,997 5,621,910 Industrials (1.17%) 2,754,095 2,724,629 61,000 Broadcom Corp., Class ’A’ 2,569,700 2,653,052 20 Canadian Imperial Equity Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 18,900 Electronic Arts Inc. 1,181,576 1,310,449 Total of United States Equities (13.42%) 30,684,336 31,187,611 98,000 Mattson Technology Inc. 1,040,696 859,418 79,100 Qualcomm Inc. 3,842,925 3,198,064 Total of Equities (96.64%) 204,033,909 224,494,741 86,500 Yahoo! Inc. 3,875,499 3,671,002 Total of Investments before Short-Term Information Technology (5.03%) 12,510,396 11,691,985 Investments (96.64%) 204,033,909 224,494,741

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 4,925,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 4,892,692 4,897,637 1,625,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 1,625,000 1,625,114 3,943 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 4,919 4,832 Total of Short-Term Investments (2.81%) 6,522,611 6,527,583 Total of Investments (99.45%) 210,556,520 231,022,324 Other Assets, less Liabilities (0.55%) 1,275,740 Total of Net Assets (100.00%) 232,298,064 The accompanying notes are an integral part of these financial statements.

CIBC Capital Appreciation Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 363,800 Parkbridge Lifestyles Communities Inc. 1,703,137 1,746,240 32,800 Aeroplan Income Fund 328,000 387,040 Health Care (1.89%) 6,739,874 6,183,050 179,900 Astral Media Inc. 2,923,685 5,675,845 223,700 CHUM Ltd., Class ’B’ 5,573,741 6,543,225 124,800 ACE Aviation Holdings Inc., Class ’B’ 4,334,853 4,979,520 121,800 Dorel Industries Inc., Class ’B’ 3,445,027 5,188,680 97,850 Canadian National Railway Co. 4,291,523 6,916,038 315,600 Gildan Activewear Inc. 6,079,582 10,137,072 100,300 Garda World Security Corp. 873,386 987,955 13,600 La Senza Corp. 237,131 246,840 184,300 Mullen Transportation Inc. 6,896,949 11,334,450 150,000 Yellow Pages Income Fund 2,157,675 2,236,500 371,500 Vicwest Corp. 3,721,776 3,993,625 Consumer Discretionary (9.29%) 20,744,841 30,415,202 Industrials (8.61%) 20,118,487 28,211,588 203,300 Cott Corp. 5,475,672 5,426,077 428,400 Aastra Technologies Ltd. 7,811,761 8,246,700 305,800 Jean Coutu Group (PJC) Inc., Class ’A’ 4,141,700 5,697,054 524,700 CGI Group Inc., Class ’A’ 3,979,498 3,861,792 194,100 Saputo Inc. 5,561,785 7,206,933 136,100 Datamirror Corp. 1,135,451 1,495,739 303,100 Vincor International Inc. 7,836,772 9,123,310 215,700 Geac Computer Corp. Ltd. 1,357,403 2,299,362 396,200 Leitch Technology Corp. 3,502,404 4,496,870 Consumer Staples (8.38%) 23,015,929 27,453,374 310,500 Onex Corp. 6,034,090 6,098,220 833,400 Peleton Photonic Systems Inc., 270,900 Bear Ridge Resources Ltd. 988,421 888,552 Preferred, Class ’B’ 3,711,922 1,020,748 1,215,300 Birchcliff Energy Ltd. 4,913,654 4,982,730 28,572 SiberCore Technologies Inc. 500,001 29 225,400 Bonavista Energy Trust 3,598,296 6,996,416 476,453 Zero-Knowledge Systems Inc. 2,126,756 169,232 887,600 Clear Energy Inc. 4,242,948 4,304,860 385,300 Compton Petroleum Corp. 3,113,776 4,296,095 Information Technology (8.45%) 30,159,286 27,688,692 162,500 Crew Energy Inc. 1,429,816 2,266,875 185,314 Cyries Energy Inc. 960,426 2,131,111 11,200 Aber Diamond Corp. 340,483 420,000 418,000 Kereco Energy Ltd. 4,164,574 5,768,400 129,700 Agnico-Eagle Mines Ltd. 2,210,047 1,988,301 1,334,100 Loon Energy Inc. 1,270,736 1,414,146 126,000 Alcan Inc. 6,630,496 4,634,280 83,500 Nuvista Energy Ltd. 526,050 1,136,435 329,100 Canico Resource Corp. 3,975,561 4,485,633 309,000 Penn West Energy Trust 8,961,000 8,954,820 225,200 Crystallex International Corp. 933,604 990,880 648,000 PetroFalcon Corp. 3,068,178 1,360,800 263,700 First Quantum Minerals Ltd. 2,115,760 5,698,557 40,800 Precision Drilling Corp. 1,570,675 1,970,232 297,800 Glamis Gold Ltd. 5,515,277 6,247,844 597,300 Producers Oilfield Services Inc. 4,780,527 4,987,455 325,575 Goldcorp Inc. 5,486,345 6,320,414 182,314 Proex Energy Ltd. 622,666 1,941,644 326,800 Golden Star Resources Ltd. 1,074,767 1,241,840 89,100 Talisman Energy Inc. 1,900,820 4,089,690 1,218,600 Metallica Resources Inc. 2,413,213 1,840,086 156,600 Trican Well Service Ltd. 2,218,369 4,716,792 590,000 Metallica Resources Inc., Warrants, 714,200 UTS Energy Corp. 1,731,483 1,835,494 2008/09/12 265,499 162,250 173,800 Western Oil Sands Inc., Class ’A’ 2,762,069 4,134,702 165,400 Teck Cominco Ltd., Class ’B’ 4,656,909 6,837,636 142,875 White Fire Energy Ltd. 454,343 375,761 156,700 TimberWest Forest Corp. 2,496,141 2,308,191 556,600 Western Canadian Coal Corp. 3,395,260 2,042,722 Energy (20.93%) 53,278,827 68,553,010 278,300 Western Canadian Coal Corp., Warrants, 2006/02/09 — 66,792 50,300 Home Capital Group Inc. 1,131,418 1,836,453 298,300 Uranium Participation Corp. 1,423,796 1,670,480 1,259,600 Huntingdon REIT 3,463,900 3,992,932 92,500 Uranium Participation Corp., Warrants, 217,100 IGM Financial Inc. 5,126,992 8,173,815 2007/05/10 83,978 120,250 310,600 Industrial Alliance Insurance and Financial Services Inc. 6,260,227 8,780,662 Materials (14.37%) 43,017,136 47,076,156 2,296,000 Killam Properties Inc. 4,496,597 6,245,120 97,600 Manulife Financial Corp. 5,690,107 5,710,576 149,600 Manitoba Telecom Services Inc. 7,021,434 6,986,320 129,400 National Bank of Canada 3,773,221 7,040,654 728,400 Stratos Global Corp. 8,234,293 6,992,640 160,300 Toronto-Dominion Bank (The) 7,717,995 8,758,792 138,200 Telus Corp. 5,574,639 5,950,892 Financials (15.43%) 37,660,457 50,539,004 Telecommunication Services (6.09%) 20,830,366 19,929,852 241,000 MDS Inc. 5,036,737 4,436,810 Total of Canadian Equities (93.44%) 255,565,203 306,049,928

21 CIBC Capital Appreciation Fund (Cont’d***)

Average Cost Current Value Shares Holdings ($) ($) United States Equity 21,245 Lucent Technologies Inc., Warrants, 2007/12/10 — 20,036 Total of United States Equity (0.01%) — 20,036 Total of Investments before Short-Term Investments (93.45%) 255,565,203 306,069,964

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 5,375,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 5,339,955 5,364,722 3,500,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 3,477,040 3,487,115 4,600,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 4,570,054 4,578,916 6,750,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 6,750,000 6,750,471 Total of Short-Term Investments (6.16%) 20,137,049 20,181,224 Total of Investments (99.61%) 275,702,252 326,251,188 Other Assets, less Liabilities (0.39%) 1,269,993 Total of Net Assets (100.00%) 327,521,181 The accompanying notes are an integral part of these financial statements.

CIBC Canadian Small Companies Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 1,110,000 Killam Properties Inc. 1,165,500 3,019,200 58,500 Astral Media Inc. 1,067,981 1,845,675 Financials (9.72%) 5,479,100 10,149,093 70,900 CHUM Ltd., Class ’B’ 1,754,634 2,073,825 39,300 Dorel Industries Inc., Class ’B’ 1,029,132 1,674,180 108,100 Cardiome Pharma Corp. 663,166 713,460 106,700 Gildan Activewear Inc. 2,077,624 3,427,204 69,300 MDS Inc. 1,415,164 1,275,813 54,100 Glentel Inc. 299,173 292,140 370,300 MediSystem Technologies Inc. 1,163,276 1,173,851 53,600 La Senza Corp. 869,580 972,840 357,000 Parkbridge Lifestyles Communities Inc. 1,220,700 1,713,600 116,000 Reitmans (Canada) Ltd., Class ’A’ 1,636,760 2,014,920 Health Care (4.67%) 4,462,306 4,876,724 Consumer Discretionary (11.78%) 8,734,884 12,300,784 43,200 ACE Aviation Holdings Inc., Class ’B’ 1,517,476 1,723,680 64,200 Cott Corp. 1,378,774 1,713,498 583,300 CompanyDNA Inc., Class ’C’ 532,552 107,164 103,300 Jean Coutu Group (PJC) Inc., Class ’A’ 1,344,868 1,924,479 291,650 CompanyDNA Inc., Series ’A’ 9,147 7,144 67,300 Saputo Inc. 2,027,107 2,498,849 2,734,900 Environmental Management 95,300 Vincor International Inc. 2,134,140 2,868,530 Solutions Inc. 3,727,203 1,230,705 327,300 Garda World Security Corp. 1,378,213 3,223,905 Consumer Staples (8.63%) 6,884,889 9,005,356 577,300 Global Railway Industries Ltd. 2,172,066 2,222,605 61,000 Mullen Transportation Inc. 2,400,639 3,751,500 91,520 Bear Ridge Resources Ltd. 329,093 300,186 136,500 Vicwest Corp. 1,129,170 1,467,375 406,300 Birchcliff Energy Ltd. 1,599,059 1,665,830 52,800 Bonavista Energy Trust 823,789 1,638,912 Industrials (13.16%) 12,866,466 13,734,078 17,600 Calfrac Well Services Ltd. 493,680 545,600 100,000 Canex Energy Inc. 270,000 315,000 122,100 Aastra Technologies Ltd. 2,222,527 2,350,425 157,120 Capitol Energy Resources Ltd. 432,080 620,624 97,400 CGI Group Inc., Class ’A’ 750,071 716,864 66,580 Chamaelo Exploration Ltd. 545,688 506,008 43,000 Datamirror Corp. 451,488 472,570 279,100 Clear Energy Inc. 1,351,750 1,353,635 65,600 Geac Computer Corp. Ltd. 418,569 699,296 96,800 Compton Petroleum Corp. 765,546 1,079,320 132,700 Leitch Technology Corp. 1,162,777 1,506,145 49,800 Crew Energy Inc. 318,596 694,710 31,800 March Networks Corporation 381,600 416,580 53,203 Cyries Energy Inc. 229,237 611,835 233,300 Peleton Photonic Systems Inc., 65,170 Fairborne Energy Trust 723,387 703,836 Preferred, Class ’B’ 1,039,107 285,746 21,702 Fairquest Energy Ltd. 100,171 149,744 28,572 SiberCore Technologies Inc. 500,001 29 128,620 Kereco Energy Ltd. 1,255,176 1,774,956 174,116 Zero-Knowledge Systems Inc. 921,197 61,845 891,900 Loon Energy Inc. 848,390 945,414 Information Technology (6.24%) 7,847,337 6,509,500 28,700 Nuvista Energy Ltd. 180,810 390,607 96,300 Penn West Energy Trust 2,792,700 2,790,774 53,800 Agnico-Eagle Mines Ltd. 868,219 824,754 403,900 Peregrine Energy Ltd. 1,090,530 949,165 570,300 Bolivar Gold Corp. 1,188,940 1,539,810 285,700 PetroFalcon Corp. 1,380,502 599,970 96,400 Canico Resource Corp. 1,197,704 1,313,932 159,800 Producers Oilfield Services Inc. 1,027,282 1,334,330 236,600 Crystallex International Corp. 899,593 1,041,040 61,603 Proex Energy Ltd. 274,751 656,072 88,300 First Quantum Minerals Ltd. 742,591 1,908,163 323,600 Tempest Energy Corp., Class ’A’ 1,961,178 1,213,500 96,200 Glamis Gold Ltd. 1,768,906 2,018,276 50,700 Trican Well Service Ltd. 718,201 1,527,084 344,800 Golden Star Resources Ltd. 1,200,985 1,310,240 243,500 UTS Energy Corp. 590,334 625,795 240,100 Hudbay Minerals Inc. 540,225 617,057 49,950 Vault Energy Trust 617,382 521,978 12,428,500 Hudbay Minerals Inc., Warrants, 58,500 Western Oil Sands Inc., Class ’A’ 1,169,095 1,391,715 2009/12/21 276,750 403,926 624,700 Ivernia Inc. 799,370 987,026 Energy (23.86%) 21,888,407 24,906,600 2,500,000 Ivernia Inc., Warrants, 2006/03/25 — 825,000 87,300 Dundee Wealth Management Inc. 893,199 811,890 436,300 Metallica Resources Inc. 871,401 658,813 69,000 Home Capital Group Inc. 699,556 994,429 160,000 Metallica Resources Inc., Warrants, 313,700 Huntingdon REIT 862,675 2,519,190 2008/09/12 72,000 44,000 99,200 Industrial Alliance Insurance and 53,100 TimberWest Forest Corp. 845,250 782,163 Financial Services Inc. 1,858,170 2,804,384 199,600 Western Canadian Coal Corp. 1,217,560 732,532

22 CIBC Canadian Small Companies Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 99,800 Western Canadian Coal Corp., Total of Canadian Equities (97.52%) 87,161,048 101,808,028 Warrants, 2006/02/09 — 23,952 95,000 Uranium Participation Corp. 453,438 532,000 United States Equity 30,000 Uranium Participation Corp., Warrants, 4,683 Lucent Technologies Inc., Warrants, 2007/05/10 27,236 39,000 2007/12/10 — 4,417 Materials (14.94%) 12,970,168 15,601,684 Total of United States Equity (0.00%) — 4,417 48,600 Manitoba Telecom Services Inc. 2,278,005 2,269,620 Total of Equities (97.52%) 87,161,048 101,812,445 33,900 Oz Optics Ltd., Preferred, Series ’A’ 744,141 8,304 16,950 Oz Optics Ltd., Warrants, 2005/08/18 — 208 Total of Investments before Short-Term 254,800 Stratos Global Corp. 3,005,345 2,446,077 Investments (97.52%) 87,161,048 101,812,445 Telecommunication Services (4.52%) 6,027,491 4,724,209

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 975,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 968,604 971,409 900,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 894,096 895,000 950,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 950,000 950,066 Total of Short-Term Investments (2.70%) 2,812,700 2,816,475 Total of Investments (100.22%) 89,973,748 104,628,920 Other Assets, less Liabilities (–0.22%) (227,598) Total of Net Assets (100.00%) 104,401,322 The accompanying notes are an integral part of these financial statements.

CIBC Canadian Emerging Companies Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 152,700 Vector Aerospace Corp. 639,872 419,925 24,200 Vector Aerospace Corp., Warrants, 45,500 Cogeco Inc. 728,582 1,222,130 2006/03/25 — 6,050 66,949 Danier Leather Inc. 613,833 682,880 39,000 Velan Inc. 470,340 487,500 91,631 Forzani Group Ltd., Class ’A’ 1,117,240 975,870 22,800 Vitran Corp. Inc., Class ’A’ 198,206 440,496 40,100 Liquidation World Inc. 263,845 180,450 Industrials (18.34%) 8,190,306 8,407,197 Consumer Discretionary (6.68%) 2,723,500 3,061,330 810,283 AXIA NetMedia Corp. 620,066 1,442,304 53,823 Premium Brand Inc. 497,918 565,142 54,632 Aastra Technologies Ltd. 1,046,256 1,051,666 Consumer Staples (1.23%) 497,918 565,142 250,000 Cygnal Technologies Corp. 397,670 360,000 301,300 International Road Dynamics Inc. 303,524 329,924 33,243 Enerflex Systems Ltd. 507,981 837,724 75,795 Minacs Worldwide Inc. 271,531 337,288 349,588 Great Plains Exploration Inc. 404,409 405,522 578,997 Mitec Telecom Inc. 261,155 376,348 12,000 Hartland Pipeline Services Ltd. 63,378 — 524,000 Nurun Inc. 925,493 1,048,000 190,000 Kelman Technologies Inc. 92,019 62,700 224,000 Q/Media Services Corp. 495,373 — 200,003 NQL Drilling Tools Inc., Class ’A’ 856,661 662,010 79,445 Sierra Systems Group Inc. 408,712 826,228 219,988 Purcell Energy Ltd. 555,326 692,962 280,300 TECSYS Inc. 281,702 486,321 135,873 Thunder Energy Inc. 953,815 1,148,127 240,000 Virtek Vision International Inc. 188,136 170,400 Energy (8.31%) 3,433,589 3,809,045 Information Technology (14.02%) 5,199,618 6,428,479 19,400 Canadian Western Bank 221,576 559,302 167,000 Aur Resources Inc. 402,825 1,127,250 42,600 Guardian Capital Group Ltd., Class ’A’ 480,780 830,700 1,327,400 Breakwater Resources Ltd. 975,403 504,412 25,196 Kingsway Financial Services Inc. 313,423 524,077 119,917 Canam Group Inc., Class ’A’ 611,201 868,199 115,400 Legacy Hotels REIT 712,303 843,574 28,279 Canfor Corp. 367,085 415,701 36,000 Lindsey Morden Group Inc. 405,582 171,000 78,879 Cascades Inc. 1,023,907 906,320 26,600 Oppenheimer Holdings Inc., Class ’A’ 761,179 704,900 55,511 CCL Industries Inc., Class ’B’ 1,068,884 1,510,454 471,107 Dynatec Corp. 235,297 612,439 Financials (7.93%) 2,894,843 3,633,553 26,788 Fraser Papers Inc. 311,087 312,348 145,300 International Forest Products Ltd., 76,028 AnorMED Inc. 291,413 277,502 Class ’A’ 810,349 963,339 68,100 Draxis Health Inc. 187,645 414,729 98,700 Intertape Polymer Group Inc. 865,008 1,233,750 509,065 MediSolution Ltd. 404,941 213,807 48,700 IPL Inc., Class ’A’ 426,554 321,420 Health Care (1.98%) 883,999 906,038 187,603 Norske Skog Canada Ltd. 733,946 611,586 47,600 Sherritt International Corp. 196,617 443,156 146,375 Aecon Group Inc. 825,889 878,250 140,400 Timminco Ltd. 140,410 94,770 130,270 Churchill Corp. (The), Class ’A’ 366,513 332,189 395,164 Circa Enterprises Inc. 416,822 434,680 Materials (21.65%) 8,168,573 9,925,144 102,617 Exco Technologies Ltd. 617,628 487,431 283,000 CSI Wireless Inc. 606,055 982,010 82,110 Firan Technology Group Corp. 128,577 100,174 78,344 GSI Group Inc. 823,263 898,606 Telecommunication Services (2.14%) 606,055 982,010 140,100 Heroux-Devtek Inc. 657,819 581,415 252,685 Magellan Aerospace Corp. 988,352 790,904 164,200 Canadian Hydro Developers Inc. 353,334 655,158 69,200 Marsulex Inc. 299,086 505,160 200,423 Martinrea International Inc. 1,242,221 1,152,432 Utilities (1.43%) 353,334 655,158 230,700 Offshore Systems International Ltd. 115,781 196,095 Total of Canadian Equities (83.71%) 32,951,735 38,373,096 86,200 Reko International Group Inc. 279,810 254,290 18,400 Transat A.T. Inc., Class ’B’ 120,127 441,600 23 CIBC Canadian Emerging Companies Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) United States Equities 180,149 Xanser Corp. 571,060 511,900 41,484 Ampco-Pittsburgh Corp. 711,935 609,715 Total of United States Equities (8.69%) 3,889,844 3,985,171 10,302 Blair Corp. 334,921 498,407 128,400 Charming Shoppes Inc. 894,346 1,467,274 Total of Equities (92.40%) 36,841,579 42,358,267 113,600 Paradyne Networks Inc. 643,059 251,838 Total of Investments before Short-Term 170,700 Terayon Communications Systems Inc. 734,523 646,037 Investments (92.40%) 36,841,579 42,358,267

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 1,000,000 Government of Canada Treasury Bill, 2.307%, 2005/07/14 997,730 999,181 800,000 Government of Canada Treasury Bill, 2.381%, 2005/08/11 797,088 797,868 1,000,000 HSBC Bankers Acceptance, 2.536%, 2005/07/20 997,920 998,683 350,378 CIBC Mellon Trust Demand Deposit, Variable Rate 350,378 350,436 2,446 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 3,029 3,002 Total of Short-Term Investments (6.87%) 3,146,145 3,149,170 Total of Investments (99.27%) 39,987,724 45,507,437 Other Assets, less Liabilities (0.73%) 335,796 Total of Net Assets (100.00%) 45,843,233 The accompanying notes are an integral part of these financial statements.

CIBC U.S. Small Companies Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) United States Equities 2,500 Enterprise Financial Services Corp. 57,928 72,416 11,200 First Citizens Bancshares Inc. 1,600,604 1,982,902 66,920 A.C. Moore Arts & Crafts Inc. 1,879,704 2,590,870 12,000 First Community Bancorp 524,881 698,136 32,925 Advo Inc. 1,237,266 1,284,400 45 First National of Nebraska Inc. 253,249 265,246 9,600 Building Materials Holding Corp. 443,357 814,717 63,500 Gold Banc Corp. Inc. 1,118,573 1,131,623 47,500 Christopher & Banks Corp. 1,086,497 1,062,330 43,800 Hancock Holding Co. 1,446,521 1,845,431 97,200 Fleetwood Enterprises Inc. 1,635,172 1,208,363 9,000 Independent Bank Corp. 49,200 Guitar Center Inc. 1,924,466 3,517,386 (Massachusetts) 277,668 310,964 65,200 Journal Register Co. 1,589,994 1,398,295 44,500 IndyMac Bancorp Inc. 1,684,699 2,219,932 23,800 Kenneth Cole Productions Inc., 11,600 iShares Russell 2000 Index Fund 890,826 901,619 Class ’A’ 935,807 907,155 41,200 LaSalle Hotel Properties, REIT 1,008,123 1,655,650 79,600 La Quinta Corp. 800,369 909,620 32,213 MainSource Financial Group Inc. 707,669 713,732 17,300 Landry’s Restaurants Inc. 664,441 637,578 43,800 Nasdaq Stock Market Inc. 898,184 1,011,768 65,500 Lin TV Corp., Class ’A’ 1,547,703 1,114,317 11,300 NorthWestern Corp. 345,944 436,244 15,700 Lincoln Educational Services 381,571 389,395 18,600 Old Second Bancorp Inc. 564,026 662,707 8,200 MarineMax Inc. 310,910 313,855 30,700 PS Business Parks Inc., REIT 1,525,099 1,671,380 32,651 New York & Co. Inc. 807,400 842,209 11,022 Reinsurance Group America Inc. 524,352 627,873 15,100 Panera Bread Co., Class ’A’ 792,364 1,148,230 17,200 Riverview Bancorp Inc. 461,988 449,771 25,650 RARE Hospitality International Inc. 831,196 957,249 21,000 Saul Centers Inc., REIT 749,566 934,951 78,200 Regent Communications Inc. 690,458 562,225 15,285 SCBT Financial Corp. 575,318 592,522 81,200 Skechers U.S.A. Inc., Class ’A’ 1,434,580 1,418,211 15,000 SCP Pool Corp. 620,991 644,673 14,400 Standard Pacific Corp. 832,642 1,551,185 43,700 Scottish Annuity & Life Holdings Ltd. 1,257,280 1,297,416 76,600 Stride Rite Corp. 1,090,611 1,293,773 16,380 Seacoast Banking Corp. of Florida 318,507 395,025 34,500 TRW Automotive Holdings Corp. 851,233 1,035,685 21,700 Signature Bank 696,227 648,507 22,400 WCI Communities Inc. 789,947 878,760 6,300 Taylor Capital Group Inc. 186,376 302,862 14,900 WMS Industries Inc. 619,383 615,921 33,600 Thomas Properties Group Inc. 506,257 514,828 Consumer Discretionary (14.67%) 23,177,071 26,451,729 11,100 Trico Banchares 212,267 303,719 27,000 UMB Financial Corp. 1,750,009 1,885,959 53,400 Nu Skin Enterprises Inc., Class ’A’ 976,228 1,523,921 19,500 United America Indemnity Ltd., 97,150 Wild Oats Markets Inc. 1,632,025 1,362,428 Class ’A’ 495,145 410,559 35,900 U-Store-It Trust 740,571 837,635 Consumer Staples (1.60%) 2,608,253 2,886,349 42,800 Ventas Inc. 1,095,723 1,583,127 45,200 Atmos Energy Corp. 1,486,455 1,594,396 Financials (20.49%) 30,553,690 36,933,436 49,400 Cabot Oil & Gas Corp. 1,334,027 2,099,528 14,900 Cheniere Energy Inc. 539,194 567,560 25,800 Advisory Board Co. (The) 1,242,090 1,540,176 21,100 Penn Virginia Corp. 1,240,287 1,154,419 22,700 Alkermes Inc. 447,435 367,555 27,100 Range Resources Corp. 512,619 892,867 51,500 Allscripts Healthcare Solutions Inc. 526,760 1,047,712 26,000 Vintage Petroleum Inc. 897,189 970,311 46,200 Applera Corp. – Celera Genomics 76,600 Whiting Petroleum Corp. 2,729,434 3,406,593 Group 711,051 620,746 54,000 Arena Pharmaceuticals Inc. 345,150 451,069 Energy (5.93%) 8,739,205 10,685,674 14,800 Arrow International Inc. 446,104 578,253 36,000 AtheroGenics Inc. 527,881 704,603 3,800 1st Source Corp. 117,170 106,768 21,100 CONMED Corp. 635,960 795,198 46,400 21st Century Insurance Group 873,805 843,368 18,700 CV Therapeutics Inc. 629,619 513,502 45,900 Acadia Realty Trust, REIT 688,696 1,048,472 50,600 Cytokinetics Inc. 574,974 430,725 32,100 Advanta Corp., Class ’B’ 929,334 1,107,141 25,100 Diagnostic Products Corp. 1,371,684 1,455,042 7,800 Affiliated Managers Group Inc. 491,911 652,787 25,100 Eclipsys Corp. 367,557 432,547 49,000 Amcore Financial Inc. 1,764,954 1,793,254 11,300 Emageon Inc. 213,942 193,902 7,200 Amegy Bancorporation Inc. 160,422 197,359 43,539 Exelixis Inc. 439,221 396,216 25,220 BancFirst Corp. 1,729,977 2,687,074 19,800 Haemonetics Corp. 759,051 985,562 27,700 CB Richard Ellis Group Inc., Class ’A’ 702,850 1,488,036 155,700 Incyte Corp. 1,568,189 1,363,515 24 CIBC U.S. Small Companies Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 8,800 Invacare Corp. 446,514 478,123 111,100 Fairchild Semiconductor International 46,400 Kosan Biosciences Inc. 533,095 300,066 Inc., Class ’A’ 2,121,275 2,007,110 14,700 KV Pharmaceutical Co. 376,050 302,297 12,300 Hutchinson Technology Inc. 427,672 580,155 23,900 LifePoint Hospitals Inc. 1,019,638 1,478,858 14,700 Hyperion Solutions Corp. 507,184 724,503 12,900 Medicines Co. (The) 233,768 369,560 8,400 IDX Systems Corp. 228,127 310,090 49,700 NDCHealth Corp. 1,125,029 1,093,880 19,800 Jack Henry & Associates Inc. 463,694 444,037 15,500 Neurogen Corp. 310,200 129,474 15,700 Macromedia Inc. 388,502 734,946 11,600 Onyx Pharmaceuticals Inc. 550,153 339,279 30,500 Maximus Inc. 1,366,452 1,318,307 7,200 Perrigo Co. 113,047 122,931 42,200 Micrel Inc. 648,787 595,429 54,400 Per-Se Technologies Inc. 949,324 1,400,544 13,800 MTS Systems Corp. 491,430 567,577 20,650 Pharmacopeia Drug Discovery Inc. 189,513 101,927 193,200 ON Semiconductor Corp. 1,114,091 1,088,504 44,000 PSS World Medical 641,605 670,945 29,600 Perot Systems Corp., Class ’A’ 506,495 515,533 23,600 Regeneron Pharmaceuticals Inc. 193,980 242,515 69,800 Powerwave Technologies Inc. 656,975 873,718 16,600 Respironics Inc. 423,459 734,177 73,900 Quest Software Inc. 1,218,364 1,233,688 8,300 Rigel Pharmaceuticals Inc. 194,825 202,504 80,700 Red Hat Inc. 967,185 1,294,822 24,700 Symbion Inc. 590,305 721,524 12,700 Rofin-Sinar Technologies Inc. 495,047 510,203 26,600 Vertex Pharmaceuticals Inc. 459,539 548,642 15,700 Rogers Corp. 848,329 779,751 25,800 Zoll Medical Corp. 1,108,893 804,216 57,800 Salesforce.com Inc. 1,036,332 1,449,850 46,700 Zymogenetic Inc. 1,160,415 1,006,688 82,600 Sapient Corp. 805,517 802,266 85,900 Semtech Corp. 1,937,764 1,751,752 Health Care (12.72%) 21,426,020 22,924,473 38,800 SERENA Software Inc. 1,068,332 917,179 24,100 Acuity Brands Inc. 761,261 758,309 1,900 Sirf Technology Holdings Inc. 38,834 41,143 15,800 AGCO Corp. 364,417 370,007 29,700 Take-Two Interactive Software Inc. 849,045 925,783 73,300 AirTran Holdings Inc. 939,824 828,649 25,200 THQ Inc. 733,305 903,417 51,000 American Axle & Manufacturing 25,800 Trident Microsystems Inc. 506,150 717,000 Holdings Inc. 1,559,533 1,578,486 39,100 Varian Semiconductor Equipment 114,600 Arris Group Inc. 978,448 1,222,554 Associates Inc. 1,744,961 1,771,918 11,000 Astec Industries Inc. 296,848 312,434 53,100 Wright Express Corp. 1,116,813 1,201,231 48,400 Benchmark Electronics Inc. 1,831,048 1,803,307 Information Technology (16.44%) 27,842,134 29,644,744 56,300 Central Freight Lines Inc. 353,398 179,286 114,500 Delta Air Lines Inc. 547,192 527,301 24,600 Bowater Inc. 1,071,751 975,311 13,800 ESCO Technologies Inc. 894,396 1,703,746 58,900 Caraustar Industries Inc. 1,069,252 757,478 5,500 Esterline Technologies Corp. 265,108 269,995 14,900 Carpenter Technology Corp. 842,485 945,325 33,900 FuelCell Energy Inc. 601,886 423,927 29,200 Cleveland-Cliffs Inc. 774,274 2,065,738 14,500 Gardner Denver Inc. 682,895 623,007 27,000 Cytec Industries Inc. 1,538,533 1,316,170 21,800 Genesee & Wyoming Inc., Class ’A’ 741,728 726,524 6,600 Eagle Materials Inc. 517,405 748,468 21,400 Graco Inc. 656,686 892,999 11,300 Ferro Corp. 386,402 274,867 89,900 GrafTech International Ltd. 1,200,604 473,471 54,700 Hercules Inc. 874,196 948,001 19,000 Hughes Supply Inc. 614,781 653,921 29,300 Massey Energy Co. 551,375 1,353,644 56,300 Knight Transportation Inc. 1,770,318 1,677,705 9,200 Minerals Technologies Inc. 646,561 694,119 9,400 Manitowoc Co. Inc. (The) 487,336 472,268 17,500 OM Group Inc. 542,360 529,205 15,475 Moog Inc., Class ’A’ 388,407 596,855 31,000 Schweitzer Mauduit International Inc. 1,040,227 1,181,969 39,600 Open Solutions Inc. 1,079,478 985,077 9,800 Texas Industries Inc. 766,952 674,931 3,700 Pacific Continental Corp. 58,813 68,928 17,800 Regal-Beloit Corp. 676,643 635,730 Materials (6.91%) 10,621,773 12,465,226 72,000 Resources Connection Inc. 1,395,562 2,048,555 268,200 Dobson Communications Corp., 20,400 Simpson Manufacturing Co. Inc. 592,051 763,320 Class ’A’ 852,168 1,399,373 18,200 Stewart & Stevenson Services Inc. 453,660 505,122 111,400 General Communication Inc., Class ’A’ 1,352,560 1,346,690 1,600 Teledyne Technologies Inc. 59,930 63,846 17,400 Premiere Global Services Inc. 211,253 240,607 13,200 Toro Co. 584,575 624,222 69,900 Ubiquitel Inc. 608,116 698,606 6,800 USG Corp. 331,339 353,967 16,300 Walter Industries Inc. 692,212 802,562 Telecommunication Services (2.04%) 3,024,097 3,685,276 12,000 Watsco Inc., Class ’A’ 518,056 626,118 33,900 Watson Wyatt & Co. Holdings 1,048,391 1,064,176 22,600 Energen Corp. 720,022 970,201 19,100 WESCO International Inc. 791,294 734,094 34,500 PNM Resources Inc. 1,142,573 1,217,384 125,600 Sierra Pacific Resources 1,650,863 1,915,244 Industrials (14.07%) 24,218,118 25,370,468 11,200 UGI Corp. 234,392 382,726 26,800 Altiris Inc. 620,648 481,866 Utilities (2.49%) 3,747,850 4,485,555 113,100 BearingPoint Inc. 770,955 1,015,387 68,100 BISYS Group Inc. 1,231,862 1,246,129 Total of United States Equities (97.36%) 155,958,211 175,532,930 6,300 Black Box Corp. 398,473 273,155 68,400 Credence Systems Corp. 765,899 758,176 Total of Investments before Short-Term 28,400 Electronics for Imaging Inc. 767,808 731,862 Investments (97.36%) 155,958,211 175,532,930 38,400 Emulex Corp. 684,818 858,810 43,700 Extreme Networks Inc. 315,009 219,447

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 541,297 CIBC Mellon Trust Demand Deposit, Variable Rate 541,297 541,429 3,198,128 Mellon Bank NA Deposit Trust Reserve, Variable Rate, (USD) 3,957,873 3,919,440 Total of Short-Term Investments (2.47%) 4,499,170 4,460,869 Total of Investments (99.83%) 160,457,381 179,993,799 Other Assets, less Liabilities (0.17%) 303,566 Total of Net Assets (100.00%) 180,297,365 The accompanying notes are an integral part of these financial statements.

25 CIBC Global Equity Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) Canadian Equity 5,500 SECOM Co. Ltd. 342,582 289,283 3,800 Sega Sammy Holdings Inc. 295,627 284,492 3,439 Manulife Financial Corp. 144,307 201,380 36,000 Shimadzu Corp. 294,577 276,814 Total of Canadian Equity (0.14%) 144,307 201,380 11,100 Shuei Yobiko Co. Ltd. 426,480 397,554 7,500 Square Enix Co. Ltd. 275,229 279,012 International Equities 28,000 Sumitomo Corp. 273,714 273,693 3,200 TDK Corp. 236,858 266,641 25,096 Australia and New Zealand 12,100 Terumo Corp. 296,476 426,784 Banking Group Ltd. 519,208 508,268 23,900 Toho Co. 473,718 421,285 35,221 BHP Billiton Ltd. 599,723 589,905 48,000 Tokuyama Corp. 394,263 416,960 10,300 Commonwealth Bank of 60,000 Tokyo Gas Co. Ltd. 263,193 274,681 Australia 367,720 364,188 29,000 Toto Ltd. 346,944 280,227 134,486 Macquarie Infrastructure 20,000 Tsumura & Co. 270,928 432,089 Group NPV 530,141 519,660 10,100 World Co. Ltd. 417,382 432,196 128,933 Oil Search Ltd. 367,941 368,130 33,958 QBE Insurance Group Ltd. 518,962 506,489 Japan (9.52%) (note 10) 5 13,930,316 13,804,069 38,425 SFE Corp. Ltd. 371,002 380,899 7,860 Wesfarmers Ltd. 297,247 292,006 34,300 Oriflame Cosmetics SA 920,346 956,407 28,079 Westpac Banking Corp. Ltd. 522,808 521,426 Luxembourg (0.66%) (note 10) 4 920,346 956,407 21,020 Woodside Petroleum Ltd. 578,358 572,633 23,751 Woolworths Ltd. 369,387 365,065 38,788 Heineken NV 1,720,820 1,466,235 31,354 ING Groep NV 885,251 1,079,830 Australia (3.44%) (note 10) 1 5,042,497 4,988,669 116,233 Koninklijke Ahold NV 1,508,659 1,166,746 48,105 Dexia 801,598 1,295,591 51,023 Wolters Kluwer CVA 1,185,493 1,193,313 Belgium (0.89%) (note 10) 4 801,598 1,295,591 Netherlands (3.38%) (note 10) 4 5,300,223 4,906,124 2,639 ACE Ltd. 136,344 144,966 327,000 Capitaland Ltd. 488,127 563,493 2,168 Ingersoll-Rand Co. Ltd., 269,000 Citiraya Industries Ltd. 167,267 19,527 Class ’A’ 149,987 189,460 79,000 City Developments Ltd. 441,410 428,936 1,070 XL Capital Ltd., Class ’A’ 128,575 97,530 55,000 DBS Group Holdings Ltd. 660,226 569,452 53,000 Overseas Chinese Banking Bermuda (0.30%) 414,906 431,956 Corp. Ltd. 443,691 445,415 392,000 SembCorp Industries Ltd. 740,221 757,778 18,416 Novo Nordisk AS, Series ’B’ 849,811 1,146,779 53,000 Singapore Airlines Ltd. 439,501 430,209 52,941 Vestas Wind Systems AS 951,865 1,073,202 97,000 Singapore Press Holdings Ltd. 330,738 302,239 297,000 Singapore Telecommunications Denmark (1.53%) (note 10) 3 1,801,676 2,219,981 Ltd. 590,814 595,853 19,300 Carrefour SA 1,214,360 1,143,692 61,000 United Overseas Bank Ltd. 624,582 627,790 11,929 Dassault Systems SA 435,305 706,527 3,300 United Overseas Land Ltd. 5,438 5,453 14,518 Essilor International SA 828,718 1,213,255 Singapore (3.27%) (note 10) 6 4,932,015 4,746,145 6,152 L’Air Liquide SA 1,138,132 1,281,924 5,417 L’Oreal ´ SA 593,685 475,255 53,523 Banco Bilbao Vizcaya 11,446 LVMH Moet ¨ Hennessy Louis Argentaria SA 794,375 1,007,654 Vuitton SA 765,061 1,079,718 68,000 Banco Popular Espanol SA 932,967 1,005,439 23,291 Publicis Groupe 788,535 839,521 13,910 Sanofi-Aventis SA 1,095,785 1,395,866 Spain (1.39%) (note 10) 4 1,727,342 2,013,093 3,905 Total SA 815,161 1,119,628 4986 Nestle ´ SA, Registered, Series France (6.39%) (note 10) 4 7,674,742 9,255,386 ’B’ 1,627,324 1,560,561 9642 Roche Holding AG 8,273 Allianz AG, Registered 1,166,699 1,159,060 Genusscheine 1,075,458 1,490,556 13,515 Celesio AG 796,856 1,295,450 5880 Synthes Inc. 573,209 789,494 60,300 Qiagen AG 904,772 854,376 3,784 SAP AG 597,512 803,742 Switzerland (2.65%) (note 10) 2 3,275,991 3,840,611 Germany (2.84%) (note 10) 4 3,465,839 4,112,628 85,011 BP PLC 1,027,532 1,083,286 73,775 Diageo PLC 1,321,552 1,329,837 46,000 Moulin Global Eyecare 46,102 GlaxoSmithKline PLC 1,607,349 1,364,983 Holdings Ltd. 39,752 15,221 36,163 HSBC Holdings PLC 638,089 704,659 143,400 Kingfisher PLC 890,892 770,869 Hong Kong (0.01%) 39,752 15,221 104,714 Lloyds TSB Group PLC 1,372,512 1,083,559 46,752 Luxottica Group SPA, ADR 1,006,706 1,179,021 107,000 Prudential PLC 1,254,331 1,161,790 122,573 Reed Elsevier PLC 1,532,804 1,434,493 Italy (0.81%) (note 10) 4 1,006,706 1,179,021 41,585 Royal Bank of Scotland PLC 1,496,679 1,534,188 449,515 Vodafone Group PLC 1,578,413 1,339,130 30,000 Ajinomoto Co. Inc. 458,239 408,172 71,770 WPP Group PLC 806,785 900,766 19,200 Asahi Breweries Ltd. 268,684 280,291 39,000 Bank of Fukuoka Ltd. (The) 283,469 282,000 United Kingdom (8.77%) 13,526,938 12,707,560 40,000 Bank of Kyoto Ltd. (The) 395,723 415,412 10,700 Benesse Corp. 431,922 419,222 Total of International Equities (45.85%) 63,860,887 66,472,462 25,000 Brother Industries Ltd. 248,798 280,107 United States Equities 7,140 Fuji Seal Inc. 363,652 277,622 12,100 Hitachi Chemical Co. Ltd. 274,299 270,484 1,715 Apollo Group Inc., Class ’A’ 125,851 164,304 4,700 Honda Motor Co. Ltd. 278,869 282,986 3,647 Avon Products Inc. 137,927 169,070 13,600 Ibiden Co. Ltd. 307,992 435,088 2,548 Bed Bath & Beyond Inc. 113,089 130,387 89,000 ITOCHU Corp. 450,041 548,347 2,526 Best Buy Co. Inc. 148,945 212,083 47,000 Kitz Corp. 343,939 274,032 4,514 Carnival Corp. 213,628 301,593 15,000 Komori Corp. 314,011 277,162 4,397 Clear Channel 9,745 KOSE Corp. 369,495 411,667 Communications Inc. 315,727 166,572 14,500 Kuroda Electric Co. Ltd. 435,496 416,506 2,238 Dow Jones & Co. Inc. 139,027 97,172 8,700 Mandom Corp. 255,742 276,274 3,433 Eastman Kodak Co. 179,736 112,897 33,300 Mitsubishi Corp. 460,847 552,084 7,635 eBay Inc. 202,755 308,688 64,000 Mitsubishi Electric Corp. 425,466 414,018 2,686 Federated Department Stores 40 Mitsubishi Tokyo Financial Inc. 149,179 241,077 Group Inc. 445,693 413,356 14,525 Ford Motor Co. 493,701 182,172 3,100 Nidec Corp. 280,261 400,598 1,750 Gannett Co. Inc. 185,737 152,460 5,900 Nitto Denko Corp. 306,981 412,117 6,927 Gap Inc. (The) 251,286 167,562 308 NTT DoCoMo Inc. 989,992 556,306 2,969 Genuine Parts Co. 132,785 149,421 7,300 ONO Pharmaceutical Co. Ltd. 381,795 423,374 2,811 Harley-Davidson Inc. 166,494 170,768 104,000 SANYO Electric Co. Ltd. 550,939 325,133 13,997 Home Depot Inc. 826,333 666,883

26 CIBC Global Equity Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 4,254 International Game Technology 4,083 Freddie Mac 345,955 326,206 Inc. 128,839 146,670 2,951 Goldman Sachs Group Inc. 346,935 368,740 2,240 Johnson Controls Inc. 128,409 154,544 2,416 Hartford Financial Services 2,603 Kohl’s Corp. 202,861 178,250 Group Inc. (The) 186,858 221,283 4,651 Leggett & Platt Inc. 136,192 151,414 4,737 Huntington Bancshares Inc. 135,217 140,057 5,829 Limited Brands 143,852 152,925 20,079 J.P. Morgan Chase & Co. 1,060,860 868,615 4,996 Lowes Companies Inc. 259,201 356,254 3,419 KeyCorp 132,687 138,819 2,619 Marriott International Inc., 2,001 Lehman Brothers Holdings Class ’A’ 141,359 218,833 Inc. 162,161 243,318 4,543 May Department Stores Co. 169,061 223,461 2,339 Loews Corp. 152,256 222,022 9,539 McDonald’s Corp. 400,724 324,213 3,263 Marsh & McLennan 3,723 McGraw-Hill Companies Inc. 157,685 201,777 Companies Inc. 225,872 110,704 2,084 New York Times Co., Class ’A’ 128,706 79,510 3,054 Marshall & Ilsley Corp. 133,920 166,267 8 News Corp Inc., Class ’B’, 8,475 MBNA Corp. 250,124 271,546 Receipts 172 166 3,812 Mellon Financial Corp. 170,697 133,952 2,256 Nike Inc., Class ’B’ 164,428 239,288 5,766 Merrill Lynch & Co. Inc. 387,639 388,491 1,718 Omnicom Group Inc. 180,053 168,042 5,026 MetLife Inc. 225,865 276,644 1,040 Sears Holdings Corp. 166,745 190,903 6,593 Morgan Stanley 496,146 423,701 5,598 St. Paul Travelers Companies 3,464 National City Corp. 153,005 144,761 Inc. (The) 311,952 271,035 2,810 Northern Trust Corp. 182,634 156,907 7,139 Staples Inc. 133,936 186,419 105 Piper Jaffray Companies Inc. 5,634 3,913 3,784 Starbucks Corp. 121,008 239,426 3,792 Plum Creek Timber Co. Inc. 146,431 168,593 3,459 Starwood Hotels & Resorts 2,005 PNC Financial Services Group 152,462 133,739 Worldwide Inc. 146,165 248,137 3,116 Principal Financial Group Inc. 136,455 159,910 27,675 Time Warner Inc. 1,337,364 566,408 1,528 Progressive Corp. (The) 115,845 184,922 2,555 Tribune Co. 157,924 110,091 4,058 Prudential Financial Inc. 199,834 326,346 10,341 Viacom Inc., Class ’B’ 653,616 405,554 2,947 Regions Financial Corp. 124,959 122,289 12,954 Walt Disney Co. (The) 481,051 399,507 1,016 SLM Corp. 36,190 63,215 1,751 Whirlpool Corp. 153,653 150,360 2,897 State Street Corp. 179,285 171,203 1,658 SunTrust Banks Inc. 156,539 146,699 Consumer Discretionary (6.04%) 9,787,156 8,756,296 4,876 Synovus Financial Corp. 152,312 171,221 13,231 Altria Group Inc. 815,459 1,047,837 10,891 U.S. Bancorp 377,519 389,507 3,690 Anheuser-Busch Companies 6,749 Wachovia Corp. 377,330 410,002 Inc. 240,924 206,768 5,354 Washington Mutual Inc. 261,916 266,828 4,123 Campbell Soup Co. 167,968 155,384 8,153 Wells Fargo & Co. 567,529 614,925 13,717 Coca-Cola Co. (The) 1,045,456 701,424 Financials (10.45%) 15,251,425 15,144,270 3,122 Colgate-Palmolive Co. 252,677 190,847 4,572 ConAgra Foods Inc. 153,983 129,691 8,955 Abbott Laboratories 577,450 537,546 3,546 Costco Wholesale Corp. 191,190 194,660 1,184 Allergan Inc. 116,315 123,612 6,812 CVS Corp. 180,921 242,541 7,667 Amgen Inc. 561,300 567,752 2,396 General Mills Inc. 154,466 137,311 8,354 Archer-Daniels-Midland Co. 149,563 218,760 6,450 Gillette Co. 347,382 399,975 4,526 Baxter International Inc. 223,440 205,662 3,011 H.J. Heinz Co. 165,841 130,624 2,393 Becton, Dickinson & Co. 120,343 153,787 3,099 Kellogg Co. 146,509 168,679 5,798 Boston Scientific Corp. 167,237 191,738 2,981 Kimberly-Clark Corp. 261,562 228,524 11,623 Bristol-Myers Squibb Co. 796,682 355,612 7,146 Kroger Co. 209,484 166,559 2,962 Cardinal Health Inc. 240,715 208,892 9,273 Pepsico Inc. 572,861 612,514 2,147 Chiron Corp. 133,784 91,748 12,702 Procter & Gamble Co. 765,104 820,653 6,493 Eli Lilly and Co. 648,315 443,041 4,824 Safeway Inc. 214,054 133,472 2,565 Forest Laboratories Inc., 6,271 Sara Lee Corp. 185,306 152,155 Class ’A’ 153,262 122,052 4,498 Sysco Corp. 163,891 199,376 2,160 Genzyme Corp. 142,117 158,972 5,984 Target Corp. 304,825 398,782 2,667 Guidant Corp. 173,478 219,838 6,475 Walgreen Co. 303,042 364,727 3,956 HCA Inc. 200,696 274,584 24,530 Wal-Mart Stores Inc. 1,855,243 1,448,137 891 Hospira Inc. 34,874 42,561 16,446 Johnson & Johnson 1,163,408 1,309,299 Consumer Staples (5.68%) 8,698,148 8,230,640 2,833 McKesson Corp. 135,347 155,415 2,545 Anadarko Petroleum Corp. 163,536 256,071 2,356 MedImmune Inc. 149,990 77,104 3,083 Apache Corp. 121,147 243,933 7,036 Medtronic Inc. 460,730 446,310 4,311 Burlington Resources Inc. 144,919 291,673 12,554 Merck & Co. Inc. 1,179,615 473,585 10,958 Chevron Corp. 690,917 750,522 46,440 Pfizer Inc. 2,352,143 1,568,742 7,874 ConocoPhillips 321,742 554,438 9,681 Schering-Plough Corp. 442,380 226,000 4,607 Devon Energy Corp. 170,776 285,970 3,018 St. Jude Medical Inc. 85,925 161,202 35,531 ExxonMobil Corp. 2,024,031 2,501,001 2,962 Stryker Corp. 129,417 172,541 4,514 Halliburton Co. 178,652 264,385 4,202 UnitedHealth Group Inc. 94,719 268,344 2,421 Kerr-McGee Corp. 156,977 226,278 5,442 Wellpoint Inc. 312,925 464,176 1,646 Kinder Morgan Inc. 120,918 167,733 7,981 Wyeth 588,898 434,993 3,554 Marathon Oil Corp. 136,049 232,316 Health Care (6.67%) 11,535,068 9,673,868 3,262 Occidental Petroleum Corp. 133,203 307,358 3,070 Schlumberger Ltd. 240,970 285,545 4,205 3M Co. 343,589 372,366 5,247 Transocean Inc. 192,464 346,840 2,339 Air Products and Chemicals 3,274 Unocal Corp. 146,115 260,850 Inc. 140,136 172,748 3,417 Analog Devices Inc. 176,476 156,148 Energy (4.81%) 4,942,416 6,974,913 3,128 Baker Hughes Inc. 145,042 196,003 3,914 Aflac Inc. 163,225 207,479 5,580 Boeing Co. (The) 342,900 451,069 3,827 Allstate Corp. (The) 209,375 280,067 3,607 Burlington Northern Santa Fe 7,718 American Express Co. 459,900 503,184 Corp. 149,143 207,993 14,767 American International Group 2,475 Caterpillar Inc. 190,015 288,921 Inc. 1,462,995 1,050,833 7,933 Cendant Corp. 192,188 217,354 3,991 AmSouth Bancorp 120,469 127,093 1,456 Chubb Corp. (The) 138,702 152,669 3,542 Apartment Investment & 2,922 Danaher Corp. 134,488 187,318 Management Co., Class ’A’, 2,085 Deere and Co. 129,672 167,242 REIT 167,521 177,521 3,050 Dover Corp. 143,376 135,903 21,848 Bank of America Corp. 1,033,139 1,220,498 3,298 Emerson Electric Co. 269,253 252,987 5,226 Bank of New York Co. Inc. 2,341 FedEx Corp. 179,730 232,276 (The) 272,703 184,215 2,037 Freescale Semiconductor Inc. 45,665 52,842 2,845 BB&T Corp. 148,657 139,278 1,666 General Dynamics Corp. 173,996 223,518 2,004 Capital One Financial Corp. 137,915 196,384 56,558 General Electric Co. 3,055,222 2,400,283 11,676 Charles Schwab Corp. (The) 275,629 161,313 6,262 Honeywell International Inc. 358,948 280,941 28,263 Citigroup Inc. 1,682,110 1,600,322 2,311 Illinois Tool Works Inc. 221,769 225,535 1,981 Comerica Inc. 145,720 140,242 2,951 Lockheed Martin Corp. 194,877 234,465 4,650 Countrywide Financial Corp. 93,313 219,896 4,527 Masco Corp. 162,081 176,099 4,199 Equity Residential, REIT 161,377 189,363 2,794 Northrop Grumman Corp. 186,406 189,071 5,429 Fannie Mae 561,655 388,327 3,596 Raytheon Co. 195,963 172,299 3,352 Fifth Third Bancorp 266,137 169,189 6,168 Southwest Airlines Inc. 141,632 105,235 2,691 Franklin Resources Inc. 150,514 253,721 13,705 Tyco International Ltd. 627,077 490,148 27 CIBC Global Equity Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 6,590 United Parcel Service Inc., 3,511 Newmont Mining Corp. Class ’B’ 650,238 558,220 Holding Co. 142,692 167,840 5,808 United Technologies Corp. 295,090 365,285 1,981 PPG Industries Inc. 150,236 152,276 4,369 Waste Management Inc. 194,921 151,652 3,317 Praxair Inc. 130,056 189,320 3,083 Rohm and Haas Co. 150,782 174,983 Industrials (6.08%) 9,178,595 8,816,590 2,117 Weyerhaeuser Co. 172,717 165,038 12,647 Applied Materials Inc. 383,003 250,629 Materials (1.34%) 2,092,269 1,936,652 4,494 Automatic Data Processing Inc. 272,512 231,013 2,070 ALLTEL Corp. 169,154 157,901 42,752 Cisco Systems Inc. 1,628,847 1,000,650 6,677 AT&T Corp. 905,952 155,709 5,600 Computer Associates 11,211 BellSouth Corp. 613,230 364,839 International Inc. 229,950 188,482 13,890 Comcast Corp., Class ’A’ 562,853 522,283 15,665 Dell Inc. 754,098 758,058 7,606 Nextel Communications Inc., 2,840 Electronic Arts Inc. 140,148 196,914 Class ’A’ 215,686 300,994 4,896 Electronic Data Systems Corp. 259,721 115,435 19,682 SBC Communications Inc. 1,151,604 572,530 16,267 EMC Corp. 530,381 273,156 9,518 Sprint Corp. 316,446 292,490 18 Enterasys Networks Inc. — 20 15,632 Verizon Communications Inc. 1,106,443 661,497 5,044 First Data Corp. 238,088 247,981 19,160 Hewlett-Packard Co. 855,434 551,713 Telecommunication Services (2.09%) 5,041,368 3,028,243 9,924 IBM Corp. 1,432,763 901,895 4,001 American Electric Power Co. 39,957 Intel Corp. 1,695,781 1,275,359 Inc. 190,761 180,679 2,067 Intuit Inc. 130,659 114,203 2,650 Constellation Energy Group 2,287 KLA Tencor Corp. 149,112 122,409 Inc. 126,315 187,246 1,283 Lexmark International Inc. 125,053 101,875 1,762 Dominion Resources Inc. 142,977 158,383 3,279 Linear Technology Corp. 173,056 147,351 7,622 Duke Energy Corp. 282,270 277,542 3,177 Maxim Integrated Products 5,774 Edison International 138,638 286,769 Inc. 191,335 148,682 1,719 Entergy Corp. 102,637 159,065 50,400 Microsoft Corp. 2,362,739 1,533,370 3,609 Exelon Corp. 151,739 226,894 18,462 Motorola Inc. 469,548 412,900 2,818 FirstEnergy Corp. 138,444 166,051 33,557 Oracle Corp. 726,335 542,528 4,610 NiSource Inc. 120,462 139,634 3,400 Paychex Inc. 141,713 135,507 5,833 PG&E Corp. 169,922 268,195 10,722 Qualcomm Inc. 394,365 433,497 2,261 PPL Corp. 125,904 164,439 27,471 Sun Microsystems Inc. 448,569 125,501 2,216 Progress Energy Inc. 135,152 122,788 12,453 Texas Instruments Inc. 556,836 428,136 2,051 Public Services Enterprise 3,880 Veritas Software Corp. 262,623 115,954 Group Inc. 118,075 152,784 8,454 Xerox Corp. 197,039 142,788 3,030 Southern Co. (The) 120,052 128,665 3,728 Xilinx Inc. 171,581 116,434 7,818 Yahoo! Inc. 367,078 331,791 Utilities (1.81%) 2,063,348 2,619,134 Information Technology (7.55%) 15,288,367 10,944,231 Total of United States Equities (52.52%) 83,878,160 76,124,837 6,271 Alcoa Inc. 274,035 200,697 Total of Equities (98.52%) 147,883,354 142,798,679 5,977 Dow Chemicals Co. (The) 299,049 325,988 5,725 E.I. du Pont de Nemours & Total of Investments before Short-Term Co. 429,876 301,585 Investment (98.52%) 147,883,354 142,798,679 3,480 International Paper Co. 203,911 128,764 3,790 MeadWestvaco Corp. 138,915 130,161

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 200,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 198,650 199,821 Total of Short-Term Investment (0.13%) 198,650 199,821 Total of Investments (98.65%) 148,082,004 142,998,500 Margin (0.42%) 609,805 Unrealized Gain on Futures Contracts (0.05%) 68,391 Unrealized Gain on Forward Foreign Currency Contracts (0.12%) 170,963 Other Assets, less Liabilities (0.76%) 1,100,415 Total of Net Assets (100.00%) 144,948,074 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Futures Contracts

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 1,404,842 Dow Jones Euro Stoxx 50 Index Future, 1,422,602 17,760 (5,329,625) United States S&P 500 E-Mini Index Future, (5,271,295) 58,330 Expiry September 2005; Expiry September 2005; 30 contracts at EUR 3,158.08 per (72) contracts at USD 1,208.73 per contract. contract. 1,459,063 Korean KOSPI 200 Index Future, 1,460,219 1,156 368,450 United States S&P 500 Index Future, 366,062 (2,388) Expiry September 2005; Expiry September 2005; 19 contracts at KRW 129.60 per contract. 1 contracts at USD 1,203.30 per contract. 1,400,632 Singapore MSCI Index Future, 1,394,165 (6,467) Expiry July 2005; (696,638) Total Equity Index Futures (628,247) 68,391 44 contracts at USD 259.90 per contract. As at June 30, 2005, $609,805 cash was deposited as margin for the futures contracts.

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) Citibank N.A., New York A1+ 2005/08/24 CAD 1,655,710 AUD 1,750,000 1 1.057 1.076 29,448 State Street Trust Co. Canada A1+ 2005/08/24 CAD 1,393,031 AUD 1,470,000 1 1.055 1.076 26,971 State Street Trust Co. Canada A1+ 2005/08/24 CAD 5,037,773 AUD 5,375,000 1 1.067 1.076 42,825

28 CIBC Global Equity Fund (Cont’d***)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) Royal Bank of Canada A1+ 2005/08/24 AUD 2,290,000 CAD 2,131,349 1 0.931 0.929 (3,269) State Street Trust Co. Canada A1+ 2005/08/24 AUD 1,283,000 CAD 1,215,899 1 0.948 0.929 (23,617) State Street Trust Co. Canada A1+ 2005/08/24 AUD 2,340,000 CAD 2,228,171 1 0.952 0.929 (53,627) Royal Bank of Canada A1+ 2005/08/09 CAD 2,287,188 CHF 2,200,000 2 0.962 1.044 179,432 State Street Trust Co. Canada A1+ 2005/08/09 CAD 3,842,228 CHF 3,840,000 2 0.999 1.044 163,237 Citibank N.A., New York A1+ 2005/08/09 CHF 2,140,000 CAD 2,231,584 2 1.043 0.958 (181,313) Royal Bank of Canada A1+ 2005/08/09 CHF 1,420,000 CAD 1,389,310 2 0.978 0.958 (28,850) State Street Trust Co. Canada A1+ 2005/08/09 CHF 780,716 CAD 824,410 2 1.056 0.958 (76,429) State Street Trust Co. Canada A1+ 2005/08/09 CHF 25,000 CAD 25,852 2 1.034 0.958 (1,900) Citibank N.A., New York A1+ 2005/07/11 CAD 189,337 DKK 930,000 3 4.912 5.025 4,263 Royal Bank of Canada A1+ 2005/07/11 CAD 171,048 DKK 800,000 3 4.677 5.025 11,845 State Street Trust Co. Canada A1+ 2005/07/11 CAD 1,777,710 DKK 8,387,237 3 4.718 5.025 108,612 State Street Trust Co. Canada A1+ 2005/07/11 CAD 101,128 DKK 475,000 3 4.697 5.025 6,601 State Street Trust Co. Canada A1+ 2005/07/11 DKK 450,000 CAD 97,815 3 0.217 0.199 (8,263) State Street Trust Co. Canada A1+ 2005/07/11 DKK 575,000 CAD 124,724 3 0.217 0.199 (10,296) State Street Trust Co. Canada A1+ 2005/07/11 DKK 600,000 CAD 121,466 3 0.202 0.199 (2,064) Royal Bank of Canada A1+ 2005/09/19 CAD 3,343,271 EUR 2,203,725 4 0.659 0.674 71,863 Royal Bank of Canada A1+ 2005/09/19 CAD 141,326 EUR 95,000 4 0.672 0.674 299 Royal Bank of Canada A1+ 2005/09/19 CAD 5,530,023 EUR 3,730,000 4 0.674 0.674 (7,126) Royal Bank of Canada A1+ 2005/09/19 EUR 4,600,000 CAD 6,910,580 4 1.502 1.484 (81,924) State Street Trust Co. Canada A1+ 2005/09/19 EUR 75,000 CAD 113,140 4 1.509 1.484 (1,803) Citibank N.A., New York A1+ 2005/07/20 CAD 4,462,080 GBP 1,920,000 0.430 0.456 252,111 Royal Bank of Canada A1+ 2005/07/20 CAD 3,084,774 GBP 1,320,000 0.428 0.456 190,420 Royal Bank of Canada A1+ 2005/07/20 CAD 529,290 GBP 225,000 0.425 0.456 35,934 Royal Bank of Canada A1+ 2005/07/20 CAD 255,383 GBP 110,000 0.431 0.456 14,186 Royal Bank of Canada A1+ 2005/07/20 CAD 1,443,298 GBP 620,000 0.430 0.456 83,829 Royal Bank of Canada A1+ 2005/07/20 CAD 2,206,529 GBP 980,000 0.444 0.456 57,690 State Street Trust Co. Canada A1+ 2005/07/20 CAD 236,921 GBP 100,000 0.422 0.456 17,652 State Street Trust Co. Canada A1+ 2005/07/20 CAD 115,045 GBP 50,000 0.435 0.456 5,410 State Street Trust Co. Canada A1+ 2005/07/20 CAD 395,325 GBP 175,000 0.443 0.456 11,604 State Street Trust Co. Canada A1+ 2005/07/20 CAD 112,413 GBP 50,000 0.445 0.456 2,778 Toronto-Dominion Bank (The) A1+ 2005/07/20 CAD 352,359 GBP 150,000 0.426 0.456 23,455 Toronto-Dominion Bank (The) A1+ 2005/07/20 CAD 3,005,861 GBP 1,290,000 0.429 0.456 177,288 Citibank N.A., New York A1+ 2005/07/20 GBP 630,000 CAD 1,424,827 2.262 2.193 (43,431) Royal Bank of Canada A1+ 2005/07/20 GBP 5,224,775 CAD 12,211,031 2.337 2.193 (754,705) Royal Bank of Canada A1+ 2005/07/20 GBP 75,000 CAD 176,447 2.353 2.193 (11,995) Royal Bank of Canada A1+ 2005/07/20 GBP 980,000 CAD 2,192,789 2.238 2.193 (43,951) Royal Bank of Canada A1+ 2005/07/20 GBP 105,000 CAD 232,412 2.213 2.193 (2,180) State Street Trust Co. Canada A1+ 2005/07/20 GBP 225,000 CAD 531,698 2.363 2.193 (38,342) State Street Trust Co. Canada A1+ 2005/07/20 GBP 325,000 CAD 736,242 2.265 2.193 (23,617) Royal Bank of Canada A1+ 2005/08/31 CAD 29,237 HKD 179,750 6.148 6.355 952 Royal Bank of Canada A1+ 2005/08/31 CAD 47,515 HKD 300,000 6.314 6.355 307 State Street Trust Co. Canada A1+ 2005/08/31 CAD 47,962 HKD 300,000 6.255 6.355 754 State Street Trust Co. Canada A1+ 2005/08/31 HKD 6,650,000 CAD 1,051,921 0.158 0.157 (5,487) State Street Trust Co. Canada A1+ 2005/08/31 HKD 1,100,000 CAD 173,380 0.158 0.157 (286) Citibank N.A., New York A1+ 2005/08/16 CAD 842,770 JPY 70,700,000 5 83.890 90.163 58,633 Royal Bank of Canada A1+ 2005/08/16 CAD 7,293,220 JPY 640,600,000 5 87.835 90.163 188,297 State Street Trust Co. Canada A1+ 2005/08/16 CAD 7,950,238 JPY 668,615,000 5 84.100 90.163 534,600 State Street Trust Co. Canada A1+ 2005/08/16 CAD 524,085 JPY 45,000,000 5 85.864 90.163 24,988 State Street Trust Co. Canada A1+ 2005/08/16 CAD 174,705 JPY 15,000,000 5 85.859 90.163 8,339 State Street Trust Co. Canada A1+ 2005/08/16 CAD 234,343 JPY 20,000,000 5 85.345 90.163 12,522 Citibank N.A., New York A1+ 2005/08/16 JPY 128,200,000 CAD 1,483,384 5 0.012 0.011 (61,512) Royal Bank of Canada A1+ 2005/08/16 JPY 195,000,000 CAD 2,320,406 5 0.012 0.011 (157,653) Royal Bank of Canada A1+ 2005/08/16 JPY 209,700,000 CAD 2,439,564 5 0.012 0.011 (113,772) Royal Bank of Canada A1+ 2005/08/16 JPY 55,000,000 CAD 647,524 5 0.012 0.011 (37,516) State Street Trust Co. Canada A1+ 2005/08/16 JPY 55,000,000 CAD 643,907 5 0.012 0.011 (33,900) State Street Trust Co. Canada A1+ 2005/08/16 JPY 189,300,000 CAD 2,215,979 5 0.012 0.011 (116,444) State Street Trust Co. Canada A1+ 2005/08/16 JPY 290,000,000 CAD 3,257,951 5 0.011 0.011 (41,548) Citibank N.A., New York A1+ 2005/07/07 CAD 2,150,351 NOK 11,130,000 5.176 5.337 65,075 Citibank N.A., New York A1+ 2005/07/07 NOK 11,900,000 CAD 2,359,660 0.198 0.187 (130,120) State Street Trust Co. Canada A1+ 2005/07/07 NOK 1,575,000 CAD 302,419 0.192 0.187 (7,333) State Street Trust Co. Canada A1+ 2005/09/19 NZD 355,000 CAD 312,400 0.880 0.844 (12,833) Royal Bank of Canada A1+ 2005/09/21 CAD 2,156,107 SEK 13,570,000 6.294 6.360 22,431 State Street Trust Co. Canada A1+ 2005/09/21 SEK 17,525,000 CAD 2,840,357 0.162 0.157 (84,817) Royal Bank of Canada A1+ 2005/09/14 CAD 1,742,757 SGD 2,305,668 6 1.323 1.376 66,972 State Street Trust Co. Canada A1+ 2005/09/14 CAD 2,544,594 SGD 3,475,000 6 1.366 1.376 18,925 Royal Bank of Canada A1+ 2005/09/06 CAD 2,553,890 USD 2,050,000 0.803 0.818 47,263 Royal Bank of Canada A1+ 2005/09/06 CAD 2,290,060 USD 1,850,000 0.808 0.818 27,981 State Street Trust Co. Canada A1+ 2005/09/06 CAD 1,747,590 USD 1,394,725 0.798 0.818 42,197 State Street Trust Co. Canada A1+ 2005/09/06 CAD 8,981,945 USD 7,230,000 0.805 0.818 141,498 State Street Trust Co. Canada A1+ 2005/09/06 CAD 2,408,840 USD 1,960,000 0.814 0.818 12,260 Citibank N.A., New York A1+ 2005/09/06 USD 12,210,000 CAD 15,231,120 1.247 1.223 (301,403) Royal Bank of Canada A1+ 2005/09/06 USD 1,870,000 CAD 2,329,740 1.246 1.223 (43,206) Royal Bank of Canada A1+ 2005/09/06 USD 1,690,000 CAD 2,068,864 1.224 1.223 (2,425) State Street Trust Co. Canada A1+ 2005/09/06 USD 3,075,000 CAD 3,825,300 1.244 1.223 (65,359) State Street Trust Co. Canada A1+ 2005/09/06 USD 1,120,000 CAD 1,375,942 1.229 1.223 (6,468) 170,963 *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

29 CIBC European Equity Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) International Equities 18,976 ASML Holding NV 457,742 364,620 47,432 ING Groep NV 1,596,655 1,633,556 44,184 Fortis 1,298,293 1,498,382 55,232 Koninklijke KPN NV 559,808 566,004 Belgium (0.70%) 1,298,293 1,498,382 37,736 Koninklijke Philips Electronics NV 1,567,513 1,164,655 49 A P Moller - Maersk A/S 464,501 571,091 49,710 Royal Dutch Petroleum Co. 3,321,725 3,959,691 20,400 De Sammensluttede 19,979 STMicroelectronics NV 1,125,760 390,148 Vognmaend 2,112,565 2,119,840 14,741 Unilever NV 1,323,208 1,169,789 39,004 Novo Nordisk AS, 12,643 Wereldhave NV 1,311,068 1,650,814 Series ‘B’ 2,323,000 2,428,811 Netherlands (6.00%) 13,074,702 12,814,676 Denmark (2.40%) (note 10) 2 4,900,066 5,119,742 10,306 Norsk Hydro ASA 706,930 1,146,860 111,156 Nokia OYJ 4,085,336 2,266,240 24,600 Orkla ASA, Series ‘A’ 642,568 1,108,266 25,339 Stora Enso OYJ, Series ‘R’ 415,525 395,176 10,198 Yara International ASA 99,687 197,310 23,288 UPM-Kymmene Corp., OYJ 568,896 546,142 Norway (1.15%) (note 10) 3 1,449,185 2,452,436 Finland (1.50%) 5,069,757 3,207,558 45,257 Portugal Telecom 15,478 Accor SA 813,862 886,793 SGPS SA, Registered 452,454 527,517 32,073 Alcatel SA, Series ‘A’ 262,138 428,533 33,147 Axa SA 1,106,912 1,011,206 Portugal (0.25%) 452,454 527,517 19,752 BNP Paribas SA 1,406,463 1,653,005 46,214 Abertis Infraestructuras SA 923,142 1,439,722 16,495 Carrefour SA 1,204,939 977,471 29,037 ACS Actividades de 10,420 Compagnie de Saint- Construccion y Gobain 534,974 706,221 Servicios SA 606,790 993,872 25,957 France Telecom SA 817,347 925,596 15,919 Altadis SA, Registered, 7,724 Groupe Danone (The) 829,308 829,218 Series ‘A’ 617,867 816,050 6,472 Lafarge SA 755,083 720,807 88,444 Banco Bilbao Vizcaya 6,422 Lagardere SCA, Registered 468,511 581,269 Argentaria SA 1,372,902 1,665,096 5,208 L’Air Liquide SA 1,046,170 1,085,218 110,421 Banco Santander Central 10,732 L’Oreal ´ SA 1,126,010 941,561 Hispano SA, Registered 1,556,479 1,566,382 8,334 LVMH Moet ¨ Hennessy 40,876 Endesa SA, Registered 835,659 1,164,215 Louis Vuitton SA 669,362 786,159 35,328 Iberdrola SA 828,248 1,139,925 5,912 Renault SA 534,819 636,254 32,583 Repsol YPF SA 771,372 1,013,196 28,213 Sanofi-Aventis SA 2,190,122 2,831,170 113,670 Telefonica SA 2,048,285 2,272,172 8,386 Schneider Electric SA 622,977 772,692 8,903 Societe Generale 823,667 1,106,197 Spain (5.65%) 9,560,744 12,070,630 26,947 Suez SA 943,340 892,491 13,697 Total SA 2,982,419 3,927,156 19,582 Electrolux AB, Series ‘B’ 519,724 509,612 8,691 Unibail Holding 985,037 1,366,063 18,557 Hennes & Mauritz AB, 26,442 Vivendi Universal SA 589,439 1,015,349 Series ‘B’ 576,234 797,555 393,683 Telefonaktiebolaget France (11.27%) 20,712,899 24,080,429 LM Ericsson AB, Series ‘B’ 906,480 1,538,975 6,982 Allianz AG, Registered 1,067,448 978,189 Sweden (1.33%) (note 10) 1 2,002,438 2,846,142 16,278 BASF AG 1,025,683 1,320,146 22,211 Bayer AG 731,729 905,514 54,561 ABB Ltd., Registered 417,495 432,624 18,462 Bayerische Hypo-und 20,240 Compagnie Financiere Vereinbank AG 474,986 586,520 Richemont AG, Units ‘A’ 562,950 831,476 22,470 Commerzbank AG 497,640 597,123 32,159 Credit Suisse Group 1,471,105 1,544,412 11,981 Continental AG 602,410 1,052,807 1,928 Givaudan SA, Registered 1,271,040 1,372,005 24,007 DaimlerChrysler AG, 9,418 Nestle ´ SA, Registered, Registered 1,388,303 1,190,296 Series ‘B’ 3,050,080 2,947,726 13,414 Deutsche Bank AG, 76,037 Nordea AB 510,663 844,159 Registered 1,271,669 1,279,135 56,122 Novartis AG, Registered 3,253,624 3,264,480 60,491 Deutsche Telekom AG, 18,166 Roche Holding AG Registered 1,827,132 1,365,596 Genusscheine 2,229,163 2,808,280 16,102 E.ON AG 1,214,160 1,751,482 9,512 Swiss Reinsurance, 21,961 Infineon Technologies AG 401,897 249,196 Registered 938,741 714,608 4,026 Munchener 30,092 UBS AG, Registered 2,397,288 2,874,065 Rueckversicherungs- 3,753 Zurich Financial Gesellschaft AG, Services AG 575,366 788,669 Registered 758,557 522,846 Switzerland (8.62%) 16,677,515 18,422,504 14,617 RWE AG, Class ‘A’ 603,046 1,150,552 5,434 SAP AG 734,345 1,154,210 40,307 AstraZeneca PLC 2,228,052 2,036,615 20,036 Siemens AG, Registered 1,689,539 1,785,566 61,855 Aviva PLC 840,006 841,579 11,093 Volkswagen AG 694,559 618,329 57,330 BAA PLC 726,010 778,327 130,122 BAE Systems PLC 627,517 816,909 Germany (7.73%) 14,983,103 16,507,507 163,538 Barclays PLC 1,670,475 1,986,271 28,203 National Bank of 127,927 BG Group PLC 910,517 1,286,926 Greece SA 720,456 1,171,049 75,747 BHP Billiton PLC 657,969 1,183,165 46,538 Boots Group PLC 709,298 620,983 Greece (0.55%) 720,456 1,171,049 501,699 BP PLC 5,590,799 6,393,098 44,946 British American Tobacco 36,518 Bank of Ireland 618,711 726,169 PLC 603,872 1,060,667 Ireland (0.34%) 618,711 726,169 40,207 British Sky Broadcasting Group PLC 604,155 463,432 27,862 Assicurazioni Generali SPA 1,077,432 1,063,633 231,250 BT Group PLC 2,233,621 1,166,919 166,233 Banca Intesa SPA 597,016 929,861 89,798 Cable & Wireless PLC 280,999 292,820 50,850 Banche Popolari 78,077 Cadbury Schweppes PLC 786,834 910,429 Unite SCRL 1,090,247 1,235,284 7,492 Carnival PLC 458,293 520,502 63,202 ENI SPA 1,363,221 1,989,838 152,298 Centrica PLC 737,600 772,760 41,813 Mediaset SPA 603,650 602,570 124,555 Compass Group PLC 1,018,848 639,094 49,778 San Paolo-IMI SPA 747,877 835,694 85,579 Diageo PLC 1,427,919 1,542,611 481,211 Telecom Italia SPA 1,952,995 1,838,769 134,839 GlaxoSmithKline PLC 4,555,693 3,992,297 152,431 UniCredito Italiano SPA 925,331 984,721 39,107 GUS PLC 680,660 753,913 96,976 HBOS PLC 1,683,338 1,826,905 Italy (4.44%) 8,357,769 9,480,370 123,903 Hilton Group PLC 522,273 776,146 241,737 HSBC Holdings PLC 4,316,781 4,710,396 43,977 ABN AMRO Holding NV 1,153,055 1,323,839 37,492 Aegon NV 658,168 591,560 30 CIBC European Equity Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 25,718 Imperial Tobacco 216,661 Shell Transport & Trading Group PLC 681,393 846,832 Co. PLC, Registered 2,228,326 2,570,524 32,840 InterContinental Hotels 36,719 Smith & Nephew PLC 468,082 442,329 Group PLC 590,061 506,733 48,102 Smiths Group PLC 777,782 967,185 160,654 ITV PLC 518,547 432,377 216,431 Tesco PLC 1,124,433 1,510,828 93,801 Kingfisher PLC 612,489 504,242 75,398 Unilever PLC 995,546 888,801 143,387 Lloyds TSB Group PLC 2,055,379 1,483,739 1,577,491 Vodafone Group PLC 5,649,190 4,699,434 96,647 Marks & Spencer 44,265 WPP Group PLC 703,213 555,558 Group PLC 721,381 762,728 109,702 National Grid Transco PLC 1,147,428 1,299,175 United Kingdom (28.52%) 60,043,064 60,941,182 41,781 Pearson PLC 872,223 601,356 78,690 iShares S&P Europe 350 60,270 Prudential PLC 720,232 654,403 Index Fund 6,026,369 7,165,815 19,957 Reckitt Benckiser PLC 642,540 718,325 64,678 Reed Elsevier PLC 816,164 756,938 Trust Units (3.35%) (note 10) 4 6,026,369 7,165,815 110,726 Rentokil Initial PLC 476,816 388,328 48,973 Reuters Group PLC 460,434 423,158 Total of International Equities (83.80%) 165,947,525 179,032,108 31,975 Rio Tinto PLC, Registered 959,728 1,193,037 66,457 Royal Bank of Total of Investments before Short-Term Scotland PLC 2,197,319 2,451,786 Investments (83.80%) 165,947,525 179,032,108 83,754 Scottish Power PLC 752,829 910,602

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 7,000,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 6,952,750 6,993,732 2,350,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 2,334,678 2,345,779 5,050,000 Government of Canada Treasury Bill, 2.452%, 2005/08/11 5,016,973 5,036,183 5,250,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 5,215,560 5,230,671 1,400,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 1,390,886 1,393,583 4,525,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 4,495,316 4,499,859 7,100,000 Government of Canada Treasury Bill, 2.478%, 2005/10/06 7,053,069 7,053,548 Total of Short-Term Investments (15.24%) 32,459,232 32,553,355 Total of Investments (99.04%) 198,406,758 211,585,463 Margin (1.14%) 2,440,550 Unrealized Gain on Futures Contracts (0.18%) 381,314 Unrealized Loss on Forward Foreign Currency Contracts (–0.73%) (1,554,052) Other Assets, less Liabilities (0.37%) 783,501 Total of Net Assets (100.00%) 213,636,776 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (789,994) Amsterdam Exchanges Index Future, (798,193) (8,199) 394,569 Greece ASE-20 Index Future, 393,569 (1,000) Expiry July 2005; Expiry July 2005; (7) contracts at EUR 380.55 per contract. 31 contracts at EUR 1,716.75 per (1,567,395) Belgium 20 Index Future, (1,570,337) (2,942) contract. Expiry July 2005; (1,443,102) Italian S&P/MIB Index Future, (1,441,953) 1,149 (34) contracts at EUR 3,108.97 per Expiry September 2005; contract. (6) contracts at EUR 32,440.83 per 9,864,833 British FTSE 100 Index Future, 10,006,897 142,064 contract. Expiry September 2005; (321,244) Norway OBX Stock Index Future, (340,020) (18,776) 89 contracts at GBP 5,048.79 per Expiry July 2005; contract. (19) contracts at NOK 902.50 per 2,279,285 Danish KFX Copenhagen Share Index 2,309,251 29,966 contract. Future, (534,654) Portuguese PSI-20 Index Future, (536,301) (1,647) Expiry July 2005; Expiry September 2005; 337 contracts at DKK 339.90 per (48) contracts at EUR 7,511.87 per contract. contract. 4,308,243 Dow Jones Euro Stoxx 50 Index Future, 4,362,647 54,404 3,412,021 Spanish IBEX 35 Index Future, 3,467,448 55,427 Expiry September 2005; Expiry July 2005; 92 contracts at EUR 3,158.12 per 24 contracts at EUR 9,587.75 per contract. contract. 250,045 French Matif CAC 40 Index Future, 251,217 1,172 10,367,943 Swedish OMX Index Future, 10,462,351 94,408 Expiry July 2005; Expiry July 2005; 4 contracts at EUR 4,215.75 per 811 contracts at SEK 815.08 per contract. contract. 5,957,907 German Eurex Deutschland DAX Index 5,997,479 39,572 (3,756,104) Swiss SMI Soffex Index Future, (3,765,665) (9,561) Future, Expiry September 2005; Expiry September 2005; (63) contracts at CHF 6,236.13 per 35 contracts at EUR 4,592.00 per contract. contract. 667,643 German Eurex Deutschland FOX Index 672,920 5,277 29,089,996 Total Equity Index Futures 29,471,310 381,314 Future, As at June 30, 2005, $2,440,550 cash was deposited as margin for the futures contracts. Expiry September 2005; 22 contracts at EUR 2,046.62 per contract.

31 CIBC European Equity Fund (Cont’d***)

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) Royal Bank of Canada A1+ 2005/08/09 CAD 6,348,658 CHF 6,620,000 1 1.043 1.044 6,230 Royal Bank of Canada A1+ 2005/08/09 CAD 6,279,370 CHF 6,040,000 1 0.962 1.044 492,622 State Street Trust Co. Canada A1+ 2005/08/09 CAD 10,746,233 CHF 10,740,000 1 0.999 1.044 456,552 Toronto-Dominion Bank (The) A1+ 2005/08/09 CAD 2,073,183 CHF 2,000,000 1 0.965 1.044 157,042 Citibank N.A., New York A1+ 2005/08/09 CHF 8,340,000 CAD 8,696,922 1 1.043 0.958 (706,611) Citibank N.A., New York A1+ 2005/08/09 CHF 10,800,000 CAD 10,674,890 1 0.988 0.958 (327,726) Royal Bank of Canada A1+ 2005/08/09 CHF 115,000 CAD 115,567 1 1.005 0.958 (5,389) State Street Trust Co. Canada A1+ 2005/08/09 CHF 2,658,372 CAD 2,807,151 1 1.056 0.958 (260,242) State Street Trust Co. Canada A1+ 2005/07/11 CAD 1,521,197 DKK 7,177,006 2 4.718 5.025 92,940 State Street Trust Co. Canada A1+ 2005/07/11 CAD 3,926,568 DKK 19,650,000 2 5.004 5.025 16,129 Royal Bank of Canada A1+ 2005/07/11 DKK 8,980,000 CAD 1,930,386 2 0.215 0.199 (143,325) Royal Bank of Canada A1+ 2005/09/19 CAD 8,487,995 EUR 5,650,000 0.666 0.674 100,624 Royal Bank of Canada A1+ 2005/09/19 CAD 4,492,673 EUR 3,020,000 0.672 0.674 9,512 Royal Bank of Canada A1+ 2005/09/19 EUR 20,124,470 CAD 30,530,833 1.517 1.484 (656,252) Royal Bank of Canada A1+ 2005/09/19 EUR 3,310,000 CAD 4,907,340 1.483 1.484 6,323 Citibank N.A., New York A1+ 2005/07/20 CAD 8,645,280 GBP 3,720,000 0.430 0.456 488,464 Royal Bank of Canada A1+ 2005/07/20 CAD 3,841,035 GBP 1,650,000 0.430 0.456 223,092 State Street Trust Co. Canada A1+ 2005/07/20 CAD 2,152,092 GBP 950,000 0.441 0.456 69,034 Toronto-Dominion Bank (The) A1+ 2005/07/20 CAD 246,651 GBP 105,000 0.426 0.456 16,419 Toronto-Dominion Bank (The) A1+ 2005/07/20 CAD 6,035,024 GBP 2,590,000 0.429 0.456 355,950 Citibank N.A., New York A1+ 2005/07/20 GBP 85,000 CAD 192,239 2.262 2.193 (5,860) Royal Bank of Canada A1+ 2005/07/20 GBP 10,838,215 CAD 25,330,426 2.337 2.193 (1,565,550) Royal Bank of Canada A1+ 2005/07/20 GBP 185,000 CAD 421,867 2.280 2.193 (16,219) Royal Bank of Canada A1+ 2005/07/20 GBP 1,890,000 CAD 4,228,951 2.238 2.193 (84,762) Royal Bank of Canada A1+ 2005/07/20 GBP 1,000,000 CAD 2,213,450 2.213 2.193 (20,758) Citibank N.A., New York A1+ 2005/07/07 CAD 1,615,190 NOK 8,180,000 3 5.064 5.337 82,616 Citibank N.A., New York A1+ 2005/07/07 CAD 4,336,618 NOK 21,870,000 3 5.043 5.337 239,136 Royal Bank of Canada A1+ 2005/07/07 CAD 1,603,097 NOK 8,430,000 3 5.259 5.337 23,684 State Street Trust Co. Canada A1+ 2005/07/07 CAD 1,874,363 NOK 9,761,682 3 5.208 5.337 45,450 State Street Trust Co. Canada A1+ 2005/07/07 CAD 4,167,095 NOK 21,460,000 3 5.150 5.337 146,430 Royal Bank of Canada A1+ 2005/07/07 NOK 8,240,000 CAD 1,609,862 3 0.195 0.187 (66,047) Royal Bank of Canada A1+ 2005/07/07 NOK 8,510,000 CAD 1,686,254 3 0.198 0.187 (91,852) Royal Bank of Canada A1+ 2005/07/07 NOK 8,670,000 CAD 1,624,609 3 0.187 0.187 (230) Toronto-Dominion Bank (The) A1+ 2005/07/07 NOK 43,640,000 CAD 8,614,529 3 0.197 0.187 (438,301) Royal Bank of Canada A1+ 2005/09/21 CAD 3,095,134 SEK 19,480,000 6.294 6.360 32,200 Royal Bank of Canada A1+ 2005/09/21 CAD 6,297,196 SEK 40,120,000 6.371 6.360 (11,065) State Street Trust Co. Canada A1+ 2005/09/21 SEK 80,585,070 CAD 13,060,789 0.162 0.157 (390,012) Royal Bank of Canada A1+ 2005/09/06 CAD 190,655 USD 155,000 4 0.813 0.818 1,129 State Street Trust Co. Canada A1+ 2005/09/06 CAD 7,229,810 USD 5,770,000 4 0.798 0.818 174,571 (1,554,052) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC Japanese Equity Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) Japanese Equities 44 Mitsubishi Tokyo Financial Group Inc. 491,940 454,692 30,000 Ajinomoto Co. Inc. 453,350 408,172 29,000 Sumitomo Corp. 283,490 283,468 13,000 Hitachi Chemical Co. Ltd. 292,915 290,603 94,000 ITOCHU Corp. 444,954 579,153 Financial Services (10.16%) 1,505,980 1,488,421 36,300 Mitsubishi Corp. 483,883 601,821 6,200 Nitto Denko Corp. 285,520 433,072 26,000 Brother Industries Ltd. 225,326 291,312 7,100 ONO Pharmaceutical Co. Ltd. 390,702 411,775 7,320 Fuji Seal Inc. 372,820 284,620 11,500 Shuei Yobiko Co. Ltd. 441,969 411,881 4,900 Honda Motor Co. Ltd. 312,259 295,028 62,000 Tokyo Gas Co. Ltd. 263,473 283,837 14,100 Ibiden Co. Ltd. 319,316 451,084 22,000 Tsumura & Co. 282,249 475,297 47,000 Kitz Corp. 343,848 274,032 10,700 World Co. Ltd. 530,220 457,871 16,000 Komori Corp. 334,946 295,639 15,200 Kuroda Electric Co. Ltd. 456,498 436,614 Basic Industries (29.70%) 3,869,235 4,353,482 68,000 Mitsubishi Electric Corp. 452,058 439,894 41,000 Shimadzu Corp. 335,459 315,261 20,500 Asahi Breweries Ltd. 286,877 299,269 12,100 Terumo Corp. 285,066 426,784 9,862 KOSE Corp. 352,870 416,609 47,000 Tokuyama Corp. 386,050 408,272 9,300 Mandom Corp. 284,073 295,327 104,000 SANYO Electric Co. Ltd. 531,098 325,133 Industrial Products (26.73%) 3,823,646 3,918,540 4,300 Sega Sammy Holdings Inc. 334,525 321,926 3,600 TDK Corp. 235,101 299,971 3,100 Nidec Corp. 241,067 400,598 30,000 Toto Ltd. 336,672 289,890 288 NTT DoCoMo Inc. 905,103 520,182 7,300 Square Enix Co. Ltd. 267,890 271,572 Consumer Products (15.34%) 2,361,216 2,248,125 Technology & Information Processing (8.13%) 1,414,060 1,192,352 11,100 Benesse Corp. 448,069 434,893 5,500 SECOM Co. Ltd. 473,708 289,283 Total of Japanese Equities (97.92%) 24,300 Toho Co. 482,249 428,336 (note 10) 1 14,378,163 14,353,432 Consumer Services (7.86%) 1,404,026 1,152,512 Total of Investments before Short-Term Investment (97.92%) 14,378,163 14,353,432 42,000 Bank of Fukuoka Ltd. (The) 305,275 303,693 43,000 Bank of Kyoto Ltd. (The) 425,275 446,568 32 CIBC Japanese Equity Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 225,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 223,535 223,966 Total of Short-Term Investment (1.53%) 223,535 223,966 Total of Investments (99.45%) 14,601,698 14,577,398 Unrealized Gain on Forward Foreign Currency Contracts (0.98%) 144,370 Other Assets, less Liabilities (–0.43%) (63,297) Total of Net Assets (100.00%) 14,658,471 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) Citibank N.A., New York A1+ 2005/08/16 CAD 2,152,180 JPY 186,000,000 1 86.424 90.163 89,246 Royal Bank of Canada A1+ 2005/08/16 CAD 61,992 JPY 5,215,000 1 84.124 90.163 4,152 Royal Bank of Canada A1+ 2005/08/16 CAD 58,866 JPY 5,000,000 1 84.939 90.163 3,411 Royal Bank of Canada A1+ 2005/08/16 CAD 62,529 JPY 5,500,000 1 87.959 90.163 1,529 State Street Trust Co. Canada A1+ 2005/08/16 CAD 3,013,912 JPY 253,470,000 1 84.100 90.163 202,665 State Street Trust Co. Canada A1+ 2005/08/16 CAD 58,232 JPY 5,000,000 1 85.863 90.163 2,776 Royal Bank of Canada A1+ 2005/08/16 JPY 6,000,000 CAD 71,397 1 0.012 0.011 (4,851) Royal Bank of Canada A1+ 2005/08/16 JPY 247,685,000 CAD 2,881,465 1 0.012 0.011 (134,380) State Street Trust Co. Canada A1+ 2005/08/16 JPY 10,000,000 CAD 117,074 1 0.012 0.011 (6,164) State Street Trust Co. Canada A1+ 2005/08/16 JPY 5,000,000 CAD 56,172 1 0.011 0.011 (716) State Street Trust Co. Canada A1+ 2005/09/06 CAD 840,759 USD 670,997 0.798 0.818 20,301 State Street Trust Co. Canada A1+ 2005/09/06 CAD 606,782 USD 488,428 0.805 0.818 9,559 State Street Trust Co. Canada A1+ 2005/09/06 CAD 382,260 USD 305,000 0.798 0.818 9,322 Toronto-Dominion Bank (The) A1+ 2005/09/06 CAD 383,037 USD 305,000 0.796 0.818 10,100 Citibank N.A., New York A1+ 2005/09/06 USD 798,085 CAD 1,000,000 1.253 1.223 (24,146) Citibank N.A., New York A1+ 2005/09/06 USD 1,220,000 CAD 1,521,865 1.247 1.223 (30,116) Royal Bank of Canada A1+ 2005/09/06 USD 360,000 CAD 448,506 1.246 1.223 (8,318) 144,370 *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC Emerging Economies Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) International Equities 14,000,000 Corpbanca SA 89,589 89,711 4,642 Banco Bradesco SA, Preferred 90,624 200,191 Chile (0.48%) 268,368 289,494 2,160 Banco Itau Holding Financeira SA, ADR 99,593 244,715 8,270 Brasil Telecom Participa¸c˜oes SA, ADR 339,788 365,660 150,000 Asia Aluminum Holdings Ltd. 21,252 21,622 4,463,000 Companhia de Saneamento Basico do 168,000 Beijing Capital International Airport Co. Estado de Sao Paulo 305,840 479,347 Ltd., Series ’H’ 74,572 81,803 3,277,500 Companhia de Tecidos Norte de Minas, 190,500 China Mobile (Hong Kong) Ltd. 693,175 864,343 Preferred 305,344 362,059 9,500 China Mobile (Hong Kong) Ltd., ADR 159,495 216,306 8,973,400 Companhia Energetica de Minas 1,400 China Petroleum and Chemical Corp., Gerais, Preferred 118,159 349,056 ADR 75,418 66,908 4,621,000 Companhia Paranaense de Energia- 562,000 China Petroleum and Chemical Corp. Copel 15,356 26,603 (Sinopec), Series ’H’ 281,684 268,228 49,672,400 Companhia Paranaense de Energia- 211,700 China Resources Enterprise Ltd. 280,044 398,759 Copel, Preferred, Series ’B’ 226,166 344,706 224,000 China Shenhua Energy Co. Ltd. 269,395 264,709 4,200 Companhia Vale do Rio Doce, ADR 140,867 150,621 901,700 China Telecom Corp. Ltd., Series ’H’ 377,155 394,291 21,141 Duratex SA, Preferred 132,543 214,911 941,200 Denway Motors Ltd. 398,707 408,666 13,460 Empresa Brasileira de Aeronautica SA, 1,177,700 Huadian Power International Corp. Ltd., ADR, Preferred 387,175 545,186 Class ’H’ 371,489 406,244 31,300 Grendene SA 364,580 268,670 161,800 Huaneng Power International Inc., 21,840 Petroleo Brasileiro SA, ADR 504,069 1,394,458 Series ’H’ 146,628 145,276 10,480 Telecomunicacoes Brasileiras SA, ADR, 598,000 Sinotrans Ltd., Series ’H’ 218,083 227,531 Preferred 378,967 391,495 11,000 Weiqiao Textile Co. Ltd., Series ’H’ 18,008 18,901 9,182 Telecomunicacoes de Sao Paulo SA, China (6.30%) 3,385,105 3,783,587 Preferred 155,185 227,930 5,800 Telemar Norte Leste SA 118,495 170,655 18,400 Pliva D.D., GDR 338,204 288,465 114,011,597 Telemig Celular Participacoes SA, Preferred 204,598 223,521 Croatia (0.48%) 338,204 288,465 4,220 Uniao de Bancos Brasileiros SA, ADR 187,138 199,613 12,155 Commercial International Bank, GDR 49,454 119,100 Brazil (10.25%) 4,074,487 6,159,397 5,409 Suez Cement Co. 51,484 93,952 5,050 Banco Santander Chile SA, ADR 178,779 199,783 Egypt (0.35%) 100,938 213,052

33 CIBC Emerging Economies Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 59,100 Beijing Enterprises Holdings Ltd. 86,864 101,347 74,728 Nedbank Group Ltd. 1,082,570 1,018,982 422,400 Brilliance China Automotive Holdings 153,500 Network Healthcare Holdings Ltd. 160,861 172,244 Ltd. 110,204 90,712 307,500 Sanlam Ltd. 604,313 660,628 427,400 CNOOC Ltd. 286,118 310,147 63,419 Sappi Ltd. 1,035,885 851,612 150,000 Panva Gas Holdings Ltd. 77,594 76,679 21,800 Sasol Ltd. 368,363 719,580 170,100 Shanghai Industrial Holdings Ltd. 416,638 405,055 58,600 Shoprite Holdings Ltd. 62,902 157,229 747,400 Sinopec Yizheng Chemical Fibre Co. 128,665 Steinhoff International Holdings Ltd. 141,331 362,249 Ltd. 141,892 144,232 South Africa (10.67%) 5,521,962 6,411,323 Hong Kong (1.88%) 1,119,310 1,128,172 3,510 Cheil Jedang Corp. 185,174 319,013 2,095 Gedeon Richter Rt 276,542 376,834 4,840 Daelim Industrial Co. Ltd. 302,794 314,037 105,600 Magyar Tavkozlesi Rt., Registered 540,159 552,759 3,590 Hyundai Department Store Co., Ltd. 122,757 201,473 4,280 Hyundai Development Co. 42,932 121,782 Hungary (1.55%) 816,701 929,593 8,280 Hyundai Motor Co. Ltd. 339,710 559,197 30,100 Dr. Reddy’s Laboratories Ltd., ADR 699,487 623,781 29,820 Industrial Bank of Korea 236,255 340,622 13,500 Gail India Ltd., GDR 289,309 503,485 8,820 INI Steel Co. 81,681 146,369 19,200 Hindalco Industries Ltd., GDR, 30,086 Kangwon Land Inc. 449,574 526,558 Registered 423,988 599,662 15,050 Kia Motors Corp. 165,788 242,798 1,600 ICICI Bank Ltd., ADR 22,403 42,819 14,823 Kookmin Bank 613,384 820,163 91,700 Mahanagar Telephone Nigam Ltd., ADR 573,564 710,949 4,500 Kookmin Bank, ADR 244,432 251,219 34,900 Reliance Industries Ltd., GDR 789,725 1,269,542 30,520 Korea Electric Power Corp. 716,495 1,141,840 13,200 State Bank of India, GDR 398,435 645,724 2,600 Korea Electric Power Corp., ADR 39,863 49,901 32,500 KT Corp., ADR 910,749 855,829 India (7.32%) 3,196,911 4,395,962 11,900 Kumho Tire Co. Ltd. 105,478 106,107 11,200 LG Chem Ltd. 526,624 500,930 961,200 PT Bank Mandiri 167,304 180,422 4,340 LG Electronics Inc. 272,013 334,532 204,000 PT Gudang Garam TBK 334,314 323,646 1,150 POSCO 139,185 245,538 2,159,700 PT Indofood Sukses Makmur TBK 259,503 297,916 7,600 POSCO, ADR 270,831 409,294 692,100 PT Telekomunikasi Indonesia 258,691 438,134 6,340 Samsung Corp. 69,522 101,126 20,320 Samsung Electro Mechanics Co. Ltd. 783,563 575,550 Indonesia (2.06%) 1,019,812 1,240,118 2,414 Samsung Electronics Co. Ltd. 1,098,484 1,401,619 39,400 Bank Hapoalim Ltd. 110,505 151,184 7,870 Samsung Fire & Marine Insurance 613,897 774,792 42,000 Bank Leumi Le Israel 152,245 131,870 3,670 Samsung SDI Co. Ltd. 459,742 417,073 60,020 Supersol Ltd. 174,178 172,050 2,000 SK Telecom Co. Ltd. 486,232 430,795 7,900 SK Telecom Co. Ltd., ADR 193,948 197,389 Israel (0.76%) 436,928 455,104 South Korea (18.95%) 9,471,107 11,385,546 253,300 Commerce Asset-Holding BHD 384,398 411,731 283,800 Gamuda BHD 585,736 378,012 222,390 Accton Technology Corp. 358,444 146,152 95,300 Genting BHD 489,631 579,927 335,000 Advanced Semiconductor Engineering 88,500 Kuala Lumpur Kepong Berhad 200,478 195,312 Inc. 279,433 305,701 100,400 MK Land Holdings BHD 56,843 35,496 145,112 Asustek Computer Inc. 380,628 501,063 55,000 Proton Holdings BHD 153,155 124,979 352,800 Benq Corp. 449,920 417,863 109,800 Resorts World BHD 344,335 335,546 227,000 China Motor Corp. Ltd. 420,019 286,970 333,400 Sime Darby BHD 629,600 623,032 850,838 Compal Electronics Inc. 1,248,051 1,033,428 133,468 Delta Electronics Inc. 207,409 253,378 Malaysia (4.47%) 2,844,176 2,684,035 125,902 Elan Microelectronics Corp. 118,967 78,450 543,000 First Financial Holding Co. Ltd. 478,479 549,819 6,984 Cemex SA de CV, ADR 184,927 362,861 179,000 Nien Hsing Textile Co. Ltd. 237,620 184,088 31,530 Coca-Cola Femsa SA de CV, ADR 940,825 1,031,485 98,000 Optimax Technology Corp. 297,414 276,997 5,000 Consorcio ARA SA de CV 18,281 21,047 356,683 Quanta Computer Inc. 818,845 834,402 367,700 Controladora Commerciale Mexicana 992,455 SinoPac Holdings Co. 516,460 609,614 SA de CV 412,685 538,907 33,000 Sunplus Technology Co. Ltd. 57,274 56,927 652,932 Desc SA de CV, Series ’B’ 317,798 221,804 101,000 Taishin Financial Holdings Co. Ltd. 105,308 103,523 8,000 Embotelladoras Arca SA, Series ’B’ 19,945 20,896 259,520 Taiwan Mobile Co. Ltd. 263,457 327,199 161,900 Grupo Continental SA, Series ’I’ 357,329 329,805 1,733,982 United Microelectronics Corp. 1,743,905 1,552,124 142,300 Kimberly-Clark de Mexico SA de CV, 1,270,000 Yageo Corp. 535,984 602,055 Series ’A’ 507,587 594,145 66,300 Telefonos de Mexico SA de CV, ADR 1,597,708 1,533,948 Taiwan (13.53%) 8,517,617 8,119,753 Mexico (7.75%) 4,357,085 4,654,898 437,000 C.P. 7-Eleven Public Co. Ltd. 70,160 77,721 1,552,000 Charoen Pokphand Foods Public Co. 254,100 ABS-CBN Broadcasting Corp. 126,738 58,177 Ltd. 203,805 195,057 248,820 Bank of the Philippine Islands 234,636 264,323 142,000 Delta Electronics (Thailand) Public Co. 222,000 Manila Electric Co., Class ’B’ 60,708 104,481 Ltd. 119,762 71,134 Philippines (0.71%) 422,082 426,981 1,569,100 Krung Thai Bank Public Co. Ltd. 445,702 423,249 276,500 Siam Commercial Bank Public Co. Ltd. 313,868 383,595 25,000 KGHM Polska Miedz SA 197,801 310,026 96,600 Siam Makro Public Co. Ltd. 107,977 168,941 13,100 Powszechna Kasa Oszczednosci Bank 214,700 Thai Farmers Bank Public Co. Ltd. 291,517 360,894 Polski SA 111,054 129,791 41,600 Telekomunikacja Polska SA 210,186 313,346 Thailand (2.80%) 1,552,791 1,680,591 Poland (1.25%) 519,041 753,163 24,793 Tupras-Turkiye Petrol Rafinerileri AS 319,175 432,420 13,190 Gazprom, ADR, Registered 565,487 584,977 Turkey (0.72%) 319,175 432,420 30,800 LUKOIL, ADR 814,086 1,388,226 208,122 Old Mutual PLC 462,506 555,828 Russia (3.28%) 1,379,573 1,973,203 United Kingdom (0.93%) 462,506 555,828 95,200 Alexander Forbes Ltd. 213,460 224,815 Total of International Equities (96.49%) 50,123,879 57,960,685 133,760 Aveng Ltd. 241,679 302,665 36,872 Bidvest Group Ltd. 316,139 490,227 Total of Investments before Short-Term 141,000 Illovo Sugar Ltd. 213,462 223,575 Investment (96.49%) 50,123,879 57,960,685 5,451 Impala Platinum Holdings Ltd. 554,283 595,205 232,000 Nampak Ltd. 526,714 632,312

34 CIBC Emerging Economies Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 471,656 Mellon Bank NA Deposit Trust Reserve, Variable Rate, (USD) 580,096 577,894 Total of Short-Term Investment (0.96%) 580,096 577,894 Total of Investments (97.45%) 50,703,975 58,538,579 Other Assets, less Liabilities (2.55%) 1,530,183 Total of Net Assets (100.00%) 60,068,762 The accompanying notes are an integral part of these financial statements.

CIBC Far East Prosperity Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) International Equities 158,000 Ajinomoto Co. Inc. 2,342,862 2,149,707 98,500 Asahi Breweries Ltd. 1,378,661 1,437,949 77,507 Australia and New Zealand 211,000 Bank of Fukuoka Ltd. (The) 1,545,484 1,525,695 Banking Group Ltd. 1,387,170 1,569,741 228,000 Bank of Kyoto Ltd. (The) 2,281,735 2,367,849 62,033 BHP Billiton Ltd. 1,046,229 1,038,970 59,700 Benesse Corp. 2,409,881 2,339,022 19,574 Commonwealth Bank of 142,000 Brother Industries Ltd. 1,408,110 1,591,010 Australia 665,331 692,099 38,740 Fuji Seal Inc. 1,827,826 1,506,311 224,911 Domino’s Pizza Australia New 71,800 Hitachi Chemical Co. Ltd. 1,581,654 1,605,023 Zealand Ltd. 523,150 497,645 25,000 Honda Motor Co. Ltd. 1,530,238 1,505,246 175,856 Gunns Ltd. 659,568 703,165 97,900 Ibiden Co. Ltd. 2,217,092 3,131,992 101,021 Macquarie Communications 519,000 ITOCHU Corp. 2,611,688 3,197,662 Infrastructure Group 484,348 592,956 242,000 Kitz Corp. 1,725,271 1,410,974 314,279 Macquarie Infrastructure 86,000 Komori Corp. 1,692,102 1,589,060 Group NPV 1,162,717 1,214,388 51,818 KOSE Corp. 2,027,395 2,188,994 188,475 Metcash Ltd. 658,043 689,764 81,700 Kuroda Electric Co. Ltd. 2,453,748 2,346,798 19,514 National Australia Bank Ltd. 531,325 559,254 47,600 Mandom Corp. 1,451,703 1,511,568 140,803 Origin Energy Ltd. 867,341 997,726 198,900 Mitsubishi Corp. 2,729,638 3,297,585 47,219 Publishing & Broadcasting Ltd. 666,539 653,000 373,000 Mitsubishi Electric Corp. 2,479,670 2,412,948 83,820 QBE Insurance Group Ltd. 1,206,207 1,250,188 222 Mitsubishi Tokyo Financial 12,073 Rio Tinto Ltd. 528,271 502,360 Group Inc. 2,467,462 2,294,128 67,090 SFE Corp. Ltd. 654,045 665,049 15,900 Nidec Corp. 1,517,004 2,054,678 41,833 Suncorp-Metway Ltd. 561,370 783,556 34,700 Nitto Denko Corp. 1,840,685 2,423,808 9,046 Wesfarmers Ltd. 295,899 336,067 1,561 NTT DoCoMo Inc. 4,302,001 2,819,458 39,911 Westfield Group 659,800 659,488 37,400 ONO Pharmaceutical Co. Ltd. 1,949,596 2,169,068 51,913 Westpac Banking Corp. Ltd. 952,572 964,022 611,000 SANYO Electric Co. Ltd. 2,853,370 1,910,155 37,103 Woodside Petroleum Ltd. 832,037 1,010,770 32,000 SECOM Co. Ltd. 1,856,497 1,683,100 46,109 Woolworths Ltd. 676,507 708,720 21,300 Sega Sammy Holdings Inc. 1,654,050 1,594,655 Australia (12.46%) (note 10) 1 15,018,469 16,088,928 217,000 Shimadzu Corp. 1,759,099 1,668,576 62,100 Shuei Yobiko Co. Ltd. 2,386,153 2,224,155 127,000 Esprit Holdings Ltd. 556,392 1,121,339 41,300 Square Enix Co. Ltd. 1,510,293 1,536,426 430,000 Golden Resorts Group Ltd. 231,622 133,473 154,000 Sumitomo Corp. 1,527,703 1,505,312 226,000 Shangri-La Asia Ltd. 298,376 426,821 18,100 TDK Corp. 1,335,399 1,508,188 16,000 VTech Holdings Ltd. 36,018 45,768 65,700 Terumo Corp. 1,721,537 2,317,330 121,800 Toho Co. 2,413,686 2,146,968 Bermuda (1.34%) 1,122,408 1,727,401 269,000 Tokuyama Corp. 2,221,115 2,336,714 320,000 Tokyo Gas Co. Ltd. 1,413,222 1,464,964 1,210,000 Bank of Communications Ltd., 153,000 Toto Ltd. 1,718,811 1,478,440 Class ’H’ 531,089 533,830 122,000 Tsumura & Co. 1,715,247 2,635,741 121,000 China Mobile (Hong Kong) Ltd. 494,516 549,005 56,700 World Co. Ltd. 2,161,211 2,426,289 474,000 China Shipping Development Co. Ltd., Class ’H’ 495,570 437,612 Japan (59.84%) (note 10) 2 76,018,899 77,313,546 736,000 Denway Motors Ltd. 327,380 319,569 693,876 Genting BHD 693,876 708,326 China (1.42%) 1,848,555 1,840,016 386,460 Malaysia International Shipping Corp. BHD 386,460 427,854 610,000 China Sciences Conservational Power Ltd. 75,191 72,592 Malaysia (0.88%) 1,080,336 1,136,180 680,000 CNOOC Ltd. 490,946 493,449 1,202,000 Hans Energy Co. Ltd. 188,010 112,186 416,000 Capitaland Ltd. 592,402 716,859 116,000 Kingboard Chemical Holdings 700,000 Citiraya Industries Ltd. 514,800 50,813 Ltd. 274,938 451,287 57,000 DBS Group Holdings Ltd. 666,908 590,159 234,500 Lifestyle International Holdings 359,000 SembCorp Industries Ltd. 656,128 693,986 Ltd. 334,768 471,519 134,000 Melco International Singapore (1.59%) 2,430,238 2,051,817 Development Ltd. 93,252 196,358 6,676 CJ Home Shopping 663,261 609,328 594,000 Moulin Global Eyecare 34,380 Hynix Semiconductor Inc. 660,028 682,354 Holdings Ltd. 554,261 196,547 23,700 Hyundai Engineering & 1,520,000 Semiconductor Manufacturing Construction Co. Ltd. 659,211 777,319 International Corp. 397,095 383,804 7,820 Hyundai Mobis 665,130 640,685 882,000 Solomon Systech International 12,460 Kookmin Bank 470,770 689,417 Ltd. 394,879 380,758 14,390 KT&G Corp. 645,968 687,582 469 SUNeVision Holdings Ltd. 921 103 21,910 LG Corp. 647,476 675,814 36,500 Swire Pacific Ltd., Class ’A’ 401,639 394,065 2,740 POSCO 551,754 585,020 68,000 Television Broadcasts Ltd. 430,604 469,474 6,400 Samsung Electronics Co. Ltd. 3,082,171 3,715,973 359,000 Tencent Holdings Ltd. 353,077 332,109 14,280 Shinhan Financial Group Co. Hong Kong (3.06%) 3,989,581 3,954,251 Ltd. 432,236 451,126 1,860 Shinsegae Co. Ltd. 474,298 715,375

35 CIBC Far East Prosperity Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 10,630 S-Oil Corporation 810,635 1,037,838 416,000 Taiwan Fertilizer Co. Ltd. 657,919 672,529 239,399 Taiwan Semiconductor South Korea (8.72%) (note 10) 3 9,762,938 11,267,831 Manufacturing Co. 464,945 511,441 392,000 Acer Inc. 906,923 946,831 215,000 Tripod Technology Corp. 409,984 563,535 319,000 Chi Mei Optoelectronics Corp. 645,872 606,629 591,000 Vanguard International 619,000 Far Eastern Textile Ltd. 527,219 540,310 Semiconductor Corp. 642,564 690,614 116,862 Hon Hai Precision Industry Co. Taiwan (6.88%) (note 10) 4 8,357,227 8,893,800 Ltd. 640,020 743,298 353,000 Huaku Construction Corp. 518,017 483,535 94,500 PTT Public Co. Ltd. 439,852 610,651 47,250 International Bank of Taipei 33,433 40,908 220,000 Kinsus Interconnect Thailand (0.47%) 439,852 610,651 Technology Corp. 504,120 600,354 Total of International Equities (96.66%) 120,068,503 124,884,421 598,000 Mitac International Corp. 776,327 805,654 984,000 Nanya Technology Corp. 919,415 934,165 Total of Investments before Short-Term 13,870 Optimax Technology Corp. 57,189 39,204 Investments (96.66%) 120,068,503 124,884,421 595,000 Siliconware Precision Industries Co. 653,280 714,793

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 1,800,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 1,788,282 1,791,749 1,075,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 1,075,000 1,075,075 Total of Short-Term Investments (2.22%) 2,863,282 2,866,824 Total of Investments (98.88%) 122,931,785 127,751,245 Unrealized Gain on Forward Foreign Currency Contracts (0.15%) 191,645 Other Assets, less Liabilities (0.97%) 1,253,615 Total of Net Assets (100.00%) 129,196,505 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) Citibank N.A., New York A1+ 2005/08/24 CAD 3,178,963 AUD 3,360,000 1 1.057 1.076 56,540 State Street Trust Co. Canada A1+ 2005/08/24 CAD 526,713 AUD 550,000 1 1.044 1.076 15,602 State Street Trust Co. Canada A1+ 2005/08/24 CAD 593,688 AUD 625,000 1 1.053 1.076 12,880 State Street Trust Co. Canada A1+ 2005/08/24 CAD 610,071 AUD 650,000 1 1.065 1.076 6,030 State Street Trust Co. Canada A1+ 2005/08/24 CAD 1,914,233 AUD 2,020,000 1 1.055 1.076 37,062 State Street Trust Co. Canada A1+ 2005/08/24 CAD 1,095,042 AUD 1,150,000 1 1.050 1.076 26,355 Royal Bank of Canada A1+ 2005/08/24 AUD 870,000 CAD 813,511 1 0.935 0.929 (5,026) State Street Trust Co. Canada A1+ 2005/08/24 AUD 764,000 CAD 724,043 1 0.948 0.929 (14,063) State Street Trust Co. Canada A1+ 2005/08/24 AUD 1,575,000 CAD 1,495,195 1 0.949 0.929 (31,559) State Street Trust Co. Canada A1+ 2005/08/24 AUD 25,000 CAD 23,853 1 0.954 0.929 (621) State Street Trust Co. Canada A1+ 2005/08/24 AUD 1,375,000 CAD 1,309,289 1 0.952 0.929 (31,512) State Street Trust Co. Canada A1+ 2005/08/24 AUD 25,000 CAD 23,625 1 0.945 0.929 (393) Royal Bank of Canada A1+ 2005/08/31 CAD 98,989 HKD 625,000 6.314 6.355 640 State Street Trust Co. Canada A1+ 2005/08/31 CAD 519,586 HKD 3,250,000 6.255 6.355 8,171 State Street Trust Co. Canada A1+ 2005/08/31 CAD 6,310,518 HKD 39,520,000 6.263 6.355 91,713 State Street Trust Co. Canada A1+ 2005/08/31 CAD 227,545 HKD 1,425,000 6.262 6.355 3,309 State Street Trust Co. Canada A1+ 2005/08/31 CAD 36,282 HKD 225,000 6.201 6.355 877 State Street Trust Co. Canada A1+ 2005/08/31 CAD 379,861 HKD 2,400,000 6.318 6.355 2,201 Toronto-Dominion Bank (The) A1+ 2005/08/31 CAD 1,312,338 HKD 8,220,000 6.264 6.355 18,852 Citibank N.A., New York A1+ 2005/08/31 HKD 45,180,000 CAD 7,248,295 0.160 0.157 (138,841) Royal Bank of Canada A1+ 2005/08/31 HKD 32,185,705 CAD 5,235,150 0.163 0.157 (170,459) State Street Trust Co. Canada A1+ 2005/08/31 HKD 3,725,000 CAD 590,746 0.159 0.157 (4,586) State Street Trust Co. Canada A1+ 2005/08/31 HKD 3,450,000 CAD 548,402 0.159 0.157 (5,516) State Street Trust Co. Canada A1+ 2005/08/31 HKD 1,875,000 CAD 296,977 0.158 0.157 (1,930) Citibank N.A., New York A1+ 2005/08/16 CAD 4,003,518 JPY 346,000,000 2 86.424 90.163 166,017 Royal Bank of Canada A1+ 2005/08/16 CAD 216,169 JPY 18,185,000 2 84.124 90.163 14,478 Royal Bank of Canada A1+ 2005/08/16 CAD 529,792 JPY 45,000,000 2 84.939 90.163 30,695 State Street Trust Co. Canada A1+ 2005/08/16 CAD 7,457,122 JPY 627,143,938 2 84.100 90.163 501,441 State Street Trust Co. Canada A1+ 2005/08/16 CAD 2,387,497 JPY 205,000,000 2 85.864 90.163 113,832 State Street Trust Co. Canada A1+ 2005/08/16 CAD 1,207,481 JPY 104,400,000 2 86.461 90.163 49,576 State Street Trust Co. Canada A1+ 2005/08/16 CAD 757,055 JPY 65,000,000 2 85.859 90.163 36,137 State Street Trust Co. Canada A1+ 2005/08/16 CAD 820,200 JPY 70,000,000 2 85.345 90.163 43,827 Royal Bank of Canada A1+ 2005/08/16 JPY 449,500,000 CAD 5,229,298 2 0.012 0.011 (243,874) State Street Trust Co. Canada A1+ 2005/08/16 JPY 335,000,000 CAD 3,921,982 2 0.012 0.011 (206,482) State Street Trust Co. Canada A1+ 2005/08/16 JPY 330,900,000 CAD 3,873,573 2 0.012 0.011 (203,547) State Street Trust Co. Canada A1+ 2005/07/06 KRW 700,030,000 USD 687,652 3 0.001 0.001 (12,632) State Street Trust Co. Canada A1+ 2005/07/06 KRW 315,000,000 USD 313,433 3 0.001 0.001 (10,586) State Street Trust Co. Canada A1+ 2005/07/06 KRW 3,749,230,000 USD 3,752,983 3 0.001 0.001 (153,445) State Street Trust Co. Canada A1+ 2005/07/06 USD 2,496,172 KRW 2,542,850,000 3 1,018.700 1,033.500 43,783 State Street Trust Co. Canada A1+ 2005/07/06 USD 4,031,403 KRW 4,106,790,000 3 1,018.700 1,033.500 70,709 State Street Trust Co. Canada A1+ 2005/07/06 USD 864,369 KRW 876,470,000 3 1,014.000 1,033.500 19,976 State Street Trust Co. Canada A1+ 2005/09/19 NZD 325,765 CAD 286,673 0.880 0.844 (11,777) State Street Trust Co. Canada A1+ 2005/07/18 PHP 10,755,000 CAD 244,154 0.023 0.022 (9,042) State Street Trust Co. Canada A1+ 2005/09/14 CAD 54,919 SGD 75,000 1.366 1.376 408 Royal Bank of Canada A1+ 2005/09/14 SGD 1,336,551 CAD 1,010,243 0.756 0.727 (38,822) State Street Trust Co. Canada A1+ 2005/08/16 CAD 681,219 THB 21,506,088 31.570 33.816 45,245 State Street Trust Co. Canada A1+ 2005/08/16 THB 36,150,000 CAD 1,085,357 0.030 0.030 (16,337) State Street Trust Co. Canada A1+ 2005/07/25 TWD 42,030,000 USD 1,343,670 4 0.032 0.032 (18,399) State Street Trust Co. Canada A1+ 2005/07/25 USD 1,430,961 TWD 44,674,610 4 31.220 31.634 22,917 State Street Trust Co. Canada A1+ 2005/07/25 USD 1,072,986 TWD 33,960,000 4 31.650 31.634 (670) Royal Bank of Canada A1+ 2005/09/06 CAD 1,285,389 USD 1,050,000 0.817 0.818 1,507

36 CIBC Far East Prosperity Fund (Cont’d***)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/09/06 CAD 3,126,630 USD 2,495,315 0.798 0.818 75,496 State Street Trust Co. Canada A1+ 2005/09/06 CAD 1,013,079 USD 815,476 0.805 0.818 15,960 State Street Trust Co. Canada A1+ 2005/09/06 USD 485,000 CAD 603,413 1.244 1.223 (10,381) State Street Trust Co. Canada A1+ 2005/09/06 USD 15,000 CAD 18,432 1.229 1.223 (91) 191,645 *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC Latin American Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) International Equities 16,550 Votorantim Celulose e Papel SA, ADR 290,993 245,272 106,000 Aluar Aluminio Argentino S.A.I.C. 185,360 163,408 Brazil (55.11%) 3,821,479 5,065,156 27,600 BBVA Banco Frances SA, ADR 219,033 211,278 5,150 Banco Santander Chile SA, ADR 159,465 203,739 Argentina (4.08%) 404,393 374,686 9,900 Compania de Telecomunicaciones de Chile SA, ADR 134,469 123,317 8,750,000 AES Tiete SA, Preferred 189,979 190,605 4,000 Masisa SA, ADR 66,370 87,745 4,200 Banco Bradesco SA, Preferred 84,980 181,129 1,335 Banco Itau Holding Financeira SA, Chile (4.51%) 360,304 414,801 Preferred 108,108 301,195 4,500 Brasil Telecom Participa¸c˜oes SA, ADR 211,104 198,969 2,428 Tenaris SA, ADR 135,938 232,760 5,130,000 Companhia Brasileira de Distribuicao Grupo Pao de Acucar, Preferred 126,336 125,053 Luxembourg (2.53%) 135,938 232,760 960 Companhia de Bebidas das Americas, 10,341 Cemex SA de CV, ADR 370,869 537,277 ADR 18,114 29,936 5,800 Coca-Cola Femsa SA de CV, ADR 173,054 189,744 4,800 Companhia de Bebidas das Americas, 64,900 Consorcio ARA SA de CV 170,867 273,189 ADR, Preferred 109,945 181,662 96,400 Controladora Commerciale Mexicana 2,137,700 Companhia de Tecidos Norte de Minas, SA de CV 94,344 141,285 Preferred 209,606 236,147 35,700 Embotelladoras Arca SA, Series ’B’ 87,353 93,288 8,999,000 Companhia Energetica de Minas 2,057 Fomento Economico Mexicano SA, Gerais, Preferred 178,443 350,052 Class ’B’ 116,433 150,081 34,000,000 Companhia Paranaense de Energia- 34,000 Grupo Cemetos de Copel 148,223 195,740 Chihuahua SA de CV 90,828 82,086 12,940 Companhia Vale do Rio Doce, 94,200 Grupo Continental SA, Series ’I’ 204,944 190,503 Preferred, Series ’A’ 179,832 397,313 46,100 Grupo Financiero Banorte SA de CV 185,800 373,335 34,552 Duratex SA, Preferred 277,046 342,282 18,300 Telefonos de Mexico SA de CV, ADR 446,238 423,397 16,800 Globex utilidades SA, Preferred 73,482 88,005 20,700 Urbi Desarrollos Urbanos SA de CV 98,462 138,991 20,800 Grendene SA 268,102 178,541 15,500 Petroleo Brasileiro SA, ADR 598,117 874,042 Mexico (28.22%) 2,039,192 2,593,176 60,000 Randon SA Implementos e Participacoes, Preferred 209,107 171,156 8,000 Compania de Minas Buenaventura SA, 16,000 Souza Cruz SA 164,732 236,091 ADR, Series ’B’ 215,395 225,268 12,132,120 Telemig Celular Participa¸c˜oes SA 44,390 56,946 Peru (2.45%) 215,395 225,268 3,850 Telemig Celular Participa¸c˜oes SA, ADR 130,322 153,960 123,902,420 Tim Participa¸c˜oes SA 153,750 273,115 Total of International Equities (96.90%) 6,976,701 8,905,847 3,000 Tim Participa¸c˜oes SA, ADR 46,768 57,945 Total of Investments before Short-Term Investments (96.90%) 6,976,701 8,905,847

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 23,083 CIBC Mellon Trust Demand Deposit, Variable Rate 23,083 23,095 192,314 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 238,457 235,708 Total of Short-Term Investments (2.82%) 261,540 258,803 Total of Investments (99.72%) 7,238,241 9,164,650 Other Assets, less Liabilities (0.28%) 25,513 Total of Net Assets (100.00%) 9,190,163 The accompanying notes are an integral part of these financial statements.

37 CIBC International Small Companies Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) International Equities 28,790 Astaldi SPA 236,892 212,069 150,000 C.I.R. SPA 254,042 506,628 120,000 ABC Learning Centres Ltd. 438,640 624,401 45,000 Credito Emiliano SPA 500,960 559,271 457,000 Bendigo Mining Ltd. 475,764 442,055 170,000 Hera SPA 503,417 579,991 160,000 DCA Group Ltd. 527,881 564,554 85,000 Milano Assicurazioni SPA 515,194 647,776 130,000 Healthscope Ltd. 456,686 569,176 42,020 Recordati SPA 364,425 370,175 150,000 McGuigan Simeon Wines Ltd. 618,019 554,478 9,590 Tod’s SPA 606,739 559,383 55,000 Origin Energy Ltd. 380,417 389,729 65,000 Sigma Co. Ltd. 484,742 560,282 Italy (5.84%) 2,981,669 3,435,293 277,000 Timbercorp Ltd. 534,601 598,401 63,000 Transfield Services Ltd. 318,847 446,153 80,000 Aida Engineering Ltd. 588,145 507,028 40,000 Chiyoda Co. Ltd. 477,764 604,727 Australia (8.07%) 4,235,597 4,749,229 7,000 Citizen Electronics Co. Ltd. 430,771 438,671 50,000 CKD Corp. 451,558 446,181 4,500 Andritz AG 317,171 526,042 53,000 Daimei Telecom Engineering Corp. 570,505 607,620 3,660 Boehler-Uddeholm AG 563,809 592,327 55,000 Dowa Mining Co. Ltd. 479,851 446,940 5,000 EVN AG 415,296 442,963 12,000 F.C.C. Co. Ltd. 528,445 562,801 4,000 Palfinger AG 209,536 324,580 20,000 Hamamatsu Photonics K.K. 568,910 532,368 12,000 Semperit AG Holding 357,429 401,802 52,000 Hitachi Koki Co. Ltd. 549,440 596,841 9,000 Wiener Staedtische Allgemeine 12,000 Japan Petroleum Exploration Co. Ltd. 649,066 620,247 Versicherung AG 522,134 575,182 145 Kenedix Inc. 392,565 498,265 20,000 Kibun Food Chemifa Co. Ltd. 408,849 618,324 Austria (4.86%) 2,385,375 2,862,896 16,000 Kuroda Electric Co. Ltd. 404,624 459,593 5,700 Bekaert SA 504,355 524,393 75,000 Nabtesco Corp. 572,018 619,909 12,000 ICOS Vision Systems Corp. NV 370,554 399,218 160 Net One Systems Co. Ltd. 549,898 503,294 12,000 Omega Pharma SA 773,566 761,359 36,000 Nippon Seiki Co. Ltd. 540,719 604,706 13,730 Option NV 547,040 579,895 95,000 Ryobi Ltd. 517,701 480,641 30,000 Sanix Inc. 377,101 346,341 Belgium (3.85%) 2,195,515 2,264,865 8,000 Sysmex Corp. 277,382 635,238 60,000 Tokyo Tatemono Co. Ltd. 446,130 491,193 800,000 Bio-Treat Technology Ltd. 510,695 372,722 680,000 Midland Realty Holdings Ltd. 536,486 462,977 Japan (18.04%) 9,781,442 10,620,928 550,000 Noble Group Ltd. 172,607 576,863 1,750,000 Peace Mark (Holdings) Ltd. 495,129 569,872 6,530 Aalberts Industries NV 314,502 366,520 18,780 Axalto Holding NV 523,197 693,033 Bermuda (3.37%) 1,714,917 1,982,434 4,510 Randstad Holding NV 185,572 190,529 24,500 Trader Classified Media NV, Class ’A’ 318,051 484,507 340,000 FU JI Food & Catering Services 369,731 398,731 11,000 Univar NV 424,473 460,534 China (0.68%) 369,731 398,731 Netherlands (3.73%) 1,765,795 2,195,123 4,000 Bang & Olufsen AS, Series ’B’ 294,017 343,297 45,000 Storebrand ASA, Series ’A’ 388,747 513,958 37,470 GN Store Nord AS 367,124 518,310 Norway (0.87%) 388,747 513,958 Denmark (1.46%) 661,141 861,607 380,000 Jurong Technologies Industrial Corp. 36,980 Pohjola Group PLC, Series ’D’ 497,059 657,508 Ltd. 476,186 483,015 420,000 Parkway Holdings 374,555 571,904 Finland (1.12%) 497,059 657,508 650,000 Petra Foods Ltd. 544,852 490,027 13,500 BioMerieux 656,154 759,769 311,000 Sembcorp Marine Ltd. 254,040 592,303 652,500 Bull SA 738,375 645,813 Singapore (3.63%) 1,649,633 2,137,249 9,000 Carbone Lorraine SA 554,949 523,420 5,030 Cegedim SA 510,589 491,267 35,000 Enagas 571,843 758,024 4,180 Cegid 208,684 177,126 18,000 Promotora de Informaciones SA (Prisa) 465,116 426,685 5,570 Havas SA 40,927 37,210 1,510 Remy Cointreau SA 82,399 84,145 Spain (2.01%) 1,036,959 1,184,709 5,780 Sech ´ e ´ Environnement 601,078 613,811 16,000 SR Teleperformance 499,962 569,319 33,400 Brostrom AB, Class ’B’ 672,933 638,558 10,000 Zodiac SA 440,125 657,382 204,110 Intentia International AB, Class ’B’ 441,357 513,606 60,000 Intrum Justitia AB 605,678 508,685 France (7.74%) 4,333,242 4,559,262 Sweden (2.82%) 1,719,968 1,660,849 12,000 AWD Holding AG 677,907 616,512 2,920 Bijou Brigitte Modische Accessoires 430 A. Hiestand Holding AG 370,213 414,610 AG 367,504 662,822 23,000 Ascom Holding AG, Registered 291,334 369,008 5,400 ElringKlinger AG 361,346 475,045 1,000 Leica Geosystems AG 303,934 446,108 20,000 IVG Immobilien AG 411,594 452,920 8,800 Logitech International SA, Registered 344,269 346,144 30,000 OHB Technology AG 401,315 366,437 4,500 Rational AG 464,578 590,005 Switzerland (2.68%) 1,309,750 1,575,870 8,790 Rheinmetall AG 309,056 539,866 45,000 Admiral Group PLC 292,509 367,104 33,000 AWG PLC 542,606 694,562 Germany (6.29%) 2,993,300 3,703,607 80,000 Balfour Beatty PLC 528,512 579,066 28,400 Bank of Piraeus 458,549 646,097 44,000 Britannic Group PLC 485,406 495,794 66,000 CSR PLC 530,870 559,208 Greece (1.10%) 458,549 646,097 18,000 Forth Ports PLC 540,568 518,096 12,000 Inchcape PLC 430,022 540,509 900,000 Far East Consortium International Ltd. 287,366 461,463 500,000 Innovation Group PLC (The) 394,747 345,846 350,000 Kowloon Development Co. Ltd. 399,567 492,096 60,600 London Merchant Securities PLC 323,075 294,718 500,000 Moulin Global Eyecare Holdings Ltd. 318,924 165,443 25,000 National Express Group PLC 291,922 498,222 219,000 Vision Grande Group Holdings Ltd. 145,698 151,663 170,000 PD Ports PLC 423,170 398,511 270,000 YGM Trading Ltd. 508,262 545,279 429,000 Regus Group PLC 876,217 880,686 149,000 Tullow Oil PLC 519,703 608,972 Hong Kong (3.08%) 1,659,817 1,815,944 24,800 Weir Group PLC (The) 180,118 175,102 42,000,000 PT Bank Century TBK 590,165 578,397 22,140 Wilson Bowden PLC 621,347 549,955 Indonesia (0.98%) 590,165 578,397 United Kingdom (12.75%) 6,980,792 7,506,351 15,240 FBD Holdings PLC 443,994 564,950 Total of International Equities (97.79%) 50,823,248 57,572,782 38,400 Kingspan Group PLC 388,492 553,142 Total of Investments before Short-Term 26,000 Paddy Power PLC 281,599 543,783 Investment (97.79%) 50,823,248 57,572,782 Ireland (2.82%) 1,114,085 1,661,875

38 CIBC International Small Companies Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 499,155 CIBC Mellon Trust Demand Deposit, Variable Rate 499,155 499,506 Total of Short-Term Investment (0.85%) 499,155 499,506 Total of Investments (98.64%) 51,322,403 58,072,288 Other Assets, less Liabilities (1.36%) 800,744 Total of Net Assets (100.00%) 58,873,032 The accompanying notes are an integral part of these financial statements.

CIBC Financial Companies Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities Industrials (1.32%) 4,637,640 3,225,225 32,900 Astral Media Inc. 765,819 1,037,995 25,800 ATI Technologies Inc. 541,855 374,100 33,700 CanWest Global Communications Corp. 422,664 458,994 46,300 Celestica Inc. 937,910 759,320 4,500 Four Seasons Hotels Inc. 396,876 364,140 13,400 Cognos Inc. 431,715 560,656 21,400 Gildan Activewear Inc. 508,479 687,368 477,700 Nortel Networks Corp. 1,841,686 1,523,863 7,000 Magna International Inc., Class ’A’ 637,557 602,420 15,800 Open Text Corp. 402,583 273,814 20,700 Quebecor Inc., Class ’B’ 571,647 611,064 2,300 Research in Motion Ltd. 206,886 207,391 21,600 Quebecor World Inc. 534,603 518,400 46,200 Rona Inc. 413,259 1,140,216 Information Technology (1.52%) 4,362,635 3,699,144 16,700 Thomson Corp. (The) 797,770 685,034 60,600 Alcan Inc. 2,300,446 2,228,868 Consumer Discretionary (2.50%) 5,048,674 6,105,631 54,375 Barrick Gold Corp. 1,277,073 1,663,875 28,200 Domtar Inc. 388,980 255,492 23,200 Cott Corp. 624,924 619,208 60,100 Inco Ltd. 1,847,305 2,773,615 27,500 Jean Coutu Group (PJC) Inc., Class ’A’ 481,733 512,325 108,500 Placer Dome Inc. 1,675,120 2,034,375 54,900 Teck Cominco Ltd., Class ’B’ 600,339 2,269,566 Consumer Staples (0.46%) 1,106,657 1,131,533 Materials (4.60%) 8,089,263 11,225,791 98,940 EnCana Corp. 2,400,071 4,781,770 134,500 Nexen Inc. 2,350,054 5,003,400 97,100 BCE Inc. 2,778,624 2,815,900 33,300 Petro-Canada 1,524,170 2,655,675 28,100 Telus Corp., Non-Voting 455,546 1,174,299 44,500 Suncor Energy Inc. 1,101,529 2,577,440 57,825 Talisman Energy Inc. 1,181,584 2,654,168 Telecommunication Services (1.64%) 3,234,170 3,990,199 Energy (7.24%) 8,557,408 17,672,453 Total of Canadian Equities (77.17%) 134,404,106 188,286,203 263,000 Bank of Montreal 11,930,221 14,998,890 International Equities 538,600 Bank of Nova Scotia 14,823,921 21,834,844 25,400 UBS AG, Registered 2,592,304 2,424,238 155,900 Canadian Imperial Bank of Commerce 9,546,192 11,815,661 153,500 Great-West Lifeco Inc. 4,436,680 4,274,975 Switzerland (0.99%) 2,592,304 2,424,238 68,500 IGM Financial Inc. 2,068,614 2,579,025 108,600 Industrial Alliance Insurance and 130,000 Barclays PLC 1,656,915 1,578,931 Financial Services Inc. 2,232,095 3,070,122 100,000 Royal Bank of Scotland PLC 4,159,075 3,689,282 27,075 ING Canada Inc. 703,950 904,034 405,900 Manulife Financial Corp. 16,673,548 23,749,209 United Kingdom (2.16%) 5,815,990 5,268,213 90,500 National Bank of Canada 3,568,243 4,924,105 54,400 Bank of America Corp. 2,841,614 3,038,954 145,000 Power Corp. of Canada 2,664,520 4,454,400 162,333 Citigroup Inc. 9,707,930 9,191,701 265,500 Royal Bank of Canada 11,224,951 20,151,450 17,700 Goldman Sachs Group Inc. 2,325,896 2,211,688 218,900 Sun Life Financial Inc. 5,144,216 9,034,003 82,000 J.P. Morgan Chase & Co. 4,032,741 3,547,315 337,900 Toronto-Dominion Bank (The) 13,279,134 18,462,856 75,100 Merrill Lynch & Co. Inc. 5,246,372 5,059,956 Financials (57.49%) 98,296,285 140,253,574 160,900 Wachovia Corp. 10,372,527 9,774,688 131,000 Wells Fargo & Co. 9,816,714 9,880,437 23,100 Axcan Pharma Inc. 506,174 430,353 30,000 MDS Inc. 565,200 552,300 United States (17.51%) 44,343,794 42,704,739 Health Care (0.40%) 1,071,374 982,653 Total of International Equities (20.66%) 52,752,088 50,397,190 270,300 Bombardier Inc., Class ’B’ 2,825,162 705,483 Total of Investments before Short-Term 35,650 Canadian National Railway Co. 1,812,478 2,519,742 Investments (97.83%) 187,156,194 238,683,393

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 250,000 Government of Canada Treasury Bill, 2.452%, 2005/08/11 248,365 249,098 550,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 546,392 547,975 1,400,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 1,390,886 1,393,583 3,100,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 3,079,664 3,082,777 200,000 Canadian Imperial Bank of Commerce Term Deposit Note, 2.550%, 2005/07/04 200,000 200,014 Total of Short-Term Investments (2.24%) 5,465,307 5,473,447 Total of Investments (100.07%) 192,621,501 244,156,840 Other Assets, less Liabilities (–0.07%) (177,580) Total of Net Assets (100.00%) 243,979,260 The accompanying notes are an integral part of these financial statements.

39 CIBC Canadian Resources Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 32,100 Teck Cominco Ltd., Class ’B’ 793,902 1,327,014 612,700 Blizzard Energy Inc. 1,483,413 1,660,417 Materials (23.49%) 12,871,875 14,133,028 480,000 Bow Valley Energy Ltd., Class ’A’ 1,491,763 1,560,000 57,400 Calfrac Well Services Ltd. 1,417,953 1,779,400 Total of Canadian Equities (83.14%) 37,504,909 50,025,134 48,000 Canadian Natural Resources Ltd. 1,538,778 2,131,200 International Equities 176,881 Cyries Energy Inc. 1,272,161 2,034,132 98,400 Duvernay Oil Corp. 1,711,537 3,208,824 35,300 BHP Billiton Ltd., ADR 659,245 1,180,328 42,824 EnCana Corp. 1,114,189 2,069,683 394,000 Gentry Resources Ltd. 1,553,726 1,871,500 Australia (1.96%) 659,245 1,180,328 101,500 Highpine Oil & Gas Ltd. 1,833,356 2,106,125 33,000 Niko Resources Ltd. 1,431,709 1,903,770 16,400 Companhia Vale do Rio Doce, ADR 301,302 588,139 158,000 Nuvista Energy Ltd. 1,616,350 2,150,380 Brazil (0.98%) 301,302 588,139 36,400 Precision Drilling Corp. 1,109,202 1,757,756 165,000 Proex Energy Ltd. 1,561,227 1,757,250 6,000 Rio Tinto PLC, ADR 663,093 895,966 56,000 ShawCor Ltd., Class ’A’ 968,371 1,009,120 45,800 Suncor Energy Inc. 1,664,955 2,652,736 United Kingdom (1.49%) 663,093 895,966 48,000 Talisman Energy Inc. 1,084,431 2,203,200 18,300 Anadarko Petroleum Corp. 1,725,964 1,841,297 73,200 Trican Well Service Ltd. 846,843 2,204,783 23,600 Apache Corp. 1,880,707 1,867,281 77,000 Western Oil Sands Inc., Class ’A’ 933,070 1,831,830 17,000 Newmont Mining Corp. Holding Co. 518,138 812,667 Energy (59.65%) 24,633,034 35,892,106 5,100 Phelps Dodge Corp. 530,208 577,799 20,000 Valero Energy Corp. 1,967,793 1,937,880 30,800 Alcan Inc. 1,459,455 1,132,824 55,900 Barrick Gold Corp. 1,526,641 1,710,540 United States (11.70%) 6,622,810 7,036,924 49,200 Cameco Corp. 1,580,431 2,688,780 Total of International Equities (16.13%) 8,246,450 9,701,357 30,000 Falconbridge Ltd. 831,467 1,119,300 125,375 Goldcorp Inc. 2,113,729 2,433,915 Total of Equities (99.27%) 45,751,359 59,726,491 114,100 Placer Dome Inc. 2,048,249 2,139,375 10,400 Potash Corp. of Saskatchewan Inc. 1,172,020 1,216,280 Total of Investments before Short-Term 168,740 Sutter Gold Mining Co. 841,381 — Investments (99.27%) 45,751,359 59,726,491 1,000,000 Tahera Diamond Corp. 504,600 365,000

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 100,000 Government of Canada Treasury Bill, 2.429%, 2005/08/25 99,431 99,636 300,000 Government of Canada Treasury Bill, 2.442%, 2005/09/08 298,284 298,623 100,000 Government of Canada Treasury Bill, 2.441%, 2005/09/22 99,382 99,449 Total of Short-Term Investments (0.83%) 497,097 497,708 Total of Investments (100.10%) 46,248,456 60,224,199 Other Assets, less Liabilities (–0.10%) (62,189) Total of Net Assets (100.00%) 60,162,010 The accompanying notes are an integral part of these financial statements.

CIBC Energy Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 13,300 Hawker Resources Inc. 61,150 65,170 162,800 Kereco Energy Ltd. 1,865,255 2,246,640 1,073,900 Atlas Energy Ltd. 3,920,417 4,456,685 228,000 Midnight Oil Exploration Ltd. 401,838 800,280 393,400 Baytex Energy Trust 5,449,608 5,303,032 50,000 Nexen Inc. 1,639,260 1,860,000 200,000 BlackRock Ventures Inc. 1,756,000 1,972,000 276,700 OPTI Canada Inc. 5,606,436 7,401,725 1,475,800 Blizzard Energy Inc. 3,374,892 3,999,418 45,402 PetroKazakhstan Inc., Class ’A’ 1,618,581 2,032,648 56,700 Calfrac Well Services Ltd. 1,763,207 1,757,700 12,800 Precision Drilling Corp. 345,236 618,112 50,000 Canadian Natural Resources Ltd. 1,710,753 2,220,000 136,321 Proex Energy Ltd. 898,331 1,451,819 310,000 Celtic Exploration Ltd. 3,134,300 3,456,500 139,107 Progress Energy Trust 2,270,397 1,812,564 573,900 Clear Energy Inc. 2,743,709 2,783,415 668,820 Prospex Resources Ltd. 2,235,600 2,320,805 100,000 Compton Petroleum Corp. 1,110,500 1,115,000 20,450 Real Resources Inc. 123,136 337,425 174,024 Cordero Energy Inc. 613,995 844,016 175,200 Rider Resources Ltd. 1,173,852 2,151,456 160,110 Cyries Energy Inc. 835,734 1,841,265 14,766 Rock Energy Inc. 57,882 64,970 611,000 Daylight Energy Trust 5,843,460 6,110,000 183,100 Savanna Energy Services Corp. 1,689,921 3,542,985 515,500 Deer Creek Energy Ltd. 4,455,093 8,505,750 775,868 Saxon Energy Services Inc. 2,484,533 3,025,885 1,183,000 Drillers Technology Corp. 1,597,050 1,928,290 333,334 Saxon Energy Services Inc., Warrants, 305,000 Duvernay Oil Corp. 4,102,532 9,946,050 2006/06/22 — 50,000 76,700 Ensign Energy Services Inc. 1,069,892 2,268,019 412,700 ShawCor Ltd., Class ’A’ 6,414,528 7,436,854 232,064 Esprit Energy Trust, Class ’B’, Units 2,436,768 2,770,844 2,275,000 Stratic Energy Corp. 1,596,463 2,275,000 602,533 Fairborne Energy Trust 6,688,116 6,507,356 100,000 Suncor Energy Inc. 2,346,500 5,792,000 200,643 Fairquest Energy Ltd. 711,688 1,384,437 85,000 Talisman Energy Inc. 3,254,288 3,901,500 137,450 Flint Energy Services Ltd. 3,301,936 3,504,975 213,300 Tempest Energy Corp., Class ’A’ 1,076,066 799,875 75,000 Forte Resources Inc. 229,500 234,750 170,547 Thunder Energy Inc. 1,137,853 1,441,122 750,000 Gentry Resources Ltd. 1,500,000 3,562,500 718,000 West Energy Ltd. 2,668,677 3,410,500 40 CIBC Energy Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 67,500 Western Oil Sands Inc., Class ’A’ 1,193,625 1,605,825 International Equity Energy (81.65%) 100,508,558 132,917,162 750,000 Paladin Resources Ltd. 753,750 855,000 50,000 International Uranium Corp. 252,780 265,000 Australia (0.53%) 753,750 855,000 707,100 Sherritt International Corp. 5,002,141 6,583,101 301,300 Southern Cross Resources Inc. 394,703 280,209 Total of International Equity (0.53%) 753,750 855,000 Materials (4.38%) 5,649,624 7,128,310 United States Equities 664,800 Wireless Matrix Corp. 2,567,614 299,160 15,000 Baker Hughes Inc. 706,057 939,912 15,000 Nabors Industries Ltd. 670,196 1,113,711 Telecommunication Services (0.19%) 2,567,614 299,160 17,500 Valero Energy Corp. 1,405,700 1,695,644 1,997,133 Maxim Power Corp. 1,250,066 1,517,821 Total of United States Equities (2.30%) 2,781,953 3,749,267 Utilities (0.93%) 1,250,066 1,517,821 Total of Investments before Short-Term Investments (89.98%) 113,511,565 146,466,720 Total of Canadian Equities (87.15%) 109,975,862 141,862,453

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 7,000,000 Government of Canada Treasury Bill, 2.272%, 2005/07/28 6,987,820 6,988,255 6,500,000 Province of Nova Scotia Promissory Note, 2.430%, 2005/07/20 6,473,285 6,491,813 896,739 CIBC Mellon Trust Demand Deposit, Variable Rate 896,739 897,696 1,448,920 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 1,833,510 1,774,903 Total of Short-Term Investments (9.92%) 16,191,354 16,152,667 Total of Investments (99.90%) 129,702,919 162,619,387 Other Assets, less Liabilities (0.10%) 168,548 Total of Net Assets (100.00%) 162,787,935 The accompanying notes are an integral part of these financial statements.

CIBC Canadian Real Estate Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bonds 350,000 Aecon Group Inc., 8.250%, 2010/03/18 350,000 350,000 345,000 Mainstreet Equity Corp., 7.250%, 2011/09/30 345,000 276,173 Corporate Bonds (1.28%) 695,000 626,173 Total of Canadian Bonds (1.28%) 695,000 626,173 Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 110,000 RioCan REIT 2,054,450 2,200,000 50,000 Royal Host REIT 291,706 295,000 42,000 Fairmont Hotels & Resorts Inc. 1,641,372 1,783,320 1,938 TGS North American REIT 8,037 14,535 50,000 Rona Inc. 1,006,709 1,234,000 65,000 Trizec Canada Inc. 1,190,105 1,430,000 Consumer Discretionary (6.16%) 2,648,081 3,017,320 Financials (63.50%) 23,137,224 31,121,406 99,500 Allied Properties REIT 1,287,483 1,552,200 45,000 Extendicare Inc. 808,475 810,900 4,700 BNN Investments Ltd. 231,185 357,200 130,000 Parkbridge Lifestyles Communities Inc. 509,348 624,000 115,300 Boardwalk REIT 1,604,872 2,259,880 10,000 BPO Properties Ltd. 390,500 391,000 Health Care (2.93%) 1,317,823 1,434,900 35,000 Brascan Corp. 1,004,566 1,638,000 90,000 Brookfield Properties Corp. 1,426,803 3,118,500 60,000 TimberWest Forest Corp. 745,088 883,800 30,000 Calloway REIT 390,288 642,900 Materials (1.80%) 745,088 883,800 50,000 Calloway REIT, Subscription Receipts, 2005/07/29 992,500 1,071,500 Total of Canadian Equities (74.39%) 27,848,216 36,457,426 25,000 Cominar REIT 429,184 471,750 70,000 CREIT 723,232 1,351,700 International Equities 38,400 Dundee REIT 980,409 1,026,816 85,000 First Capital Realty Inc. 1,330,790 1,730,600 25,000 Cousins Properties Inc. 899,875 905,740 24,660 First Capital Realty Inc., Warrants, 30,000 HRPT Properties Trust 462,956 456,728 2008/08/31 26,377 209,610 20,000 KKR Financial Corp. 604,837 612,400 325,000 Huntingdon REIT 793,750 1,030,250 12,000 Pan Pacific Retail Properties Inc. 782,368 975,627 27,700 IAT Air Cargo Facilities Inc. 204,877 254,840 15,000 Simon Property Group Inc. 766,541 1,331,786 90,000 InnVest REIT 771,452 1,089,000 40,000 Sizeler Property Investors Inc. 608,882 646,692 800,000 InterRent International Properties Inc. 400,000 392,000 20,000 Starwood Hotels & Resorts Worldwide 70,000 IPC U.S. REIT 724,691 769,300 Inc. 1,405,209 1,434,731 908,000 Killam Properties Inc. 884,485 2,469,760 11,000 Vornado Realty Trust 977,471 1,083,214 130,000 Lanesborough REIT 669,200 734,500 Total of International Equities (15.19%) 6,508,139 7,446,918 130,000 Legacy Hotels REIT 889,858 950,300 25,600 Mainstreet Equity Corp. 118,528 134,400 Total of Equities (89.58%) 34,356,355 43,904,344 50,000 MI Developments Inc., Class ’A’ 1,835,431 1,932,122 35,000 Northern Property REIT 643,650 664,650 Total of Investments before Short-Term 87,700 Retirement Residences REIT 686,827 797,193 Investments (90.86%) 35,051,355 44,530,517 17,200 Retrocom Mid-Market REIT 151,988 141,900

41 CIBC Canadian Real Estate Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 1,954,663 CIBC Mellon Trust Demand Deposit, Variable Rate 1,954,663 1,954,829 1,643,453 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 2,026,806 2,013,624 Total of Short-Term Investments (8.10%) 3,981,469 3,968,453 Total of Investments (98.96%) 39,032,824 48,498,970 Other Assets, less Liabilities (1.04%) 510,415 Total of Net Assets (100.00%) 49,009,385 The accompanying notes are an integral part of these financial statements.

CIBC Precious Metals Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bond 500,000 Bolivar Gold Corp., 6.000%, 2008/12/05 500,000 500,000 Total of Canadian Bond (1.00%) 500,000 500,000

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 140,500 Nevsun Resource Ltd. 473,892 334,390 850,300 Northern Orion Resources Inc. 2,697,272 2,567,905 500,000 American Gold Capital Corp. 1,250,000 310,000 1,424,400 Northgate Exploration Ltd. 2,914,413 1,894,452 293,467 Amerigo Resources Ltd. 581,757 528,241 133,333 Northgate Exploration Ltd., Series 2, 75,040 Barrick Gold Corp. 2,096,559 2,296,224 Warrants, 2006/12/28 86,000 18,333 128,467 Bema Gold Corp. 295,760 373,839 750,000 Peru Copper Inc. 1,297,500 975,000 300,000 Bema Gold Corp., Warrants, 175,000 Placer Dome Inc. 3,315,433 3,281,250 2007/10/22 — 450,000 477,000 Platinum Group Metals Ltd. 500,850 429,300 540,100 Bolivar Gold Corp. 1,141,535 1,458,270 656,200 Rio Narcea Gold Mines Ltd. 1,561,674 1,292,714 227,500 Breakwater Resources Ltd. 92,138 86,450 405,000 Rubicon Minerals Corp. 374,583 364,500 286,550 Cambior Inc. 583,775 753,627 500,000 Silver Wheaton Corp. 1,000,000 1,900,000 1,200,000 Capstone Gold Corp. 900,000 936,000 1,875,000 Silver Wheaton Corp., Warrants, 123,500 Crystallex International Corp. 484,358 543,400 2009/08/05 — 675,000 813,500 Cumberland Resources Ltd. 1,635,890 1,138,900 1,000,000 Southern Cross Resources Inc. 1,170,000 930,000 911,900 Dynatec Corp. 878,646 1,185,470 156,000 Southwestern Resources Corp. 2,305,988 1,662,960 102,500 Endeavour Mining Capital Corp., 405,100 St. Jude Resources Ltd. 598,691 781,843 Warrants, 2008/11/10 — 71,750 157,900 Stornoway Diamond Corp. 296,984 197,375 588,300 Eastern Platinum Ltd. 1,000,110 694,194 4,940,000 Tahera Diamond Corp. 1,769,600 1,803,100 620,000 Entree Gold Inc. 1,252,400 1,525,200 1,000,000 Tahera Diamond Corp., Warrants, 505,000 Fortress Minerals Corp. 382,740 247,450 2006/03/31 20,000 — 407,500 Glencairn Gold Corp. 297,475 187,450 498,700 Wolfden Resources Inc. 2,454,511 1,296,620 203,750 Glencairn Gold Corp., Warrants, 2008/11/26 — 21,394 Materials (88.10%) 46,094,398 43,999,823 78,000 Gold Reserve Inc., Warrants, 2006/11/06 — 74,880 Total of Canadian Equities (88.10%) 46,094,398 43,999,823 137,500 Goldcorp Inc. 2,136,371 2,669,299 United States Equities 625,000 Goldcorp Inc., Series ’C’, Warrants, 2007/05/30 — 2,006,250 24,960 Barrick Gold Corp. 362,275 765,192 15,000 Goldcorp Inc., Warrants, 2007/04/30 — 165,348 22,000 Newmont Mining Corp. Holding Co. 569,272 1,051,687 450,000 Guyana Goldfields Inc. 1,409,549 1,125,000 300,000 IMA Exploration Inc. 1,159,035 936,000 Total of United States Equities (3.64%) 931,547 1,816,879 78,800 International Royalty Corp. 284,316 283,680 77,500 Linear Gold Corp. 600,625 387,500 Total of Equities (91.74%) 47,025,945 45,816,702 100,000 Major Drilling Group International Inc. 1,153,000 1,210,000 Total of Investments before Short-Term 304,900 Metalex Ventures Ltd. 382,877 259,165 Investments (92.74%) 47,525,945 46,316,702 222,000 Minefinders Corporation Ltd. 2,667,150 1,265,400 285,000 Miramar Mining Corp. 590,941 404,700

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 2,049,680 CIBC Mellon Trust Demand Deposit, Variable Rate 2,049,680 2,050,312 1,341,305 Mellon Bank NA Deposit Trust Reserve, Variable Rate, (USD) 1,989,111 1,643,904 Total of Short-Term Investments (7.40%) 4,038,791 3,694,216 Total of Investments (100.14%) 51,564,736 50,010,918 Other Assets, less Liabilities (–0.14%) (67,500) Total of Net Assets (100.00%) 49,943,418 The accompanying notes are an integral part of these financial statements.

42 CIBC North American Demographics Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) United States Equities 5,650 Dentsply International Inc. 383,655 373,686 2,850 Eli Lilly and Co. 188,821 194,466 12,900 Alberto-Culver Co. 665,088 684,611 5,150 Fisher Scientific International Inc. 381,160 409,371 8,800 Avon Products Inc. 421,202 407,956 12,150 Johnson & Johnson 756,190 967,286 3,900 eBay Inc. 204,293 157,680 9,550 Medtronic Inc. 485,477 605,779 18,550 Hilton Hotels Corp. 459,656 541,873 32,050 Pfizer Inc. 1,228,759 1,082,649 9,900 Kohl’s Corp. 582,179 677,938 8,650 Sybron Dental Specialties Inc. 398,808 398,566 2,825 Nike Inc., Class ’B’ 232,186 299,641 8,450 Wyeth 417,488 460,555 3,850 Omnicom Group Inc. 396,955 376,578 7,950 Penney, J.C. Co. Inc. 341,830 511,980 Health Care (15.47%) 5,332,439 5,677,399 3,500 Royal Caribbean Cruises Ltd. 194,044 207,310 6,400 Starwood Hotels & Resorts 7,000 3M Co. 663,674 619,871 Worldwide Inc. 404,994 459,114 7,125 American Standard Companies Inc. 313,569 365,823 15,365 Viacom Inc., Class ’B’ 647,192 602,586 7,450 Ball Corp. 257,041 328,126 2,550 Caterpillar Inc. 260,548 297,676 Consumer Discretionary (13.42%) 4,549,619 4,927,267 6,950 Danaher Corp. 437,383 445,537 36,400 General Electric Co. 2,289,291 1,544,791 5,350 Altria Group Inc. 430,200 423,696 5,225 ITT Industries Inc. 534,587 624,791 7,350 Colgate-Palmolive Co. 472,268 449,304 19,925 Tyco International Ltd. 612,325 712,602 14,900 CVS Corp. 410,913 530,514 10,850 United Technologies Corp. 572,115 682,394 9,725 Pepsico Inc. 592,285 642,370 8,750 Procter & Gamble Co. 538,646 565,322 Industrials (15.32%) 5,940,533 5,621,611 8,175 Target Corp. 383,336 544,793 9,900 Wal-Mart Stores Inc. 742,052 584,450 35,125 Cisco Systems Inc. 1,319,119 822,133 21,350 Corning Inc. 298,752 434,604 Consumer Staples (10.19%) 3,569,700 3,740,449 15,925 Dell Inc. 863,520 770,640 31,425 EMC Corp. 463,639 527,689 8,450 Chevron Corp. 592,963 578,747 7,125 IBM Corp. 1,023,569 647,521 19,800 ExxonMobil Corp. 1,126,268 1,393,707 29,200 Intel Corp. 1,896,427 932,014 6,100 Schlumberger Ltd. 582,579 567,369 11,250 Jabil Circuit Inc. 367,790 423,429 Energy (6.92%) 2,301,810 2,539,823 33,775 Microsoft Corp. 1,061,563 1,027,572 36,300 Oracle Corp. 1,333,020 586,876 8,000 American Express Co. 625,210 521,569 7,225 American International Group Inc. 616,768 514,137 Information Technology (16.82%) 8,627,399 6,172,478 24,475 Charles Schwab Corp. (The) 365,599 338,140 7,700 Praxair Inc. 329,600 439,483 21,700 Citigroup Inc. 1,408,458 1,228,708 15,850 Genworth Financial Inc. 528,978 586,857 Materials (1.20%) 329,600 439,483 4,950 Hartford Financial Services Group Inc. (The) 445,545 453,373 10,950 BellSouth Corp. 365,251 356,345 22,125 J.P. Morgan Chase & Co. 1,240,248 957,126 8,975 Comcast Corp., Class ’A’ 384,001 337,472 8,025 Merrill Lynch & Co. Inc. 574,750 540,695 17,825 Sprint Corp. 430,816 547,766 5,700 Morgan Stanley 408,714 366,312 Telecommunication Services (3.38%) 1,180,068 1,241,583 6,775 Wells Fargo & Co. 423,397 510,992 Total of United States Equities (99.12%) 38,468,835 36,378,002 Financials (16.40%) 6,637,667 6,017,909 Total of Investments before Short-Term 5,100 Amgen Inc. 387,122 377,662 Investment (99.12%) 38,468,835 36,378,002 6,800 C.R. Bard Inc. 441,409 553,938 3,400 Cooper Companies Inc. (The) 263,550 253,441

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 325,000 Bank of Montreal Term Deposit, 3.270%, 2005/07/05 (USD) 398,060 398,096 Total of Short-Term Investment (1.08%) 398,060 398,096 Total of Investments (100.20%) 38,866,895 36,776,098 Other Assets, less Liabilities (–0.20%) (74,511) Total of Net Assets (100.00%) 36,701,587 The accompanying notes are an integral part of these financial statements.

CIBC Global Technology Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 120,000 Zenastra Photonics Inc., Preferred, Class ’C’ 876,240 — 82,500 Metromedia Asia Corp. 450,039 — Industrials (0.36%) 2,191,933 277,634 Consumer Discretionary (0.00%) 450,039 — 117,600 Celestica Inc. 2,489,720 1,930,089 1,416,734 CompanyDNA Inc., Class ’C’ 1,293,477 260,282 27,000 Cognos Inc. 1,145,595 1,128,996 708,367 CompanyDNA Inc., Series ’A’ 22,216 17,352 692,308 Dome Ventures Corp., Preferred, Series ’A’ 1,316,162 162,692

43 CIBC Global Technology Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 750,000 Peleton Photonic Systems Inc., 73,600 Atheros Communications Inc. 969,877 726,571 Preferred, Class ’B’ 3,340,463 918,600 38,200 Broadcom Corp., Class ’A’ 1,668,928 1,661,419 21,000 Research In Motion Ltd. 1,236,706 1,896,909 61,200 Cypress Semiconductor Corp. 1,007,962 943,718 95,000 SiberCore Technologies Inc. 1,187,500 95 42,500 Linear Technology Corp. 1,973,888 1,909,861 399,380 Zero-Knowledge Systems Inc. 1,782,722 141,857 40,800 Maxim Integrated Products Inc. 2,124,181 1,909,424 73,800 National Semiconductor Corp. 1,624,251 1,991,297 Information Technology (8.08%) 12,498,868 6,179,238 46,200 Texas Instruments Inc. 1,265,866 1,588,362 47,376 Oz Optics Ltd., Preferred, Series ’A’ 1,039,954 11,605 59,200 Xilinx Inc. 2,011,145 1,848,960 23,688 Oz Optics Ltd., Warrants, 2005/08/15 — 290 Semiconductors & Semiconductor Equipment (16.46%) 12,646,098 12,579,612 Telecommunication Services (0.02%) 1,039,954 11,895 25,800 Amgen Inc. 2,000,926 1,910,526 Total of Canadian Equities (8.46%) 16,180,794 6,468,767 32,800 Cognizant Technology Solutions Corp., Class ’A’ 1,221,884 1,893,374 International Equities 6,397 Google Inc., Class ’A’ 1,112,732 2,304,679 13,100 InfoSpace Inc. 536,768 528,358 78,700 Accenture Ltd., Class ’A’ 2,309,832 2,185,201 112,300 Microsoft Corp. 4,732,179 3,416,619 22,000 Navteq Corp. 1,027,138 1,001,837 Bermuda (2.86%) 2,309,832 2,185,201 162,300 Novell Inc. 1,280,609 1,232,467 36,000 Nam Tai Electronics Inc. 1,072,624 1,002,670 118,700 Oracle Corp. 2,212,520 1,919,066 115,600 Sapient Corp. 1,026,475 1,122,784 British Virgin Islands (1.31%) 1,072,624 1,002,670 21,000 VeriSign Inc. 600,051 739,730 43,800 Yahoo! Inc. 1,223,542 1,858,842 15,060 Garmin Ltd. 773,473 788,545 Software & Services (23.46%) 16,974,824 17,928,282 Cayman Islands (1.03%) 773,473 788,545 40,500 Apple Computer Inc. 967,668 1,825,938 23,400 Business Objects SA, ADR 647,876 753,766 98,800 Cisco Systems Inc. 3,218,330 2,312,506 France (0.99%) 647,876 753,766 41,000 Comverse Technology Inc. 1,165,830 1,187,627 72,800 Corning Inc. 1,039,612 1,481,930 40,400 SAP AG, ADR 1,456,555 2,142,567 66,900 Dell Inc. 2,549,953 3,237,415 112,200 EMC Corp. 1,639,601 1,884,063 Germany (2.80%) 1,456,555 2,142,567 66,600 Hewlett-Packard Co. 1,699,503 1,917,750 40,700 Jabil Circuit Inc. 1,259,582 1,531,871 46,200 Telefonaktiebolaget LM Ericsson, ADR, 58,864 Juniper Networks Inc. 1,551,970 1,815,393 Class ’B’ 1,674,003 1,807,915 23,000 Lexmark International Inc. 2,298,431 1,826,287 Sweden (2.37%) 1,674,003 1,807,915 87,800 Motorola Inc. 2,116,533 1,963,634 56,600 Qualcomm Inc. 2,687,133 2,288,375 61,200 Amdocs Ltd. 2,006,159 1,981,134 Technology Hardware & Equipment (30.45%) 22,194,146 23,272,789 United Kingdom (2.59%) 2,006,159 1,981,134 Total of United States Equities (73.53%) 54,256,319 56,192,409 Total of International Equities (13.95%) 9,940,522 10,661,798 Total of Equities (95.94%) 80,377,635 73,322,974 United States Equities Total of Investments before Short-Term 46,500 Pfizer Inc. 1,546,890 1,570,769 Investments (95.93%) 80,377,635 73,322,974 Pharmaceuticals & Biotechnology (2.06%) 1,546,890 1,570,769 20,800 eBay Inc. 894,361 840,957 Retailing (1.10%) 894,361 840,957

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments 175,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 173,861 174,166 1,925,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 1,912,372 1,914,305 500,000 Bank of Montreal Bank Term Deposit, 3.270%, 2005/07/05 (USD) 612,400 612,455 Total of Short-Term Investments (3.53%) 2,698,633 2,700,926 Total of Investments (99.46%) 83,076,268 76,023,900 Other Assets, less Liabilities (0.54%) 409,119 Total of Net Assets (100.00%) 76,433,019 The accompanying notes are an integral part of these financial statements.

CIBC Canadian Short-Term Bond Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bonds 37,025,000 Canada Housing Trust, 4.750%, 2007/03/15 38,218,005 38,156,114 40,875,000 Canada Housing Trust, 5.100%, 2007/09/15 42,479,372 42,734,813 37,950,000 Canada Housing Trust, 4.400%, 2008/03/15 38,533,883 39,275,973 30,875,000 Canada Housing Trust, 3.700%, 2008/09/15 30,322,809 31,417,783 70,675,000 Canada Housing Trust, 4.650%, 2009/09/15 72,856,187 74,316,883 55,900,000 Canada Housing Trust, 3.750%, 2010/03/15 56,742,216 56,839,120 48,150,000 Canada Housing Trust No. 1, 4.100%, 2008/12/15 48,530,397 49,607,501 14,500,000 Canada Housing Trust No. 1, 3.550%, 2009/03/15 14,482,310 14,678,205

44 CIBC Canadian Short-Term Bond Index Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 7,050,000 Canada Mortgage & Housing Corp., 5.250%, 2006/12/01 7,253,133 7,292,097 8,300,000 Canada Mortgage & Housing Corp., 5.300%, 2007/12/03 8,744,511 8,746,291 9,311,018 Export Development Canada, 3.246%, 2010/02/19 9,276,102 9,319,770 7,175,000 Export Development Corp., 5.000%, 2009/02/09 7,596,515 7,609,590 51,625,000 Government of Canada, 5.750%, 2006/09/01 54,191,958 53,398,319 3,875,000 Government of Canada, 3.250%, 2006/12/01 3,893,159 3,901,389 37,945,000 Government of Canada, 7.000%, 2006/12/01 41,126,572 40,160,988 2,200,000 Government of Canada, 7.250%, 2007/06/01 2,441,265 2,378,640 11,275,000 Government of Canada, 6.000%, 2008/06/01 12,234,190 12,214,208 10,075,000 Government of Canada, 4.250%, 2008/09/01 10,279,784 10,442,939 4,200,000 Government of Canada, 5.500%, 2009/06/01 4,520,266 4,561,200 675,000 Government of Canada, 4.250%, 2009/09/01 685,543 702,763 2,800,000 Government of Canada, 5.500%, 2010/06/01 3,081,760 3,075,240 3,550,000 Government of Canada, Series ’XJ87’, 4.500%, 2007/09/01 3,637,406 3,668,925 Government of Canada & Guaranteed (51.18%) 511,127,343 514,498,751 5,025,000 Financement-Quebec, Series ’E’, 5.750%, 2008/12/01 5,422,008 5,436,447 1,875,000 Hydro-Quebec, Series ’JA’, 7.000%, 2007/02/15 2,062,034 1,996,819 2,525,000 Hydro-Quebec, Series ’JH’, Debentures, 6.000%, 2009/07/15 2,701,921 2,780,884 2,100,000 Municipal Finance Authority of British Columbia, 5.250%, 2009/06/01 2,192,400 2,248,890 2,300,000 Newfoundland & Labrador Municipal Financing Corp., 3.600%, 2008/03/29 2,301,242 2,313,754 425,000 Newfoundland and Labrador Hydro, 5.050%, 2006/12/01 432,990 437,878 550,000 Newfoundland Municipal Financing Corp., 10.875%, 2008/12/01 718,141 682,308 1,350,000 Province of Alberta, 5.000%, 2008/12/16 1,431,270 1,431,338 5,000,000 Province of British Columbia, Series MTN, 4.300%, 2008/12/18 5,150,000 5,185,100 1,225,000 Province of Manitoba, 5.750%, 2008/06/02 1,334,858 1,316,520 1,275,000 Province of Manitoba, Debentures, 4.450%, 2008/12/01 1,301,393 1,327,951 3,400,000 Province of Manitoba, Series ’MTN’, 5.500%, 2010/07/15 3,641,570 3,720,314 1,525,000 Province of New Brunswick, 5.700%, 2008/06/02 1,655,555 1,635,898 975,000 Province of New Brunswick, 4.250%, 2008/12/02 978,413 1,009,827 5,000,000 Province of New Brunswick, 6.375%, 2010/06/15 5,661,600 5,661,600 875,000 Province of New Brunswick, Debentures, 7.100%, 2006/10/16 968,188 922,398 650,000 Province of Newfoundland, 5.900%, 2007/12/12 693,875 693,966 2,525,000 Province of Newfoundland, 5.700%, 2008/10/07 2,696,162 2,722,758 700,000 Province of Nova Scotia, 7.250%, 2006/10/11 784,630 738,562 2,300,000 Province of Nova Scotia, 5.400%, 2009/06/01 2,454,652 2,481,446 3,050,000 Province of Ontario, 7.750%, 2006/07/24 3,372,087 3,207,136 8,950,000 Province of Ontario, 5.200%, 2007/03/08 9,228,609 9,286,431 3,150,000 Province of Ontario, 4.400%, 2008/11/19 3,212,736 3,274,457 10,850,000 Province of Ontario, 4.000%, 2009/05/19 10,892,492 11,154,994 1,691,010 Province of Ontario, 3.210%, 2009/08/13 1,689,876 1,687,628 6,100,000 Province of Ontario, Debentures, 6.200%, 2009/11/19 6,753,120 6,811,199 5,725,000 Province of Ontario, Series ’LE’, Debentures, 6.125%, 2007/09/12 6,160,511 6,106,171 7,125,000 Province of Ontario, Series ’MTN’, Debentures, 5.700%, 2008/12/01 7,623,878 7,706,258 4,649,916 Province of Quebec, 3.149%, 2009/08/17 4,640,543 4,642,011 13,000,000 Province of Quebec, 4.750%, 2009/12/01 13,586,250 13,717,210 7,275,000 Province of Quebec, Debentures, 5.500%, 2009/06/01 7,692,495 7,861,583 7,250,000 Province of Quebec, Series ’OG’, 6.500%, 2007/10/01 7,843,145 7,796,143 1,400,000 Province of Saskatchewan, 4.750%, 2006/12/01 1,418,525 1,437,590 1,525,000 Province of Saskatchewan, 6.250%, 2007/03/09 1,626,718 1,609,942 1,550,000 Province of Saskatchewan, 5.000%, 2007/09/06 1,631,085 1,615,875 1,250,000 Province of Saskatchewan, 5.500%, 2008/06/02 1,347,538 1,335,000 2,300,000 Province of Saskatchewan, 6.500%, 2009/11/12 2,569,606 2,596,884 Provincial Government & Guaranteed (13.59%) 135,872,116 136,591,170 3,100,000 International Bank for Reconstruction and Development (The), 3.000%, 2007/06/04 3,080,997 3,100,155 Supranational (0.31%) 3,080,997 3,100,155 525,000 City of Edmonton, 9.250%, 2007/02/26 612,098 576,686 515,000 City of Edmonton, Series ’KB’, 10.250%, 2008/03/01 645,192 605,192 540,000 Metropolitan Toronto, 7.400%, 2006/09/27 593,367 569,592 816,000 Municipality of Vancouver, British Columbia, 3.650%, 2009/03/16 818,085 823,997 905,000 New Brunswick Municipal Finance Corp., 7.875%, 2006/07/24 1,007,095 951,445 1,300,000 Vancouver International Airport Authority, Series ’A’, 6.550%, 2006/12/07 1,403,636 1,364,090 Municipal Government (0.49%) 5,079,473 4,891,002 1,980,792 Schooner Trust, Class ’A1’, 4.580%, 2037/06/12 1,972,383 2,051,110 Mortgage-Backed Securities (0.20%) 1,972,383 2,051,110 1,575,000 407 International Inc., 9.000%, 2007/08/15 1,825,133 1,745,100 4,375,000 407 International Inc., 6.900%, 2007/12/17 4,799,063 4,753,437 2,300,000 407 International Inc., 6.050%, 2009/07/27 2,450,581 2,521,604 3,275,000 Bank of Montreal, Series ’B’, Floating Rate, 5.750%, 2013/02/04 3,474,080 3,478,344 2,500,000 Bank of Montreal, Variable Rate, 4.000%, 2015/01/21 2,481,325 2,545,650 13,325,000 Bank of Nova Scotia, 4.515%, 2008/11/19 13,607,918 13,780,048 1,912,175 Bank of Nova Scotia, 3.318%, 2009/08/18 1,912,175 1,904,335 2,025,000 Bank of Nova Scotia, 6.250%, 2012/07/16 2,125,287 2,150,267 4,400,000 Bank of Nova Scotia, 5.750%, 2014/05/12 4,645,800 4,766,476 5,400,000 Bank of Nova Scotia, Variable Rate, 5.650%, 2013/07/22 5,701,280 5,764,230 3,600,000 BCE Inc., Series ’B’, 6.750%, 2007/10/30 3,673,353 3,866,004 5,000,000 BCE Inc., Series ’C’, 7.350%, 2009/10/30 5,685,400 5,704,750 1,855,000 Bell Canada, 6.700%, 2007/06/28 1,927,017 1,982,624 1,675,000 Bell Canada, 6.250%, 2008/01/18 1,801,328 1,795,315 1,325,000 Bell Mobility Cellular Inc., Debentures, 6.550%, 2008/06/02 1,431,957 1,440,606 5,000,000 BMO Capital Trust, Series ’A’, 6.903%, 2010/06/30 5,732,050 5,706,550 3,000,000 Brascan Power Corp., 4.650%, 2009/12/16 3,022,500 3,080,100 2,175,000 Broadway Credit Card Trust, 3.848%, 2009/03/17 2,177,243 2,210,909 700,000 Canada Life Assurance Co., Debentures, Variable Rate, 8.000%, 2011/09/19 782,775 741,447 1,275,000 Canadian Credit Card Trust, 4.806%, 2008/01/24 1,296,051 1,326,026 2,700,000 Canadian Credit Card Trust, Series 05-1, 4.143%, 2010/04/26 2,700,000 2,770,551 1,470,000 Canadian Occidental Petroleum Corp., 6.850%, 2006/11/15 1,495,403 1,541,148 1,800,000 Canadian Oil Sands Ltd., 5.550%, 2009/06/29 1,918,800 1,914,300 45 CIBC Canadian Short-Term Bond Index Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 1,600,000 Canadian Tire Receivables Trust, 4.820%, 2007/12/20 1,651,616 1,662,480 1,000,000 Capital Desjardins Inc., Series ’B’, Variable Rate, 5.552%, 2012/06/01 1,054,210 1,044,770 3,200,000 Capital Desjardins Inc., Series ’D’, 3.887%, 2014/03/17 3,171,724 3,242,016 1,000,000 Caterpillar Financial Services Ltd., 4.500%, 2008/08/07 996,470 1,036,019 1,225,000 CDP Financial Inc., 3.800%, 2007/07/16 1,222,673 1,242,236 2,750,000 CDP Financial Inc., Debentures, 4.200%, 2008/10/14 2,758,615 2,833,435 2,800,000 Citigroup Finance Canada Inc., 5.750%, 2006/08/17 2,896,770 2,887,808 1,820,000 Citigroup Finance Canada Inc., 4.850%, 2008/04/25 1,853,647 1,896,222 1,025,000 Citigroup Finance Canada Inc., Series ’MTN’, 5.030%, 2007/09/17 1,062,196 1,066,564 425,000 Consumers Waterheater Operating Trust, 5.245%, 2010/01/28 451,036 456,097 2,300,000 Consumers Waterheater Operating Trust, Series 03A1, 4.700%, 2008/01/28 2,325,492 2,386,663 1,450,000 DaimlerChrysler Canada Finance Inc., 5.000%, 2006/05/29 1,500,431 1,471,793 1,550,000 Enbridge Consumers Gas, Series ’MTN’, 4.480%, 2008/12/16 1,568,808 1,607,862 3,650,000 Enbridge Inc., 5.621%, 2007/01/04 3,772,720 3,791,511 750,000 Enbridge Inc., 5.800%, 2008/07/29 791,700 803,804 1,500,000 Enbridge Inc., 6.800%, 2010/03/10 1,681,005 1,703,640 3,400,000 Enbridge Income Fund, 4.190%, 2009/12/21 3,388,202 3,449,844 1,000,000 Encana Corp., 7.500%, 2006/08/25 1,092,700 1,050,330 1,700,000 Ford Credit Canada Ltd., 5.800%, 2006/09/26 1,761,625 1,724,310 2,550,000 GE Capital Canada Funding Co., 5.000%, 2008/04/23 2,623,134 2,672,298 3,000,000 GE Capital Canada Funding Co., Series ’MTN’, 5.650%, 2009/10/23 3,231,300 3,258,510 3,525,000 GE Capital Canada Funding Co., Series ’MTN’, 5.300%, 2007/07/24 3,622,576 3,682,567 2,000,000 General Motors Acceptance Corp. of Canada Ltd., 5.700%, 2006/06/12 2,079,740 2,019,000 1,900,000 Genesis Trust, Series 2005-2, Class ’A’, 4.002%, 2010/03/15 1,900,000 1,941,800 1,500,000 Glacier Credit Card Trust, 6.163%, 2006/07/21 1,556,265 1,551,075 3,525,000 Glacier Credit Card Trust, 4.444%, 2008/11/20 3,532,260 3,651,018 2,000,000 Gloucester Credit Card Trust, 5.590%, 2007/06/15 2,086,660 2,094,600 6,300,000 Golden Credit Card Trust, 5.700%, 2006/08/15 6,504,510 6,499,646 2,925,000 Golden Credit Card Trust, 4.159%, 2008/10/15 2,925,000 3,006,432 1,425,000 Greater Toronto Airport Authority, 5.170%, 2008/06/02 1,443,240 1,497,590 4,400,000 Greater Toronto Airport Authority, Series 97-2, 5.950%, 2007/12/03 4,662,958 4,678,564 1,825,000 Household Financial Corp. Ltd., 4.500%, 2008/07/02 1,831,278 1,887,141 6,075,000 Household Financial Corp. Ltd., 4.200%, 2009/04/13 6,071,007 6,233,679 1,000,000 Household Financial Corp. Ltd., Series ’MTN’, 6.440%, 2007/06/01 1,083,019 1,061,660 1,200,000 HSBC Bank of Canada, 5.600%, 2012/06/14 1,257,480 1,253,148 1,025,000 Hydro One Inc., 4.450%, 2007/05/04 1,037,710 1,050,420 2,750,000 Hydro One Inc., 4.000%, 2008/06/23 2,708,101 2,811,353 1,400,000 Hydro One Inc., 3.950%, 2009/02/24 1,414,728 1,426,726 3,650,000 John Deere Credit Inc., 6.750%, 2007/04/03 3,913,369 3,870,533 1,350,000 Laurentian Bank of Canada, 6.000%, 2006/10/02 1,388,489 1,395,468 1,945,000 Loblaws Cos. Ltd., 6.000%, 2008/06/02 2,096,178 2,091,361 2,000,000 Loblaws Cos. Ltd., 5.750%, 2009/01/22 2,159,630 2,155,700 3,300,000 Loblaws Cos. Ltd., 7.100%, 2010/05/11 3,738,405 3,805,625 2,025,000 Manitoba Telecom Services Inc., 6.500%, 2007/07/02 2,188,499 2,147,918 1,149,000 Manitoba Telecom Services Inc., 5.850%, 2009/02/23 1,214,815 1,233,337 1,225,000 Manulife Bank of Canada, 4.440%, 2008/09/04 1,230,415 1,265,315 1,200,000 Maritime Life Canadian Funding, Series ’MTN’, 5.390%, 2007/03/12 1,220,760 1,244,916 2,450,000 Master Credit Card Trust, 6.060%, 2007/06/21 2,604,337 2,588,744 6,500,000 Merrill Lynch Canada Finance, 4.200%, 2009/12/08 6,546,000 6,674,785 3,650,000 Merrill Lynch Canada Finance Co., 5.350%, 2007/11/19 3,784,645 3,828,338 1,625,000 Merrill Lynch Canada Finance Co., 4.700%, 2008/09/12 1,634,870 1,690,861 4,000,000 National Bank of Canada, 4.660%, 2009/09/10 4,138,860 4,184,480 1,675,000 National Bank of Canada, 7.500%, 2011/10/17 1,840,103 1,770,073 1,500,000 National Bank of Canada, 6.250%, 2012/10/31 1,595,527 1,602,750 1,400,000 National Bank of Canada, 5.700%, 2014/04/16 1,465,772 1,508,290 1,378,000 NAV Canada, Series 96-2, 6.600%, 2006/12/01 1,470,244 1,447,065 1,448,000 NOVA Gas Transmission Ltd., 6.000%, 2008/01/31 1,531,405 1,541,903 2,500,000 Nova Scotia Power Inc., 4.220%, 2010/05/17 2,563,125 2,549,900 1,300,000 Nova Scotia Power Inc., Series ’MTN’, 5.650%, 2008/07/14 1,338,220 1,383,785 8,375,000 Ontario Electricity Financial Corp., 5.600%, 2008/06/02 8,986,400 8,958,234 1,000,000 Ottawa MacDonald-Cartier International Airport Authority, 5.640%, 2007/05/25 1,044,860 1,044,500 1,600,000 Renaissance Energy Ltd., 6.850%, 2007/02/06 1,699,200 1,690,816 2,500,000 RioCan REIT, 5.290%, 2009/09/21 2,576,675 2,620,825 1,700,000 Royal Bank of Canada, 5.600%, 2008/04/22 1,795,540 1,808,715 2,200,000 Royal Bank of Canada, 6.750%, 2012/06/04 2,355,465 2,349,600 3,485,000 Royal Bank of Canada, 6.100%, 2013/01/22 3,711,967 3,728,706 16,400,000 Royal Bank of Canada, 4.180%, 2014/06/01 16,513,969 16,840,176 3,000,000 Royal Bank of Canada, 7.100%, 2015/01/25 3,414,930 3,442,350 3,400,000 Royal Bank of Canada, 3.700%, 2015/06/24 3,399,388 3,412,189 1,450,000 Royal Bank of Canada, Debentures, Variable Rate, 6.500%, 2011/09/12 1,531,925 1,510,161 2,200,000 Royal Bank of Canada, Variable Rate, 3.960%, 2014/01/27 2,220,812 2,244,044 1,175,000 Scotia Mortgage Investment Corp. , 6.570%, 2049/10/31 1,268,765 1,267,590 2,225,000 Shoppers Drug Mart Corp., 4.970%, 2008/10/24 2,297,201 2,324,013 1,000,000 Suncor Energy Inc., 6.800%, 2007/03/05 1,065,500 1,060,720 950,000 Talisman Energy Inc., 5.800%, 2007/01/30 970,410 987,136 2,300,000 Talisman Energy Inc., 8.060%, 2009/09/16 2,686,584 2,688,539 5,000,000 TD Capital Trust, 7.600%, 2009/12/31 5,788,350 5,811,100 1,200,000 TD Mortgage Investment Corp., 6.460%, 2049/10/31 1,286,880 1,275,000 1,000,000 Telesat Canada Inc., Series 99-B, 7.400%, 2006/06/28 1,033,500 1,037,500 25,000 Telus Corp., 7.500%, 2006/06/01 25,631 25,990 3,375,000 Terasen Gas Inc., 6.500%, 2007/10/16 3,606,350 3,615,098 2,000,000 Terasen Pipelines, Series ’A’, Debentures, 4.240%, 2010/02/02 2,008,560 2,036,660 2,200,000 Thomson Corp. (The), 6.900%, 2008/06/04 2,416,723 2,418,745 7,450,000 Thomson Corp. (The), 4.500%, 2009/06/01 7,581,132 7,731,610 2,450,000 Toronto-Dominion Bank (The), 6.550%, 2012/07/31 2,630,369 2,619,564 2,065,000 Toronto-Dominion Bank (The), 5.200%, 2012/09/04 2,113,324 2,154,931 3,400,000 Toronto-Dominion Bank (The), 4.540%, 2013/09/05 3,399,082 3,527,500 1,950,000 Toronto-Dominion Bank (The), Variable Rate, 6.000%, 2011/07/26 1,999,991 2,013,005 2,950,000 Toyota Credit Canada Inc., 4.750%, 2008/12/30 2,996,335 3,076,850 772,000 Toyota Credit Canada Inc., Series ’EMTN’, 6.000%, 2006/06/16 815,309 794,002 4,750,000 TransCanada PipeLines Ltd., Series ’MTN’, 6.050%, 2007/02/15 5,022,060 4,974,723 2,650,000 TransCanada PipeLines Ltd., Series ’MTN’, 4.100%, 2009/02/20 2,639,626 2,706,657 2,150,000 Wells Fargo Financial Canada Corp., 3.450%, 2008/01/25 2,149,936 2,164,169 2,900,000 Wells Fargo Financial Canada Corp., 3.600%, 2010/06/28 2,898,434 2,900,145 46 CIBC Canadian Short-Term Bond Index Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 2,400,000 West Fraser Timber Co., 4.940%, 2009/10/19 2,462,448 2,488,080 1,420,000 Westcoast Energy Inc., 5.700%, 2008/04/16 1,482,006 1,506,733 1,800,000 Weston (George) Ltd., 5.250%, 2006/10/24 1,868,544 1,851,660 1,925,000 York Receivables Trust III, 4.272%, 2008/07/21 1,927,199 1,983,559 Corporate Bonds (33.01%) 328,594,173 331,797,194 Total of Canadian Bonds (98.78%) 985,726,485 992,929,382 Total of Investments (98.78%) 985,726,485 992,929,382 Other Assets, less Liabilities (1.22%) 12,253,267 Total of Net Assets (100.00%) 1,005,182,649 The accompanying notes are an integral part of these financial statements.

CIBC Canadian Bond Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Canadian Bonds 8,775,000 Canada Housing Trust, 4.750%, 2007/03/15 9,062,919 9,043,076 17,175,000 Canada Housing Trust, 5.100%, 2007/09/15 17,712,366 17,956,463 4,975,000 Canada Housing Trust, 4.400%, 2008/03/15 5,050,040 5,148,827 5,025,000 Canada Housing Trust, 3.700%, 2008/09/15 4,941,484 5,113,340 2,900,000 Canada Housing Trust, 4.650%, 2009/09/15 2,995,598 3,049,437 1,550,000 Canada Housing Trust, 3.750%, 2010/03/15 1,573,171 1,576,040 4,925,000 Canada Housing Trust No. 1, 3.550%, 2010/09/15 4,920,653 4,951,004 10,225,000 Canada Housing Trust No. 1, 4.100%, 2008/12/15 10,218,035 10,534,511 5,650,000 Canada Housing Trust No. 1, 3.550%, 2009/03/15 5,588,065 5,719,439 2,225,000 Canada Mortgage & Housing Corp., 5.500%, 2012/06/01 2,223,515 2,468,364 1,500,000 Canadian Wheat Board, 4.750%, 2014/12/01 1,542,689 1,573,350 1,500,000 Export Development Canada, 5.800%, 2012/12/03 1,673,175 1,703,490 5,709,000 Export Development Corp., 6.200%, 2010/06/22 5,871,921 6,438,781 5,750,000 Export Development Corp., 5.750%, 2011/06/01 6,065,853 6,431,663 11,495,000 Government of Canada, 5.750%, 2006/09/01 12,051,196 11,889,853 2,775,000 Government of Canada, 3.250%, 2006/12/01 2,788,162 2,793,898 6,900,000 Government of Canada, 7.000%, 2006/12/01 7,521,877 7,302,960 1,400,000 Government of Canada, 7.250%, 2007/06/01 1,548,210 1,513,680 4,675,000 Government of Canada, 6.000%, 2008/06/01 5,004,199 5,064,428 4,325,000 Government of Canada, 4.250%, 2008/09/01 4,354,751 4,482,949 6,355,000 Government of Canada, 5.500%, 2009/06/01 6,699,179 6,901,530 2,650,000 Government of Canada, 4.250%, 2009/09/01 2,726,984 2,758,995 2,405,000 Government of Canada, 5.500%, 2010/06/01 2,585,346 2,641,412 8,825,000 Government of Canada, 6.000%, 2011/06/01 9,377,457 10,008,433 1,600,000 Government of Canada, 5.250%, 2012/06/01 1,640,343 1,760,000 5,850,000 Government of Canada, 5.250%, 2013/06/01 6,121,829 6,464,250 1,000,000 Government of Canada, 5.000%, 2014/06/01 1,074,000 1,091,600 925,000 Government of Canada, 4.500%, 2015/06/01 972,193 974,488 9,555,000 Government of Canada, 5.750%, 2033/06/01 10,892,878 11,867,310 4,450,000 Government of Canada, Series ’A55’, 8.000%, 2023/06/01 6,164,530 6,575,320 2,975,000 Government of Canada, Series ’A-76’, 9.000%, 2025/06/01 4,214,362 4,863,024 3,900,000 Government of Canada, Series ’VW17’, 8.000%, 2027/06/01 5,202,644 5,956,431 7,850,000 Government of Canada, Series ’WL43’, 5.750%, 2029/06/01 8,377,157 9,569,935 1,550,000 Government of Canada, Series ’XJ87’, 4.500%, 2007/09/01 1,552,465 1,601,925 Government of Canada & Guaranteed (41.54%) 180,309,246 187,790,206 200,000 British Columbia Municipal Financial Authority, 5.500%, 2008/03/24 199,366 212,938 1,450,000 Hydro-Quebec, 6.500%, 2011/02/15 1,494,910 1,662,875 825,000 Hydro-Quebec, 10.250%, 2012/07/16 1,114,450 1,150,892 900,000 Hydro-Quebec, 6.000%, 2040/02/15 1,037,277 1,072,809 1,300,000 Hydro-Quebec, Series ’HL’, 11.000%, 2020/08/15 2,216,025 2,216,760 550,000 Hydro-Quebec, Series ’IC’, 9.625%, 2022/07/15 790,570 872,685 150,000 Hydro-Quebec, Series ’JH’, Debentures, 6.000%, 2009/07/15 163,431 165,201 575,000 Ontario Electricity Financial Corp., 8.500%, 2025/05/26 772,743 859,602 2,425,000 Ontario Electricity Financial Corp., 8.250%, 2026/06/22 3,061,002 3,583,350 1,700,000 Province of British Columbia, 6.375%, 2010/08/23 1,772,590 1,934,583 125,000 Province of British Columbia, 8.750%, 2013/05/12 144,643 165,446 1,975,000 Province of British Columbia, 6.150%, 2027/11/19 2,010,730 2,408,947 1,375,000 Province of British Columbia, Debentures, 5.750%, 2012/01/09 1,430,832 1,543,190 475,000 Province of British Columbia, Debentures, 5.700%, 2029/06/18 435,718 549,727 1,450,000 Province of British Columbia, Series ’BCCD’, 6.250%, 2009/12/01 1,522,012 1,624,711 2,050,000 Province of British Columbia, Series ’BCCD’, 8.500%, 2013/08/23 2,480,971 2,713,565 1,150,000 Province of Manitoba, 5.750%, 2008/06/02 1,149,115 1,235,917 1,250,000 Province of Manitoba, 5.250%, 2009/03/02 1,212,665 1,338,250 100,000 Province of Manitoba, 5.850%, 2011/01/25 102,850 111,800 825,000 Province of Manitoba, 8.500%, 2013/07/22 1,006,463 1,089,396 1,050,000 Province of Manitoba, 5.050%, 2013/12/03 1,043,595 1,136,951 1,325,000 Province of New Brunswick, 5.700%, 2008/06/02 1,297,939 1,421,354 525,000 Province of New Brunswick, 10.125%, 2011/10/31 720,236 716,221 100,000 Province of New Brunswick, 5.850%, 2011/12/01 110,202 112,586 875,000 Province of New Brunswick, 8.500%, 2013/06/28 1,053,074 1,150,756 300,000 Province of Newfoundland, 5.500%, 2008/04/30 285,909 319,548 300,000 Province of Newfoundland, 8.400%, 2026/02/27 362,505 444,774 47 CIBC Canadian Bond Index Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 1,050,000 Province of Newfoundland, 6.150%, 2028/04/17 1,081,375 1,248,723 700,000 Province of Newfoundland, 6.500%, 2029/10/17 849,730 870,989 1,065,000 Province of Nova Scotia, 5.400%, 2009/06/01 1,136,301 1,149,018 700,000 Province of Nova Scotia, 9.600%, 2022/01/30 920,903 1,105,678 1,125,000 Province of Nova Scotia, 6.600%, 2027/06/01 1,171,125 1,419,480 325,000 Province of Nova Scotia, 6.600%, 2031/12/01 345,479 418,477 825,000 Province of Nova Scotia, Debentures, 6.400%, 2010/09/01 857,918 939,411 650,000 Province of Nova Scotia, Series MTN, 6.250%, 2011/06/01 702,325 741,312 1,250,000 Province of Ontario, 5.200%, 2007/03/08 1,296,700 1,296,988 1,038,703 Province of Ontario, 3.210%, 2009/08/13 1,040,365 1,036,626 1,400,000 Province of Ontario, 4.500%, 2015/03/08 1,412,166 1,446,564 1,100,000 Province of Ontario, 9.500%, 2022/07/13 1,612,325 1,743,291 2,445,000 Province of Ontario, 6.200%, 2031/06/02 2,503,271 2,982,949 1,200,000 Province of Ontario, 5.850%, 2033/03/08 1,207,556 1,406,268 950,000 Province of Ontario, 5.600%, 2035/06/02 1,061,996 1,083,295 75,000 Province of Ontario, Debentures, 6.200%, 2009/11/19 82,780 83,744 4,480,000 Province of Ontario, Debentures, 6.100%, 2010/11/19 4,802,989 5,048,781 975,000 Province of Ontario, Debentures, 6.100%, 2011/12/02 1,047,625 1,109,891 3,075,000 Province of Ontario, Debentures, 6.500%, 2029/03/08 3,281,340 3,856,665 2,075,000 Province of Ontario, Series ’KJ’, 7.600%, 2027/06/02 2,488,838 2,900,809 1,250,000 Province of Ontario, Series ’LE’, Debentures, 6.125%, 2007/09/12 1,300,281 1,333,225 1,075,000 Province of Ontario, Series ’MTN’, Debentures, 5.700%, 2008/12/01 1,068,479 1,162,699 600,000 Province of Prince Edward Island, 5.300%, 2036/05/19 599,622 646,038 925,000 Province of Quebec, 5.750%, 2008/04/01 932,280 987,438 1,121,480 Province of Quebec, 3.149%, 2009/08/17 1,120,982 1,119,573 1,375,000 Province of Quebec, 6.250%, 2010/12/01 1,441,688 1,556,198 850,000 Province of Quebec, 5.250%, 2013/10/01 850,119 922,922 1,300,000 Province of Quebec, 5.500%, 2014/12/01 1,384,942 1,434,550 3,125,000 Province of Quebec, 9.375%, 2023/01/16 4,464,160 4,895,438 2,250,000 Province of Quebec, 8.500%, 2026/04/01 3,042,555 3,348,630 2,500,000 Province of Quebec, 6.250%, 2032/06/01 2,422,072 3,018,775 775,000 Province of Quebec, 5.750%, 2036/12/01 780,503 885,554 1,725,000 Province of Quebec, Debentures, 5.500%, 2009/06/01 1,664,293 1,864,087 3,700,000 Province of Quebec, Debentures, 6.000%, 2012/10/01 3,961,339 4,190,583 725,000 Province of Quebec, Series ’OG’, 6.500%, 2007/10/01 759,087 779,614 3,100,000 Province of Quebec, Series ’OS’, 6.000%, 2029/10/01 3,030,363 3,606,013 425,000 Province of Saskatchewan, 4.750%, 2006/12/01 434,053 436,411 75,000 Province of Saskatchewan, 6.150%, 2010/09/01 83,332 84,569 875,000 Province of Saskatchewan, 9.600%, 2022/02/04 1,196,745 1,389,308 575,000 Province of Saskatchewan, 8.750%, 2025/05/30 757,496 882,556 100,000 Province of Saskatchewan, 5.750%, 2029/03/05 110,043 115,721 400,000 Province of Saskatchewan, 6.400%, 2031/09/05 407,000 505,328 Provincial Government & Guaranteed (21.87%) 89,706,364 98,869,023 1,800,000 International Bank for Reconstruction and Development (The), 3.000%, 2007/06/04 1,788,966 1,800,090 Supranational (0.40%) 1,788,966 1,800,090 100,000 City of Edmonton, Series ’QB’, 8.500%, 2018/09/14 128,810 140,158 795,000 City of Montreal, 6.000%, 2043/06/01 793,441 934,181 550,000 City of Toronto, 4.550%, 2015/05/20 546,816 560,230 165,000 Municipality of Edmonton, Alberta, 10.750%, 2011/05/16 238,321 224,426 186,000 Municipality of Greater Toronto, Ontario, 7.850%, 2006/06/28 205,508 195,222 395,000 Municipality of Ottawa, Ontario, 10.750%, 2011/02/28 537,666 533,317 150,000 Municipality of Ottawa, Ontario, 6.200%, 2019/09/10 146,955 174,045 550,000 Municipality of Vancouver, British Columbia, 6.000%, 2009/10/07 547,954 604,450 825,000 Municipality of Waterloo, Ontario, 10.000%, 2012/06/18 1,090,040 1,128,353 250,000 Municipality of Winnipeg, Manitoba, 9.125%, 2015/05/12 317,438 344,778 50,000 Municipality of Winnipeg, Manitoba, 6.250%, 2017/11/17 57,002 58,672 440,000 Municipality of Winnipeg, Manitoba, Series ’VW’, 5.900%, 2029/02/02 457,587 497,935 335,000 Municipality of York Region, Ontario, 7.250%, 2017/06/19 361,101 426,133 300,000 Universite du Quebec a Montreal, 5.860%, 2044/01/20 299,976 342,225 850,000 Vancouver International Airport Authority, Series ’A’, 6.550%, 2006/12/07 893,201 891,905 Municipal Government (1.56%) 6,621,816 7,056,030 1,625,000 N-45 First CMBS Corp., 4.636%, 2013/03/15 1,626,725 1,681,550 833,442 Schooner Trust, Class ’A1’, 4.580%, 2037/06/12 834,672 863,030 Mortgage-Backed Securities (0.56%) 2,461,397 2,544,580 800,000 407 International Inc., 9.000%, 2007/08/15 836,000 886,400 950,000 407 International Inc., 6.900%, 2007/12/17 970,720 1,032,175 475,000 407 International Inc., 6.050%, 2009/07/27 506,404 520,766 800,000 55 School Board Trust, Series ’A,’ Debentures, 5.900%, 2033/06/02 810,523 929,136 1,050,000 Aeroports de Montreal, Debentures, 6.550%, 2033/10/11 1,048,215 1,227,419 800,000 Alberta Energy Co. Ltd., 6.100%, 2009/06/01 749,825 873,712 800,000 Aliant Telecom Inc., Series ’MTN’, 6.800%, 2011/05/11 799,144 915,832 433,780 Alliance Pipeline LP, Series ’A’, 7.181%, 2023/06/30 442,379 525,655 1,915,000 Bank of Montreal, 7.000%, 2010/01/28 2,044,032 2,194,073 800,000 Bank of Montreal, 4.690%, 2011/01/31 799,824 839,936 1,175,000 Bank of Montreal, Series ’DPNT’, 4.660%, 2009/03/31 1,174,554 1,228,627 1,600,000 Bank of Montreal, Variable Rate, 4.000%, 2015/01/21 1,599,648 1,629,216 1,247,070 Bank of Nova Scotia, 3.318%, 2009/08/18 1,245,932 1,241,957 1,550,000 Bank of Nova Scotia, 6.250%, 2012/07/16 1,546,214 1,645,883 585,000 Bank of Nova Scotia, 8.300%, 2013/09/27 685,948 748,344 1,200,000 Bank of Nova Scotia, Variable Rate, 5.650%, 2013/07/22 1,275,108 1,280,940 50,000 BC Tel, Series 3, Debentures, 10.650%, 2021/06/19 76,188 79,356 500,000 BC Tel, Series 5, Debentures, 9.650%, 2022/04/08 651,150 741,465 75,000 Bell Canada, 6.700%, 2007/06/28 81,713 80,160 1,850,000 Bell Canada, 6.150%, 2009/06/15 1,947,924 2,027,563 550,000 Bell Canada, 10.350%, 2009/12/15 720,280 701,393 875,000 Bell Canada, 10.000%, 2014/06/15 1,102,500 1,232,928 1,300,000 Bell Canada, 5.000%, 2017/02/15 1,299,064 1,329,198 903,000 Bell Canada, 8.875%, 2026/04/17 1,137,185 1,198,823 875,000 Bell Canada, Series ’MTN’, 7.850%, 2031/04/02 954,503 1,137,404 50,000 Bell Mobility Cellular Inc., Series ’E’, Debentures, 7.300%, 2007/01/08 52,895 53,081 675,000 BMO Capital Trust, 6.685%, 2011/12/31 687,477 773,348 48 CIBC Canadian Bond Index Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 800,000 BMO Capital Trust, 5.474%, 2014/12/31 808,800 857,440 1,125,000 BMO Capital Trust, Series ’A’, 6.903%, 2010/06/30 1,154,980 1,283,974 940,000 BNS Capital Trust, 7.310%, 2049/12/31 959,321 1,099,546 800,000 Brascan Corp., 5.950%, 2035/06/14 794,904 804,512 881,166 Broadcast Centre Trust, 7.530%, 2027/05/01 1,138,290 1,131,593 2,150,000 Broadway Credit Card Trust, Series ’04-2’, 4.804%, 2014/03/17 2,164,506 2,250,169 900,000 Canada Life Assurance Co., Series ’B’, Debentures, 6.400%, 2028/12/11 830,367 1,025,037 1,200,000 Canada Life Capital Trust, Series ’A’, 6.679%, 2012/06/30 1,347,204 1,379,676 725,000 Canadian Credit Card Trust, 4.806%, 2008/01/24 737,506 754,015 900,000 Canadian Credit Card Trust, 4.513%, 2012/04/24 900,000 928,134 500,000 Canadian Credit Card Trust, Series 05-1, 4.143%, 2010/04/26 500,000 513,065 600,000 Canadian Utilities Ltd., 11.770%, 2020/11/30 924,720 1,040,904 250,000 Canadian Utilities Ltd., 9.400%, 2023/05/01 345,165 379,390 625,000 Capital Desjardins Inc., Series ’D’, 3.887%, 2014/03/17 625,000 633,206 1,200,000 CDP Financial Inc., Debentures, 4.200%, 2008/10/14 1,199,892 1,236,408 425,000 Citigroup Finance Canada Inc., 4.850%, 2008/04/25 424,775 442,799 325,000 Consumers Gas Co. Ltd., 10.800%, 2011/04/15 442,082 438,666 825,000 Consumers Waterheater Operating Trust, 5.245%, 2010/01/28 862,508 885,365 825,000 Consumers Waterheater Operating Trust, Series 03A1, 4.700%, 2008/01/28 848,756 856,086 950,000 CU Inc., 5.896%, 2034/11/20 1,001,311 1,049,542 500,000 Enbridge Inc., 3.950%, 2010/02/15 499,640 507,430 975,000 Enbridge Inc., 6.800%, 2010/03/10 1,010,590 1,107,366 800,000 Genesis Trust, Series 2005-2, Class ’A’, 4.002%, 2010/03/15 800,000 817,600 1,300,000 Glacier Credit Card Trust, 4.444%, 2008/11/20 1,303,403 1,346,475 1,200,000 Gloucester Credit Card Trust, 5.590%, 2007/06/15 1,251,996 1,256,760 600,000 Golden Credit Card Trust, 5.700%, 2006/08/15 602,547 619,014 975,000 Golden Credit Card Trust, 4.159%, 2008/10/15 975,000 1,002,144 850,000 Greater Toronto Airport Authority, 6.700%, 2010/07/19 884,782 964,776 1,000,000 Greater Toronto Airport Authority, 5.000%, 2015/06/01 992,610 1,035,460 984,188 Greater Toronto Airport Authority, 6.450%, 2029/07/30 928,827 1,099,929 1,950,000 Greater Toronto Airport Authority, Series 97-2, 5.950%, 2007/12/03 2,024,844 2,073,450 1,300,000 Household Financial Corp. Ltd., 4.500%, 2008/07/02 1,307,372 1,344,265 2,800,000 Household Financial Corp. Ltd., 4.200%, 2009/04/13 2,813,995 2,873,131 200,000 HSBC Canada Asset Trust , 5.149%, 2015/06/30 208,178 207,876 800,000 Hydro One Inc., 7.150%, 2010/06/03 830,240 927,608 1,300,000 Hydro One Inc., 6.350%, 2034/01/31 1,330,548 1,547,559 1,175,000 Hydro One Inc., Debentures, 7.350%, 2030/06/03 1,248,320 1,549,708 800,000 Investors Group Inc., 6.750%, 2011/05/09 797,592 915,904 475,000 Investors Group Inc., 7.110%, 2033/03/07 477,171 580,873 1,200,000 Investors Group Inc., Series 1997, Debentures, 6.650%, 2027/12/13 1,243,029 1,371,984 525,000 John Hancock Canadian Corp., 6.672%, 2011/05/31 525,000 600,511 875,000 Laurentian Bank of Canada, 6.000%, 2006/10/02 873,339 904,470 975,000 Loblaws Cos. Ltd., 6.000%, 2008/06/02 1,030,380 1,048,369 800,000 Loblaws Cos. Ltd., 5.400%, 2013/11/20 797,736 864,000 900,000 Loblaws Cos. Ltd., 6.650%, 2027/11/08 923,850 1,036,899 500,000 Manitoba Telecom Services, 6.150%, 2014/06/10 541,925 554,735 1,550,000 Master Credit Card Trust, 6.060%, 2007/06/21 1,599,215 1,637,777 575,000 Merrill Lynch Canada Finance Co., 4.700%, 2008/09/12 574,212 598,305 1,760,759 Milit-Air Inc., 5.870%, 2020/04/22 1,776,578 1,969,444 165,685 Milit-Air Inc., Series 1, 5.375%, 2019/06/30 166,247 182,751 725,000 National Bank of Canada, 7.500%, 2011/10/17 798,795 766,151 1,300,000 National Bank of Canada, 6.250%, 2012/10/31 1,307,540 1,389,050 1,450,000 National Bank of Canada, 5.700%, 2014/04/16 1,346,545 1,562,158 500,000 NAV Canada, 6.500%, 2009/06/01 542,888 555,480 500,000 NAV Canada, Series 96-2, 6.600%, 2006/12/01 528,050 525,060 975,000 NAV Canada, Series 96-3, 7.400%, 2027/06/01 1,088,364 1,278,030 875,000 NAV Canada, Series 97-2, 7.560%, 2027/03/01 1,048,358 1,114,986 867,482 New Brunswick (F-M) Project Co. Inc., 6.470%, 2027/11/30 840,432 998,923 450,000 Nova Gas Transmission Ltd., Series 23, Debentures, 9.900%, 2024/12/16 625,917 691,475 700,000 Nova Scotia Power Inc., 8.850%, 2025/05/19 851,343 973,077 500,000 Nova Scotia Power Inc., 6.950%, 2033/08/25 590,025 595,065 900,000 OMERS Realty Corp., Series ’A’, 5.480%, 2012/12/31 958,707 990,009 1,925,000 Ontario Electricity Financial Corp., 5.600%, 2008/06/02 1,925,405 2,059,057 2,125,000 Ontario Electricity Financial Corp., Series ’DJ5’, 10.000%, 2014/10/17 2,979,508 3,123,299 1,000,000 Ontario School Boards Financing Corp., 6.300%, 2010/09/22 1,112,170 1,122,620 775,000 Ontario School Boards Financing Corp., 6.250%, 2016/10/19 825,320 910,610 713,727 Ontario School Boards Financing Corp., 7.200%, 2025/06/09 765,253 895,663 70,845 Ontario School Boards Financing Corp., 6.550%, 2026/10/19 82,475 84,978 976,087 Ontario School Boards Financing Corp., 5.900%, 2027/10/11 981,108 1,108,376 607,378 Ontario School Boards Financing Corp., 5.800%, 2028/11/07 605,289 682,389 650,000 RBC Capital Trust, 7.183%, 2049/12/31 694,801 760,565 1,525,000 RBC Capital Trust, Series 2010, 7.288%, 2049/12/10 1,588,410 1,768,954 900,000 Renaissance Energy Ltd., 6.850%, 2007/02/06 875,430 951,084 1,025,000 RioCan REIT, Series ’H’, 4.700%, 2012/06/15 1,022,643 1,024,857 750,000 Royal Bank of Canada, 5.600%, 2008/04/22 748,440 797,963 800,000 Royal Bank of Canada, 6.750%, 2012/06/04 840,892 854,400 825,000 Royal Bank of Canada, 4.180%, 2014/06/01 825,000 847,143 1,700,000 Royal Bank of Canada, 5.950%, 2014/06/18 1,814,380 1,880,166 1,100,000 Royal Bank of Canada, 7.100%, 2015/01/25 1,168,200 1,262,195 1,970,000 Royal Bank of Canada, Debentures, Variable Rate, 6.500%, 2011/09/12 2,070,590 2,051,730 1,025,000 Royal Bank of Canada, Series ’DPNT’, 5.000%, 2014/01/20 1,024,037 1,084,173 607,439 Scotia Schools Trust, 6.220%, 2020/07/13 560,828 681,103 1,025,000 Scotiabank Capital Trust, 6.626%, 2012/06/30 1,025,820 1,175,142 1,390,000 Scotiabank Capital Trust, 6.282%, 2013/06/30 1,433,708 1,569,310 950,000 Sun Life Assurance Co. of Canada, 6.150%, 2022/06/30 968,506 1,064,827 1,050,000 Sun Life Capital Trust, Series ’A’, 6.865%, 2049/12/29 1,078,718 1,216,772 750,000 Suncor Energy Inc., 6.800%, 2007/03/05 747,225 795,540 1,025,000 Suncor Energy Inc., 6.700%, 2011/08/22 1,022,048 1,177,787 1,200,000 TD Capital Trust, 7.600%, 2009/12/31 1,211,630 1,394,664 775,000 Telesat Canada Inc., Series 99-B, 7.400%, 2006/06/28 769,990 804,063 1,375,000 Thomson Corp. (The), 6.900%, 2008/06/04 1,378,661 1,511,716 50,000 Thomson Corp. (The), 6.850%, 2011/06/01 56,777 57,835 900,000 Toronto-Dominion Bank (The), 6.550%, 2012/07/31 899,100 962,289 1,650,000 Toronto-Dominion Bank (The), 4.540%, 2013/09/05 1,652,431 1,711,875 565,000 Toronto-Dominion Bank (The), 10.050%, 2014/08/04 785,649 805,628 500,000 Toronto-Dominion Bank (The), 9.150%, 2025/05/26 648,892 755,900

49 CIBC Canadian Bond Index Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 200,000 TransCanada Corp., Series 21, Debentures, 12.200%, 2016/02/28 298,779 325,888 750,000 TransCanada PipeLines Ltd., Series ’MTN’, 5.650%, 2014/01/15 748,230 820,583 800,000 TransCanada PipeLines Ltd., Series ’U’, 11.800%, 2020/11/20 1,214,720 1,371,464 1,100,000 Union Gas Ltd., 7.200%, 2010/06/01 1,253,018 1,270,764 400,000 Union Gas Ltd., Series 1993, Debentures, 8.750%, 2018/08/03 512,180 554,364 1,125,000 University of Toronto, 6.780%, 2031/07/18 1,181,972 1,446,233 700,000 University of Toronto, Series ’B’, 5.841%, 2043/12/15 810,677 817,677 1,475,000 Vancouver International Airport Authority, Series ’B’, 7.375%, 2026/12/07 1,613,515 1,899,107 850,000 Wells Fargo Financial Canada Corp., 4.350%, 2010/06/01 850,553 878,917 550,000 Westcoast Energy Inc., 8.500%, 2015/11/23 692,104 726,941 750,000 Westcoast Energy Inc., 8.850%, 2025/07/21 917,625 1,039,455 775,000 Westcoast Energy Inc., Series ’MTN’, 6.750%, 2027/12/15 727,089 884,012 900,000 Westcoast Energy Inc., Series ’P’, 8.300%, 2013/12/30 1,042,570 1,142,991 800,000 Weston (George) Ltd., 6.690%, 2033/03/01 799,896 917,184 850,000 York University, 5.841%, 2044/05/04 850,000 963,356 1,500,000 YPG Holdings Inc., 5.710%, 2014/04/21 1,547,610 1,572,270 Corporate Bonds (32.21%) 135,371,438 145,636,233 Total of Canadian Bonds (98.14%) 416,259,227 443,696,162 Total of Investments before Short-Term Investment (98.14%) 416,259,227 443,696,162 Short-Term Investment 825,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 825,000 825,058 Total of Short-Term Investment (0.18%) 825,000 825,058 Total of Investments (98.32%) 417,084,227 444,521,220 Other Assets, less Liabilities (1.68%) 7,601,911 Total of Net Assets (100.00%) 452,123,131 The accompanying notes are an integral part of these financial statements.

CIBC Global Bond Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Par Value Holdings ($) ($) Bonds 560,000 Export Development Corp., 5.250%, 2009/03/09 431,568 525,171 100,000 New South Wales Treasury Corp., 6.500%, 2006/05/01 101,059 94,201 Australian Dollar (0.37%) 532,627 619,372 300,000 International Finance Corp., 5.625%, 2009/12/07 688,997 691,878 150,000 Province of Quebec, 8.625%, 2011/04/11 440,459 399,616 1,450,000 United Kingdom Treasury Bond, 8.750%, 2017/08/25 4,621,057 4,555,330 British Pound (3.36%) 5,750,513 5,646,824 7,700,000 Kingdom of Denmark, 7.000%, 2007/11/15 1,624,492 1,704,844 Danish Krona (1.02%) 1,624,492 1,704,844 329,517 Federal Republic of Germany, 6.000%, 2016/06/20 534,138 614,914 820,000 Government of Canada, 4.875%, 2008/07/07 1,128,087 1,307,092 335,000 Government of Canada, 4.500%, 2009/04/28 469,215 536,230 1,320,000 Government of France, 4.250%, 2019/04/25 1,991,074 2,145,202 1,350,000 Government of France, 6.000%, 2025/10/25 2,411,977 2,696,405 2,800,000 Government of Netherlands, 5.000%, 2012/07/15 4,413,984 4,720,655 1,335,354 Government of Spain, 6.000%, 2008/01/31 2,020,955 2,171,145 2,000,000 Government of Spain, 4.750%, 2014/07/30 2,721,028 3,364,483 2,500,000 Kingdom of Belgium, 5.750%, 2010/09/28 3,516,276 4,277,890 391,794 Province of Quebec, 5.500%, 2010/02/05 630,043 651,830 7,000,000 Republic of Italy, 4.500%, 2009/05/01 9,402,476 11,171,597 Euro (20.05%) 29,239,253 33,657,443 100,000,000 Asian Development Bank, 1.150%, 2008/10/06 1,264,087 1,139,226 38,000,000 Government of Canada, 0.700%, 2006/03/20 496,049 422,120 758,000,000 Inter-American Development Bank, 1.900%, 2009/07/08 1,640,316 8,956,393 141,000,000 International Bank for Reconstruction and Development (The), 2.000%, 2008/02/18 1,920,068 1,640,316 650,000,000 Province of Ontario, 1.875%, 2010/01/25 9,027,034 7,683,876 645,000,000 Province of Quebec, 1.600%, 2013/05/09 8,442,430 7,496,442 Japanese Yen (16.28%) 31,864,981 27,338,373 1,100,000,000 International Bank for Reconstruction and Development (The), 6.500%, 2007/07/30 1,113,295 914,410 Italian Lira (0.54%) 1,113,295 914,410 6,000,000 Government of Sweden, 5.000%, 2009/01/28 1,059,949 1,032,076 500,000 Government of Sweden, 9.000%, 2009/04/20 117,339 97,652 Swedish Krona (0.67%) 1,177,288 1,129,728 800,000 Government of Canada, 6.750%, 2006/08/28 1,141,678 1,013,155

50 CIBC Global Bond Index Fund (Cont’d***)

Average Cost Current Value Par Value Holdings ($) ($) 1,000,000 Inter-American Development Bank, 6.375%, 2007/10/22 1,371,410 1,294,001 400,000 International Bank for Reconstruction and Development (The), 4.750%, 2035/02/15 490,886 506,967 925,000 Province of Quebec, 6.125%, 2011/01/22 1,334,277 1,237,737 100,000 United States Treasury Bonds, 6.000%, 2026/02/15 148,816 150,947 2,000,000 United States Treasury Bonds, 6.250%, 2030/05/15 3,286,709 3,191,466 United States Dollar (4.40%) 7,773,776 7,394,273 Total of Bonds (46.69%) 79,076,225 78,405,267 Total of Investments before Short-Term Investments (46.69%) 79,076,225 78,405,267 Short-Term Investments (note 11) 1,000,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 993,250 999,105 10,825,000 Government of Canada Treasury Bill, 2.710%, 2005/09/22 10,684,600 10,759,042 11,500,000 Government of Canada Treasury Bill, 2.556%, 2005/12/15 11,358,435 11,367,183 9,000,000 Government of Canada Treasury Bill, 2.576%, 2005/12/29 8,885,880 8,886,507 15,000,000 Business Development Bank of Canada Discount Note, 2.631%, 2005/11/10 14,776,350 14,859,419 4,000,000 Care Trust Series ’D’ Discount Note, 2.592%, 2005/09/12 3,974,880 3,979,396 3,400,000 Darwin Receivables Trust Discount Note, 2.600%, 2005/8/26 3,377,628 3,386,529 8,000,000 Prime Trust Senior Discount Note, 2.572%, 2005/08/04 7,948,480 7,980,960 6,000,000 Prime Trust Senior Discount Note, 2.600%, 2005/08/26 5,960,520 5,976,227 400,000 Stars Trust Series ’A’ Discount Note, 2.571%, 2005/07/25 397,480 399,328 1,800,000 Stars Trust Series ’A’ Discount Note, 2.571%, 2005/07/29 1,788,534 1,796,472 10,000,000 Bank of Nova Scotia Bearer Deposit Note, 2.639%, 2005/09/08 9,868,700 9,950,763 7,000,000 National Bank of Canada Bearer Deposit Note, 2.572%, 2005/09/09 6,954,430 6,965,700 Total of Short-Term Investments (52.01%) 86,969,167 87,306,631 Total of Investments (98.70%) 166,045,392 165,711,898 Margin (0.49%) 821,549 Unrealized Gain on Futures Contracts (0.37%) 617,325 Unrealized Loss on Forward Foreign Currency Contracts (–0.37%) (619,668) Other Assets, less Liabilities (0.81%) 1,352,637 Total of Net Assets (100.00%) 167,883,741 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Bond Futures Value ($) Gain/(Loss) ($) Value ($) Bond Futures Value ($) Gain/(Loss) ($) 3,967,163 British LIF LONG GILT Bond Future, 4,010,368 43,204 9,454,269 United States CBT 5 Year Treasury 9,469,216 14,947 Expiry September 2005; Note Future, 16 contracts at GBP 112.94 per contract Expiry September 2005; 3,740,729 German EURO-BOBL Future, 3,772,372 31,643 71 contracts at USD 108.72 per contract Expiry September 2005; 8,431,255 United States CBT 10 Year Treasury 8,477,568 46,313 22 contracts at EUR 114.67 per contract Note Future, 25,169,488 German EURO-BUND Future, 25,454,557 285,069 Expiry September 2005; Expiry September 2005; 61 contracts at USD 112.85 per contract 139 contracts at EUR 122.12 per 4,707,117 United States Long Bond Future, 4,799,685 92,568 contract Expiry September 2005; 20,178,526 Japanese TSE 10 Year Bond Future, 20,289,168 110,642 33 contracts at USD 116.46 per contract Expiry September 2005; 13 contracts at JPY 140.43 per contract 86,085,010 Total Bond Futures 86,702,336 617,325 10,436,463 United States CBT 2 Year Treasury 10,429,402 (7,061) Note Future, As at June 30, 2005, $821,549 cash was deposited as margin for the futures contracts. Expiry September 2005; 41 contracts at USD 103.91 per contract

Forward Foreign Currency Contracts

Credit Rating Settlement Currency Currency Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Rate Rate Gain/(Loss) State Street Trust Co. Canada A1+ 2005/07/29 EUR 18,930,000 CAD 28,160,060 1.488 1.483 (80,767) State Street Trust Co. Canada A1+ 2005/07/29 EUR 870,000 CAD 1,292,063 1.485 1.483 (1,573) State Street Trust Co. Canada A1+ 2005/07/29 GBP 1,830,000 CAD 4,085,565 2.233 2.191 (75,144) State Street Trust Co. Canada A1+ 2005/07/29 JPY 1,840,000,000 CAD 20,661,075 0.011 0.011 (280,876) State Street Trust Co. Canada A1+ 2005/07/29 USD 26,660,000 CAD 32,812,062 1.231 1.224 (180,036) State Street Trust Co. Canada A1+ 2005/07/29 USD 830,000 CAD 1,017,198 1.226 1.224 (1,272) (619,668) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating.

51 CIBC Balanced Index Fund‡

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Bonds 150,000 Canada Housing Trust, 4.750%, 2007/03/15 154,709 154,583 300,000 Canada Housing Trust, 5.100%, 2007/09/15 307,050 313,650 125,000 Canada Housing Trust, 4.400%, 2008/03/15 127,457 129,368 300,000 Canada Housing Trust No. 1, 4.100%, 2008/12/15 299,293 309,081 150,000 Canada Mortgage & Housing Corp., 5.500%, 2012/06/01 148,575 166,407 450,000 Export Development Corp., 6.200%, 2010/06/22 458,751 507,524 150,000 Export Development Corp., 5.750%, 2011/06/01 149,193 167,783 125,000 Government of Canada, 7.000%, 2006/12/01 137,506 132,300 150,000 Government of Canada, 7.250%, 2007/06/01 162,832 162,180 50,000 Government of Canada, 6.000%, 2008/06/01 52,158 54,165 150,000 Government of Canada, 4.250%, 2008/09/01 150,617 155,478 150,000 Government of Canada, 5.500%, 2009/06/01 161,033 162,900 50,000 Government of Canada, 9.000%, 2011/03/01 63,896 64,278 100,000 Government of Canada, 6.000%, 2011/06/01 104,216 113,410 150,000 Government of Canada, 5.250%, 2012/06/01 154,220 165,000 250,000 Government of Canada, 5.250%, 2013/06/01 262,391 276,250 100,000 Government of Canada, 5.000%, 2014/06/01 100,970 109,160 375,000 Government of Canada, 5.750%, 2033/06/01 409,416 465,750 25,000 Government of Canada, Series ’A43’, 9.750%, 2021/06/01 37,025 41,595 125,000 Government of Canada, Series ’A55’, 8.000%, 2023/06/01 162,604 184,700 Government of Canada & Guaranteed (14.96%) 3,603,912 3,835,562 50,000 Hydro-Quebec, 6.500%, 2011/02/15 53,765 57,341 50,000 Hydro-Quebec, 10.250%, 2012/07/16 70,247 69,751 100,000 Hydro-Quebec, Series ’JH’, Debentures, 6.000%, 2009/07/15 99,460 110,134 75,000 Ontario Electricity Financial Corp., 8.250%, 2026/06/22 97,295 110,825 50,000 Province of British Columbia, 5.250%, 2006/12/01 52,208 51,683 50,000 Province of British Columbia, 6.000%, 2008/06/09 50,320 54,126 100,000 Province of British Columbia, 6.150%, 2027/11/19 103,615 121,972 50,000 Province of British Columbia, Series ’BCCD’, 8.500%, 2013/08/23 58,627 66,185 50,000 Province of New Brunswick, 7.750%, 2006/06/19 55,825 52,361 150,000 Province of New Brunswick, 5.850%, 2011/12/01 160,995 168,879 75,000 Province of Nova Scotia, 6.600%, 2031/12/01 74,612 96,572 100,000 Province of Ontario, 5.000%, 2014/03/08 101,960 107,385 100,000 Province of Ontario, Debentures, 6.500%, 2029/03/08 107,176 125,420 75,000 Province of Ontario, Series ’MTN’, Debentures, 5.700%, 2008/12/01 73,723 81,119 62,305 Province of Quebec, 3.149%, 2009/08/17 62,305 62,199 100,000 Province of Quebec, 9.375%, 2023/01/16 132,875 156,654 50,000 Province of Quebec, 5.750%, 2036/12/01 50,355 57,133 175,000 Province of Quebec, Series ’OS’, 6.000%, 2029/10/01 171,693 203,565 75,000 Province of Saskatchewan, 6.150%, 2010/09/01 79,275 84,569 Provincial Government & Guaranteed (7.17%) 1,656,331 1,837,873 25,000 City of Montreal, 6.000%, 2043/06/01 24,698 29,377 20,000 Municipality of Edmonton, Alberta, 9.625%, 2012/02/13 27,414 26,358 40,000 Municipality of Greater Toronto, Ontario, 7.850%, 2006/06/28 45,735 41,983 30,000 Municipality of York Region, Ontario, 7.250%, 2017/06/19 35,247 38,161 Municipal Government (0.53%) 133,094 135,879 75,000 N-45 First CMBS Corp., 4.636%, 2013/03/15 74,996 77,610 46,302 Schooner Trust, Class ’A1’, 4.580%, 2037/06/12 46,289 47,946 Mortgage-Backed Securities (0.49%) 121,285 125,556 75,000 407 International Inc., 6.900%, 2007/12/17 76,033 81,488 75,000 407 International Inc., 6.050%, 2009/07/27 75,698 82,226 50,000 55 School Board Trust, Series ’A,’ Debentures, 5.900%, 2033/06/02 49,965 58,071 75,000 Bank of Montreal, Series ’DPNT’, 4.660%, 2009/03/31 74,972 78,423 62,354 Bank of Nova Scotia, 3.318%, 2009/08/18 62,354 62,098 50,000 Bank of Nova Scotia, 6.250%, 2012/07/16 50,800 53,093 50,000 BC Tel, Series 3, Debentures, 10.650%, 2021/06/19 69,970 79,356 75,000 Bell Canada, 8.875%, 2026/04/17 99,385 99,570 75,000 BMO Capital Trust, 6.685%, 2011/12/31 75,338 85,928 50,000 Canadian Credit Card Trust, 4.806%, 2008/01/24 50,863 52,001 50,000 Consumers Waterheater Operating Trust, 5.245%, 2010/01/28 52,209 53,659 50,000 Consumers Waterheater Operating Trust, Series 03A1, 4.700%, 2008/01/28 51,422 51,884 75,000 Enbridge Inc., 6.800%, 2010/03/10 75,615 85,182 75,000 Glacier Credit Card Trust, 4.444%, 2008/11/20 75,000 77,681 92,672 Milit-Air Inc., 5.870%, 2020/04/22 92,666 103,655 50,000 National Bank of Canada, 7.500%, 2011/10/17 53,427 52,838 125,000 National Bank of Canada, 5.700%, 2014/04/16 127,050 134,669 50,000 Nova Scotia Power Inc., 8.850%, 2025/05/19 59,088 69,506 75,000 Ontario Electricity Financial Corp., Series ’DJ5’, 10.000%, 2014/10/17 106,141 110,234 50,000 Ontario School Boards Financing Corp., 6.250%, 2016/10/19 52,821 58,749 47,230 Ontario School Boards Financing Corp., 6.550%, 2026/10/19 47,419 56,652 47,615 Ontario School Boards Financing Corp., 5.900%, 2027/10/11 47,366 54,068 24,294 Ontario School Boards Financing Corp., 5.800%, 2028/11/07 24,210 27,294 75,000 RBC Capital Trust, 7.183%, 2049/12/31 77,940 87,758 75,000 RBC Capital Trust, Series 2010, 7.288%, 2049/12/10 77,798 86,998 60,760 Scotia Schools Trust, 6.220%, 2020/07/13 54,313 68,128 50,000 TD Capital Trust, 7.600%, 2009/12/31 51,168 58,111 100,000 Telesat Canada Inc., Series 99-B, 7.400%, 2006/06/28 98,052 103,750 50,000 Telus Corp., 7.500%, 2006/06/01 49,615 51,980 75,000 Thomson Corp. (The), 6.900%, 2008/06/04 74,729 82,457 50,000 Thomson Corp. (The), 6.850%, 2011/06/01 56,198 57,835 75,000 Toronto-Dominion Bank (The), 4.540%, 2013/09/05 74,980 77,813 50,000 Toronto-Dominion Bank (The), 10.050%, 2014/08/04 70,367 71,295 50,000 TransCanada Corp., Series 21, Debentures, 12.200%, 2016/02/28 81,654 81,472 52 CIBC Balanced Index Fund‡ (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 75,000 TransCanada PipeLines Ltd., Series ’U’, 11.800%, 2020/11/20 113,880 128,575 25,000 Union Gas Ltd., 6.650%, 2011/05/04 25,768 28,555 75,000 University of Toronto, 6.780%, 2031/07/18 77,565 96,416 150,000 Vancouver International Airport Authority, Series ’B’, 7.375%, 2026/12/07 159,252 193,130 25,000 Wells Fargo Financial Canada Corp., 4.350%, 2010/06/01 24,962 25,851 25,000 Weston (George) Ltd., 6.690%, 2033/03/01 24,994 28,654 Corporate Bonds (11.69%) 2,743,047 2,997,103 Total of Bonds (34.84%) 8,257,669 8,931,973

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 425 Tesco Corp. 3,418 5,759 500 Thunder Energy Inc. 4,559 4,225 370 Alliance Atlantis Communications Inc., 4,285 TransCanada Corp. 80,225 138,148 Class ’B’, Non-Voting 7,257 10,656 450 Trican Well Service Ltd. 2,135 13,554 475 Astral Media Inc. 8,892 14,986 3,200 UTS Energy Corp. 7,807 8,224 1,080 Ballard Power Systems Inc. 53,767 6,156 1,500 Western Oil Sands Inc., Class ’A’ 8,319 35,685 720 Canadian Tire Corp. Ltd., Class ’A’ 22,697 40,766 1,030 CanWest Global Communications Corp. 18,007 14,029 Energy (7.99%) 863,629 2,049,781 475 Cinram International Inc. 7,631 11,163 125 Cogeco Cable Inc. 3,865 3,388 880 AGF Management Ltd., Class ’B’, 350 Corus Entertainment Inc., Class ’B’ 13,285 10,955 Non-Voting 14,876 14,872 270 Dorel Industries Inc., Class ’B’ 6,962 11,502 4,450 Bank of Montreal 153,076 253,784 873 Fairmont Hotels & Resorts Inc. 17,932 37,068 8,830 Bank of Nova Scotia 182,871 357,968 200 Forzani Group Ltd., Class ’A’ 2,059 2,130 2,025 Brascan Corp. 31,350 94,770 190 Four Seasons Hotels Inc. 12,597 15,375 1,044 Brookfield Properties Corp. 13,334 36,175 500 Gildan Activewear Inc. 5,668 16,060 1,651 C.I. Fund Management Inc. 17,900 29,140 500 Great Canadian Gaming Corp. 10,740 9,800 3,100 Canadian Imperial Bank of Commerce 180,847 234,949 560 Hudson’s Bay Co. 8,964 8,406 250 Canadian Western Bank 4,213 7,208 385 Intrawest Corp. 9,300 11,315 60 Dundee Corp Inc., Class ’A’ 949 1,574 480 Linamar Corp. 10,703 7,416 52 Fairfax Financial Holdings Ltd. 14,400 10,559 998 Magna International Inc., Class ’A’ 71,390 85,888 2,154 Great-West Lifeco Inc. 39,508 59,989 300 Mega Bloks Inc. 7,134 7,200 300 Home Capital Group Inc 7,707 10,953 420 Quebecor Inc., Class ’B’ 13,495 12,398 1,005 IGM Financial Inc. 20,251 37,838 818 Quebecor World Inc. 27,868 19,632 700 Industrial Alliance Insurance and 550 Reitmans (Canada) Ltd., Class ’A’ 9,786 9,554 Financial Services Inc. 14,974 19,789 2,049 Rogers Communications Inc., Class ’B’ 53,221 82,370 9,000 Itemus Inc. 5,074 — 1,050 Rona Inc. 15,194 25,914 510 Kingsway Financial Services Inc. 6,920 10,608 672 Rothmans Inc. 7,760 15,792 140 Laurentian Bank of Canada 3,784 3,788 505 Sears Canada Inc. 11,846 12,423 7,125 Manulife Financial Corp. 284,112 416,884 1,865 Shaw Communications Inc. 50,490 47,558 1,530 National Bank of Canada 36,380 83,247 1,880 Thomson Corp. (The) 83,781 77,118 300 Northbridge Financial Corp. 7,209 9,000 415 Torstar Corp., Class ’B’ 7,764 10,292 2,730 Power Corp. of Canada 42,229 83,866 250 TVA Group Inc., Class ’B’ 5,519 5,040 2,000 Power Financial Corp. 31,306 65,360 5,745 Royal Bank of Canada 259,319 436,046 Consumer Discretionary (2.51%) 585,574 642,350 5,390 Sun Life Financial Inc. 150,577 222,445 6,310 Toronto-Dominion Bank (The) 223,379 344,778 1,400 Alimentation Couche-Tard Inc., 600 TSX Group Inc. 13,342 21,906 Class ’B’ 5,969 26,194 665 Cott Corp. 11,372 17,749 Financials (11.18%) 1,759,887 2,867,496 280 Empire Co. Ltd., Class ’A’ 4,453 10,710 1,220 Jean Coutu Group (PJC) Inc., Class ’A’ 14,954 22,729 700 Aeterna Laboratoires Inc. 9,736 3,955 816 Loblaws Cos. Ltd. 36,202 59,005 700 Angiotech Pharmaceuticals Inc. 15,928 11,809 250 Maple Leaf Foods Inc. 3,139 4,188 400 Axcan Pharma Inc. 7,086 7,452 880 Metro Inc., Class ’A’ 9,961 23,470 1,435 Biovail Corp. 67,901 27,136 380 Saputo Inc. 8,120 14,109 530 Extendicare Inc. 3,551 9,551 700 Saskatchewan Wheat Pool Inc. 4,656 4,396 400 ID Biomedical Corp. 2,882 8,020 1,900 Shoppers Drug Mart Corp. 46,593 80,750 1,347 MDS Inc. 26,392 24,798 150 Sobeys Inc. 3,763 6,108 200 Neurochem Inc. 5,362 2,460 500 United Grain Growers Ltd. 5,482 4,475 925 Patheon Inc. 10,150 8,371 220 Van Houtte Inc. 5,698 4,345 880 QLT Inc. 31,529 11,150 300 Vincor International Inc. 5,384 9,030 600 TLC Vision Corp. 5,051 5,880 460 Weston (George) Ltd. 32,055 49,827 800 Vasogen Inc. 9,676 4,792 Consumer Staples (1.31%) 197,801 337,085 Health Care (0.49%) 195,244 125,374 800 BlackRock Ventures Inc. 5,941 7,888 950 ACE Aviation Holdings Inc., Class ’A’ 40,237 37,858 150 Calfrac Well Services Ltd. 5,307 4,650 505 ATS Automation Tooling Systems Inc. 9,671 8,535 4,750 Canadian Natural Resources Ltd. 51,629 210,900 13,770 Bombardier Inc., Class ’B’ 161,712 35,940 1,000 Centurion Energy International Inc. 12,832 13,410 2,480 CAE Inc. 15,582 16,294 300 CHC Helicopter Corp., Class ’A’ 3,029 7,164 2,495 Canadian National Railway Co. 89,585 176,347 1,400 Compton Petroleum Corp. 3,946 15,610 1,447 Canadian Pacific Railway Ltd. 36,053 61,338 400 Duvernay Oil Corp. 11,899 13,044 873 CP Ships Ltd. 11,197 16,805 3,090 Enbridge Inc. 57,146 107,996 795 Finning International Inc. 10,256 28,739 8,203 EnCana Corp. 190,269 396,451 200 FirstService Corp. 2,480 4,936 200 Enerflex Systems Ltd. 4,547 5,040 400 GSI Group Inc. 5,210 4,588 665 Ensign Energy Services Inc. 7,916 19,664 900 Husky Injection Molding Systems Ltd. 5,165 3,798 1,800 First Calgary Petroleums Ltd. 9,213 14,490 870 Royal Group Technologies Ltd. 26,474 11,641 1,066 Husky Energy Inc. 15,250 51,946 500 Russel Metals Inc. 5,324 6,925 905 Imperial Oil Ltd. 30,704 92,328 460 SNC-Lavalin Group Inc. 8,561 31,556 1,100 Ivanhoe Energy Inc. 6,361 3,168 590 Toromont Industries Ltd. 5,216 13,039 2,320 Nexen Inc. 33,119 86,304 300 Transat A.T. Inc., Class ’B’ 6,472 7,200 300 Niko Resources Ltd. 5,321 17,307 740 Transcontinental Inc., Class ’A’ 9,461 19,055 350 Nuvista Energy Ltd. 5,094 4,764 1,250 WestJet Airlines Ltd. 12,067 17,063 700 OPTI Canada Inc. 18,746 18,725 200 ZENON Environmental Inc. 2,995 4,944 360 Paramount Resources Ltd., Class ’A’ 2,578 6,473 Industrials (1.98%) 463,718 506,601 250 Pason Systems Inc. 5,569 5,325 2,300 Petro-Canada 70,927 183,425 225 Aastra Technologies Ltd. 3,376 4,331 759 PetroKazakhstan Inc., Class ’A’ 11,801 33,980 2,330 ATI Technologies Inc. 46,187 33,785 1,120 Precision Drilling Corp. 27,761 54,085 850 BCE Emergis Inc. 40,780 2,661 300 Real Resources Inc. 4,975 4,950 1,725 Celestica Inc. 83,923 28,290 300 Savanna Energy Services Corp. 6,239 5,805 2,925 CGI Group Inc., Class ’A’ 31,934 21,528 635 ShawCor Ltd., Class ’A’ 8,578 11,443 940 Cognos Inc. 25,202 39,330 1,725 Shell Canada Ltd. 21,313 56,735 100 CrytoLogic Inc. 3,906 3,687 4,025 Suncor Energy Inc. 67,546 233,128 785 Geac Computer Corp. Ltd. 17,283 8,368 3,442 Talisman Energy Inc. 51,610 157,988 53 CIBC Balanced Index Fund‡ (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 95 Hummingbird Ltd. 3,288 2,470 875 Meridian Gold Inc. 13,511 19,250 200 MacDonald, Dettwiler and 1,125 Methanex Corp. 10,310 22,590 Associates Ltd. 4,655 6,300 300 Minefinders Corporation Ltd. 3,862 1,710 38,069 Nortel Networks Corp. 1,183,061 121,440 2,309 Noranda Inc. 30,461 48,535 1,325 Onex Corp. 21,658 26,023 904 Norbord Inc. 4,484 9,474 550 Open Text Corp. 10,133 9,532 1,445 Norske Skog Canada Ltd. 9,480 4,711 1,675 Research in Motion Ltd. 70,069 151,035 1,400 Northern Orion Resources Inc. 5,278 4,228 400 Sierra Wireless Inc. 13,932 3,608 2,400 Northgate Exploration Ltd. 6,792 3,192 100 Tundra Semiconductor Corp. Ltd. 2,717 1,248 685 NOVA Chemicals Corp. 18,737 25,619 550 NovaGold Resources Inc. 4,613 5,154 Information Technology (1.81%) 1,562,104 463,636 724 Novelis Inc. 18,643 22,495 525 Aber Diamond Corp. 6,182 19,688 590 Pan American Silver Corp. 4,873 10,620 3,884 Abitibi-Consolidated Inc. 55,963 21,207 3,875 Placer Dome Inc. 62,488 72,656 755 Agnico-Eagle Mines Ltd. 9,112 11,574 1,000 Potash Corp. of Saskatchewan Inc. 48,865 116,950 1,230 Agrium Inc. 18,053 29,446 1,300 Rio Narcea Gold Mines Ltd. 5,213 2,561 3,270 Alcan Inc. 141,397 120,271 1,460 Sherritt International Corp. 5,675 13,593 400 Algoma Steel Inc. 7,001 10,020 1,200 Sino-Forest Corp., Class ’A’ 7,224 3,312 820 Aur Resources Inc. 1,988 5,535 400 Southwestern Resources Corp. 7,946 4,264 4,720 Barrick Gold Corp. 123,887 144,432 140 St. Lawrence Cement Group Inc., 4,000 Bema Gold Corp. 9,507 11,640 Class ’A’ 2,371 3,612 2,600 Cambior Inc. 10,440 6,838 1,778 Teck Cominco Ltd., Class ’B’ 23,268 73,503 1,610 Cameco Corp. 16,039 87,987 1,015 Tembec Inc. 10,903 3,451 1,280 Canfor Corp. 10,385 18,816 208 West Fraser Timber Co. Ltd. 6,908 9,828 400 Canico Resource Corp. 5,579 5,452 400 Western Silver Corp. 4,361 4,244 495 Cascades Inc. 3,772 5,688 1,200 Yamana Gold Inc. 5,116 5,340 235 CCL Industries Inc., Class ’B’ 3,364 6,394 Materials (5.29%) 1,009,128 1,356,554 1,900 Crystallex International Corp. 5,956 8,360 635 Dofasco Inc. 15,060 24,511 624 Aliant Inc. 16,851 16,661 2,020 Domtar Inc. 28,554 18,301 8,267 BCE Inc. 238,740 239,743 2,600 Eldorado Gold Corp. 5,112 8,450 555 Manitoba Telecom Services Inc. 16,446 25,919 500 First Quantum Minerals Ltd. 6,832 10,805 300 Stratos Global Corp. 4,853 2,880 400 FNX Mining Co. Inc. 3,531 4,540 3,224 Telus Corp. 102,842 138,825 220 Fraser Papers Inc. 1,817 2,565 2,150 Gabriel Resources Ltd. 9,187 3,397 Telecommunication Services (1.65%) 379,732 424,028 800 Gammon Lake Resources Inc. 7,841 6,600 175 ATCO Ltd., Class ’I’ 7,210 12,252 1,200 Gerdau Ameristeel Corp. 8,916 6,264 300 Canadian Utilities Ltd., Class ’A’ 14,311 20,994 1,150 Glamis Gold Ltd. 9,330 24,127 1,045 Emera Inc. 17,790 19,646 2,930 Goldcorp Inc. 32,412 56,880 235 Fortis Inc. 9,882 18,267 1,700 Golden Star Resources Ltd. 9,601 6,460 970 Terasen Inc. 15,935 28,431 1,400 IAMGOLD Corp. 8,527 11,578 1,755 TransAlta Corp. 37,332 35,841 1,685 Inco Ltd. 38,171 77,763 400 Inmet Mining Corp. 6,998 6,340 Utilities (0.53%) 102,460 135,431 400 International Forest Products Ltd., Class ’A’ 1,629 2,652 Total of Canadian Equities (34.74%) 7,119,277 8,908,336 465 Intertape Polymer Group Inc. 15,076 5,813 420 IPSCO Inc. 10,252 22,436 Total of Investments before Short-Term 1,900 Ivanhoe Mines Ltd. 6,674 18,088 Investments (69.58%) 15,376,946 17,840,309 3,039 Kinross Gold Corp. 28,831 22,793 1,900 LionOre Mining International Ltd. 4,770 11,951

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 825,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 819,431 824,254 300,000 Government of Canada Treasury Bill, 2.459%, 2005/08/25 298,032 298,895 500,000 Government of Canada Treasury Bill, 2.556%, 2005/12/15 493,845 494,225 800,000 Province of Ontario Treasury Bill, 2.452%, 2005/09/02 795,352 796,634 500,000 Province of Quebec Treasury Bill, 2.470%, 2005/08/19 496,940 498,352 900,000 ATB Financial Discount Note, 2.460%, 2005/09/21 894,573 895,058 400,000 Prime Trust Senior Discount Note, 2.592%, 2005/08/30 397,320 398,307 1,300,000 Prime Trust Senior Discount Note, 2.568%, 2005/09/12 1,291,368 1,293,367 1,400,000 Ridge Trust Series ’A’ Discount Note, 2.592%, 2005/09/15 1,390,914 1,392,494 800,000 Zeus Receivables Trust Discount Note, 2.592%, 2005/08/26 794,808 796,839 Total of Short-Term Investments (29.99%) 7,672,583 7,688,425 Total of Investments (99.57%) 23,049,529 25,528,734 Margin (0.67%) 170,891 Unrealized Loss on Futures Contracts (–0.12%) (30,311) Unrealized Loss on Forward Foreign Currency Contracts (–0.50%) (128,929) Other Assets, less Liabilities (0.38%) 97,490 Total of Net Assets (100.00%) 25,637,875 The accompanying notes are an integral part of these financial statements. ‡ Formerly known as 5-Year Protected Balanced Index Fund.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 112,139 Amsterdam Exchanges Index Future, 114,028 1,889 187,234 French Matif CAC 40 Index Future, 188,413 1,179 Expiry July 2005; Expiry July 2005; 1 contract at EUR 378.13 per contract. 3 contracts at EUR 4,209.00 per 98,845 Australian SPI 200 Index Future, 99,732 887 contract. Expiry September 2005; 171,041 German Eurex Deutschland DAX Index 171,357 316 1 contract at AUD 4,235.00 per contract. Future, 443,162 British FTSE 100 Index Future, 449,748 6,586 Expiry September 2005; Expiry September 2005; 1 contract at EUR 4,614.00 per contract. 4 contracts at GBP 5,046.50 per contract.

54 CIBC Balanced Index Fund‡ (Cont’d***)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (144,195) Italian Mini S&P/MIB Index Future, (144,240) (45) 119,650 Swiss SMI Soffex Index Future, 119,545 (105) Expiry September 2005; Expiry September 2005; (3) contracts at EUR 32,415.00 per 2 contracts at CHF 6,257.52 per contract. contract. 241,030 Italian S&P/MIB Index Future, 240,325 (705) (667,841) United States S&P 500 E-Mini Index (658,912) 8,929 Expiry September 2005; Future, 1 contract at EUR 32,510.00 per Expiry September 2005; contract. (9) contracts at USD 1,211.70 per 264,082 Japanese NIKKEI 300 Index Future, 271,620 7,538 contract. Expiry September 2005; 4,457,262 United States S&P 500 Index Future, 4,392,746 (64,516) 11 contracts at JPY 217.20 per contract. Expiry September 2005; 126,338 Japanese Topix Index Future, 129,819 3,481 12 contracts at USD 1,213.06 per Expiry September 2005; contract. 1 contract at JPY 1,143.00 per contract. 141,163 Spanish IBEX 35 Index Future, 144,477 3,314 5,600,571 Total Equity Index Futures 5,570,260 (30,311) Expiry July 2005; As at June 30, 2005, $170,891 cash was deposited as margin for the futures contracts. 1 contract at EUR 9,520.00 per contract. 50,661 Swedish OMX Index Future, 51,602 941 Expiry July 2005; 4 contracts at SEK 807.50 per contract.

Forward Foreign Currency Contracts

Credit Rating Settlement Currency Currency Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/09/09 AUD 93,207 CAD 86,544 0.929 0.928 (41) State Street Trust Co. Canada A1+ 2005/09/09 CHF 112,870 CAD 112,948 1.001 0.960 (4,632) State Street Trust Co. Canada A1+ 2005/09/09 EUR 365,245 CAD 558,877 1.530 1.484 (16,757) State Street Trust Co. Canada A1+ 2005/09/09 GBP 214,328 CAD 481,788 2.248 2.187 (13,135) State Street Trust Co. Canada A1+ 2005/09/09 HKD 230,526 CAD 36,829 0.160 0.157 (560) State Street Trust Co. Canada A1+ 2005/09/09 JPY 36,557,040 CAD 423,965 0.012 0.011 (17,785) State Street Trust Co. Canada A1+ 2005/09/09 SEK 309,411 CAD 51,849 0.168 0.157 (3,216) State Street Trust Co. Canada A1+ 2005/09/09 USD 3,477,177 CAD 4,324,166 1.244 1.223 (72,803) (128,929) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. ‡ Formerly known as 5-Year Protected Balanced Index Fund.

CIBC Canadian Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) Canadian Equities 123,650 Alimentation Couche-Tard Inc., Class ’B’ 836,407 2,313,492 33,705 Alliance Atlantis Communications Inc., 59,110 Cott Corp. 1,378,085 1,577,646 Class ’B’, Non-Voting 660,698 970,704 26,700 Empire Co. Ltd., Class ’A’ 414,576 1,021,275 44,075 Astral Media Inc. 899,890 1,390,566 118,375 Jean Coutu Group (PJC) Inc., Class ’A’ 1,523,246 2,205,326 103,830 Ballard Power Systems Inc. 4,357,094 591,831 79,926 Loblaws Cos. Ltd. 3,322,424 5,779,449 64,835 Canadian Tire Corp. Ltd., Class ’A’ 1,864,458 3,670,958 28,250 Maple Leaf Foods Inc. 351,993 473,188 84,620 CanWest Global Communications Corp. 1,298,033 1,152,524 79,270 Metro Inc., Class ’A’ 1,068,255 2,114,131 47,275 Cinram International Inc. 710,518 1,110,963 38,995 Saputo Inc. 905,341 1,447,884 15,000 Cogeco Cable Inc. 422,490 406,500 65,500 Saskatchewan Wheat Pool Inc. 435,680 411,340 34,801 Corus Entertainment Inc., Class ’B’ 1,267,104 1,089,271 175,625 Shoppers Drug Mart Corp. 4,865,852 7,464,063 23,605 Dorel Industries Inc., Class ’B’ 697,491 1,005,573 16,700 Sobeys Inc. 426,129 680,024 61,734 Fairmont Hotels & Resorts Inc. 1,354,778 2,621,226 28,500 United Grain Growers Ltd. 276,214 255,075 25,200 Forzani Group Ltd., Class ’A’ 309,091 268,380 13,180 Van Houtte Inc. 285,099 260,305 21,440 Four Seasons Hotels Inc. 1,434,935 1,734,925 27,225 Vincor International Inc. 604,593 819,473 48,800 Gildan Activewear Inc. 795,110 1,567,456 39,820 Weston (George) Ltd. 2,567,821 4,313,302 45,900 Great Canadian Gaming Corp. 985,932 899,640 57,095 Hudson’s Bay Co. 1,070,609 856,996 Consumer Staples (3.77%) 19,261,715 31,135,973 39,840 Intrawest Corp. 986,100 1,170,898 44,895 Linamar Corp. 702,992 693,628 72,200 BlackRock Ventures Inc. 540,292 711,892 89,225 Magna International Inc., Class ’A’ 6,520,040 7,678,704 18,900 Calfrac Well Services Ltd. 666,466 585,900 21,900 Mega Bloks Inc. 495,716 525,600 443,692 Canadian Natural Resources Ltd. 5,022,068 19,699,925 39,255 Quebecor Inc., Class ’B’ 1,126,426 1,158,808 72,800 Centurion Energy International Inc. 933,463 976,248 71,210 Quebecor World Inc. 2,271,918 1,709,040 31,400 CHC Helicopter Corp., Class ’A’ 310,557 749,832 47,600 Reitmans (Canada) Ltd., Class ’A’ 846,942 826,812 102,500 Compton Petroleum Corp. 367,017 1,142,875 185,989 Rogers Communications Inc., Class ’B’ 4,312,435 7,476,758 31,100 Duvernay Oil Corp. 892,550 1,014,171 94,950 Rona Inc. 1,409,029 2,343,366 287,234 Enbridge Inc. 5,048,175 10,038,828 55,060 Rothmans Inc. 673,732 1,293,910 720,397 EnCana Corp. 15,277,609 34,816,787 40,670 Sears Canada Inc. 840,828 1,000,482 19,115 Enerflex Systems Ltd. 481,582 481,698 179,044 Shaw Communications Inc. 4,496,710 4,565,622 62,585 Ensign Energy Services Inc. 817,436 1,850,638 170,100 Thomson Corp. (The) 7,393,531 6,977,502 156,775 First Calgary Petroleums Ltd. 1,070,150 1,262,039 43,085 Torstar Corp., Class ’B’ 868,986 1,068,508 103,646 Husky Energy Inc. 1,565,918 5,050,670 15,850 TVA Group Inc., Class ’B’ 328,293 319,536 87,100 Imperial Oil Ltd. 3,225,641 8,885,942 100,000 Ivanhoe Energy Inc. 523,826 288,000 Consumer Discretionary (7.05%) 51,401,909 58,146,687 214,800 Nexen Inc. 3,596,816 7,990,560 31,400 Niko Resources Ltd. 643,955 1,811,466 32,600 Nuvista Energy Ltd. 474,457 443,686 55 CIBC Canadian Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 62,800 OPTI Canada Inc. 1,681,784 1,679,900 13,150 Aastra Technologies Ltd. 213,026 253,138 27,865 Paramount Resources Ltd., Class ’A’ 225,244 501,013 207,445 ATI Technologies Inc. 3,773,419 3,007,953 22,800 Pason Systems Inc. 507,902 485,640 58,500 BCE Emergis Inc. 922,882 183,105 214,790 Petro-Canada 6,911,399 17,129,503 159,925 Celestica Inc. 7,741,375 2,622,770 61,875 PetroKazakhstan Inc., Class ’A’ 853,175 2,770,144 225,495 CGI Group Inc., Class ’A’ 2,146,523 1,659,643 102,280 Precision Drilling Corp. 2,180,711 4,939,101 75,525 Cognos Inc. 2,314,762 3,159,966 1 Provident Energy Trust 10 13 11,000 CrytoLogic Inc. 429,376 405,570 27,400 Real Resources Inc. 454,347 452,100 69,590 Geac Computer Corp. Ltd. 1,115,973 741,829 17,600 Savanna Energy Services Corp. 362,280 340,560 13,930 Hummingbird Ltd. 612,178 362,180 54,525 ShawCor Ltd., Class ’A’ 764,674 982,541 25,750 MacDonald, Dettwiler and 149,670 Shell Canada Ltd. 1,669,640 4,922,646 Associates Ltd. 624,506 811,125 376,905 Suncor Energy Inc. 6,541,148 21,830,338 3,541,103 Nortel Networks Corp. 96,209,356 11,296,119 311,455 Talisman Energy Inc. 5,228,274 14,295,785 115,635 Onex Corp. 1,962,178 2,271,071 29,200 Tesco Corp. 457,432 395,660 45,050 Open Text Corp. 1,111,443 780,717 42,300 Thunder Energy Inc. 383,917 357,435 157,000 Research in Motion Ltd. 7,284,542 14,156,690 401,197 TransCanada Corp. 8,078,387 12,934,591 21,400 Sierra Wireless Inc. 451,525 193,028 46,100 Trican Well Service Ltd. 307,010 1,388,532 14,500 Tundra Semiconductor Corp. Ltd. 325,657 180,960 286,200 UTS Energy Corp. 695,280 735,534 137,400 Western Oil Sands Inc., Class ’A’ 934,581 3,268,746 Information Technology (5.10%) 127,238,721 42,085,864 Energy (22.69%) 79,695,173 187,210,939 49,100 Aber Diamond Corp. 904,914 1,841,250 365,426 Abitibi-Consolidated Inc. 5,322,793 1,995,226 75,645 AGF Management Ltd., Class ’B’, 72,570 Agnico-Eagle Mines Ltd. 1,137,918 1,112,498 Non-Voting 1,231,230 1,278,401 111,470 Agrium Inc. 1,877,099 2,668,592 412,170 Bank of Montreal 13,382,105 23,506,055 305,805 Alcan Inc. 13,897,052 11,247,508 821,933 Bank of Nova Scotia 15,707,980 33,321,164 33,300 Algoma Steel Inc. 590,800 834,165 176,676 Brascan Corp. 3,203,969 8,268,437 79,830 Aur Resources Inc. 362,677 538,853 94,803 Brookfield Properties Corp. 1,442,219 3,284,924 441,475 Barrick Gold Corp. 12,125,964 13,509,135 153,957 C.I. Fund Management Inc. 1,744,814 2,717,341 328,300 Bema Gold Corp. 784,885 955,353 280,000 Canadian Imperial Bank of Commerce 11,858,982 21,221,200 235,300 Cambior Inc. 905,701 618,839 24,500 Canadian Western Bank 320,022 706,335 143,210 Cameco Corp. 2,045,087 7,826,427 11,990 Dundee Corp., Class ’A’ 212,923 314,618 117,307 Canfor Corp. 1,422,492 1,724,413 9,268 Fairfax Financial Holdings Ltd. 2,300,477 1,881,867 36,900 Canico Resource Corp. 514,733 502,947 186,606 Great-West Lifeco Inc. 3,431,779 5,196,977 43,680 Cascades Inc. 416,750 501,883 27,475 Home Capital Group Inc. 715,631 1,003,112 25,015 CCL Industries Inc., Class ’B’ 387,009 680,658 88,437 IGM Financial Inc. 1,416,785 3,329,653 163,900 Crystallex International Corp. 519,744 721,160 66,800 Industrial Alliance Insurance and 64,240 Dofasco Inc. 1,630,981 2,479,664 Financial Services Inc. 1,190,767 1,888,436 192,505 Domtar Inc. 2,821,423 1,744,095 302,800 Itemus Inc. 155,552 — 234,000 Eldorado Gold Corp. 560,607 760,500 133,600 iUnits S&P/TSE 60 Index Participation 52,900 First Quantum Minerals Ltd. 749,076 1,143,169 Fund 7,309,582 7,441,520 44,700 FNX Mining Co. Inc. 393,984 507,345 46,240 Kingsway Financial Services Inc. 648,323 961,792 14,879 Fraser Papers Inc. 153,459 173,489 18,660 Laurentian Bank of Canada 506,706 504,940 136,500 Gabriel Resources Ltd. 513,993 215,670 662,050 Manulife Financial Corp. 26,992,338 38,736,546 46,700 Gammon Lake Resources Inc. 455,429 385,275 139,684 National Bank of Canada 3,287,657 7,600,206 89,100 Gerdau Ameristeel Corp. 659,237 465,102 17,600 Northbridge Financial Corp. 434,441 528,000 107,375 Glamis Gold Ltd. 1,056,403 2,252,728 256,490 Power Corp. of Canada 3,852,916 7,879,373 275,157 Goldcorp Inc. 3,235,294 5,341,645 188,500 Power Financial Corp. 2,741,000 6,160,180 114,400 Golden Star Resources Ltd. 645,668 434,720 534,710 Royal Bank of Canada 22,371,718 40,584,489 120,875 IAMGOLD Corp. 762,915 999,636 486,666 Sun Life Financial Inc. 14,137,499 20,084,706 155,955 Inco Ltd. 4,966,118 7,197,323 584,920 Toronto-Dominion Bank (The) 20,029,261 31,960,029 34,900 Inmet Mining Corp. 626,578 553,165 55,650 TSX Group Inc. 1,249,190 2,031,782 41,625 International Forest Products Ltd., Class ’A’ 251,417 275,974 Financials (33.01%) 161,875,866 272,392,083 33,950 Intertape Polymer Group Inc. 711,013 424,375 37,400 Aeterna Laboratoires Inc. 388,922 211,310 40,405 IPSCO Inc. 1,024,611 2,158,435 69,225 Angiotech Pharmaceuticals Inc. 1,681,866 1,167,826 165,500 Ivanhoe Mines Ltd. 781,969 1,575,560 36,675 Axcan Pharma Inc. 678,588 683,255 290,604 Kinross Gold Corp. 3,149,373 2,179,530 132,470 Biovail Corp. 6,061,471 2,505,008 169,825 LionOre Mining International Ltd. 616,636 1,068,199 50,645 Extendicare Inc. 593,009 912,623 81,475 Meridian Gold Inc. 1,195,364 1,792,450 36,700 ID Biomedical Corp. 358,896 735,835 98,225 Methanex Corp. 1,200,158 1,972,358 115,961 MDS Inc. 2,164,229 2,134,842 30,100 Minefinders Corporation Ltd. 381,714 171,570 20,200 Neurochem Inc. 531,786 248,460 222,584 Noranda Inc. 3,377,762 4,678,716 76,500 Patheon Inc. 870,135 692,325 84,197 Norbord Inc. 575,805 882,385 77,870 QLT Inc. 2,719,865 986,613 130,180 Norske Skog Canada Ltd. 949,871 424,387 58,800 TLC Vision Corp. 565,202 576,240 121,600 Northern Orion Resources Inc. 455,462 367,232 62,600 Vasogen Inc. 647,799 374,974 181,500 Northgate Exploration Ltd. 458,817 241,395 67,490 NOVA Chemicals Corp. 1,891,724 2,524,126 Health Care (1.36%) 17,261,768 11,229,311 57,400 NovaGold Resources Inc. 483,867 537,838 60,501 Novelis Inc. 1,645,678 1,879,766 84,500 ACE Aviation Holdings Inc., Class ’A’ 3,578,972 3,367,325 57,435 Pan American Silver Corp. 636,431 1,033,830 48,620 ATS Automation Tooling Systems Inc. 933,053 821,678 360,085 Placer Dome Inc. 6,655,255 6,751,594 1,222,880 Bombardier Inc., Class ’B’ 12,383,367 3,191,717 91,270 Potash Corp. of Saskatchewan Inc. 4,642,762 10,674,027 206,495 CAE Inc. 1,450,631 1,356,672 141,000 Rio Narcea Gold Mines Ltd. 501,722 277,770 232,032 Canadian National Railway Co. 8,029,830 16,400,022 114,740 Sherritt International Corp. 622,260 1,068,229 131,095 Canadian Pacific Railway Ltd. 2,964,389 5,557,117 57,100 Sino-Forest Corp., Class ’A’ 290,792 157,596 74,784 CP Ships Ltd. 969,594 1,439,592 26,400 Southwestern Resources Corp. 507,742 281,424 73,455 Finning International Inc. 1,533,902 2,655,398 12,210 St. Lawrence Cement Group Inc., 23,350 FirstService Corp. 331,157 576,278 Class ’A’ 286,181 315,018 34,100 GSI Group Inc. 450,174 391,127 167,438 Teck Cominco Ltd., Class ’B’ 2,823,085 6,921,887 51,264 Husky Injection Molding Systems Ltd. 270,912 216,334 73,885 Tembec Inc. 834,877 251,209 64,005 Royal Group Technologies Ltd. 1,820,826 856,387 21,572 West Fraser Timber Co. Ltd. 751,369 1,019,277 40,300 Russel Metals Inc. 446,603 558,155 37,300 Western Silver Corp. 406,290 395,753 41,615 SNC-Lavalin Group Inc. 1,011,332 2,854,789 101,400 Yamana Gold Inc. 430,473 451,230 52,085 Toromont Industries Ltd. 523,935 1,151,079 29,200 Transat A.T. Inc., Class ’B’ 638,560 700,800 Materials (15.11%) 100,987,263 124,685,573 62,810 Transcontinental Inc., Class ’A’ 786,356 1,617,358 107,337 WestJet Airlines Ltd. 1,284,184 1,465,150 50,449 Aliant Inc. 1,365,579 1,346,988 20,150 ZENON Environmental Inc. 330,661 498,108 766,096 BCE Inc. 22,940,102 22,216,784 56,810 Manitoba Telecom Services Inc. 1,934,782 2,653,027 Industrials (5.54%) 39,738,438 45,675,086 34,100 Stratos Global Corp. 508,532 327,360

56 CIBC Canadian Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 296,277 Telus Corp. 8,824,092 12,757,677 Total of Canadian Equities (99.87%) 641,880,194 824,053,700 Telecommunication Services (4.76%) 35,573,087 39,301,836 United States Equity 17,840 ATCO Ltd., Class ’I’ 702,772 1,248,978 1,375 Lucent Technologies Inc., Warrants, 25,380 Canadian Utilities Ltd., Class ’A’ 1,185,702 1,776,092 2007/12/10 — 1,297 92,430 Emera Inc. 1,489,790 1,737,684 20,510 Fortis Inc. 977,930 1,594,242 Total of United States Equity (0.00%) — 1,297 86,560 Terasen Inc. 1,408,133 2,537,074 Total of Investments before Short-Term 161,345 TransAlta Corp. 3,081,927 3,296,278 Investment (99.87%) 641,880,194 824,054,997 Utilities (1.48%) 8,846,254 12,190,348

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 2,800,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 2,800,000 2,800,196 Total of Short-Term Investment (0.34%) 2,800,000 2,800,196 Total of Investments (100.21%) 644,680,194 826,855,193 Other Assets, less Liabilities (–0.21%) (1,724,176) Total of Net Assets (100.00%) 825,131,017 The accompanying notes are an integral part of these financial statements.

CIBC U.S. Equity Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) United States Equities 960 Buckle Inc. 29,452 52,135 1,304 Burlington Coat Factory Warehouse 3,437 1-800-FLOWERS.COM Inc., Class ‘A’ 32,435 29,636 Corp. 31,175 68,102 588 3DO Co. (The) 28,435 2 9,229 Cablevision Systems New York Group, 2,088 99 Cents Only Stores 36,312 32,504 Class ‘A’ 384,182 363,978 865 A.C. Moore Arts & Crafts Inc. 24,670 33,489 1,162 California Pizza Kitchen Inc. 34,103 38,811 1,502 Aaron Rents Inc. 31,984 45,789 2,212 Callaway Golf Co. 85,372 41,804 2,834 Abercrombie & Fitch Co., Class ‘A’ 82,840 238,463 3,031 CarMax Inc. 86,817 98,935 2,128 Advance Auto Parts Inc. 89,055 168,241 19,205 Carnival Corp. 645,321 1,283,141 877 Advo Inc. 17,865 34,212 1,666 Catalina Marketing Corp. 50,051 51,850 1,628 Aeropostale Inc. 40,591 66,998 1,505 Cato Corp. (The), Class ‘A’ 27,770 38,052 1,005 AFC Enterprises Inc. 31,328 16,224 1,425 CBRL Group Inc. 69,877 67,824 2,748 Alberto-Culver Co. 88,686 145,838 1,129 CEC Entertainment Inc. 51,142 58,202 2,357 Alliance Gaming Corp. 45,801 40,474 1,482 Cedar Fair L.P. 57,236 58,430 12,152 Amazon.com Inc. 329,376 492,355 3,673 Centex Corp. 114,952 317,922 636 AMERCO Inc. 20,329 41,714 2,894 Champion Enterprises Inc. 36,225 35,233 4,163 American Eagle Outfitters Inc. 44,652 156,280 3,151 Charming Shoppes Inc. 23,582 36,008 1,966 American Greetings Corp., Class ‘A’ 98,129 63,811 16,443 Charter Communications Inc., Class ‘A’ 245,348 23,764 1,620 Ameristar Casinos Inc. 30,245 51,767 2,260 Cheesecake Factory Inc. (The) 62,146 96,134 5,598 Apollo Group Inc., Class ‘A’ 181,703 536,310 5,164 Chico’s FAS Inc. 59,057 216,816 882 Argosy Gaming Co. 49,709 50,352 740 Children’s Place Retail Stores Inc. (The) 30,748 42,299 2,058 ArvinMeritor Inc. 97,706 44,842 1,045 Choice Hotels International Inc. 39,791 84,090 1,722 Asbury Automotive Group Inc. 35,087 32,501 1,629 Christopher & Banks Corp. 38,427 36,432 8,183 AutoNation Inc. 253,311 205,662 5,782 Chubb Corp. (The) 593,639 606,272 2,524 AutoZone Inc. 117,472 285,830 680 Churchill Downs Inc. 31,472 35,388 512 Avatar Holdings Inc. 31,729 31,524 6,075 Circuit City Stores Inc. 176,716 128,649 14,350 Avon Products Inc. 412,215 665,247 3,927 Citadel Broadcasting Corp. 72,904 55,072 1,029 Aztar Corp. 27,743 43,166 1,717 CKE Restaurants Inc. 44,822 29,274 588 Bandag Inc. 44,787 33,164 2,863 Claire’s Stores Inc. 47,096 84,334 2,093 Barnes & Noble Inc. 95,762 99,464 17,914 Clear Channel Communications Inc. 1,209,302 678,637 3,116 Barr Pharmaceuticals Inc. 77,158 186,015 11,411 Coach Inc. 85,355 469,181 1,176 Beazer Homes USA Inc. 46,959 82,317 1,176 Columbia Sportswear Co. 53,464 71,140 2,646 bebe Stores Inc. 22,657 85,785 2,089 Concord Camera Corp. 16,730 3,198 9,046 Bed Bath & Beyond Inc. 212,846 462,903 2,192 Cooper Tire & Rubber Co. 69,349 49,856 3,327 Belo Corp., Class ‘A’ 92,440 97,676 985 Cost Plus Inc. 37,193 30,088 9,851 Best Buy Co. Inc. 280,498 827,090 811 Courier Corp. 27,550 38,153 1,072 Big 5 Sporting Goods Corp. 26,736 37,263 1,420 Cousins Properties Inc. 43,363 51,446 3,470 Big Lots Inc. 177,411 56,271 1,575 Cox Radio Inc., Class ‘A’ 54,787 30,383 2,428 Black & Decker Corp. (The) 157,983 267,197 1,359 Cross Media Marketing Corp. 37,027 2 5,409 Blockbuster Inc., Class ‘A’ 92,919 60,419 3,122 Crown Media Holdings Inc., Class ‘A’ 66,479 36,059 1,567 Blount International Inc. 30,103 32,032 1,637 CSK Auto Corp. 35,519 33,443 1,345 Blyth Inc. 61,625 46,208 1,886 Cumulus Media Inc., Class ‘A’ 43,191 27,211 1,015 Bob Evans Farms Inc. 38,914 28,991 9,280 D.R. Horton Inc. 137,134 427,481 2,264 Borders Group Inc. 88,430 70,183 4,423 Dana Corp. 227,568 81,314 1,666 BorgWarner Inc. 62,877 109,515 4,886 Darden Restaurants Inc. 68,045 197,365 2,602 Boyd Gaming Corp. 94,901 162,948 931 Deb Shops Inc. 31,460 33,034 109 Brillian Corp. 1,317 351 16,668 Delphi Corp. 376,513 94,930 2,843 Brinker International Inc. 62,233 139,458 2,254 DHB Industries Inc. 20,001 23,328 967 Brookfield Homes Corp. 43,131 54,008 932 Dick’s Sporting Goods Inc. 35,132 44,051 791 Brown Shoe Co. Inc. 20,455 37,929 2,485 Dillard’s Inc., Class ‘A’ 114,451 71,282 2,894 Brunswick Corp. 121,876 153,551 41,355 DIRECTV Group Inc. (The) 901,625 785,100 57 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 10,200 Dollar General Corp. 257,381 254,357 3,130 Lamar Advertising Co., Class ‘A’ 159,421 163,964 3,349 Dollar Tree Stores Inc. 96,270 98,445 826 Landry’s Restaurants Inc. 9,979 30,442 2,427 Dow Jones & Co. Inc. 177,710 105,378 1,262 Laureate Education Inc. 47,207 73,977 1,431 Dress Barn Inc. (The) 26,652 39,663 1,600 La-Z-Boy Inc. 33,357 28,553 686 Drew Industries Inc. 32,278 38,146 2,563 Leapfrog Enterprises Inc., Class ‘A’ 57,200 35,473 4,871 E.W. Scripps Co. (The), Class ‘A’ 180,505 291,141 1,967 Lear Corp. 145,911 87,646 8,702 Eastman Kodak Co. 814,045 286,173 1,305 Lee Enterprises Inc. 56,023 64,078 40,072 eBay Inc. 731,509 1,620,137 5,726 Leggett & Platt Inc. 179,055 186,411 6,447 EchoStar Communications Corp., 4,645 Lennar Corp., Class ‘A’ 175,466 360,979 Class ‘A’ 320,162 238,073 1,004 Levitt Corp., Class ‘A’ 33,034 36,793 712 Electronics Boutique Holdings Corp. 30,849 55,367 588 Liberty Corp. 39,267 26,510 1,025 Elizabeth Arden Inc. 27,045 29,364 7,737 Liberty Global Inc., Class ‘A’ 428,397 442,258 1,666 Emmis Communications Corp. 84,143 36,056 12,206 Limited Brands 236,323 320,227 1,503 Entercom Communications Corp. 80,328 61,283 1,537 Lin TV Corp., Class ‘A’ 40,005 26,148 3,087 Entravision Communications Corp., 1,274 Linens ’n Things Inc. 70,823 36,919 Class ‘A’ 56,744 29,454 1,035 Lithia Motors Inc., Class ‘A’ 33,264 36,572 755 Equity Lifestyle Properties Inc. 29,235 36,767 3,235 Liz Claiborne Inc. 120,412 157,538 1,086 Ethan Allen Interiors Inc. 47,757 44,573 1,001 Lone Star Steakhouse & Saloon Inc. 25,808 37,283 588 Factory 2-U Stores Inc. 28,171 2 23,838 Lowes Companies Inc. 736,881 1,699,837 5,116 Family Dollar Stores Inc. 136,049 163,545 1,262 M.D.C. Holdings Inc. 57,268 127,134 5,249 Federated Department Stores Inc. 294,578 471,115 529 M/I Schottenstein Homes Inc. 26,346 35,052 1,344 Finish Line Inc. (The), Class ‘A’ 26,076 31,145 1,138 Marcus Corp. (The) 21,879 29,577 436 Fisher Communications Inc. 27,694 25,253 1,008 Marine Products Corp. 22,575 17,963 2,735 Fleetwood Enterprises Inc. 62,893 34,001 6,934 Marriott International Inc., Class ‘A’ 340,474 579,376 2,053 FLYi Inc. 57,245 1,886 3,215 Marvel Enterprises Inc. 26,808 77,652 4,344 Foot Locker Inc. 112,214 144,825 12,573 Mattel Inc. 531,344 281,809 490 Footstar Inc. 23,638 2,911 8,847 May Department Stores Co. 458,115 435,166 53,392 Ford Motor Co. 1,720,295 669,640 2,334 Maytag Corp. 129,617 44,767 4,323 Fortune Brands Inc. 257,083 470,179 1,349 McClatchy Co. (The), Class ‘A’ 57,667 108,124 2,047 Fossil Inc. 44,827 56,913 38,192 McDonald’s Corp. 1,381,114 1,298,077 1,470 Franklin Covey Co. 47,295 13,719 11,614 McGraw-Hill Companies Inc. 397,390 629,449 1,500 Fred’s Inc. 46,539 30,461 685 Media General Inc., Class ‘A’ 45,806 54,333 1,632 Furniture Brands International Inc. 60,308 43,196 4,242 Mediacom Communications Corp. 64,581 35,694 1,705 GameStop Corp. 37,755 68,308 1,645 Men’s Wearhouse Inc. (The) 36,455 69,369 8,264 Gannett Co. Inc. 781,117 719,960 1,475 Meredith Corp. 79,353 88,631 27,307 Gap Inc. (The) 768,950 660,551 725 Meritage Homes Corp. 28,765 70,594 1,179 Gaylord Entertainment Co. 45,865 67,133 8,288 MGM Mirage 115,585 401,782 11,955 Gemstar-TV Guide International Inc. 1,185,291 52,567 4,051 Michaels Stores Inc. 54,728 205,264 898 Genesco Inc. 25,668 40,794 951 Modine Manufacturing Co. 41,260 37,925 4,476 Gentex Corp. 51,557 99,776 1,942 Mohawk Industries Inc. 100,099 196,231 5,306 Genuine Parts Co. 248,030 267,035 1,571 Monaco Coach Corp. 46,979 33,076 1,771 Getty Images Inc. 72,634 161,079 1,560 Movado Group Inc. 27,167 36,074 5,197 Goodyear Tire & Rubber Co. 324,047 94,843 1,043 Movie Gallery Inc. 30,687 33,763 1,649 Gray Television Inc. 30,950 24,358 2,265 MTR Gaming Group Inc. 32,756 32,291 960 Group 1 Automotive Inc. 41,161 28,266 1,181 Nautilus Group Inc. (The) 47,182 41,225 1,855 GSI Commerce Inc. 30,030 38,056 1,470 Neiman Marcus Group Inc. (The) 66,717 174,500 3,396 GTECH Holdings Corp. 46,623 121,621 2,661 Netflix Inc. 53,626 53,483 1,775 Guess? Inc. 20,848 36,045 4,449 New York Times Co., Class ‘A’ 215,971 169,741 696 Guitar Center Inc. 26,532 49,758 8,160 Newell Rubbermaid Inc. 378,654 238,266 2,091 Gymboree Corp. 32,817 34,984 111,424 News Corp. Inc., Class ‘A’ 2,280,942 2,208,119 1,186 Handleman Co. 26,569 23,983 7,991 Nike Inc., Class ‘B’ 524,089 847,587 9,003 Harley-Davidson Inc. 298,981 546,933 4,288 Nordstrom Inc. 204,829 356,975 1,967 Harman International Industries Inc. 58,538 196,011 2,613 NTL Inc. 201,078 218,972 5,481 Harrahs Entertainment Inc. 225,945 483,845 191 NVR Inc. 62,554 189,489 2,599 Harte-Hanks Inc. 46,502 94,638 1,960 Oakley Inc. 25,948 40,882 5,167 Hasbro Inc. 159,046 131,570 352 Oakwood Homes Corp. 72,062 27 1,643 Haverty Furniture Companies Inc. 40,448 29,742 1,182 O’Charley’s Inc. 26,310 25,567 1,502 Hearst-Argyle Television Inc. 43,622 45,071 9,497 Office Depot Inc. 187,905 265,673 1,138 Hibbett Sporting Goods Inc. 25,686 52,742 2,666 OfficeMax Inc. 132,240 97,208 11,674 Hilton Hotels Corp. 292,917 341,015 5,652 Omnicom Group Inc. 463,145 552,836 2,533 Hollinger International Inc., Class ‘A’ 46,793 31,055 3,158 O’Reilly Automotive Inc. 35,020 115,303 67,426 Home Depot Inc. 2,377,505 3,212,493 927 OshKosh B’Gosh Inc., Class ‘A’ 26,631 29,509 1,384 Hot Topic Inc. 32,709 32,411 2,194 Outback Steakhouse Inc. 77,065 121,569 1,825 Hovnanian Enterprises Inc., Class ‘A’ 50,658 145,739 748 Oxford Industries Inc. 31,848 39,440 2,818 IDT Corp., Class ‘B’ 50,747 45,422 742 P.F. Chang’s China Bistro Inc. 48,511 53,601 601 IHOP Corp. 29,439 31,940 2,274 Pacific Sunwear of California Inc. 39,924 64,032 2,252 Insight Communications Co. Inc., 874 Panera Bread Co., Class ‘A’ 44,828 66,460 Class ’A’ 60,316 30,479 843 Pantry Inc. (The) 20,750 39,989 1,286 Insight Enterprises Inc. 41,540 31,785 763 Papa John’s International Inc. 42,567 37,353 2,707 Interactive Data Corp. 46,202 68,897 477 Parkway Properties Inc. 27,395 29,217 3,459 Interface Inc., Class ‘A’ 42,887 34,104 4,070 Paxson Communications Corp. 61,862 2,991 10,587 International Game Technology Inc. 136,114 365,020 1,895 Payless ShoeSource Inc. 59,958 44,563 1,558 International Speedway Corp., Class ‘A’ 95,251 107,357 2,316 Penn National Gaming Inc. 28,570 103,537 12,785 Interpublic Group of Companies Inc. 468,057 190,727 8,732 Penney, J.C. Co. Inc. 644,366 562,341 945 Isle of Capris Casinos Inc. 3,788 30,325 980 Penton Media Inc. 25,527 420 1,092 Jack in the Box Inc. 37,481 50,717 1,578 Pep Boys-Manny, Moe & Jack Inc. 50,107 26,169 1,208 JAKKS Pacific Inc. 21,260 28,422 1,716 PETCO Animal Supplies Inc. 72,016 61,624 738 Jarden Corp. 27,199 48,738 4,316 Petsmart Inc. 78,540 160,437 831 Jo-Ann Stores Inc. 30,149 26,860 931 Phillips-Van Heusen Corp. 18,235 37,276 1,805 John Wiley & Sons Inc., Class ‘A’ 35,849 87,834 2,625 Pier 1 Imports Inc. 58,706 45,622 5,756 Johnson Controls Inc. 254,084 397,124 1,663 Pinnacle Entertainment Inc. 31,207 39,841 3,761 Jones Apparel Group Inc. 157,356 142,985 3,359 Pixar Inc. 86,290 205,911 889 Jos. A. Bank Clothiers Inc. 23,872 47,147 1,274 Polaris Industries Inc. 29,697 84,261 1,493 Journal Register Co. 38,004 32,019 3,005 Polo Ralph Lauren Corp. 128,673 158,667 700 Jupiter Media Metrix Inc. 52,706 — 1,111 Priceline.com Inc. 553,291 31,746 834 K Swiss Inc., Class ‘A’ 3,285 33,035 8,104 Primedia Inc. 111,529 40,199 2,034 K2 Inc. 36,428 31,589 787 ProQuest Co. 29,316 31,607 2,852 KB Home 61,523 266,281 3,847 Pulte Homes Inc. 117,989 396,970 915 Kellwood Co. 25,354 30,147 3,484 Quiksilver Inc. 25,928 68,190 927 Kenneth Cole Productions Inc., 901 R.H. Donnelley Corp. 30,096 68,398 Class ‘A’ 25,190 35,333 3,038 Radio One Inc., Class ‘A’ 80,308 47,368 1,886 Kimball International Inc., Class ‘B’ 47,606 30,492 4,929 RadioShack Corp. 158,849 139,878 2,392 Knight-Ridder Inc. 192,017 179,709 1,029 RARE Hospitality International Inc. 24,059 38,402 10,313 Kohl’s Corp. 458,134 706,219 951 RC2 Corp. 25,093 43,761 3,614 Krispy Kreme Doughnuts Inc. 68,792 30,808 2,842 Readers Digest Association Inc., 5,328 La Quinta Corp. 123,247 60,885 Class ‘A’ 96,699 57,435

58 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 576 Red Robin Gourmet Burgers Inc. 20,431 43,726 339 William Lyon Homes Inc. 28,418 40,279 1,756 Reebok International Ltd. 78,917 89,966 3,405 Williams Sonoma Inc. 64,612 165,024 4,288 Regal Entertainment Group, Class ‘A’ 108,143 99,157 1,063 Winnebago Industries Inc. 31,819 42,639 1,270 Regis Corp. 32,747 60,789 844 WMS Industries Inc. 5,655 34,888 2,405 Rent-A-Center Inc. 41,689 68,604 1,673 Wolverine World Wide Inc. 34,627 49,199 4,484 Ross Stores Inc. 44,546 158,774 2,460 Wynn Resorts Ltd. 168,708 142,425 5,654 Royal Caribbean Cruises Ltd. 250,238 334,894 6,106 XM Satellite Radio Holdings Inc., 1,874 Ruby Tuesday Inc. 59,107 59,448 Class ‘A’ 209,404 251,731 1,170 Russ Berrie & Co. Inc. 41,920 18,357 1,564 Yankee Candle Co. Inc. (The) 50,329 61,490 1,219 Russell Corp. 27,118 30,532 8,889 Yum! Brands Inc. 250,458 567,008 1,902 Ryan’s Restaurant Group Inc. 20,001 32,637 1,601 Zale Corp. 33,584 62,141 1,458 Ryland Group Inc. (The) 54,828 135,485 4,183 Saks Inc. 146,633 97,190 Consumer Discretionary (12.25%) 60,916,813 66,871,361 1,173 Salem Communications Corp., 3,352 7-Eleven Inc. 51,633 124,151 Class ‘A’ 34,525 28,504 10,934 Albertson’s Inc. 624,396 276,946 238 Samsonite Corp. 8,857 251 488 Alico Inc. 30,371 30,740 1,423 Sauer-Danfoss Inc. 27,003 30,971 62,206 Altria Group Inc. 3,608,994 4,926,440 1,149 Scholastic Corp. 33,957 54,251 1,007 American Italian Pasta Co., Class ‘A’ 39,644 25,926 2,603 Scientific Games Corp., Class ‘A’ 56,517 85,857 24,295 Anheuser-Busch Companies Inc. 1,104,811 1,361,361 927 Scotts Miracle-Gro Co. (The), Class ‘A’ 55,472 80,851 1,946 AnnTaylor Stores Corp. 37,699 57,870 1,552 SCP Pool Corp. 31,936 66,702 2,437 Applebee’s International Inc. 24,354 79,068 1,291 Select Comfort Corp. 43,184 33,885 2,475 Aurora Foods Inc. 50,691 — 4,345 Sherwin-Williams Co. 162,060 250,601 2,030 BJ’s Wholesale Club Inc. 55,703 80,781 1,317 ShopKo Stores Inc. 35,145 39,214 3,617 Brown-Forman Corp., Class ‘B’ 165,475 267,844 1,582 Shuffle Master Inc. 28,776 54,312 3,285 Bunge Ltd. 129,947 255,088 6,688 Simon Property Group Inc. 337,420 593,799 12,452 Campbell Soup Co. 795,392 469,280 3,388 Sinclair Broadcast Group Inc., Class ‘A’ 49,795 37,679 1,387 Casey’s General Stores Inc. 31,709 33,670 37,672 Sirius Satellite Radio Inc. 181,965 298,992 720 Central European Distribution Corp. 20,197 32,920 6,013 Six Flags Inc. 121,144 34,246 581 Central Garden & Pet Co. 30,858 34,954 1,755 Skechers U.S.A. Inc., Class ‘A’ 33,039 30,652 734 Chattem Inc. 15,655 37,219 1,735 Snap-On Inc. 89,657 72,888 1,111 Chiquita Brands International Inc. 33,408 37,366 1,165 Sonic Automotive Inc. 38,923 30,336 130 Chiquita Brands International Inc., 1,712 Sonic Corp. 45,843 64,017 Warrants, 2009/01/01 19,850 1,592 1,862 SONICblue Inc. 38,124 3 1,769 Church & Dwight Co. Inc. 48,271 78,434 2,141 Spanish Broadcasting System Inc., 6,449 Clorox Co. 429,080 440,118 Class ‘A’ 37,639 26,197 500 Coca-Cola Bottling Co. Consolidated 29,883 30,951 1,443 Spectrum Brands Inc. 38,396 58,324 74,151 Coca-Cola Co. (The) 5,912,476 3,791,741 1,243 Speedway Motorsports Inc. 43,480 55,660 14,219 Coca-Cola Enterprises Inc. 609,645 383,314 1,037 Sports Authority Inc. (The) 46,740 40,390 15,998 Colgate-Palmolive Co. 969,703 977,954 20,286 St. Paul Travelers Companies Inc. (The) 1,169,128 982,174 15,978 ConAgra Foods Inc. 567,319 453,238 673 Stage Stores Inc. 27,613 35,939 6,409 Constellation Brands Inc., Class ‘A’ 92,725 231,567 1,590 Stamps.com Inc. 33,889 36,514 13,989 Costco Wholesale Corp. 412,319 767,934 953 Standard Pacific Corp. 37,044 102,658 24,596 CVS Corp. 646,467 875,739 1,146 Stanley Furniture Co. Inc. 33,711 34,473 4,714 Dean Foods Co. 166,496 203,465 2,531 Stanley Works (The) 157,632 141,173 6,096 Del Monte Foods Co. 74,564 80,413 22,688 Staples Inc. 370,475 592,446 1,083 Delta & Pine Land Co. 48,704 33,241 12,059 Starbucks Corp. 263,965 763,011 2,329 Energizer Holdings Inc. 84,298 177,344 6,316 Starwood Hotels & Resorts Worldwide 3,651 Estee Lauder Companies Inc. (The), Inc. 477,551 453,088 Class ‘A’ 170,275 174,979 1,945 Station Casinos Inc. 62,330 158,180 1,073 Farmer Brothers Co. 39,757 29,254 1,422 Steak n Shake Co. (The) 31,337 32,430 1,278 Flowers Foods Inc. 36,056 55,349 1,270 Stein Mart Inc. 15,608 34,221 11,549 General Mills Inc. 721,742 661,855 1,836 Stride Rite Corp. 28,355 31,010 30,336 Gillette Co. 1,734,293 1,881,185 1,052 Superior Industries International Inc. 37,228 30,537 2,253 Great Atlantic & Pacific Tea Corp. Inc. 32,881 80,190 1,660 Talbots Inc. 25,902 66,017 10,678 H.J. Heinz Co. 682,623 463,237 27,696 Target Corp. 792,005 1,845,699 1,431 Hain Celestial Group Inc. 50,708 34,177 1,673 Technical Olympic USA Inc. 32,606 49,752 7,778 Hershey Co. (The) 373,352 591,595 1,856 Tenneco Automotive Inc. 32,486 37,827 4,052 Hormel Foods Corp. 108,432 145,562 1,673 Thor Industries Inc. 15,272 64,403 582 J & J Snack Foods Corp. 27,075 37,317 4,320 Tiffany & Co. 81,090 173,338 1,739 J.M. Smucker Co. (The) 99,978 99,979 2,085 Timberland Co. (The), Class ‘A’ 28,073 98,880 12,429 Kellogg Co. 684,628 676,512 133,518 Time Warner Inc. 5,974,101 2,732,634 14,795 Kimberly-Clark Corp. 1,193,162 1,134,188 15,178 TJX Companies Inc. 237,674 452,667 51,078 Kraft Foods Inc., Class ‘A’ 2,082,850 1,990,044 3,626 Todays Man Inc. 17,077 3 22,343 Kroger Co. 642,755 520,769 2,219 Toll Brothers Inc. 63,586 275,996 1,049 Lancaster Colony Corp. 58,596 55,144 1,134 Too Inc. 27,139 32,459 1,626 Lance Inc. 42,818 34,274 6,346 Toys ‘‘R’’ Us Inc. 260,368 205,818 1,040 Longs Drug Stores Corp. 38,751 54,837 1,090 Tractor Supply Co. 57,827 65,550 4,148 McCormick & Co. Inc., Non-Voting 107,250 166,030 1,855 Trans World Entertainment Corp. 32,781 26,878 1,102 Molson Coors Brewing Co., Class ‘B’ 109,179 83,683 943 TreeHouse Foods Inc. 35,146 32,922 726 Nash Finch Co. 31,777 32,669 1,769 Triarc Companies Inc., Class ‘B’ 26,182 32,197 1,946 NBTY Inc. 51,235 61,827 9,648 Tribune Co. 494,159 415,718 2,071 Nu Skin Enterprises Inc., Class ‘A’ 54,650 59,102 2,954 TRW Automotive Holdings Corp. 73,260 88,679 7,607 Pepsi Bottling Group Inc. (The) 155,052 266,561 1,197 Tuesday Morning Corp. 35,908 46,211 4,214 PepsiAmericas Inc. 91,391 132,439 1,728 Tupperware Corp. 63,148 49,462 51,316 Pepsico Inc. 2,726,329 3,389,600 676 UniFirst Corp. 30,832 33,566 1,335 Performance Food Group Co. 51,977 49,397 1,381 United Auto Group Inc. 38,698 50,405 1,987 Pilgrim’s Pride Corp. 46,754 83,061 9,810 Univision Communications Inc., 3,375 Playtex Products Inc. 38,456 44,479 Class ‘A’ 402,725 331,021 77,123 Procter & Gamble Co. 3,939,222 4,982,778 2,403 Urban Outfitters Inc. 61,464 166,850 805 Ralcorp Holdings Inc. 30,241 40,572 3,342 V.F. Corp. 219,752 234,218 11,035 Revlon Inc., Class ‘A’ 112,592 41,493 1,112 Vail Resorts Inc. 31,278 38,272 4,468 Reynolds American Inc. 330,075 431,226 1,523 Valassis Communications Inc. 61,256 69,112 15,112 Rite Aid Corp. 346,011 77,368 656 Value Line Inc. 39,241 31,536 1,353 Ruddick Corp. 33,239 42,307 2,088 ValueVision Media Inc., Class ‘A’ 49,314 30,714 13,537 Safeway Inc. 631,234 374,545 3,883 Visteon Corp. 74,244 28,678 592 Sanderson Farms Inc. 19,131 32,948 62,226 Walt Disney Co. (The) 2,421,288 1,919,079 23,973 Sara Lee Corp. 700,272 581,664 1,318 Warnaco Group Inc. (The) 32,788 37,532 38 Seaboard Corp. 10,913 77,447 285 Washington Post Co., Class ‘B’ 221,174 291,482 2,147 Smart & Final Inc. 34,379 32,213 1,274 WCI Communities Inc. 57,063 49,979 3,195 Smithfield Foods Inc. 70,170 106,714 3,130 Weight Watchers International Inc. 153,037 197,853 3,981 Supervalu Inc. 124,903 159,004 3,376 Wendy’s International Inc. 117,781 197,029 19,317 Sysco Corp. 389,815 856,236 1,156 West Marine Inc. 34,052 25,571 1,574 Tootsie Roll Industries Inc. 86,242 56,389 2,352 WestPoint Stevens Inc., Class A’ 93,753 14 10,532 Tyson Foods Inc., Class ‘A’ 240,574 229,613 2,962 Westwood One Inc. 59,902 74,117 1,083 United Natural Foods Inc. 27,793 40,285 2,043 Whirlpool Corp. 173,357 175,434 727 Universal Corp. 43,166 38,983 59 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 595 USANA Health Sciences Inc. 20,113 30,826 699 Resource America Inc., Class ‘A’ 31,242 32,987 4,957 UST Inc. 242,328 277,217 3,232 Rowan Companies Inc. 157,908 117,609 1,298 Vector Group Ltd. 60,210 29,522 3,035 RPC Inc. 41,218 62,896 31,067 Walgreen Co. 1,058,328 1,749,959 17,906 Schlumberger Ltd. 1,676,770 1,665,461 129,120 Wal-Mart Stores Inc. 7,026,269 7,622,646 3,130 Smith International Inc. 151,477 244,202 819 WD-40 Co. 31,562 28,017 2,136 Southwestern Energy Co. 27,248 122,908 757 Weis Markets Inc. 38,100 35,965 973 Spinnaker Exploration Co. 58,978 42,295 1,847 Whole Foods Market Inc. 85,519 267,619 1,617 St. Mary Land & Exploration Co. 21,303 57,395 4,179 Winn-Dixie Stores Inc. 249,431 5,579 773 Stone Energy Corp. 36,863 46,297 6,814 Wrigley, Wm. Jr. Co. 441,869 574,524 2,288 Sunoco Inc. 139,864 318,570 620 Sunoco Logistics Partners L.P. 32,691 28,765 Consumer Staples (8.90%) 45,671,220 48,571,623 2,441 Superior Energy Services Inc. 31,385 53,217 2,133 Ashland Inc. 143,091 187,760 934 Swift Energy Co. 22,262 40,977 449 Atwood Oceanics Inc. 15,722 33,854 629 TC Pipelines L.P. 15,207 25,539 654 Berry Petroleum Co., Class ‘A’ 17,311 42,358 1,838 Teppco Partners L.P. 84,193 93,289 638 BP Prudhoe Bay Royalty Trust 14,475 55,926 1,892 Tesoro Petroleum Corp. 45,927 107,802 1,024 Buckeye Partners L.P. 55,949 57,655 868 TETRA Technologies Inc. 25,840 33,861 11,987 Burlington Resources Inc. 390,245 811,016 1,577 Tetra Technologies Inc. 24,556 26,133 1,470 Cabot Oil & Gas Corp. 27,420 62,476 1,773 Tidewater Inc. 111,052 82,780 1,103 Cal Dive International Inc. 19,634 70,749 9,728 Transocean Inc. 601,565 643,045 467 CARBO Ceramics Inc. 27,677 45,164 4,347 Ultra Petroleum Corp. 33,916 161,643 7,993 Chesapeake Energy Corp. 81,828 223,208 1,274 Unit Corp. 33,737 68,673 2,267 Cimarex Energy Co. 52,990 108,038 957 Universal Compression Holdings Inc. 34,060 42,478 1,037 Comstock Resources Inc. 5,801 32,121 8,027 Unocal Corp. 419,170 639,537 41,585 ConocoPhillips 1,726,456 2,928,156 7,750 Valero Energy Corp. 275,597 750,928 1,604 Cooper Cameron Corp. 129,443 121,902 446 Valero L.P. 26,694 32,879 28 Cross Timbers Royalty Trust 678 1,394 997 Veritas DGC Inc. 27,692 33,874 1,626 Denbury Resources Inc. 37,825 79,203 1,911 Vintage Petroleum Inc. 42,053 71,318 14,735 Devon Energy Corp. 436,521 914,644 3,987 Weatherford International Ltd. 250,012 283,132 3,817 Diamond Offshore Drilling Inc. 226,321 249,789 2,203 Western Gas Resources Inc. 41,382 94,168 1,232 Dorchester Minerals L.P. 28,607 36,100 1,070 W-H Energy Services Inc. 21,756 32,672 765 Dril-Quip Inc. 30,284 27,182 15,771 Williams Companies Inc. 534,967 367,010 11,127 Dynegy Inc., Class ‘A’ 182,265 66,234 931 World Fuel Services Corp. 30,711 26,694 18,701 El Paso Corp. 796,754 263,865 9,905 XTO Energy Inc. 122,276 412,355 525 Enbridge Energy Management LLC 30,054 32,485 Energy (6.75%) 25,345,503 36,860,752 915 Encore Acquisition Co. 24,199 45,948 986 Energy Partners Ltd. 15,427 31,653 961 1st Source Corp. 26,574 27,001 4,511 Ensco International Inc. 199,760 197,521 2,501 21st Century Insurance Group 82,670 45,458 10,804 Enterprise Products Partners L.P. 351,434 354,505 1,674 Acadia Realty Trust, REIT 32,762 38,238 7,156 EOG Resources Inc. 130,117 497,833 825 Accredited Home Lenders Holding Co. 39,587 44,460 198,255 ExxonMobil Corp. 9,096,537 13,955,022 1,191 Advanta Corp., Class ‘A’ 28,262 37,519 1,962 FMC Technologies Inc. 58,968 76,826 931 Affiliated Managers Group Inc. 43,496 77,916 1,760 Forest Oil Corp. 46,539 90,537 15,298 Aflac Inc. 413,306 810,937 1,608 Frontier Oil Corp. 17,446 57,804 486 Alabama National Bancorp 23,922 38,912 1,129 General Maritime Corp. 21,827 58,631 149 Alexander’s Inc., REIT 19,554 45,396 3,307 Global Industrial Ltd. 52,896 34,429 560 Alexandria Real Estate Equities Inc., 7,009 GlobalSantaFe Corp. 332,156 350,253 REIT 41,227 50,378 1,163 Goodrich Petroleum Corp. 27,417 29,315 2,338 Alfa Corp. 28,642 42,152 3,556 Grant Prideco Inc. 75,252 115,200 2,385 Alliance Capital Management 5,419 Grey Wolf Inc. 39,237 49,182 Holding L.P. 115,794 136,534 1,056 GulfMark Offshore Inc. 29,693 35,322 1,554 Allmerica Financial Corp. 69,701 70,595 15,171 Halliburton Co. 897,447 888,565 20,928 Allstate Corp. (The) 1,285,185 1,531,549 2,562 Hanover Compressors Co. 91,244 36,118 2,352 AMB Property Corp. 104,890 125,110 303 Harken Energy Corp. 21,547 163 3,287 Ambac Financial Group Inc. 200,402 280,848 2,158 Harvest Natural Resources Inc. 32,454 28,889 924 Amcore Financial Inc. 32,860 33,816 1,467 Helmerich & Payne Inc. 76,045 84,305 1,999 Amegy Bancorporation Inc. 21,762 54,795 949 Holly Corp. 15,580 54,246 38,452 American Express Co. 1,972,116 2,506,921 910 Houston Exploration Co. 20,849 59,128 2,200 American Financial Group Inc. 76,472 90,322 1,114 Hugoton Royalty Trust 30,495 41,397 3,295 American Financial Realty Trust, REIT 66,596 62,069 491 Hydril Co. 15,704 32,685 1,198 American Home Mortgage Investment 3,911 Input/Output Inc. 30,843 30,082 Corp. 36,981 51,297 620 Kaneb Services LLC 32,027 32,866 79,006 American International Group Inc. 7,899,518 5,622,136 4,556 Kerr-McGee Corp. 284,283 425,824 775 American National Insurance Co. 110,012 108,866 3,822 Key Energy Services Inc. 47,967 56,502 1,410 American Real Estate Partners L.P. 21,689 50,168 1,790 KFx Inc. 24,470 31,329 4,577 AmeriCredit Corp. 82,994 142,951 3,746 Kinder Morgan Inc. 218,136 381,730 12,499 Ameritrade Holding Corp. 208,041 284,590 1,511 Kinder Morgan Management LLC 74,417 85,131 1,144 AmerUs Group Co. 59,205 67,326 865 Lone Star Technologies Inc. 18,862 48,205 827 AMLI Residential Properties Trust 26,878 31,664 10,479 Marathon Oil Corp. 501,777 684,987 10,737 AmSouth Bancorp 392,536 341,918 1,167 Maverick Tube Corp. 30,222 42,594 977 Anchor BanCorp Wisconsin Inc. 25,466 36,210 1,252 McMoRan Exploration Co. 31,532 29,918 3,595 Annaly Mortgage Management Inc. 93,176 78,949 5,495 Murphy Oil Corp. 179,736 351,522 2,068 Anthracite Capital Inc., REIT 27,700 30,015 4,510 Nabors Industries Ltd. 211,221 334,856 2,732 Anworth Mortgage Asset Corp., REIT 41,206 32,926 4,874 National-Oilwell Varco Inc. 200,955 283,798 9,579 Aon Corp. 462,527 293,778 3,667 Newfield Exploration Co. 115,836 179,160 2,797 Apartment Investment & 4,345 Newpark Resources Inc. 31,236 39,913 Management Co., Class ‘A’, REIT 151,042 140,182 3,980 Noble Corp. 183,687 299,843 5,931 Archstone-Smith Trust, REIT 191,102 280,547 2,949 Noble Energy Inc. 201,883 273,243 1,857 Arden Realty Inc., REIT 69,732 81,835 11,876 Occidental Petroleum Corp. 528,901 1,119,003 1,141 Argonaut Group Inc. 31,548 32,268 852 Oceaneering International Inc. 21,721 40,332 2,652 Arthur J. Gallagher & Co. 42,089 88,123 912 Offshore Logistics Inc. 28,654 36,683 3,862 Associated Banc-Corp. 118,322 159,218 1,687 Oil States International Inc. 27,933 52,007 4,175 Assurant Inc. 171,147 184,599 1,176 Overseas Shipholding Group Inc. 46,268 85,918 3,533 Astoria Financial Corp. 80,074 123,196 773 Pacific Energy Partners L.P. 26,704 30,050 2,149 Avalonbay Communities Inc., REIT 113,766 212,673 4,514 Parker Drilling Co. 30,985 38,757 1,068 Baldwin & Lyons Inc., Class ‘B’ 33,795 31,525 4,968 Patterson-UTI Energy Inc. 77,800 169,340 357 BancFirst Corp. 16,719 38,037 544 Penn Virginia Corp. 11,704 29,763 2,296 BancorpSouth Inc. 73,017 66,367 4,337 Pioneer Natural Resources Co. 145,534 223,527 2,189 Bank Mutual Corp. 32,398 29,653 1,870 Plains All American Pipeline L.P. 76,376 100,456 123,317 Bank of America Corp. 5,569,888 6,888,873 2,300 Plains Exploration & Production Co. 47,833 100,089 1,570 Bank of Hawaii Corp. 60,162 97,589 1,861 Pogo Producing Co. 90,411 118,344 23,520 Bank of New York Co. Inc. (The) 1,109,163 829,074 2,664 Premcor Inc. 123,521 242,039 779 Bank of the Ozarks Inc. 21,239 31,333 3,920 Pride International Inc. 137,545 123,391 1,780 BankAtlantic Bancorp Inc., Class ‘A’ 41,121 41,314 1,484 Quicksilver Resources Inc. 29,118 116,199 858 BankUnited Financial Corp., Class ‘A’ 27,307 28,416 2,019 Range Resources Corp. 26,750 66,520 838 Banner Corp. 25,963 28,749 839 Remington Oil & Gas Corp. 19,462 36,686 16,814 BB&T Corp. 765,288 823,134 60 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 3,121 Bear Stearns Companies Inc. (The) 221,077 397,321 1,108 Fidelity Bankshares Inc. 26,887 35,990 45 Berkshire Hathaway Inc., Class ‘A’ 4,181,825 4,602,186 5,188 Fidelity National Financial Inc. 201,812 226,784 546 BlackRock Inc., Class ‘A’ 38,009 53,800 17,723 Fifth Third Bancorp 1,085,266 894,551 1,720 BOK Financial Corp. 82,678 97,159 621 Financial Federal Corp. 26,490 29,390 1,006 Boston Private Financial Holdings Inc. 33,245 31,050 2,646 First American Corp. 81,767 130,087 3,233 Boston Properties Inc. 201,929 277,184 1,047 First Bancorp 28,018 28,379 1,599 Brandywine Realty Trust, REIT 50,296 60,027 1,109 First Busey Corp., Class ‘A’ 26,769 26,229 1,444 BRE Properties Inc., Class ‘A’, REIT 62,000 74,016 1,000 First Charter Corp. 32,431 26,909 1,606 Brookline Bancorp Inc. 31,191 31,984 306 First Citizens Bancshares Inc. 48,854 54,176 2,002 Brown & Brown Inc. 95,572 110,195 2,074 First Commonwealth Financial Corp. 45,448 34,801 1,543 Camden Property Trust, REIT 73,379 101,580 573 First Community Bancorp 26,568 33,336 1,296 Capital Automotive, REIT 52,732 60,589 1,241 First Financial Bancorp 26,444 28,728 651 Capital City Bank Group Inc. 34,946 32,213 792 First Financial Bankshares Inc. 32,401 32,826 7,260 Capital One Financial Corp. 375,681 711,453 859 First Financial Corp. 33,203 30,227 3,513 CapitalSource Inc. 97,628 84,462 940 First Financial Holdings Inc. 36,613 34,436 747 Capitol Bancorp Ltd. 27,207 30,751 3,743 First Horizon National Corp. 185,010 193,463 2,147 Capitol Federal Financial 83,038 90,670 1,116 First Indiana Corp. 26,336 40,555 1,527 CarrAmerica Realty Corp., REIT 67,001 67,666 1,154 First Industrial Realty Trust Inc., REIT 50,699 56,395 995 Cash America International Inc. 25,230 24,520 1,956 First Marblehead Corp. (The) 140,449 83,994 3,063 Catellus Development Corp., REIT 81,277 123,051 1,013 First Merchants Corp. 32,910 30,832 1,452 Cathay General Bancorp 36,977 59,950 1,363 First Midwest Bancorp Inc. 40,640 58,713 1,768 CBL & Associates Properties Inc., REIT 32,777 93,266 3,771 First Niagara Financial Group Inc. 66,542 67,341 1,344 CenterPoint Properties Corp., REIT 34,829 69,631 855 First Republic Bank 27,631 36,998 766 Central Pacific Financial Corp. 26,298 33,400 473 FirstFed Financial Corp. 12,522 34,534 4,018 CET Services Inc. 36,649 1,993 2,474 FirstMerit Corp. 97,120 79,117 41,463 Charles Schwab Corp. (The) 754,708 572,842 1,761 Flagstar Bancorp. Inc. 50,530 40,830 742 Charter Financial Corp. 32,163 31,754 1,464 Flushing Financial Corp. 34,821 32,993 1,485 CharterMac 38,229 39,941 1,470 Forest City Enterprises Inc., Class ‘A’ 60,651 127,832 691 Chemical Financial Corp. 28,718 28,022 7,580 Franklin Resources Inc. 341,929 714,681 958 Chicago Mercantile Exchange 20,882 Freddie Mac 1,504,861 1,668,340 Holdings Inc. 121,409 346,727 2,219 Fremont General Corp. 28,034 66,125 1,335 Chittenden Corp. 37,235 44,475 4,263 Friedman, Billings, Ramsey Group Inc., 5,281 Cincinnati Financial Corp. 277,561 255,881 Class ‘A’ 111,445 74,665 6,292 CIT Group Inc. 229,847 331,146 962 Frontier Financial Corp. 27,057 29,763 156,814 Citigroup Inc. 7,990,013 8,879,201 4,542 Fulton Financial Corp. 79,496 100,135 1,267 Citizens Banking Corp. 54,075 46,896 893 Gabelli Asset Management Inc., 2,499 Citizens Inc., Class ‘A’ 28,437 18,671 Class ‘A’ 49,521 48,333 856 City Holding Co. 21,098 38,289 767 Gables Residential Trust, REIT 29,818 40,611 1,420 City National Corp. 84,095 124,719 6,532 General Growth Properties Inc., REIT 172,524 328,736 176 Click Commerce Inc. 34,804 4,952 14,622 Genworth Financial Inc. 506,945 541,390 7,644 CNA Financial Corp. 383,253 266,079 837 Getty Realty Corp., REIT 27,314 28,397 1,875 CNA Surety Corp. 33,663 34,103 1,029 Glacier Bancorp Inc. 26,343 32,932 1,323 CoBiz Inc. 31,403 29,378 1,366 Glenborough Realty Trust Inc., REIT 51,866 34,449 3,990 Colonial BancGroup Inc. (The) 86,612 107,806 991 Glimcher Realty Trust, REIT 27,928 33,682 1,452 Colonial Properties Trust 50,211 78,250 1,634 Gold Banc Corp. Inc. 17,915 29,119 5,213 Comerica Inc. 461,213 369,046 9,261 Golden West Financial Corp. 333,998 730,254 4,388 Commerce Bancorp Inc. 71,551 162,899 14,628 Goldman Sachs Group Inc. 1,834,682 1,827,829 2,020 Commerce Bancshares Inc. 100,008 124,719 1,337 Great American Financial 935 Commerce Group Inc. 43,450 71,128 Resources Inc. 25,356 32,440 976 Commerce One Inc. 139,641 134 779 Great Southern Bancorp Inc. 21,607 29,854 1,593 Commercial Capital Bancorp Inc. 36,918 32,603 1,524 Greater Bay Bancorp 62,223 49,222 1,288 Commercial Federal Corp. 56,488 53,132 5,109 H&R Block Inc. 203,822 365,125 1,549 Commercial Net Lease Realty Inc. 31,523 38,836 854 Hancock Holding Co. 13,400 35,982 1,135 Community Bank Systems Inc. 26,761 33,906 1,969 Hanmi Financial Corp. 27,288 40,274 909 Community Trust Bancorp. Inc. 26,542 36,429 725 Harbor Florida Bancshares Inc. 16,275 33,246 3,735 Compass Bancshares Inc. 143,283 205,858 1,253 Harleysville Group Inc. 39,098 32,059 1,303 CompuCredit Corp. 38,321 54,708 1,150 Harleysville National Corp. 38,171 32,621 4,502 Conseco Inc. 124,760 120,317 8,832 Hartford Financial Services Group Inc. 2,200 Cornerstone Propane Partners L.P. 62,201 54 (The) 595,999 808,928 1,024 Corporate Office Properties Trust, REIT 15,264 36,936 1,865 HCC Insurance Holdings Inc. 61,691 86,505 823 Corus Bankshares Inc. 32,153 55,935 3,964 Health Care Property Investors Inc., 17,053 Countrywide Financial Corp. 348,783 806,428 REIT 88,014 131,282 664 CRA International Inc. 27,737 43,794 1,470 Health Care REIT Inc. 59,544 67,859 1,172 Credit Acceptance Corp. 21,383 21,374 1,406 Healthcare Realty Trust Inc., REIT 60,646 66,489 2,940 Crescent Real Estate Equities Co. 155,557 67,517 1,396 Heritage Property Investment Trust 53,080 59,878 1,700 Crown Pacific Partners L.P. 56,387 3 4,570 Hibernia Corp., Class ‘A’ 130,122 185,720 1,055 CRT Properties Inc. 27,466 35,276 2,300 Highland Insurance Group Inc. 66,580 — 1,507 Cullen Frost Bankers Inc. 74,540 87,951 1,555 Highwoods Properties Inc. 60,590 56,680 1,675 CVB Financial Corp. 18,413 40,374 996 Hilb, Rogal & Hobbs Co. 25,476 41,965 952 Delphi Financial Group Inc., Class ‘A’ 35,209 51,479 994 Home Properties Inc., REIT 50,562 52,375 3,055 Developers Diversified Realty Corp., 1,587 Horace Mann Educators Corp. 45,457 36,582 REIT 104,947 171,971 171 Horizon Group Properties Inc., REIT 1,632 1,152 1,708 Dime Community Bancorp. Inc. 17,664 31,798 2,048 Hospitality Properties Trust, REIT 109,563 110,545 6,596 Donnelley & Sons, R.R. Co. 282,385 278,799 10,362 Host Marriott Corp. 213,512 222,099 3,160 Doral Financial Corp. 83,143 64,016 5,294 HRPT Properties Trust 108,823 80,597 817 Downey Financial Corp. 49,560 73,248 17,958 Hudson City Bancorp Inc. 108,823 250,962 4,247 Duke Realty Corp. 142,634 164,687 1,311 Hudson United Bancorp 53,281 57,966 10,778 E*Trade Financial Corp. 131,481 184,681 6,811 Huntington Bancshares Inc. 232,582 201,379 1,409 East West Bancorp Inc. 46,765 57,968 379 IBERIABANK Corp. 26,620 28,599 697 EastGroup Properties Inc., REIT 23,011 35,949 2,223 Impac Mortgage Holdings Inc., REIT 48,464 50,779 4,049 Eaton Vance Corp. 81,013 118,575 2,508 Independence Community Bank Corp. 118,552 113,442 2,329 Edwards A.G. Inc. 137,770 128,793 888 Independent Bank Corp. 645 Entertainment Properties Trust, REIT 27,891 36,340 (Massachusetts) 25,735 30,682 2,466 Equity Inns Inc., REIT 32,876 40,171 873 Independent Bank Corp. (Michigan) 32,708 30,409 12,232 Equity Office Properties Trust, REIT 540,719 495,896 1,824 IndyMac Bancorp Inc. 62,969 90,992 1,964 Equity One Inc., REIT 37,256 54,605 835 Infinity Property & Casualty Corp. 32,903 35,672 8,493 Equity Residential, REIT 309,508 383,010 2,020 Innkeepers USA Trust, REIT 31,860 36,963 1,877 Erie Indemnity Co., Class ‘A’ 81,464 124,718 9,978 Instinet Group Inc. 71,850 64,038 3,145 eSPEED Inc. 57,576 34,321 1,232 Integra Bank Corp. 32,910 34,133 663 Essex Property Trust Inc., REIT 54,384 67,448 1,893 International Bancshares Corp. 63,862 65,592 1,353 F.N.B. Corp., Pennsylvania 53,068 32,563 20 Interstate General Co. L.P. 157 61 29,351 Fannie Mae 2,345,139 2,099,428 1,317 Investment Technology Group 45,499 33,907 989 FBL Financial Group Inc., Class ‘A’ 30,905 33,445 1,908 Investors Financial Services Corp. 39,429 88,382 1,579 Federal Realty Investment Trust, REIT 65,386 114,104 2,688 Investors Real Estate Trust, REIT 34,774 31,803 3,223 Federated Investors Inc., Class ‘B’ 78,790 118,465 1,178 Irwin Financial Corp. 32,834 32,016 2,028 Felcor Lodging Trust Inc., REIT 100,463 35,967 3,321 iStar Financial Inc. 206,597 169,170

61 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 439 ITLA Capital Corp. 27,902 28,981 9,021 PNC Financial Services Group 743,203 601,724 107,992 J.P. Morgan Chase & Co. 5,649,703 4,671,727 7,957 Popular Inc. 179,207 245,495 7,104 Janus Capital Group Inc. 428,324 130,863 1,106 Post Properties Inc., REIT 54,057 48,916 1,691 Jefferies Group Inc. 62,174 78,475 1,220 Prentiss Properties Trust, REIT 50,338 54,451 4,219 Jefferson-Pilot Corp. 248,252 260,542 1,664 Presidential Life Corp. 40,965 34,871 972 Jones Lang LaSalle Inc. 23,215 52,656 9,637 Principal Financial Group Inc. 331,121 494,562 559 Kansas City Life Insurance Co. 28,418 32,898 850 PrivateBancorp Inc. 23,274 36,833 12,348 KeyCorp 598,338 501,355 806 ProAssurance Corp. 31,989 41,225 771 Kilroy Realty Corp., REIT 29,405 44,846 6,080 Progressive Corp. (The) 377,477 735,817 3,322 Kimco Realty Corp., REIT 156,141 239,692 110 Property Capital Trust Inc. 889 — 3,327 Knight Capital Group Inc., Class ‘A’ 103,012 31,051 913 Prosperity Bancshares Inc. 26,132 31,993 2,812 LaBranche & Co. Inc. 63,136 21,698 2,018 Protective Life Corp. 96,770 104,353 310 Ladenburg Thalmann Financial Services 2,084 Provident Bancorp Inc. 29,230 31,013 Inc. 310 216 985 Provident Bankshares Corp. 37,146 38,497 518 LandAmerica Financial Group Inc. 34,867 37,667 2,392 Provident Financial Services Inc. 51,933 51,475 901 LaSalle Hotel Properties, REIT 31,303 36,207 8,628 Providian Financial Corp. 249,715 186,306 2,947 Legg Mason Inc. 142,986 375,784 15,746 Prudential Financial Inc. 726,678 1,266,299 8,179 Lehman Brothers Holdings Inc. 492,779 994,551 598 PS Business Parks Inc., REIT 30,467 32,557 3,110 Leucadia National Corp. 109,088 147,147 3,843 Public Storage Inc., REIT 177,167 297,712 1,442 Lexington Corporate Properties Trust 37,534 42,935 2,740 Radian Group Inc. 139,576 158,468 2,529 Liberty Property Trust, REIT 127,698 137,251 864 RAIT Investment Trust, REIT 28,038 31,694 5,293 Lincoln National Corp. 329,834 304,176 951 Ramco-Gershenson Properties Trust, 5,629 Loews Corp. 419,367 534,316 REIT 31,302 34,105 3,557 M & T Bank Corp. 333,852 458,141 2,203 Raymond James Financial Inc. 58,618 76,225 1,766 Macerich Co. (The), REIT 84,340 145,029 1,482 Rayonier Inc. 77,377 96,258 1,808 Mack-Cali Realty Corp., REIT 93,020 100,314 2,199 Realty Income Corp. 45,218 67,441 974 MAF Bancorp Inc. 52,054 50,856 2,404 Reckson Associates Realty Corp., REIT 85,636 98,785 1,248 Maguire Properties Inc. 40,567 43,319 686 Redwood Trust Inc., REIT 27,646 43,355 784 Main Street Banks Inc. 26,924 24,448 1,817 Regency Centers Corp., REIT 79,383 127,296 289 Markel Corp. 85,137 119,995 14,012 Regions Financial Corp. 670,576 581,445 15,839 Marsh & McLennan Companies Inc. 830,962 537,369 1,861 Reinsurance Group America Inc. 91,485 106,013 6,755 Marshall & Ilsley Corp. 282,929 367,758 854 Renasant Corp. 34,671 32,174 856 MB Financial Inc. 16,935 41,759 1,155 Republic Bancorp Inc., Class ‘A’ 28,388 30,712 4,312 MBIA Inc. 227,681 313,236 2,034 Republic Bancorp. Inc. 25,134 37,319 38,742 MBNA Corp. 942,516 1,241,323 699 RLI Corp. 19,583 38,184 12,818 Mellon Financial Corp. 651,471 450,418 735 S&T Bancorp Inc. 28,999 32,498 2,327 Mercantile Bankshares Corp. 127,799 146,866 4,118 Safeco Corp. 253,600 274,076 1,568 Mercury General Corp. 117,969 104,705 828 Sandy Spring Bancorp Inc. 38,903 35,525 3,170 MeriStar Hospitality Corp., REIT 42,655 33,391 739 Saul Centers Inc., REIT 18,451 32,901 28,403 Merrill Lynch & Co. Inc. 1,868,689 1,913,688 1,488 Saxon Capital Inc. 40,567 31,110 22,764 MetLife Inc. 1,049,881 1,252,988 1,180 Seacoast Banking Corp. of Florida 30,172 28,457 2,188 Metris Companies Inc. 24,073 38,751 4,801 Sears Holdings Corp. 746,290 881,275 3,175 MFA Mortgage Investments Inc., REIT 36,911 28,971 3,073 SEI Investments Co. 74,745 140,578 2,931 MGIC Investment Corp. 271,156 234,133 752 Selective Insurance Group Inc. 28,032 45,638 647 Mid-America Apartment 2,045 Senior Heights Properties Trust, REIT 35,678 47,364 Communities Inc., REIT 23,563 35,993 1,316 Shurgard Storage Centers Inc., 915 Midland Co. (The) 26,065 39,437 Class ‘A’, REIT 66,625 74,080 831 Mid-State Bancshares 28,477 28,265 1,089 Simmons First National Corp., Class ‘A’ 36,278 36,160 1,287 Midwest Banc Holdings Inc. 36,015 30,407 3,154 Sky Financial Group Inc. 109,308 108,860 1,602 Mills Corp. (The), REIT 94,484 119,278 1,118 SL Green Realty Corp., REIT 54,801 88,322 2,588 MoneyGram International Inc. 73,282 60,606 13,237 SLM Corp. 324,585 823,604 8,880 Moody’s Corp. 163,077 488,995 2,109 South Financial Group Inc. (The) 77,249 73,412 1,900 Morgan Group Inc. (The), Class ‘A’ 24,916 — 10,408 Sovereign Bancorp. Inc. 247,854 284,784 33,300 Morgan Stanley 2,014,126 2,140,033 598 Sovran Self Storage Inc., REIT 27,338 33,296 663 NASB Financial Inc. 33,742 35,608 2,230 St. Joe Corp. 72,550 222,711 20,086 National City Corp. 924,467 839,397 853 StandCorp Financial Group Inc. 37,856 80,007 996 National Financial Partners Corp. 50,672 47,747 1,094 State Auto Financial Corp. 36,055 41,591 943 National Health Investors Inc. 37,731 32,420 10,194 State Street Corp. 540,008 602,431 1,066 National Penn Bancshares Inc. 34,618 32,615 1,061 Sterling Bancorp 19,266 27,745 144 National Western Life Insurance Co. 27,361 34,197 1,806 Sterling Bancshares Inc. 24,880 34,419 1,645 Nationwide Financial Services Inc., 1,147 Sterling Financial Corp., Lancaster 26,934 29,937 Class ‘A’ 78,149 76,441 719 Sterling Financial Corp., Spokane 15,130 32,936 1,986 Nationwide Health Properties Inc., REIT 57,484 57,430 630 Stewart Information Services Corp. 29,654 32,408 815 Navigators Group Inc. (The) 33,786 34,508 586 Student Loan Corp. (The) 78,544 157,758 960 NBT Bancorp. Inc. 25,635 27,796 776 Suffolk Bancorp 34,751 30,690 2,996 NetBank Inc. 58,398 34,200 972 Sun Bancorp. Inc. 10,549 24,608 1,421 New Century Financial Corp., REIT 48,708 89,546 744 Sun Communities Inc. 36,305 33,889 3,054 New Plan Excel Realty Trust, REIT 96,780 101,630 10,867 SunTrust Banks Inc. 923,480 961,507 7,623 New York Community Bancorp Inc. 165,666 169,180 1,387 Susquehanna Bancshares Inc. 47,276 41,773 3,409 NewAlliance Bancshares Inc. 60,488 58,664 1,011 SVB Financial Group 21,252 59,313 1,190 Newcastle Investment Corp., REIT 49,507 43,944 9,375 Synovus Financial Corp. 283,224 329,203 14,188 North Fork Bancorp. Inc. 351,377 488,133 3,857 T. Rowe Price Group Inc. 192,368 295,726 6,571 Northern Trust Corp. 400,047 366,916 1,034 Tanger Factory Outlet Centers Inc., 1,398 Northwest Bancorp Inc. 40,476 36,403 REIT 22,100 34,105 804 Novastar Financial Inc., REIT 38,979 38,553 1,232 Tarragon Corp. 35,293 38,101 2,716 Nuveen Investments Inc., Class ‘A’ 47,845 125,145 1,491 Taubman Centers Inc., REIT 50,456 62,254 3,428 Ocwen Financial Corp. 71,518 28,383 4,188 TCF Financial Corp. 100,176 132,750 1,960 Odyssey Re Holdings Corp. 51,261 59,247 5,138 TD Banknorth Inc. 190,201 187,532 1,783 Ohio Casualty Corp. 55,370 52,805 530 Tejon Ranch Co. 26,312 33,411 1,953 Old National Bancorp 51,052 51,190 1,468 Texas Regional Bancshares Inc. 26,853 54,803 5,307 Old Republic International Corp. 142,893 164,385 2,479 Thornburg Mortgage Inc. 74,581 88,447 883 Old Second Bancorp Inc. 27,117 31,461 600 Tompkins Trustco Inc. 21,079 31,894 845 Omega Financial Corp. 38,928 32,135 3,401 Torchmark Corp. 184,023 217,441 2,354 Omega Healthcare Investors Inc., REIT 31,921 37,078 882 Town & Country Trust REIT 21,739 30,799 1,340 Pacific Capital Bancorp 47,400 60,857 1,497 Trammell Crow Co. 25,686 44,445 1,176 Pan Pacific Retail Properties Inc. 102,055 95,611 1,917 Transatlantic Holdings Inc. 117,316 131,062 423 Park National Corp. 59,916 57,249 423 Triad Guaranty Inc. 12,968 26,107 2,525 Partners Trust Financial Group Inc. 40,451 33,029 4,409 Trizec Properties Inc., REIT 81,836 111,081 1,077 Pennsylvania REIT 46,014 62,658 2,068 Trustco Bank Corp. 25,604 33,080 4,198 People’s Bank, Preferred 93,050 155,485 1,717 Trustmark Corp. 55,408 61,533 834 PFF Bancorp. Inc. 10,855 30,941 57,008 U.S. Bancorp 2,018,849 2,038,843 639 Philadelphia Consolidated Holding Corp. 37,005 66,337 1,164 U.S.B. Holding Co. Inc. 28,116 33,361 2,758 Phoenix Companies Inc. (The) 70,951 40,198 2,303 U.S.I. Holdings Corp. 41,123 36,331 653 Piper Jaffray Companies Inc. 31,549 24,338 2,630 UCBH Holdings Inc. 63,193 52,313 5,444 Plum Creek Timber Co. Inc. 219,391 242,042 1,470 UICI 46,149 53,600 2,869 PMI Group Inc. (The) 127,912 136,974 637 UMB Financial Corp. 40,293 44,495

62 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 1,307 Umpqua Holdings Corp. 36,430 37,683 13,782 Caremark Rx Inc. 464,427 751,506 4,465 Unionbancal Corp. 225,937 365,968 4,900 Celgene Corp. 100,234 244,682 1,287 United Bankshares Inc. 44,259 56,133 1,342 Centene Corp. 25,400 55,195 977 United Community Banks Inc. 28,925 31,136 1,626 Cephalon Inc. 129,605 79,283 2,421 United Community Financial Corp. 34,354 32,440 2,877 Cepheid Inc. 33,929 25,864 3,959 United Dominion Realty Trust Inc., REIT 90,025 116,618 1,033 Cerner Corp. 45,740 85,997 793 United Fire & Casualty Co. 20,654 43,144 392 Cerus Corp. 16,941 2,127 1,978 Unitrin Inc. 94,842 118,952 1,927 Charles River Laboratories International 1,638 Universal American Financial Corp. 22,644 45,381 Inc. 99,453 113,879 1,010 Unizan Financial Corp. 16,678 33,141 742 Chemed Corp. 21,818 37,152 8,786 UnumProvident Corp. 404,317 197,143 5,554 Chiron Corp. 179,360 237,341 1,800 USOL Holdings Inc. 29,767 — 4,175 CIGNA Corp. 374,775 547,302 3,028 Valley National Bancorp 74,336 86,709 2,155 Columbia Laboratories Inc. 13,643 8,314 18,850 Vanguard Total Stock Market VIPERs 2,769,052 2,705,160 2,602 Community Health Systems Inc. 107,665 120,434 2,513 Ventas Inc. 60,758 92,953 1,030 CONMED Corp. 35,009 38,818 3,754 Vornado Realty Trust 237,305 369,671 1,206 Connetics Corp. 21,454 26,056 1,073 W.P. Carey & Co. LLC 44,704 38,480 1,222 Cooper Companies Inc. (The) 63,463 91,090 3,652 W.R. Berkley Corp. 73,091 159,596 1,803 Covance Inc. 57,611 99,087 48,706 Wachovia Corp. 2,808,915 2,958,893 3,127 Coventry Health Care Inc. 87,339 270,969 2,423 Waddell & Reed Financial, Class ‘A’ 60,091 54,902 1,602 Cross Country Healthcare Inc 61,643 33,356 2,578 Washington Federal Inc. 66,238 74,265 588 CryoLife Inc. 26,859 5,589 26,469 Washington Mutual Inc. 1,216,769 1,319,139 2,657 Cubist Pharmaceuticals Inc. 73,030 42,859 1,150 Washington REIT 27,576 43,946 1,161 CV Therapeutics Inc. 49,895 31,881 947 Washington Trust Bancorp Inc. 33,370 32,094 1,470 CyberCare Inc. 48,329 27 1,653 Webster Financial Corp. 92,012 94,528 729 Cyberonics Inc. 28,561 38,742 2,556 Weingarten Realty Investors REIT 84,706 122,782 3,212 Cytyc Corp. 23,273 86,785 51,173 Wells Fargo & Co. 2,805,420 3,859,895 1,296 Dade Behring Holdings Inc. 75,885 103,193 987 Wesbanco Inc. 40,363 36,291 761 Datascope Corp. 34,302 31,085 207 Wesco Financial Corp. 91,686 91,272 2,922 DaVita, Inc. 85,249 162,767 989 West Coast Bancorp 27,679 29,569 4,491 Dendreon Corp. 59,166 28,768 958 Westamerica Bancorp 64,561 61,965 1,781 Dendrite International Inc. 58,340 30,103 1,549 Westcorp 74,034 99,452 2,404 Dentsply International Inc. 76,444 158,999 1,201 WFS Financial Inc. 47,552 74,594 841 Diagnostic Products Corp. 33,187 48,753 1,772 Whitney Holding Co. 64,080 70,818 1,183 Digene Corp. 46,661 40,107 1,929 Wilmington Trust Corp. 95,797 85,079 1,047 DJ Orthopedics Inc. 35,296 35,175 612 Wintrust Financial Corp. 35,926 39,240 1,176 Durect Corp. 21,738 7,331 1,075 World Acceptance Corp. 25,720 39,566 1,991 Eclipsys Corp. 68,542 34,311 474 WSFS Financial Corp. 26,804 31,762 1,813 Edwards Lifesciences Corp. 42,351 95,529 576 Zenith National Insurance Corp. 21,994 47,874 34,246 Eli Lilly and Co. 2,727,977 2,336,728 2,670 Zions Bancorp 201,595 240,459 2,842 Encysive Pharmaceuticals Inc. 43,651 37,628 3,822 Endo Pharmaceuticals Holdings Inc. 51,672 123,022 Financials (21.22%) 105,542,497 115,806,817 392 EntreMed Inc. 21,522 1,109 1,105 aaiPharma Inc. 27,089 365 1,775 Enzo Biochem Inc. 31,708 38,980 47,338 Abbott Laboratories 2,691,662 2,841,579 2,563 Enzon Pharmaceuticals Inc. 93,836 20,342 3,325 Abgenix Inc. 204,921 34,942 2,597 Eon Labs Inc. 79,598 97,460 1,148 Able Laboratories Inc. 29,191 4,893 1,512 eResearch Technology Inc. 36,013 24,797 1,423 Accredo Health Inc. 68,332 79,127 4,228 Exelixis Inc. 96,543 38,476 2,669 Adolor Corp. 46,674 30,238 4,674 Express Scripts Inc., Class ’A’ 121,868 286,121 1,854 Advanced Medical Optics Inc. 32,711 90,263 1,632 First Horizon Pharmaceutical Corp. 44,692 38,059 909 Advanced Neuromodulation Systems 3,484 Fisher Scientific International Inc. 183,132 276,941 Inc. 41,220 44,177 535 Five Star Quality Care Inc. 6,544 4,783 565 Advisory Board Co. (The) 26,535 33,729 11,228 Forest Laboratories Inc., Class ’A’ 235,185 534,267 9,227 Aetna Inc. 338,501 935,968 588 Gene Logic Inc. 62,764 2,384 1,726 Affymetrix Inc. 67,150 114,008 31,354 Genentech Inc. 1,853,156 3,082,943 1,219 Alexion Pharmaceuticals Inc. 52,808 34,399 616 Genesis HealthCare Corp. 18,682 34,917 3,505 Align Technology Inc. 29,099 31,639 1,405 Gen-Probe Inc. 53,557 62,346 2,603 Alkermes Inc. 60,047 42,147 2,156 Genta Inc. 48,977 3,116 3,994 Allergan Inc. 156,320 416,981 1,744 Gentiva Health Services Inc. 12,686 38,150 1,960 Allscripts Healthcare Solutions Inc. 47,668 39,874 6,907 Genzyme Corp. 280,584 508,343 1,943 Alpharma Inc., Class ‘A’ 77,663 34,436 3,849 Geron Corp. 37,465 36,488 979 American Healthways Inc. 20,370 50,685 13,054 Gilead Sciences Inc. 190,744 703,336 1,993 American Medical Systems 588 GTC Biotherapeutics Inc. 31,427 1,210 Holdings Inc. 29,863 50,407 9,540 Guidant Corp. 398,832 786,373 2,102 American Pharmaceutical Partners Inc. 126,295 106,199 753 Haemonetics Corp. 36,132 37,481 1,383 AMERIGROUP Corp. 40,487 68,095 12,161 HCA Inc. 519,924 844,088 3,324 AmerisourceBergen Corp. 250,296 281,526 7,384 Health Management Associates Inc., 38,400 Amgen Inc. 1,687,246 2,843,574 Class ’A’ 190,474 236,770 1,509 AMN Healthcare Services Inc. 57,422 27,779 3,403 Health Net Inc. 134,279 159,051 1,111 AmSurg Corp. 29,463 37,679 1,746 HealthExtras Inc. 25,768 42,920 3,098 Amylin Pharmaceuticals Inc. 60,036 79,417 2,546 Henry Schein Inc. 71,752 129,474 616 Analogic Corp. 31,998 37,965 1,810 Hillenbrand Industries Inc. 138,655 112,064 2,107 Andrx Corp. 141,332 52,413 779 Hologic Inc. 31,840 37,926 3,849 Antigenics Inc. 47,769 25,504 4,645 Hospira Inc. 181,953 221,879 6,225 Applera Corp. — Applied Biosystems 3,782 Human Genome Sciences Inc. 148,045 53,641 Group 202,373 149,972 4,809 Humana Inc. 158,741 234,071 2,095 Applera Corp. — Celera Genomics 1,832 ICOS Corp. 67,463 47,502 Group 44,404 28,149 779 ICU Medical Inc. 32,344 30,694 1,602 Apria Healthcare Group Inc. 21,563 67,968 1,006 IDEXX Laboratories Inc. 22,717 76,800 1,282 Arrow International Inc. 44,908 50,089 850 IDX Systems Corp. 29,102 31,378 930 ArthroCare Corp. 26,287 39,799 2,462 ImClone Systems Inc. 161,973 93,389 1,222 Aspect Medical Systems Inc. 30,629 44,512 1,334 Immucor Inc. 16,505 47,301 1,941 AtheroGenics Inc. 36,821 37,990 1,659 Impax Laboratories Inc. 31,581 31,902 1,587 Bausch & Lomb Inc. 99,583 161,332 7,111 IMS Health Inc. 212,049 215,736 18,647 Baxter International Inc. 827,090 847,321 1,012 INAMED Corp. 30,262 83,009 1,785 Beckman Coulter Inc. 62,600 138,981 3,487 Incyte Corp. 60,903 30,537 7,557 Becton, Dickinson & Co. 342,577 485,653 3,151 Inspire Pharmaceuticals Inc. 54,521 32,496 3,104 Beverly Enterprises Inc. 56,910 48,435 743 Integra LifeSciences Holdings 30,878 26,573 10,253 Biogen Idec Inc. 399,401 432,619 1,021 Intermagnetics General Corp. 18,775 38,466 5,370 BioMarin Pharmaceutical Inc. 73,229 49,263 2,302 InterMune Inc. 59,671 36,766 7,633 Biomet Inc. 186,918 323,846 64 IntraBiotics Pharmaceuticals Inc. 27,577 274 740 Bio-Rad Laboratories Inc., Class ‘A’ 44,491 53,665 1,005 Intuitive Surgical Inc. 24,975 57,410 494 Biosite Inc. 33,770 33,272 882 Invacare Corp. 28,046 47,921 25,536 Boston Scientific Corp. 551,591 844,465 1,191 Inverness Medical Innovations Inc. 41,344 39,824 58,980 Bristol-Myers Squibb Co. 3,572,366 1,804,523 1,573 Invitrogen Corp. 141,478 160,467 3,081 C.R. Bard Inc. 94,919 250,983 7,471 IVAX Corp. 68,216 196,735 13,049 Cardinal Health Inc. 695,225 920,267 90,004 Johnson & Johnson 5,062,498 7,165,398 63 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 834 Kensey Nash Corp. 27,471 30,890 2,324 Thoratec Corp. 39,912 43,664 995 Kindred Healthcare Inc. 35,484 48,272 1,182 Transkaryotic Therapies Inc. 53,500 52,957 1,992 Kinetic Concepts Inc. 149,165 146,388 2,204 Triad Hospitals Inc. 83,805 147,498 7,172 King Pharmaceuticals Inc. 233,396 91,532 3,166 TriZetto Group Inc. (The) 39,010 54,327 1,102 Kos Pharmaceuticals Inc. 43,631 88,407 784 United Surgical Partners 1,421 K-V Pharmaceutical Co., Class ’A’ 31,671 29,152 International Inc. 23,266 50,009 1,077 Kyphon Inc. 36,436 45,892 639 United Therapeutics Corp. 25,179 37,724 796 LabOne Inc. 29,499 38,812 40,295 UnitedHealth Group Inc. 712,503 2,573,282 4,304 Laboratory Corp. of America Holdings 207,823 263,050 1,697 Universal Health Services Inc. Class ’B’ 63,811 129,240 5,370 Lexicon Genetics Inc. 57,263 32,491 2,433 Valeant Pharmaceuticals International 120,411 52,536 1,607 LifePoint Hospitals Inc. 64,787 99,436 996 Varian Inc. 64,450 46,100 3,009 Ligand Pharmaceuticals Inc., Class ’B’ 39,344 25,614 3,998 Varian Medical Systems Inc. 86,282 182,796 2,883 Lincare Holdings Inc. 78,561 144,210 2,379 VCA Antech Inc. 49,388 70,660 2,653 Manor Care Inc. 113,872 129,098 1,054 Ventana Medical System Inc. 25,307 51,934 806 Martek Biosciences Corp. 42,091 37,464 1,039 Ventiv Health Inc. 30,776 24,535 897 Matthews International Corp., Class ’A’ 33,091 42,803 2,145 Vertex Pharmaceuticals Inc. 76,715 44,242 2,845 Maxygen Inc. 129,031 23,904 1,111 Viasys Healthcare Inc. 31,435 30,739 8,826 McKesson Corp. 667,301 484,184 1,576 Vicuron Pharmaceuticals Inc. 31,925 53,855 2,931 Medarex Inc. 122,694 29,904 784 ViroPharma Inc. 52,803 6,674 953 MedCath Corp. 31,574 32,437 1,388 VistaCare Inc., Class ’A’ 34,712 31,399 8,200 Medco Health Solutions Inc. 278,727 535,914 653 Vital Signs Inc. 27,027 34,647 1,379 Medicines Co. (The) 47,850 39,506 3,659 Waters Corp. 62,766 166,579 1,591 Medicis Pharmaceutical Corp. 54,608 61,831 3,209 Watson Pharmaceuticals Inc. 151,326 116,182 7,433 MedImmune Inc. 146,582 243,257 8,946 WebMD Corp. 437,673 112,529 36,675 Medtronic Inc. 1,477,654 2,326,383 2,501 WellChoice Inc. 145,834 212,802 1,359 Mentor Corp. 33,914 69,044 17,988 Wellpoint Inc. 967,807 1,534,288 67,281 Merck & Co. Inc. 4,945,786 2,538,098 1,197 West Pharmaceutical Services Inc. 25,381 41,124 1,934 Merit Medical System Inc. 41,316 36,503 1,518 Wilson Greatbatch Technologies Inc. 50,451 44,436 2,110 MGI Pharma Inc. 52,955 56,235 917 Wright Medical Group Inc. 29,438 29,988 8,748 Millennium Pharmaceuticals Inc. 155,409 99,324 40,443 Wyeth 2,597,606 2,204,289 1,442 Millipore Corp. 85,998 100,194 2,925 XOMA Ltd. 30,201 6,054 7,979 Mylan Laboratories Inc. 108,737 188,026 759 Young Innovations Inc. 34,044 34,703 1,272 Myriad Genetics Inc. 62,051 24,382 7,394 Zimmer Holdings Inc. 439,500 689,809 2,299 Nabi Biopharmaceuticals 33,568 42,885 1,600 Zymogenetic Inc. 26,884 34,490 490 Nanogen Inc. 38,149 2,305 739 National Healthcare Corp. 31,653 31,960 Health Care (12.79%) 65,067,909 69,789,292 1,778 NDCHealth Corp. 52,490 39,133 23,761 3M Co. 1,734,362 2,104,109 1,304 NeighborCare Inc. 47,295 52,977 811 A.O. Smith Corp. 37,011 26,531 2,495 Nektar Therapeutics 88,165 51,461 1,371 ABM Industries Inc. 27,573 32,744 1,030 Neurocrine Biosciences Inc. 59,454 53,061 784 Actuant Corp., Class ’A’ 22,879 46,034 1,660 Noven Pharmaceuticals Inc. 31,909 35,540 1,157 Acuity Brands Inc. 23,067 36,405 2,359 NPS Pharmaceuticals Inc. 75,948 32,794 2,833 Adesa Inc. 60,989 75,539 326 Nuvelo Inc. 77,418 3,086 2,110 Administaff Inc. 61,210 61,404 2,433 Odyssey Healthcare Inc. 42,124 42,971 10,749 Advanced Micro Devices Inc. 188,323 228,288 3,109 Omnicare Inc. 132,064 161,569 2,695 AGCO Corp. 77,065 63,112 905 Onyx Pharmaceuticals Inc. 48,776 26,470 6,895 Air Products and Chemicals Inc. 329,082 509,233 2,076 Option Care Inc. 33,043 35,852 3,225 AirTran Holdings Inc. 38,738 36,458 1,481 OSI Pharmaceuticals Inc. 108,151 74,135 902 Alaska Air Group Inc. 36,944 32,867 89 OSI Pharmaceuticals Inc., 925 Albany International Corp., Class ’A’ 29,380 36,379 Rights, 2008/06/12 16 4 1,214 Alexander & Baldwin Inc. 51,049 68,918 1,175 Owens & Minor Inc. 25,469 46,556 222 Alleghany Corp. 61,565 80,756 2,569 PacifiCare Health Systems Inc. 123,678 224,818 2,385 Alliance Imaging Inc. 29,245 30,555 989 Par Pharmaceutical Cos. Inc. 58,772 38,532 1,129 Alliant Techsystems Inc. 33,563 97,626 1,294 Parexel International Corp. 56,955 31,460 9,649 Allied Waste Industries Inc. 204,172 93,717 3,992 Patterson Companies Inc. 62,610 220,414 1,717 American Axle & Manufacturing 675 Pediatrix Medical Group Inc. 40,918 60,798 Holdings Inc. 66,244 53,142 3,759 PerkinElmer Inc. 110,825 87,016 6,570 American Standard Companies Inc. 167,505 337,328 2,051 Perrigo Co. 41,898 35,018 2,501 American Superconductor Corp. 31,509 28,029 1,461 Per-Se Technologies Inc. 36,438 37,614 819 American Woodmark Corp. 27,814 30,103 229,008 Pfizer Inc. 10,690,872 7,735,887 1,960 Ametek Inc. 32,990 100,465 1,638 Pharmaceutical Product 4,667 AMR Corp. 170,551 69,222 Development Inc. 18,989 94,012 1,176 APAC Teleservices Inc. 22,044 1,152 857 Pharmacopeia Drug Discovery Inc. 10,548 4,230 2,058 Apogee Enterprises Inc. 50,086 38,742 784 PolyMedica Corp. 23,553 34,242 904 Applied Industrial Technologies Inc. 18,341 35,752 3,077 PRAECIS Pharmaceuticals Inc. 74,712 1,960 1,470 Aquagenix Inc. 16,157 5 1,131 Priority Healthcare Corp. 36,994 35,130 5,576 ARAMARK Corp., Class ’B’ 184,579 180,298 1,384 Progenics Pharmaceuticals Inc. 31,578 35,360 19,729 Archer-Daniels-Midland Co. 475,060 516,628 2,744 Protein Design Labs Inc. 52,745 67,923 686 Arkansas Best Corp. 26,503 26,727 2,212 PSS World Medical 57,347 33,730 982 Armor Holdings Inc. 28,838 47,641 6,248 Quest Diagnostics Inc. 226,265 407,651 2,495 Artesyn Technologies Inc. 46,054 26,586 4,615 Regeneron Pharmaceuticals Inc. 70,923 47,424 1,409 Astec Industries Inc. 37,010 40,020 903 RehabCare Group Inc. 28,658 29,563 600 AstroPower Inc. 23,614 1 2,003 Renal Care Group Inc. 50,770 113,096 3,285 Avery Dennison Corp. 231,743 213,083 980 ResMed Inc. 49,646 79,208 970 Aviall Inc. 19,432 37,531 2,003 Respironics Inc. 56,017 88,588 10,131 Baker Hughes Inc. 475,613 634,816 1,753 Salix Pharmaceuticals Ltd. 27,390 37,917 980 Baldor Electric Co. 31,139 29,191 588 Sangamo BioSciences Inc. 38,328 2,571 3,360 Ball Corp. 75,186 147,987 44,669 Schering-Plough Corp. 2,164,231 1,042,784 973 Barnes Group Inc. 34,621 39,446 2,617 Sepracor Inc. 88,550 192,350 2,183 BE Aerospace Inc. 32,436 41,791 1,236 Serologicals Corp. 34,907 32,169 3,159 Bemis Co. Inc. 85,879 102,687 10,090 Service Corp. International 362,474 99,113 1,090 Benchmark Electronics Inc. 39,686 40,612 788 Sierra Health Services Inc. 23,151 68,969 4,876 BJ Services Co. 173,496 313,417 994 SonoSite Inc. 29,634 37,790 24,245 Boeing Co. (The) 1,642,318 1,959,888 360 Splinex Technology Inc. 4,331 110 1,719 Bowne & Co. Inc. 41,162 30,445 10,845 St. Jude Medical Inc. 182,595 579,270 1,372 Brady Corp., Class ’A’ 32,170 52,093 2,029 Steris Corp. 76,193 64,042 1,539 Briggs & Stratton Corp. 55,775 65,258 4,283 Stewart Enterprises Inc., Class ’A’ 103,616 34,308 793 Bright Horizons Family Solutions Inc. 20,805 39,550 12,138 Stryker Corp. 265,131 707,057 1,588 Brink’s Co. (The) 79,126 70,019 660 Sunrise Senior Living Inc. 28,272 43,636 11,301 Burlington Northern Santa Fe Corp. 523,526 651,656 771 SurModics Inc. 52,335 40,955 2,478 C.H. Robinson Worldwide Inc. 90,876 176,640 1,117 Sybron Dental Specialties Inc. 23,092 51,468 3,057 Career Education Corp. 97,299 137,076 2,388 Tanox Inc. 103,482 34,279 898 Carlisle Companies Inc. 58,866 75,484 1,193 Techne Corp. 23,820 67,083 810 Cascade Corp. 19,288 42,908 1,530 Telik Inc. 35,801 30,470 1,685 Casella Waste Systems Inc., Class ’A’ 31,162 24,765 13,808 Tenet Healthcare Corp. 465,427 207,003 10,394 Caterpillar Inc. 782,594 1,213,351 4,830 Thermo Electron Corp. 243,150 158,957 1,296 CDI Corp. 39,561 34,795 64 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 30,859 Cendant Corp. 1,116,576 845,499 9,161 Illinois Tool Works Inc. 763,040 894,041 1,605 Central Parking Corp. 86,361 27,030 784 Imagistics International Inc. 22,088 26,887 1,090 Ceradyne Inc. 22,903 32,134 1,176 Interpool Inc. 24,467 30,795 2,647 ChoicePoint Inc. 102,425 129,844 2,744 Itex Corp. 16,477 975 5,071 Cintas Corp. 265,908 239,743 1,314 ITT Educational Services Inc. 42,204 85,973 957 CIRCOR International Inc. 23,206 28,917 2,747 ITT Industries Inc. 140,198 328,479 1,395 Clarcor Inc. 21,005 49,976 4,922 J.B. Hunt Transport Services Inc. 38,527 116,349 1,470 CNF Inc. 59,043 80,840 1,623 Jacobs Engineering Group Inc. 39,647 111,836 1,140 Coinstar Inc. 31,493 31,681 3,043 Jacuzzi Brands Inc. 91,637 39,991 538 Consolidated Graphics Inc. 27,244 26,865 2,970 JetBlue Airways Corp. 104,154 74,354 1,831 Continental Airlines Inc., Class ’B’ 109,050 29,782 1,312 JLG Industries Inc. 25,405 44,159 2,629 Copart Inc. 47,851 76,636 779 John H. Harland Co. 23,249 36,257 2,440 Corinthian Colleges Inc. 46,416 38,163 2,152 Joy Global Inc. 35,796 88,536 2,112 Corn Products International Inc. 49,890 61,462 1,718 Kansas City Southern Industries Inc. 109,661 42,463 1,107 Corporate Executive Board Co. (The) 55,435 106,204 889 Kaydon Corp. 38,531 30,324 1,051 Corrections Corp. of America 154,702 50,525 991 Kelly Services Inc., Class ’A’ 40,411 34,763 715 CoStar Group Inc. 37,659 38,182 1,036 Kennametal Inc. 69,818 58,179 1,764 Crane Co. 73,743 56,822 2,367 Kforce Inc. 31,727 24,526 6,518 CSX Corp. 417,263 340,565 732 Kirby Corp. 34,065 40,435 1,388 Cubic Corp. 24,224 30,158 1,561 Knight Transportation Inc. 32,197 46,517 1,344 Cummins Inc. 98,564 122,818 1,340 Korn Ferry International 30,936 29,132 521 CUNO Inc. 27,914 45,587 3,490 L-3 Communications Holdings Inc. 213,013 327,345 576 Curtiss-Wright Corp. 28,368 38,061 1,442 Labor Ready Inc. 22,149 41,169 2,161 D&B Corp. 64,131 163,175 1,775 Landstar System Inc. 28,508 65,481 9,338 Danaher Corp. 322,895 598,622 672 Lawson Products Inc. 27,761 31,951 6 DDi Corp. 58,618 14 1,715 Lennox International Inc. 43,989 44,468 7,546 Deere and Co. 585,476 605,281 1,212 Lincoln Electric Holdings Inc. 32,855 49,210 5,505 Delta Air Lines Inc. 293,990 25,352 13,417 Lockheed Martin Corp. 939,817 1,066,018 1,586 Deluxe Corp. 67,040 78,867 882 Manitowoc Co. Inc. (The) 27,052 44,313 2,058 DeVry Inc. 62,075 50,161 2,691 Manpower Inc. 144,011 131,112 1,629 DiamondCluster International Inc. 32,351 22,546 13,474 Masco Corp. 483,018 524,134 784 Dollar Thrifty Automotive Group Inc. 22,640 36,470 3,140 MasTec Inc. 69,215 33,844 2,416 Donaldson Co. Inc. 49,319 89,750 2,027 McDermott International Inc. 68,750 52,136 6,027 Dover Corp. 305,339 268,552 1,450 McGrath Rentcorp 22,179 42,090 779 DRS Technologies Inc. 40,306 48,927 882 MCSi Inc. 23,536 5 1,401 Dycom Industries Inc. 89,751 33,993 962 Mercury Computer Systems Inc. 68,827 32,249 718 EarthShell Corp. 91,312 2,638 1,023 Mine Safety Appliances Co. 26,890 57,887 4,587 Eaton Corp. 301,963 336,528 719 Mobile Mini Inc. 16,925 30,364 916 EDO Corp. 25,528 33,557 3,337 Monster Worldwide Inc. 231,796 117,220 2,090 Education Management Corp. 22,515 86,343 1,093 Moog Inc., Class ’A’ 27,488 42,156 1,421 EGL Inc. 44,949 35,366 2,051 MSC Industrial Direct Co. Inc., 1,869 Electro Rent Corp. 33,761 33,284 Class ’A’ 71,606 84,782 666 ElkCorp 22,297 23,289 804 MTC Technologies Inc. 32,268 36,268 543 EMCOR Group Inc. 33,327 32,522 1,003 Mueller Industries Inc. 39,448 33,292 12,799 Emerson Electric Co. 1,093,183 981,801 254 Nacco Industries Inc., Class ’A’ 35,102 33,356 1,202 Energy Conversion Devices Inc. 29,882 32,948 1,404 Navigant Consulting Inc. 22,763 30,368 1,190 Engineered Support Systems Inc. 49,519 52,223 2,032 Navistar International Corp. 74,587 79,641 914 EnPro Industries Inc. 31,095 32,319 671 NCI Building Systems Inc. 19,801 26,956 2,940 Environmental Elements Corp. 14,804 72 1,307 NCO Group Inc. 44,244 34,626 4,174 Equifax Inc. 198,824 182,561 987 Nordson Corp. 34,667 41,440 387 ESCO Technologies Inc. 22,936 47,779 12,009 Norfolk Southern Corp. 488,615 455,379 886 Esterline Technologies Corp. 25,546 43,494 10,886 Northrop Grumman Corp. 659,389 736,658 3,164 Expeditors International of 3,751 Northwest Airlines Corp. 107,344 20,950 Washington Inc. 79,174 193,027 741 Old Dominion Freight Line Inc. 20,166 24,350 2,363 ExpressJet Holdings Inc., Class ’A’ 44,934 24,630 2,749 OMI Corp. 26,408 64,006 2,222 Fastenal Co. 67,469 166,719 2,159 Orbital Sciences Corp. 24,101 26,179 1,467 Federal Signal Corp. 44,286 28,030 1,001 Oshkosh Truck Corp. 40,628 95,973 9,100 FedEx Corp. 526,331 902,912 5,201 Paccar Inc. 205,579 433,173 1,078 Florida East Coast Industries Inc. 63,141 57,170 1,032 Pacer International Inc. 26,961 27,542 1,617 Flowserve Corp. 67,400 59,930 3,690 Pall Corp. 113,046 137,212 2,528 Fluor Corp. 121,443 178,316 3,626 Parker Hannifin Corp. 240,099 275,394 997 Forward Air Corp. 24,775 34,521 2,450 Peco II Inc. 23,190 2,941 658 Franklin Electric Co. Inc. 27,845 31,149 2,891 Pentair Inc. 81,918 151,586 12,067 Freescale Semiconductor Inc. 264,754 313,033 1,483 PHH Corp. 40,422 46,717 1,323 FTI Consulting Inc. 49,081 33,867 6,965 Pitney Bowes Inc. 441,125 371,513 2,308 FuelCell Energy Inc. 64,520 28,862 3,481 Plug Power Inc. 128,372 29,205 588 G & K Services Inc., Class ’A’ 34,467 27,172 739 Portfolio Recovery Associates Inc. 26,249 38,033 671 Gardner Denver Inc. 19,731 28,830 2,530 Power-One Inc. 127,712 19,553 1,470 GATX Corp. 77,195 62,116 1,939 Precision Castparts Corp. 112,285 185,004 1,580 Gencorp Inc. 23,339 37,272 772 Pre-Paid Legal Services Inc. 28,080 42,219 2,207 General Cable Corp. 65,737 40,087 58 Protection One Inc. 51,249 1,286 6,065 General Dynamics Corp. 498,396 813,708 3,248 Quanta Services Inc. 121,178 35,008 320,134 General Electric Co. 17,758,268 13,586,269 1,868 RailAmerica Inc. 21,508 27,226 1,179 Genesee & Wyoming Inc., Class ’A’ 26,724 39,292 13,662 Raytheon Co. 878,187 654,603 819 Genlyte Group Inc. (The) 27,409 48,892 660 Read-Rite Corp. 52,193 — 1,255 Gevity HR Inc. 11,712 30,789 1,010 Regal-Beloit Corp. 42,324 36,072 3,495 Goodrich Corp. 170,017 175,336 4,535 Republic Services Inc. 143,403 200,016 2,011 Graco Inc. 23,699 83,917 1,395 Resources Connection Inc. 26,801 39,691 2,621 GrafTech International Ltd. 81,014 13,804 980 Robbins & Myers Inc. 50,148 25,819 2,717 Grainger W.W. Inc. 169,419 182,329 5,080 Robert Half International Inc. 155,753 155,363 1,157 Granite Construction Inc. 16,954 39,820 5,682 Rockwell Automation Inc. 327,269 338,988 5,927 Graphic Packaging Corp. 34,842 26,497 1,981 Rollins Inc. 26,158 48,624 1,010 Griffon Corp. 25,080 27,462 1,258 Roper Industries Inc. 65,840 109,967 1,192 Harsco Corp. 57,805 79,641 1,884 Ryder System Inc. 89,439 84,455 1,709 Healthcare Services Group Inc. 31,639 42,031 1,577 Schawk Inc., Class ’A’ 26,847 48,288 2,196 Heartland Express Inc. 27,266 52,260 741 School Specialty Inc. 19,528 42,202 741 Heidrick & Struggles International Inc. 35,059 23,670 1,470 Science Dynamics Corp. 35,361 216 2,133 Herman Miller Inc. 79,613 80,569 536 Seacor Holdings Inc. 32,581 42,212 1,596 Hexcel Corp. 32,789 33,075 431 Sequa Corp., Class ’A’ 26,241 34,930 1,695 HNI Corp. 73,631 106,189 8,641 ServiceMaster Co. (The) 232,405 141,713 26,063 Honeywell International Inc. 1,384,582 1,169,301 1,906 Shaw Group Inc. (The) 71,576 50,214 1,740 Hubbell Inc., Class ’B’ 105,068 93,984 1,442 Simpson Manufacturing Co. Inc. 44,888 53,956 1,849 Hughes Supply Inc. 50,710 63,637 3,159 Sirva Inc. 30,457 32,926 1,438 Idex Corp. 46,942 68,002 1,611 SkyWest Inc. 31,251 35,872 1,393 II-VI Inc. 20,934 31,376 1,844 Sotheby’s Holdings, Inc., Class ’A’ 35,919 30,942 4,285 IKON Office Solutions Inc. 141,055 49,911 1,275 SourceCorp Inc. 39,902 30,951

65 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 23,295 Southwest Airlines Inc. 374,449 397,447 1,091 Applied Films Corp. 35,601 34,208 3,437 Spherion Corp. 66,454 27,784 51,392 Applied Materials Inc. 1,108,604 1,018,449 2,243 SPX Corp. 154,279 126,317 9,062 Applied Micro Circuits Corp. 331,746 28,414 1,936 Standard Register Co. (The) 38,249 37,489 700 Applied Theory Corp. 23,847 — 782 Standex International Corp. 26,998 27,211 1,973 aQuantive Inc. 9,178 42,821 4,428 Steelcase Inc., Class ’A’ 70,881 75,114 882 Arbitron Inc. 68,695 46,344 1,349 Stericycle Inc. 66,752 83,141 3,118 Ariba Inc. 595,990 22,150 1,383 Stewart & Stevenson Services Inc. 40,761 38,384 3,437 Arrow Electronics Inc. 119,734 114,334 416 Strayer Education Inc. 29,616 43,951 1,568 Art Technology Group Inc. 123,283 2,017 1,776 SureBeam Corp., Class ’A’ 8,758 11 1,699 Ask Jeeves Inc. 70,280 62,823 2,425 Swift Transportation Co. Inc. 52,959 69,175 2,588 Aspect Communications Corp. 53,529 35,597 900 TBC Corp. 33,615 29,906 8,298 Atari Inc. 72,418 28,254 663 Tecumseh Products Co., Class ’A’ 37,380 22,282 13,730 Atmel Corp. 86,512 39,855 970 Teledyne Technologies Inc. 22,466 38,707 860 ATMI Inc. 34,992 30,557 1,158 Teleflex Inc. 70,416 84,206 6,648 Autodesk Inc. 88,359 279,857 2,503 TeleTech Holdings Inc. 59,983 24,985 17,797 Automatic Data Processing Inc. 964,776 914,852 656 Tennant Co. 35,235 28,451 3,941 Avanex Corp. 255,175 4,344 1,423 Terex Corp. 51,458 68,670 13,447 Avaya Inc. 286,226 137,029 4,202 Textron Inc. 364,646 390,370 951 Avid Technology Inc. 28,468 62,060 1,738 Thomas & Betts Corp. 104,637 60,115 3,500 Avnet Inc. 120,586 96,582 679 Thomas Industries Inc. 26,878 33,232 1,357 Avocent Corp. 99,328 43,446 2,506 Timken Co. 80,481 70,902 5,085 AVX Corp. 74,225 75,485 1,468 Toro Co. 24,071 69,421 686 Aware Inc. 43,707 5,453 1,666 Trans Global Services Inc. 14,810 97 2,755 Axcelis Technologies Inc. 56,882 23,148 1,316 Tredegar Corp. 33,378 25,145 490 AXT Inc. 26,505 780 573 Trex Co. Inc. 26,031 18,037 745 Banta Corp. 28,384 41,390 1,354 Trinity Industries Inc. 79,814 53,118 1,100 Be Inc., Escrow 19,664 — 654 Triumph Group Inc. 29,759 27,843 11,816 BEA Systems Inc. 253,124 127,066 903 Tyco International Ltd. 34,942 32,295 5,693 BearingPoint Inc. 104,560 51,111 7,862 Union Pacific Corp. 651,512 623,984 1,399 Belden CDT Inc. 52,964 36,326 764 United Industrial Corp. 28,729 33,444 3,509 BISYS Group Inc. 42,794 64,209 34,177 United Parcel Service Inc., Class ’B’ 3,300,535 2,895,037 588 Black Box Corp. 58,834 25,494 2,253 United Rentals Inc. 78,064 55,769 6,779 BMC Software Inc. 292,966 149,037 971 United Stationers Inc. 36,846 58,394 3,182 Borland Software Corp. 41,872 26,736 30,988 United Technologies Corp. 1,183,241 1,948,943 392 Bottomline Technologies Inc. 17,725 7,187 700 Universal Forest Products Inc. 26,425 35,538 1,426 Brightpoint Inc. 30,659 38,756 1,261 URS Corp. 38,277 57,686 9,758 Broadcom Corp., Class ’A’ 1,622,707 424,401 1,374 USG Corp. 88,691 71,522 7,546 Brocade Communications Systems Inc. 299,650 35,860 982 Valmont Industries Inc. 27,353 31,031 1,600 Brooks Automation Inc. 119,150 29,101 734 Vertrue Inc. 29,130 35,025 720 Cabot Microelectronics Corp. 59,584 25,565 982 Viad Corp. 90,263 34,086 841 CACI International Inc., Class ’A’ 50,278 65,058 1,000 Volt Information Sciences Inc. 26,607 29,065 7,950 Cadence Design Systems Inc. 282,202 133,010 990 Wabash National Corp. 35,938 29,380 1,190 Catapult Communications Corp. 31,773 24,865 1,463 Wabtec Corp. 46,463 38,490 2,422 CDW Corp. 50,954 169,356 1,075 Walter Industries Inc. 23,896 52,930 4,339 Ceridian Corp. 103,746 103,525 1,433 Waste Connections Inc. 48,200 65,449 1,939 Certegy Inc. 85,588 90,768 17,606 Waste Management Inc. 898,182 611,119 2,677 CheckFree Corp. 101,865 111,676 685 Watsco Inc., Class ’A’ 19,884 35,741 1,492 Checkpoint Systems Inc. 33,508 32,345 917 Watson Wyatt & Co. Holdings 27,860 28,786 3,605 CIBER Inc. 77,788 35,235 964 Watts Water Technologies Inc., 17,204 CIENA Corp. 756,807 44,039 Class ’A’ 23,617 39,542 5,740 Cirrus Logic Inc. 80,886 37,331 2,340 Werner Enterprises Inc. 37,801 56,289 204,930 Cisco Systems Inc. 10,021,184 4,796,577 1,377 WESCO International Inc. 27,109 52,924 4,904 Citrix Systems Inc. 104,774 130,099 1,960 West Corp. 35,251 92,183 11,040 CMGI Inc. 322,936 25,556 435 Woodward Governor Co. 26,206 44,770 4,168 CNET Networks Inc. 202,300 59,932 1,676 Yellow Roadway Corp. 83,218 104,280 1,266 Cognex Corp. 44,799 40,610 1,176 York International Corp. 68,732 54,734 3,970 Cognizant Technology Solutions Corp., Class ’A’ 85,929 229,168 Industrials (10.46%) 58,098,520 57,106,263 868 Coherent Inc. 67,023 38,283 156 24/7 Real Media Inc. 46,384 781 1,448 Cohu Inc. 44,236 35,559 10,786 3COM Corp. 385,075 48,087 784 Com21 Inc. 42,897 1 3,332 Acclaim Entertainment Inc. 26,635 38 2,450 Communication Intelligence Corp. 22,885 1,560 588 Accrue Software Inc. 21,921 4 1,666 CommScope Inc. 31,908 35,525 1,570 Actel Corp. 47,132 26,729 17,743 Computer Associates International Inc. 882,803 597,185 5,512 Activision Inc. 75,196 111,528 5,560 Computer Sciences Corp. 373,634 297,592 2,450 Acxiom Corp. 70,569 62,656 588 Computer Task Group Inc. 25,172 2,600 5,054 Adaptec Inc. 119,937 24,018 11,357 Compuware Corp. 210,854 100,013 14,474 Adobe Systems Inc. 174,777 507,368 993 Comtech Telecommunications Corp. 20,616 39,685 2,260 Adtran Inc. 61,142 68,620 5,923 Comverse Technology Inc. 233,970 171,569 3,040 Advance Digital Information Corp. 76,067 28,298 16,443 Conexant Systems Inc. 266,455 32,424 1,201 Advent Software Inc. 81,600 29,802 4,253 Convergys Corp. 102,554 74,073 2,698 Aeroflex Inc. 58,529 27,758 42,255 Corning Inc. 1,225,487 860,150 4,028 Affiliated Computer Services Inc., 2,179 Covansys Corp. 34,708 34,295 Class ’A’ 143,778 252,102 3,363 Credence Systems Corp. 50,922 37,277 4,891 Agere Systems Inc. 307,386 71,886 2,147 Cree Inc. 154,070 66,977 3,694 Agile Software Corp. 127,838 28,504 392 Critical Path Inc. 124,916 211 14,728 Agilent Technologies Inc. 1,272,888 415,254 1,764 CSG Systems International Inc. 67,958 41,007 1,366 Agilysys Inc. 25,391 26,267 1,720 CTS Corp. 34,203 25,891 3,499 Akamai Technologies Inc. 288,537 56,270 1,029 Cymer Inc. 33,537 33,209 2,414 Alliance Data Systems Corp. 98,972 119,922 3,465 Cypress Semiconductor Corp. 110,157 53,431 11,387 Altera Corp. 179,708 276,426 1,224 Daktronics Inc. 31,974 29,998 1,066 Altiris Inc. 38,343 19,167 76,390 Dell Inc. 2,160,645 3,696,653 9,955 America Online Latin America Inc., 2,124 Diebold Inc. 130,206 117,353 Class ’A’ 15,658 701 1,566 Digital Insight Corp. 42,052 45,879 2,613 AMIS Holdings Inc. 42,951 42,693 784 Digital Lightwave Inc. 68,465 269 4,802 Amkor Technology Inc. 75,280 26,467 882 Digital River Inc. 24,980 34,299 2,615 Amphenol Corp., Class ’A’ 57,953 128,659 2,455 Digitas Inc. 22,268 34,309 11,337 Analog Devices Inc. 418,171 518,070 588 Dionex Corp. 28,222 31,407 490 Analysts International Corp. 20,542 2,053 2,156 Ditech Communications Corp. 113,525 17,138 4,541 Andrew Corp. 109,216 70,969 331 divine Inc., Class ’A’ 62,497 — 1,008 Anixter International Inc. 22,207 45,890 4,022 DoubleClick Inc. 156,988 41,330 1,050 ANSYS Inc. 26,522 45,667 1,372 DSL.net Inc. 51,757 134 977 Anteon International Corp. 36,699 54,590 917 DSP Group Inc. 56,373 26,809 1,470 Appiant Technologies Inc. 26,603 12 2,509 DST Systems Inc. 105,796 143,817 23,037 Apple Computer Inc. 328,285 1,038,621 3,800 DTVN Holdings Inc. 13,335 12 793 Applied Digital Solutions Inc. 21,677 3,195 4,698 EarthLink Inc. 204,112 49,831 66 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 163 Edgewater Technology Inc. 7,543 866 9,314 Linear Technology Corp. 250,690 418,552 1,350 eFunds Corp. 20,101 29,746 789 Littelfuse Inc. 27,621 26,913 588 Elcom International Inc. 17,661 84 784 Loudeye Corp. 21,776 701 1,252 Electro Scientific Industries Inc. 63,441 27,418 11,253 LSI Logic Corp. 270,774 117,015 9,057 Electronic Arts Inc. 248,591 627,976 130,690 Lucent Technologies Inc. 4,375,699 465,801 15,431 Electronic Data Systems Corp. 902,565 363,823 2,083 Macromedia Inc. 80,622 97,509 1,528 Electronics for Imaging Inc. 40,339 39,376 1,357 Macrovision Corp. 76,034 37,463 88 eLoyalty Corp. 22,969 635 2,127 Magma Design Automation Inc. 50,182 21,779 73,378 EMC Corp. 3,656,263 1,232,164 784 Management Network Group Inc. 26,489 2,113 950 eMerge Interactive Inc., Class ’A’ 24,511 756 1,312 Manhattan Associates Inc. 41,214 30,869 2,422 Emulex Corp. 170,366 54,168 1,130 ManTech International Corp., Class ’A’ 37,136 42,960 39 Enterasys Networks Inc. — 43 3,044 Mattson Technology Inc. 34,148 26,695 2,801 Entergris Inc. 41,951 33,964 9,894 Maxim Integrated Products Inc. 353,705 463,035 2,047 Epicor Software Corp. 35,845 33,095 779 Maximus Inc. 41,702 33,671 622 Equinix Inc. 74,387 33,018 7,013 Maxtor Corp. 75,695 44,666 1,078 Euronet Worldwide Inc. 26,874 38,382 4,697 McAfee Inc. 205,975 150,611 23 Evolve Software Inc. 31,288 — 6,449 McDATA Corp., Class ’A’ 144,841 31,595 1,901 Exar Corp. 77,366 34,669 6,041 MEMC Electronic Materials Inc. 122,054 116,682 490 Extended Systems Inc. 34,433 1,920 2,016 Mentor Graphics Corp. 28,869 25,309 4,353 Extreme Networks Inc. 148,946 21,859 2,822 Mercury Interactive Corp. 133,542 132,587 1,031 F5 Network Inc. 63,099 59,647 784 MetaSolv Inc. 53,233 2,257 1,472 FactSet Research Systems Inc. 14,381 64,616 2,253 Methode Electronics Inc., Class ’A’ 42,573 32,755 2,117 Fair Issac Corp. 66,262 94,641 1,171 Metrologic Instruments Inc. 33,786 17,985 3,435 Fairchild Semiconductor International 2,704 Micrel Inc. 97,039 38,153 Inc., Class ’A’ 157,478 62,056 6,001 Microchip Technology Inc. 102,222 217,708 3,806 FalconStor Software Inc. 68,322 30,440 6,238 Micromuse Inc. 184,757 43,244 915 FEI Co. 40,346 25,563 18,136 Micron Technology Inc. 702,783 226,794 1,069 FileNet Corp. 40,065 32,916 1,005 Micros Systems Inc. 27,891 55,084 18,244 Finisar Corp. 276,888 23,463 1,877 Microsemi Corp. 43,653 43,220 26,029 First Data Corp. 835,914 1,279,676 329,410 Microsoft Corp. 13,264,423 10,021,980 5,924 Fiserv Inc. 164,501 311,633 479 MicroStrategy Inc., Class ’A’ 97,871 31,117 1,940 Flir Systems Inc. 34,893 70,903 153 MicroStrategy Inc., Warrants, 1,002 FormFactor Inc. 25,544 32,424 2007/06/24 — 32 1,766 Forrester Research Inc. 84,857 38,566 2,647 Midway Games Inc. 33,476 35,533 3,713 Foundry Networks Inc. 425,273 39,247 2,512 MIPS Technologies Inc. 56,114 22,152 3,723 Gartner Inc., Class ’A’ 134,886 48,426 1,568 MKS Instruments Inc. 85,290 32,437 11,300 Gateway Inc. 277,982 45,673 5,687 Molex Inc. 197,881 181,380 784 Global Imaging Systems Inc. 22,096 30,593 71,110 Motorola Inc. 1,867,694 1,590,364 1,666 Global iTechnology Inc. 13,721 1 2,986 MPS Group Inc. 90,342 34,451 392 GoRemote Internet Communications 1,904 MRO Software Inc. 47,183 34,071 Inc. 25,918 754 6,607 MRV Communications Inc. 74,855 17,560 2,333 Harmonic Inc. 64,849 13,802 1,916 MSC.Software Corp. 31,387 32,080 3,882 Harris Corp. 108,951 148,393 905 MTS Systems Corp. 21,437 37,222 1,579 Helix Technology Corp. 58,991 25,683 1,978 Mykrolis Corp. 36,091 34,426 3,603 Hewitt Associates Inc., Class ’A’ 168,564 116,987 2,278 National Instruments Corp. 42,772 59,150 92,467 Hewlett-Packard Co. 4,688,692 2,662,592 10,923 National Semiconductor Corp. 158,150 294,728 758 Hutchinson Technology Inc. 33,060 35,753 113 NaviSite Inc. 153,686 244 1,157 Hyperion Solutions Corp. 58,837 57,024 5,639 NCR Corp. 124,082 242,561 20,950 IAC/InterActiveCorp 516,789 617,112 882 Net Perceptions Inc. 23,021 1,015 52,137 IBM Corp. 5,923,159 4,738,219 1,549 Netgear Inc. 27,003 35,288 4,410 Identix Inc. 58,266 27,169 2,367 NetIQ Corp. 173,167 32,905 1,078 Imation Corp. 24,183 51,216 1,462 NetRatings Inc. 37,693 24,353 3,605 Informatica Corp. 84,388 37,045 10,845 Network Appliance Inc. 166,489 375,509 71 Information Architects Corp. 26,099 5 2,292 Network Engines Inc. 47,077 5,025 871 InfoSpace Inc. 279,205 35,130 980 Network-1 Security Solutions Inc. 28,041 936 2,744 InfoUSA Inc. 27,733 39,322 1,853 Newport Corp. 95,483 31,456 4,424 Ingram Micro Inc., Class ’A’ 113,336 84,854 117 Nexprise Inc. 71,590 70 179 InsWeb Corp. 22,538 713 198 Niku Corp. 56,016 5,027 2,038 Integrated Circuit Systems Inc. 62,072 51,520 11,022 Novell Inc. 195,643 83,698 3,048 Integrated Device Technology Inc. 59,380 40,132 4,501 Novellus Systems Inc. 134,527 136,222 194,462 Intel Corp. 8,275,575 6,206,894 5,019 NVIDIA Corp. 182,680 164,255 490 Interactive Intelligence Inc. 18,200 3,037 1,328 Occam Networks Inc. 85,931 602 1,572 InterDigital Communications Corp. 44,051 33,694 1,576 OmniVision Technologies Inc. 53,531 26,233 1,093 Intergraph Corp. 25,572 46,132 7,577 ON Semiconductor Corp. 49,049 42,689 372 Interland Inc. 65,368 888 3 Onvia.com Inc. 913 18 1,989 International Rectifier Corp. 79,989 116,252 245 ONYX Software Corp. 42,829 1,080 1,470 Internet Security Systems Inc. 69,296 36,531 2,278 Openwave Systems Inc. 255,527 45,758 4,178 Intersil Corp. 177,212 96,050 4,979 Opsware Inc. 40,694 31,223 882 Inter-Tel Inc. 32,408 20,104 156,509 Oracle Corp. 3,601,209 2,530,337 2,018 Intervoice Inc. 42,637 21,330 1,686 Packeteer Inc. 48,573 29,117 3,167 Interwoven Inc. 184,465 29,208 1,372 PalmOne Inc. 559,868 50,026 392 Intraware Inc. 27,889 226 588 Paradyne Networks Inc. 26,527 1,304 5,817 Intuit Inc. 200,608 321,393 7,915 Parametric Technology Corp. 202,344 61,850 645 iPayment Inc. 25,692 28,851 1,320 Park Electrochemical Corp. 38,382 40,742 176 IPIX Corp. 40,972 535 1,183 Paxar Corp. 25,493 25,719 3,746 Iron Mountain Inc. 80,696 142,323 11,468 Paychex Inc. 306,686 457,057 1,021 Itron Inc. 25,717 55,873 4,200 PC Service Source Inc. 30,762 3 4,714 iVillage Inc. 30,828 34,527 3,332 Perot Systems Corp., Class ’A’ 87,971 58,032 1,790 Ixia 27,619 42,620 1,219 Photon Dynamics Inc. 61,802 30,771 2,483 IXYS Corp. 30,834 43,124 1,489 Photronics Inc. 47,804 42,566 771 j2 Global Communications Inc. 27,268 32,522 2,949 Pixelworks Inc. 72,917 30,990 5,908 Jabil Circuit Inc. 163,178 222,366 1,431 Plantronics Inc. 31,314 63,728 2,573 Jack Henry & Associates Inc. 28,957 57,702 2,401 Plexus Corp. 80,049 41,847 1,909 JDA Software Group Inc. 42,438 26,608 76 PMC-Sierra Inc. 766 868 42,513 JDS Uniphase Corp. 2,323,804 79,146 2,895 Polycom Inc. 94,579 52,868 15,830 Juniper Networks Inc. 748,469 488,205 1,287 Portal Software Inc. 176,627 3,145 1,775 Keane Inc. 89,028 29,784 1,262 Power Integration Inc. 41,889 33,341 3,272 KEMET Corp. 51,092 25,248 3,244 Powerwave Technologies Inc. 41,829 40,607 5,957 KLA Tencor Corp. 239,095 318,841 19 Prescient Applied Intelligence Inc. 20,133 11 842 Kronos Inc. 39,635 41,653 1,180 Progress Software Corp. 33,495 43,575 3,730 Kulicke & Soffa Industries Inc. 46,472 36,137 5,513 ProLogis 197,019 271,713 4,003 Lam Research Corp. 65,840 141,889 147 Proxim Corp., Class ’A’ 5,807 8 534 Landauer Inc. 21,153 33,951 313 PurchasePro.com Inc. 66,789 17 5,233 Lattice Semiconductor Corp. 72,656 28,458 2,802 QLogic Corp. 197,614 105,942 7,199 Lexar Media Inc. 83,159 43,293 1,800 Quad Systems Corp. 14,292 — 3,928 Lexmark International Inc. 153,114 311,898 49,356 Qualcomm Inc. 1,190,073 1,995,495

67 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 7,098 Quantum Corp. 80,564 25,820 297 Versata Inc. 30,117 287 2,712 Quest Software Inc. 72,305 45,274 5,595 Verso Technologies Inc. 46,307 1,782 2,867 Rambus Inc. 45,762 46,984 1,078 VIA NET.WORKS Inc. 24,652 106 4,606 Real Networks Inc. 91,537 28,038 1,474 ViaSat Inc. 37,023 36,703 5,053 Red Hat Inc. 214,674 81,075 2,183 Vignette Corp. 199,000 30,080 4,085 Redback Networks Inc. 141,843 31,921 7,365 Vishay Intertechnology Inc. 207,458 107,075 1,849 REMEC Inc. 64,043 14,494 392 VitalStream Holdings Inc. 19,267 345 1,572 Renaissance Learning Inc. 58,649 39,085 8,791 Vitesse Semiconductor Corp. 132,488 22,503 2,348 Reynolds & Reynolds Co., Class ’A’ 68,364 77,734 424 Vyyo Inc. 60,952 3,235 5,398 RF Micro Devices Inc. 190,756 35,900 882 Wave Systems Corp., Class ’A’ 25,924 843 5,337 Rockwell Collins Inc. 196,227 311,673 1,224 WebEx Communications Inc. 58,987 39,593 764 Rofin-Sinar Technologies Inc. 29,921 30,693 694 Websense Inc. 29,632 40,843 634 Rogers Corp. 35,037 31,488 4,143 Westell Technologies Inc., Class ’A’ 54,612 30,345 1,719 RSA Security Inc. 64,776 24,170 6,001 Western Digital Corp. 80,300 98,637 3,800 S1 Corp. 151,220 21,921 2,456 Wind River Systems Inc. 94,870 47,167 269 Saba Software Inc. 26,499 1,549 686 WorldGate Communications Inc. 51,715 2,722 4,271 Sabre Holdings Corp., Class ’A’ 256,016 104,361 28,837 Xerox Corp. 973,680 487,057 856 SafeNet Inc. 39,929 35,709 10,532 Xilinx Inc. 364,403 328,940 784 Sagent Technology Inc. 18,184 19 1,658 X-Rite Inc. 30,735 23,374 4,837 SanDisk Corp. 114,324 140,585 41,305 Yahoo! Inc. 1,012,442 1,752,956 15,187 Sanmina-SCI Corp. 448,321 101,748 2,075 Zebra Technologies Corp., Class ’A’ 55,093 111,291 3,780 Sapient Corp. 34,150 36,714 710 Zhone Technologies Inc. 22,036 2,913 6,795 ScanSoft Inc. 129,244 31,459 2,452 Zoran Corp. 61,299 39,913 482 ScanSource Inc. 26,992 25,350 251 Scient Inc. 165,390 — Information Technology (14.35%) 118,045,980 78,357,696 4,439 Scientific-Atlanta Inc. 76,758 180,885 1,475 A. Schulman Inc. 44,714 32,320 1,979 SeaChange International Inc. 68,619 17,016 2,149 Airgas Inc. 45,166 64,934 2,149 Semtech Corp. 110,066 43,824 3,248 AK Steel Holding Corp. 47,831 25,500 1,274 SERENA Software Inc. 61,326 30,116 1,371 Albemarle Corp. 48,947 61,240 14,684 Siebel Systems Inc. 495,271 160,066 26,384 Alcoa Inc. 887,546 844,394 22,197 Silicon Graphics Inc. 32,555 19,303 2,814 Allegheny Technologies Inc. 152,904 76,032 2,735 Silicon Image Inc. 49,083 34,369 438 Alliance Resource Partners L.P. 16,601 39,698 1,442 Silicon Laboratories Inc. 70,854 46,291 1,364 AMCOL International Corp. 21,365 31,391 6,327 Silicon Storage Technology Inc. 95,316 31,230 2,764 Amerada Hess Corp. 225,019 360,573 490 Sirenza Microdevices Inc. 30,616 2,065 7,594 Anadarko Petroleum Corp. 518,376 764,088 4,337 Skyworks Solutions Inc. 78,099 39,149 9,884 Apache Corp. 290,981 782,043 15 SmartServ Online Inc. 18,870 10 1,059 AptarGroup Inc. 56,515 65,891 29,105 Solectron Corp. 562,673 135,105 913 Arch Chemicals Inc. 27,428 27,911 980 Sonic Foundry Inc. 40,891 1,644 1,836 Arch Coal Inc. 65,502 122,488 1,856 Sonic Solutions 42,065 42,282 2,500 Bayou Steel Corp., Class ’A’ 13,885 — 4,289 SonicWALL Inc. 103,137 28,315 1,621 Bowater Inc. 96,778 64,267 6,294 Sonus Networks Inc. 155,804 36,849 2,352 Buckeye Technologies Inc. 73,163 22,959 1,433 SPSS Inc. 61,174 33,716 1,808 Cabot Corp. 73,511 73,076 1,540 SRA International Inc., Class ’A’ 48,218 65,489 1,182 Cambrex Corp. 60,027 27,579 886 SS&C Technologies Inc. 27,650 34,378 681 Carpenter Technology Corp. 33,411 43,206 3,208 Storage Technology Corp. 114,739 142,589 946 Century Aluminum Co. 20,744 23,637 611 StorageNetworks Inc. 59,264 — 1,244 Cleveland-Cliffs Inc. 29,760 88,006 323 Stratos International Inc. 107,284 2,188 6,567 Coeur d’Alene Mines Corp. 58,530 29,197 100,898 Sun Microsystems Inc. 1,469,876 460,953 1,624 Commercial Metals Co. 25,822 47,380 8,746 Sungard Data Systems Inc. 242,664 376,745 3,423 Crompton Corp. 155,081 59,324 3,770 Superconductor Technologies Inc. 42,767 3,001 4,831 Crown Holdings Inc. 125,678 84,199 2,776 Sybase Inc. 48,058 62,391 1,176 Cytec Industries Inc. 78,730 57,327 7,968 Sycamore Networks Inc. 983,821 33,669 602 Deltic Timber Corp. 31,864 28,041 21,476 Symantec Corp. 205,920 571,845 28,491 Dow Chemicals Co. (The) 1,334,934 1,553,909 7,258 Symbol Technologies Inc. 96,425 87,740 30,258 E.I. du Pont de Nemours & Co. 2,310,605 1,593,951 3,051 Symmetricom Inc. 35,991 38,751 540 Eagle Materials Inc. 34,760 61,238 1,242 Synaptics Inc. 27,927 32,493 3 Eagle Materials Inc., Class ’B’ 275 333 4,549 Synopsys Inc. 136,867 92,879 2,298 Eastman Chemical Co. 168,400 155,225 1,157 Syntel Inc. 46,659 22,716 7,731 Ecolab Inc. 183,330 306,415 2,010 Take-Two Interactive Software Inc. 46,454 62,654 3,728 Engelhard Corp. 102,469 130,361 1,176 TALX Corp. 26,013 41,641 1,135 Ferro Corp. 37,089 27,608 1,659 Tech Data Corp. 81,823 74,389 1,259 Florida Rock Industries Inc. 23,871 113,107 1,571 Technitrol Inc. 38,941 27,188 1,032 FMC Corp. 59,423 70,961 1,705 Tekelec 44,587 35,083 5,277 Freeport-McMoRan Copper & Gold 2,849 Tektronix Inc. 89,367 81,200 Inc., Class ’B’ 159,265 241,985 13,561 Tellabs Inc. 517,277 144,503 147 General Chemical Group Inc. 14,970 4 980 TenFold Corp. 46,089 432 904 Georgia Gulf Corp. 32,437 34,379 5,606 Teradyne Inc. 196,836 82,189 7,984 Georgia Pacific Corp. 324,966 310,966 52,492 Texas Instruments Inc. 1,576,872 1,804,682 1,291 Gibraltar Industries Inc. 26,179 29,316 588 Therma-Wave Inc. 19,113 1,728 1,646 Glatfelter 37,981 24,999 1,204 THQ Inc. 60,442 43,163 1,500 Great Lakes Chemical Corp. 81,798 57,817 450 Three-Five Systems Inc. 36,758 209 648 Greif Inc., Class ’A’ 27,296 48,493 6,272 Tibco Software Inc. 269,667 50,240 971 H.B. Fuller Co. 34,023 40,507 2,520 Titan Corp. 20,609 70,187 1,095 Headwaters Inc. 27,467 46,109 5,763 Total System Service Inc. 151,455 170,110 3,625 Hecla Mining Co. 26,174 20,246 1,052 Transaction Systems Architects Inc. 30,692 31,736 3,307 Hercules Inc. 161,205 57,313 5,449 Transmeta Corp. 158,680 4,071 2,801 International Flavors and 1,303 Trident Microsystems Inc. 25,771 36,211 Fragrances Inc. 174,374 124,259 1,432 Trimble Navigation Ltd. 27,383 68,350 14,749 International Paper Co. 847,229 545,731 7,743 TriQuint Semiconductor Inc. 146,225 31,580 38 Kronos Worldwide Inc. 1,649 1,405 2,478 TTM Technologies Inc. 37,481 23,097 2,049 Lafarge North America Inc. 98,292 156,700 548 Tut Systems Inc. 135,453 2,000 1,554 Longview Fibre Co. 32,007 39,114 2,181 Ulticom Inc. 85,205 28,342 3,323 Louisiana Pacific Corp. 95,902 100,041 1,682 Ultratech Inc. 38,303 37,700 1,952 Lubrizol Corp. (The) 78,068 100,438 9,775 Unisys Corp. 220,305 75,785 7,097 Lyondell Chemical Co. 198,579 229,653 2,466 United Online Inc. 54,949 32,801 906 MacDermid Inc. 26,709 34,577 1,738 UNOVA Inc. 15,348 56,687 1,432 Martin Marietta Materials Inc. 80,559 121,231 3,399 UTStarcom Inc. 68,117 31,182 2,205 Massey Energy Co. 37,497 101,870 2,717 ValueClick Inc. 39,345 41,032 5,962 MeadWestvaco Corp. 288,189 204,755 1,008 Varian Semiconductor Equipment 589 Minerals Technologies Inc. 43,055 44,439 Associates Inc. 65,570 45,680 8,098 Monsanto Co. 257,654 623,572 2 Verilink Corp. 803 3 11,251 Mosaic Co. (The) 299,936 214,420 945 Verint Systems Inc. 26,066 37,223 1,872 Myers Industries Inc. 26,328 28,660 7,631 VeriSign Inc. 476,112 268,804 433 Natural Resource Partners L.P. 20,615 30,754 13,120 Veritas Software Corp. 558,964 392,093 764 Neenah Paper Inc. 31,514 28,980 2,671 Verity Inc. 66,650 28,691 12,313 Newmont Mining Corp. Holding Co. 550,632 588,610 68 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 1,397 NL Industries Inc. 25,542 26,333 1,852 Price Communications Corp. 50,850 39,242 4,758 Nucor Corp. 169,400 265,855 1,868 Primus Telecommunications Group Inc. 7,210 1,441 2,085 Olin Corp. 69,438 46,580 54,095 Qwest Communications International 971 OM Group Inc. 61,298 29,363 Inc. 1,656,501 245,808 1,021 Oregon Steel Mills Inc. 28,991 21,521 2,857 SBA Communications Corp. 32,903 47,240 4,328 Owens Illinois Inc. 132,262 132,788 100,428 SBC Communications Inc. 4,767,709 2,921,350 3,053 Packaging Corp. of America 69,525 78,713 1,463 Spectrasite Inc. 107,160 133,370 4,686 Pactiv Corp. 197,087 123,857 43,213 Sprint Corp. 1,478,994 1,327,946 3,835 Peabody Energy Corp. 106,624 244,438 1,178 SureWest Communications 57,838 37,008 2,847 Phelps Dodge Corp. 226,021 322,548 1,680 Telephone and Data Systems Inc. 127,605 83,973 2,737 PolyOne Corp. 52,160 22,192 6,194 Time Warner Telecom Inc., Class ’A’ 126,235 44,912 840 Potlatch Corp. 53,879 53,839 2,156 Touch America Holdings Inc. 114,018 3 5,209 PPG Industries Inc. 429,984 400,408 8,972 TXU Corp. 479,766 913,068 9,859 Praxair Inc. 343,929 562,709 3,509 Ubiquitel Inc. 30,710 35,070 774 Quanex Corp. 27,586 50,253 2,522 United States Cellular Corp. 116,932 154,262 885 Reliance Steel & Aluminum Co. 38,606 40,182 83,947 Verizon Communications Inc. 5,222,768 3,552,372 1,816 Rock-Tenn Co., Class ’A’ 34,635 28,137 52,731 Viacom Inc., Class ’B’ 2,144,605 2,068,009 6,758 Rohm and Haas Co. 341,553 383,565 2,782 Western Wireless Corp., Class ’A’ 153,150 144,133 1,420 Royal Gold Inc. 16,881 34,993 3,747 Wireless Facilities Inc. 132,426 29,050 3,385 RPM International Inc. 73,642 75,705 98 YDI Wireless Inc. 24,867 286 1,074 RTI International Metals Inc. 30,909 41,318 2,024 Ryerson Tull Inc. 31,704 35,375 Telecommunication Services (4.08%) 34,035,923 22,284,151 897 Schnitzer Steel Industries Inc., 19,554 AES Corp. 701,428 392,297 Class ’A’ 36,436 26,038 2,238 AGL Resources Inc. 82,764 105,944 751 Schweitzer Mauduit International Inc. 34,699 28,634 3,738 Allegheny Energy Inc. 180,432 115,465 2,521 Sealed Air Corp. 207,450 153,738 3,233 Alliant Energy Corp. 130,496 111,468 1,306 Sensient Technologies Corp. 39,773 32,968 5,874 Ameren Corp. 341,428 397,854 2,106 Sigma-Aldrich Corp. 120,319 144,551 832 American States Water Co. 26,642 29,929 549 Silgan Holdings Inc. 31,213 37,817 2,837 Aqua America Inc. 47,779 103,339 7,577 Smurfit-Stone Container Corp. 164,601 94,381 7,040 Aquila Inc. 147,335 31,128 7,822 Solutia Inc. 128,828 5,605 2,285 Atmos Energy Corp. 86,868 80,602 2,836 Sonoco Products Co. 136,289 92,049 1,344 Avista Corp. 47,027 30,602 2,391 Southern Peru Copper Corp. 159,056 125,457 894 Black Hills Corp. 61,137 40,350 1,250 Spartech Corp. 33,955 27,252 772 California Water Service Group 26,349 35,496 1,399 Steel Dynamics Inc. 34,904 44,979 16,090 Calpine Corp. 75,874 67,004 984 Steel Technologies Inc. 29,715 20,368 9,096 CenterPoint Energy Inc. 336,400 147,170 2,685 Stillwater Mining Co. 55,792 24,401 586 CH Energy Group Inc. 33,383 34,903 1,056 Symyx Technologies Inc. 62,478 36,189 64,596 Chevron Corp. 4,079,479 4,424,233 3,377 Temple Inland Inc. 133,878 153,658 5,464 Cinergy Corp. 261,374 299,949 3,260 Terra Industries Inc. 30,020 27,191 1,317 Cleco Corp. 27,620 34,794 637 Texas Industries Inc. 46,620 43,871 5,752 CMS Energy Corp. 188,659 106,098 713 Titanium Metals Corp. 31,302 49,594 7,309 Consolidated Edison Inc. 398,352 419,315 3,445 United States Steel Corp. 135,709 145,022 5,311 Constellation Energy Group Inc. 278,959 375,268 2,517 USEC Inc. 27,504 45,133 10,304 Dominion Resources Inc. 712,788 926,207 3,498 Valhi Inc. 56,938 74,976 3,704 DPL Inc. 101,618 124,531 1,470 Valspar Corp. (The) 76,979 86,944 5,267 DTE Energy Co. 301,055 301,714 3,021 Vulcan Materials Co. 168,419 240,471 28,431 Duke Energy Corp. 1,203,534 1,035,267 2,778 W.R. Grace & Co. 32,260 26,505 2,198 Duquesne Light Holdings Inc. 84,638 50,289 1,646 Wausu-Mosinee Paper Corp. 50,563 24,152 9,885 Edison International 324,313 490,945 1,764 Wellman Inc. 19,219 22,016 1,421 El Paso Electric Co. 16,349 35,592 6,775 Weyerhaeuser Co. 510,033 528,169 1,190 Empire District Electric Co. 34,295 34,922 2,555 Worthington Industries Inc. 59,587 49,444 2,110 Energen Corp. 51,721 90,581 Materials (3.23%) 16,939,779 17,623,397 4,269 Energy East Corp. 116,966 151,527 6,879 Entergy Corp. 340,622 636,539 588 8x8 Inc. 21,576 1,203 1,823 Equitable Resources Inc. 45,972 151,831 3,417 ADC Telecommunications Inc. 349,375 91,111 20,022 Exelon Corp. 722,164 1,258,763 58 Airnet Communications Corp. 32,694 109 9,992 FirstEnergy Corp. 486,124 588,780 3,739 Alamosa Holdings Inc. 106,013 63,655 11,079 FPL Group Inc. 424,761 570,736 843 Allete Inc. 100,763 51,522 2,218 Great Plains Energy Inc. 90,443 86,633 9,277 ALLTEL Corp. 545,153 707,655 2,401 Hawaiian Electric Industries Inc. 72,488 78,841 12,002 American Electric Power Co. Inc. 625,555 541,991 1,118 IDACORP Inc. 57,916 41,942 5,868 American Power Conversion Corp. 135,230 169,544 4,849 Keyspan Corp. 227,858 241,720 6,704 American Tower Corp., Class ’A’ 209,251 172,596 722 Laclede Group Inc. (The) 25,925 28,086 4,220 Arris Group Inc. 60,811 45,019 3,509 MDU Resources Group Inc. 89,059 121,070 23,956 AT&T Corp. 4,536,211 558,659 653 MGE Energy Inc. 19,939 29,097 55,520 BellSouth Corp. 2,630,236 1,806,784 188 Mirant Corp. 91 117 3,078 Centennial Communications Corp. 43,667 52,327 2,352 National Fuel Gas Co. 83,980 83,282 4,096 CenturyTel Inc. 162,608 173,731 757 New Jersey Resources Corp. 37,317 44,736 7,152 Cincinnati Bell Inc. 132,711 37,667 1,309 Nicor Inc. 72,142 66,006 8,439 Citizens Communications Co. 115,441 138,917 7,810 NiSource Inc. 252,066 236,559 1 Cogent Communications Group Inc. 15,597 8 3,912 Northeast Utilities 81,442 99,949 68,282 Comcast Corp., Class ’A’ 2,767,598 2,567,496 716 Northwest Natural Gas Co. 28,175 33,535 661 Commonwealth Telephone Enterprises 2,497 OGE Energy Corp. 85,810 88,508 Inc. 39,579 33,930 3,078 Oneok Inc. 95,087 123,088 2,630 CONSOL Energy Inc. 49,722 172,593 1,048 Otter Tail Corp. 28,756 35,081 245 Cosine Communications Inc. 68,034 711 1,092 Peoples Energy Corp. 57,274 58,127 784 Covista Communications Inc. 17,325 931 5,545 Pepco Holdings Inc. 171,242 162,589 6,732 Crown Castle International Corp. 225,731 167,546 12,250 PG&E Corp. 494,703 563,243 88 eGain Communications Corp. 21,041 70 2,289 Piedmont Natural Gas Co. Inc. 62,447 67,342 4 FiberNet Telecom Group Inc. 3,432 16 2,710 Pinnacle West Capital Corp. 160,304 147,539 2,993 General Communication Inc., Class ’A’ 29,584 36,182 1,767 PNM Resources Inc. 46,035 62,351 19,184 Level 3 Communications Inc. 865,592 47,698 5,717 PPL Corp. 290,215 415,790 87,208 Liberty Media Corp., Series ’A’ 1,740,889 1,088,418 7,481 Progress Energy Inc. 435,445 414,522 588 Metro One Telecommunications Inc. 25,103 576 7,183 Public Services Enterprise Group Inc. 399,230 535,078 2,156 Network Access Solutions Corp. 51,141 12 2,972 Puget Energy Inc. 109,082 85,106 32,683 Nextel Communications Inc., Class ’A’ 937,766 1,293,374 2,509 Questar Corp. 99,586 202,512 5,517 Nextel Partners Inc., Class ’A’ 196,324 170,079 8,620 Reliant Energy Inc. 75,682 130,705 1,122 North Pittsburgh Systems Inc. 27,758 26,880 3,248 SCANA Corp. 99,560 169,907 1,200 NorthWestern Corp. 37,207 13 7,014 Sempra Energy Inc. 266,767 354,884 2,987 NRG Energy Inc. 132,430 137,559 3,431 Sierra Pacific Resources 115,992 52,319 3,106 NSTAR 78,663 117,284 691 SJW Corp. 31,217 39,786 298 Optical Cable Corp., Warrants, 541 South Jersey Industries Inc. 27,232 40,499 2007/10/24 — 120 22,374 Southern Co. (The) 836,402 950,085 852 Pac-West Telecomm Inc. 26,659 1,075 3,150 Southern Union Co. 87,606 94,717 6 P-Com Inc. 20,787 1 942 Southwest Gas Corp. 27,675 29,432 2,209 Premiere Global Services Inc. 18,419 30,546 5,576 Teco Energy Inc. 173,601 129,146 69 CIBC U.S. Equity Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 3,032 UGI Corp. 66,638 103,609 3,689 Glamis Gold Ltd. 74,958 77,760 549 UIL Holdings Corp. 34,673 36,183 951 Helen of Troy Ltd. 28,125 29,655 1,039 Unisource Energy Corp. 25,196 39,131 5,314 Ingersoll-Rand Co. Ltd., Class ’A’ 381,182 464,388 2,185 Vectren Corp. 65,451 76,887 872 Loral Space & Communications Ltd. 223,195 310 2,554 Westar Energy Inc. 67,594 75,169 2,940 Meridian Gold Inc. 14,724 64,816 1,423 WGL Holdings Inc. 59,785 58,631 1,011 Oriental Financial Group Inc. 27,145 18,896 3,430 Wisconsin Energy Corp. 137,950 163,842 917 R&G Financial Corp. 27,876 19,868 1,113 WPS Resources Corp. 65,328 76,680 1,366 Santander BanCorp 41,444 41,927 11,865 Xcel Energy Inc. 478,029 283,670 13,832 Seagate Technology 305,248 297,050 144 SR Telecom Inc. 1,044 69 Utilities (3.83%) 18,943,140 20,889,163 4,612 W Holding Co. Inc. 68,571 57,731 Total of United States Equities (97.86%) 548,607,284 534,160,515 320 White Mountains Insurance Group Inc. 178,931 247,272 60 XL Capital Ltd., Class ’A’ 5,181 5,469 International Equities Total of International Equities (0.31%) 1,677,703 1,713,358 121 ACE Ltd. 6,304 6,647 1,001 Arch Capital Group Ltd. 27,056 55,232 Total of Investments before Short-Term 2,736 Cooper Industries Ltd. 206,725 214,132 Investments (98.17%) 550,284,987 535,873,873 1,172 First BanCorp. 21,880 57,634 1,653 Fresh Del Monte Produce Inc. 38,114 54,502

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 300,000 Government of Canada Treasury Bill, 2.861%, 2005/07/07 (USD) 364,607 367,266 3,675,000 Province of Ontario Discount Note, 3.221, 2005/09/19 (USD) 4,498,952 4,469,224 3,500,000 Province of Quebec Discount Note, 3.402, 2005/10/03 (USD) 4,253,985 4,249,065 625,000 Bank of Montreal Term Deposit, 3.270%, 2005/07/05 (USD) 765,500 765,569 300,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550% 2005/07/04 300,000 300,018 Total of Short-Term Investments (1.86%) 10,183,044 10,151,142 Total of Investments (100.03%) 560,468,031 546,025,015 Margin (0.02%) 100,236 Unrealized Loss on Futures Contracts (0.00%) (8,476) Other Assets, less Liabilities (–0.05%) (248,798) Total of Net Assets (100.00%) 545,867,977 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 2,739,480 United States Russell 2000 Index Future, 2,756,842 17,362 (2,443,880) United States S&P 500 Mini Index Future, (2,416,010) 27,870 Expiry September 2005; Expiry September 2005; 7 contracts at USD 639.05 per contract. (33) contracts at USD 1,209.29 per 390,283 United States Russell 2000 Mini Index 393,835 3,552 contract. Future, Expiry September 2005; 8,796,509 Total Equity Index Futures 8,788,033 (8,476) 5 contracts at USD 637.30 per contract. 8,110,626 United States S&P 500 Index Future, 8,053,366 (57,260) As at June 30, 2005, $100,236 cash was deposited as margin for the futures contracts. Expiry September 2005; 22 contracts at USD 1,204.00 per contract.

CIBC U.S. Index RRSP Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 46,000,000 Government of Canada Discount Note, 2.861%, 2005/07/07 (USD) 55,906,588 56,314,128 25,000,000 Province of British Columbia Discount Note, 2.909%, 2005/07/05 (USD) 30,382,791 30,610,175 25,000,000 Province of Ontario Discount Note, 2.909%, 2005/07/06 (USD) 30,380,343 30,607,718 32,500,000 Province of Quebec Discount Note, 3.402%, 2005/10/03 (USD) 39,501,287 39,455,599 20,000,000 Business Development Bank of Canada Discount Note, 2.921%, 2005/07/12 (USD) 24,237,277 24,474,307 12,800,000 Business Development Bank of Canada Discount Note, 3.059%, 2005/08/18 (USD) 16,118,393 15,614,002 30,300,000 Business Development Bank of Canada Discount Note, 3.099%, 2005/08/30 (USD) 38,039,176 36,921,368 20,800,000 Business Development Bank of Canada Discount Note, 3.149%, 2005/09/06 (USD) 25,864,586 25,327,794 38,400,000 Business Development Bank of Canada Discount Note, 3.129%, 2005/09/13 (USD) 47,352,607 46,732,444 25,000,000 Business Development Bank of Canada Discount Note, 3.330%, 2005/10/03 (USD) 30,353,300 30,356,107 3,700,000 Canadian Wheat Board Discount Note, 2.909%, 2005/07/05 (USD) 4,496,653 4,530,306 5,000,000 Canadian Wheat Board Discount Note, 3.070%, 2005/08/15 (USD) 6,304,826 6,100,682 9,500,000 Canadian Wheat Board Discount Note, 3.118%, 2005/08/25 (USD) 11,940,961 11,580,606 5,000,000 Canadian Wheat Board Discount Note, 3.140%, 2005/08/29 (USD) 6,221,901 6,092,726 14,800,000 Care Trust Discount Note, 3.219%, 2005/08/29 (USD) 18,575,882 18,032,234 16,000,000 Chevron Canada Capital Co. Discount Note, 3.271%, 2005/09/09 (USD) 19,949,238 19,473,191 6,500,000 Chevron Canada Capital Co. Discount Note, 3.311%, 2005/09/16 (USD) 7,981,419 7,905,296 9,600,000 Darwin Receivables Trust Senior Discount Note, 3.019%, 2005/07/20 (USD) 11,828,884 11,739,494 6,500,000 Darwin Receivables Trust Senior Discount Note, 3.161%, 2005/08/17 (USD) 8,192,970 7,928,611

70 CIBC U.S. Index RRSP Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 11,100,000 Darwin Receivables Trust Senior Discount Note, 3.362%, 2005/09/29 (USD) 13,552,505 13,482,001 18,200,000 Enbridge Inc. Discount Note, 3.267%, 2005/09/07 (USD) 22,461,201 22,154,894 10,000,000 Enbridge Inc. Discount Note, 3.319%, 2005/09/14 (USD) 12,295,840 12,164,014 14,175,000 Export Development Corp. Discount Note, 3.128%, 2005/08/30 (USD) 17,518,663 17,271,723 8,000,000 Gaz Metropolitain Inc. Discount Note, 3.128%, 2005/07/26 (USD) 9,888,664 9,777,279 6,000,000 King Street Funding Trust Discount Note, 3.130%, 2005/07/20 (USD) 7,516,974 7,336,699 16,000,000 King Street Funding Trust Discount Note, 3.136%, 2005/07/20 (USD) 19,778,091 19,564,460 8,000,000 King Street Funding Trust Discount Note, 3.271%, 2005/09/01 (USD) 9,896,577 9,743,658 15,000,000 Royal Bank of Canada Discount Note, 2.988%, 2005/07/08 (USD) 18,221,595 18,361,407 10,000,000 Royal Bank of Canada Discount Note, 3.209%, 2005/09/02 (USD) 12,437,280 12,179,785 5,000,000 Storm King Funding Trust Discount Note, 3.202%, 2005/07/22 (USD) 6,145,055 6,112,592 8,200,000 TransCanada PipeLines Ltd. Discount Note, 3.351%, 2005/09/08 (USD) 10,087,368 9,979,360 3,500,000 Zeus Receivables Trust Senior Discount Note, 3.078%, 2005/08/03 (USD) 4,366,177 4,274,799 5,100,000 Zeus Receivables Trust Senior Discount Note, 3.189%, 2005/08/26 (USD) 6,403,344 6,215,750 50,000,000 Zeus Receivables Trust Senior Discount Note, 3.362%, 2005/09/28 (USD) 60,985,356 60,735,402 27,675,000 Bank of Montreal Term Deposit, 3.270%, 2005/07/05 (USD) 33,896,340 33,899,377 425,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550% 2005/07/04 425,000 425,030 5,000,000 Bank of Montreal Bearer Deposit Note, 3.131%, 2005/08/19 (USD) 6,249,710 6,098,097 10,000,000 Bank of Montreal Bearer Deposit Note, 3.220%, 2005/09/07 (USD) 12,334,891 12,174,116 12,000,000 Bank of Montreal Bearer Deposit Note, 3.271%, 2005/09/15 (USD) 14,755,454 14,596,946 25,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.398%, 2005/09/30 (USD) 30,356,361 30,359,226 Total of Short-Term Investments (100.79%) 763,201,528 756,703,403 Total of Investments (100.79%) 763,201,528 756,703,403 Margin (0.28%) 2,108,085 Unrealized Loss on Futures Contracts (–0.89%) (6,710,909) Other Assets, less Liabilities (–0.18%) (1,358,750) Total of Net Assets (100.00%) 750,741,829 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (368,511) United States S&P 500 E-Mini Index (366,062) 2,449 760,069,160 United States S&P 500 Index Future, 753,355,802 (6,713,358) Future, Expiry September 2005; Expiry September 2005; 2,058 contracts at USD 1,206.15 per (5) contracts at USD 1,203.50 per contract. contract. 759,700,649 Total Equity Index Futures 752,989,740 (6,710,909) As at June 30, 2005, $2,108,085 cash was deposited as margin for the futures contracts.

CIBC International Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* ($) ($) International Bond 9,000,000 SMFG Finance Ltd., Convertible, Series ’REGS’, 2.250%, 2005/07/11 (JPY) 114,379 239,246 Total of International Bond (0.36%) 114,379 239,246

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) International Equities 6,654 Coles Myer Ltd. 40,208 57,368 7,536 Commonwealth Bank of 7,005 Alumina Ltd. 43,029 36,274 Australia 176,037 266,458 5,300 Amcor Ltd. 29,631 33,057 8,378 Commonwealth Property 11,191 AMP Ltd. 110,605 67,327 Office Fund 8,501 9,871 900 Ansell Ltd. 8,821 8,407 2,297 Computershare Ltd. 13,905 12,485 1,868 Aristocrat Leisure Ltd. 8,365 20,130 1,189 CSL Ltd. 26,941 37,296 10,968 Australia and New Zealand 5,520 CSR Ltd. 20,637 13,761 Banking Group Ltd. 174,919 222,134 14,760 DB RREEF Trust 17,984 18,754 2,753 Australian Gas Light Co. Ltd. 23,231 36,513 464 ERG Ltd. 13,042 104 604 Australian Stock 12,059 Foster’s Group Ltd. 45,859 59,775 Exchange Ltd. 6,429 13,009 3,181 Futuris Corp. Ltd. 4,972 5,398 4,204 AXA Asia Pacific 2,956 Harvey Norman Holdings Ltd. 8,637 6,882 Holdings Ltd. 16,372 17,179 1,405 Iluka Resources Ltd. 5,168 9,838 21,605 BHP Billiton Ltd. 152,494 361,855 4,104 ING Industrial Fund, Units 8,322 7,994 4,418 Bluescope Steel Ltd. 10,487 33,661 9,609 Insurance Australia 3,509 Boral Ltd. 9,039 21,148 Group Ltd. 25,729 53,721 5,836 Brambles Industries Ltd. 52,896 44,322 8,706 Investa Property Group 17,051 15,736 4,624 Centro Properties Group 15,839 25,355 5,472 John Fairfax Holdings Ltd. 16,338 21,916 8,329 CFS Gandel Retail Trust 8,501 13,008 766 Leighton Holdings Ltd. 3,775 8,195 2,839 Coca-Cola Amatil Ltd. 12,596 20,878 2,165 Lend Lease Corp. Ltd. 34,105 26,164 364 Cochlear Ltd. 8,332 13,285 1,772 Lion Nathan Ltd. 8,917 12,497 71 CIBC International Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 1,326 Macquarie Bank Ltd. 36,213 73,711 192 Carlsberg AS, Series ’B’ 12,780 12,052 5,710 Macquarie Goodman Group 15,281 21,750 150 Coloplast AS, Class ’B’ 8,358 10,655 11,686 Macquarie Infrastructure 307 Danisco AS 19,968 24,407 Group NPV 32,811 45,155 2,636 Danske Bank AS 55,690 97,006 3,861 Mayne Group Ltd. 18,716 17,026 125 De Sammensluttede 4,280 Mirvac Group 13,021 14,221 Vognmaend 5,275 12,989 9,230 National Australia Bank Ltd. 210,042 264,524 166 FLS Industries AS, Series ’B’ 4,028 4,115 1,983 Newcrest Mining Ltd. 8,761 32,000 1,358 GN Store Nord AS 10,478 18,785 3,371 OneSteel Ltd. 1,822 8,283 422 H. Lundbeck AS 16,785 13,007 1,629 Orica Ltd. 11,854 26,976 58 i-data International AS 6,872 — 4,038 Origin Energy Ltd. 11,008 28,613 33 Kobenhavns Lufthavne AS 3,890 9,596 3,035 Pacific Brands Ltd. 9,145 6,401 103 NKT Holding AS 3,623 4,720 2,603 PaperlinX Ltd. 8,722 7,267 4,011 Nordea AB 47,376 44,374 3,274 Patrick Corp. Ltd. 12,467 17,029 1,543 Novo Nordisk AS, Series ’B’ 73,193 96,084 230 Perpetual Trustees 331 Novozymes A/S, Class ’B’ 16,373 20,067 Australia Ltd. 13,273 12,293 1,110 TDC A/S 81,750 58,228 746 Publishing & 127 Topdanmark AS 3,734 11,332 Broadcasting Ltd. 6,042 10,317 1,002 Vestas Wind Systems AS 44,265 20,312 5,454 Qantas Airways Ltd. 19,070 17,099 159 William Demant Holding 7,251 9,683 4,123 QBE Insurance Group Ltd. 28,942 61,495 5,679 Rinker Group Ltd. 24,075 73,774 Denmark (0.83%) 473,212 553,729 1,879 Rio Tinto Ltd. 41,819 78,186 470 Amer Sports OYJ 5,701 10,940 3,529 Santos Ltd. 16,999 37,134 240 Cargotec Corp., Class ’B’ 8,798 8,210 1,472 Sonic Healthcare Ltd. 7,398 17,220 833 Elisa OYJ 7,407 15,946 3,903 Southcorp Ltd. 19,415 15,450 2,052 Fortum OYJ 13,103 40,256 7,637 Stockland Trust Group 29,283 39,265 81 KCI Konecranes OYJ 3,983 4,231 3,249 Suncorp-Metway Ltd. 29,549 60,856 359 Kesko OYJ, Series ’B’ 7,036 11,040 3,080 TabCorp Holdings Ltd. 29,016 47,043 240 Kone OYJ, Class ’B’ 7,838 17,616 12,763 Telstra Corp. Ltd. 76,199 60,208 616 Metso OYJ 11,239 16,425 1,506 Toll Holdings Ltd. 9,754 18,312 28,139 Nokia OYJ 1,284,540 573,696 3,213 Transurban Group 11,171 22,258 551 Nokian Renkaat Oyj 3,662 12,312 2,270 Wesfarmers Ltd. 29,954 84,333 430 Orion-Yhtyma OYJ, Series ’B’ 6,483 10,148 8,631 Westfield Group 127,316 142,618 510 Outokumpu OYJ, Series ’A’ 7,922 8,045 10,726 Westpac Banking Corp. Ltd. 114,502 199,181 350 Pohjola Group PLC, Series ’D’ 8,127 6,223 2,815 Woodside Petroleum Ltd. 31,626 76,687 524 Rautaruukki OYJ Group PLC, 6,262 Woolworths Ltd. 35,865 96,250 Series ’K’ 3,563 9,578 Australia (5.04%) 2,278,845 3,364,690 1,723 Sampo OYJ, Series ’A’ 28,758 32,877 297 Sampo OYJ, Series ’A’ 4,599 5,607 51 Boehler-Uddeholm AG 4,340 8,254 429 Stonesoft OYJ 9,962 399 741 Erste Bank der 3,772 Stora Enso OYJ, Series ’R’ 79,255 58,826 Oesterreichischen 499 TietoEnator OYJ 28,629 18,557 Sparkassen AG 14,480 45,372 3,158 UPM-Kymmene Corp., OYJ 67,034 74,060 63 Flughafen Wien AG 3,257 5,009 355 Uponor OYJ 4,873 8,456 1,443 Immofinanz Immobilien 352 Wartsila OYJ, Series ’B’ 6,942 12,437 Anlagen AG 15,223 16,192 25 Mayr-Melnhof Karton AG 1,895 4,237 Finland (1.43%) (note 10) 2 1,609,454 955,885 37 Oesterreichische El Wirtsch, 1,144 Accor SA 71,288 65,544 Class ’A’ 6,182 12,501 731 Air France-KLM 16,683 13,572 81 OMV AG 10,801 43,183 7,368 Alcatel SA, Series ’A’ 462,865 98,445 112 RHI AG 4,147 3,733 26,262 Alstom SA 54,715 31,886 1,659 Telekom Austria AG 22,531 39,493 262 Atos Origin SA 24,755 20,303 73 VA Technologie AG 9,455 7,036 418 Autoroutes du Sud de la 154 voestalpine AG 8,242 13,214 France 16,829 29,269 380 Wienerberger AG 14,963 21,604 8,555 Axa SA 405,722 260,985 Austria (0.33%) (note 10) 2 115,516 219,828 193 BIC SA 15,477 14,100 4,804 BNP Paribas SA 287,700 402,037 605 Agfa Gevaert NV 20,291 20,499 1,204 Bouygues SA 73,768 60,986 71 Barco NV 9,865 6,199 418 Business Objects SA, 86 Bekaert SA 7,022 7,912 Registered 18,675 13,550 982 Belgacom SA 52,260 41,009 742 Cap Gemini 179,609 28,767 34 Cofinimmo 5,750 6,529 3,457 Carrefour SA 327,532 204,857 106 Colruyt NV 7,098 17,706 209 CNP Assurances 12,542 16,345 105 Compagnie Maritime 1,875 Compagnie de Saint-Gobain 99,056 127,079 Belge SA 3,263 3,994 865 Compagnie Generale des 419 Delhaize Group 36,559 30,750 Etablissements Michelin, 3,769 Dexia 84,968 101,540 Registered, Series ’B’ 49,318 64,361 17 D’Ieteren SA 7,844 4,305 4,001 Credit Agricole SA 121,398 123,861 165 Electrabel SA 60,505 88,262 327 Dassault Systemes SA 28,458 19,367 126 Euronav SA 4,571 4,523 593 Essilor International SA 25,677 49,556 7,049 Fortis 260,143 239,048 197 Etablissements Economiques 417 Groupe Bruxelles Lambert SA 27,494 44,173 du Casino Guichard 68 HeidelbergCement AG, Perrachon SA 28,266 16,919 VVPR Strips — 1 8,931 France Telecom SA 628,621 318,469 1,026 InBev NV 50,151 42,478 165 Gecina 13,480 21,958 656 KBC Bankverzekeringsholding 1,455 Groupe Danone (The) 129,277 156,203 NPV 48,079 63,404 56 Hermes International 11,453 13,829 170 Mobistar SA 10,315 17,396 191 Imerys SA 8,330 16,113 127 Omega Pharma SA 8,422 8,058 139 Klepierre 9,843 16,217 382 Solvay SA 36,201 48,030 1,029 Lafarge SA 121,363 114,603 528 UCB SA 30,104 31,425 760 Lagardere SCA, Registered 66,946 68,789 145 Umicore 10,385 14,217 658 L’Air Liquide SA 103,822 137,111 1,835 L’Oreal ´ SA 171,370 160,992 Belgium (1.26%) (note 10) 2 781,290 841,458 1,478 LVMH Moet ¨ Hennessy 5,510 Esprit Holdings Ltd. 20,219 48,650 Louis Vuitton SA 140,339 139,422 2,850 Kerry Properties Ltd. 7,546 7,744 319 Pernod-Ricard SA 22,664 62,397 1,045 Orient Overseas 406 Pinault-Printemps Redoute SA 104,002 51,182 International Ltd. 4,445 5,576 1,026 PSA Peugeot Citroen ¨ SA 51,302 74,137 5,510 Shangri-La Asia Ltd. 8,712 10,406 766 Publicis Groupe 39,576 27,610 1,117 Renault SA 75,741 120,212 Bermuda (0.11%) 40,922 72,376 603 Safran SA 23,264 15,263 6,232 Sanofi-Aventis SA 528,974 625,380 6 A P Moller—Maersk A/S 44,488 69,930 1,336 Schneider Electric SA 119,245 123,100 122 A/S det Ostasiatiske 2,011 Societe Generale 155,231 249,867 Kompagni 2,328 10,551 715 Societ ´ e ´ Tel ´ evision ´ Fran¸caise 1 29,507 23,226 68 Bang & Olufsen AS, 597 Sodexho Alliance SA 37,356 22,604 Series ’B’ 4,707 5,836 4,848 Suez SA 207,013 160,637 72 CIBC International Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 1,543 Suez SA, VVR Strips — 23 509 Technical Olympic SA, 488 Technip SA 22,020 27,741 Registered 1,729 3,746 466 Thales SA 27,046 23,132 330 Titan Cement Co. 8,255 12,445 1,439 Thomson (ex-TMM) 52,679 42,061 695 Viohalco Hellenic Copper and 3,543 Total SA 726,704 1,015,837 Aluminum Industry SA 9,238 5,472 256 Unibail Holding 15,048 40,238 1,178 Vodafone Panafon SA 9,522 10,795 445 Valeo SA 39,642 24,424 1,587 Veolia Environnement 43,257 72,789 Greece (0.56%) (note 10) 2 288,139 376,551 879 Vinci SA 30,311 89,506 878 ASM Pacific Technology Ltd. 4,320 5,006 6,146 Vivendi Universal SA 673,730 236,001 8,056 Bank of East Asia Ltd. 25,872 29,054 227 Zodiac SA 7,046 14,923 22,443 BOC Hong Kong France (8.95%) (note 10) 2 6,756,535 5,967,785 (Holdings) Ltd. 41,879 51,821 6,270 Cathay Pacific Airways 14,222 13,937 274 Adidas-Salomon AG 28,984 56,120 8,977 Cheung Kong (Holdings) Ltd. 127,089 106,611 1,857 Allianz AG, Registered 644,069 260,168 2,660 Cheung Kong Infrastructure 423 Altana AG 32,468 29,593 Holdings Ltd. 6,738 9,657 3,149 BASF AG 186,110 255,384 11,053 CLP Holdings Ltd. 64,367 77,543 3,966 Bayer AG 239,338 161,689 8,930 Giordano International Ltd. 6,718 7,516 3,775 Bayerische Hypo- und 10,925 Hang Lung Properties Ltd. 18,863 19,616 Vereinbank AG 205,645 119,928 4,579 Hang Seng Bank Ltd. 67,680 76,275 101 Beiersdorf AG 11,662 13,842 4,512 Henderson Land 209 Celesio AG 11,099 20,033 Development Co. Ltd. 29,171 26,323 2,705 Commerzbank AG 57,704 71,883 21,707 Hong Kong & China Gas Co. 32,605 53,932 736 Continental AG 23,184 64,675 7,220 Hong Kong Exchanges & 5,194 DaimlerChrysler AG, Clearing Ltd. 17,950 22,803 Registered 481,011 257,525 8,526 Hongkong Electric 2,953 Deutsche Bank AG, Holdings Ltd. 49,882 47,602 Registered 319,305 281,593 3,562 Hopewell Holdings Ltd. 5,059 11,165 641 Deutsche Boerse AG 43,171 61,059 8,550 Hutchison 1,381 Deutsche Lufthansa AG 40,694 20,677 Telecommunications 2,685 Deutsche Post AG, International Ltd. 9,258 10,344 Registered 60,722 76,488 12,720 Hutchison Whampoa Ltd. 199,301 140,181 16,463 Deutsche Telekom AG, 3,678 Hysan Development Co. Ltd. 7,306 9,327 Registered 973,557 371,655 831 i-CABLE Communications Ltd. 280 337 184 Douglas Holding AG 9,626 8,178 8,832 Johnson Electric 3,758 E.ON AG 295,195 408,773 Holdings Ltd. 18,681 9,907 309 Epcos AG 35,774 4,664 2,850 Kingboard Chemical 210 Fresenius Medical Care AG 25,238 21,916 Holdings Ltd. 7,388 11,088 158 Fresenius Medical Care AG, 8,930 Li & Fung Ltd. 27,397 22,629 Non-Voting, Preferred 10,059 13,386 8,098 MTR Corp. Ltd. 17,344 19,077 365 Heidelberg (Portland- 13,442 New World Zementwerk) AG 26,324 31,917 Development Co., Ltd. 28,221 20,096 358 Henkel KGaA, Preferred 38,570 39,154 361 Oriental Press Group 68 130 786 Hypo Real Estate Holding AG 38,575 36,473 21,299 PCCW Ltd. 178,155 16,276 3,834 Infineon Technologies AG 90,034 43,674 5,225 SCMP Group Ltd. 6,205 2,795 337 KarstadtQuelle AG 16,982 5,493 1,827 Shangri-La Asia Ltd. 2,134 3,416 1 Lanxess 12 14 7,388 Sino Land Co., Ltd. 5,094 9,606 503 Linde AG 35,891 41,487 1,805 SmarTone Telecommunication 638 MAN AG 26,026 32,372 Holdings Ltd. 2,593 2,427 301 Merck KGaA 15,652 29,614 8,151 Sun Hung Kai Properties Ltd. 99,426 98,162 722 Metro AG 45,341 43,808 5,842 Swire Pacific Ltd., Class ’A’ 48,651 63,072 156 Metro AG, Preferred, Series 1 7,366 11,938 5,320 Techtronic Industries Co. Ltd. 9,102 16,418 393 MLP AG 33,193 9,005 1,805 Television Broadcasts Ltd. 16,876 12,462 1,108 Munchener 3,610 Texwinca Holdings Ltd. 4,409 3,658 Rueckversicherungs- 7,378 Wharf (Holdings) Ltd. 22,995 31,605 Gesellschaft AG, Registered 351,362 143,893 3,158 Yue Yuen Industrial 47 Porsche AG, Preferred 30,907 43,135 Holdings Ltd. 13,170 11,801 494 Prosieben Media AG, Preferred 18,970 10,529 Hong Kong (1.61%) (note 10) 4 1,236,469 1,073,675 97 Puma AG Rudolf Dassler 5,612 Allied Irish Banks PLC 88,768 147,897 Sport 20,482 29,373 5,829 Bank of Ireland 98,759 115,911 2,368 RWE AG, Class ’A’ 141,677 186,393 3,582 CRH PLC 83,198 115,668 235 RWE AG, Non-Voting, 493 DCC PLC 7,091 11,998 Preferred 12,351 16,399 2,129 Depfa Bank PLC 43,861 41,852 1,238 SAP AG 307,411 262,958 2,355 Elan Corp. PLC 199,499 19,728 994 Schering AG 68,408 75,009 2,174 Fyffes PLC 5,799 7,897 4,838 Siemens AG, Registered 534,916 431,152 1,283 Grafton Group PLC, Units 7,765 18,204 316 Suedzucker AG 7,360 7,781 541 Greencore Group PLC 4,013 2,889 1,862 Thyssen Krupp AG 52,441 39,444 1,263 Independent 753 TUI AG 40,529 22,801 News & Media PLC 5,105 4,774 1,352 Volkswagen AG 101,350 75,361 133 IONA Technologies PLC 10,368 492 634 Volkswagen AG, Preferred 31,895 27,063 1,625 Irish Life & Permanent PLC 25,612 34,921 Germany (6.41%) (note 10) 2 5,828,640 4,275,469 722 Kerry Group PLC, Class ’A’ 12,705 21,848 736 Kingspan Group PLC 8,673 10,602 1,445 Alpha Bank AE 34,072 47,103 13,386 Waterford Wedgwood PLC 8,531 1,184 1,018 Bank of Piraeus 16,393 23,159 8,517 Waterford Wedgwood PLC, 495 Coca-Cola Hellenic Rights — 2 Bottling Co. SA 8,626 16,448 321 Commercial Bank of Greece 16,432 11,678 Ireland (0.83%) (note 10) 2 609,747 555,867 702 Cosmote Mobile 2,808 Alleanza Assicurazioni SPA 42,196 37,319 Communications SA 14,736 15,698 750 Arnoldo Mondadori 1,121 EFG Eurobank Ergasias 22,791 42,255 Editore SPA 11,899 8,738 89 Folli-Follie SA 2,670 3,192 5,774 Assicurazioni Generali SPA 265,979 220,423 142 Germanos SA 5,142 5,818 703 Autogrill SPA 11,730 11,343 111 Hellenic Duty Free Shops SA 1,951 2,363 1,552 Autostrade SPA 36,736 50,422 645 Hellenic Petroleum SA 5,802 8,439 1,391 Banca Antonveneta SPA 33,509 55,025 589 Hellenic Technodomiki SA 4,471 3,623 1,811 Banca Fideuram SPA 19,396 10,503 1,482 Hellenic Telecommunications 5,763 Banca Intesa SPA 17,804 30,124 Organization SA (OTE) 32,477 35,176 19,631 Banca Intesa SPA 107,227 109,810 253 Hyatt Regency Hotels and 6,648 Banca Monte dei Paschi di Tourism SA 3,511 3,383 Siena SPA 29,665 28,694 451 Intracom SA, Registered 9,568 2,798 10,091 Banca Nazionale 1,602 National Bank of Greece SA 45,289 66,518 del Lavoro SPA 33,068 42,610 960 OPAP SA 17,088 33,984 2,416 Banca Popolare 124 Papastratos Cigarettes Co. 2,181 3,313 di Milano SCRL 21,389 29,136 627 Public Power Corp. 16,195 19,145 73 CIBC International Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 2,033 Banche Popolari Unite SCRL 47,768 49,387 2,707 Denki Kagaku Kogyo 2,234 Banco Popolare di Verona e Kabushiki Kaisha 11,172 11,888 Novara SCRL 42,577 46,594 3,610 Denso Corp. 114,970 100,489 328 Benetton Group SPA 8,879 3,688 9 Dentsu Inc. 26,535 27,159 791 Bulgari SPA 11,222 10,834 1,805 Dowa Mining Co. Ltd. 12,109 14,668 8,656 Capitalia SPA 83,769 59,166 20 East Japan Railway Co. 155,701 125,733 4,979 Edison SPA 13,174 13,589 1,805 Ebara Corp. 28,185 8,475 22,073 Enel SPA 256,958 236,024 1,805 Eisai Co. Ltd. 64,636 74,128 15,699 ENI SPA 265,942 494,264 855 Electric Power 3,084 Fiat SPA 80,068 27,375 Development Co. Ltd. 29,258 30,206 991 FinecoGroup SPA 65,610 10,838 356 FamilyMart Co. Ltd. 12,079 12,492 35,639 Finmeccanica SPA 35,503 40,660 897 Fanuc Ltd. 86,426 69,561 1,071 Gruppo Editoriale 361 Fast Retailing Co. Ltd. 19,260 22,908 L’Espresso SPA 15,954 7,153 2,660 Fuji Electric Co. Ltd. 11,234 9,877 427 Italcementi SPA 5,327 8,160 2,707 Fuji Photo Film Ltd. 146,139 107,246 822 Luxottica Group SPA 22,014 20,811 190 Fuji Soft ABC Inc. 7,312 7,383 3,563 Mediaset SPA 63,846 51,347 2 Fuji Television Network Inc. 15,768 4,739 2,818 Mediobanca SPA 41,999 64,535 1,805 Fujikura Ltd. 16,319 10,743 1,532 Mediolanum SPA 18,565 11,690 11,075 Fujitsu Ltd. 350,962 70,759 2,773 Parmalat Finanziaria SPA 11,078 452 3,610 Furukawa Electric 10,488 Pirelli & C., SPA 32,520 13,361 Co. Ltd. (The) 75,217 17,018 1,821 RAS SPA 26,929 43,364 1 Goodwill Group Inc. (The) 2,901 2,226 6,230 San Paolo-IMI SPA 124,277 104,592 1,757 Gunma Bank Ltd. (The) 15,067 12,864 24,482 Seat Pagine Gialle SPA 24,440 12,469 902 Gunze Ltd. 3,907 4,952 5,309 Snam Rete Gas SPA 23,881 34,768 902 Hankyu Department 822 Snia SPA 8,600 132 Stores Inc. 7,461 6,980 10,173 Telecom Italia Media SPA 6,124 5,988 1,805 Hino Motors Ltd. 9,076 12,799 89,377 Telecom Italia SPA 434,039 341,522 180 Hirose Electric Co. Ltd. 31,682 24,180 34,971 Telecom Italia SPA, RNC 93,373 110,837 902 Hitachi Cable Ltd. 6,712 4,832 6,033 Terna SPA 21,334 19,136 285 Hitachi Capital Corp. 7,087 6,884 1,127 Tiscali SPA 38,107 3,922 627 Hitachi Chemical Co. Ltd. 9,510 14,016 26,586 UniCredito Italiano SPA 176,789 171,749 570 Hitachi Construction Machinery Co. Ltd. 9,382 8,276 Italy (3.98%) (note 10) 2 2,731,264 2,652,554 18,952 Hitachi Ltd. 290,776 140,477 1,805 77 Bank Ltd. (The) 23,959 13,573 180 Hitachi Software 451 Acom Co. Ltd. 53,921 35,235 Engineering Co. Ltd. 11,129 3,747 175 Aderans Co. Ltd. 8,983 5,066 451 Hitachi Zosen Corp. 1,688 716 387 Advantest Corp. 86,272 34,899 1,045 Hokkaido Electric 3,610 Aeon Co. Ltd. 44,943 67,308 Power Co. Inc. 24,933 26,185 103 Aeon Credit Service Co. Ltd. 8,698 7,881 5,415 Hokukohu Financial 405 Aiful Corp. 31,303 36,915 Group Inc. 16,020 20,230 950 Aisin Seiki Co. Ltd. 29,303 25,169 4,284 Honda Motor Co. Ltd. 243,026 257,939 3,610 Ajinomoto Co. Inc. 62,329 49,117 902 Hoya Corp. 108,387 127,038 95 Alfresa Holdings Corp. 4,286 5,180 902 Isetan Co. Ltd. 11,117 13,833 3,000 All Nippon Airways Co. Ltd. 11,883 11,178 1,757 Ishihara Sangyo Kaisha Ltd. 4,388 4,728 902 Alps Electric Co. Ltd. 14,376 16,860 7,220 Ishikawajima-Harima Heavy 1,805 Amada Co. Ltd. 19,877 14,987 Industries Co. Ltd. 17,982 12,807 902 Anritsu Corp. 10,120 6,710 180 Ito En Ltd. 11,311 11,313 361 Aoyama Trading Co. Ltd. 9,938 11,109 8,075 ITOCHU Corp. 46,156 49,752 108 Ariake Japan Co. Ltd. 5,127 3,034 180 Itochu Techno-Science Corp. 12,445 7,699 2,707 Asahi Breweries Ltd. 43,474 39,518 1,757 Ito-Yokado Co. Ltd. 151,204 71,035 4,465 Asahi Glass Co. Ltd. 52,520 57,199 180 JAFCO Co. Ltd. 14,355 11,639 7,172 Asahi Kasei Corp. 58,238 41,633 4,512 Japan Airlines System Corp. 23,698 14,876 175 Asatsu-DK Inc. 8,704 5,951 5 Japan Tobacco Inc. 68,668 81,487 5,000 Ashikaga Financial Group Inc. 14,037 55 3,208 JFE Holdings Inc. 62,255 96,655 3,086 Astellas Pharma Inc. 159,098 128,851 902 JGC Corp. 4,824 13,541 180 Autobacs Seven Co. Ltd. 8,215 7,394 4,512 Joyo Bank Ltd. (The) 25,132 26,960 90 Avex Inc. 4,485 1,539 1,667 JS Group Corp. 33,376 34,527 451 Bandai Co. Ltd. 13,189 11,135 902 JSR Corp. 9,949 23,139 3,610 Bank of Fukuoka Ltd. (The) 29,416 26,103 5,367 Kajima Corp. 24,150 24,224 7,267 Bank of Yokohama Ltd. (The) 41,906 51,181 902 Kaken Pharmaceuticals 356 Benesse Corp. 40,893 13,948 Co. Ltd. 6,635 7,566 3,562 Bridgestone Corp. 104,676 83,680 1,805 Kamigumi Co. Ltd. 12,307 17,025 5,415 Canon Inc. 293,221 347,942 285 Kanebo Ltd. 7,607 1,134 270 Capcom Co. Ltd. 11,875 3,127 1,805 Kaneka Corp. 23,596 24,724 902 Casio Computer Co. Ltd. 12,723 14,382 4,327 Kansai Electric Power Co. Inc. 108,214 106,518 902 Central Glass Co. Ltd. 6,894 6,890 950 Kansai Paint Co., Ltd. 7,008 7,464 5 Central Japan Railway Co. 45,097 47,281 2,660 Kao Corp. 101,805 76,617 4,512 Chiba Bank Ltd. (The) 23,152 36,274 7,172 Kawasaki Heavy 3,961 Chubu Electric Power Co. Inc. 108,361 116,365 Industries Ltd. 19,487 16,829 1,599 Chugai Pharmaceutical 2,660 Kawasaki Kisen Kaisha Ltd. 9,474 19,209 Co. Ltd. 28,910 30,184 2,707 Keihin Electric Express 285 Circle K Sunkus Co., Ltd. 8,521 7,847 Railway Co. Ltd. 15,137 20,260 1,805 Citizen Watch Co. Ltd. 21,016 19,951 3,610 KEIO Electric Railway Co. 270 Coca-Cola West Japan Ltd. 27,040 23,849 Co. Ltd. 8,022 7,441 198 Keyence Corp. 53,664 54,111 902 COMSYS Holdings Corp. 21,787 10,142 902 Kikkoman Corp. 8,855 9,750 807 Credit Saison Co. Ltd. 26,027 32,745 902 Kinden Corp. 12,898 8,161 356 CSK Corp. 21,923 17,059 9,404 Kintetsu Corp. 60,969 35,048 3,610 Dai Nippon Printing Co. Ltd. 83,799 70,951 4,512 Kirin Brewery Co. Ltd. 69,164 53,457 1,805 Daicel Chemical 14,250 Kobe Steel Ltd. 26,322 32,713 Industries Ltd. 7,416 11,566 902 Kokuyo Co. Ltd. 17,546 14,889 1,805 Daiichi Pharmaceutical 5,367 Komatsu Ltd. 40,833 50,834 Co. Ltd. 47,448 48,756 541 Konami Co. 46,744 13,932 902 Daikin Industries Ltd. 18,842 27,543 2,707 Konica Minolta Holdings Inc. 31,615 30,843 855 Daimaru Inc. (The) 6,512 9,249 902 Koyo Seiko Co. Ltd. 7,300 14,775 4,512 Dainippon Ink & 6,317 Kubota Corp. 31,461 42,269 Chemicals Inc. 22,083 17,620 1,757 Kuraray Co. Ltd. 24,866 20,338 902 Dainippon Screen 902 Kurita Water Industries Ltd. 27,821 17,044 Manufacturing Co. Ltd. 7,151 7,402 988 Kyocera Corp. 158,670 92,327 536 Daito Trust 1,805 Kyowa Hakko Kogyo Co. Ltd. 18,222 14,281 Construction Co. Ltd. 10,645 24,537 2,427 Kyushu Electric 2,707 Daiwa House Power Co. Inc. 54,971 64,603 Industry Co. Ltd. 28,603 37,809 361 Lawson Inc. 17,648 15,396 7,172 Daiwa Securities Group Inc. 101,191 53,980 760 Leopalace21 Corp. 15,676 15,448 180 Mabuchi Motor Co. Ltd. 25,852 12,693

74 CIBC International Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 902 Makita Corp. 13,828 21,591 855 Omron Corp. 26,880 23,038 8,122 Marubeni Corp. 34,725 33,949 902 Onward Kashiyama Co. Ltd. 14,764 13,959 1,805 Marui Co. Ltd. 34,490 29,711 180 Oracle Corp. Japan 16,605 8,300 180 Matsumotokiyoshi Co. Ltd. 5,343 6,006 266 Oriental Land Co. Ltd. 29,515 19,288 12,863 Matsushita Electric 505 Orix Corp. 76,726 92,441 Industrial Co. Ltd. 385,504 238,325 12,587 Osaka Gas Co. Ltd. 47,261 48,479 1,797 Matsushita Electric 902 Pioneer Corp. 36,028 16,706 Works Ltd. 20,478 18,300 541 Promise Co. Ltd. 53,355 42,341 570 Mediceo Holdings Co., Ltd. 7,971 9,283 902 Q.P. Corp. 10,826 9,240 1,805 Meiji Dairies Corp. 10,957 12,595 2 Rakuten Inc. 2,599 1,946 1,805 Meiji Seika Kaisha Ltd. 17,962 10,872 27,835 Resona Holdings Inc. 70,491 63,149 175 Meitec Corp. 9,694 6,574 4,512 Ricoh Co. Ltd. 124,779 86,115 8 Millea Holdings Inc. 121,766 131,527 190 Rinnai Corp. 6,041 5,721 1,805 Minebea Co. Ltd. 29,144 8,904 627 Rohm Co. Ltd. 226,199 73,682 9,880 Mitsubishi Chemical Corp. 42,145 35,275 190 Ryohin Keikaku Co. Ltd. 11,361 11,471 6,270 Mitsubishi Corp. 75,820 103,951 139 Saizeriya Co. Ltd. 6,034 2,116 10,782 Mitsubishi Electric Corp. 100,476 69,749 902 Sanden Corp. 9,712 4,640 6,317 Mitsubishi Estate Co. Ltd. 92,950 84,736 950 Sanken Electric Co. Ltd. 15,118 15,113 1,757 Mitsubishi Gas 2,707 Sankyo Co. Ltd. 96,247 63,491 Chemical Co. Inc. 7,961 10,954 266 Sankyo Co. Ltd., Gunma 10,244 15,127 17,052 Mitsubishi Heavy 950 Sanwa Shutter Corp. 6,311 6,692 Industries Ltd. 96,213 54,550 8,977 SANYO Electric Co. Ltd. 75,698 28,065 902 Mitsubishi Logistics Corp. 13,466 11,241 1,805 Sapporo Holdings Ltd. 10,041 10,635 5,367 Mitsubishi Materials Corp. 23,278 15,453 902 SECOM Co. Ltd. 119,010 47,442 2,660 Mitsubishi Rayon Co. Ltd. 10,919 13,463 417 Sega Sammy Holdings Inc. 26,388 31,219 27 Mitsubishi Tokyo Financial 551 Seiko Epson Corp. 29,727 22,441 Group Inc. 424,588 279,016 902 Seino Transportation Co. Ltd. 7,845 9,966 7,172 Mitsui & Co. Ltd. 71,370 82,879 2,707 Sekisui Chemical Co. Ltd. 16,550 22,746 3,610 Mitsui Chemicals Inc. 22,191 25,877 2,660 Sekisui House Ltd. 36,249 32,773 3,562 Mitsui Engineering & 2,707 Seven-Eleven Japan Co. Ltd. 173,434 91,829 Shipbuilding Co. Ltd. 4,145 8,514 5,367 Sharp Corp. 109,696 102,377 4,512 Mitsui Fudosan Co. Ltd. 67,269 61,687 266 Shimachu Co. Ltd. 6,641 8,191 3,610 Mitsui Mining & 90 Shimamura Co. Ltd. 10,819 9,290 Smelting Co. Ltd. 31,881 20,678 902 Shimano Inc. 25,352 31,317 5,415 Mitsui O.S.K. Lines Ltd. 19,204 40,718 2,660 Shimizu Corp. 13,323 15,111 7,659 Mitsui Sumitomo 1,757 Shin-Etsu Chemicals Co. Ltd. 104,728 81,496 Insurance Co. Ltd. 58,998 84,005 2,850 Shinsei Bank Ltd. 23,218 18,751 3,429 Mitsui Trust Holdings Inc. 5,910 42,864 1,805 Shionogi & Co. 34,025 28,432 1,757 Mitsukoshi Ltd. 9,518 9,669 1,757 Shiseido Co. Ltd. 29,597 27,106 351 Mitsumi Electric Co. Ltd. 8,020 4,411 3,610 Shizuoka Bank Ltd. (The) 48,876 37,847 46 Mizuho Financial Group Inc. 453,066 253,487 6,317 Showa Denko K.K 11,802 18,289 1,349 Murata 902 Showa Shell Sekiyu K.K 6,701 11,056 Manufacturing Co. Ltd. 187,021 83,784 902 Skylark Co. Ltd. 39,245 16,802 446 Namco Ltd. 10,075 7,243 361 SMC Corp. 81,578 47,979 9,880 NEC Corp. 250,573 65,139 403 Snow Brand Milk 190 NEC Electronics Corp. 11,226 10,443 Products Co. Ltd. 4,567 1,486 2 Net One Systems Co. Ltd. 9,733 6,291 1,344 Softbank Corp. 205,099 64,198 1,805 NGK Insulators Ltd. 28,397 21,449 950 Sojitz Holdings Corp. 4,635 4,976 902 NGK Spark Plug Co. Ltd. 16,661 12,693 4,512 Sompo Japan Insurance Inc. 43,624 55,541 98 Nichii Gakkan Co. 6,989 2,923 5,581 Sony Corp. 645,836 234,869 1,805 Nichirei Corp. 9,291 8,584 902 Stanley Electric Co. Ltd. 11,929 17,855 270 Nidec Corp. 30,104 34,891 902 Sumitomo Bakelite Co. Ltd. 9,175 7,128 9,072 Nikko Cordial Corp. 75,206 48,593 8,122 Sumitomo Chemical Co. Ltd. 50,666 45,578 1,805 Nikon Corp. 69,856 24,904 5,462 Sumitomo Corp. 68,625 53,390 631 Nintendo Co. Ltd. 160,113 80,667 4,560 Sumitomo Electric 1 Nippon Building Fund Inc. 8,972 11,052 Industries Ltd. 80,033 56,956 4,465 Nippon Express Co. Ltd. 37,231 23,665 2,707 Sumitomo Heavy 902 Nippon Kayaku Co. Ltd. 5,763 6,620 Industries Ltd. 11,520 15,880 2,850 Nippon Light Metal Co. Ltd. 8,909 8,240 21,755 Sumitomo Metal 902 Nippon Meat Packers Inc. 18,454 12,826 Industries Ltd. 32,743 45,313 4,583 Nippon Mining Holdings Inc. 19,826 31,761 2,660 Sumitomo Metal 8,167 Nippon Oil Corp. 54,161 67,746 Mining Co., Ltd. 17,110 22,205 1,757 Nippon Sheet Glass Co. Ltd. 21,503 8,389 1,757 Sumitomo Osaka 902 Nippon Shokubai Co. Ltd. 7,060 8,989 Cement Co. Ltd. 7,827 5,699 37,050 Nippon Steel Corp. 103,658 104,973 2,707 Sumitomo Realty & 31 Nippon Telegraph & Development Co. Ltd. 32,290 36,950 Telephone Corp. 483,587 162,500 7,267 Sumitomo Trust and 5 Nippon Paper Group Inc. 40,832 22,424 Banking Co. Ltd. (The) 58,809 53,912 5,367 Nippon Yusen Kabushiki 902 Suruga Bank Ltd. 6,695 8,978 Kaisha 31,419 37,612 324 Suzuken Co. Ltd. 8,194 10,010 1,805 Nishimatsu 1,091 T&D Holdings Inc. 39,848 62,625 Construction Co. Ltd. 10,757 7,962 4,645 Taiheiyo Cement Corp. 14,225 15,143 902 Nissan Chemical 4,465 Taisei Corp. 14,547 18,382 Industries Ltd. 6,524 11,854 902 Taisho Pharmaceutical 15,295 Nissan Motor Co. Ltd. 130,571 185,365 Co. Ltd. 37,856 21,468 902 Nisshin Seifun Group Inc. 12,214 11,424 1,852 Taiyo Nippon Sanso Corp. 10,536 11,503 4,750 Nisshin Steel Co. Ltd. 13,330 14,549 902 Taiyo Yuden Co. Ltd. 95,202 12,170 902 Nisshinbo Industries Inc. 6,885 9,018 902 Takara Holdings Inc. 16,837 6,865 451 Nissin Food Products Co. Ltd. 17,651 14,158 1,805 Takashimaya Co. Ltd. 20,025 19,739 95 Nitori Co., Ltd. 7,188 8,333 5,415 Takeda Pharmaceutical 902 Nitto Denko Corp. 21,538 63,005 Co. Ltd. 399,667 328,248 570 Nok Corp. 21,260 19,369 356 Takefuji Corp. 62,386 29,373 11,732 Nomura Holdings Inc. 327,853 170,871 722 TDK Corp. 56,538 60,161 180 Nomura Research 5,415 Teijin Ltd. 34,459 30,721 Institute Ltd. 20,668 21,924 902 Teikoku Oil Co. 5,358 8,189 2,707 NSK Ltd. 23,092 16,965 902 Terumo Corp. 38,968 31,815 2,707 NTN Corp. 13,049 17,786 536 THK Co. Ltd. 14,667 13,501 7 NTT Data Corp. 45,261 29,154 4,512 Tobu Railway Co. 20,350 19,998 120 NTT DoCoMo Inc. 468,516 216,742 902 Toda Corp. 5,428 4,708 3,610 Obayashi Corp. 23,517 23,688 902 Toho Co. 18,857 15,900 3,800 Odakyu Electric 2,603 Tohoku Electric Power 53,448 67,988 Railway Co., Ltd. 26,547 24,616 6,916 Tokyo Electric 4,465 OJI Paper Co. Ltd. 36,600 28,460 Power Co. Inc. (The) 228,311 201,950 3,610 Oki Electric Industry Co. Ltd. 15,653 15,509 902 Tokyo Electron Ltd. 78,438 58,107 902 Okumura Corp. 5,055 6,240 15,247 Tokyo Gas Co. Ltd. 54,349 69,801 1,805 Olympus Corp. 32,369 42,332 902 Tokyo Style Co. Ltd. 11,981 11,006

75 CIBC International Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 6,317 Tokyu Corp. 42,269 34,646 599 Waste Management NZ Ltd. 2,951 3,426 1,900 Tokyu Land Corp. 9,247 10,907 1,805 TonenGeneral Sekiyu K.K 21,561 23,894 New Zealand (0.22%) 115,265 144,996 3,610 Toppan Printing Co. Ltd. 58,249 46,667 3,988 DNB NOR ASA 31,482 50,772 7,172 Toray Industries Inc. 43,581 41,508 1,594 Ementor ASA 15,025 590 17,100 Toshiba Corp, 209,049 83,140 245 Frontline Ltd. 6,254 11,909 2,707 Tosoh Corp. 14,527 13,706 875 Norsk Hydro ASA 54,071 97,371 1,805 Toto Ltd. 18,787 17,442 664 Norske Skogindustrier ASA, 902 Toyo Seikan Kaisha Ltd. 20,459 17,387 Series ’A’ 14,575 13,334 902 Toyo Suisan Kaisha Ltd. 12,762 17,260 1,153 Orkla ASA, Series ’A’ 33,470 51,944 3,610 Toyobo Co. Ltd. 8,970 10,296 342 Petroleum Geo-Services ASA 28,461 10,091 365 Toyoda Gosei Co. Ltd. 8,711 7,182 292 Schibsted AS 8,716 9,825 1,178 Toyota Industries Corp. 30,201 39,253 215 Smedvig ASA, Class ’A’ 3,725 5,311 17,100 Toyota Motor Corp. 894,521 748,080 3,303 Statoil ASA 39,354 82,325 451 Trend Micro Inc. 19,387 19,619 1,426 Storebrand ASA, Series ’A’ 15,465 16,287 4,512 UBE Industries Ltd. 13,661 11,203 810 Tandberg ASA 8,546 10,555 22 UFJ Holdings Inc. 99,205 139,527 4,776 Telenor ASA 35,180 46,491 270 Uni-Charm Corp. 22,720 13,296 1,077 Tomra Systems ASA 19,676 5,397 902 Uny Co. Ltd. 13,503 12,528 1,253 Yara International ASA 14,044 24,243 902 Ushio Inc. 16,484 19,621 134 USS Co. Ltd. 10,067 10,453 Norway (0.65%) 328,044 436,445 902 Wacoal Corp. 10,908 13,957 10 West Japan Railway Co. 60,827 41,926 10,810 Banco Commercial 175 World Co. Ltd. 16,513 7,489 Portugues SA 68,707 33,917 22 Yahoo Japan Corp. 61,217 56,287 633 Banco Espirito Santo SA, 902 Yakult Honsha Co. Ltd. 13,995 19,899 Registered 15,952 12,093 451 Yamada Denki Co. Ltd. 17,142 31,749 2,063 BPI-SGPS SA, Registered 12,454 9,631 902 Yamaha Corp. 13,580 17,212 2,171 Brisa Auto Estradas de 902 Yamaha Motor Co. Ltd. 10,341 20,219 Portugal SA 16,153 20,897 2,707 Yamato Transport Co. Ltd. 90,883 45,887 1,216 CIMPOR-Cimentos de 902 Yamazaki Baking Co. Ltd. 12,892 9,514 Portugal, SGPS, SA 6,681 8,369 855 Yokogawa Electric Corp. 9,278 12,872 13,250 Energias de Portugal SA 67,525 40,785 950 Zeon Corp. 9,651 10,044 262 Jeronimo Martins SGPS, SA 9,142 4,607 4,919 Portugal Telecom SGPS SA, Japan (19.84%) 17,376,244 13,225,295 Registered 71,038 57,336 518 PT Multimedia-Servicos de 2,895 Arcelor 67,534 69,203 Telecomunicacoese 178 Oriflame Cosmetics SA 4,898 4,963 Multimedia, SGPS, SA 2,755 6,667 Luxembourg (0.11%) (note 10) 2 72,432 74,166 4,908 Sonae SGPS SA 11,823 8,282 9,434 ABN AMRO Holding NV 303,175 283,992 Portugal (0.30%) (note 10) 2 282,230 202,584 8,747 Aegon NV 423,522 138,013 2,707 Allgreen Properties Ltd. 2,210 2,275 1,640 Akzo Nobel NV 107,199 79,021 4,750 Ascendas, REIT 5,951 7,611 2,917 ASML Holding NV 145,965 56,050 6,003 Capitaland Ltd. 14,381 10,344 264 Corio NV 11,783 18,020 3,800 CapitaMall Trust 4,959 6,560 456 DSM NV 30,448 38,197 6,412 Chartered Semiconductor 589 Euronext NV 19,495 24,374 Manufacturing Ltd. 48,299 6,089 1,461 European Aeronautic Defence 2,707 City Developments Ltd. 17,263 14,698 and Space Co. 31,012 56,799 10,495 ComfortDelGro Corp. Ltd. 6,172 12,847 437 Getronics NV 8,435 6,289 361 Creative Technology Ltd. 16,521 2,891 3,276 Hagemeyer NV 29,294 9,479 1,805 Datacraft Asia Ltd. 3,119 2,435 1,478 Heineken NV 67,789 55,870 6,438 DBS Group Holdings Ltd. 97,387 66,657 11,144 ING Groep NV 488,637 383,799 1,462 Fraser & Neave Ltd. 9,342 16,615 2,814 James Hardie Industries NV 10,123 19,845 1,805 Guocoland Ltd. 3,401 1,950 9,373 Koninklijke Ahold NV 222,003 94,086 328 Haw Par Corp. Ltd. 874 1,224 12,024 Koninklijke KPN NV 267,273 123,219 902 Jardine Cycle & Carriage Ltd. 4,218 8,679 7,941 Koninklijke Philips 3,610 Keppel Corp. Ltd. 10,153 32,639 Electronics NV 390,072 245,085 2,707 Keppel Land Ltd. 3,401 4,904 497 OCE NV 16,073 8,959 2,850 Neptune Orient Lines Ltd. 6,291 7,807 1,999 Qiagen AG 65,442 28,323 1,386 Oversea-Chinese Banking 279 Randstad Holding NV 13,148 11,787 Corp. Ltd., Rights, 2005/07/06 — 6,489 4,240 Reed Elsevier NV 82,300 72,294 6,583 Overseas Chinese Banking 270 Rodamco Europe NV 19,693 27,096 Corp. Ltd. 63,392 55,324 12,571 Royal Dutch Petroleum Co. 1,050,258 1,001,353 3,515 Parkway Holdings 4,671 4,786 903 Royal Numico NV 33,008 44,178 5,597 SembCorp Industries Ltd. 8,277 10,820 189 SBM Offshore NV 13,658 15,856 1,474 SembCorp Logistics Ltd. 2,976 1,836 3,548 STMicroelectronics NV 276,540 69,285 3,610 Sembcorp Marine Ltd. 3,523 6,875 2,281 TNT NV 78,911 70,696 3,610 Singapore Airlines Ltd. 49,057 29,303 3,448 Unilever NV 295,901 273,620 902 Singapore Computer 1,002 Vedior NV 21,534 17,284 Systems Ltd. 2,927 517 1,449 VNU NV 69,791 49,419 4,607 Singapore Exchange Ltd. 5,361 7,044 125 Wereldhave NV 10,891 16,321 950 Singapore Land Ltd. 3,316 3,885 1,706 Wolters Kluwer CVA 74,755 39,899 8,122 Singapore Post Ltd. 4,293 5,865 Netherlands (5.06%) (note 10) 2 4,678,128 3,378,508 9,221 Singapore Press Holdings Ltd. 54,452 28,731 8,075 Singapore Technologies 5,893 Auckland International Engineering Ltd. 14,714 14,163 Airport Ltd. 2,773 11,982 40,337 Singapore 3,923 Carter Holt Harvey Ltd. 7,124 7,591 Telecommunications Ltd. 87,961 80,926 1,739 Contact Energy Ltd. 9,580 11,386 3,800 SMRT Corp. Ltd. 2,437 3,246 1,501 Fisher & Paykel Appliances 5,605 ST Assembly Test Holdings Ltd. 1,144 4,276 Services Ltd. 6,538 4,896 2,503 Fisher & Paykel Healthcare 7,421 United Overseas Bank Ltd. 69,538 76,374 Corp. Ltd. 2,394 6,937 2,547 United Overseas Land Ltd. 3,698 4,209 2,636 Fletcher Building Ltd. 5,585 15,468 1,805 Venture Corp. Ltd. 19,608 20,888 723 Independent 2,213 Wing Tai Holdings Ltd. 1,861 1,594 Newspapers Ltd. 3,045 3,993 2,512 Sky City Entertainment Singapore (0.86%) 662,542 573,996 Group Ltd. 5,587 9,554 1,552 Abertis Infraestructuras SA 22,572 48,350 647 Sky Network Television Ltd. 5,844 3,829 172 Acciona SA 11,737 20,877 11,688 Telecom Corp. of New 1,111 Acerinox SA 13,416 18,500 Zealand Ltd. 60,328 59,888 1,596 ACS Actividades de 322 Tenon Ltd. 3,991 1,094 Construccion y Servicios SA 18,072 54,628 1,506 Tower Ltd. 2,326 2,750 565 Altadis SA 15,123 28,934 829 Warehouse Group Ltd. 2,593 2,822 1,058 Altadis SA, Registered, Series ’A’ 23,879 54,236

76 CIBC International Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 1,957 Amadeus Global Travel 87,189 Telefonaktiebolaget LM Distribution SA, Series ’A’ 17,099 20,950 Ericsson, Series ’B’ 628,324 340,837 448 Antena 3 de Television SA 4,780 10,971 11,284 Telia AB 104,247 65,805 19,437 Banco Bilbao Vizcaya 486 Trelleborg AB, Series ’B’ 6,749 8,808 Argentaria SA 394,309 365,932 1,370 Volvo AB, Class ’B’ 45,375 68,130 4,800 Banco Popular Espanol SA 67,203 70,972 585 Volvo AB, Series ’A’ 19,209 28,183 35,834 Banco Santander Central 98 Wihlborgs Fastigheter AB 2,358 2,920 Hispano SA, Registered 531,709 508,325 1,883 WM-Data AB, Series ’B’ 12,471 5,782 1,185 Cintra Concesiones de Infraestructuras Sweden (2.29%) (note 10) 5 1,771,882 1,528,389 de Transporte SA 16,091 17,010 11,242 ABB Ltd., Registered 172,912 89,140 648 Corporacion Mapfre SA 8,283 11,856 790 Adecco SA, Registered 70,170 43,912 5,749 Endesa SA, Registered 168,038 163,741 413 Ciba Specialty Chemicals AG 41,135 29,423 275 Fomento de Construcciones y 1,388 Clariant AG, Registered 38,902 22,528 Contratas SA 8,887 18,948 3,149 Compagnie Financiere 660 Gamesa Corporacion Richemont AG, Units ’A’ 106,202 129,364 Tecnologica SA 11,137 10,935 6,860 Credit Suisse Group 417,752 329,446 945 Gas Natural SDG SA 24,812 34,068 20 Geberit International AG, 380 Grupo Ferrovial SA 14,889 29,960 Registered 9,107 15,671 4,623 Iberdrola SA 91,327 149,170 43 Givaudan SA, Registered 18,748 30,600 2,809 Iberia Lineas Aereas de 970 Holcim AG, Registered 59,307 72,186 Espana SA 6,640 9,834 197 Kudelski SA, Bearer 32,357 8,800 758 Indra Sistemas SA 12,177 18,348 17 Kuoni Reisen Holding AG, 1,316 Industria de Diseno Textil SA 39,932 41,434 Registered, Series ’B’ 18,970 8,449 230 Metrovacesa SA 12,398 16,588 514 Logitech International SA, 230 Metrovacesa SA, Rights, Registered 12,069 20,218 2005/07/05 — 1,528 228 Lonza Group AG, Registered 19,497 15,431 468 NH Hoteles SA 8,161 7,857 191 Micronas Semiconductor 461 Promotora de Informaciones Holding AG, Registered 11,297 8,825 SA (Prisa) 7,229 10,928 2,434 Nestle ´ SA, Registered, 5,525 Repsol YPF SA 149,654 171,805 Series ’B’ 706,278 761,814 602 Sacyr Vallehermoso SA 7,413 17,364 138 Nobel Biocare Holding AG 31,193 34,243 602 Sacyr Vallehermoso SA, 14,367 Novartis AG, Registered 818,139 835,693 Rights, 2005/07/12 235 545 256 Phonak Holding AG, 351 Sociedad General de Aguas Registered 10,306 11,744 de Barcelona SA 7,667 9,261 26 Rieter Holding AG 9,179 8,813 238 Sogeable SA, Rights, 4,238 Roche Holding AG 2005/06/07 — 113 Genusscheine 610,789 655,152 228 Sogecable SA 12,475 9,903 31 Schindler Holding AG 6,327 13,692 999 Telefonica Publicidad e 38 Serono SA, Series ’B’ 45,187 29,801 Informacion SA 7,088 10,668 25 Societe Generale de 27,988 Telefonica SA 626,516 559,458 Surveillance Holdings SA, 1,287 Union Fenosa SA 32,728 47,988 Registered 10,875 20,990 908 Zeltia SA 20,777 7,522 46 Straumann AG 11,834 11,730 Spain (3.87%) (note 10) 2 2,414,453 2,579,507 21 Sulzer AG, Registered 20,360 10,595 372 Swatch Group AG, Registered 11,409 12,997 468 Alfa Laval AB 6,674 8,279 202 Swatch Group Ltd. (The) 28,072 34,660 1,778 Assa Abloy AB, Series ’B’ 47,372 27,949 1,943 Swiss Reinsurance, 2,026 Atlas Copco AB, Series ’A’ 21,712 39,202 Registered 282,662 146,380 1,262 Atlas Copco AB, Series ’B’ 12,920 22,164 159 Swisscom AG 75,071 63,484 167 Axfood AB 3,914 5,127 645 Syngenta AG 28,564 80,853 321 Billerud 5,252 4,706 277 Synthes Inc. 27,985 37,192 159 Bostads AB Drott, 6,450 UBS AG, Registered 441,870 616,035 TIA Compulsory 73 Unaxis Holding AG, Acquisition Shares 3,990 3,741 Registered 23,387 12,261 456 Capio AB 6,611 8,217 21 Valora Holding AG 6,975 5,823 246 Castellum AB 6,259 12,264 869 Zurich Financial Services AG 332,636 182,615 342 D. Carnegie & Co. AB 5,763 4,951 1,716 Electrolux AB, Series ’B’ 41,001 44,658 Switzerland (6.61%) (note 10) 1 4,567,523 4,410,560 171 Elekta AB, Class ’B’ 6,174 8,683 3,702 3i Group PLC 103,094 54,928 953 Eniro AB 12,039 13,263 6,711 Aegis Group PLC 14,513 14,602 497 Fabege AB 10,568 13,254 1,535 Aggreko PLC 11,025 6,208 1,058 Gambro AB, Series ’A’ 12,048 17,307 1,503 Alliance Unichem PLC 16,872 27,978 568 Gambro AB, Series ’B’ 6,465 9,294 1,852 Amec PLC 12,994 13,378 966 Getinge AB, Series ’B’ 9,672 16,104 4,401 Amvescap PLC 96,717 32,032 2,864 Hennes & Mauritz AB, 8,562 Anglo American PLC 250,363 245,333 Series ’B’ 86,726 123,091 6,175 ARM Holdings PLC 97,634 15,274 164 Hoganas AB, Class ’B’ 4,579 5,379 1,170 Arriva PLC 14,294 13,968 294 Holmen AB, Series ’B’ 11,163 9,711 1,925 Associated British Ports 986 Lundin Petroleum AB 7,338 10,364 Holdings PLC 18,396 20,767 336 Modern Times Group AB, 10,046 AstraZeneca PLC 639,952 507,492 Series ’B’ 13,684 12,576 13,646 Aviva PLC 299,394 185,663 9,238 Nordea AB 86,209 102,560 6,462 BAA PLC 85,114 87,730 431 OMHEX AB 19,171 6,004 18,464 BAE Systems PLC 153,657 115,917 1,351 Sandvik AB 46,609 61,377 2,465 Balfour Beatty PLC 6,794 17,842 1,409 Sandvik AB, Rights, 38,941 Barclays PLC 409,566 472,963 2005/06/07 — 1,012 1,445 Barratt Developments PLC 9,848 22,699 446 SAS AB 5,024 4,694 2,713 BBA Group PLC 26,172 18,374 572 Scania AB, Series ’B’ 27,993 25,789 671 Bellway PLC 13,171 12,691 1,784 Securitas AB, Series ’B’ 47,438 36,378 653 Berkeley Group 6,175 Skandia Forsakrings AB 118,818 41,529 Holdings PLC, Units 9,799 13,072 2,846 Skandinaviska Enskilda 21,318 BG Group PLC 167,277 214,456 Banken, Series ’A’ 48,863 57,863 14,892 BHP Billiton PLC 112,651 232,612 2,223 Skanska AB, Series ’B’ 29,797 33,562 3,008 BOC Group PLC 69,936 66,134 2,257 SKF AB, Series ’B’ Shares 16,005 28,139 4,588 Boots Group PLC 68,722 61,220 372 SSAB Svenskt Stal AB, 131,013 BP PLC 1,634,429 1,669,485 Series ’A’ 7,032 10,475 2,997 BPB PLC 22,885 34,728 127 SSAB Svenskt Stal AB, 4,367 Brambles Industries PLC 34,056 29,212 Series ’B’ 1,839 3,421 3,267 British Airways PLC 30,309 18,783 1,174 Svenska Cellulosa, Series ’B’ 38,295 45,957 9,755 British American Tobacco PLC 100,098 230,205 3,136 Svenska Handelsbanken, 3,125 British Land Co. PLC 37,798 59,990 Series ’A’ 64,846 78,260 7,600 British Sky Broadcasting 2,014 Swedish Match AB 10,705 27,990 Group PLC 170,494 87,599 629 Tele2 AB, Redemption ’B’ 51,615 BT Group PLC 812,741 260,456 Shares 1,866 982 2,217 Bunzl PLC 23,780 25,207 1,887 Tele2 AB, Series ’B’ Shares 40,715 21,648 14,412 Cable & Wireless PLC 90,115 46,996 77 CIBC International Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 12,487 Cadbury Schweppes PLC 121,481 145,607 3,694 MyTravel Group PLC, 3,993 Capita Group PLC 40,904 32,170 Class ’A’ 26,107 469 1,026 Carnival PLC 23,579 71,281 837 National Express Group PLC 16,220 16,680 1,979 Cattles PLC 14,866 13,356 18,634 National Grid Transco PLC 191,242 220,678 23,078 Centrica PLC 100,398 117,098 1,592 Next PLC 34,079 52,574 740 Close Brothers Group PLC 12,425 11,933 2,782 Novar PLC 11,188 11,299 669 Cobham PLC 18,198 20,760 4,841 Pearson PLC 172,091 69,677 12,999 Compass Group PLC 149,162 66,698 4,450 Peninsular and Oriental 1,142 Cookson Group PLC 9,720 7,625 Steam Navigation Co. (The) 62,924 30,924 24,082 Corus Group PLC 24,105 22,029 1,648 Persimmon PLC 18,297 28,194 1,821 Daily Mail and General Trust, 6,210 Pilkington PLC 14,534 16,286 Class ’A’ 28,709 26,219 2,189 Premier Farnell PLC 9,010 7,761 1,222 Davis Service 1,539 Provident Financial PLC 30,292 24,239 Group PLC (The) 10,539 12,158 14,239 Prudential PLC 288,154 154,605 1,105 De La Rue PLC 8,173 9,828 1,508 Punch Taverns PLC 24,256 24,208 18,427 Diageo PLC 263,600 332,157 3,608 Rank Group PLC 21,741 21,236 11,644 Dixons Group PLC 77,073 39,995 3,574 Reckitt Benckiser PLC 87,811 128,641 2,901 Eircom Group PLC 8,588 7,909 7,676 Reed Elsevier PLC 102,497 89,834 2,625 Electrocomponents PLC 35,347 13,811 10,922 Rentokil Initial PLC 61,643 38,305 1,550 Emap PLC 31,303 26,407 8,647 Reuters Group PLC 189,700 74,716 4,764 EMI Group PLC 60,192 26,481 3,317 Rexam PLC 23,012 34,982 2,108 Enterprise Inns PLC 20,489 38,523 6,441 Rio Tinto PLC, Registered 153,872 240,324 1,799 Exel PLC 42,456 33,435 9,384 Rolls-Royce Group PLC 37,799 58,991 2,406 FirstGroup PLC 14,950 17,356 493,900 Rolls-Royce Group PLC, 3,509 FKI PLC 17,067 7,472 Series ’B’ 1,167 1,062 12,000 Friends Provident PLC 35,544 47,800 17,433 Royal & Sun Alliance 4,429 GKN PLC 79,869 25,015 Insurance Group PLC 71,035 31,960 35,540 GlaxoSmithKline PLC 1,482,095 1,052,264 18,931 Royal Bank of Scotland PLC 543,184 698,418 735 Great Portland Estates PLC 5,224 5,631 4,433 RT Group PLC 63,879 — 425 Greencore Group PLC 1,879 2,267 4,828 SABMiller PLC 53,866 92,168 6,863 Group 4 Securicor PLC 21,754 22,078 7,723 Sage Group PLC (The) 109,952 37,824 6,105 GUS PLC 82,964 117,693 8,210 Sainsbury (J) 69,755 51,279 1,669 Hammerson PLC 17,813 32,522 773 Schroders PLC 20,577 12,811 4,446 Hanson PLC 42,865 52,251 4,860 Scottish & Newcastle PLC 65,208 49,325 10,473 Hays PLC 100,903 29,671 5,174 Scottish and Southern 23,483 HBOS PLC 443,042 442,390 Energy PLC 76,311 114,727 9,547 Hilton Group PLC 56,160 59,804 11,220 Scottish Power PLC 126,628 121,988 2,319 HMV Group PLC 14,056 12,000 2,642 Serco Group PLC 17,646 14,750 66,858 HSBC Holdings PLC 1,168,677 1,302,770 2,086 Severn Trent PLC 34,636 46,464 2,919 ICAP PLC 18,630 18,984 58,094 Shell Transport & Trading Co. 2,131 IMI PLC 14,614 19,453 PLC, Registered 645,593 689,243 7,187 Imperial Chemical 10,454 Signet Group PLC 24,168 24,897 Industries PLC 70,495 40,058 2,527 Slough Estates PLC 21,651 28,811 4,399 Imperial Tobacco Group PLC 97,265 144,849 5,643 Smith & Nephew PLC 33,818 67,977 455 Inchcape PLC 20,374 20,494 3,385 Smiths Group PLC 66,368 68,062 2,197 Independent News & 1,017 SSL International PLC 14,854 6,302 Media PLC 11,789 8,267 4,803 Stagecoach Group PLC 18,486 12,429 2,791 InterContinental Hotels 2,476 Tate & Lyle PLC 20,093 25,871 Group PLC 35,766 43,066 3,524 Taylor Woodrow PLC 14,980 26,045 8,885 International Power PLC 76,514 40,092 46,689 Tesco PLC 225,162 325,919 932 Intertek Testing Services PLC 15,422 14,329 4,821 Tomkins PLC 27,159 27,592 34,316 Invensys PLC 105,193 7,875 1,775 Trinity Mirror PLC 27,009 24,018 25,865 ITV PLC 260,600 68,147 16,688 Unilever PLC 197,387 196,720 1,331 Johnson Matthey PLC 23,391 31,092 1,668 United Business Media PLC 19,462 18,106 2,266 Kelda Group PLC 20,108 34,697 3,363 United Utilities PLC 54,125 48,602 66 Kerry Group PLC, Class ’A’ 1,259 2,019 1,865 United Utilities PLC, Class ’A’ 13,130 13,469 3,194 Kesa Electricals PLC 13,633 19,537 399,101 Vodafone Group PLC 2,018,280 1,188,917 14,094 Kingfisher PLC 125,519 75,765 1,538 Whitbread PLC 23,925 32,040 2,814 Land Securities Group PLC 57,879 85,619 2,446 William Hill PLC 17,716 28,857 39,250 Legal & General Group PLC 142,970 98,726 2,351 Wimpey (George) PLC 7,477 22,603 1,455 Liberty International PLC 20,965 30,886 3,530 Wolseley PLC 35,055 90,671 33,763 Lloyds TSB Group PLC 562,362 349,373 6,812 WPP Group PLC 130,007 85,496 4,527 LogicaCMG PLC 185,508 17,243 4,211 Yell Group PLC 30,480 39,231 1,536 London Stock Exchange PLC 21,123 16,551 1,685 Man Group PLC 41,790 53,343 United Kingdom (24.49%) (note 10) 3 19,109,765 16,341,232 1,206 Marconi Corp. PLC 115,337 8,004 Total of International Equities (95.64%) 74,128,541 63,805,545 9,927 Marks & Spencer Group PLC 77,822 78,343 2,580 Meggitt PLC 16,144 15,986 Total of Investments before Short-Term 3,751 MFI Furniture Group PLC 15,177 9,095 Investments (96.00%) 74,242,920 64,044,791 3,164 Misys PLC 49,630 16,455 3,151 Mitchells & Butlers PLC 24,959 23,149

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 1,875,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 1,875,000 1,875,128 2,317 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 3,333 2,840 Total of Short-Term Investments (2.81%) 1,878,333 1,877,968 Total of Investments (98.81%) 76,121,253 65,922,759 Margin (0.87%) 580,708 Unrealized Gain on Futures Contracts (0.05%) 31,258 Unrealized Gain on Forward Foreign Currency Contracts (0.02%) 13,988 Other Assets, less Liabilities (0.25%) 164,605 Total of Net Assets (100.00%) 66,713,318 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

78 CIBC International Index Fund (Cont’d***)

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 6,261,407 Amsterdam Exchanges Index Future, 6,271,520 10,113 (111,942) Hong Kong Hang Seng Index Future, (111,933) 9 Expiry July 2005; Expiry July 2005; 55 contract at EUR 383.88 per contract (1) contracts at HKD 14,209.00 per 890,978 British FTSE 100 Index Future, 899,496 8,518 contract Expiry September 2005; (96,249) Italian Idem Mini FIB Index Future, (96,160) 89 8 contracts at GBP 5,073.00 per contract Expiry July 2005; 6,716 Danish KFX Copenhagen Share Index 6,852 136 (1) contracts at EUR 32,455.00 per Future, contract Expiry July 2005; (316,385) Japanese NIKKEI 300 Index Future, (321,005) (4,620) 1 contracts at DKK 337.50 per contract Expiry September 2005; 1,316,552 Dow Jones Euro Stoxx 50 Index Future, 1,327,762 11,210 (13) contracts at JPY 220.18 per contract Expiry September 2005; 900,998 Japanese TOPIX Index Future; Expiry 2005; 908,735 7,737 28 contracts at EUR 3,171.00 per contract Expiry September 2005; (186,811) French Matif CAC 40 Index Future, (188,413) (1,602) 7 contracts at JPY 1,164.50 per contract Expiry July 2005; 16,908 Norway OBX Stock Index Future, 17,896 988 (3) contracts at EUR 4,199.50 per contract Expiry July 2005; (12,745) FTSE/Athens Derivatives Exchange 20 Index (12,696) 49 1 contract at NOK 902.50 per contract Future, (12,784) Swedish OMX Index Future; (12,901) (117) Expiry July 2005; Expiry July 2005; (1) contract at EUR 1,719.00 per contract (1) contracts at SEK 815.10 per contract (170,319) German Eurex Deutschland DAX Index (171,356) (1,037) Future, 8,455,952 Total Equity Index Futures 8,487,210 31,258 Expiry September 2005; As at June 30, 2005, $580,708 cash was deposited as margin for the futures contracts. (1) contract at EUR 4,594.50 per contract (30,372) German Eurex Deutschland FOX Index (30,587) (215) Future, Expiry September 2005; (1) contract at EUR 2,048.30 per contract

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/07/29 CAD 296,840 CHF 307,962 1 1.037 1.044 1,965 State Street Trust Co. Canada A1+ 2005/07/29 CAD 977,782 EUR 657,293 2 0.672 0.674 2,804 State Street Trust Co. Canada A1+ 2005/07/29 CAD 508,273 GBP 227,665 3 0.448 0.456 9,348 State Street Trust Co. Canada A1+ 2005/07/29 CAD 22,176 HKD 140,043 4 6.315 6.351 126 State Street Trust Co. Canada A1+ 2005/07/29 CAD 280 SEK 1,772 5 6.329 6.374 2 State Street Trust Co. Canada A1+ 2005/07/29 AUD 25,954 CAD 24,377 0.939 0.931 (207) State Street Trust Co. Canada A1+ 2005/07/29 JPY 328,045 CAD 3,684 0.011 0.011 (50) 13,988 *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC International Index RRSP Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 14,100,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 14,004,825 14,087,374 23,600,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 23,446,364 23,491,828 2,000,000 Province of Newfoundland Treasury Bill, 2.470%, 2005/09/08 1,987,760 1,990,719 5,000,000 Province of Ontario Treasury Bill, 2.490%, 2005/08/11 4,969,150 4,986,101 15,000,000 Province of Quebec Treasury Bill, 2.465%, 2005/08/19 14,914,430 14,950,638 16,000,000 Province of Quebec Treasury Bill, 2.462%, 2005/09/02 15,908,800 15,932,405 10,000,000 Province of Quebec Treasury Bill, 2.459%, 2005/09/23 9,938,400 9,943,757 9,000,000 ATB Financial Discount Note, 2.462%, 2005/09/14 8,948,700 8,954,735 15,000,000 ATB Financial Discount Note, 2.462%, 2005/09/16 14,911,500 14,922,563 15,000,000 ATB Financial Discount Note, 2.460%, 2005/09/21 14,909,550 14,917,590 2,000,000 Care Trust Series ’D’ Discount Note, 2.592%, 2005/09/12 1,987,440 1,989,698 3,000,000 Corporate Receivables Trust Discount Note, 2.580%, 2005/09/02 2,980,410 2,986,730 10,000,000 Darwin Receivables Trust Senior Discount Note, 2.580%, 2005/09/02 9,934,700 9,955,765 15,000,000 Prime Trust Senior Discount Note, 2.592%, 2005/08/30 14,899,500 14,936,526 5,000,000 Prime Trust Senior Discount Note, 2.568%, 2005/09/12 4,966,800 4,974,488 4,000,000 Ridge Trust Series ’A’ Discount Note, 2.599%, 2005/08/29 3,973,400 3,983,304 8,600,000 Ridge Trust Series ’A’ Discount Note, 2.592%, 2005/09/15 8,544,186 8,553,893 17,000,000 Stars Trust Series ’A’ Discount Note, 2.571% 2005/07/29 16,891,710 16,966,680 1,500,000 Summit Trust Series ’A’ Discount Note, 2.599%, 2005/08/29 1,490,025 1,493,739 9,000,000 Zeus Receivables Trust Senior Discount Note, 2.592%, 2005/08/26 8,941,590 8,964,446 650,000 Canadian Imperial Bank of Commerce Term Deposit, 2.550%, 2005/07/04 650,000 650,045 79 CIBC International Index RRSP Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) 7,000,000 National Bank of Canada Bearer Deposit Note, 2.572%, 2005/09/09 6,954,430 6,965,700 10,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 2.600%, 2005/09/14 9,934,900 9,946,929 Total of Short-Term Investments (102.16%) 216,088,570 216,545,653 Total of Investments (102.16%) 216,088,570 216,545,653 Unrealized Gain on Futures Contracts (1.33%) 2,822,544 Unrealized Loss on Forward Foreign Currency Contracts (–3.22%) (6,828,359) Other Assets, less Liabilities (–0.27%) (568,848) Total of Net Assets (100.00%) 211,970,990 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 10,316,746 Amsterdam Exchanges Index Future, 10,490,543 173,797 8,918,103 Italian S&P/MIB Index Future, 8,871,743 (46,360) Expiry July 2005; Expiry September 2005; 92 contracts at EUR 378.13 per contract. 37 contracts at EUR 32,510.00 per 11,861,436 Australian SPI 200 Index Future, 11,967,867 106,431 contract. Expiry September 2005; (48,065) Italian S&P/MIB Mini Index Future, (47,955) 110 120 contracts at AUD 4,235.00 per Expiry September 2005; contract. (1) contracts at EUR 32,415.00 per 912,369 Austrian Traded Index Future, 952,124 39,755 contract. Expiry September 2005; 96,030 Japanese Nikkei 300 Index Future, 98,771 2,741 21 contracts at EUR 2,930.00 per Expiry September 2005; contract. 4 contracts at JPY 217.20 per contract. 2,990,260 Belgium 20 Index Future, 3,002,115 11,855 44,218,139 Japanese TOPIX Index Future, 45,436,749 1,218,610 Expiry July 2005; Expiry September 2005; 65 contracts at EUR 3,102.50 per 350 contracts at JPY 1,143.00 per contract. contract. 54,140,449 British FTSE 100 Index Future, 54,869,276 728,827 1,489,019 Norway OBX Stock Index Future; 1,574,828 85,810 Expiry September 2005; Expiry July 2005; 488 contracts at GBP 5,053.47 per 88 contracts at NOK 903.20 per contract. contract. 647,772 Portuguese PSI-20 Index Future, 648,030 258 1,611,523 Danish KFX Copenhagen Share Index Future, 1,644,571 33,048 Expiry September 2005; Expiry July 2005; 58 contracts at EUR 7,532.00 per 240 contracts at DKK 337.45 per contract. contract. 2,060,115 Singapore MSCI Index Future, 2,064,964 4,849 20,283,648 French Matif CAC 40 Index Future, 20,411,355 127,707 Expiry July 2005; Expiry July 2005; 54 contracts at SGD 262.78 per contract. 325 contracts at EUR 4,209.00 per 8,469,777 Spanish IBEX 35 Index Future, 8,668,621 198,844 contract. Expiry July 2005; 14,709,565 German Eurex Deutschland DAX Index Future, 14,736,663 27,098 60 contracts at EUR 9,520.00 per Expiry September 2005; contract. 86 contracts at EUR 4,514.00 per 5,015,454 Swedish OMX Index Future, 5,108,620 93,166 contract. Expiry July 2005; 3,336,383 German Eurex Deutschland FOX Index Future, 3,364,601 28,218 396 contracts at SEK 807.50 per Expiry September 2005; contract. 110 contracts at EUR 2,045.50 per 14,477,706 Swiss SMI Soffex Index Future, 14,464,935 (12,772) contract. Expiry September 2005; 3,917,145 Hong Kong Hang Seng Index Future, 3,917,696 551 242 contracts at CHF 6,257.52 per Expiry July 2005; contract. 35 contracts at HKD 14,206.00 per contract. 209,401,186 Total Equity Index Futures 212,223,730 2,822,544 (22,388) Hong Kong Mini Hang Seng Index Future, (22,387) 1 Expiry July 2005; (1) contract at EUR 14,209.00 per contract.

Forward Foreign Currency Contracts

Credit Rating Settlement Currency Currency Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/09/09 AUD 10,520,404 CAD 9,768,300 0.929 0.928 (4,638) State Street Trust Co. Canada A1+ 2005/09/09 AUD 1,248,993 CAD 1,194,000 0.956 0.928 (34,848) State Street Trust Co. Canada A1+ 2005/09/09 CHF 15,252,376 CAD 15,262,999 1.001 0.960 (625,920) State Street Trust Co. Canada A1+ 2005/09/09 DKK 9,120,711 CAD 1,874,727 0.206 0.199 (58,160) State Street Trust Co. Canada A1+ 2005/09/09 EUR 45,547,754 CAD 69,694,623 1.530 1.484 (2,089,682) State Street Trust Co. Canada A1+ 2005/09/09 GBP 24,062,956 CAD 54,091,215 2.248 2.187 (1,474,663) State Street Trust Co. Canada A1+ 2005/09/09 HKD 28,706,551 CAD 4,586,207 0.160 0.157 (69,765) State Street Trust Co. Canada A1+ 2005/09/09 JPY 4,256,805,048 CAD 49,367,704 0.012 0.011 (2,070,914) State Street Trust Co. Canada A1+ 2005/09/09 NOK 5,835,887 CAD 1,128,295 0.193 0.188 (33,867) State Street Trust Co. Canada A1+ 2005/09/09 SEK 30,097,162 CAD 5,043,441 0.168 0.157 (312,850) State Street Trust Co. Canada A1+ 2005/09/09 SGD 2,760,819 CAD 2,059,464 0.746 0.727 (53,052) (6,828,359) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating.

80 CIBC European Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) International Equities 778 Accor SA 52,444 44,575 497 Air France-KLM 11,273 9,227 35 Boehler-Uddeholm AG 3,632 5,664 5,008 Alcatel SA, Series ’A’ 315,936 66,913 494 Erste Bank der Oesterreichischen 17,853 Alstom SA 36,319 21,676 Sparkassen AG 11,452 30,248 179 Atos Origin SA 16,774 13,871 48 Flughafen Wien AG 2,585 3,817 284 Autoroutes du Sud de la France 11,434 19,886 981 Immofinanz Immobilien Anlagen AG 10,308 11,008 5,816 Axa SA 281,713 177,427 17 Mayr-Melnhof Karton AG 1,228 2,881 132 BIC SA 11,203 9,643 25 Oesterreichische El Wirtsch, Class ’A’ 5,934 8,446 3,266 BNP Paribas SA 189,979 273,325 56 OMV AG 8,628 29,855 819 Bouygues SA 45,700 41,485 85 RHI AG 2,969 2,833 273 Business Objects SA, Registered 12,185 8,849 1,128 Telekom Austria AG 15,342 26,852 515 Cap Gemini 137,635 19,966 50 VA Technologie AG 4,272 4,819 2,351 Carrefour SA 228,656 139,317 98 voestalpine AG 5,038 8,409 142 CNP Assurances 8,522 11,105 259 Wienerberger AG 11,988 14,725 1,274 Compagnie de Saint-Gobain 73,238 86,346 Austria (0.48%) 83,376 149,557 588 Compagnie Generale des Etablissements Michelin, Registered, 413 Agfa Gevaert NV 14,289 13,993 Series ’B’ 35,980 43,750 56 Barco NV 17,470 4,890 2,720 Credit Agricole SA 82,256 84,204 59 Bekaert SA 4,220 5,428 232 Dassault Systemes SA 20,581 13,741 667 Belgacom SA 35,496 27,854 403 Essilor International SA 23,849 33,678 24 Cofinimmo 4,059 4,609 134 Etablissements Economiques du 73 Colruyt NV 8,086 12,194 Casino Guichard Perrachon SA 18,189 11,508 72 Compagnie Maritime Belge SA 1,158 2,739 993 European Aeronautic Defence and 285 Delhaize Group 29,855 20,916 Space Co. 21,092 38,605 2,563 Dexia 57,790 69,049 6,072 France Telecom SA 401,750 216,520 14 D’Ieteren SA 7,472 3,545 106 Gecina 8,660 14,107 113 Electrabel SA 49,893 60,446 989 Groupe Danone (The) 95,272 106,175 87 Euronav SA 3,750 3,123 38 Hermes International 7,772 9,384 4,792 Fortis 193,774 162,508 131 Imerys SA 5,699 11,051 284 Groupe Bruxelles Lambert SA 19,095 30,084 95 Klepierre 6,727 11,084 116 HeidelbergCement AG, VVPR Strips — 2 701 Lafarge SA 89,782 78,073 708 InBev NV 34,156 29,313 517 Lagardere SCA, Registered 43,718 46,795 446 KBC Bankverzekeringsholding NPV 39,655 43,107 448 L’Air Liquide SA 73,764 93,352 115 Mobistar SA 6,794 11,768 1,248 L’Oreal ´ SA 123,517 109,492 87 Omega Pharma SA 5,326 5,520 1,005 LVMH Moet ¨ Hennessy Louis Vuitton 261 Solvay SA 25,482 32,816 SA 87,217 94,803 360 UCB SA 24,768 21,426 217 Pernod-Ricard SA 18,531 42,445 98 Umicore 6,547 9,609 277 Pinault-Printemps Redoute SA 76,891 34,920 698 PSA Peugeot Citroen ¨ SA 36,940 50,436 Belgium (1.85%) 589,135 574,939 521 Publicis Groupe 29,384 18,779 753 Renault SA 50,208 81,038 4 A P Moller — Maersk A/S 29,482 46,620 414 Safran SA 13,918 10,479 83 A/S det Ostasiatiske Kompagni 2,336 7,178 4,237 Sanofi-Aventis SA 356,293 425,182 46 Bang & Olufsen AS, Series ’B’ 3,332 3,948 909 Schneider Electric SA 84,199 83,756 124 Carlsberg AS, Series ’B’ 5,826 7,784 1,368 Societe Generale 107,180 169,974 137 Coloplast AS, Class ’B’ 7,642 9,732 486 Societ ´ e ´ Tel ´ evision ´ Fran¸caise 1 20,066 15,787 209 Danisco AS 16,670 16,616 391 Sodexho Alliance SA 26,658 14,804 1,792 Danske Bank AS 38,484 65,947 2,451 Suez SA 120,053 81,178 86 De Sammensluttede Vognmaend 3,839 8,937 846 Suez SA 40,841 28,060 113 FLS Industries AS, Series ’B’ 2,560 2,801 891 Suez SA, VVR Strips — 13 901 GN Store Nord AS 6,917 12,463 316 Technip SA 13,015 17,964 287 H. Lundbeck AS 11,411 8,846 317 Thales SA 18,390 15,735 29 i-data International AS 3,436 — 978 Thomson (ex-TMM) 33,944 28,586 22 Kobenhavns Lufthavne AS 2,593 6,397 2,409 Total SA 419,651 690,700 71 NKT Holding AS 2,425 3,254 175 Unibail Holding 8,097 27,507 3,273 Nordea AB 31,139 36,209 303 Valeo SA 31,681 16,630 1,049 Novo Nordisk AS, Series ’B’ 46,332 65,322 1,080 Veolia Environnement 29,438 49,535 226 Novozymes A/S, Class ’B’ 11,224 13,701 600 Vinci SA 21,844 61,096 754 TDC A/S 61,545 39,553 4,179 Vivendi Universal SA 440,987 160,470 87 Topdanmark AS 2,196 7,763 154 Zodiac SA 4,050 10,124 682 Vestas Wind Systems AS 23,759 13,825 111 William Demant Holding 3,122 6,759 France (13.17%) 4,581,095 4,095,131 Denmark (1.23%) 316,270 383,655 188 Adidas-Salomon AG 26,491 38,505 129 Aixtron AG 4,870 574 342 Amer Sports OYJ 4,660 7,961 1,262 Allianz AG, Registered 450,223 176,808 155 Cargotec Corp., Class ’B’ 5,682 5,302 287 Altana AG 22,027 20,079 566 Elisa OYJ 7,212 10,835 2,142 BASF AG 139,161 173,716 1,395 Fortum OYJ 10,767 27,367 2,697 Bayer AG 167,069 109,953 62 KCI Konecranes OYJ 2,934 3,238 2,566 Bayerische Hypo- und Vereinbank AG 164,796 81,519 244 Kesko OYJ, Series ’B’ 4,270 7,503 69 Beiersdorf AG 7,418 9,456 155 Kone OYJ, Class ’B’ 4,333 11,377 131 Celesio AG 7,796 12,557 414 Metso OYJ 7,090 11,039 1,839 Commerzbank AG 39,186 48,870 19,129 Nokia OYJ 736,854 390,001 500 Continental AG 17,306 43,937 380 Nokian Renkaat Oyj 2,525 8,491 83 D.Logistics AG 6,611 212 264 Orion-Yhtyma OYJ, Series ’B’ 3,980 6,231 3,531 DaimlerChrysler AG, Registered 369,787 175,071 372 Outokumpu OYJ, Series ’A’ 6,399 5,868 2,008 Deutsche Bank AG, Registered 215,164 191,479 246 Pohjola Group PLC, Series ’D’ 6,829 4,374 436 Deutsche Boerse AG 29,655 41,532 342 Rautaruukki OYJ Group PLC, Series ’K’ 2,638 6,251 979 Deutsche Lufthansa AG 34,002 14,658 1,131 Sampo OYJ, Series ’A’ 18,877 21,581 1,825 Deutsche Post AG, Registered 41,014 51,989 254 Sampo OYJ, Series ’A’ 3,360 4,795 11,191 Deutsche Telekom AG, Registered 660,358 252,639 228 Stonesoft OYJ 5,295 212 148 Douglas Holding AG 9,653 6,578 2,565 Stora Enso OYJ, Series ’R’ 53,904 40,003 2,554 E.ON AG 202,366 277,809 340 TietoEnator OYJ 20,219 12,644 77 EM.TV AG 42,702 660 2,147 UPM-Kymmene Corp., OYJ 39,912 50,351 201 Epcos AG 24,550 3,034 245 Uponor OYJ 3,455 5,836 144 Fresenius Medical Care AG 16,970 15,028 261 Wartsila OYJ, Series ’B’ 4,869 9,222 107 Fresenius Medical Care AG, Finland (2.09%) 956,064 650,482 Non-Voting, Preferred 6,813 9,065 248 Heidelberg (Portland-Zementwerk) AG 18,282 21,686

81 CIBC European Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 244 Henkel KGaA, Preferred 26,288 26,686 709 Gruppo Editoriale L’Espresso SPA 10,032 4,735 535 Hypo Real Estate Holding AG 31,759 24,826 290 Italcementi SPA 4,182 5,542 2,606 Infineon Technologies AG 61,970 29,686 560 Luxottica Group SPA 15,003 14,178 211 KarstadtQuelle AG 12,203 3,439 2,423 Mediaset SPA 36,431 34,918 342 Linde AG 26,736 28,208 1,916 Mediobanca SPA 30,777 43,878 434 MAN AG 18,564 22,021 1,117 Mediolanum SPA 13,526 8,523 205 Merck KGaA 11,759 20,169 2,187 Parmalat Finanziaria SPA 9,878 357 517 Metro AG 37,734 31,369 7,505 Pirelli & C., SPA 23,164 9,561 86 Metro AG, Preferred, Series 1 2,730 6,581 1,238 RAS SPA 19,023 29,481 279 MLP AG 23,541 6,393 4,235 San Paolo-IMI SPA 87,261 71,099 753 Munchener Rueckversicherungs- 16,644 Seat Pagine Gialle SPA 17,966 8,477 Gesellschaft AG, Registered 229,654 97,790 3,609 Snam Rete Gas SPA 15,741 23,635 32 Porsche AG, Preferred 21,029 29,368 489 Snia SPA 3,568 79 375 Prosieben Media AG, Preferred 16,143 7,993 7,104 Telecom Italia Media SPA 4,275 4,181 67 Puma AG Rudolf Dassler Sport 18,930 20,288 60,759 Telecom Italia SPA 313,890 232,168 1,216 Qiagen AG 37,144 17,229 23,773 Telecom Italia SPA, RNC 70,942 75,346 1,610 RWE AG, Class ’A’ 103,767 126,728 4,102 Terna SPA 14,505 13,011 162 RWE AG, Non-Voting, Preferred 7,511 11,305 803 Tiscali SPA 26,386 2,795 843 SAP AG 226,843 179,058 18,072 UniCredito Italiano SPA 123,599 116,747 676 Schering AG 40,197 51,012 3,289 Siemens AG, Registered 330,527 293,109 Italy (5.80%) 1,902,423 1,803,141 215 Suedzucker AG 5,008 5,294 1,969 Arcelor 45,860 47,067 1,266 Thyssen Krupp AG 37,456 26,818 121 Oriflame Cosmetics SA 3,330 3,374 513 TUI AG 28,828 15,534 920 Volkswagen AG 83,015 51,281 Luxembourg (0.16%) 49,190 50,441 432 Volkswagen AG, Preferred 28,058 18,440 6,413 ABN AMRO Holding NV 216,240 193,050 Germany (9.41%) 4,191,664 2,928,039 5,648 Aegon NV 258,435 89,116 1,116 Akzo Nobel NV 72,043 53,773 1,035 Alpha Bank AE 24,488 33,738 1,983 ASML Holding NV 90,674 38,103 43 Aluminum of Greece S.A.I.C. 1,843 917 180 Corio NV 8,034 12,287 682 Bank of Piraeus 10,556 15,515 310 DSM NV 20,699 25,967 322 Coca-Cola Hellenic Bottling Co. SA 5,628 10,699 400 Euronext NV 13,239 16,553 226 Commercial Bank of Greece 11,507 8,222 298 Getronics NV 5,736 4,287 479 Cosmote Mobile Communications SA 10,053 10,711 2,234 Hagemeyer NV 17,385 6,464 771 EFG Eurobank Ergasias 15,723 29,062 1,005 Heineken NV 47,495 37,990 61 Folli-Follie SA 1,830 2,188 123 SBM Offshore NV 8,378 10,319 94 Germanos SA 3,404 3,851 7,576 ING Groep NV 343,039 260,917 84 Hellenic Duty Free Shops SA 1,476 1,788 6,372 Koninklijke Ahold NV 155,174 63,962 445 Hellenic Petroleum SA 4,003 5,822 8,174 Koninklijke KPN NV 182,537 83,765 502 Hellenic Technodomiki SA 3,808 3,088 5,398 Koninklijke Philips Electronics NV 228,849 166,600 1,007 Hellenic Telecommunications 356 OCE NV 20,971 6,417 Organization SA (OTE) 21,114 23,902 190 Randstad Holding NV 8,954 8,027 172 Hyatt Regency Hotels and Tourism SA 2,387 2,300 2,848 Reed Elsevier NV 55,357 48,560 268 Intracom SA, Registered 5,685 1,663 184 Rodamco Europe NV 13,421 18,466 1,087 National Bank of Greece SA 32,038 45,135 8,546 Royal Dutch Petroleum Co. 673,253 680,739 658 OPAP SA 12,528 23,293 614 Royal Numico NV 22,442 30,039 433 Public Power Corp. 11,190 13,221 2,413 STMicroelectronics NV 171,681 47,121 326 Technical Olympic SA, Registered 2,278 2,399 1,551 TNT NV 54,236 48,071 239 Titan Cement Co. 5,978 9,013 2,345 Unilever NV 224,676 186,090 413 Viohalco Hellenic Copper and 682 Vedior NV 15,439 11,764 Aluminum Industry SA 5,490 3,252 986 VNU NV 47,478 33,628 970 Vodafone Panafon SA 7,840 8,889 86 Wereldhave NV 7,493 11,229 Greece (0.83%) 200,847 258,668 1,159 Wolters Kluwer CVA 61,990 27,106 3,795 Allied Irish Banks PLC 74,454 100,012 Netherlands (7.14%) 3,045,348 2,220,410 3,962 Bank of Ireland 67,127 78,785 27 Aker Kvaerner ASA 10,382 655 2,517 CRH PLC 58,295 81,094 2,712 DNB NOR ASA 19,576 34,527 325 DCC PLC 4,696 7,867 1,117 Ementor ASA 13,074 413 1,448 Depfa Bank PLC 29,831 28,465 167 Frontline Ltd. 4,362 8,118 1,601 Elan Corp. PLC 133,849 13,369 595 Norsk Hydro ASA 36,527 66,212 1,526 Fyffes PLC 4,070 5,543 437 Norske Skogindustrier ASA, Series ’A’ 10,961 8,776 829 Grafton Group PLC, Units 5,017 11,763 62 Opticom ASA 11,192 610 91 IONA Technologies PLC 10,890 337 783 Orkla ASA, Series ’A’ 21,283 35,275 32 Irish Life & Permanent PLC 478 689 225 Petroleum Geo-Services ASA 19,925 6,639 1,073 Irish Life & Permanent PLC 22,373 22,994 198 Schibsted AS 5,841 6,662 475 Kingspan Group PLC 5,597 6,842 147 Smedvig ASA, Class ’A’ 1,725 3,631 975 Ryanair Holdings PLC 9,419 9,175 2,245 Statoil ASA 25,006 55,955 3,803 Waterford Wedgwood PLC 5,134 338 969 Storebrand ASA, Series ’A’ 10,239 11,067 2,420 Waterford Wedgwood PLC, Rights — 1 551 Tandberg ASA 5,336 7,180 Ireland (1.18%) 431,230 367,274 3,271 Telenor ASA 24,909 31,841 780 Tomra Systems ASA 15,007 3,908 1,909 Alleanza Assicurazioni SPA 28,678 25,371 852 Yara International ASA 8,906 16,484 478 Arnoldo Mondadori Editore SPA 6,425 5,569 3,926 Assicurazioni Generali SPA 187,506 149,875 Norway (0.96%) 244,251 297,953 470 Autogrill SPA 7,445 7,584 7,348 Banco Commercial Portugues SA 49,901 23,055 1,055 Autostrade SPA 25,708 34,275 431 Banco Espirito Santo SA, Registered 11,703 8,234 946 Banca Antonveneta SPA 22,789 37,422 1,404 BPI-SGPS SA, Registered 7,790 6,554 1,207 Banca Fideuram SPA 12,921 7,000 1,477 Brisa Auto Estradas de Portugal SA 9,822 14,217 3,825 Banca Intesa SPA 5,711 19,994 860 CIMPOR-Cimentos de Portugal, SGPS, 13,346 Banca Intesa SPA 76,595 74,654 SA 4,404 5,919 4,519 Banca Monte dei Paschi di Siena SPA 19,981 19,505 9,007 Energias de Portugal SA 48,541 27,725 6,773 Banca Nazionale del Lavoro SPA 22,189 28,599 141 Jeronimo Martins SGPS, SA 6,999 2,479 1,617 Banca Popolare di Milano SCRL 16,721 19,501 3,344 Portugal Telecom SGPS SA, Registered 50,495 38,978 1,382 Banche Popolari Unite SCRL 29,631 33,573 384 PT Multimedia-Servicos de 1,519 Banco Popolare di Verona e Novara Telecomunicacoes e Multimedia, SCRL 28,950 31,682 SGPS, SA 4,546 4,942 280 Benetton Group SPA 7,140 3,148 3,762 Sonae SGPS SA 6,294 6,348 548 Bulgari SPA 6,551 7,506 5,885 Capitalia SPA 59,773 40,226 Portugal (0.45%) 200,495 138,451 3,385 Edison SPA 8,956 9,238 15,005 Enel SPA 177,100 160,447 1,024 Abertis Infraestructuras SA 16,385 31,901 10,673 ENI SPA 185,997 336,026 117 Acciona SA 7,984 14,201 2,164 Fiat SPA 63,052 19,209 755 Acerinox SA 8,931 12,572 584 FinecoGroup SPA 38,322 6,387 1,085 ACS Actividades de Construccion y 24,226 Finmeccanica SPA 24,133 27,639 Servicios SA 11,292 37,137 82 CIBC European Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 1,103 Altadis SA, Registered, Series ’A’ 28,993 56,543 2,142 Compagnie Financiere Richemont AG, 1,330 Amadeus Global Travel Distribution SA, Units ’A’ 72,264 87,995 Series ’A’ 12,808 14,238 4,664 Credit Suisse Group 282,126 223,985 316 Antena 3 de Television SA 3,371 7,739 14 Geberit International AG, Registered 6,375 10,970 13,213 Banco Bilbao Vizcaya Argentaria SA 265,678 248,755 29 Givaudan SA, Registered 12,800 20,637 3,265 Banco Popular Espanol SA 45,712 48,276 660 Holcim AG, Registered 42,245 49,116 24,358 Banco Santander Central Hispano SA, 134 Kudelski SA, Bearer 24,337 5,986 Registered 360,377 345,531 13 Kuoni Reisen Holding AG, Registered, 806 Cintra Concesiones de Infraestructuras Series ’B’ 14,613 6,461 de Transporte SA 10,945 11,569 354 Logitech International SA, Registered 8,237 13,924 419 Corporacion Mapfre SA 4,750 7,666 155 Lonza Group AG, Registered 13,311 10,490 3,877 Endesa SA, Registered 113,466 110,423 131 Micronas Semiconductor Holding AG, 188 Fomento de Construcciones y Registered 7,748 6,053 Contratas SA 6,616 12,953 1,655 Nestle ´ SA, Registered, Series ’B’ 484,849 517,996 449 Gamesa Corporacion Tecnologica SA 7,576 7,439 94 Nobel Biocare Holding AG 21,248 23,325 643 Gas Natural SDG SA 19,810 23,181 5,735 Nordea AB 55,820 63,670 259 Grupo Ferrovial SA 10,148 20,420 9,767 Novartis AG, Registered 563,738 568,123 3,143 Iberdrola SA 67,312 101,415 175 Phonak Holding AG, Registered 7,045 8,028 1,910 Iberia Lineas Aereas de Espana SA 4,515 6,687 18 Rieter Holding AG 6,355 6,101 515 Indra Sistemas SA 8,274 12,466 2,882 Roche Holding AG Genusscheine 428,347 445,528 894 Industria de Diseno Textil SA 27,127 28,148 20 Schindler Holding AG 4,406 8,833 157 Metrovacesa SA 8,463 11,323 26 Serono SA, Series ’B’ 31,003 20,390 157 Metrovacesa SA, Rights, 2005/07/05 — 1,043 18 Societe Generale de Surveillance 319 NH Hoteles SA 5,566 5,356 Holdings SA, Registered 8,967 15,113 347 Promotora de Informaciones SA (Prisa) 6,263 8,226 32 Straumann AG 8,232 8,160 3,756 Repsol YPF SA 102,444 116,796 15 Sulzer AG, Registered 13,726 7,568 437 Sacyr Vallehermoso SA 7,135 12,605 253 Swatch Group AG, Registered 8,186 8,839 437 Sacyr Vallehermoso SA, Rights, 137 Swatch Group Ltd. (The) 17,860 23,507 2005/07/12 226 395 1,321 Swiss Reinsurance, Registered 199,055 99,520 239 Sociedad General de Aguas de 108 Swisscom AG 51,096 43,122 Barcelona SA 5,940 6,306 438 Syngenta AG 18,641 54,905 155 Sogecable SA 8,481 6,732 188 Synthes Inc. 19,051 25,242 680 Telefonica Publicidad e Informacion SA 5,439 7,261 4,386 UBS AG, Registered 327,390 418,904 19,026 Telefonica SA 439,952 380,314 46 Unaxis Holding AG, Registered 15,872 7,726 874 Union Fenosa SA 20,460 32,589 17 Valora Holding AG 6,049 4,714 51 Uralita SA 167 325 590 Zurich Financial Services AG 233,370 123,985 618 Zeltia SA 13,830 5,119 Switzerland (9.85%) 3,261,049 3,063,162 Spain (5.64%) 1,666,436 1,753,650 2,517 3i Group PLC 67,079 37,346 203 ABB Ltd., Registered 4,339 1,607 4,562 Aegis Group PLC 9,869 9,926 329 Alfa Laval AB 4,692 5,820 1,044 Aggreko PLC 7,495 4,222 1,209 Assa Abloy AB, Series ’B’ 32,233 19,005 1,023 Alliance Unichem PLC 11,484 19,043 1,377 Atlas Copco AB, Series ’A’ 14,140 26,644 1,227 Amec PLC 8,914 8,863 855 Atlas Copco AB, Series ’B’ 9,309 15,016 2,992 Amvescap PLC 60,532 21,777 117 Axfood AB 2,742 3,592 5,821 Anglo American PLC 170,214 166,793 218 Billerud 3,567 3,196 4,198 ARM Holdings PLC 57,462 10,384 119 Bostads AB Drott, TIA Compulsory 796 Arriva PLC 9,725 9,503 Acquisition Shares 2,986 2,800 1,310 Associated British Ports Holdings PLC 12,523 14,132 310 Capio AB 4,494 5,586 2,102 AstraZeneca PLC 111,027 106,469 168 Castellum AB 4,275 8,376 4,727 AstraZeneca PLC 298,805 238,793 232 D. Carnegie & Co. AB 3,910 3,358 9,277 Aviva PLC 203,748 126,220 1,167 Electrolux AB, Series ’B’ 29,274 30,371 4,393 BAA PLC 58,128 59,640 116 Elekta AB, Class ’B’ 4,188 5,890 12,551 BAE Systems PLC 99,669 78,795 648 Eniro AB 8,186 9,018 1,724 Balfour Beatty PLC 4,168 12,479 720 Gambro AB, Series ’A’ 9,963 11,778 26,471 Barclays PLC 262,271 321,507 418 Gambro AB, Series ’B’ 4,666 6,840 983 Barratt Developments PLC 6,877 15,442 657 Getinge AB, Series ’B’ 6,578 10,953 2,261 BBA Group PLC 20,045 15,313 1,947 Hennes & Mauritz AB, Series ’B’ 66,486 83,679 457 Bellway PLC 8,970 8,644 112 Hoganas AB, Class ’B’ 3,516 3,674 444 Berkeley Group Holdings PLC, Units 6,598 8,888 200 Holmen AB, Series ’B’ 7,597 6,606 14,491 BG Group PLC 117,717 145,777 670 Lundin Petroleum AB 4,986 7,043 10,124 BHP Billiton PLC 76,261 158,136 209 Modern Times Group AB, Series ’B’ 8,897 7,822 2,046 BOC Group PLC 45,823 44,983 335 OMHEX AB 8,333 4,667 3,119 Boots Group PLC 59,131 41,619 919 Sandvik AB 31,183 41,751 89,060 BP PLC 1,109,829 1,134,882 910 Sandvik AB, Rights, 2005/06/07 — 654 2,037 BPB PLC 15,565 23,604 363 SAS AB 4,089 3,820 2,968 Brambles Industries PLC 23,297 19,854 389 Scania AB, Series ’B’ 19,037 17,539 2,221 British Airways PLC 22,374 12,769 1,214 Securitas AB, Series ’B’ 30,385 24,755 6,631 British American Tobacco PLC 66,714 156,483 4,199 Skandia Forsakrings AB 78,755 28,240 2,125 British Land Co. PLC 25,064 40,793 1,935 Skandinaviska Enskilda Banken, 5,168 British Sky Broadcasting Group PLC 106,813 59,567 Series ’A’ 33,777 39,341 35,087 BT Group PLC 595,196 177,054 1,511 Skanska AB, Series ’B’ 20,231 22,813 1,431 Bunzl PLC 14,976 16,270 1,532 SKF AB, Series ’B’ Shares 11,613 19,100 9,797 Cable & Wireless PLC 61,168 31,947 273 SSAB Svenskt Stal AB, Series ’A’ 6,318 7,687 8,489 Cadbury Schweppes PLC 86,506 98,987 137 SSAB Svenskt Stal AB, Series ’B’ 2,058 3,690 2,716 Capita Group PLC 28,229 21,881 798 Svenska Cellulosa, Series ’B’ 27,570 31,238 697 Carnival PLC 16,224 48,424 2,133 Svenska Handelsbanken, Series ’A’ 44,130 53,230 1,346 Cattles PLC 10,111 9,084 1,369 Swedish Match AB 7,024 19,026 15,688 Centrica PLC 59,286 79,601 406 Tele2 AB, Redemption ’B’ Shares 1,265 634 503 Close Brothers Group PLC 8,445 8,111 1,218 Tele2 AB, Series ’B’ Shares 27,616 13,973 456 Cobham PLC 12,404 14,150 59,268 Telefonaktiebolaget LM Ericsson, 8,837 Compass Group PLC 101,873 45,343 Series ’B’ 367,046 231,689 777 Cookson Group PLC 6,612 5,188 7,671 Telia AB 69,018 44,735 16,370 Corus Group PLC 16,385 14,974 340 Trelleborg AB, Series ’B’ 3,622 6,162 1,237 Daily Mail and General Trust, Class ’A’ 19,509 17,811 932 Volvo AB, Class ’B’ 37,041 46,348 832 Davis Service Group PLC (The) 7,175 8,278 398 Volvo AB, Series ’A’ 14,405 19,174 795 De La Rue PLC 7,464 7,071 67 Wihlborgs Fastigheter AB 1,619 1,997 12,525 Diageo PLC 182,897 225,770 339 Fabege AB 7,209 9,040 7,915 Dixons Group PLC 56,527 27,187 1,280 WM-Data AB, Series ’B’ 12,321 3,931 367 Eidos PLC 9,587 442 1,973 Eircom Group PLC 5,841 5,379 Sweden (3.13%) 1,106,689 973,908 1,786 Electrocomponents PLC 19,403 9,397 7,439 ABB Ltd., Registered 143,047 58,985 1,054 Emap PLC 21,286 17,956 537 Adecco SA, Registered 47,882 29,849 3,239 EMI Group PLC 39,635 18,005 282 Ciba Specialty Chemicals AG 28,166 20,090 1,433 Enterprise Inns PLC 13,928 26,187 944 Clariant AG, Registered 27,592 15,322 1,223 Exel PLC 30,628 22,730 1,635 FirstGroup PLC 10,161 11,795 83 CIBC European Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 2,386 FKI PLC 13,036 5,080 1,045 Provident Financial PLC 20,293 16,459 8,030 Friends Provident PLC 22,768 31,986 9,680 Prudential PLC 197,782 105,104 3,011 GKN PLC 54,570 17,006 1,026 Punch Taverns PLC 16,502 16,470 24,160 GlaxoSmithKline PLC 1,007,396 715,326 2,452 Rank Group PLC 17,470 14,432 499 Great Portland Estates PLC 4,356 3,823 2,431 Reckitt Benckiser PLC 58,569 87,501 643 Greencore Group PLC 2,411 3,429 5,218 Reed Elsevier PLC 61,441 61,067 4,666 Group 4 Securicor PLC 14,683 15,010 7,425 Rentokil Initial PLC 48,486 26,040 4,150 GUS PLC 58,282 80,005 5,878 Reuters Group PLC 113,878 50,790 1,134 Hammerson PLC 11,853 22,097 2,256 Rexam PLC 16,064 23,792 3,022 Hanson PLC 27,316 35,516 4,378 Rio Tinto PLC, Registered 91,202 163,350 7,358 Hays PLC 69,914 20,846 6,514 Rolls-Royce Group PLC 26,539 40,949 15,963 HBOS PLC 298,295 300,723 11,851 Royal & Sun Alliance Insurance Group 6,490 Hilton Group PLC 34,189 40,654 PLC 51,375 21,727 1,577 HMV Group PLC 9,558 8,160 12,869 Royal Bank of Scotland PLC 337,957 474,774 45,448 HSBC Holdings PLC 715,455 885,583 2,431 RT Group PLC 54,468 — 1,984 ICAP PLC 12,663 12,903 3,283 SABMiller PLC 36,628 62,673 1,520 IMI PLC 8,092 13,875 5,250 Sage Group PLC (The) 61,342 25,712 4,886 Imperial Chemical Industries PLC 49,575 27,233 5,579 Sainsbury (J) 57,940 34,846 2,991 Imperial Tobacco Group PLC 66,187 98,486 510 Schroders PLC 12,932 8,452 309 Inchcape PLC 13,836 13,918 3,304 Scottish & Newcastle PLC 44,355 33,533 2,414 Independent News & Media PLC 14,420 9,084 3,517 Scottish and Southern Energy PLC 51,887 77,985 1,897 InterContinental Hotels Group PLC 24,507 29,271 7,627 Scottish Power PLC 94,926 82,923 6,040 International Power PLC 59,129 27,255 1,785 Serco Group PLC 11,908 9,965 634 Intertek Testing Services PLC 10,491 9,747 1,418 Severn Trent PLC 23,550 31,585 25,789 Invensys PLC 95,265 5,918 39,491 Shell Transport & Trading Co. PLC, 17,056 ITV PLC 55,054 45,904 Registered 439,715 468,532 597 ITV PLC 1,828 478 7,107 Signet Group PLC 16,441 16,926 906 Johnson Matthey PLC 16,597 21,164 1,718 Slough Estates PLC 15,097 19,587 1,540 Kelda Group PLC 13,674 23,580 3,837 Smith & Nephew PLC 23,933 46,222 533 Kerry Group PLC, Class ’A’ 9,816 16,305 2,301 Smiths Group PLC 42,424 46,266 2,171 Kesa Electricals PLC 9,268 13,280 777 SSL International PLC 11,516 4,815 9,581 Kingfisher PLC 84,184 51,504 3,583 Stagecoach Group PLC 16,684 9,272 1,914 Land Securities Group PLC 38,277 58,235 1,684 Tate & Lyle PLC 12,195 17,596 26,681 Legal & General Group PLC 98,108 67,111 2,396 Taylor Woodrow PLC 9,374 17,708 989 Liberty International PLC 14,250 20,994 31,738 Tesco PLC 150,858 221,552 22,952 Lloyds TSB Group PLC 384,413 237,503 3,169 Tomkins PLC 17,853 18,137 3,078 LogicaCMG PLC 122,870 11,724 1,208 Trinity Mirror PLC 18,380 16,346 1,044 London Stock Exchange PLC 14,357 11,249 11,344 Unilever PLC 148,080 133,724 1,145 Man Group PLC 28,028 36,248 1,134 United Business Media PLC 13,237 12,309 820 Marconi Corp. PLC 72,195 5,442 2,286 United Utilities PLC 42,155 33,037 6,749 Marks & Spencer Group PLC 66,371 53,262 1,269 United Utilities PLC, Class ’A’ 9,599 9,165 1,754 Meggitt PLC 10,975 10,868 271,300 Vodafone Group PLC 1,373,514 808,218 2,550 MFI Furniture Group PLC 10,317 6,183 1,045 Whitbread PLC 21,110 21,769 2,151 Misys PLC 30,046 11,186 1,663 William Hill PLC 12,622 19,619 2,143 Mitchells & Butlers PLC 16,977 15,743 1,659 Wimpey (George) PLC 5,112 15,950 570 National Express Group PLC 11,046 11,359 2,400 Wolseley PLC 20,253 61,646 12,667 National Grid Transco PLC 135,803 150,012 4,631 WPP Group PLC 91,607 58,122 1,083 Next PLC 23,189 35,765 2,863 Yell Group PLC 22,244 26,679 1,768 Novar PLC 6,775 7,181 898 Pace Micro Technology PLC 12,826 1,157 United Kingdom (35.80%) 12,825,253 11,135,826 3,291 Pearson PLC 113,951 47,368 Total of International Equities (99.17%) 35,650,815 30,844,687 3,103 Peninsular and Oriental Steam Navigation Co. (The) 50,429 21,564 Total of Investments before Short-Term 1,121 Persimmon PLC 12,446 19,178 Investments (99.17%) 35,650,815 30,844,687 4,222 Pilkington PLC 9,663 11,072 1,489 Premier Farnell PLC 6,129 5,279

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 125,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 124,185 124,707 13 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 16 16 Total of Short-Term Investments (0.40%) 124,201 124,723 Total of Investments (99.57%) 35,775,016 30,969,410 Margin (0.20%) 63,069 Unrealized Gain on Futures Contracts (0.00%) 168 Unrealized Loss on Forward Foreign Currency Contracts (–0.01%) (2,189) Other Assets, less Liabilities (0.24%) 73,127 Total of Net Assets (100.00%) 31,103,585 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 46,308 Belgium 20 Index Future, 46,187 (121) (12,745) Greece ASE-20 Index Future, (12,696) 49 Expiry July 2005; Expiry July 2005; 1 contract at EUR 3,123.00 per contract. (1) contract at EUR 1,719.00 per 111,054 British FTSE 100 Index Future, 112,437 1,383 contract. Expiry September 2005; (144,373) Italian Mini S&P/MIB Index Future, (144,240) 133 1 contract at GBP 5,058.50 per contract. Expiry September 2005; (33,578) Denmark KFX Copenhagen Share Index (34,262) (684) (3) contracts at EUR 32,455.00 per Future, contract. Expiry July 2005; 240,585 Italian S&P/MIB Index Future, 240,326 (259) (5) contracts at DKK 337.50 per contract. Expiry September 2005; 1 contract at EUR 32,450.00 per contract.

84 CIBC European Index Fund (Cont’d***)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (22,361) Portuguese PSI-20 Index Future, (22,346) 15 (38,353) Swedish OMX Index Future, (38,701) (348) Expiry September 2005; Expiry July 2005; (2) contracts at EUR 7,540.00 per (3) contracts at SEK 815.10 per contract. contract. 146,537 Total Equity Index Futures 146,705 168 As at June 30, 2005, $63,069 cash was deposited as margin for the futures contracts.

Forward Foreign Currency Contracts

Credit Rating Settlement Currency Currency Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/07/29 CAD 100,000 EUR 67,602 0.676 0.674 (276) State Street Trust Co. Canada A1+ 2005/07/29 CAD 100,000 GBP 45,339 0.453 0.456 640 State Street Trust Co. Canada A1+ 2005/07/29 CAD 69,643 SEK 440,188 6.321 6.370 544 State Street Trust Co. Canada A1+ 2005/07/29 CHF 20,422 CAD 19,684 0.964 0.957 (130) State Street Trust Co. Canada A1+ 2005/07/29 EUR 291,763 CAD 434,024 1.488 1.483 (1,245) State Street Trust Co. Canada A1+ 2005/07/29 GBP 41,940 CAD 93,634 2.233 2.191 (1,722) (2,189) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating.

CIBC European Index RRSP Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 11,225,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 11,149,231 11,214,890 5,650,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 5,613,219 5,624,103 6,000,000 Province of Manitoba Treasury Bill, 2.480%, 2005/08/03 5,966,760 5,986,623 4,000,000 Province of Ontario Treasury Bill, 2.452%, 2005/09/02 3,976,760 3,983,171 3,000,000 Province of Quebec Treasury Bill, 2.460%, 2005/08/19 2,984,310 2,990,143 5,500,000 Province of British Columbia Promissory Note, 2.472%, 2005/07/25 5,469,255 5,491,110 1,500,000 ATB Financial Discount Note, 2.462%, 2005/09/14 1,491,450 1,492,456 3,000,000 ATB Financial Discount Note, 2.460%, 2005/09/21 2,981,910 2,983,518 6,000,000 Care Trust Series ’D’ Discount Note, 2.592%, 2005/09/12 5,962,320 5,969,094 6,000,000 Corporate Receivables Trust Discount Note, 2.592%, 2005/09/14 5,960,640 5,968,258 3,000,000 Darwin Receivables Trust Senior Discount Note, 2.580%, 2005/09/02 2,980,410 2,986,730 5,500,000 Prime Trust Senior Discount Note, 2.568%, 2005/09/12 5,463,480 5,471,937 4,000,000 National Bank of Canada Bearer Deposit Note, 2.599%, 2005/09/15 3,972,560 3,977,575 6,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 2.600%, 2005/09/14 5,960,940 5,968,157 Total of Short-Term Investments (101.86%) 69,933,245 70,107,765 Total of Investments (101.86%) 69,933,245 70,107,765 Margin (0.37%) 256,758 Unrealized Gain on Futures Contracts (1.08%) 746,822 Unrealized Loss on Forward Foreign Currency Contracts (–3.16%) (2,173,577) Other Assets, less Liabilities (–0.15%) (105,024) Total of Net Assets (100.00%) 68,832,744 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 4,799,896 Amsterdam Exchanges Index Future, 4,903,188 103,292 9,520,559 French Matif CAC 40 Index Future, 9,609,038 88,479 Expiry July 2005; Expiry July 2005; 43 contracts at EUR 376.40 per contract. 153 contracts at EUR 4,196.50 per 348,008 Austrian Traded Index Future, 362,714 14,706 contract. Expiry September 2005; 6,851,296 German Eurex Deustchland DAX Index 6,854,262 2,966 8 contracts at EUR 2,933.70 per Future, contract. Expiry September 2005; 1,472,128 Belgium 20 Index Future, 1,477,964 5,836 40 contracts at EUR 4,620.50 per Expiry July 2005; contract. 32 contracts at EUR 3,102.50 per 1,552,378 German Eurex Deutschland FOX Index 1,559,951 7,573 contract. Future, 25,044,908 British FTSE 100 Index Future, 25,410,771 365,863 Expiry September 2005; Expiry September 2005; 51 contracts at EUR 2,052.78 per 226 contracts at GBP 5,047.76 per contract. contract. 674,883 Italian Mini S&P/MIB Index Future, 673,119 (1,764) 774,989 Denmark KFX Copenhagen Share Index 788,023 13,034 Expiry September 2005; Future, 14 contracts at EUR 32,510.00 per Expiry July 2005; contract. 115 contracts at DKK 338.67 per contract. 85 CIBC European Index RRSP Fund (Cont’d***)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 3,374,417 Italian S&P/MIB Index Future, 3,364,557 (9,860) 2,381,074 Swedish OMX Index Future, 2,425,305 44,231 Expiry September 2005; Expiry July 2005; 14 contracts at EUR 32,510.00 per 188 contracts at SEK 807.50 per contract. contract. 728,232 Norway OBX Stock Index Future, 769,518 41,286 6,582,332 Swiss SMI Soffex Index Future, 6,574,971 (7,361) Expiry July 2005; Expiry September 2005; 43 contracts at NOK 904.00 per contract. 110 contracts at CHF 6,259.00 per 178,696 Portuguese PSI-20 Index Future, 178,767 71 contract. Expiry September 2005; 16 contracts EUR 7,532.00 per contract. 68,250,683 Total Equity Index Futures 68,997,505 746,822 3,966,887 Spanish IBEX 35 Index Future, 4,045,357 78,470 Expiry July 2005; As at June 30, 2005, $256,758 cash was deposited as margin for the futures contracts. 28 contracts at EUR 9,554.50 per contract.

Forward Foreign Currency Contracts

Credit Rating Settlement Currency Currency Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/09/09 CAD 180,621 CHF 185,673 1.028 1.042 2,438 State Street Trust Co. Canada A1+ 2005/09/09 CAD 424,621 EUR 283,722 0.668 0.674 3,503 State Street Trust Co. Canada A1+ 2005/09/09 CAD 566,867 GBP 253,468 0.447 0.457 12,630 State Street Trust Co. Canada A1+ 2005/09/09 CAD 25,877 SEK 162,213 6.269 6.362 380 State Street Trust Co. Canada A1+ 2005/09/09 CHF 309,286 CAD 311,000 1.006 0.960 (14,191) State Street Trust Co. Canada A1+ 2005/09/09 CHF 6,145,301 CAD 6,149,581 1.001 0.960 (252,188) State Street Trust Co. Canada A1+ 2005/09/09 DKK 4,473,374 CAD 919,485 0.206 0.199 (28,525) State Street Trust Co. Canada A1+ 2005/09/09 EUR 22,142,675 CAD 33,881,482 1.530 1.484 (1,015,882) State Street Trust Co. Canada A1+ 2005/09/09 EUR 582,726 CAD 869,000 1.491 1.484 (4,080) State Street Trust Co. Canada A1+ 2005/09/09 GBP 11,565,111 CAD 25,997,259 2.248 2.187 (708,751) State Street Trust Co. Canada A1+ 2005/09/09 NOK 2,879,062 CAD 556,630 0.193 0.188 (16,708) State Street Trust Co. Canada A1+ 2005/09/09 SEK 14,642,440 CAD 2,453,663 0.168 0.157 (152,203) (2,173,577) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating.

CIBC Japanese Index RRSP Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 3,850,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 3,824,013 3,846,528 400,000 Government of Canada Treasury Bill, 2.444%, 2005/07/28 397,392 399,281 2,000,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 1,986,980 1,990,833 6,425,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 6,382,852 6,389,303 150,000 Royal Bank of Canada Term Deposit, 2.500, 2005/07/04 150,000 150,010 Total of Short-Term Investments (100.68%) 12,741,237 12,775,955 Total of Investments (100.68%) 12,741,237 12,775,955 Margin (0.82%) 103,724 Unrealized Gain on Futures Contracts (3.13%) 397,781 Unrealized Loss on Forward Foreign Currency Contracts (–4.30%) (545,986) Other Assets, less Liabilities (–0.33%) (41,489) Total of Net Assets (100.00%) 12,689,985 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 12,379,531 Japanese NIKKEI 225 Index Future, 12,777,445 397,914 (24,560) Japanese NIKKEI 300 Index Future, (24,693) (133) Expiry September 2005; Expiry September 2005; 100 contracts at JPY 11,560.00 per (1) contracts at JPY 223.40 per contract. contract. 12,354,971 Total Equity Index Futures 12,752,752 397,781 As at June 30, 2005, $103,724 cash was deposited as margin for the futures contracts.

86 CIBC Japanese Index RRSP Fund (Cont’d***)

Forward Foreign Currency Contracts

Credit Rating Settlement Currency Currency Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/09/09 JPY 21,982,783 CAD 258,000 0.012 0.011 (13,752) State Street Trust Co. Canada A1+ 2005/09/09 JPY 1,094,016,515 CAD 12,687,704 0.012 0.011 (532,234) (545,986) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating.

CIBC Emerging Markets Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* ($) ($) International Bond 240 Lereko Mobility Proprietary Ltd., 5.000%, 2010/10/01 1,388 1,463 South African Rand (0.01%) (note 10) 1 1,388 1,463 Total of International Bond (0.01%) 1,388 1,463

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) International Equities 58,957 China Resources Enterprise Ltd. 99,359 111,052 4,707 BBVA Banco Frances SA 49,658 11,901 8,696 China Shipping Development 29,635 Perez Companc SA 71,552 41,920 Co. Ltd., Class ‘H’ 6,997 8,028 2,000 Petrobras Energia 8,696 China Southern Airlines Co. Participaciones SA, ADR 21,087 27,925 Ltd. 4,615 3,467 793 Siderar S.A.I.C., Class ‘A’ 1,705 7,506 104,348 China Telecom Corp. Ltd., 14,657 Telecom Argentina Series ‘H’ 48,660 45,629 Stet–France Telecom SA, 33,044 Denway Motors Ltd. 16,172 14,348 Class ‘B’ 93,921 44,073 2,929 Digital China Holdings Ltd. 1,278 1,047 Argentina (0.34%) 237,923 133,325 10,435 Guangshen Railway Co. Ltd., Series ‘H’ 4,000 4,625 3,479 COFCO International Ltd. 2,413 2,038 10,436 Huadian Power International 66,957 Cosco Pacific Ltd. 85,227 158,708 Corp. Ltd., Class ‘H’ 4,712 3,600 1,400 Huaneng Power International Bermuda (0.41%) 87,640 160,746 Inc., ADR, Series ‘N’ 29,940 50,584 24,348 Huaneng Power International 56,992 Brazil Fund Inc. 1,276,807 2,645,564 Inc., Series ‘H’ 29,110 21,862 44,000 iShare MSCI Brazil (Free) 8,697 Jiangsu Expressway Co. Ltd. 5,694 5,527 Index Fund 769,156 1,337,580 5,218 Jiangxi Copper Co. Ltd., Brazil (10.09%) 2,045,963 3,983,144 Series ‘H’ 3,169 3,090 129,288 Legend Group Ltd. 155,494 46,754 4,048 Banco Santander Chile SA, 12,174 Maanshan Iron & Steels Co. ADR 121,301 160,143 Ltd., Series ‘H’ 5,349 4,809 13,800 Chile Fund 115,925 249,308 300 PetroChina Co. Ltd., ADR 8,793 26,988 2,888 Compania Cervecerias Unidas 671,618 PetroChina Co. Ltd., Series ‘H’ 266,649 604,325 SA, ADR 102,709 84,893 19,131 PICC Property and Casualty 5,513 Compania de Co. Ltd., Series ‘H’ 9,911 5,843 Telecomunicaciones de Chile 8,696 Qingling Motors Co. Ltd. 1,528 1,951 SA, ADR 133,669 68,671 5,218 Shenzhen Expressway Co. 55 Embotelladora Andina SA, Ltd., Class ‘H’ 2,315 2,402 ADR, Series ‘A’ 1,098 839 17,392 Sinopec Shanghai 7,041 Empresa Nacional de Petrochemical Co. Ltd., Electricidad SA, ADR 114,014 214,733 Series ‘H’ 7,776 7,319 4,801 Enersis SA, ADR 126,220 61,390 10,435 Sinopec Yizheng Chemical Fibre Co. Ltd., Series ‘H’ 2,523 2,014 Chile (2.13%) 714,936 839,977 11,305 Sinotrans Ltd., Series ‘H’ 5,449 4,301 19,131 Aluminum Corp. of China Ltd., 1,739 Travelsky Technology Ltd. 1,528 1,803 Series ‘H’ 13,851 12,910 1,740 Tsingtao Brewery Co. Ltd., 1,740 Anhui Conch Cement Co. Ltd., Series ‘H’ 2,084 2,286 Series ‘H’ 2,563 1,981 2,609 Weiqiao Textile Co. Ltd., 10,435 AviChina Industry & Series ‘H’ 5,094 4,483 Technology Co. Ltd., 11,131 Yanzhou Coal Mining Co. Ltd. 10,189 10,748 Series ‘H’ 1,642 965 10,435 Zhejiang Expressway Co. Ltd., 6,957 Beijing Capital International Series ‘H’ 10,308 8,679 Airport Co. Ltd., Series ‘H’ 2,892 3,388 10,436 Zijin Mining Group Co. Ltd. 2,360 2,802 10,435 Beijing Datang Power China (5.63%) 2,289,391 2,225,601 Generation Co. Ltd. 11,207 9,661 870 BYD Co. Ltd., Class ‘H’ 3,493 2,284 5,000 Bancolombia SA, ADR, 6,200 China Fund Inc. 105,737 215,663 Preferred 11,846 97,923 53,044 China Life Insurance Co. Ltd., Series ‘H’ 41,902 44,241 Colombia (0.25%) 11,846 97,923 121,031 China Mobile (Hong Kong) Ltd. 1,068,274 549,146 9,000 CEZ AS 41,080 208,154 5,400 China Mobile (Hong Kong) 3,420 Komercni Banka AS, GDR 60,448 172,118 Ltd., ADR 123,097 122,953 528,088 China Petroleum and Chemical Corp. (Sinopec), Series ‘H’ 163,677 252,043 87 CIBC Emerging Markets Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 60 Philip Morris CR 30,545 50,804 39,200 Telekom Malaysia BHD 162,779 126,099 35,200 Tenaga Nasional BHD 160,447 118,999 Czech Republic (1.09%) 132,073 431,076 2,400 Unisem (M) BHD 6,006 1,389 6,957 Anagang New Steel Co. Ltd. 3,356 4,070 981 YTL Corp. BHD 1,581 1,690 1,739 Beijing Enterprises Holdings Malaysia (2.40%) 1,044,977 949,263 Ltd. 2,727 2,982 17,392 Brilliance China Automotive 203,080 America Movil SA de CV, Holdings Ltd. 6,922 3,735 Series ‘L’ 292,981 744,554 12,174 China Eastern Airlines Corp. 78,094 Cemex SA de CV 284,453 411,686 Ltd. 3,293 2,613 39,876 Grupo Modelo SA de CV, 5,218 China Everbright Ltd. 2,652 2,535 Series ‘C’ 149,775 153,039 60,957 China Merchants Holdings 71,471 Grupo Televisa SA, International Co. Ltd. 74,806 144,489 Series ‘CPO’ 240,876 272,104 24,348 China Overseas Land & 5,500 iShares MSCI Mexico Index Investment Ltd. 5,553 5,495 Fund 174,717 182,422 5,218 China Pharmaceutical Group 21,000 Kimberly-Clark de Mexico SA Ltd. 1,955 1,304 de CV, Series ‘A’ 66,126 87,681 5,200 China Resources Cement 466,582 Telefonos de Mexico SA de Holding Ltd. 3,396 1,369 CV, Series ‘L’ 565,340 541,763 5,218 China Resources Land Ltd. 881 1,032 61,090 Wal-Mart de Mexico SA de 13,913 China Travel International CV, Series ‘V’ 220,740 303,654 Investment Hongkong Ltd. 3,275 5,124 51,096 Citic Pacific Ltd. 291,123 182,559 Mexico (6.83%) 1,995,008 2,696,903 389,892 CNOOC Ltd. 172,218 282,929 6,040 Maroc Telecom 73,395 68,189 24,348 Guangzhou Investment Co. Ltd. 2,726 2,557 Morocco (0.17%) 73,395 68,189 43,479 Semiconductor Manufacturing International Corp. 12,659 10,979 4,800 Compania de Minas 3,409 Shanghai Industrial Holdings Buenaventura SA, ADR, Ltd. 9,035 8,118 Series ‘B’ 76,407 135,159 8,696 Shenzhen Investment Ltd. 1,468 1,406 1,000 Credicorp Ltd. 15,246 24,361 3,440 TCL Communication Technology Holdings Ltd. 658 243 Peru (0.40%) 91,653 159,520 8,696 TCL Multimedia Technology 9,000 Philippine Long Distance Holdings Ltd. 3,633 1,975 Telephone Co., ADR 83,488 320,224 Hong Kong (1.69%) (note 10) 2 602,336 665,514 Philippines (0.81%) 83,488 320,224 300 Gedeon Richter Rt., GDR 24,164 54,840 3,623 Telekomunikacja Polska SA, 739 Gedeon Richter Rt., GDR, GDR 30,200 27,124 Registered 60,776 135,090 19,880 Telekomunikacja Polska SA, 1,560 Magyar Tavkozlesi Rt., ADR 55,627 40,889 GDR, Series ‘A’ 173,677 148,529 2,714 MOL Magyar Olaj-es Gazipari Rt., GDR 60,193 277,563 Poland (0.44%) 203,877 175,653 Hungary (1.29%) 200,760 508,382 13,676 LUKOIL, ADR 308,251 616,408 400 RAO Unified Energy System, 1,000 HDFC Bank Ltd., ADR 22,533 56,965 ADR 6,196 14,771 5,070 India Fund 177,966 185,361 10,892 RAO Unified Energy System, 48,408 Morgan Stanley Dean Witter GDR, Registered 261,628 397,821 India Investment Fund 984,756 1,903,213 2,628 Rostelecom, ADR 46,784 38,786 1,500 Wipro Ltd., ADR 21,688 38,324 4,100 Sibneft, ADR 69,098 83,231 India (5.53%) 1,206,943 2,183,863 7,687 Surgutneftegaz, ADR 203,860 351,181 9,963 Tatneft, ADR 213,111 451,499 75,800 PT Astra International TBK 24,522 120,427 2,700 Wimm-Bill-Dann Foods OJSC, 1,197 PT Indosat TBK, ADR 37,466 41,309 ADR 77,693 54,333 385,000 PT Telekomunikasi Indonesia 93,624 243,724 5,931 PT Telekomunikasi Indonesia, Russia (5.08%) 1,186,621 2,008,030 ADR 124,072 151,460 7,940 African Bank Investments Ltd. 19,932 27,156 Indonesia (1.41%) 279,684 556,920 3,939 Anglo American Platinum Corp. Ltd. 231,919 214,442 62,179 Bank Hapoalim Ltd. 177,867 238,591 4,454 AngloGold Ltd. 165,834 194,692 4,500 Check Point Software 3,742 Barloworld Ltd. 51,932 65,096 Technologies Ltd. 453,036 109,130 3,458 BidBEE Ltd. 21,618 31,619 26,680 Clal Industries Ltd. 123,760 128,387 24,357 Bidvest Group Ltd. 222,567 323,836 135 Koor Industries Ltd. 3,336 9,017 59,457 Dimension Data Holdings Ltd. 273,324 42,631 50 Orbotech Ltd. 4,639 1,316 136,998 FirstRand Ltd. 255,431 348,089 10,660 Teva Pharmaceutical Industries 15,268 Gold Fields Ltd. 154,850 212,972 Ltd. 245,016 404,109 2,848 Harmony Gold Mining Co. Ltd. 58,756 30,132 9,100 Teva Pharmaceutical Industries 2,027 Impala Platinum Holdings Ltd. 172,351 221,332 Ltd., ADR 255,930 347,076 3,070 Imperial Holdings Ltd. 44,143 57,482 19 Investec Ltd. 1,580 690 Israel (3.13%) 1,263,584 1,237,626 2,862 Iscor Ltd. 21,695 24,590 2,366 JD Group Ltd. 20,783 27,827 695,000 Merrill Lynch International & 14,242 MTN Group Ltd. 98,298 115,238 Co., Taiwan Index, Warrants, 3,506 Naspers Ltd., Series ‘N’ 32,304 53,232 2005/09/01 2,353,270 2,348,822 2,528 Nedbank Group Ltd. 34,115 34,472 19,501 Tenaris SA 67,871 184,587 147,245 Sanlam Ltd. 250,548 316,339 Luxembourg (6.41%) 2,421,141 2,533,409 9,446 Sappi Ltd. 140,744 126,844 23,820 Sasol Ltd. 361,831 786,257 800 Berjaya Sports Toto BHD 969 1,081 44,568 Standard Bank Group Ltd. 262,490 527,020 58,800 Commerce Asset-Holding 2,417 Telkom South Africa Ltd. 39,883 47,441 BHD 102,597 95,578 3,187 Tiger Brands Ltd. 57,380 66,573 22,400 Genting BHD 137,715 136,310 9,500 Venfin Ltd. 52,413 49,945 200 Golden Hope Plantations BHD 284 252 16,504 Woolworths Holdings Ltd. 13,804 31,755 109,200 Magnum Corp. BHD 90,664 75,928 50,200 Malayan Banking BHD 182,066 176,004 South Africa (10.07%) (note 10) 1 3,060,525 3,977,702 800 Malaysia International Shipping 700 Hana Bank, GDR, Registered 15,333 22,994 Corp. BHD 1,961 4,607 2,100 Hyundai Motor Co. Ltd., GDR 37,969 71,607 200 Malaysian Pacific Industries 83,570 iShares MSCI South Korea BHD 2,502 760 Index Fund 2,258,966 3,275,409 281 Public Bank BHD, Foreign 1,100 Kookmin Bank, ADR 79,133 61,409 Market 385 606 3,600 Korea Electric Power Corp., 25,200 Resorts World BHD 68,764 77,011 ADR 54,276 69,093 400 RHB Capital BHD 529 270 67,953 Korea Fund 1,366,068 2,276,309 71,000 Sime Darby BHD 125,728 132,679 1,700 KT Corp., ADR 56,815 44,766 88 CIBC Emerging Markets Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 2,340 LG Electronics Inc., GDR 20,275 53,423 19,000 Anglo American PLC, ADR 421,533 546,873 1,500 POSCO, ADR 58,201 80,782 156,945 Old Mutual PLC 352,257 418,289 1,400 Samsung Electronics Co. Ltd., 27,100 SABMiller PLC 305,833 516,155 GDR 264,277 411,104 34,000 Tanjong Public Ltd. Co. PLC 142,540 143,393 1,000 Samsung SDI Co. Ltd., GDR 17,125 28,783 2,700 SK Telecom Co. Ltd., ADR 94,108 67,462 United Kingdom (5.42%) 1,791,293 2,140,614 South Korea (16.36%) 4,322,546 6,463,141 700 BLDRS Emerging Markets 50 ADR Index Fund 52,001 78,465 11,000 iShares MSCI Taiwan Index 2,100 iShares MSCI Emerging Fund 169,140 163,021 Markets Index Fund 157,532 184,161 3,000 Southern Peru Copper Corp. 66,908 157,411 Taiwan (0.41%) 169,140 163,021 United States (1.06%) 276,441 420,037 79,300 Thai Fund Inc. 493,330 924,646 2,046 Compania Anonima Nacional Thailand (2.34%) 493,330 924,646 Telefonos de Venezuela, ADR 73,299 47,463 23,600 Turkish Investment Fund Inc. 169,920 461,039 Venezuela (0.12%) 73,299 47,463 13,381 Turkiye Garanti Bankasi AS 42,943 69,508 44,139 Turkiye Is Bankasi, Series ‘C’ 308,859 311,820 Total of International Equities (93.57%) 26,974,236 36,966,659 11,333 Yapi ve Kredi Bankasi AS 92,701 52,380 Total of Investments before Short-Term Turkey (2.26%) 614,423 894,747 Investments (93.58%) 26,975,624 36,968,122 18,028 Anglo American PLC 569,130 515,904

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 800,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 794,600 799,284 125,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 124,186 124,423 350,000 Government of Canada Treasury Bill, 2.459%, 2005/09/22 347,704 348,055 Total of Short-Term Investments (3.22%) 1,266,490 1,271,762 Total of Investments (96.80%) 28,242,114 38,239,884 Margin (0.64%) 253,268 Unrealized Gain on Futures Contracts (0.01%) 5,820 Unrealized Loss on Forward Foreign Currency Contracts (–0.07%) (28,748) Other Assets, less Liabilities (2.62%) 1,033,095 Total of Net Assets (100.00%) 39,503,319 *The hedging reference number has a corresponding number on the schedule of Forward Currency Contracts. The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (117,119) Czech Traded Index Future, (118,624) (1,505) 534,260 Polish Traded Index Future, 539,414 5,154 Expiry July 2005; Expiry July 2005; (10) contracts at EUR 1,579.70 per 60 contracts at EUR 1,201.01 per contract. contract. 304,037 Hong Kong Hang Seng China Enterprises 307,567 3,530 (430,133) Russian Traded Index Future, (440,520) (10,387) Index Future, Expiry July 2005; Expiry July 2005; (33) contracts at USD 1,064.20 per 8 contracts at HKD 4,824.00 per contract. contract. 135,380 Hungarian Traded Index Future, 141,142 5,762 (1,932,845) South African All Share Index Future, (1,915,154) 17,691 Expiry July 2005; Expiry September 2005; 5 contracts at EUR 3,652.00 per contract. (81) contracts at ZAR 13,002.00 per 671,002 Korean Stock Price 200 Index Future, 691,682 20,678 contract. Expiry September 2005; 2,757,613 Taiwanese MSCI Stock Index Future, 2,724,960 (32,653) 9 contracts at KRW 125.82 per contract Expiry July 2005; 271,906 Malaysian Kuala Lumpur Composite Index 269,456 (2,450) 86 contracts at USD 261.80 per contract Future, Expiry July 2005; 2,194,101 Total Equity Index Futures 2,199,923 5,820 19 contracts at MYR 888.00 per contract As at June 30, 2005, $253,268 cash was deposited as margin for the futures contracts.

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/07/29 CAD 592,117 HKD 3,739,197 1 6.315 6.351 3,351 State Street Trust Co. Canada A1+ 2005/07/29 CAD 131,587 ZAR 712,026 2 5.411 5.469 1,391 State Street Trust Co. Canada A1+ 2005/07/29 KRW 798,585,312 CAD 960,769 0.001 0.001 (15,024) State Street Trust Co. Canada A1+ 2005/07/29 TWD 44,213,537 CAD 1,729,147 0.039 0.039 (18,466) (28,748) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

89 CIBC Asia Pacific Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) International Equities 261 Beijing Enterprises Holdings Ltd. 409 448 6,107 Alumina Ltd. 40,571 31,624 2,608 Brilliance China Automotive 2,816 AMP Ltd. 31,981 16,942 Holdings Ltd. 1,038 560 11,155 BHP Billiton Ltd. 81,848 186,831 9,000 Cathay Pacific Airways 24,336 20,006 2,231 Bluescope Steel Ltd. 5,542 16,998 1,826 China Eastern Airlines Corp. 4,661 Brambles Industries Ltd. 43,309 35,398 Ltd. 494 392 7,079 Coles Myer Ltd. 38,373 61,032 782 China Everbright Ltd. 397 380 2,802 Commonwealth Bank of 1,043 China Merchants Holdings Australia 65,382 99,073 International Co. Ltd. 1,905 2,472 13,312 CSR Ltd. 52,046 33,187 3,652 China Overseas Land & 20,734 Foster’s Group Ltd. 75,294 102,776 Investment Ltd. 833 824 1,961 Lend Lease Corp. Ltd. 28,932 23,699 782 China Pharmaceutical Group 3,565 National Australia Bank Ltd. 79,403 102,170 Ltd. 293 195 780 OneSteel Ltd. 459 1,917 782 China Resources Land Ltd. 132 155 13,312 Rinker Group Ltd. 56,433 172,931 2,087 China Travel International 2,359 Rio Tinto Ltd. 53,451 98,158 Investment Hongkong Ltd. 491 769 19,999 Telstra Corp. Ltd. 94,907 94,342 8,304 Citic Pacific Ltd. 46,085 29,669 4,046 Westpac Banking Corp. Ltd. 43,036 75,134 7,200 CLP Holdings Ltd. 42,615 50,512 Australia (9.60%) 790,967 1,152,212 14,608 CNOOC Ltd. 8,296 10,600 3,652 Guangzhou Investment Co. 521 COFCO International Ltd. 361 305 Ltd. 409 384 1,043 Cosco Pacific Ltd. 1,925 2,472 4,300 Hang Seng Bank Ltd. 71,502 71,628 4,000 Henderson Land Bermuda (0.02%) 2,286 2,777 Development Co. Ltd. 28,885 23,336 21,780 Hong Kong & China Gas Co. 35,132 54,114 2,869 Aluminum Corp. of China 9,000 Hutchison Whampoa Ltd. 173,954 99,184 Ltd., Series ’H’ 2,077 1,936 800 i-CABLE Communications Ltd. 266 324 260 Anhui Conch Cement Co. 9,500 Johnson Electric Holdings Ltd., Series ’H’ 383 296 Ltd. 26,129 10,657 1,565 AviChina Industry & 8,000 Li & Fung Ltd. 24,995 20,273 Technology Co. Ltd., 6,000 PCCW Ltd. 49,650 4,585 Series ’H’ 246 145 6,521 Semiconductor Manufacturing 1,043 Beijing Capital International International Corp. 1,899 1,647 Airport Co. Ltd., Series ’H’ 434 508 391 Shanghai Industrial Holdings 1,565 Beijing Datang Power Ltd. 980 931 Generation Co. Ltd. 1,681 1,449 1,304 Shenzhen Investment Ltd. 220 211 130 BYD Co. Ltd., Class ’H’ 522 341 1,565 Sinopec Yizheng Chemical 7,956 China Life Insurance Co. Ltd., Fibre Co. Ltd., Series ’H’ 378 302 Series ’H’ 6,285 6,636 5,000 Sun Hung Kai Properties Ltd. 63,433 60,215 19,869 China Mobile (Hong Kong) 5,000 Swire Pacific Ltd., Class ’A’ 46,417 53,982 Ltd. 158,708 90,146 520 TCL Communication 15,912 China Petroleum and Technology Holdings Ltd. 99 37 Chemical Corp. (Sinopec), 1,304 TCL Multimedia Technology Series ’H’ 7,830 7,594 Holdings Ltd. 545 296 1,043 China Resources Enterprise 8,000 Wharf (Holdings) Ltd. 24,641 34,270 Ltd. 1,725 1,965 1,304 China Shipping Development Hong Kong (4.85%) 703,838 582,099 Co. Ltd., Class ’H’ 1,049 1,204 1,304 China Southern Airlines Co. 136,000 PT Telekomunikasi Indonesia 28,786 86,095 Ltd. 692 520 15,652 China Telecom Corp. Ltd., Indonesia (0.72%) 28,786 86,095 Series ’H’ 7,299 6,844 400 Acom Co. Ltd. 48,598 31,250 4,956 Denway Motors Ltd. 2,425 2,152 400 Advantest Corp. 71,313 36,071 2,591 Digital China Holdings Ltd. 2,056 926 2,000 Aeon Co. Ltd. 25,121 37,290 1,565 Guangshen Railway Co. Ltd., 3,000 Ajinomoto Co. Inc. 48,997 40,817 Series ’H’ 600 694 2,000 Asahi Breweries Ltd. 28,105 29,197 1,564 Huadian Power International 4,000 Asahi Glass Co. Ltd. 54,046 51,243 Corp. Ltd., Class ’H’ 706 540 6,000 Asahi Kasei Corp. 45,518 34,830 3,652 Huaneng Power International 1,000 Astellas Pharma Inc. 65,908 41,754 Inc., Series ’H’ 4,366 3,279 5,000 Bank of Yokohama Ltd. (The) 34,622 35,214 1,303 Jiangsu Expressway Co. Ltd. 853 828 3,000 Bridgestone Corp. 48,719 70,477 782 Jiangxi Copper Co. Ltd., 3,000 Canon Inc. 181,465 192,766 Series ’H’ 475 463 4,000 Casio Computer Co. Ltd. 43,578 63,780 25,912 Legend Group Ltd. 29,464 9,370 4 Central Japan Railway Co. 36,293 37,825 1,826 Maanshan Iron & Steels Co. 887 Chugai Pharmaceutical Co. Ltd., Series ’H’ 802 721 Ltd. 22,715 16,744 104,782 PetroChina Co. Ltd., 3,000 Dai Nippon Printing Co. Ltd. 65,698 58,962 Series ’H’ 37,799 94,283 1,000 Daiichi Pharmaceutical Co. 2,869 PICC Property and Casualty Ltd. 37,283 27,012 Co. Ltd., Series ’H’ 1,486 876 1,000 Daikin Industries Ltd. 28,207 30,536 1,304 Qingling Motors Co. Ltd. 229 293 3,000 Daiwa House Industry Co. 782 Shenzhen Expressway Co. Ltd. 30,680 41,901 Ltd., Class ’H’ 347 360 5,000 Daiwa Securities Group Inc. 76,569 37,633 2,608 Sinopec Shanghai 3,000 Denso Corp. 91,507 83,509 Petrochemical Co. Ltd. 1,166 1,097 10 East Japan Railway Co. 83,832 62,867 1,695 Sinotrans Ltd., Series ’H’ 817 645 1,000 Eisai Co. Ltd. 46,829 41,068 261 Travelsky Technology Ltd. 229 271 700 Fanuc Ltd. 92,327 54,284 260 Tsingtao Brewery Co. Ltd., 2,000 Fuji Photo Film Ltd. 120,716 79,236 Series ’H’ 311 342 7,000 Fujitsu Ltd. 188,151 44,724 391 Weiqiao Textile Co. Ltd., 3,000 Furukawa Electric Co. Ltd. Series ’H’ 763 672 (The) 60,584 14,142 1,669 Yanzhou Coal Mining Co. Ltd. 1,527 1,611 200 Hirose Electric Co. Ltd. 35,323 26,866 1,565 Zhejiang Expressway Co. 10,000 Hitachi Ltd. 161,562 74,122 Ltd., Series ’H’ 1,546 1,302 3,000 Honda Motor Co. Ltd. 173,962 180,630 1,564 Zijin Mining Group Co. Ltd. 354 420 11,000 iShares MSCI Japan Index China (2.01%) 277,252 240,729 Fund 124,288 136,614 6,000 ITOCHU Corp. 36,558 36,967 1,043 Anagang New Steel Co. Ltd. 503 610 1,000 Ito-Yokado Co. Ltd. 67,863 40,430 7,800 Bank of East Asia Ltd. 26,477 28,131 6 Japan Tobacco Inc. 67,257 97,785 90 CIBC Asia Pacific Index Fund (Cont’d***)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Holdings Ref. No.* ($) ($) Shares Holdings Ref. No.* ($) ($) 6,000 Joyo Bank Ltd. (The) 32,729 35,851 5,000 Teijin Ltd. 32,246 28,367 1,000 JS Group Corp. 23,291 20,712 7,000 Tobu Railway Co. 31,264 31,026 5,000 Kajima Corp. 20,010 22,567 2,000 Toho Co. 40,622 35,254 4,000 Kamigumi Co. Ltd. 26,182 37,728 1,600 Tohoku Electric Power 34,767 41,790 2,400 Kansai Electric Power Co. Inc. 57,526 59,081 4,000 Tokyo Electric Power Co. Inc. 2,000 Kao Corp. 76,946 57,607 (The) 139,017 116,801 5,000 Keihin Electric Express 1,000 Tokyo Electron Ltd. 103,814 64,421 Railway Co. Ltd. 30,229 37,422 10,000 Tokyo Gas Co. Ltd. 42,393 45,780 6,000 Kintetsu Corp. 30,570 22,362 5,000 Tokyu Corp. 23,976 27,423 4,000 Kirin Brewery Co. Ltd. 57,549 47,391 3,000 Toppan Printing Co. Ltd. 41,236 38,781 5,000 Komatsu Ltd. 37,007 47,358 8,000 Toray Industries Inc. 46,782 46,300 500 Konami Co. 49,484 12,876 11,000 Toshiba Corp, 117,376 53,482 7,000 Kubota Corp. 35,674 46,839 10,000 Toyota Motor Corp. 567,398 437,474 3,000 Kuraray Co. Ltd. 38,771 34,726 4 UFJ Holdings Inc. 14,139 25,369 600 Kyocera Corp. 119,103 56,069 2,000 Wacoal Corp. 25,390 30,947 2,000 Marui Co. Ltd. 43,618 32,921 2,000 Yamato Transport Co. Ltd. 64,150 33,903 7,000 Matsushita Electric Industrial 2,000 Yokogawa Electric Corp. 26,229 30,110 Co. Ltd. 224,835 129,695 4 Millea Holdings Inc. 60,334 65,763 Japan (55.58%) 9,301,775 6,671,441 3,000 Minebea Co. Ltd. 45,046 14,799 18,000 Commerce Asset-Holding 8,000 Mitsubishi Chemical Corp. 37,239 28,563 BHD 32,078 29,258 5,000 Mitsubishi Corp. 57,926 82,896 10,200 Malayan Banking BHD 39,076 35,762 8,000 Mitsubishi Electric Corp. 79,770 51,752 10,000 Malaysia International 4,000 Mitsubishi Estate Co. Ltd. 59,832 53,656 Shipping Corp. BHD 23,792 57,585 11,000 Mitsubishi Heavy Industries 19,000 Sime Darby BHD 34,262 35,506 Ltd. 63,312 35,190 7,000 Telekom Malaysia BHD 29,856 22,518 15 Mitsubishi Tokyo Financial 8,000 Tenaga Nasional Berhad 36,324 27,045 Group Inc. 246,813 155,009 5,000 Mitsui & Co. Ltd. 49,291 57,779 Malaysia (1.73%) 195,388 207,674 3,000 Mitsui Fudosan Co. Ltd. 50,379 41,015 5,000 Mitsui Sumitomo Insurance 8,310 Telecom Corp. of New Co. Ltd. 37,115 54,841 Zealand Ltd. 31,299 42,579 33 Mizuho Financial Group Inc. 238,559 181,849 900 Murata Manufacturing Co. New Zealand (0.35%) 31,299 42,579 Ltd. 148,563 55,897 970 Philippine Long Distance 6,000 NEC Corp. 159,220 39,558 Telephone Co. 24,568 34,545 2,000 NGK Insulators Ltd. 32,813 23,767 3,000 Nikko Cordial Corp. 21,099 16,069 Philippines (0.29%) 24,568 34,545 400 Nintendo Co. Ltd. 103,217 51,136 5,000 Nippon Express Co. Ltd. 41,494 26,500 3,000 Chartered Semiconductor 7,000 Nippon Oil Corp. 59,103 58,065 Manufacturing Ltd. 27,075 2,849 24,000 Nippon Steel Corp. 59,636 67,999 3,000 City Developments Ltd. 19,217 16,289 26 Nippon Telegraph & 3,000 DBS Group Holdings Ltd. 52,705 31,061 Telephone Corp. 390,919 136,290 122 Haw Par Corp. Ltd. 388 455 4 Nippon Paper Group Inc. 28,327 17,939 800 Oversea-Chinese Banking 7,000 Nippon Yusen Kabushiki Corp. Ltd., Rights, 2005/07/06 — 3,746 Kaisha 49,075 49,056 4,000 Overseas Chinese Banking 12,000 Nissan Motor Co. Ltd. 104,427 145,432 Corp. Ltd. 38,122 33,616 1,000 Nitto Denko Corp. 42,652 69,850 3,000 Singapore Airlines Ltd. 41,501 24,351 6,000 Nomura Holdings Inc. 177,628 87,387 4,250 Singapore Press Holdings Ltd. 23,873 13,242 30 NTT DoCoMo Inc. 111,895 54,186 1,000 Singapore Technologies 1,000 Olympus Corp. 22,468 23,452 Engineering Ltd. 2,429 1,754 1,000 Omron Corp. 37,645 26,945 11,143 Singapore 400 Oriental Land Co. Ltd. 46,464 29,005 Telecommunications Ltd. 27,002 22,356 300 Orix Corp. 48,245 54,916 3,000 United Overseas Bank Ltd. 32,419 30,875 9,000 Osaka Gas Co. Ltd. 35,190 34,663 300 United Overseas Land Ltd. 494 496 1,000 Pioneer Corp. 40,036 18,521 Singapore (1.51%) (note 10) 1 265,225 181,090 400 Promise Co. Ltd. 45,244 31,306 1,000 Ricoh Co. Ltd. 29,741 19,086 16,900 iShares MSCI South Korea 400 Rohm Co. Ltd. 127,476 47,006 Index Fund 347,600 662,372 2,000 Sankyo Co. Ltd. 64,635 46,909 4,201 Korea Fund, Inc. (The) 60,738 140,726 6,000 SANYO Electric Co. Ltd. 73,276 18,758 1,000 SECOM Co. Ltd. 102,197 52,597 South Korea (6.69%) 408,338 803,098 3,000 Sekisui House Ltd. 43,447 36,962 1,000 Seven-Eleven Japan Co. Ltd. 57,898 33,923 13,000 Thai Fund Inc. 66,202 151,581 4,000 Sharp Corp. 87,557 76,301 Thailand (1.26%) 66,202 151,581 1,000 Shin-Etsu Chemicals Co. Ltd. 70,237 46,384 1,000 Shionogi & Co. 26,168 15,752 1,351 HHG PLC, Depositary 2,000 Shiseido Co. Ltd. 36,595 30,854 Receipts 6,616 1,781 3,000 Shizuoka Bank Ltd. (The) 38,059 31,452 6,000,000 SMFG Finance Ltd., 1,000 Skylark Co. Ltd. 43,627 18,627 Convertible, Series ’REGS’ 76,253 159,497 300 SMC Corp. 62,741 39,871 900 Softbank Corp. 100,340 42,990 United Kingdom (1.34%) 82,869 161,278 2,900 Sony Corp. 373,327 122,042 153,000 Merrill Lynch International & 6,000 Sumitomo Chemical Co. Ltd. 42,706 33,670 Co., Taiwan Index, Warrants, 4,000 Sumitomo Corp. 48,033 39,099 2005/09/01 518,058 517,079 3,000 Sumitomo Electric Industries Ltd. 62,597 37,471 United States (4.31%) 518,058 517,079 1,000 Taisho Pharmaceutical Co. Ltd. 44,265 23,800 Total of International Equities (90.26%) 12,696,851 10,834,277 3,000 Takeda Pharmaceutical Co. Ltd. 259,016 181,855 Total of Investments before Short-Term 400 Takefuji Corp. 55,672 33,004 Investments (90.26%) 12,696,851 10,834,277 300 TDK Corp. 22,672 24,998

91 CIBC Asia Pacific Index Fund (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 575,000 Government of Canada Treasury Bill, 2.531%, 2005/07/14 571,119 574,483 300,000 Government of Canada Treasury Bill, 2.441%, 2005/09/08 298,047 298,625 150,000 Royal Bank of Canada Term Deposit, 2.496%, 2005/07/04 150,000 150,010 Total of Short-Term Investments (8.53%) 1,019,166 1,023,118 Total of Investments (98.79%) 13,716,017 11,857,395 Margin (0.60%) 72,475 Unrealized Gain on Futures Contracts (0.07%) 8,598 Unrealized Loss on Forward Foreign Currency Contracts (–0.14%) (17,258) Other Assets, less Liabilities (0.68%) 82,052 Total of Net Assets (100.00%) 12,003,262 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 692,244 Australian SPI 200 Index Future, 698,126 5,882 (42,715) Malaysian Kuala Lumpur Composite (42,546) 169 Expiry September 2005; Index Future, 7 contracts at AUD 4,237.00 per Expiry July 2005; contract. (3) contracts at MYR 883.50 per contract 76,009 Hong Kong Hang Seng China Enterprises 76,892 883 152,321 Singapore MSCI Index Future, 152,960 639 Index Future, Expiry July 2005; Expiry July 2005; 4 contracts at SGD 262.30 per contract. 2 contracts at HKD 4,824.00 per 96,196 Taiwanese MSCI Stock Index Future, 95,057 (1,139) contract. Expiry July 2005; 22,388 Hong Kong Mini Hang Seng Index Future, 22,387 (1) 3 contracts at USD 261.80 per contract. Expiry July 2005; 1 contract at HKD 14,209.00 per 1,142,433 Total Equity Index Futures 1,151,032 8,598 contract. 145,990 Japanese NIKKEI 300 Index Future, 148,156 2,166 As at June 30, 2005, $72,475 cash was deposited as margin for the futures contracts. Expiry September 2005; 6 contracts at JPY 220.13 per contract.

Forward Foreign Currency Contracts (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2005/07/29 CAD 6,883 SGD 9,400 1 1.366 1.377 57 State Street Trust Co. Canada A1+ 2005/07/29 AUD 700,407 CAD 657,852 0.939 0.931 (5,574) State Street Trust Co. Canada A1+ 2005/07/29 HKD 118,576 CAD 18,777 0.158 0.157 (106) State Street Trust Co. Canada A1+ 2005/07/29 JPY 67,738,053 CAD 760,620 0.011 0.011 (10,340) State Street Trust Co. Canada A1+ 2005/07/29 KRW 68,825,067 CAD 82,803 0.001 0.001 (1,295) (17,258) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC Nasdaq Index Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) United States Equities 2,992 XM Satellite Radio Holdings Inc., Class ’A’ 147,710 123,350 3,840 Amazon.com Inc. 113,083 155,583 2,619 Apollo Group Inc., Class ’A’ 146,922 250,910 Consumer Discretionary (15.29%) 2,614,447 3,328,997 5,658 Bed Bath & Beyond Inc. 246,030 289,532 1,540 Dollar Tree Stores Inc. 69,175 45,269 3,501 Costco Wholesale Corp. 206,510 192,189 13,824 eBay Inc. 310,670 558,913 871 Whole Foods Market Inc. 73,070 126,203 3,160 EchoStar Communications Corp., Consumer Staples (1.46%) 279,580 318,392 Class ’A’ 144,587 116,692 1,189 Lamar Advertising Co., Class ’A’ 63,884 62,285 8,276 Amgen Inc. 646,919 612,849 2,506 Liberty Global Inc., Class ’A’ 142,545 143,247 5,069 Biogen Idec Inc. 421,065 213,883 2,020 Petsmart Inc. 55,847 75,089 4,765 Biomet Inc. 201,006 202,165 1,645 Pixar Inc. 73,409 100,841 3,704 Chiron Corp. 259,524 158,284 2,058 Ross Stores Inc. 68,969 72,872 1,098 Dentsply International Inc. 65,072 72,621 2,279 Sears Holdings Corp. 332,288 418,335 1,920 Express Scripts Inc., Class ’A’ 75,665 117,534 19,390 Sirius Satellite Radio Inc. 191,210 153,893 4,361 Genzyme Corp. 300,439 320,962 7,111 Staples Inc. 114,974 185,688 5,979 Gilead Sciences Inc. 151,180 322,142 7,725 Starbucks Corp. 266,848 488,785 674 Invitrogen Corp. 62,742 68,757 1,515 Wynn Resorts Ltd. 126,296 87,713 1,352 Lincare Holdings Inc. 69,462 67,628

92 CIBC Nasdaq Index Fund (Cont’d***)

Average Cost Current Value Average Cost Current Value Shares Holdings ($) ($) Shares Holdings ($) ($) 3,772 MedImmune Inc. 251,543 123,445 29,896 Oracle Corp. 900,996 483,339 4,903 Millennium Pharmaceuticals Inc. 259,370 55,668 5,086 Paychex Inc. 324,629 202,702 2,112 Patterson Companies Inc. 74,543 116,612 1,336 QLogic Corp. 119,582 50,514 27,637 Qualcomm Inc. 1,288,723 1,117,382 Health Care (11.26%) 2,838,530 2,452,550 2,090 SanDisk Corp. 83,252 60,745 7,423 Altera Corp. 287,941 180,197 8,176 Sanmina-SCI Corp. 303,007 54,776 2,725 American Power Conversion Corp. 63,259 78,734 8,322 Siebel Systems Inc. 586,307 90,716 12,278 Applied Materials Inc. 417,191 243,316 20,870 Sun Microsystems Inc. 712,148 95,345 5,241 BEA Systems Inc. 283,322 56,328 10,282 Symantec Corp. 169,452 273,780 1,195 C.H. Robinson Worldwide Inc. 59,819 85,184 1,926 Synopsys Inc. 84,008 39,324 1,508 Career Education Corp. 81,359 67,619 3,672 Tellabs Inc. 170,191 39,128 1,225 CDW Corp. 99,939 85,657 3,402 VeriSign Inc. 295,751 119,836 2,919 Cintas Corp. 209,085 138,002 6,117 Veritas Software Corp. 598,847 182,807 1,482 Expeditors International of 6,460 Xilinx Inc. 434,851 201,761 Washington Inc. 77,190 90,413 9,239 Yahoo! Inc. 202,160 392,097 1,028 Fastenal Co. 61,639 77,132 Information Technology (52.08%) 17,855,675 11,339,633 2,722 Paccar Inc. 106,543 226,706 939 Sigma-Aldrich Corp. 73,798 64,451 Industrials (6.11%) 1,747,287 1,329,288 3,596 Smurfit-Stone Container Corp. 77,824 44,793 6,539 Adobe Systems Inc. 228,332 229,217 Materials (0.50%) 151,622 109,244 15,680 Apple Computer Inc. 258,967 706,931 3,367 Autodesk Inc. 119,999 141,739 13,305 Comcast Corp., Class ’A’ 506,535 500,286 3,495 Broadcom Corp., Class ’A’ 312,936 152,007 19,475 Nextel Communications Inc., Class ’A’ 549,228 770,690 32,889 Cisco Systems Inc. 1,431,915 769,798 1,354 NTL Inc. 119,885 113,466 2,813 Citrix Systems Inc. 99,197 74,627 1,811 Cognizant Technology Solutions Corp., Telecommunication Services (6.36%) 1,175,648 1,384,442 Class ’A’ 97,076 104,540 Total of United States Equities (93.06%) 26,662,789 20,262,546 2,869 Comverse Technology Inc. 230,437 83,105 12,777 Dell Inc. 506,722 618,303 International Equities 4,303 Electronic Arts Inc. 187,695 298,353 3,467 Fiserv Inc. 200,176 182,382 3,426 ATI Technologies Inc. 67,755 49,725 10,023 IAC/InterActiveCorp 403,451 295,242 3,555 Check Point Software 30,954 Intel Corp. 1,498,850 987,999 Technologies Ltd. 305,253 86,212 2,076 Intersil Corp. 66,522 47,726 8,630 Flextronics International Ltd. 304,497 139,630 3,341 Intuit Inc. 215,069 184,593 1,422 Garmin Ltd. 98,504 74,456 24,087 JDS Uniphase Corp. 856,467 44,843 3,601 Marvell Technology Group Ltd. 154,759 167,776 5,008 Juniper Networks Inc. 413,059 154,449 2,625 Research In Motion Ltd. 136,952 237,114 3,357 KLA Tencor Corp. 226,917 179,679 2,305 Telefonaktiebolaget LM Ericsson, ADR, 1,997 Lam Research Corp. 82,488 70,785 Class ’B’ 89,326 90,200 9,904 Level 3 Communications Inc. 71,298 24,625 6,430 Teva Pharmaceutical Industries Ltd., 5,737 Linear Technology Corp. 406,981 257,809 ADR 195,494 246,030 6,371 Maxim Integrated Products Inc. 508,977 298,160 1,273 Mercury Interactive Corp. 112,179 59,810 Total of International Equities (5.01%) 1,352,540 1,091,143 2,432 Microchip Technology Inc. 79,598 88,230 Total of Equities (98.07%) 28,015,329 21,353,689 52,278 Microsoft Corp. 2,420,380 1,590,502 1,400 Molex Inc. 80,785 44,651 Total of Investments before Short-Term 5,319 Network Appliance Inc. 333,795 184,171 Investment (98.07%) 28,015,329 21,353,689 2,019 Novellus Systems Inc. 131,503 61,105

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment (note 11) 275,000 Bank of Montreal Term Deposit, 3.270%, 2005/07/05, (USD) 336,820 336,850 Total of Short-Term Investment (1.55%) 336,820 336,850 Total of Investments (99.62%) 28,352,149 21,690,539 Margin (0.29%) 64,101 Unrealized Loss on Futures Contracts (–0.05%) (12,077) Other Assets, less Liabilities (0.14%) 30,463 Total of Net Assets (100.00%) 21,773,026 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (414,129) United States NASDAQ 100 E-Mini Index (404,992) 9,137 Future, Expiry September 2005; (11) contracts at USD 1,536.91 per contract. 757,563 United States NASDAQ 100 Index Future, 736,349 (21,214) Expiry September 2005; 4 contracts at USD 1,546.30 per contract. 343,434 Total Equity Index Futures 331,357 (12,077) As at June 30, 2005, $64,101 cash was deposited as margin for the futures contracts.

93 CIBC Nasdaq Index RRSP Fund

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Average Cost Current Value Shares Holdings ($) ($) Equity 2,200 NASDAQ-100 Index Tracking Stock 197,407 99,133 Total of Trust Units (0.15%) 197,407 99,133 Total of Equity (0.15%) 197,407 99,133 Total of Investments before Short-Term Investments (0.15%) 197,407 99,133

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investments (note 11) 7,000,000 Government of Canada Discount Note, 2.861%, 2005/07/07 (USD) 8,507,524 8,569,542 2,350,000 Business Development Bank of Canada Discount Note, 2.909%, 2005/07/05 (USD) 2,846,537 2,877,370 2,500,000 Business Development Bank of Canada Discount Note, 3.059%, 2005/08/18 (USD) 3,148,124 3,049,610 1,500,000 Business Development Bank of Canada Discount Note, 3.099%, 2005/08/30 (USD) 1,883,128 1,827,790 1,700,000 Business Development Bank of Canada Discount Note, 3.149%, 2005/09/06 (USD) 2,113,933 2,070,060 1,500,000 Canadian Wheat Board Discount Note, 3.070%, 2005/08/15 (USD) 1,891,448 1,830,204 2,500,000 Chevron Canada Capital Co. Discount Note, 3.279%, 2005/09/12 (USD) 3,096,610 3,041,811 3,900,000 Darwin Receivables Trust Discount Note, 3.362%, 2005/09/29 (USD) 4,761,691 4,736,919 2,000,000 Enbridge Inc. Discount Note, 3.259%, 2005/09/07 (USD) 2,469,855 2,434,645 7,000,000 Export Development Corp. Discount Note, 3.128%, 2005/08/30 (USD) 8,651,192 8,529,246 1,500,000 Gaz Metropolitain Inc. Discount Note, 3.128%, 2005/07/26 (USD) 1,854,124 1,833,240 3,000,000 GE Capital Canada Funding Co. Discount Note, 3.209%, 2005/09/01 (USD) 3,707,211 3,654,245 4,000,000 King Street Funding Trust Discount Note, 3.136%, 2005/07/20 (USD) 4,944,523 4,891,115 1,500,000 Storm King Funding Trust Discount Note, 3.202%, 2005/07/22 (USD) 1,843,516 1,833,777 1,900,000 Zeus Receivables Trust Discount Note, 3.078%, 2005/08/03 (USD) 2,370,210 2,320,605 2,000,000 Zeus Receivables Trust Discount Note, 3.189%, 2005/08/26 (USD) 2,511,115 2,437,549 675,000 Bank of Montreal Term Deposit, 3.270%, 2005/06/30 (USD) 826,740 826,814 3,000,000 Bank of Montreal Bearer Deposit Note, 3.220%, 2005/09/07 (USD) 3,700,467 3,652,235 2,000,000 Bank of Montreal Bearer Deposit Note, 3.271%, 2005/09/15 (USD) 2,459,242 2,432,825 4,000,000 Toronto-Dominion Bank (The), Bearer Deposit Note, 3.398%, 2005/09/30 (USD) 4,857,018 4,857,477 Total of Short-Term Investments (100.65%) 68,444,208 67,707,079 Total of Investments (100.80%) 68,641,615 67,806,212 Margin (1.93%) 1,295,439 Unrealized Loss on Futures Contracts (–2.47%) (1,663,636) Other Assets, less Liabilities (–0.26%) (169,553) Total of Net Assets (100.00%) 67,268,462 The accompanying notes are an integral part of these financial statements.

Futures Contracts (note 11)

Contracted Current Unrealized Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (1,167,673) United States NASDAQ 100 E-Mini Index (1,141,342) 26,331 70,538,669 United States NASDAQ 100 Index Future, 68,848,702 (1,689,967) Future, Expiry September 2005; Expiry September 2005; 374 contracts at USD 1,537.89 per (31) contracts at USD 1,537.64 per contract. contract. 69,370,996 Total Equity Index Futures 67,707,360 (1,663,636) As at June 30, 2005, $1,295,439 cash was deposited as margin for the futures contracts.

CIBC Managed Income Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 2,206,199 CIBC Canadian Bond Fund 27,190,998 28,561,483 362,331 CIBC Canadian Index Fund 5,591,717 7,159,049 5,645,257 CIBC Canadian Short-Term Bond Index Fund 57,222,171 57,273,285 553,080 CIBC European Equity Fund 6,363,986 7,094,457 1,377,661 CIBC Global Bond Fund 14,951,165 14,270,889 1,438,738 CIBC Money Market Fund 14,387,394 14,387,377 690,528 CIBC U.S. Equity Index Fund 13,762,092 14,233,922 Total of Mutual Funds (99.68%) 139,469,523 142,980,462

94 CIBC Managed Income Portfolio (Cont’d***)

Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 50,098 CIBC Mellon Trust Demand Deposit, Variable Rate 50,098 50,145 Total of Short-Term Investment (0.03%) 50,098 50,145 Total of Investments (99.71%) 139,519,621 143,030,607 Other Assets, less Liabilities (0.29%) 416,748 Total of Net Assets (100.00%) 143,447,355 The accompanying notes are an integral part of these financial statements.

CIBC Managed Income Plus Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 734,093 Canadian Imperial Equity Fund 9,217,597 10,111,172 2,380,632 CIBC Canadian Bond Fund 29,256,009 30,819,704 512,898 CIBC Canadian Index Fund 7,815,333 10,133,994 7,040,093 CIBC Canadian Short-Term Bond Index Fund 71,374,636 71,424,429 1,096,986 CIBC European Equity Fund 12,522,255 14,071,235 752,398 CIBC Far East Prosperity Fund 5,554,610 6,002,454 1,938,185 CIBC Global Bond Fund 21,102,063 20,077,231 1,024,242 CIBC Money Market Fund 10,242,426 10,242,415 1,473,931 CIBC U.S. Equity Index Fund 29,538,218 30,382,314 Total of Mutual Funds (99.75%) 196,623,147 203,264,948 Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 101,118 CIBC Mellon Trust Demand Deposit, Variable Rate 101,118 101,135 Total of Short-Term Investment (0.05%) 101,118 101,135 Total of Investments (99.80%) 196,724,265 203,366,083 Other Assets, less Liabilities (0.20%) 414,637 Total of Net Assets (100.00%) 203,780,720 The accompanying notes are an integral part of these financial statements.

CIBC Managed Balanced Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 3,241,310 Canadian Imperial Equity Fund 41,037,063 44,644,833 7,223,711 CIBC Canadian Bond Fund 88,795,330 93,518,269 2,613,779 CIBC Canadian Index Fund 39,755,341 51,643,802 15,307,434 CIBC Canadian Short-Term Bond Index Fund 155,131,064 155,299,768 3,299,985 CIBC European Equity Fund 35,066,063 42,329,511 2,289,118 CIBC Far East Prosperity Fund 16,163,746 18,262,049 5,872,503 CIBC Global Bond Fund 63,738,770 60,831,971 3,100,842 CIBC Money Market Fund 31,009,500 31,008,419 3,632,257 CIBC U.S. Equity Index Fund 69,161,043 74,872,130 1,980,102 CIBC U.S. Index RRSP Fund 18,074,092 18,336,763 2,408,018 CIBC U.S. Small Companies Fund 27,183,661 31,902,059 Total of Mutual Funds (99.93%) 585,115,673 622,649,574 Total of Investments (99.93%) 585,115,673 622,649,574 Other Assets, less Liabilities (0.07%) 444,145 Total of Net Assets (100.00%) 623,093,719 The accompanying notes are an integral part of these financial statements.

95 CIBC Managed Balanced Growth Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 279,951 Canadian Imperial Equity Fund 3,568,964 3,855,959 432,753 CIBC Canadian Bond Fund 5,315,623 5,602,422 520,549 CIBC Canadian Bond Index Fund 5,361,038 5,596,157 225,755 CIBC Canadian Index Fund 3,501,582 4,460,541 552,872 CIBC Canadian Short-Term Bond Index Fund 5,600,792 5,609,095 128,319 CIBC Emerging Economies Fund 1,311,500 1,660,851 431,913 CIBC European Equity Fund 5,007,337 5,540,226 344,998 CIBC Far East Prosperity Fund 2,584,740 2,752,317 538,419 CIBC Global Bond Fund 5,820,624 5,577,364 589,754 CIBC U.S. Equity Index Fund 12,041,719 12,156,673 210,831 CIBC U.S. Small Companies Fund 2,567,443 2,793,149 Total of Mutual Funds (99.69%) 52,681,362 55,604,754 Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 17,071 CIBC Mellon Trust Demand Deposit, Variable Rate 17,071 17,077 Total of Short-Term Investment (0.03%) 17,071 17,077 Total of Investments (99.72%) 52,698,433 55,621,831 Other Assets, less Liabilities (0.28%) 156,566 Total of Net Assets (100.00%) 55,778,397 The accompanying notes are an integral part of these financial statements.

CIBC Managed Balanced Growth RRSP Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 2,379,589 Canadian Imperial Equity Fund 30,258,303 32,775,749 3,566,926 CIBC Canadian Bond Fund 43,838,623 46,177,479 4,320,196 CIBC Canadian Bond Index Fund 44,545,719 46,444,227 1,916,219 CIBC Canadian Index Fund 29,157,994 37,861,194 4,522,774 CIBC Canadian Short-Term Bond Index Fund 45,858,007 45,885,266 1,070,902 CIBC Emerging Economies Fund 10,660,745 13,860,782 3,493,227 CIBC European Equity Fund 40,504,492 44,808,262 2,787,658 CIBC Far East Prosperity Fund 20,592,989 22,239,285 4,282,661 CIBC Global Bond Fund 46,507,319 44,363,151 9,795,777 CIBC U.S. Index RRSP Fund 90,132,559 90,713,947 2,463,088 CIBC U.S. Small Companies Fund 29,620,411 32,631,636 Total of Mutual Funds (99.87%) 431,677,161 457,760,978 Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 86,461 CIBC Mellon Trust Demand Deposit, Variable Rate 86,461 86,478 Total of Short-Term Investment (0.02%) 86,461 86,478 Total of Investments (99.89%) 431,763,622 457,847,456 Other Assets, less Liabilities (0.11%) 515,166 Total of Net Assets (100.00%) 458,362,622 The accompanying notes are an integral part of these financial statements.

96 CIBC Managed Growth Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 235,009 Canadian Imperial Equity Fund 2,978,657 3,236,941 125,151 CIBC Canadian Bond Fund 1,539,735 1,620,201 301,219 CIBC Canadian Bond Index Fund 3,104,494 3,238,257 164,481 CIBC Canadian Index Fund 2,526,383 3,249,870 74,328 CIBC Emerging Economies Fund 754,235 962,033 299,097 CIBC European Equity Fund 3,443,938 3,836,572 200,781 CIBC Far East Prosperity Fund 1,495,098 1,601,788 310,955 CIBC Global Bond Fund 3,373,248 3,221,115 467,414 CIBC U.S. Equity Index Fund 9,499,628 9,634,847 121,732 CIBC U.S. Small Companies Fund 1,470,846 1,612,731 Total of Mutual Funds (100.28%) 30,186,262 32,214,355 Total of Investments (100.28%) 30,186,262 32,214,355 Other Assets, less Liabilities (–0.28%) (89,674) Total of Net Assets (100.00%) 32,124,681 The accompanying notes are an integral part of these financial statements.

CIBC Managed Growth RRSP Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 1,801,760 Canadian Imperial Equity Fund 22,907,777 24,816,910 951,144 CIBC Canadian Bond Fund 11,673,655 12,313,519 2,275,022 CIBC Canadian Bond Index Fund 23,458,604 24,457,598 1,276,697 CIBC Canadian Index Fund 19,398,524 25,225,335 572,234 CIBC Emerging Economies Fund 5,615,799 7,406,475 2,245,870 CIBC European Equity Fund 23,373,065 28,808,190 1,503,297 CIBC Far East Prosperity Fund 10,610,353 11,992,951 2,314,226 CIBC Global Bond Fund 25,153,001 23,972,560 7,312,106 CIBC U.S. Index RRSP Fund 67,715,888 67,713,876 1,304,668 CIBC U.S. Small Companies Fund 14,233,539 17,284,586 Total of Mutual Funds (100.22%) 224,140,205 243,992,000 Total of Investments (100.22%) 224,140,205 243,992,000 Other Assets, less Liabilities (–0.22%) (525,760) Total of Net Assets (100.00%) 243,466,240 The accompanying notes are an integral part of these financial statements.

CIBC Managed Aggressive Growth Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 114,546 Canadian Imperial Equity Fund 1,443,474 1,577,717 61,270 CIBC Canadian Bond Fund 755,351 793,196 74,205 CIBC Canadian Bond Index Fund 767,481 797,738 80,826 CIBC Canadian Index Fund 1,235,756 1,596,991 61,389 CIBC Emerging Economies Fund 618,659 794,570 210,988 CIBC European Equity Fund 2,444,582 2,706,380 158,226 CIBC Far East Prosperity Fund 1,176,448 1,262,288 268,731 CIBC U.S. Equity Index Fund 5,449,904 5,539,376

97 CIBC Managed Aggressive Growth Portfolio (Cont’d***)

Number of Average Cost Current Value Units Holdings ($) ($) 60,520 CIBC U.S. Small Companies Fund 725,308 801,778 Total of Mutual Funds (99.78%) 14,616,963 15,870,034 Total of Investments (99.78%) 14,616,963 15,870,034 Other Assets, less Liabilities (0.22%) 35,459 Total of Net Assets (100.00%) 15,905,493 The accompanying notes are an integral part of these financial statements.

CIBC Managed Aggressive Growth RRSP Portfolio

Statement of Investment Portfolio (unaudited) As at June 30, 2005

Number of Average Cost Current Value Units Holdings ($) ($) Mutual Funds 652,056 Canadian Imperial Equity Fund 8,335,103 8,981,224 347,627 CIBC Canadian Bond Fund 4,274,930 4,500,381 420,238 CIBC Canadian Bond Index Fund 4,333,566 4,517,765 458,500 CIBC Canadian Index Fund 7,012,463 9,059,170 345,015 CIBC Emerging Economies Fund 3,455,546 4,465,562 628,072 CIBC European Equity Fund 7,316,313 8,056,397 444,936 CIBC Far East Prosperity Fund 3,322,150 3,549,592 1,283,547 CIBC International Index RRSP Fund 9,445,594 10,699,589 3,075,717 CIBC U.S. Index RRSP Fund 28,566,388 28,482,726 548,514 CIBC U.S. Small Companies Fund 6,633,909 7,266,863 Total of Mutual Funds (99.96%) 82,695,962 89,579,269 Par Value Average Cost Current Value ($) Holdings ($) ($) Short-Term Investment 47,608 CIBC Mellon Trust Demand Deposit, Variable Rate 47,608 47,617 Total of Short-Term Investment (0.05%) 47,608 47,617 Total of Investments (100.01%) 82,743,570 89,626,886 Other Assets, less Liabilities (–0.01%) (8,564) Total of Net Assets (100.00%) 89,618,322 The accompanying notes are an integral part of these financial statements.

CIBC U.S. Dollar Managed Income Portfolio

Statement of Investment Portfolio (in U.S. $) (unaudited) As at June 30, 2005

Number of Hedging Average Cost Current Value Units Holdings Ref. No.* (U.S. $) (U.S. $) Mutual Funds 2,214,986 CIBC Canadian Bond Fund 2 21,139,593 23,412,186 362,871 CIBC Canadian Index Fund 2 4,684,485 5,853,786 5,692,007 CIBC Canadian Short-Term Bond Index Fund 2 44,122,351 47,148,585 558,633 CIBC European Equity Fund 3,4,5,6,9,10,11 5,129,327 5,850,499 1,380,000 CIBC Global Bond Fund 1-12 11,401,796 11,671,391 1,173,246 CIBC U.S. Dollar Money Market Fund 11,732,436 11,732,463 690,759 CIBC U.S. Equity Index Fund 10,619,888 11,625,343 Total of Mutual Funds (99.38%) (note 10) 108,829,876 117,294,253 Par Value Hedging Average Cost Current Value ($) Holdings Ref. No.* (U.S. $) (U.S. $) Short-Term Investment 15,976 Mellon Bank NA Deposit Trust Reserve, Variable Rate (USD) 15,976 16,461 Total of Short-Term Investment (0.01%) 15,976 16,461 Total of Investments (99.39%) 108,845,852 117,310,714 Unrealized Loss on Forward Foreign Currency Contracts (–0.32%) (381,286) Other Assets, less Liabilities (0.93%) 1,094,776 Total of Net Assets (100.00%) 118,024,204 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

98 CIBC U.S. Dollar Managed Income Portfolio (Cont’d***)

Forward Foreign Currency Contracts (note 10)

Unrealized Credit Rating Settlement Currency Currency Hedging Forward Current Gain/(Loss) Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate (U.S. $) State Street Trust Co. Canada A1+ 2005/07/29 USD 19,616 AUD 25,705 1 1.310 1.314 59 State Street Trust Co. Canada A1+ 2005/07/29 USD 72,698,354 CAD 89,474,226 2 1.231 1.224 (401,090) State Street Trust Co. Canada A1+ 2005/07/29 USD 1,316,000 CAD 1,613,232 2 1.226 1.224 (1,992) State Street Trust Co. Canada A1+ 2005/09/09 USD 554,632 CAD 689,732 2 1.244 1.223 (9,498) State Street Trust Co. Canada A1+ 2005/07/29 USD 558,872 CHF 713,607 3 1.277 1.278 637 State Street Trust Co. Canada A1+ 2005/09/09 USD 45,566 DKK 275,681 4 6.050 6.139 657 State Street Trust Co. Canada A1+ 2005/07/29 USD 7,160,432 EUR 5,924,200 5 0.827 0.825 (18,856) State Street Trust Co. Canada A1+ 2005/07/29 USD 2,335,342 GBP 1,287,428 6 0.551 0.559 30,306 State Street Trust Co. Canada A1+ 2005/07/29 USD 4,599 HKD 35,742 7 7.772 7.773 1 State Street Trust Co. Canada A1+ 2005/07/29 USD 2,948,745 JPY 323,203,121 8 109.607 110.508 24,039 State Street Trust Co. Canada A1+ 2005/09/09 NOK 1,671,409 USD 259,850 9 0.155 0.153 (3,483) State Street Trust Co. Canada A1+ 2005/07/29 USD 509,553 NOK 3,354,641 9 6.583 6.531 (4,093) State Street Trust Co. Canada A1+ 2005/09/09 NZD 11,695 USD 8,131 10 0.695 0.691 (50) State Street Trust Co. Canada A1+ 2005/07/29 USD 21,492 NZD 30,770 10 1.432 1.441 146 State Street Trust Co. Canada A1+ 2005/07/29 SEK 1,905,537 USD 245,000 11 0.129 0.128 (619) State Street Trust Co. Canada A1+ 2005/07/29 USD 712,104 SEK 5,539,599 11 7.779 7.797 1,662 State Street Trust Co. Canada A1+ 2005/07/29 USD 310,997 SGD 522,692 12 1.681 1.686 888 (381,286) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC U.S. Dollar Managed Balanced Portfolio

Statement of Investment Portfolio (in U.S. $) (unaudited) As at June 30, 2005

Number of Hedging Average Cost Current Value Units Holdings Ref. No.* (U.S. $) (U.S. $) Mutual Funds 557,212 Canadian Imperial Equity Fund 2 5,614,612 6,266,219 1,275,530 CIBC Canadian Bond Fund 2 12,199,222 13,482,222 446,038 CIBC Canadian Index Fund 2 5,725,572 7,195,423 2,745,890 CIBC Canadian Short-Term Bond Index Fund 2 21,343,754 22,745,026 601,428 CIBC European Equity Fund 2,3,4,5,6,9,10,11 5,432,621 6,298,679 412,428 CIBC Far East Prosperity Fund 1,2,7,8,12 2,456,888 2,686,361 1,048,284 CIBC Global Bond Fund 1-12 8,652,498 8,865,892 449,405 CIBC U.S. Dollar Money Market Fund 4,493,592 4,494,053 641,965 CIBC U.S. Equity Index Fund 9,862,286 10,804,145 356,555 CIBC U.S. Index RRSP Fund 2 2,455,525 2,695,857 417,393 CIBC U.S. Small Companies Fund 3,963,416 4,514,820 Total of Mutual Funds (100.53%) (note 10) 82,199,986 90,048,697 Total of Investments (100.53%) 82,199,986 90,048,697 Unrealized Loss on Forward Foreign Currency Contracts (–0.24%) (219,024) Other Assets, less Liabilities (–0.29%) (258,225) Total of Net Assets (100.00%) 89,571,448 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Forward Foreign Currency Contracts (note 10)

Unrealized Credit Rating Settlement Currency Currency Hedging Forward Current Gain/(Loss) Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate (U.S. $) State Street Trust Co. Canada A1+ 2005/07/29 USD 359,472 AUD 471,043 1 1.310 1.314 1,079 State Street Trust Co. Canada A1+ 2005/07/29 CAD 372,599 USD 303,000 2 0.813 0.817 1,409 State Street Trust Co. Canada A1+ 2005/07/29 USD 46,819,898 CAD 57,624,058 2 1.231 1.224 (258,314) State Street Trust Co. Canada A1+ 2005/07/29 USD 999,000 CAD 1,224,634 2 1.226 1.224 (1,512) State Street Trust Co. Canada A1+ 2005/09/09 USD 456,819 CAD 568,093 2 1.244 1.223 (7,823) State Street Trust Co. Canada A1+ 2005/07/29 USD 603,549 CHF 770,653 3 1.277 1.278 688 State Street Trust Co. Canada A1+ 2005/09/09 USD 40,453 DKK 244,746 4 6.050 6.139 584 State Street Trust Co. Canada A1+ 2005/07/29 EUR 205,935 USD 249,000 5 1.209 1.212 564 State Street Trust Co. Canada A1+ 2005/07/29 USD 6,397,744 EUR 5,293,188 5 0.827 0.825 (16,848) State Street Trust Co. Canada A1+ 2005/07/29 USD 2,388,792 GBP 1,316,893 6 0.551 0.559 31,000 State Street Trust Co. Canada A1+ 2005/07/29 USD 235,234 HKD 1,828,282 7 7.772 7.774 41 State Street Trust Co. Canada A1+ 2005/07/29 USD 3,798,805 JPY 416,375,651 8 109.607 110.508 30,968 State Street Trust Co. Canada A1+ 2005/09/09 NOK 185,820 USD 28,889 9 0.155 0.153 (387) State Street Trust Co. Canada A1+ 2005/09/09 NOK 1,502,655 USD 231,000 9 0.154 0.153 (517) State Street Trust Co. Canada A1+ 2005/07/29 USD 306,437 NOK 2,017,425 9 6.583 6.531 (2,461) State Street Trust Co. Canada A1+ 2005/07/29 USD 30,332 NZD 43,425 10 1.432 1.441 205 State Street Trust Co. Canada A1+ 2005/09/09 USD 103,784 NZD 149,267 10 1.438 1.447 638

99 CIBC U.S. Dollar Managed Balanced Portfolio (Cont’d***)

Unrealized Credit Rating Settlement Currency Currency Hedging Forward Current Gain/(Loss) Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate (U.S. $) State Street Trust Co. Canada A1+ 2005/07/29 USD 488,969 SEK 3,803,785 11 7.779 7.797 1,142 State Street Trust Co. Canada A1+ 2005/07/29 USD 182,130 SGD 306,106 12 1.681 1.686 520 (219,024) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

CIBC U.S. Dollar Managed Growth Portfolio

Statement of Investment Portfolio (in U.S. $) (unaudited) As at June 30, 2005

Number of Hedging Average Cost Current Value Units Holdings Ref. No.* (U.S.$) (U.S.$) Mutual Funds 212,884 Canadian Imperial Equity Fund 2 2,203,310 2,394,020 113,419 CIBC Canadian Bond Fund 2 1,094,859 1,198,828 273,071 CIBC Canadian Bond Index Fund 2 2,196,940 2,396,840 149,156 CIBC Canadian Index Fund 2 1,922,586 2,406,158 68,161 CIBC Emerging Economies Fund 2 590,248 720,291 276,550 CIBC European Equity Fund 2,3,4,5,8,9,10 2,537,593 2,896,279 182,844 CIBC Far East Prosperity Fund 1,2,6,7,11 1,115,008 1,190,956 284,617 CIBC Global Bond Fund 1-11 2,370,315 2,407,160 430,495 CIBC U.S. Equity Index Fund 6,703,739 7,245,137 112,653 CIBC U.S. Small Companies Fund 1,082,652 1,218,533 Total of Mutual Funds (101.85%) (note 10) 21,817,250 24,074,202 Total of Investments (101.85%) 21,817,250 24,074,202 Unrealized Loss on Forward Foreign Currency Contracts (–0.18%) (42,462) Other Assets, less Liabilities (–1.67%) (393,793) Total of Net Assets (100.00%) 23,637,947 *The hedging reference number has a corresponding number on the schedule of Forward Foreign Currency Contracts. The accompanying notes are an integral part of these financial statements.

Forward Foreign Currency Contracts (note 10)

Unrealized Credit Rating Settlement Currency Currency Hedging Forward Current Gain/(Loss) Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate (U.S. $) State Street Trust Co. Canada A1+ 2005/07/29 USD 156,892 AUD 205,588 1 1.310 1.314 471 State Street Trust Co. Canada A1+ 2005/07/29 CAD 223,805 USD 182,000 2 0.813 0.817 847 State Street Trust Co. Canada A1+ 2005/07/29 USD 7,706,515 CAD 9,484,870 2 1.231 1.224 (42,517) State Street Trust Co. Canada A1+ 2005/07/29 USD 254,000 CAD 311,368 2 1.226 1.224 (385) State Street Trust Co. Canada A1+ 2005/09/09 USD 282,690 CAD 351,549 2 1.244 1.223 (4,841) State Street Trust Co. Canada A1+ 2005/07/29 USD 274,688 CHF 350,741 3 1.277 1.278 313 State Street Trust Co. Canada A1+ 2005/07/29 USD 39,505 DKK 243,532 4 6.165 6.149 (98) State Street Trust Co. Canada A1+ 2005/09/09 USD 8,000 DKK 48,399 4 6.050 6.139 115 State Street Trust Co. Canada A1+ 2005/07/29 EUR 42,213 USD 51,000 5 1.208 1.212 156 State Street Trust Co. Canada A1+ 2005/07/29 USD 2,272,371 EUR 1,880,051 5 0.827 0.825 (5,983) State Street Trust Co. Canada A1+ 2005/07/29 USD 151,790 HKD 1,179,746 6 7.772 7.774 26 State Street Trust Co. Canada A1+ 2005/07/29 USD 1,265,774 JPY 138,737,668 7 109.607 110.508 10,319 State Street Trust Co. Canada A1+ 2005/09/09 NOK 491,029 USD 77,000 8 0.157 0.153 (1,684) State Street Trust Co. Canada A1+ 2005/07/29 USD 89,413 NOK 588,652 8 6.584 6.531 (718) State Street Trust Co. Canada A1+ 2005/09/09 USD 42,558 NOK 273,744 8 6.432 6.520 570 State Street Trust Co. Canada A1+ 2005/07/29 USD 32,794 NZD 46,950 9 1.432 1.441 222 State Street Trust Co. Canada A1+ 2005/09/09 USD 25,768 NZD 37,061 9 1.438 1.447 158 State Street Trust Co. Canada A1+ 2005/07/29 USD 209,230 SEK 1,627,642 10 7.779 7.797 488 State Street Trust Co. Canada A1+ 2005/07/29 USD 27,668 SGD 46,501 11 1.681 1.685 79 (42,462) *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Fund exceeds or meets the minimum approved credit rating. **The hedging reference number has a corresponding number on the Statement of Investment Portfolio.

100 Financial Statements CIBC Mutual Funds

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC Canadian CIBC Premium Canadian CIBC Money CIBC U.S. Dollar CIBC High Yield T-Bill Fund T-Bill Fund Market Fund Money Market Fund Cash Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 (U.S. $) (U.S. $) Assets Investments at current value (notes 2 & 3) $ 423,816 $ 458,803 $ 2,709,949 $ 2,770,289 $ 2,873,101 $ 3,048,514 $ 256,264 $ 280,045 $ 79,157 $ 91,429 Cash including foreign currency holdings, at market value 23 52 27 63 122 65 20 64 26 95 Accrued interest and dividends receivable 1 13 — 420 725 977 15 14 294 457 Refundable capital gain taxes — — — — — — 661 661 — — Receivable for unitholder purchases 2,793 6,465 40,828 15,133 54,048 14,987 2,301 5,455 60 90 Total Assets 426,633 465,333 2,750,804 2,785,905 2,927,996 3,064,543 259,261 286,239 79,537 92,071 Liabilities Payable for unitholder redemptions 1,899 1,529 35,617 10,186 28,902 15,152 617 627 270 146 Management fees payable 370 418 1,198 1,267 2,547 2,785 199 224 71 90 Accrued expenses 19 21 120 127 204 223 — — 8 10 Distributions payable to unitholders 10 8 86 94 37 35 8 4 3 3 Total Liabilities 2,298 1,976 37,021 11,674 31,690 18,195 824 855 352 249 Net Assets $ 424,335 $ 463,357 $ 2,713,783 $ 2,774,231 $ 2,896,306 $ 3,046,348 $ 258,437 $ 285,384 $ 79,185 $ 91,822 Net Asset Value per Unit (notes 4 & 13) $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.11 $ 10.11 Cost of Investments Held $ 421,858 $ 457,131 $ 2,702,498 $ 2,763,978 $ 2,862,882 $ 3,036,371 $ 255,567 $ 279,650 $ 78,931 $ 91,245 The accompanying notes are an integral part of these financial statements.

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Canadian CIBC Premium Canadian CIBC Money CIBC U.S. Dollar CIBC High Yield T-Bill Fund T-Bill Fund Market Fund Money Market Fund Cash Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 (U.S. $) (U.S. $) Income Interest $ 5,487 $ 6,248 $ 34,534 $ 38,402 $ 38,101 $ 41,058 $ 3,616 $ 1,609 $ 1,207 $ 1,889 Securities lending revenue 24 28 97 87 39 41 — — 5 7 5,511 6,276 34,631 38,489 38,140 41,099 3,616 1,609 1,212 1,896 Expenses (notes 5 & 13) Management fees 2,307 2,786 5,949 7,490 13,903 15,835 1,170 1,325 360 512 Audit fees 3 3 17 15 7 9 — — 3 4 Custodial fees 10 10 79 70 27 32 — — 19 20 Legal fees 6 5 110 68 48 40 — — 2 2 Printing fees 19 20 20 16 271 283 — — 4 5 Regulatory fees 3 8 36 56 12 27 — — 4 13 Security holder information costs 73 91 439 626 880 1,017 — — 17 31 Other expenses 1 2 25 21 11 12 — — — 1 2,422 2,925 6,675 8,362 15,159 17,255 1,170 1,325 409 588 Net Investment Income (Loss) 3,089 3,351 27,956 30,127 22,981 23,844 2,446 284 803 1,308 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments — — — — — — — — 55 159 Increase (decrease) in unrealized appreciation (depreciation) of investments — — — — — — — — (46) (229) Net Gain (Loss) on Investments — — — — — — — — 9 (70) Increase (Decrease) in Net Assets from Operations $ 3,089 $ 3,351 $ 27,956 $ 30,127 $ 22,981 $ 23,844 $ 2,446 $ 284 $ 812 $ 1,238 Increase (Decrease) in Net Assets from Operations per Unit $ 0.07 $ 0.06 $ 0.10 $ 0.09 $ 0.08 $ 0.07 $ 0.09 $ 0.01 $ 0.10 $ 0.10 The accompanying notes are an integral part of these financial statements.

101 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Canadian CIBC Premium Canadian CIBC Money CIBC U.S. Dollar CIBC High Yield T-Bill Fund T-Bill Fund Market Fund Money Market Fund Cash Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 (U.S. $) (U.S. $) Increase (Decrease) in Net Assets from Operations $ 3,089 $ 3,351 $ 27,956 $ 30,127 $ 22,981 $ 23,844 $ 2,446 $ 284 $ 812 $ 1,238 Distributions Paid or Payable to Unitholders Net investment income (3,089) (3,351) (27,956) (30,127) (22,982) (23,844) (2,446) (284) (790) (1,366) (3,089) (3,351) (27,956) (30,127) (22,982) (23,844) (2,446) (284) (790) (1,366) Changes Due to Unitholder Transactions Amount received from purchases of units 172,109 198,261 1,598,611 1,742,497 1,528,067 1,892,263 135,518 109,591 16,817 27,621 Amount received from reinvestment of distributions 3,040 3,304 27,429 29,538 22,792 23,604 2,409 281 784 1,332 Amount paid on redemptions of units (214,171) (249,502) (1,686,488) (2,032,557) (1,700,900) (2,072,891) (164,874) (142,784) (30,260) (59,459) (39,022) (47,937) (60,448) (260,522) (150,041) (157,024) (26,947) (32,912) (12,659) (30,506) Increase (Decrease) in Net Assets for the Period (39,022) (47,937) (60,448) (260,522) (150,042) (157,024) (26,947) (32,912) (12,637) (30,634) Net Assets at Beginning of Period 463,357 548,983 2,774,231 3,403,181 3,046,348 3,413,447 285,384 315,035 91,822 143,087 Net Assets at End of Period $ 424,335 $ 501,046 $ 2,713,783 $ 3,142,659 $ 2,896,306 $ 3,256,423 $ 258,437 $ 282,123 $ 79,185 $ 112,453 Distributions per Unit Paid or Payable to Unitholders From net investment income $ 0.07 $ 0.06 $ 0.10 $ 0.09 $ 0.07 $ 0.07 $ 0.09 $ 0.01 $ 0.09 $ 0.09 Total Distributions $ 0.07 $ 0.06 $ 0.10 $ 0.09 $ 0.07 $ 0.07 $ 0.09 $ 0.01 $ 0.09 $ 0.09 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Canadian CIBC Premium Canadian CIBC Money CIBC U.S. Dollar CIBC High Yield T-Bill Fund T-Bill Fund Market Fund Money Market Fund Cash Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 (U.S. $) (U.S. $) Cost of Investments Held at Beginning of Period $ — $—$—$—$ 286,650 $ 500,327 $ 9,000 $—$ 62,475 $ 86,391 Purchases — — — — 50,915 99,035 — — 20,884 27,298 — — — — 337,565 599,362 9,000 — 83,359 113,689 Cost of Investments Held at End of Period — — — — 286,640 318,570 9,000 — 52,474 73,916 Cost of Investments Sold or Matured — — — — 50,925 280,792 — — 30,885 39,773 Proceeds from sales or maturities — — — — 50,925 280,792 — — 30,940 39,932 Net Realized Gain (Loss) on Sale of Investments $ — $—$—$—$—$—$—$—$55$ 159 The accompanying notes are an integral part of these financial statements.

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC Mortgage and Short-Term CIBC Canadian CIBC Monthly CIBC Global Income Fund Bond Fund Income Fund Bond Fund 2005 2004 2005 2004 2005 2004 2005 2004 Assets Investments at current value (notes 2 & 3) $ 674,298 $ 717,212 $ 813,257 $ 801,651 $ 3,955,821 $ 2,989,463 $ 284,918 $ 264,001 Cash including foreign currency holdings, at market value 2 94 — — 7 88 5 — Margin — — — — — — 636 49 Accrued interest and dividends receivable 2,748 3,015 7,238 7,635 13,945 12,089 2,711 3,221 Receivable for portfolio securities sold — — 11,695 7,096 — — — — Receivable for unitholder purchases 705 279 735 559 29,080 15,444 173 780 Other receivables 516 911 — — — — — — Unrealized gain on futures contracts — — — — — — 456 193 Unrealized gain on forward foreign currency contracts — — 388 — — — — 504 Total Assets 678,269 721,511 833,313 816,941 3,998,853 3,017,084 288,899 268,748 Liabilities Bank overdraft — — 6 916 — — — — Payable for unitholder redemptions 949 1,808 701 1,408 9,056 3,898 98 266 Management fees payable 745 816 896 908 4,239 3,294 368 366 Accrued expenses 214 202 179 182 339 237 81 81 Payable for portfolio securities purchased — — 16,430 7,250 20,011 — 6,434 — Distributions payable to unitholders 70 — 63 — 2,187 1 — — Unrealized loss on forward foreign currency contracts — — — 58 — — 2,968 — Total Liabilities 1,978 2,826 18,275 10,722 35,832 7,430 9,949 713 Net Assets $ 676,291 $ 718,685 $ 815,038 $ 806,219 $ 3,963,021 $ 3,009,654 $ 278,950 $ 268,035 Net Asset Value per Unit (notes 4 & 13) $ 11.88 $ 11.81 $ 12.95 $ 12.67 $ 13.73 $ 13.24 $ 10.36 $ 10.60 Cost of Investments Held $ 656,554 $ 702,632 $ 775,631 $ 774,606 $ 3,378,574 $ 2,598,483 $ 291,388 $ 264,595 The accompanying notes are an integral part of these financial statements.

102 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Mortgage and Short-Term CIBC Canadian CIBC Monthly CIBC Global Income Fund Bond Fund Income Fund Bond Fund 2005 2004 2005 2004 2005 2004 2005 2004 Income Interest $ 9,641 $ 7,847 $ 21,355 $ 21,684 $ 29,230 $ 19,921 $ 4,491 $ 4,745 Dividends — — — — 34,596 22,832 — — Interest on mortgages 7,640 14,012 — — — — — — Income (loss) from forward foreign currency contracts — — (964) (748) — — (495) (2,502) Income (loss) from futures contracts — — — — — — 1,949 (42) Securities lending revenue 13 4 19 14 530 103 7 4 Other income 2 1 — 7 10 — — — 17,296 21,864 20,410 20,957 64,366 42,856 5,952 2,205 Expenses (notes 5 & 13) Management fees 4,608 5,177 5,370 5,200 23,035 14,704 2,212 1,907 Audit fees 14 9 10 8 21 16 9 8 Custodial fees 40 39 39 35 71 54 83 78 Legal fees 27 23 22 21 152 65 4 9 Mortgage administration fees 304 825 — — — — — — Printing fees 208 235 251 250 215 123 102 135 Regulatory fees 10 19 10 16 123 119 7 14 Security holder information costs 640 756 737 777 1,102 861 281 398 Other expenses 6 7 5 6 35 19 1 2 5,857 7,090 6,444 6,313 24,754 15,961 2,699 2,551 Net Investment Income (Loss) 11,439 14,774 13,966 14,644 39,612 26,895 3,253 (346) Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 2,048 (3,316) 8,888 2,264 (2,313) 2,669 (273) (1,019) Net realized gain (loss) on foreign currency (notes 2e & g) — — (64) 107 (1) (2) (43) (126) Increase (decrease) in unrealized appreciation (depreciation) of investments 3,057 (7,409) 11,047 (14,628) 185,448 (24,598) (9,350) (3,201) Net Gain (Loss) on Investments 5,105 (10,725) 19,871 (12,257) 183,134 (21,931) (9,666) (4,346) Increase (Decrease) in Net Assets from Operations $ 16,544 $ 4,049 $ 33,837 $ 2,387 $ 222,746 $ 4,964 $ (6,413) $ (4,692) Increase (Decrease) in Net Assets from Operations per Unit $ 0.28 $ 0.06 $ 0.53 $ 0.04 $ 0.86 $ 0.03 $ (0.25) $ (0.21) The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Mortgage and Short-Term CIBC Canadian CIBC Monthly CIBC Global Income Fund Bond Fund Income Fund Bond Fund 2005 2004 2005 2004 2005 2004 2005 2004 Increase (Decrease) in Net Assets from Operations $ 16,544 $ 4,049 $ 33,837 $ 2,387 $ 222,746 $ 4,964 $ (6,413) $ (4,692) Distributions Paid or Payable to Unitholders Net investment income (12,476) (16,045) (16,214) (16,537) (37,025) (35,028) — — Return of capital — — — — (57,757) (30,246) — — (12,476) (16,045) (16,214) (16,537) (94,782) (65,274) — — Changes Due to Unitholder Transactions Amount received from purchases of units 37,008 64,229 56,767 115,420 1,060,470 889,047 36,202 70,341 Amount received from reinvestment of distributions 11,966 15,361 16,075 16,378 82,783 57,591 — — Amount paid on redemptions of units (95,436) (112,726) (81,646) (86,295) (317,850) (331,332) (18,874) (18,655) (46,462) (33,136) (8,804) 45,503 825,403 615,306 17,328 51,686 Increase (Decrease) in Net Assets for the Period (42,394) (45,132) 8,819 31,353 953,367 554,996 10,915 46,994 Net Assets at Beginning of Period 718,685 797,272 806,219 756,865 3,009,654 1,811,532 268,035 209,511 Net Assets at End of Period $ 676,291 $ 752,140 $ 815,038 $ 788,218 $ 3,963,021 $ 2,366,528 $ 278,950 $ 256,505 Distributions per Unit Paid or Payable to Unitholders From net investment income $ 0.21 $ 0.25 $ 0.26 $ 0.26 $ 0.14 $ 0.19 $—$— Return of capital — — — — 0.22 0.17 — — Total Distributions $ 0.21 $ 0.25 $ 0.26 $ 0.26 $ 0.36 $ 0.36 $—$— The accompanying notes are an integral part of these financial statements.

103 Financial Statements CIBC Mutual Funds (Cont’d***)

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Mortgage and Short-Term CIBC Canadian CIBC Monthly CIBC Global Income Fund Bond Fund Income Fund Bond Fund 2005 2004 2005 2004 2005 2004 2005 2004 Cost of Investments Held at Beginning of Period $ 655,296 $ 698,478 $ 751,015 $ 712,808 $ 2,246,710 $ 1,402,628 $ 194,557 $ 162,059 Purchases 62,980 160,070 316,946 234,255 704,662 583,373 104,666 94,338 718,276 858,548 1,067,961 947,063 2,951,372 1,986,001 299,223 256,397 Cost of Investments Held at End of Period 600,731 657,474 751,520 751,533 2,846,288 1,943,295 198,125 182,966 Cost of Investments Sold or Matured 117,545 201,074 316,441 195,530 105,084 42,706 101,098 73,431 Proceeds from sales or maturities 119,593 197,758 325,329 197,794 102,771 45,375 100,825 72,412 Net Realized Gain (Loss) on Sale of Investments $ 2,048 $ (3,316) $ 8,888 $ 2,264 $ (2,313) $ 2,669 $ (273) $ (1,019) The accompanying notes are an integral part of these financial statements.

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC CIBC Diversified CIBC CIBC Core Canadian Canadian Imperial Balanced Fund Income Fund Dividend Fund Equity Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Assets Investments at current value (notes 2 & 3) $ 920,655 $ 963,859 $ 9,826 $—$ 513,265 $ 449,568 $ 648,100 $ 694,274 $ 231,022 $ 234,978 Cash including foreign currency holdings, at market value 15 396 54 — 9 125 4 31 — 47 Margin 108 — — — — — — — — — Accrued interest and dividends receivable 4,178 4,645 30 — 1,721 1,477 1,340 1,110 241 251 Receivable for portfolio securities sold 6,290 4,867 — — — — — 33 5,464 1,106 Receivable for unitholder purchases 329 555 2,334 — 969 730 95 186 26 46 Unrealized gain on futures contracts 901 1,719 — — — — — — — — Unrealized gain on forward foreign currency contracts 2,591 330 — — — — — — — — Total Assets 935,067 976,371 12,244 — 515,964 451,900 649,539 695,634 236,753 236,428 Liabilities Bank overdraft — — — — — — — — 2,110 — Payable for unitholder redemptions 1,549 2,076 — — 1,060 725 1,130 1,050 215 318 Management fees payable 1,619 1,746 3 — 760 678 1,067 1,156 363 372 Accrued expenses 171 157 — — 85 72 173 125 62 64 Payable for portfolio securities purchased 18,707 7,116 2,440 — — — — — 1,705 — Distributions payable to unitholders 13 7 — — 36 3 — — — — Total Liabilities 22,059 11,102 2,443 — 1,941 1,478 2,370 2,331 4,455 754 Net Assets $ 913,008 $ 965,269 $ 9,801 $—$ 514,023 $ 450,422 $ 647,169 $ 693,303 $ 232,298 $ 235,674 Net Asset Value per Unit (notes 4 & 13) $ 16.75 $ 16.21 $ 10.02 $—$ 22.35 $ 20.96 $ 19.51 $ 18.52 $ 13.77 $ 13.80 Cost of Investments Held $ 848,736 $ 882,277 $ 9,846 $—$ 384,722 $ 342,929 $ 519,621 $ 569,769 $ 210,557 $ 210,677 The accompanying notes are an integral part of these financial statements.

104 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC CIBC Diversified CIBC CIBC Core Canadian Canadian Imperial Balanced Fund Income Fund Dividend Fund Equity Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Income Interest $ 10,944 $ 10,704 $3$—$ 2,065 $ 1,686 $ 206 $ 211 $ 102 $ 100 Dividends 4,744 5,651 17 — 6,922 4,754 5,862 6,040 1,044 1,018 Income (loss) from forward foreign currency contracts 3,290 (6,329) — — — — — — — — Income (loss) from futures contracts 760 4,116 — — — — — — — — Securities lending revenue 72 52 — — 76 4 34 32 16 6 Other income 15 — — — — — 91 — 5 — 19,825 14,194 20 — 9,063 6,444 6,193 6,283 1,167 1,124 Expenses (notes 5 & 13) Management fees 9,943 11,013 3 — 4,357 3,663 6,546 7,494 2,170 2,124 Audit fees 12 10 — — 10 7 12 10 6 8 Custodial fees 29 32 — — 23 21 19 19 20 23 Legal fees 34 28 — — 20 12 25 23 4 9 Printing fees 192 210 — — 96 86 229 282 88 131 Regulatory fees 8 17 — — 8 13 7 16 7 15 Security holder information costs 627 740 — — 325 305 689 872 246 390 Other expenses 8 9 — — 5 4 6 7 1 2 10,853 12,059 3 — 4,844 4,111 7,533 8,723 2,542 2,702 Net Investment Income (Loss) 8,972 2,135 17 — 4,219 2,333 (1,340) (2,440) (1,375) (1,578) Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 34,154 41,802 — — 7,008 5,968 32,487 28,738 5,263 20,038 Net realized gain (loss) on foreign currency (notes 2e & g) (41) (67) — — (1) (2) (277) (126) (257) (109) Increase (decrease) in unrealized appreciation (depreciation) of investments (7,357) (9,747) (21) — 21,898 128 3,982 3,223 (3,838) (2,878) Net Gain (Loss) on Investments 26,756 31,988 (21) — 28,905 6,094 36,192 31,835 1,168 17,051 Increase (Decrease) in Net Assets from Operations $ 35,728 $ 34,123 $(4)$—$ 33,124 $ 8,427 $ 34,852 $ 29,395 $ (207) $ 15,473 Increase (Decrease) in Net Assets from Operations per Unit $ 0.63 $ 0.54 $ (0.03) $—$ 1.48 $ 0.39 $ 0.99 $ 0.68 $ (0.01) $ 0.95 The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC CIBC Diversified CIBC CIBC Core Canadian Canadian Imperial Balanced Fund Income Fund Dividend Fund Equity Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Increase (Decrease) in Net Assets from Operations $ 35,728 $ 34,123 $(4)$—$ 33,124 $ 8,427 $ 34,852 $ 29,395 $ (207) $ 15,473 Distributions Paid or Payable to Unitholders Net investment income (5,170) (3,615) — — (2,121) (402) — — — — Return of capital — (6) — — — — — — — — (5,170) (3,621) — — (2,121) (402) — — — — Changes Due to Unitholder Transactions Amount received from purchases of units 30,987 41,729 9,818 — 71,697 36,073 12,856 19,267 22,480 41,952 Amount received from reinvestment of distributions 5,154 3,604 — — 2,074 394 — — — — Amount paid on redemptions of units (118,960) (114,262) (13) — (41,173) (39,556) (93,842) (99,441) (25,649) (21,242) (82,819) (68,929) 9,805 — 32,598 (3,089) (80,986) (80,174) (3,169) 20,710 Increase (Decrease) in Net Assets for the Period (52,261) (38,427) 9,801 — 63,601 4,936 (46,134) (50,779) (3,376) 36,183 Net Assets at Beginning of Period 965,269 1,041,227 — — 450,422 396,727 693,303 773,443 235,674 203,306 Net Assets at End of Period $ 913,008 $ 1,002,800 $ 9,801 $—$ 514,023 $ 401,663 $ 647,169 $ 722,664 $ 232,298 $ 239,489

Distributions per Unit Paid or Payable to Unitholders From net investment income $ 0.09 $ 0.06 $— — $ 0.09 $ 0.02 $—$—$—$— Total Distributions $ 0.09 $ 0.06 $— — $ 0.09 $ 0.02 $—$—$—$— The accompanying notes are an integral part of these financial statements.

105 Financial Statements CIBC Mutual Funds (Cont’d***)

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC CIBC Diversified CIBC CIBC Core Canadian Canadian Imperial Balanced Fund Income Fund Dividend Fund Equity Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Cost of Investments Held at Beginning of Period $ 804,750 $ 913,100 $—$—$ 320,577 $ 312,463 $ 552,832 $ 634,636 $ 206,206 $ 158,910 Purchases 381,085 353,275 6,347 — 78,846 19,934 145,351 125,513 242,720 197,353 1,185,835 1,266,375 6,347 — 399,423 332,397 698,183 760,149 448,926 356,263 Cost of Investments Held at End of Period 764,974 883,808 6,347 — 357,670 310,604 502,451 578,543 204,034 202,784 Cost of Investments Sold or Matured 420,861 382,567 — — 41,753 21,793 195,732 181,606 244,892 153,479 Proceeds from sales or maturities 455,015 424,369 — — 48,761 27,761 228,219 210,344 250,155 173,517 Net Realized Gain (Loss) on Sale of Investments $ 34,154 $ 41,802 $—$—$ 7,008 $ 5,968 $ 32,487 $ 28,738 $ 5,263 $ 20,038 The accompanying notes are an integral part of these financial statements.

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC Capital CIBC Canadian Small CIBC Canadian Emerging CIBC U.S. Small CIBC Global Appreciation Fund Companies Fund Companies Fund Companies Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Assets Investments at current value (notes 2 & 3) $ 326,251 $ 351,478 $ 104,629 $ 110,253 $ 45,507 $ 49,403 $ 179,994 $ 175,255 $ 142,998 $ 164,110 Cash including foreign currency holdings, at market value 50 53 1,372 27 500 — — 32 6,630 596 Margin — — — — — — — — 610 42 Accrued interest and dividends receivable 655 491 128 91 24 38 62 113 203 266 Receivable for portfolio securities sold 1,795 266 302 266 — — 2,678 473 3,495 — Receivable for unitholder purchases 58 104 45 81 48 110 41 185 24 38 Unrealized gain on futures contracts — — — — — — — — 68 58 Unrealized gain on forward foreign currency contracts — — — — — — — — 171 — Total Assets 328,809 352,392 106,476 110,718 46,079 49,551 182,775 176,058 154,199 165,110 Liabilities Payable for unitholder redemptions 430 686 320 153 155 192 340 284 348 555 Management fees payable 584 627 187 194 81 87 359 359 260 300 Accrued expenses 96 103 42 44 — — 32 32 71 82 Payable for portfolio securities purchased 178 424 1,526 — — — 1,747 362 8,572 — Unrealized loss on forward foreign currency contracts — — — — — — — — — 46 Total Liabilities 1,288 1,840 2,075 391 236 279 2,478 1,037 9,251 983 Net Assets $ 327,521 $ 350,552 $ 104,401 $ 110,327 $ 45,843 $ 49,272 $ 180,297 $ 175,021 $ 144,948 $ 164,127 Net Asset Value per Unit (notes 4 & 13) $ 23.53 $ 22.28 $ 20.52 $ 19.31 $ 14.96 $ 14.59 $ 13.25 $ 13.08 $ 12.83 $ 12.85 Cost of Investments Held $ 275,702 $ 278,422 $ 89,974 $ 86,596 $ 39,988 $ 43,610 $ 160,457 $ 156,798 $ 148,082 $ 167,629 The accompanying notes are an integral part of these financial statements.

106 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Capital CIBC Canadian Small CIBC Canadian Emerging CIBC U.S. Small CIBC Global Appreciation Fund Companies Fund Companies Fund Companies Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Income Interest $ 1,006 $ 632 $ 256 $ 262 $37$57$14$11$47$76 Dividends 1,399 974 400 212 108 113 541 698 1,486 1,868 Income (loss) from forward foreign currency contracts — — — — — — — — 20 (224) Income (loss) from futures contracts — — — — — — — — 279 (51) Securities lending revenue 46 23 13 6 2 4 19 8 30 32 Other income 54 26 12 1 — 29 3 17 10 29 2,505 1,655 681 481 147 203 577 734 1,872 1,730 Expenses (notes 5 & 13) Management fees 3,629 4,070 1,170 1,284 500 512 2,108 1,942 1,643 2,085 Audit fees 9 7 5 5 — — 3 2 7 5 Custodial fees 18 18 17 16 — — 18 13 62 78 Legal fees 12 11 4 3 — — 1 1 4 4 Printing fees 140 160 60 68 — — 43 36 99 129 Regulatory fees 6 12 6 10 — — 3 3 5 9 Security holder information costs 411 473 170 186 — — 119 99 274 348 Other expenses 3 3 1 1 — — — — 1 1 4,228 4,754 1,433 1,573 500 512 2,295 2,096 2,095 2,659 Net Investment Income (Loss) (1,723) (3,099) (752) (1,092) (353) (309) (1,718) (1,362) (223) (929) Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 43,243 27,113 16,610 6,804 1,791 2,580 3,330 4,607 1,613 1,094 Net realized gain (loss) on foreign currency (notes 2e & g) (1) (3) — — (6) 19 (99) 7 (63) (6) Increase (decrease) in unrealized appreciation (depreciation) of investments (22,503) (12,943) (9,003) (5,136) (272) 2,301 1,079 14,138 (1,301) 9,877 Net Gain (Loss) on Investments 20,739 14,167 7,607 1,668 1,513 4,900 4,310 18,752 249 10,965 Increase (Decrease) in Net Assets from Operations $ 19,016 $ 11,068 $ 6,855 $ 576 $ 1,160 $ 4,591 $ 2,592 $ 17,390 $26$ 10,036 Increase (Decrease) in Net Assets from Operations per Unit $ 1.28 $ 0.61 $ 1.26 $ 0.09 $ 0.36 $ 1.39 $ 0.19 $ 1.39 $ 0.00 $ 0.68 The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Capital CIBC Canadian Small CIBC Canadian Emerging CIBC U.S. Small CIBC Global Appreciation Fund Companies Fund Companies Fund Companies Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Increase (Decrease) in Net Assets from Operations $ 19,016 $ 11,068 $ 6,855 $ 576 $ 1,160 $ 4,591 $ 2,592 $ 17,390 $26$ 10,036 Changes Due to Unitholder Transactions Amount received from purchases of units 6,499 10,784 6,181 8,709 4,712 19,627 20,360 31,441 5,201 6,066 Amount paid on redemptions of units (48,546) (51,680) (18,962) (15,889) (9,301) (9,898) (17,676) (15,675) (24,406) (25,865) (42,047) (40,896) (12,781) (7,180) (4,589) 9,729 2,684 15,766 (19,205) (19,799) Increase (Decrease) in Net Assets for the Period (23,031) (29,828) (5,926) (6,604) (3,429) 14,320 5,276 33,156 (19,179) (9,763) Net Assets at Beginning of Period 350,552 388,419 110,327 119,643 49,272 36,263 175,021 139,485 164,127 197,491 Net Assets at End of Period $ 327,521 $ 358,591 $ 104,401 $ 113,039 $ 45,843 $ 50,583 $ 180,297 $ 172,641 $ 144,948 $ 187,728 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Capital CIBC Canadian Small CIBC Canadian Emerging CIBC U.S. Small CIBC Global Appreciation Fund Companies Fund Companies Fund Companies Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Cost of Investments Held at Beginning of Period $ 266,158 $ 293,935 $ 84,435 $ 91,429 $ 40,796 $ 27,989 $ 152,330 $ 127,335 $ 164,673 $ 202,863 Purchases 96,127 73,381 38,324 26,918 3,594 15,572 76,709 87,155 21,046 20,510 362,285 367,316 122,759 118,347 44,390 43,561 229,039 214,490 185,719 223,373 Cost of Investments Held at End of Period 255,565 273,679 87,161 88,319 36,842 40,056 155,958 146,302 147,883 174,406 Cost of Investments Sold or Matured 106,720 93,637 35,598 30,028 7,548 3,505 73,081 68,188 37,836 48,967 Proceeds from sales or maturities 149,963 120,750 52,208 36,832 9,339 6,085 76,411 72,795 39,449 50,061 Net Realized Gain (Loss) on Sale of Investments $ 43,243 $ 27,113 $ 16,610 $ 6,804 $ 1,791 $ 2,580 $ 3,330 $ 4,607 $ 1,613 $ 1,094 The accompanying notes are an integral part of these financial statements.

107 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC European CIBC Japanese CIBC Emerging CIBC Far East CIBC Latin Equity Fund Equity Fund Economies Fund Prosperity Fund American Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Assets Investments at current value (notes 2 & 3) $ 211,585 $ 201,523 $ 14,577 $ 17,159 $ 58,539 $ 59,954 $ 127,751 $ 131,407 $ 9,165 $ 8,107 Cash including foreign currency holdings, at market value 4,713 416 66 46 1,416 861 1,947 2,632 29 74 Margin 2,441 1,980 — — — — — — — — Accrued interest and dividends receivable 593 342 3 1 262 128 169 152 26 35 Receivable for portfolio securities sold — — 84 100 160 178 — 396 — — Receivable for unitholder purchases 18 92 4 20 24 45 35 37 19 70 Unrealized gain on futures contracts 381 122 — — — — — — — — Unrealized gain on forward foreign currency contracts — 472 144 — — — 192 — — — Total Assets 219,731 204,947 14,878 17,326 60,401 61,166 130,094 134,624 9,239 8,286 Liabilities Payable for unitholder redemptions 79 176 187 56 86 143 77 288 27 15 Management fees payable 428 417 30 34 137 136 289 293 20 17 Accrued expenses 40 44 3 3 10 10 22 22 2 1 Payable for portfolio securities purchased 3,993 13 — — 99 102 509 876 — 43 Unrealized loss on forward foreign currency contracts 1,554 — — 81 — — — 1,338 — — Total Liabilities 6,094 650 220 174 332 391 897 2,817 49 76 Net Assets $ 213,637 $ 204,297 $ 14,658 $ 17,152 $ 60,069 $ 60,775 $ 129,197 $ 131,807 $ 9,190 $ 8,210 Net Asset Value per Unit (notes 4 & 13) $ 12.83 $ 12.72 $ 7.55 $ 7.65 $ 12.94 $ 12.36 $ 7.98 $ 8.07 $ 14.41 $ 13.35 Cost of Investments Held $ 198,407 $ 188,109 $ 14,602 $ 16,473 $ 50,704 $ 50,849 $ 122,932 $ 120,464 $ 7,238 $ 6,189 The accompanying notes are an integral part of these financial statements.

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC European CIBC Japanese CIBC Emerging CIBC Far East CIBC Latin Equity Fund Equity Fund Economies Fund Prosperity Fund American Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Income Interest $ 368 $ 222 $3$6$9$9$29$48$1$— Dividends 3,934 3,745 98 88 1,216 800 1,161 913 227 143 Income (loss) from forward foreign currency contracts (560) 1,391 63 (127) — — (1,250) (590) — — Income (loss) from futures contracts 2,547 (1,333) — — — — — — — — Securities lending revenue 115 83 6 3 — — 27 8 — — Other income — 4 — 4 1 — — 10 — 4 6,404 4,112 170 (26) 1,226 809 (33) 389 228 147 Expenses (notes 5 & 13) Management fees 2,546 2,054 193 226 823 748 1,758 1,680 120 93 Audit fees 10 6 2 1 1 1 4 2 1 1 Custodial fees 87 80 6 7 24 13 9 6 4 3 Legal fees 2 5 — — — — 1 1 — — Printing fees 35 37 2 3 10 10 31 27 1 1 Regulatory fees 7 12 1 2 1 1 2 3 1 1 Security holder information costs 96 133 7 8 27 25 87 74 2 1 Other expenses — 1 — — — 13 — — — — 2,783 2,328 211 247 886 811 1,892 1,793 129 100 Net Investment Income (Loss) 3,621 1,784 (41) (273) 340 (2) (1,925) (1,404) 99 47 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 282 564 358 197 3,851 3,432 4,966 9,420 505 518 Net realized gain (loss) on foreign currency (notes 2e & g) (65) (783) (4) (3) (18) 11 42 93 2 (8) Increase (decrease) in unrealized appreciation (depreciation) of investments (2,294) 5,011 (484) 1,876 (1,271) (1,410) (4,587) (3,490) 8 (572) Net Gain (Loss) on Investments (2,077) 4,792 (130) 2,070 2,562 2,033 421 6,023 515 (62) Increase (Decrease) in Net Assets from Operations $ 1,544 $ 6,576 $ (171) $ 1,797 $ 2,902 $ 2,031 $ (1,504) $ 4,619 $ 614 $ (15) Increase (Decrease) in Net Assets from Operations per Unit $ 0.09 $ 0.45 $ (0.08) $ 0.76 $ 0.60 $ 0.41 $ (0.09) $ 0.30 $ 0.93 $ (0.02) The accompanying notes are an integral part of these financial statements.

108 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC European CIBC Japanese CIBC Emerging CIBC Far East CIBC Latin Equity Fund Equity Fund Economies Fund Prosperity Fund American Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Increase (Decrease) in Net Assets from Operations $ 1,544 $ 6,576 $ (171) $ 1,797 $ 2,902 $ 2,031 $ (1,504) $ 4,619 $ 614 $ (15) Changes Due to Unitholder Transactions Amount received from purchases of units 18,360 47,849 718 3,338 5,196 11,072 9,858 25,033 2,970 1,844 Amount paid on redemptions of units (10,564) (9,690) (3,041) (3,453) (8,804) (6,010) (10,964) (11,929) (2,604) (2,077) 7,796 38,159 (2,323) (115) (3,608) 5,062 (1,106) 13,104 366 (233) Increase (Decrease) in Net Assets for the Period 9,340 44,735 (2,494) 1,682 (706) 7,093 (2,610) 17,723 980 (248) Net Assets at Beginning of Period 204,297 142,834 17,152 18,440 60,775 49,729 131,807 112,444 8,210 6,451 Net Assets at End of Period $ 213,637 $ 187,569 $ 14,658 $ 20,122 $ 60,069 $ 56,822 $ 129,197 $ 130,167 $ 9,190 $ 6,203 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC European CIBC Japanese CIBC Emerging CIBC Far East CIBC Latin Equity Fund Equity Fund Economies Fund Prosperity Fund American Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Cost of Investments Held at Beginning of Period $ 162,701 $ 123,482 $ 16,049 $ 16,952 $ 49,734 $ 40,564 $ 114,703 $ 94,823 $ 5,893 $ 4,530 Purchases 4,061 53,745 4,481 4,456 10,140 17,234 93,663 116,644 2,029 2,174 166,762 177,227 20,530 21,408 59,874 57,798 208,366 211,467 7,922 6,704 Cost of Investments Held at End of Period 165,948 162,875 14,378 16,449 50,124 49,008 120,069 111,756 6,977 5,262 Cost of Investments Sold or Matured 814 14,352 6,152 4,959 9,750 8,790 88,297 99,711 945 1,442 Proceeds from sales or maturities 1,096 14,916 6,510 5,156 13,601 12,222 93,263 109,131 1,450 1,960 Net Realized Gain (Loss) on Sale of Investments $ 282 $ 564 $ 358 $ 197 $ 3,851 $ 3,432 $ 4,966 $ 9,420 $ 505 $ 518 The accompanying notes are an integral part of these financial statements.

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC International CIBC Financial CIBC Canadian CIBC CIBC Canadian Small Companies Fund Companies Fund Resources Fund Energy Fund Real Estate Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Assets Investments at current value (notes 2 & 3) $ 58,072 $ 54,327 $ 244,157 $ 251,014 $ 60,224 $ 48,486 $ 162,619 $ 95,146 $ 48,499 $ 37,469 Cash including foreign currency holdings, at market value 601 293 220 61 96 299 — — — — Accrued interest and dividends receivable 73 68 538 494 7 24 280 84 185 130 Receivable for portfolio securities sold 887 52 — 1,025 — — 648 1,373 — — Receivable for unitholder purchases 171 109 106 133 155 118 711 635 713 177 Total Assets 59,804 54,849 245,021 252,727 60,482 48,927 164,258 97,238 49,397 37,776 Liabilities Payable for unitholder redemptions 212 133 314 344 197 105 947 287 106 64 Management fees payable 132 121 485 509 104 86 279 164 96 73 Accrued expenses — — 43 45 19 16 36 25 17 13 Payable for portfolio securities purchased 587 50 200 — — — 208 — 169 561 Total Liabilities 931 304 1,042 898 320 207 1,470 476 388 711 Net Assets $ 58,873 $ 54,545 $ 243,979 $ 251,829 $ 60,162 $ 48,720 $ 162,788 $ 96,762 $ 49,009 $ 37,065 Net Asset Value per Unit (notes 4 & 13) $ 17.77 $ 16.85 $ 20.33 $ 19.74 $ 14.72 $ 12.53 $ 30.31 $ 25.22 $ 17.36 $ 15.75

Cost of Investments Held $ 51,322 $ 45,685 $ 192,622 $ 200,234 $ 46,248 $ 37,174 $ 129,703 $ 75,815 $ 39,033 $ 29,683 The accompanying notes are an integral part of these financial statements.

109 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC International Small CIBC Financial CIBC Canadian CIBC CIBC Canadian Companies Fund Companies Fund Resources Fund Energy Fund Real Estate Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Income Interest $3$1$ 116 $94$75$20$ 558 $ 104 $ 273 $ 221 Dividends 787 666 2,915 2,580 129 146 307 138 285 333 Securities lending revenue 24 5 6 3 5 2 32 3 13 — Other income — 7 — — 2 2 8 11 — — 814 679 3,037 2,677 211 170 905 256 571 554 Expenses (notes 5 & 13) Management fees 781 715 2,948 3,048 588 473 1,488 714 506 414 Audit fees — — 6 5 7 4 9 6 3 2 Custodial fees — — 16 15 19 14 26 22 13 10 Legal fees — — 8 6 2 1 6 2 1 — Printing fees — — 54 54 19 16 34 20 18 16 Regulatory fees — — 6 11 6 8 7 11 4 5 Security holder information costs — — 170 178 57 45 111 63 51 42 Other expenses — — 2 2 — — 1 2 — 1 781 715 3,210 3,319 698 561 1,682 840 596 490 Net Investment Income (Loss) 33 (36) (173) (642) (487) (391) (777) (584) (25) 64 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 4,872 8,860 6,626 12,126 6,382 6,313 9,546 8,798 2,462 3,027 Net realized gain (loss) on foreign currency (notes 2e & g) (62) (72) (128) (49) (39) (11) (417) (12) 29 (48) Increase (decrease) in unrealized appreciation (depreciation) of investments (1,890) (3,509) 817 1,211 2,665 (7,365) 13,570 (936) 1,681 (1,136) Net Gain (Loss) on Investments 2,920 5,279 7,315 13,288 9,008 (1,063) 22,699 7,850 4,172 1,843 Increase (Decrease) in Net Assets from Operations $ 2,953 $ 5,243 $ 7,142 $ 12,646 $ 8,521 $ (1,454) $ 21,922 $ 7,266 $ 4,147 $ 1,907 Increase (Decrease) in Net Assets from Operations per Unit $ 0.89 $ 1.56 $ 0.58 $ 0.95 $ 2.11 $ (0.35) $ 4.44 $ 2.40 $ 1.62 $ 0.78 The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC International Small CIBC Financial CIBC Canadian CIBC CIBC Canadian Companies Fund Companies Fund Resources Fund Energy Fund Real Estate Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Increase (Decrease) in Net Assets from Operations $ 2,953 $ 5,243 $ 7,142 $ 12,646 $ 8,521 $ (1,454) $ 21,922 $ 7,266 $ 4,147 $ 1,907 Changes Due to Unitholder Transactions Amount received from purchases of units 10,027 9,030 12,282 15,937 11,570 5,002 76,301 17,818 15,500 4,656 Amount paid on redemptions of units (8,652) (8,806) (27,274) (27,726) (8,649) (7,445) (32,197) (9,625) (7,703) (6,908) 1,375 224 (14,992) (11,789) 2,921 (2,443) 44,104 8,193 7,797 (2,252) Increase (Decrease) in Net Assets for the Period 4,328 5,467 (7,850) 857 11,442 (3,897) 66,026 15,459 11,944 (345) Net Assets at Beginning of Period 54,545 48,447 251,829 247,698 48,720 46,814 96,762 56,468 37,065 32,875 Net Assets at End of Period $ 58,873 $ 53,914 $ 243,979 $ 248,555 $ 60,162 $ 42,917 $ 162,788 $ 71,927 $ 49,009 $ 32,530 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC International CIBC Financial CIBC Canadian CIBC CIBC Canadian Small Companies Fund Companies Fund Resources Fund Energy Fund Real Estate Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Cost of Investments Held at Beginning of Period $ 44,556 $ 36,668 $ 183,746 $ 197,073 $ 35,978 $ 30,981 $ 69,494 $ 43,071 $ 25,071 $ 23,705 Purchases 34,135 51,524 57,529 38,486 33,824 18,962 63,563 37,576 23,783 11,552 78,691 88,192 241,275 235,559 69,802 49,943 133,057 80,647 48,854 35,257 Cost of Investments Held at End of Period 50,823 45,126 187,156 194,010 45,751 33,657 113,512 58,978 35,051 24,499 Cost of Investments Sold or Matured 27,868 43,066 54,119 41,549 24,051 16,286 19,545 21,669 13,803 10,758 Proceeds from sales or maturities 32,740 51,926 60,745 53,675 30,433 22,599 29,091 30,467 16,265 13,785 Net Realized Gain (Loss) on Sale of Investments $ 4,872 $ 8,860 $ 6,626 $ 12,126 $ 6,382 $ 6,313 $ 9,546 $ 8,798 $ 2,462 $ 3,027 The accompanying notes are an integral part of these financial statements.

110 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC Precious CIBC North American CIBC Global Metals Fund Demographics Fund Technology Fund 2005 2004 2005 2004 2005 2004 Assets Investments at current value (notes 2 & 3) $ 50,011 $ 55,612 $ 36,776 $ 41,220 $ 76,024 $ 87,242 Cash including foreign currency holdings, at market value — — 51 174 127 59 Accrued interest and dividends receivable — 16 20 41 23 16 Receivable for portfolio securities sold — 50 — 665 771 1,025 Receivable for unitholder purchases 98 59 10 17 38 43 Total Assets 50,109 55,737 36,857 42,117 76,983 88,385 Liabilities Payable for unitholder redemptions 68 177 75 136 213 357 Management fees payable 87 99 80 94 157 184 Accrued expenses 11 12 — — 23 27 Payable for portfolio securities purchased — 213 — 224 157 — Total Liabilities 166 501 155 454 550 568 Net Assets $ 49,943 $ 55,236 $ 36,702 $ 41,663 $ 76,433 $ 87,817 Net Asset Value per Unit (notes 4 & 13) $ 9.03 $ 9.47 $ 11.10 $ 11.04 $ 8.43 $ 8.44 Cost of Investments Held $ 51,565 $ 52,945 $ 38,867 $ 43,995 $ 83,076 $ 94,440 The accompanying notes are an integral part of these financial statements.

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Precious CIBC North American CIBC Global Metals Fund Demographics Fund Technology Fund 2005 2004 2005 2004 2005 2004 Income Interest $27$26$4$3$31$41 Dividends 94 73 228 314 143 62 Securities lending revenue 5 24 — — 4 6 Other income 4 5 7 10 40 28 130 128 239 327 218 137 Expenses (notes 5 & 13) Management fees 549 651 510 660 959 1,317 Audit fees 5 4 — — 3 2 Custodial fees 14 15 — — 11 11 Legal fees 1 1 — — 1 1 Printing fees 11 12 — — 33 48 Regulatory fees 4 8 — — 2 5 Security holder information costs 34 41 — — 91 126 618 732 510 660 1,100 1,510 Net Investment Income (Loss) (488) (604) (271) (333) (882) (1,373) Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 2,150 8,309 (136) (366) 366 4,997 Net realized gain (loss) on foreign currency (notes 2e & g) — (17) 3 (10) (15) 89 Increase (decrease) in unrealized appreciation (depreciation) of investments (4,220) (23,444) 686 2,738 150 1,887 Net Gain (Loss) on Investments (2,070) (15,152) 553 2,362 501 6,973 Increase (Decrease) in Net Assets from Operations $ (2,558) $ (15,756) $ 282 $ 2,029 $ (381) $ 5,600 Increase (Decrease) in Net Assets from Operations per Unit $ (0.45) $ (2.59) $ 0.08 $ 0.47 $ (0.04) $ 0.48 The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Precious CIBC North American CIBC Global Metals Fund Demographics Fund Technology Fund 2005 2004 2005 2004 2005 2004 Increase (Decrease) in Net Assets from Operations $ (2,558) $ (15,756) $ 282 $ 2,029 $ (381) $ 5,600 Changes Due to Unitholder Transactions Amount received from purchases of units 7,082 11,807 2,303 2,722 3,082 7,150 Amount paid on redemptions of units (9,817) (16,234) (7,546) (7,758) (14,085) (13,942) (2,735) (4,427) (5,243) (5,036) (11,003) (6,792) Increase (Decrease) in Net Assets for the Period (5,293) (20,183) (4,961) (3,007) (11,384) (1,192) Net Assets at Beginning of Period 55,236 71,607 41,663 51,457 87,817 107,686 Net Assets at End of Period $ 49,943 $ 51,424 $ 36,702 $ 48,450 $ 76,433 $ 106,494 The accompanying notes are an integral part of these financial statements.

111 Financial Statements CIBC Mutual Funds (Cont’d***)

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Precious CIBC North American CIBC Global Metals Fund Demographics Fund Technology Fund 2005 2004 2005 2004 2005 2004 Cost of Investments Held at Beginning of Period $ 48,211 $ 40,012 $ 43,403 $ 56,206 $ 91,032 $ 111,363 Purchases 14,868 37,863 7,672 13,121 50,113 98,208 63,079 77,875 51,075 69,327 141,145 209,571 Cost of Investments Held at End of Period 47,526 46,449 38,469 49,179 80,378 105,287 Cost of Investments Sold or Matured 15,553 31,426 12,606 20,148 60,767 104,284 Proceeds from sales or maturities 17,703 39,735 12,470 19,782 61,133 109,281 Net Realized Gain (Loss) on Sale of Investments $ 2,150 $ 8,309 $ (136) $ (366) $ 366 $ 4,997 The accompanying notes are an integral part of these financial statements.

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC Canadian Short-Term CIBC Canadian CIBC Global CIBC Balanced CIBC Canadian Bond Index Fund Bond Index Fund Bond Index Fund Index Fund‡ Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Assets Investments at current value (notes 2 & 3) $ 992,929 $ 891,463 $ 444,521 $ 419,729 $ 165,712 $ 168,173 $ 25,529 $ 28,937 $ 826,855 $ 838,395 Cash including foreign currency holdings, at market value 5,734 37 — 42 258 42 42 9 2,820 — Margin — — — — 822 — 171 86 — — Accrued interest and dividends receivable 10,698 9,407 4,237 4,078 1,340 1,264 98 116 1,680 1,748 Receivable for portfolio securities sold 2,957 — 6,721 — — — — — 177 — Receivable for unitholder purchases 3,503 2,244 1,293 728 79 83 — — 338 413 Other receivables — — — — — — — — 22 — Unrealized gain on futures contracts — — — — 617 288 — 139 — — Unrealized gain on forward foreign currency contracts — — — — — — — 87 — — Total Assets 1,015,821 903,151 456,772 424,577 168,828 169,850 25,840 29,374 831,892 840,556 Liabilities Bank overdraft — — 9 — — — — — — 613 Payable for unitholder redemptions 936 1,612 470 545 191 313 23 102 2,157 1,234 Management fees payable 790 720 356 343 133 138 20 24 661 677 Accrued expenses — — — — — — — — — — Payable for portfolio securities purchased 8,843 2,713 3,770 952 — 212 — — 3,943 149 Distributions payable to unitholders 69 — 44 1 — — — — — — Unrealized loss on futures contracts — — — — — — 30 — — — Unrealized loss on forward foreign currency contracts — — — — 620 2,058 129 — — — Total Liabilities 10,638 5,045 4,649 1,841 944 2,721 202 126 6,761 2,673 Net Assets $ 1,005,183 $ 898,106 $ 452,123 $ 422,736 $ 167,884 $ 167,129 $ 25,638 $ 29,248 $ 825,131 $ 837,883 Net Asset Value per Unit (notes 4 & 13) $ 10.15 $ 10.13 $ 10.75 $ 10.49 $ 9.73 $ 9.93 $ 11.21 $ 10.71 $ 19.76 $ 18.36 Cost of Investments Held $ 985,726 $ 887,512 $ 417,084 $ 400,760 $ 166,045 $ 165,164 $ 23,050 $ 26,751 $ 644,680 $ 684,873 The accompanying notes are an integral part of these financial statements. ‡ Formerly known as 5-Year Protected Balanced Index Fund.

112 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Canadian Short-Term CIBC Canadian Bond CIBC Global Bond CIBC Balanced CIBC Canadian Bond Index Fund Index Fund Index Fund Index Fund‡ Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Income Interest $ 23,455 $ 19,002 $ 11,384 $ 11,543 $ 2,645 $ 2,880 $ 355 $ 667 $—$13 Dividends — — — — — — 92 143 7,875 6,847 Income (loss) from forward foreign currency contracts — — — — (5,048) 3,997 191 576 — — Income (loss) from futures contracts — — — — 2,316 37 20 423 — — Securities lending revenue 39 31 14 16 2 2 1 2 46 56 Protection payment — — — — — — — 12 — — Other income — 12 — — — — — 2 — 40 23,494 19,045 11,398 11,559 (85) 6,916 659 1,825 7,921 6,956 Expenses (notes 5 & 13) Management fees 2,638 2,307 1,693 1,713 807 851 129 230 3,251 3,372 Protection fees — — — — — — — 190 — — Security holder information costs 1 — — — — — — — — — 2,639 2,307 1,693 1,713 807 851 129 420 3,251 3,372 Net Investment Income (Loss) 20,855 16,738 9,705 9,846 (892) 6,065 530 1,405 4,670 3,584 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments (22) 689 2,866 333 (479) 527 615 1,846 27,800 6,630 Net realized gain (loss) on foreign currency (notes 2e & g) — — — — (30) (12) — — (6) 1 Increase (decrease) in unrealized appreciation (depreciation) of investments 3,255 (11,992) 8,468 (8,028) (1,915) (2,938) 82 (1,231) 28,652 23,953 Net Gain (Loss) on Investments 3,233 (11,303) 11,334 (7,695) (2,424) (2,423) 697 615 56,446 30,584 Increase (Decrease) in Net Assets from Operations $ 24,088 $ 5,435 $ 21,039 $ 2,151 $ (3,316) $ 3,642 $ 1,227 $ 2,020 $ 61,116 $ 34,168 Increase (Decrease) in Net Assets from Operations per Unit $ 0.25 $ 0.07 $ 0.52 $ 0.05 $ (0.19) $ 0.20 $ 0.49 $ 0.43 $ 1.42 $ 0.71 The accompanying notes are an integral part of these financial statements. ‡ Formerly known as 5-Year Protected Balanced Index Fund.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Canadian Short-Term CIBC Canadian CIBC Global CIBC Balanced CIBC Canadian Bond Index Fund Bond Index Fund Bond Index Fund Index Fund‡ Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Increase (Decrease) in Net Assets from Operations $ 24,088 $ 5,435 $ 21,039 $ 2,151 $ (3,316) $ 3,642 $ 1,227 $ 2,020 $ 61,116 $ 34,168 Distributions Paid or Payable to Unitholders Net investment income (22,331) (17,869) (10,473) (10,591) (34) (26) — — (648) (482) Protection payment — — — — — — — (12) — — (22,331) (17,869) (10,473) (10,591) (34) (26) — (12) (648) (482) Changes Due to Unitholder Transactions Amount received from purchases of units 177,054 241,657 69,657 57,111 31,082 15,926 — — 67,465 94,414 Amount received from reinvestment of distributions 21,984 17,743 10,415 10,555 38 29 — 12 701 520 Amount paid on redemptions of units (93,718) (85,265) (61,251) (47,767) (27,015) (24,177) (4,837) (35,132) (141,386) (87,883) 105,320 174,135 18,821 19,899 4,105 (8,222) (4,837) (35,120) (73,220) 7,051 Increase (Decrease) in Net Assets for the Period 107,077 161,701 29,387 11,459 755 (4,606) (3,610) (33,112) (12,752) 40,737 Net Assets at Beginning of Period 898,106 644,119 422,736 402,279 167,129 182,367 29,248 66,595 837,883 764,356 Net Assets at End of Period $ 1,005,183 $ 805,820 $ 452,123 $ 413,738 $ 167,884 $ 177,761 $ 25,638 $ 33,483 $ 825,131 $ 805,093 Distributions per Unit Paid or Payable to Unitholders From net investment income $ 0.21 $ 0.23 $ 0.25 $ 0.26 $—$—$—$—$—$— Total Distributions $ 0.21 $ 0.23 $ 0.25 $ 0.26 $—$—$—$—$—$— The accompanying notes are an integral part of these financial statements. ‡ Formerly known as 5-Year Protected Balanced Index Fund.

113 Financial Statements CIBC Mutual Funds (Cont’d***)

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Canadian Short-Term CIBC Canadian CIBC Global CIBC Balanced CIBC Canadian Bond Index Fund Bond Index Fund Bond Index Fund Index Fund‡ Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Cost of Investments Held at Beginning of Period $ 882,824 $ 624,804 $ 399,542 $ 384,041 $ 89,443 $ 101,504 $ 18,409 $ 46,199 $ 683,723 $ 692,347 Purchases 447,711 286,149 133,270 55,299 490 3,445 721 1,559 73,348 70,816 1,330,535 910,953 532,812 439,340 89,933 104,949 19,130 47,758 757,071 763,163 Cost of Investments Held at End of Period 985,726 800,459 416,259 403,854 79,076 93,679 15,377 22,831 641,880 710,099 Cost of Investments Sold or Matured 344,809 110,494 116,553 35,486 10,857 11,270 3,753 24,927 115,191 53,064 Proceeds from sales or maturities 344,787 111,183 119,419 35,819 10,378 11,797 4,368 26,773 142,991 59,694 Net Realized Gain (Loss) on Sale of Investments $ (22) $ 689 $ 2,866 $ 333 $ (479) $ 527 $ 615 $ 1,846 $ 27,800 $ 6,630 The accompanying notes are an integral part of these financial statements. ‡ Formerly known as 5-Year Protected Balanced Index Fund.

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC U.S. Equity CIBC U.S. Index CIBC International CIBC International CIBC European Index Fund RRSP Fund Index Fund Index RRSP Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Assets Investments at current value (notes 2 & 3) $ 546,025 $ 544,176 $ 756,703 $ 783,503 $ 65,923 $ 70,423 $ 216,546 $ 215,150 $ 30,969 $ 33,529 Cash including foreign currency holdings, at market value 164 88 — 74 109 508 39 241 87 567 Margin 100 533 2,108 — 581 187 — — 63 137 Accrued interest and dividends receivable 520 571 — — 165 145 — — 89 71 Receivable for portfolio securities sold 250 — — — 1 503 — — — 41 Receivable for unitholder purchases 279 571 344 330 107 54 133 51 21 39 Other receivables 10 — — — — — — — — — Unrealized gain on futures contracts — 602 — 16,713 31 25 2,823 3,921 — — Unrealized gain on forward foreign currency contracts — — — — 14 49 — 4,061 — 36 Total Assets 547,348 546,541 759,155 800,620 66,931 71,894 219,541 223,424 31,229 34,420 Liabilities Bank overdraft — — 5 — — — 128 — — — Payable for unitholder redemptions 736 726 1,089 981 162 59 439 332 97 79 Management fees payable 439 448 608 645 55 59 175 183 26 29 Payable for portfolio securities purchased 297 — — 17,440 1 134 — 3,799 — 12 Unrealized loss on futures contracts 8 — 6,711 — — — — — — — Unrealized loss on forward foreign currency contracts — — — — — — 6,828 — 2 — Total Liabilities 1,480 1,174 8,413 19,066 218 252 7,570 4,314 125 120 Net Assets $ 545,868 $ 545,367 $ 750,742 $ 781,554 $ 66,713 $ 71,642 $ 211,971 $ 219,110 $ 31,104 $ 34,300 Net Asset Value per Unit (notes 4 & 13) $ 20.61 $ 20.28 $ 9.26 $ 9.19 $ 9.59 $ 9.54 $ 8.34 $ 8.28 $ 8.87 $ 8.79 Cost of Investments Held $ 560,468 $ 573,476 $ 763,202 $ 801,704 $ 76,121 $ 80,598 $ 216,089 $ 214,662 $ 35,775 $ 38,562 The accompanying notes are an integral part of these financial statements.

114 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC U.S. Equity CIBC U.S. Index CIBC International CIBC International CIBC European Index Fund RRSP Fund Index Fund Index RRSP Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Income Interest $ 162 $ 145 $ 10,217 $ 4,297 $9$16$ 2,607 $ 2,359 $5$1 Dividends 3,921 4,028 — — 1,293 1,214 — — 712 710 Income (loss) from forward foreign currency contracts — — — — 153 35 (3,606) 15,000 (79) 2 Income (loss) from futures contracts (584) 777 (17,434) 20,180 50 (28) 14,385 12,947 26 22 Securities lending revenue 22 13 — — 27 22 4 6 17 16 Other income 42 31 — — — 1 — — — — 3,563 4,994 (7,217) 24,477 1,532 1,260 13,390 30,312 681 751 Expenses (notes 5 & 13) Management fees 1,866 2,162 2,965 3,394 317 338 1,025 1,089 147 162 Other expenses — — — — — — — — — 1 1,866 2,162 2,965 3,394 317 338 1,025 1,089 147 163 Net Investment Income (Loss) 1,697 2,832 (10,182) 21,083 1,215 922 12,365 29,223 534 588 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments (6,590) (663) — — (672) (694) 194 — (355) (482) Net realized gain (loss) on foreign currency (notes 2e & g) 150 630 5,634 18,122 (25) 14 1 (2) 14 31 Increase (decrease) in unrealized appreciation (depreciation) of investments 14,912 34,932 11,384 13,137 (69) 5,414 (10,889) (11,311) 189 2,031 Net Gain (Loss) on Investments 8,472 34,899 17,018 31,259 (766) 4,734 (10,694) (11,313) (152) 1,580 Increase (Decrease) in Net Assets from Operations $ 10,169 $ 37,731 $ 6,836 $ 52,342 $ 449 $ 5,656 $ 1,671 $ 17,910 $ 382 $ 2,168 Increase (Decrease) in Net Assets from Operations per Unit $ 0.38 $ 1.43 $ 0.08 $ 0.61 $ 0.06 $ 0.70 $ 0.06 $ 0.62 $ 0.10 $ 0.51 The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC U.S. Equity CIBC U.S. Index CIBC International CIBC International CIBC European Index Fund RRSP Fund Index Fund Index RRSP Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Increase (Decrease) in Net Assets from Operations $ 10,169 $ 37,731 $ 6,836 $ 52,342 $ 449 $ 5,656 $ 1,671 $ 17,910 $ 382 $ 2,168 Distributions Paid or Payable to Unitholders Net investment income (747) (516) (729) (547) (27) (29) (46) (43) (17) (15) (747) (516) (729) (547) (27) (29) (46) (43) (17) (15) Changes Due to Unitholder Transactions Amount received from purchases of units 54,245 85,263 51,097 90,326 6,993 6,993 22,442 14,182 1,917 3,445 Amount received from reinvestment of distributions 752 553 790 590 30 32 50 46 18 16 Amount paid on redemptions of units (63,918) (62,478) (88,806) (78,365) (12,374) (9,538) (31,256) (23,935) (5,496) (5,266) (8,921) 23,338 (36,919) 12,551 (5,351) (2,513) (8,764) (9,707) (3,561) (1,805) Increase (Decrease) in Net Assets for the Period 501 60,553 (30,812) 64,346 (4,929) 3,114 (7,139) 8,160 (3,196) 348 Net Assets at Beginning of Period 545,367 512,005 781,554 771,447 71,642 71,739 219,110 221,568 34,300 34,839 Net Assets at End of Period $ 545,868 $ 572,558 $ 750,742 $ 835,793 $ 66,713 $ 74,853 $ 211,971 $ 229,728 $ 31,104 $ 35,187 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short–term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC U.S. Equity CIBC U.S. Index CIBC International CIBC International CIBC European Index Fund RRSP Fund Index Fund Index RRSP Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Cost of Investments Held at Beginning of Period $ 549,815 $ 526,858 $—$—$ 78,620 $ 87,496 $—$—$ 38,087 $ 43,341 Purchases 41,752 53,884 — — 53 962 9,126 — 33 902 591,567 580,742 — — 78,673 88,458 9,126 — 38,120 44,243 Cost of Investments Held at End of Period 550,285 549,895 — — 74,243 83,585 — — 35,651 41,353 Cost of Investments Sold or Matured 41,282 30,847 — — 4,430 4,873 9,126 — 2,469 2,890 Proceeds from sales or maturities 34,692 30,184 — — 3,758 4,179 9,320 — 2,114 2,408 Net Realized Gain (Loss) on Sale of Investments $ (6,590) $ (663) $—$—$ (672) $ (694) $ 194 $—$ (355) $ (482) The accompanying notes are an integral part of these financial statements.

115 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC European CIBC Japanese CIBC Emerging CIBC Asia Pacific CIBC Nasdaq Index RRSP Fund Index RRSP Fund Markets Index Fund Index Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Assets Investments at current value (notes 2 & 3) $ 70,108 $ 78,748 $ 12,776 $ 14,647 $ 38,240 $ 38,152 $ 11,857 $ 12,445 $ 21,691 $ 25,943 Cash including foreign currency holdings, at market value 24 75 8 60 946 914 121 199 47 95 Margin 257 — 104 — 253 118 72 48 64 70 Accrued interest and dividends receivable — — — — 77 195 15 9 — 10 Receivable for unitholder purchases 21 26 4 19 97 56 12 30 28 47 Unrealized gain on futures contracts 747 542 398 791 6 124 9 46 — — Unrealized gain on forward foreign currency contracts — 1,474 — 187 — 5 — — — — Total Assets 71,157 80,865 13,290 15,704 39,619 39,564 12,086 12,777 21,830 26,165 Liabilities Payable for unitholder redemptions 92 132 43 25 46 67 56 69 24 334 Management fees payable 58 67 11 13 41 40 10 10 21 25 Payable for portfolio securities purchased — 605 — 57 — — — — — — Unrealized loss on futures contracts — — — — — — — — 12 — Unrealized loss on forward foreign currency contracts 2,174 — 546 — 29 — 17 22 — — Total Liabilities 2,324 804 600 95 116 107 83 101 57 359 Net Assets $ 68,833 $ 80,061 $ 12,690 $ 15,609 $ 39,503 $ 39,457 $ 12,003 $ 12,676 $ 21,773 $ 25,806 Net Asset Value per Unit (notes 4 & 13) $ 7.88 $ 7.78 $ 4.65 $ 4.92 $ 11.65 $ 10.88 $ 7.73 $ 7.77 $ 3.37 $ 3.60 Cost of Investments Held $ 69,933 $ 78,530 $ 12,741 $ 14,624 $ 28,242 $ 30,199 $ 13,716 $ 14,152 $ 28,352 $ 32,084 The accompanying notes are an integral part of these financial statements.

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC European CIBC Japanese CIBC Emerging CIBC Asia Pacific CIBC Nasdaq Index RRSP Fund Index RRSP Fund Markets Index Fund Index Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

Income Interest $ 941 $ 967 $ 168 $ 172 $ 188 $39$54$18$4$5 Dividends — — — — 338 284 95 85 33 23 Income (loss) from forward foreign currency contracts (1,704) 6,930 (182) 377 99 199 (54) 35 — — Income (loss) from futures contracts 6,041 2,868 68 1,732 (74) (348) 37 102 (81) 65 Securities lending revenue 2 3 — — 9 1 2 1 2 1 Short-term trading fees — — — — — — — — — 5 Other income — — — 17 3 3 2 — — 1 5,280 10,768 54 2,298 563 178 136 241 (42) 100 Expenses (notes 5 & 13) Management fees 369 432 68 83 235 229 54 59 124 155 369 432 68 83 235 229 54 59 124 155 Net Investment Income (Loss) 4,911 10,336 (14) 2,215 328 (51) 82 182 (166) (55) Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments — — — — 193 1,140 29 126 (851) (1,737) Net realized gain (loss) on foreign currency (notes 2e & g) (1) — — — 13 (8) (1) — (26) 19 Increase (decrease) in unrealized appreciation (depreciation) of investments (3,648) (5,053) (733) (322) 2,007 (853) (148) 839 (520) 3,652 Net Gain (Loss) on Investments (3,649) (5,053) (733) (322) 2,213 279 (120) 965 (1,397) 1,934 Increase (Decrease) in Net Assets from Operations $ 1,262 $ 5,283 $ (747) $ 1,893 $ 2,541 $ 228 $ (38) $ 1,147 $ (1,563) $ 1,879 Increase (Decrease) in Net Assets from Operations per Unit $ 0.14 $ 0.44 $ (0.26) $ 0.56 $ 0.73 $ 0.06 $ (0.02) $ 0.67 $ (0.23) $ 0.22 The accompanying notes are an integral part of these financial statements.

116 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC European CIBC Japanese CIBC Emerging CIBC Asia Pacific CIBC Nasdaq Index RRSP Fund Index RRSP Fund Markets Index Fund Index Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Increase (Decrease) in Net Assets from Operations $ 1,262 $ 5,283 $ (747) $ 1,893 $ 2,541 $ 228 $ (38) $ 1,147 $ (1,563) $ 1,879 Distributions Paid or Payable to Unitholders Net investment income (4) (5) (2) (1) (6) (6) (5) (5) (6) (17) (4) (5) (2) (1) (6) (6) (5) (5) (6) (17) Changes Due to Unitholder Transactions Amount received from purchases of units 2,823 5,127 799 4,416 6,419 6,313 1,878 2,472 1,832 6,503 Amount received from reinvestment of distributions 4 5 2 1 6 6 5 5 6 19 Amount paid on redemptions of units (15,313) (15,125) (2,971) (4,108) (8,914) (5,005) (2,513) (2,705) (4,302) (6,316) (12,486) (9,993) (2,170) 309 (2,489) 1,314 (630) (228) (2,464) 206 Increase (Decrease) in Net Assets for the Period (11,228) (4,715) (2,919) 2,201 46 1,536 (673) 914 (4,033) 2,068 Net Assets at Beginning of Period 80,061 89,212 15,609 16,145 39,457 35,029 12,676 12,245 25,806 28,783 Net Assets at End of Period $ 68,833 $ 84,497 $ 12,690 $ 18,346 $ 39,503 $ 36,565 $ 12,003 $ 13,159 $ 21,773 $ 30,851 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC European CIBC Japanese CIBC Emerging CIBC Asia Pacific CIBC Nasdaq Index RRSP Fund Index RRSP Fund Markets Index Fund Index Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Cost of Investments Held at Beginning of Period $ — $—$—$—$ 27,219 $ 25,664 $ 12,687 $ 12,937 $ 31,447 $ 37,111 Purchases — — — — 2,885 6,613 515 694 781 4,869 — — — — 30,104 32,277 13,202 13,631 32,228 41,980 Cost of Investments Held at End of Period — — — — 26,976 28,379 12,697 13,026 28,015 35,581 Cost of Investments Sold or Matured — — — — 3,128 3,898 505 605 4,213 6,399 Proceeds from sales or maturities — — — — 3,321 5,038 534 731 3,362 4,662 Net Realized Gain (Loss) on Sale of Investments $ — $—$—$—$ 193 $ 1,140 $29$ 126 $ (851) $ (1,737) The accompanying notes are an integral part of these financial statements.

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC Nasdaq Index RRSP Fund 2005 2004

Assets Investments at current value (notes 2 & 3) $ 67,806 $ 82,169 Cash including foreign currency holdings, at market value 44 108 Margin 1,295 55 Accrued interest and dividends receivable — 1 Receivable for unitholder purchases 37 58 Unrealized gain on futures contracts — 4 Total Assets 69,182 82,395 Liabilities Payable for unitholder redemptions 185 287 Management fees payable 65 80 Distributions payable to unitholders — 1 Unrealized loss on futures contracts 1,664 — Total Liabilities 1,914 368 Net Assets $ 67,268 $ 82,027 Net Asset Value per Unit (notes 4 & 13) $ 4.37 $ 4.66 Cost of Investments Held $ 68,642 $ 83,856 The accompanying notes are an integral part of these financial statements.

117 Financial Statements CIBC Mutual Funds (Cont’d***)

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Nasdaq Index RRSP Fund 2005 2004

Income Interest $ 971 $ 477 Income (loss) from futures contracts (7,303) 2,144 Other income — 4 (6,332) 2,625 Expenses (notes 5 & 13) Management fees 405 517 405 517 Net Investment Income (Loss) (6,737) 2,108 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments — — Net realized gain (loss) on foreign currency (notes 2e & g) 949 2,367 Increase (decrease) in unrealized appreciation (depreciation) of investments 837 1,521 Net Gain (Loss) on Investments 1,786 3,888 Increase (Decrease) in Net Assets from Operations $ (4,951) $ 5,996 Increase (Decrease) in Net Assets from Operations per Unit $ (0.30) $ 0.30 The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Nasdaq Index RRSP Fund 2005 2004

Increase (Decrease) in Net Assets from Operations $ (4,951) $ 5,996 Distributions Paid or Payable to Unitholders Net investment income (3) (5) (3) (5) Changes Due to Unitholder Transactions Amount received from purchases of units 2,856 5,817 Amount received from reinvestment of distributions 3 5 Amount paid on redemptions of units (12,664) (11,700) (9,805) (5,878) Increase (Decrease) in Net Assets for the Period (14,759) 113 Net Assets at Beginning of Period 82,027 93,040 Net Assets at End of Period $ 67,268 $ 93,153 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Nasdaq Index RRSP Fund 2005 2004

Cost of Investments Held at Beginning of Period $ 197 $ 197 Purchases — — 197 197 Cost of Investments Held at End of Period 197 197 Cost of Investments Sold or Matured — — Proceeds from sales or maturities — — Net Realized Gain (Loss) on Sale of Investments $—$— The accompanying notes are an integral part of these financial statements.

118 Financial Statements CIBC Family of Managed Portfolios

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC Managed CIBC Managed CIBC Managed CIBC Managed CIBC Managed Balanced Growth Balanced Growth Income Portfolio Income Plus Portfolio Balanced Portfolio Portfolio RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Assets Investments at current value (notes 2 & 3) $ 143,031 $ 123,375 $ 203,366 $ 186,617 $ 622,650 $ 553,770 $ 55,622 $ 52,022 $ 457,847 $ 407,156 Cash including foreign currency holdings, at market value — — — — — — — — 28 — Accrued interest and dividends receivable 457 32 524 44 1,385 113 128 7 1,064 59 Receivable for unitholder purchases 398 671 418 493 1,102 1,282 148 370 779 804 Total Assets 143,886 124,078 204,308 187,154 625,137 555,165 55,898 52,399 459,718 408,019 Liabilities Bank overdraft 121 — — — 258 — — — — — Payable for unitholder redemptions 230 653 366 456 1,354 1,066 79 65 999 340 Management fees payable 81 71 153 142 419 377 38 36 300 269 Accrued expenses 6 4 7 5 11 10 3 3 28 26 Payable for portfolio securities purchased — — — — — — — — 28 — Distributions payable to unitholders 1 2 1 1 1 2 — — — — Total Liabilities 439 730 527 604 2,043 1,455 120 104 1,355 635 Net Assets $ 143,447 $ 123,348 $ 203,781 $ 186,550 $ 623,094 $ 553,710 $ 55,778 $ 52,295 $ 458,363 $ 407,384 Net Asset Value per Unit (notes 4 & 13) $ 10.22 $ 10.13 $ 10.17 $ 10.09 $ 10.27 $ 10.16 $ 10.28 $ 10.12 $ 10.30 $ 10.16 Cost of Investments Held $ 139,520 $ 120,860 $ 196,724 $ 181,311 $ 585,116 $ 522,243 $ 52,698 $ 49,693 $ 431,764 $ 386,270 The accompanying notes are an integral part of these financial statements.

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Managed CIBC Managed CIBC Managed CIBC Managed CIBC Managed Balanced Growth Balanced Growth Income Portfolio Income Plus Portfolio Balanced Portfolio Portfolio RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Income Interest $ 2,111 $ 1,458 $ 2,558 $ 1,889 $ 6,339 $ 4,678 $ 447 $ 349 $ 3,633 $ 2,787 2,111 1,458 2,558 1,889 6,339 4,678 447 349 3,633 2,787 Expenses (notes 5 & 13) Management fees 461 307 891 626 2,427 1,647 222 164 1,730 1,254 Audit fees 1 1 1 — 1 — 1 1 3 3 Custodial fees 3 2 3 1 2 — 3 1 5 13 Legal fees 2 — 3 — 4 — 1 — 10 — Printing fees 5 2 6 1 11 1 3 1 27 9 Regulatory fees 3 2 3 1 3 1 2 2 8 10 Security holder information costs 21 4 24 3 42 3 10 3 109 21 Other expenses — — 1 — 1 — — — 2 1 496 318 932 632 2,491 1,652 242 172 1,894 1,311 Net Investment Income (Loss) 1,615 1,140 1,626 1,257 3,848 3,026 205 177 1,739 1,476 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 178 35 297 10 296 — 227 36 223 — Increase (decrease) in unrealized appreciation (depreciation) of investments 996 (396) 1,336 780 6,007 6,063 594 970 5,198 6,962 Net Gain (Loss) on Investments 1,174 (361) 1,633 790 6,303 6,063 821 1,006 5,421 6,962 Increase (Decrease) in Net Assets from Operations $ 2,789 $ 779 $ 3,259 $ 2,047 $ 10,151 $ 9,089 $ 1,026 $ 1,183 $ 7,160 $ 8,438 Increase (Decrease) in Net Assets from Operations per Unit $ 0.21 $ 0.08 $ 0.17 $ 0.15 $ 0.17 $ 0.22 $ 0.19 $ 0.30 $ 0.17 $ 0.27 The accompanying notes are an integral part of these financial statements.

119 Financial Statements CIBC Family of Managed Portfolios (Cont’d***)

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Managed CIBC Managed CIBC Managed CIBC Managed CIBC Managed Balanced Growth Balanced Growth Income Portfolio Income Plus Portfolio Balanced Portfolio Portfolio RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Increase (Decrease) in Net Assets from Operations $ 2,789 $ 779 $ 3,259 $ 2,047 $ 10,151 $ 9,089 $ 1,026 $ 1,183 $ 7,160 $ 8,438 Distributions Paid or Payable to Unitholders Net investment income (1,636) (1,129) (1,660) (1,229) (3,938) (2,846) (214) (165) (1,805) (1,375) (1,636) (1,129) (1,660) (1,229) (3,938) (2,846) (214) (165) (1,805) (1,375) Changes Due to Unitholder Transactions Amount received from purchases of units 35,005 43,182 36,242 63,954 124,896 179,122 13,975 20,502 89,765 133,908 Amount received from reinvestment of distributions 1,632 1,124 1,658 1,227 3,935 2,845 214 165 1,804 1,375 Amount paid on redemptions of units (17,691) (11,249) (22,268) (11,440) (65,660) (31,007) (11,518) (8,582) (45,945) (23,094) 18,946 33,057 15,632 53,741 63,171 150,960 2,671 12,085 45,624 112,189 Increase (Decrease) in Net Assets for the Period 20,099 32,707 17,231 54,559 69,384 157,203 3,483 13,103 50,979 119,252 Net Assets at Beginning of Period 123,348 69,452 186,550 107,743 553,710 320,288 52,295 32,175 407,384 243,297 Net Assets at End of Period $ 143,447 $ 102,159 $ 203,781 $ 162,302 $ 623,094 $ 477,491 $ 55,778 $ 45,278 $ 458,363 $ 362,549 Distributions per Unit Paid or Payable to Unitholders From net investment income $ 0.12 $ 0.12 $ 0.08 $ 0.08 $ 0.07 $ 0.06 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Total Distributions $ 0.12 $ 0.12 $ 0.08 $ 0.08 $ 0.07 $ 0.06 $ 0.04 $ 0.04 $ 0.04 $ 0.04 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Managed CIBC Managed CIBC Managed CIBC Managed CIBC Managed Balanced Growth Balanced Growth Income Portfolio Income Plus Portfolio Balanced Portfolio Portfolio RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Cost of Investments Held at Beginning of Period $ 120,638 $ 67,717 $ 181,080 $ 104,010 $ 521,526 $ 298,126 $ 49,516 $ 30,670 $ 385,983 $ 232,713 Purchases 21,035 33,530 18,410 53,303 66,427 149,138 5,508 12,896 47,682 111,000 141,673 101,247 199,490 157,313 587,953 447,264 55,024 43,566 433,665 343,713 Cost of Investments Held at End of Period 139,470 100,740 196,623 157,233 585,116 447,264 52,681 43,031 431,677 343,704 Cost of Investments Sold or Matured 2,203 507 2,867 80 2,837 — 2,343 535 1,988 9 Proceeds from sales or maturities 2,381 542 3,164 90 3,133 — 2,570 571 2,211 9 Net Realized Gain (Loss) on Sale of Investments $ 178 $35$ 297 $10$ 296 $—$ 227 $36$ 223 $— The accompanying notes are an integral part of these financial statements.

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC Managed CIBC Managed Growth CIBC Managed Aggressive CIBC Managed Aggressive Growth Portfolio RRSP Portfolio Growth Portfolio Growth RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 Assets Investments at current value (notes 2 & 3) $ 32,214 $ 30,749 $ 243,992 $ 221,676 $ 15,870 $ 15,189 $ 89,627 $ 83,740 Accrued interest and dividends receivable 50 5 137 32 14 2 89 15 Receivable for unitholder purchases 12 131 327 524 43 110 126 177 Other receivables — — 2 — — — — — Total Assets 32,276 30,885 244,458 222,232 15,927 15,301 89,842 83,932 Liabilities Bank overdraft 63 — 197 49 3 — — 31 Payable for unitholder redemptions 65 63 627 464 9 7 155 147 Management fees payable 21 20 153 140 9 9 61 58 Accrued expenses 2 2 15 14 1 1 8 8 Total Liabilities 151 85 992 667 22 17 224 244 Net Assets $ 32,125 $ 30,800 $ 243,466 $ 221,565 $ 15,905 $ 15,284 $ 89,618 $ 83,688 Net Asset Value per Unit (notes 4 & 13) $ 10.24 $ 10.06 $ 10.18 $ 10.04 $ 10.23 $ 10.03 $ 10.16 $ 10.00 Cost of Investments Held $ 30,186 $ 29,077 $ 224,140 $ 204,567 $ 14,617 $ 14,143 $ 82,744 $ 77,894 The accompanying notes are an integral part of these financial statements.

120 Financial Statements CIBC Family of Managed Portfolios (Cont’d***)

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Managed CIBC Managed Growth CIBC Managed Aggressive CIBC Managed Aggressive Growth Portfolio RRSP Portfolio Growth Portfolio Growth RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 Income Interest $ 161 $ 131 $ 971 $ 976 $62$50$ 366 $ 307 Other income — — — 3 — — — — 161 131 971 979 62 50 366 307 Expenses (notes 5 & 13) Management fees 123 93 886 679 54 42 360 284 Audit fees 1 — 2 3 1 — 2 2 Custodial fees 2 — 5 13 2 1 5 11 Legal fees — — 5 — — — 2 — Printing fees 1 1 14 1 1 — 7 3 Regulatory fees 2 — 5 7 1 1 4 5 Security holder information costs 6 2 56 3 2 1 26 9 Other expenses — — 1 — — — 1 — 135 96 974 706 61 45 407 314 Net Investment Income (Loss) 26 35 (3) 273 1 5 (41) (7) Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 172 54 263 1 96 95 330 31 Net realized gain (loss) on foreign currency (notes 2e & g) — — — (1) — — — — Increase (decrease) in unrealized appreciation (depreciation) of investments 357 825 2,743 5,887 208 484 1,037 3,165 Net Gain (Loss) on Investments 529 879 3,006 5,887 304 579 1,367 3,196 Increase (Decrease) in Net Assets from Operations $ 555 $ 914 $ 3,003 $ 6,160 $ 305 $ 584 $ 1,326 $ 3,189 Increase (Decrease) in Net Assets from Operations per Unit $ 0.18 $ 0.38 $ 0.13 $ 0.34 $ 0.20 $ 0.48 $ 0.15 $ 0.46 The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Managed CIBC Managed Growth CIBC Managed Aggressive CIBC Managed Aggressive Growth Portfolio RRSP Portfolio Growth Portfolio Growth RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004

Increase (Decrease) in Net Assets from Operations $ 555 $ 914 $ 3,003 $ 6,160 $ 305 $ 584 $ 1,326 $ 3,189 Changes Due to Unitholder Transactions Amount received from purchases of units 6,679 10,493 46,265 72,374 3,263 4,999 16,582 27,125 Amount paid on redemptions of units (5,909) (3,898) (27,367) (13,964) (2,947) (2,880) (11,978) (6,203) 770 6,595 18,898 58,410 316 2,119 4,604 20,922 Increase (Decrease) in Net Assets for the Period 1,325 7,509 21,901 64,570 621 2,703 5,930 24,111 Net Assets at Beginning of Period 30,800 19,308 221,565 139,622 15,284 10,386 83,688 53,486 Net Assets at End of Period $ 32,125 $ 26,817 $ 243,466 $ 204,192 $ 15,905 $ 13,089 $ 89,618 $ 77,597 The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC Managed CIBC Managed Growth CIBC Managed Aggressive CIBC Managed Aggressive Growth Portfolio RRSP Portfolio Growth Portfolio Growth RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004

Cost of Investments Held at Beginning of Period $ 28,902 $ 18,152 $ 204,567 $ 128,956 $ 14,052 $ 9,699 $ 77,894 $ 50,844 Purchases 3,158 7,342 22,497 58,628 1,505 3,382 7,678 21,483 32,060 25,494 227,064 187,584 15,557 13,081 85,572 72,327 Cost of Investments Held at End of Period 30,186 24,993 224,140 187,501 14,617 12,026 82,696 72,047 Cost of Investments Sold or Matured 1,874 501 2,924 83 940 1,055 2,876 280 Proceeds from sales or maturities 2,046 555 3,187 84 1,036 1,150 3,206 311 Net Realized Gain (Loss) on Sale of Investments $ 172 $54$ 263 $1$96$95$ 330 $31 The accompanying notes are an integral part of these financial statements.

121 Financial Statements CIBC Family of Managed Portfolios (Cont’d***)

Statements of Net Assets (in 000s, except per unit amounts) (unaudited) As at June 30, 2005 and December 31, 2004 (notes 1, 2 & 3)

CIBC U.S. Dollar CIBC U.S. Dollar CIBC U.S. Dollar Managed Income Managed Balanced Managed Growth Portfolio Portfolio Portfolio 2005 2004 2005 2004 2005 2004 (U.S. $) (U.S. $) (U.S. $) (U.S. $) (U.S. $) (U.S. $) Assets Investments at current value (notes 2 & 3) $ 117,311 $ 110,901 $ 90,049 $ 84,586 $ 24,074 $ 22,349 Accrued interest and dividends receivable 385 29 91 13 38 5 Receivable for unitholder purchases 1,611 411 313 191 9 40 Total Assets 119,307 111,341 90,453 84,790 24,121 22,394 Liabilities Bank overdraft — — 239 176 26 — Payable for unitholder redemptions 806 88 350 25 396 1 Management fees payable 78 76 68 66 18 17 Accrued expenses 6 6 1 1 1 1 Payable for portfolio securities purchased — 1 — 1 — — Distributions payable to unitholders 12 6 5 4 — 3 Unrealized loss on forward foreign currency contracts 381 2,308 219 1,499 42 255 Total Liabilities 1,283 2,485 882 1,772 483 277 Net Assets $ 118,024 $ 108,856 $ 89,571 $ 83,018 $ 23,638 $ 22,117 Net Asset Value per Unit (notes 4 & 13) $ 10.94 $ 10.79 $ 12.05 $ 11.87 $ 13.70 $ 13.38 Cost of Investments Held $ 108,846 $ 99,737 $ 82,200 $ 74,718 $ 21,817 $ 19,673 The accompanying notes are an integral part of these financial statements.

Statements of Operations (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC U.S. Dollar CIBC U.S. Dollar CIBC U.S. Dollar Managed Income Managed Balanced Managed Growth Portfolio Portfolio Portfolio 2005 2004 2005 2004 2005 2004 (U.S. $) (U.S. $) (U.S. $) (U.S. $) (U.S. $) (U.S. $) Income Interest $ 1,753 $ 1,368 $ 804 $ 641 $ 118 $ 108 Income (loss) from forward foreign currency contracts 801 2,353 906 1,016 440 256 Other income — 20 — — — 3 2,554 3,741 1,710 1,657 558 367 Expenses (notes 5 & 13) Management fees 365 352 330 258 72 77 Audit fees 2 2 — — 1 1 Custodial fees 13 4 3 1 5 1 Legal fees 2 — — — — — Printing fees 1 1 — — — — Regulatory fees 6 7 1 1 1 1 Security holder information costs 11 2 3 — 2 — 400 368 337 260 81 80 Net Investment Income (Loss) 2,154 3,373 1,373 1,397 477 287 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1,717 549 1,415 288 326 114 Net realized gain (loss) on foreign currency (notes 2e & g) (39) (106) (9) (1) (2) 2 Increase (decrease) in unrealized appreciation (depreciation) of investments (772) (4,230) (738) (1,349) (207) (277) Net Gain (Loss) on Investments 906 (3,787) 668 (1,062) 117 (161) Increase (Decrease) in Net Assets from Operations $ 3,060 $ (414) $ 2,041 $ 335 $ 594 $ 126 Increase (Decrease) in Net Assets from Operations per Unit $ 0.29 $ (0.05) $ 0.28 $ 0.07 $ 0.35 $ 0.10 The accompanying notes are an integral part of these financial statements.

122 Financial Statements CIBC Family of Managed Portfolios (Cont’d***)

Statements of Changes in Net Assets (in 000s, except per unit amounts) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC U.S. Dollar CIBC U.S. Dollar CIBC U.S. Dollar Managed Income Managed Balanced Managed Growth Portfolio Portfolio Portfolio 2005 2004 2005 2004 2005 2004 (U.S. $) (U.S. $) (U.S. $) (U.S. $) (U.S. $) (U.S. $) Increase (Decrease) in Net Assets from Operations $ 3,060 $ (414) $ 2,041 $ 335 $ 594 $ 126 Distributions Paid or Payable to Unitholders Net investment income (1,453) (968) (652) (329) (30) (15) (1,453) (968) (652) (329) (30) (15) Changes Due to Unitholder Transactions Amount received from purchases of units 23,128 56,240 13,750 38,371 3,098 15,119 Amount received from reinvestment of distributions 1,425 956 639 329 29 15 Amount paid on redemptions of units (16,992) (13,654) (9,225) (4,580) (2,170) (2,085) 7,561 43,542 5,164 34,120 957 13,049 Increase (Decrease) in Net Assets for the Period 9,168 42,160 6,553 34,126 1,521 13,160 Net Assets at Beginning of Period 108,856 54,754 83,018 32,765 22,117 7,167 Net Assets at End of Period $ 118,024 $ 96,914 $ 89,571 $ 66,891 $ 23,638 $ 20,327 Distributions per Unit Paid or Payable to Unitholders From net investment income $ 0.13 $ 0.10 $ 0.08 $ 0.06 $—$— Total Distributions $ 0.13 $ 0.10 $ 0.08 $ 0.06 $—$— The accompanying notes are an integral part of these financial statements.

Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (unaudited) For the periods ended June 30, 2005 and 2004 (notes 1, 2 & 3)

CIBC U.S. Dollar CIBC U.S. Dollar CIBC U.S. Dollar Managed Income Managed Balanced Managed Growth Portfolio Portfolio Portfolio 2005 2004 2005 2004 2005 2004 (U.S. $) (U.S. $) (U.S. $) (U.S. $) (U.S. $) (U.S. $) Cost of Investments Held at Beginning of Period $ 98,522 $ 50,012 $ 74,027 $ 29,699 $ 19,499 $ 6,050 Purchases 27,672 62,062 20,158 43,376 5,077 15,648 126,194 112,074 94,185 73,075 24,576 21,698 Cost of Investments Held at End of Period 108,830 95,952 82,200 64,029 21,817 19,468 Cost of Investments Sold or Matured 17,364 16,122 11,985 9,046 2,759 2,230 Proceeds from sales or maturities 19,081 16,671 13,400 9,334 3,085 2,344 Net Realized Gain (Loss) on Sale of Investments $ 1,717 $ 549 $ 1,415 $ 288 $ 326 $ 114 The accompanying notes are an integral part of these financial statements.

123 Notes to Financial Statements (unaudited)

For the periods ended June 30, 2005 and 2004 and December 31, 2004

1. CIBC Mutual Funds and CIBC Family of Managed Portfolios Imperial Bank of Commerce (’’CIBC’’) is the manager (the ‘‘Manager’’) of the Funds, and CIBC Each of the CIBC Mutual Funds and CIBC Family of Managed Portfolios (individually a ’’Fund’’ Trust Corporation is the trustee (the ‘‘Trustee’’) of the Funds. CIBC held units at June 30, and collectively, the ’’Funds’’) is a mutual fund trust governed by an Amended and Restated 2005 and December 31, 2004 as indicated in the table below. Master Declaration of Trust dated August 9, 2002, as amended on October 2, 2002, August 6, ‘‘Date Established’’ is the date on which a Fund was established by Declaration of Trust. 2003, February 18, 2004, August 10, 2004, October 29, 2004 and April 28, 2005 (the ‘‘Inception Date’’ is the date upon which units of a Fund were first sold to the public, under ‘‘Declaration of Trust’’). CIBC Securities Inc. is the Principal Distributor of the Funds, Canadian prospectus.

Units Held Units Held by CIBC by CIBC 2005 2004 Date Established Inception Date 2005 2004 Date Established Inception Date CIBC Canadian T-Bill Fund — — September 28, 1990 September 28, 1990 CIBC Canadian Bond Index Fund — — August 8, 1997 September 22, 1997 CIBC Premium Canadian T-Bill CIBC Global Bond Index Fund — — January 16, 1998 February 3, 1998 Fund — — December 3, 1990 January 2, 1991 CIBC Balanced Index Fund — — November 20, 1998 December 4, 1998 CIBC Money Market Fund — — November 30, 1988 November 30, 1988 CIBC Canadian Index Fund — — July 8, 1996 July 25, 1996 CIBC U.S. Dollar Money Market CIBC U.S. Equity Index Fund — — March 6, 1991 May 6, 1991 Fund — — March 6, 1991 May 6, 1991 CIBC U.S. Index RRSP Fund — — July 8, 1996 July 25, 1996 CIBC High Yield Cash Fund — — August 9, 2000 September 26, 2000 CIBC International Index Fund — — January 16, 1998 February 3, 1998 CIBC Mortgage and Short-Term CIBC International Index RRSP Income Fund — — December 6, 1974 December 6, 1974 Fund — — August 9, 1996 September 18, 1996 CIBC Canadian Bond Fund — — December 31, 1987 December 31, 1987 CIBC European Index Fund — — August 12, 1998 September 22, 1998 CIBC Monthly Income Fund — — August 12, 1998 September 22, 1998 CIBC European Index RRSP Fund — — August 18, 1999 September 16, 1999 CIBC Global Bond Fund — — August 31, 1994 September 26, 1994 CIBC Japanese Index RRSP Fund — — August 18, 1999 September 16, 1999 CIBC Balanced Fund — — December 31, 1987 December 31, 1987 CIBC Emerging Markets Index CIBC Diversified Income Fund 15,000 — May 9, 2005 June 20, 2005 Fund — — August 9, 2000 September 26, 2000 CIBC Dividend Fund — — August 7, 1991 August 7, 1991 CIBC Asia Pacific Index Fund — — August 9, 2000 September 26, 2000 CIBC Core Canadian Equity Fund — — November 30, 1988 November 30, 1988 CIBC Nasdaq Index Fund — — August 9, 2000 September 26, 2000 Canadian Imperial Equity Fund — — August 7, 1997 August 7, 1997 CIBC Nasdaq Index RRSP Fund — — August 18, 1999 September 16, 1999 CIBC Capital Appreciation Fund — — August 7, 1991 August 7, 1991 CIBC Managed Income Portfolio — — January 15, 2002 February 1, 2002 CIBC Canadian Small Companies CIBC Managed Income Plus Fund — — August 7, 1997 August 7, 1997 Portfolio — — January 15, 2002 February 1, 2002 CIBC Canadian Emerging CIBC Managed Balanced Companies Fund — — August 7, 1997 August 7, 1997 Portfolio — — January 15, 2002 February 1, 2002 CIBC U.S. Small Companies Fund — — November 1, 1995 December 11, 1995 CIBC Managed Balanced Growth CIBC Global Equity Fund — — January 1, 1988 January 1, 1988 Portfolio — — January 15, 2002 February 1, 2002 CIBC European Equity Fund — — November 1, 1995 December 11, 1995 CIBC Managed Balanced Growth CIBC Japanese Equity Fund — — July 7, 1995 August 21, 1995 RRSP Portfolio — — January 15, 2002 February 1, 2002 CIBC Emerging Economies Fund — — November 1, 1995 December 11, 1995 CIBC Managed Growth Portfolio — — January 15, 2002 February 1, 2002 CIBC Far East Prosperity Fund — — August 25, 1993 September 28, 1993 CIBC Managed Growth RRSP CIBC Latin American Fund — — August 9, 1996 September 18, 1996 Portfolio — — January 15, 2002 February 1, 2002 CIBC International Small CIBC Managed Aggressive Companies Fund — — August 8, 1997 September 22, 1997 Growth Portfolio — — January 15, 2002 February 1, 2002 CIBC Financial Companies Fund — — August 8, 1997 September 22, 1997 CIBC Managed Aggressive CIBC Canadian Resources Fund — — July 7, 1995 August 21, 1995 Growth RRSP Portfolio — — January 15, 2002 February 1, 2002 CIBC Energy Fund — — July 8, 1996 July 25, 1996 CIBC U.S. Dollar Managed CIBC Canadian Real Estate Fund — — August 8, 1997 September 22, 1997 Income Portfolio — — October 2, 2002 October 28, 2002 CIBC Precious Metals Fund — — July 8, 1996 July 25, 1996 CIBC U.S. Dollar Managed CIBC North American Balanced Portfolio — — October 2, 2002 October 28, 2002 Demographics Fund — — August 9, 1996 September 18, 1996 CIBC U.S. Dollar Managed CIBC Global Technology Fund — — November 1, 1995 December 11, 1995 Growth Portfolio — — October 2, 2002 October 28, 2002 CIBC Canadian Short-Term Bond Index Fund — — August 25, 1993 September 28, 1993

2. Financial Reporting Periods and Significant Accounting Policies iii. all contractual obligations for the payment of money or property, including the amount The Statements of Investment Portfolio are as at June 30, 2005. The Statements of Net of any unpaid distribution credited to the unitholders on or before the day as of which Assets are as at June 30, 2005 and December 31, 2004, and the Statements of Operations the net asset value of a Fund is being determined; and Changes in Net Assets are for the periods ended June 30, 2005 and 2004. iv. all allowances authorized or approved by the Manager for taxes or contingencies; and These financial statements, prepared in accordance with Canadian generally accepted v. all other liabilities of a Fund of whatever kind and nature, except liabilities represented accounting principles (‘‘GAAP’’), include estimates and assumptions by management that by outstanding Units of such Fund; affect the reported amounts of assets, liabilities, income and expenses during the reported provided that, any expenses of a Fund payable by a Unitholder as determined by the Manager periods. shall not be included as expenses of the Fund. The following is a summary of significant accounting policies followed by the Funds. c) Investment Transactions, Income Recognition and Recognition of Realized and a) Investments and Assets of a Fund Unrealized Gains and Losses The investments and assets of a Fund shall be deemed to include: i. Each transaction of purchase or sale of a portfolio asset effected by a Fund shall be i. all liquid assets, which shall mean cash or its equivalent (including cash of other reflected in a computation of net asset value that is made not later than the first countries if conversion into Canadian currency can be readily effected), on hand, on computation of net asset value made after the date on which the transaction becomes deposit or on call, including any accrued interest thereon; binding upon the Fund. ii. all bills and demand notes, accounts receivable and prepaid expenses; ii. Interest income is recorded on the accrual basis. Accrual basis is an accounting iii. all bonds, debentures, time notes, shares, subscription rights, mortgages and other method whereby income and expense items are recognized as they are earned or securities owned or contracted for by the Fund; incurred even though they may not have been received or actually paid in cash. iv. all share and cash dividends and cash distributions to be received by a Fund and not iii. Dividend income is recorded on the ex-dividend date. The ex-dividend date is the date yet received by it but declared to shareholders of record on a date on or before the when the security no longer has the dividend payment included in its price. An date as of which the net asset value of the Fund is being determined; investor who buys securities between the ex-dividend date and the payment of the v. all interest accrued on any interest-bearing securities owned by a Fund (except interest dividend is not entitled to the dividend. accrued on securities in default that is included in the quoted price); and iv. The valuation of securities and other assets is accounted for on a ‘‘mark-to-market vi. all other property of every kind and nature, including derivatives. basis.’’ This means that the value of the securities and assets is adjusted on each valuation date to reflect current market values, as opposed to historical cost b) Liabilities accounting where securities and assets are valued at their original or acquisition cost. The liabilities of a Fund shall be deemed to include: v. Realized gains and losses on investments and unrealized appreciation or depreciation i. all bills and accounts payable; of investments are calculated using the average cost of the related investments. ii. all fees and administrative expenses payable and/or accrued;

124 Notes to Financial Statements (unaudited) (Cont’d...)

vi. Other income is the sum of income other than that which is separately classified on Any difference between the settlement value at the close of business on each valuation the Statements of Operations and which individually does not exceed five percent of date and the settlement value at the close of business on the previous valuation date is total income of the Fund for the period reported upon. recorded as Income (loss) from futures contracts on the Statements of Operations. d) Portfolio Securities i) Options The difference between the market value of securities and their average cost represents the An option contract entered into by a Fund gives the Fund the opportunity to buy or sell the unrealized appreciation (depreciation) in the value of the portfolio investments. The applicable underlying securities from or to, respectively, the writer of the option at a fixed price on or period change in Unrealized appreciation (depreciation) of investments is included on the before the option’s expiry date. The credit rating of each counterparty (as rated by Standard & Statements of Operations. Poor’s, a division of The McGraw-Hill Companies, Inc.) of the options held by a Fund meets or Accrued interest for bonds is disclosed separately on the Statements of Net Assets. On the exceeds the minimum approved credit rating. Statements of Investment Portfolio, short-term investments include accrued interest. Purchased Call and Put Options e) Foreign Exchange Premiums paid for purchased call and put options are included in Investments at current value The market value of investments and other assets and liabilities denominated in foreign on the Statements of Net Assets. Premiums are valued at current market price to reflect the currencies is translated into Canadian dollars (except for the CIBC U.S. Dollar Money Market current value of the options. Fund, CIBC U.S. Dollar Managed Income Portfolio, CIBC U.S. Dollar Managed Balanced When a purchased option expires, the Fund will realize a loss in the amount of the cost of Portfolio, and the CIBC U.S. Dollar Managed Growth Portfolio) at the rates prevailing on each the option. For a closing transaction, the Fund will realize a gain or loss depending on whether valuation date as determined by customary banking sources acceptable to the Manager. the proceeds are greater or less than the premium paid at the time of purchase. When a Purchases and sales of investments, income and expenses are translated into Canadian purchased call option is exercised, the cost of the security purchased is increased by the dollars at the foreign exchange rates prevailing on the respective dates of such transactions. premium paid at the time of purchase. Foreign currency translation gains (losses) on investments and income transactions are included in Net realized gain (loss) on foreign currency, and Income respectively on the Written Call and Put Options Statements of Operations. Premiums received from writing options are included in Investments at current value on the Statements of Net Assets as reductions in the value of investments. Premiums are mark-to- f) Mortgages market to reflect the current market value of the options. CIBC Mortgages Inc. (’’CIBC Mortgages’’) is the counterparty when the CIBC Mortgage and Premiums received from writing options that expire unexercised are recorded as Income on Short-Term Income Fund (the ’’Mortgage Fund’’) purchases and sells mortgages. Mortgage the Statements of Operations. For a closing transaction, if the cost of closing the transaction purchases are priced using the Modified Lender’s Rate method which is the principal amount exceeds the premium received, the Funds will record a realized loss, or if the premium which will produce a yield to the Mortgage Fund of not more than a quarter of one percent received at the time the option was written is greater than the amount paid, the Funds will (25 basis points) less than the interest rate at which CIBC Mortgages is making commitments, record a realized gain. If a written put option is exercised, the cost for the security delivered is at the time of purchase, to loan on the security of comparable mortgages, provided that CIBC reduced by the premiums received at the time the option was written. Mortgages has entered into an agreement to repurchase the mortgages from the Mortgage Fund in circumstances benefiting the Mortgage Fund and that such an agreement is j) Securities Lending considered by the Trustee to justify the difference in yield to the Mortgage Fund. The 25 basis The Funds may lend portfolio securities from time to time in order to earn additional revenue. point yield differential represents the payment of a fee (the ’’guarantee fee’’) to CIBC The loaned assets of any one Fund will never exceed 50% of the market value of the assets Mortgages for its agreement to repurchase the mortgages from the Mortgage Fund in of that Fund (excluding collateral debt for the loaned securities). The minimum allowable circumstances benefiting the Mortgage Fund. In 2005, this guarantee fee was $119,404 up to collateral is 102% of the market value of the loaned securities as per the requirements of June 30, and for 2004, the guarantee fee was $1,366,025. This guarantee fee is amortized on National Instrument 81-102. Collateral can consist of the following (’’Permitted Collateral’’): a straight-line basis over the term of the related mortgages, and the unamortized balance is i. Cash. included in Accrued interest and dividends receivable on the Statements of Net Assets. ii. An evidence of indebtedness that is issued or fully and unconditionally guaranteed as Discounts and premiums on the purchase of mortgages are also amortized on a straight-line to the principal and interest by: a) the government of Canada, or a province or territory basis over the term of the related mortgages. CIBC Mortgages is a related party of the of Canada; b) the government of the United States of America or the government of Manager. one of the states of the United States of America; c) the government of another The Mortgage Fund sells mortgages at market value, except when the Mortgage Fund sovereign state, or a permitted supranational agency, if, in each case, the evidence of requires liquidity and the Mortgage Fund exercises the right to require CIBC Mortgages to buy indebtedness has an approved credit rating; d) a Canadian financial institution or a back mortgages. In such circumstances, if to meet redemption requests the price shall be that financial institution that is not incorporated or organized under the laws of Canada or which CIBC Mortgages is making mortgage commitments for comparable mortgages less one of a province or territory of Canada, if, in either case, evidences of indebtedness of quarter of one percent, or the price will be an amount agreed to at the time which amount that issuer or guarantor that are rated as short-term debt by an approved credit rating shall not be less than 95% of the current value of such mortgages (calculated in accordance organization have an approved credit rating. with the Declaration of Trust). iii. Irrevocable Letters of Credit issued by a Canadian financial institution if evidences of The difference between the market value of mortgages and their amortized cost is included indebtedness of the Canadian financial institution that are rated as short-term debt by in Increase (decrease) in unrealized appreciation (depreciation) of investments on the an approved credit rating organization have an approved credit rating. Statements of Operations. iv. Securities that are immediately convertible into securities of the same issuer, class or type, and the same term, as the securities loaned. g) Forward Foreign Currency Contracts v. Commercial Paper with a term to maturity of 365 days or less with an approved credit A forward foreign currency contract is a commitment to purchase or sell a currency at a future rating and that was issued by a company other than a government or permitted date at a negotiated exchange rate. Funds may enter into forward foreign currency contracts supranational agency. for either hedging or non-hedging purposes where such activity is consistent with their The market value of the loaned securities is determined on the close of any valuation date, investment objectives and investment strategies, and as permitted by the Canadian securities and any additional required collateral is delivered to the Funds on the next business day. The administrators. securities on loan continue to be included on the Statements of Investment Portfolio, and are Changes in the value of forward foreign currency contracts are recorded as Unrealized gain included in the total value on the Statements of Net Assets in Investments at current value (loss) on forward foreign currency contracts on the Statements of Net Assets, and are and in Cost of Investments Held. recorded as an Increase (decrease) in unrealized appreciation (depreciation) of investments during the applicable period on the Statements of Operations. k) Legend for Abbreviations The gain or loss arising from the difference between the value of the original forward The following is a list of abbreviations (foreign currency translation and others) that may be foreign currency contract and the value of such contract at close or delivery is realized and used on the Statements of Investment Portfolio: recorded as either (a) Net realized gain (loss) on foreign currency for Funds that use the AUD – Australian Dollar NOK – Norwegian Krone forward foreign currency contracts for hedging or; (b) Income (loss) from forward foreign BEF – Belgium Franc NZD – New Zealand Dollar currency contracts for Funds that do not use the forward foreign currency contracts for CAD – Canadian Dollar PHP – Philippine Peso hedging. The realized gains or losses on forward foreign currency contracts for Funds that use CHF – Swiss Franc PLN – Polish Zloty the forward foreign currency contracts for hedging are offset against foreign currency gains or CZK – Czech Koruna SEK – Swedish Krona losses arising from the sale of underlying investments. DEM – Deutsche Mark SGD – Singapore Dollar DKK – Danish Krona THB – Thailand Baht h) Futures Contracts ESP – Spanish Peseta TWD – Taiwan Dollar Futures contracts entered into by the Funds are financial agreements to purchase or sell a EUR – Euro USD – United States Dollar FRF – French Franc ZAR – South African Rand financial instrument at a contracted price on a specified future date. The Funds that enter into GBP – British Pound ADR – American Depository Receipt futures contracts do not intend to take delivery of the financial instrument on settlement date; GRD – Greek Drachma GDR – Global Depository Receipt rather, they intend to close out each futures contract before settlement by entering into equal, HKD – Hong Kong Dollar SDR – Swedish Depository Receipt but offsetting futures contracts. HUF – Hungarian Forint LEPOS – Low Exercise Put Option Structure If permitted by the Declaration of Trust, Funds may currently enter into futures contracts for IDR – Indonesian Rupiah MSCI – Morgan Stanley Capital International hedging or non-hedging purposes where such activity is consistent with their investment ITL – Italian Lira OPALS – Optimized Portfolios As Listed Securities objectives and investment strategies, and as permitted by the Canadian securities JPY – Japanese Yen PERLES – Performance Linked to Equity Securities KRW – South Korean Won ETF – Exchange Traded Fund administrators. MXN – Mexican Peso iShares – index Shares The margin deposits with brokers relating to futures contracts are included in Margin on the MYR – Malaysian Ringgit iUnits – index Units Statements of Net Assets. Any change in the margin requirement is settled daily, and is NLG – Netherlands Guilder included in Receivable for portfolio securities sold or Payable for portfolio securities purchased on the Statements of Net Assets.

125 Notes to Financial Statements (unaudited) (Cont’d...)

3. Valuation of Investments ii. the value of any clearing corporation option, option on futures or over-the-counter The valuation date (‘‘Valuation Date’’) for a Fund is any day the Toronto Stock Exchange option shall be its current market value, determined in accordance with the principles (‘‘TSX’’) is open for business. The Trustee may at its discretion establish other Valuation Dates. set out herein; provided that (a) where a covered clearing corporation option is written, The value of the investments or assets of a Fund shall be determined as follows: the premium received by the Fund shall be offset by a deferred credit which shall be valued at an amount equal to the current market value of the clearing corporation a) Cash and Cash Equivalents option, option on futures or over-the-counter option that would have the effect of The value of any cash or its equivalent on hand or on deposit or on call, bills and demand closing the position; (b) any difference resulting from revaluation shall be treated as an notes and accounts receivable, prepaid expenses, cash dividends or distributions received (or unrealized gain or loss on investment; (c) the deferred credit shall be deducted in to be received and declared to shareholders of record on a date before the date as of which arriving at the net asset value of the Fund; and (d) the securities that are the subject the net asset value of a Fund is determined) or interest accrued and not yet received, shall be of a written covered clearing corporation option, option on futures or over-the-counter deemed to be the full face amount thereof, unless the Manager determines that any such option shall be valued as provided in paragraph above for listed securities; deposit or call loan is not worth the face amount, in which case the value shall be deemed to iii. futures contracts or forward contracts shall be valued at an amount equal to the gain be such value as the Manager determines to be the reasonable value. or loss with respect thereto that would be realized if, on the Valuation Date, the Short-term securities (e.g. term deposits, bankers’ acceptances and treasury bills) shall be position in such a contract were to be closed out unless ‘‘daily limits’’ are in effect, in valued at their cost at the time of purchase and, in the case of the CIBC High Yield Cash which case the value shall be based on the current market value of the underlying Fund, at the fair value sale price quoted by a major dealer, and, in either case, any income interest. Margin paid or deposited in respect of such contracts shall be reflected as an earned shall be amortized on a straight-line basis. account receivable and margin consisting of assets other than cash shall be noted as held as margin; b) Bonds, Debentures and Other Debt Obligations iv. forward currency contracts and currency futures contracts shall be valued on a mark- The value of any bonds, debentures, and other debt obligations shall be valued by taking the to-market basis on the Valuation Date based on reported quotations in common use average of the bid and ask prices on a Valuation Date at such times as the Manager, in its provided cash is to be settled on maturity of the contracts; discretion, deems appropriate. v. other derivatives and margin shall be valued in the manner which the Manager For money market funds, bonds are valued at cost plus accrued interest and plus or minus reasonably determines to represent its fair market value and as required by securities amortization, including foreign currency translation, if applicable, which approximates market legislation. value. e) Restricted Securities c) Listed Securities and Fair Value Pricing of Foreign Securities Restricted securities shall be valued in a manner that the Manager reasonably determines to Securities that are listed on a securities exchange will be valued at their last sale price on that represent its fair market value as required by securities legislation. day on the principal exchange or market on which such securities are listed or traded or, if there is no sale on that day, and in the case of securities traded on an over-the-counter f) Mortgages market, at the last published sale price or the mean between the last recorded bid and asked Mortgages are valued at a principal amount that produces a yield equal to the prevailing rate prices, whichever in the opinion of the Manager more accurately reflects the fair value of of return on mortgages of similar type and term, establishing the market value. Mortgages securities. If there are no bid or ask quotations in respect of securities listed on a securities insured under the National Housing Act (Canada) are valued at market value. exchange or traded on an over-the-counter market, then a realistic and fair valuation will be All mortgages, other than those insured under the National Housing Act (Canada), shall be made. valued on a consistent basis to produce a principal amount which will produce a yield (i) equal Fair value pricing has been implemented, where practical, with respect to the valuation of to the yield prevailing for the sale of comparable conventional mortgages by major lending certain foreign securities listed on a market or exchange that closes prior to North American institutions, if ascertainable on the Valuation Date, or (ii) equal to or not less than one quarter markets or exchanges for certain funds within CIBC’s families of mutual funds. An of one percent below the interest rate at which CIBC is making a commitment to loan on independent third-party valuation agent provides fair value prices of the relevant foreign security of such mortgages on the Valuation Date. securities in these Funds. Fair value pricing is regularly applied to certain Funds, where practical, to value certain foreign securities after the close of their primary markets or g) Other Securities exchanges. Fair value pricing is designed to avoid stale prices, to provide a more accurate net The value of any security or other property of a Fund for which no method of determining asset value and may assist in the deterrence of harmful short-term or excessive trading in the value is described above will be determined in such manner as is considered appropriate from Funds. time to time. The value of any security or other property of a Fund for which a market quotation is not d) Derivatives readily available or to which, in the opinion of the Manager, the above principles cannot be Derivatives will be valued by the following methods: applied or if, in the opinion of the Manager, the market quotations do not properly reflect the i. long positions in clearing corporation options, options on futures contracts, over-the- fair value of such securities, will be valued at prices that appear to the Manager to most counter options, debt-like securities and listed warrants shall be valued at their closely reflect the fair value of the securities. respective current market values;

4. Units Issued and Outstanding Each Fund may issue an unlimited number of units without nominal or par value. Unitholders have the right under the Master Declaration of Trust to require the Fund to repurchase their units at current net asset value. Changes in issued units are summarized below, for the period ended June 30, 2005 and the year ended December 31, 2004:

CIBC Canadian CIBC Premium CIBC Money CIBC U.S. Dollar CIBC High Yield T-Bill Fund Canadian T-Bill Fund Market Fund Money Market Fund Cash Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 46,335,738 54,898,385 277,423,141 340,317,984 304,634,807 341,344,821 28,538,394 31,503,503 9,085,380 14,143,887 Units issued for cash 17,210,917 37,901,457 159,861,163 309,038,568 152,806,576 329,902,768 13,551,816 26,552,385 1,662,951 5,765,658 Units issued on reinvestment of distributions 303,978 609,352 2,742,903 5,555,044 2,279,189 4,364,965 240,869 135,964 77,541 230,999 63,850,633 93,409,194 440,027,207 654,911,596 459,720,572 675,612,554 42,331,079 58,191,852 10,825,872 20,140,544 Units redeemed (21,417,128) (47,073,456) (168,648,866) (377,488,455) (170,089,978) (370,977,747) (16,487,335) (29,653,458) (2,994,189) (11,055,164) Balance — end of period 42,433,505 46,335,738 271,378,341 277,423,141 289,630,594 304,634,807 25,843,744 28,538,394 7,831,683 9,085,380

CIBC Mortgage and CIBC Canadian CIBC Monthly CIBC Global CIBC Short-Term Income Fund Bond Fund Income Fund Bond Fund Balanced Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 60,851,330 67,251,410 63,640,921 61,046,488 227,279,734 145,054,984 25,293,265 19,394,908 59,544,214 67,798,905 Units issued for cash 3,127,928 8,408,153 4,443,253 12,323,296 78,931,672 121,252,520 3,403,721 9,031,528 1,880,079 4,226,139 Units issued on reinvestment of distributions 1,013,507 2,297,911 1,259,490 2,469,394 6,166,257 9,783,060 — 25 310,347 702,976 64,992,765 77,957,474 69,343,664 75,839,178 312,377,663 276,090,564 28,696,986 28,426,461 61,734,640 72,728,020 Units redeemed (8,075,065) (17,106,144) (6,386,987) (12,198,257) (23,682,236) (48,810,830) (1,768,186) (3,133,196) (7,220,998) (13,183,806) Balance — end of period 56,917,700 60,851,330 62,956,677 63,640,921 288,695,427 227,279,734 26,928,800 25,293,265 54,513,642 59,544,214

126 Notes to Financial Statements (unaudited) (Cont’d...)

CIBC Diversified CIBC CIBC Core Canadian Canadian Imperial CIBC Capital Income Fund Dividend Fund Equity Fund Equity Fund Appreciation Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period — — 21,487,496 21,421,780 37,437,911 45,056,573 17,083,103 15,274,594 15,736,706 19,045,374 Units issued for cash 979,188 — 3,322,374 3,680,082 682,017 1,644,852 1,653,328 4,524,506 280,117 719,140 Units issued on reinvestment of distributions — — 93,667 110,002 22 (22) — — 49 (52) 979,188 — 24,903,537 25,211,864 38,119,950 46,701,403 18,736,431 19,799,100 16,016,872 19,764,462 Units redeemed (1,226) — (1,906,481) (3,724,368) (4,954,252) (9,263,492) (1,871,098) (2,715,997) (2,098,103) (4,027,756) Balance — end of period 977,962 — 22,997,056 21,487,496 33,165,698 37,437,911 16,865,333 17,083,103 13,918,769 15,736,706

CIBC Canadian Small CIBC Canadian Emerging CIBC U.S. Small CIBC Global CIBC European Companies Fund Companies Fund Companies Fund Equity Fund Equity Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 5,714,550 6,646,327 3,376,528 2,718,905 13,382,528 11,570,703 12,773,691 15,607,613 16,057,933 12,082,112 Units issued for cash 301,130 616,229 320,939 1,761,949 1,592,255 3,868,237 399,994 654,808 1,404,098 5,473,088 Units issued on reinvestment of distributions — — — 74,449 — — — — — — 6,015,680 7,262,556 3,697,467 4,555,303 14,974,783 15,438,940 13,173,685 16,262,421 17,462,031 17,555,200 Units redeemed (928,512) (1,548,006) (633,756) (1,178,775) (1,365,652) (2,056,412) (1,874,870) (3,488,730) (807,030) (1,497,267) Balance — end of period 5,087,168 5,714,550 3,063,711 3,376,528 13,609,131 13,382,528 11,298,815 12,773,691 16,655,001 16,057,933

CIBC Japanese CIBC Emerging CIBC Far East CIBC Latin CIBC International Equity Fund Economies Fund Prosperity Fund American Fund Small Companies Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 2,241,462 2,430,400 4,919,013 4,672,147 16,327,870 14,238,731 615,192 593,429 3,237,756 3,349,108 Units issued for cash 92,419 562,893 407,346 1,176,195 1,203,843 4,531,636 213,591 303,064 561,132 818,804 Units issued on reinvestment of distributions — — — — — — — 2,432 — — 2,333,881 2,993,293 5,326,359 5,848,342 17,531,713 18,770,367 828,783 898,925 3,798,888 4,167,912 Units redeemed (391,621) (751,831) (685,370) (929,329) (1,337,141) (2,442,497) (190,853) (283,733) (485,703) (930,156) Balance — end of period 1,942,260 2,241,462 4,640,989 4,919,013 16,194,572 16,327,870 637,930 615,192 3,313,185 3,237,756

CIBC Financial CIBC Canadian CIBC Energy CIBC Canadian CIBC Precious Companies Fund Resources Fund Fund Real Estate Fund Metals Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 12,754,454 13,635,041 3,887,460 4,242,365 3,836,101 2,820,187 2,353,245 2,444,504 5,829,963 6,376,765 Units issued for cash 614,580 1,377,596 816,383 750,611 2,661,658 1,436,216 930,154 573,814 763,057 1,686,816 Units issued on reinvestment of distributions 7 226,089 — — 55 534,769 6 61,352 — — 13,369,041 15,238,726 4,703,843 4,992,976 6,497,814 4,791,172 3,283,405 3,079,670 6,593,020 8,063,581 Units redeemed (1,365,585) (2,484,272) (617,267) (1,105,516) (1,127,704) (955,071) (460,386) (726,425) (1,061,833) (2,233,618) Balance — end of period 12,003,456 12,754,454 4,086,576 3,887,460 5,370,110 3,836,101 2,823,019 2,353,245 5,531,187 5,829,963

CIBC North American CIBC Global CIBC Canadian CIBC Canadian Bond CIBC Global Bond Demographics Fund Technology Fund Short-Term Bond Index Fund Index Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 3,774,348 4,593,796 10,400,867 12,090,726 88,670,043 63,431,013 40,282,369 38,850,378 16,827,824 18,494,953 Units issued for cash 205,144 355,292 370,253 1,180,954 17,493,764 37,483,820 6,566,695 7,847,276 3,120,767 2,451,951 Units issued on reinvestment of distributions — — — — 2,175,162 3,446,886 983,233 1,882,935 3,857 110,485 3,979,492 4,949,088 10,771,120 13,271,680 108,338,969 104,361,719 47,832,297 48,580,589 19,952,448 21,057,389 Units redeemed (671,598) (1,174,740) ((1,700,315) (2,870,813) (9,261,122) (15,691,676) (5,776,254) (8,298,220) (2,697,700) (4,229,565) Balance — end of period 3,307,894 3,774,348 9,070,805 10,400,867 99,077,847 88,670,043 42,056,043 40,282,369 17,254,748 16,827,824

CIBC Balanced CIBC Canadian CIBC U.S. Equity CIBC U.S. Index CIBC International Index Fund Index Fund Index Fund RRSP Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 2,731,581 6,668,495 45,640,930 47,079,140 26,890,354 25,582,316 85,034,674 85,233,482 7,510,420 8,193,345 Units issued for cash — — 3.603,444 7,627,080 2,669,146 6,356,319 5,494,499 14,505,661 719,021 1,314,128 Units issued on reinvestment of distributions — — 36,158 238,211 36,871 407,234 85,685 125,056 3,109 98,098 2,731,581 6,668,495 49,280,532 54,944,431 29,596,371 32,345,869 90,614,858 99,864,199 8,232,550 9,605,571 Units redeemed (443,768) (3,936,914) (7,519,266) (9,303,501) (3,114,789) (5,455,515) (9,545,745) (14,829,525) (1,273,029) (2,095,151) Balance — end of period 2,287,813 2,731,581 41,761,266 45,640,930 26,481,582 26,890,354 81,069,113 85,034,674 6,959,521 7,510,420

127 Notes to Financial Statements (unaudited) (Cont’d...)

CIBC International CIBC European CIBC European CIBC Japanese CIBC Emerging Markets Index RRSP Fund Index Fund Index RRSP Fund Index RRSP Fund Index Fund 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 26,447,759 29,269,564 3,902,861 4,299,381 10,295,092 12,606,462 3,172,511 3,385,111 3,626,735 3,666,441 Units issued for cash 2,660,433 2,627,051 212,006 623,198 350,690 935,397 163,285 1,189,179 557,446 856,931 Units issued on reinvestment of distributions 5,999 10,788 2,070 79,337 525 1,095 460 501 585 31,411 29,114,191 31,907,403 4,116,937 5,001,916 10,646,307 13,542,954 3,336,256 4,574,791 4,184,766 4,554,783 Units redeemed (3,685,670) (5,459,644) (609,499) (1,099,055) (1,909,887) (3,247,862) (605,807) (1,402,280) (792,585) (928,048) Balance — end of period 25,428,521 26,447,759 3,507,438 3,902,861 8,736,420 10,295,092 2,730,449 3,172,511 3,392,181 3,626,735

CIBC Asia Pacific CIBC Nasdaq CIBC Nasdaq Index CIBC Managed CIBC Managed Index Fund Index Fund RRSP Fund Income Portfolio Income Plus Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 1,632,231 1,674,359 7,160,948 8,060,265 17,595,886 20,244,761 12,177,841 6,958,901 18,490,214 10,883,298 Units issued for cash 237,767 515,749 536,566 2,570,306 637,039 1,866,743 3,428,100 7,342,277 3,562,381 10,035,511 Units issued on reinvestment of distributions 748 21,224 1,998 7,977 933 1,885 160,845 248,921 164,166 290,471 1,870,746 2,211,332 7,699,512 10,638,548 18,233,858 22,113,389 15,766,786 14,550,099 22,216,761 21,209,280 Units redeemed (318,205) (579,101) (1,246,920) (3,477,600) (2,838,453) (4,517,503) (1,733,235) (2,372,258) (2,188,766) (2,719,066) Balance — end of period 1,552,541 1,632,231 6,452,592 7,160,948 15,395,405 17,595,886 14,033,551 12,177,841 20,027,995 18,490,214

CIBC Managed CIBC Managed Balanced CIBC Managed Balanced CIBC Managed CIBC Managed Balanced Portfolio Growth Portfolio Growth RRSP Portfolio Growth Portfolio Growth RRSP Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 54,498,771 32,424,620 5,165,543 3,297,261 40,082,630 24,901,627 3,061,150 2,002,228 22,067,602 14,550,490 Units issued for cash 12,184,625 27,742,337 1,363,959 3,324,797 8,720,555 19,381,152 655,497 1,743,846 4,538,015 10,329,199 Units issued on reinvestment of distributions 387,691 673,034 21,024 48,948 177,052 235,789 (6) 17,967 8 7,373 67,071,087 60,839,991 6,550,526 6,671,006 48,980,237 44,518,568 3,716,641 3,764,041 26,605,625 24,887,062 Units redeemed (6,411,004) (6,341,220) (1,123,419) (1,505,463) (4,470,432) (4,435,938) (578,629) (702,891) (2,692,527) (2,819,460) Balance — end of period 60,660,083 54,498,771 5,427,107 5,165,543 44,509,805 40,082,630 3,138,012 3,061,150 23,913,098 22,067,602

CIBC Managed Aggressive CIBC Managed Aggressive CIBC U.S. Dollar Managed CIBC U.S. Dollar Managed CIBC U.S. Dollar Managed Growth Portfolio Growth RRSP Portfolio Income Portfolio Balanced Portfolio Growth Portfolio 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 Balance — beginning of period 1,523,707 1,088,640 8,371,590 5,662,025 10,089,317 5,177,674 6,996,230 2,884,161 1,653,352 575,039 Units issued for cash 320,803 861,373 1,628,251 3,937,601 2,134,164 7,465,950 1,160,398 5,149,009 230,026 1,409,363 Units issued on reinvestment of distributions (2) 8,106 1 10 131,264 182,452 53,516 69,914 2,113 12,091 1,844,508 1,958,119 9,999,842 9,599,636 12,354,745 12,826,076 8,210,144 8,103,084 1,885,491 1,996,493 Units redeemed (289,884) (434,412) (1,182,534) (1,228,046) (1,569,939) (2,736,759) (776,300) (1,106,854) (160,254) (343,141) Balance — end of period 1,554,624 1,523,707 8,817,308 8,371,590 10,784,806 10,089,317 7,433,844 6,996,230 1,725,237 1,653,352

5. Management Fees and Expenses difference in the amount of the management fees will be paid out by the Fund to the Management fees are based on the net assets of the Funds, and are calculated daily. The applicable investors as a distribution of additional units of the Fund (Management Fee Manager may, in some cases, waive some management fees. Management fees are paid to Distribution Discounts). Certain Funds are eligible for our standard Management Fee the Manager in consideration for the provision of or arranging for the provision of Distribution Discounts. Investors may be able to negotiate additional or increased Manage- management, distribution and portfolio advisory services. ment Fee Distribution Discounts with respect to our Funds. Management Fee Distribution In addition to the management fees, the Funds are responsible for all expenses relating to Discounts are negotiable between the Manager and the investor and are dependent primarily the operation and conduct of the business of the Funds, including interest, operating, and on the size of the investor’s investment in the Fund. Management Fee Distribution Discounts administrative costs (other than advertising and promotional expenses, which are the to qualified investors do not adversely impact the Fund or any of the Fund’s other investors. responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, a The Manager may increase or decrease the amount of distributions to certain investors from portion of the fees paid to members of the Independent Review Committee, taxes, audit and time to time. For the purpose of all MER calculations, such Management Fee Distribution legal fees and expenses, safekeeping and custodial fees, investor servicing costs, and costs of Discounts have been added back to the total expenses of a Fund. unitholder reports, prospectuses, and other reports. All such operating expenses are paid by The CIBC Managed Portfolios and CIBC U.S. Dollar Managed Portfolios (collectively the the Manager and allocated to the Funds. The Manager may absorb a portion of a Fund’s ’’Portfolios’’ or a ’’Portfolio’’) invest in other Funds (the ’’Underlying Funds’’). There are fees operating expenses. The Manager is the registrar and transfer agent for the Funds and and expenses payable by the Underlying Funds in addition to the fees and expenses payable provides or arranges for the provision of all other administrative services required by the by the Portfolio. No management fees or incentive fees are payable by each Portfolio that, to Funds. The Funds do not pay fees to the Trustee. The Manager pays the Trustee fees for a reasonable person, would duplicate a fee payable by the Underlying Funds for the same acting as trustee of the Funds out of the management fee. service. No sales or redemption fees are payable by the Portfolios for purchases or Other expenses is the sum of all types of expenses other than what is separately classified redemptions of units of the Underlying Funds. Some of the Underlying Funds held in a on the Statements of Operations and that individually does not exceed five percent of total Portfolio may offer Management Fee Distribution Discounts. Such Management Fee expenses. Distribution Discounts will be paid out by the Portfolio. The Manager may, in some cases, The management expense ratio (‘‘MER’’) of a Fund is the ratio showing the total waive a portion of a Portfolio’s management fee. management fee and operating expenses charged to a Fund expressed as a percentage of the The MER of each Fund is based on the total expenses charged to a Fund and expressed as weighted daily average net asset value of a Fund, expressed on an annualized basis. The a percentage of the average net asset value of a Fund expressed on an annualized basis. In Manager may waive a portion of the management fees and/or absorb some or all operating addition to the above, the RSP Funds also include expenses that would be included in the expenses of a Fund, which may reduce the MER. The Manager may stop waiving Underlying Funds’ MER. For periods of less than 12 months, the MER has been annualized. management fees to a Fund and/or absorbing expenses at any time. There are certain MER Inclusive of Waived Fees/Absorbed Expenses reflects what the MER would have been additional costs, including, but not limited to, brokerage fees, spreads, and commissions, if the Manager had not waived fees/absorbed expenses, and MER Exclusive of Waived Fees/ which are borne by the Funds, that are not included in the calculation of the MER. Absorbed Expenses reflects what the MER is with the Manager waiving fees/absorbing In some cases, the Manager may charge management fees to a Fund that are less than the expenses. The amounts of waived fees/absorbed expenses in thousands that were charged management fees the Manager is entitled to charge for certain investors in a Fund. The as at June 30th are detailed in the table on the next page.

128 Notes to Financial Statements (unaudited) (Cont’d...)

Waived Fees/ MER Exclusive of Waived Fees/ MER Inclusive of MER Exclusive of Waived Fees/ MER Inclusive of Absorbed Expenses Waived Fees/ Absorbed Expenses Waived Fees/ Waived Fees/ Absorbed Expenses Waived Fees/ Maximum Chargeable (000s) Absorbed Expenses (000s) Absorbed Expenses Absorbed Expenses (000s) Absorbed Expenses Management Fee 2005 2004 2004 2004 2003 2003 2003 CIBC Canadian T-Bill Fund 1.00% 215 1.12% $ 218 1.21% 1.09% $ 306 1.20% CIBC Premium Canadian T-Bill Fund 0.50% 10 0.59% 188 0.61% 0.62% — 0.62% CIBC Money Market Fund 1.00% 1,831 1.16% 1,599 1.27% 1.15% 1,870 1.25% CIBC U.S. Dollar Money Market Fund 1.00% USD 151 0.95% USD 164 1.20% 1.06% USD 94 1.17% CIBC High Yield Cash Fund 1.00% 44 1.19% 37 1.26% 1.15% 69 1.23% CIBC Mortgage and Short-Term Income Fund 1.25% 89 1.73% — 1.74% 1.84% — 1.84% CIBC Canadian Bond Fund 1.25% 45 1.61% 3 1.61% 1.67% — 1.67% CIBC Monthly Income Fund 1.25% — 1.44% — 1.45% 1.40% 278 1.46% CIBC Global Bond Fund 1.50% 10 1.97% — 1.97% 2.19% — 2.19% CIBC Balanced Fund 2.00% 121 2.34% — 2.35% 2.37% 22 2.37% CIBC Diversified Income Fund 1.70% — n/a n/a n/a n/a n/a n/a CIBC Dividend Fund 1.70% 8 2.03% — 2.03% 2.08% — 2.08% CIBC Core Canadian Equity Fund 1.85% 91 2.25% — 2.27% 2.19% 415 2.30% Canadian Imperial Equity Fund 1.75% 14 2.20% — 2.20% 2.41% — 2.41% CIBC Capital Appreciation Fund 2.00% 72 2.50% — 2.50% 2.53% 29 2.55% CIBC Canadian Small Companies Fund 2.00% 60 2.62% 18 2.68% 2.62% 93 2.79% CIBC Canadian Emerging Companies Fund 2.20% 120 2.14% 106 2.81% 2.14% 94 3.07% CIBC U.S. Small Companies Fund 2.25% 314 2.60% 330 2.98% 2.62% 377 3.25% CIBC Global Equity Fund 2.00% 260 2.73% 101 2.88% 2.73% 206 2.94% CIBC European Equity Fund 2.25% — 2.66% — 2.66% 2.77% — 2.77% CIBC Japanese Equity Fund 2.25% 88 2.63% 78 3.47% 2.63% 88 3.71% CIBC Emerging Economies Fund 2.50% 432 2.86% 339 4.21% 2.89% 354 4.55% CIBC Far East Prosperity Fund 2.50% 252 2.86% 263 3.25% 2.88% 368 3.66% CIBC Latin American Fund 2.50% 68 2.88% 61 4.69% 2.89% 65 5.50% CIBC International Small Companies Fund 2.50% 290 2.67% 253 3.66% 2.68% 268 3.96% CIBC Financial Companies Fund 2.25% 67 2.62% 35 2.66% 2.62% 88 2.70% CIBC Canadian Resources Fund 2.00% 27 2.51% 25 2.65% 2.52% 45 2.78% CIBC Energy Fund 2.00% 3 2.48% — 2.48% 2.51% 20 2.59% CIBC Canadian Real Estate Fund 2.25% 91 2.84% 81 3.34% 2.84% 104 3.51% CIBC Precious Metals Fund 2.00% 46 2.41% 21 2.52% 2.41% 36 2.55% CIBC North American Demographics Fund 2.85% 315 2.62% 304 4.34% 2.62% 348 4.41% CIBC Global Technology Fund 2.25% 310 2.76% 236 3.27% 2.76% 305 3.38% CIBC Canadian Short-Term Bond Index Fund 1.25% 487 0.96% 518 1.45% 0.96% 431 1.48% CIBC Canadian Bond Index Fund 1.20% 565 0.96% 548 1.54% 0.96% 581 1.58% CIBC Global Bond Index Fund 1.20% 459 0.96% 437 1.78% 0.96% 489 1.80% CIBC Balanced Index Fund 1.00% 102 1.43% 704 3.40% 2.84% 400 4.21% CIBC Canadian Index Fund 1.20% 982 0.96% 957 1.52% 0.96% 990 1.56% CIBC U.S. Equity Index Fund 2.00% 956 0.96% 924 2.47% 0.96% 961 2.54% CIBC U.S. Index RRSP Fund 1.20% 931 0.96% 968 1.51% 0.96% 991 1.55% CIBC International Index Fund 2.00% 212 0.98% 163 2.67% 0.99% 173 2.67% CIBC International Index RRSP Fund 2.00% 378 0.98% 348 2.46% 0.99% 363 2.50% CIBC European Index Fund 1.20% 185 0.98% 158 2.20% 0.99% 169 2.35% CIBC European Index RRSP Fund 1.20% 374 0.98% 355 2.13% 0.99% 393 2.24% CIBC Japanese Index RRSP Fund 1.20% 99 0.98% 91 2.40% 0.99% 95 2.71% CIBC Emerging Markets Index Fund 1.20% 135 1.23% 116 1.94% 1.23% 119 2.05% CIBC Asia Pacific Index Fund 1.20% 135 0.96% 120 3.20% 0.96% 125 3.68% CIBC Nasdaq Index Fund 1.20% 90 1.12% 81 1.86% 1.12% 84 1.93% CIBC Nasdaq Index RRSP Fund 1.20% 305 1.12% 289 1.95% 1.12% 313 2.00% CIBC Managed Income Portfolio 1.75% 104 1.95% 92 2.09% 1.98% 383 2.73% CIBC Managed Income Plus Portfolio 2.05% 166 2.26% 151 2.39% 2.30% 635 3.11% CIBC Managed Balanced Portfolio 2.05% 560 2.25% 454 2.38% 2.30% 1,763 3.05% CIBC Managed Balanced Growth Portfolio 2.15% 84 2.41% 85 2.64% 2.46% 280 3.67% CIBC Managed Balanced Growth RRSP Portfolio 2.15% 489 2.41% 368 2.57% 2.46% 1,300 3.18% CIBC Managed Growth Portfolio 2.15% 56 2.41% 155 2.70% 2.46% 319 4.80% CIBC Managed Growth RRSP Portfolio 2.15% 283 2.41% 217 2.53% 2.46% 759 3.18% CIBC Managed Aggressive Growth Portfolio 2.15% 35 2.40% 51 2.86% 2.46% 148 4.45% CIBC Managed Aggressive Growth RRSP Portfolio 2.15% 135 2.42% 129 2.57% 2.46% 425 3.52% CIBC U.S. Dollar Managed Income Portfolio 1.85% USD 72 2.06% USD 56 2.13% 2.09% USD 195 2.80% CIBC U.S. Dollar Managed Balanced Portfolio 2.15% USD 82 2.36% USD 59 2.48% 2.41% USD 122 3.34% CIBC U.S. Dollar Managed Growth Portfolio 2.25% USD 42 2.53% USD 56 2.75% 2.57% USD 63 4.81%

6. Income Taxes Non-capital losses of a Fund that arose in taxation years before 2004 are available to be The Funds qualify or are expected to qualify as mutual fund trusts under the Income Tax Act carried forward for seven years and applied against future income of a Fund. Non-capital (Canada). General income tax rules apply to the Funds; however, no income tax is payable by losses of a Fund that arose for 2004 and after are available to be carried forward for up to ten the Funds on net income and/or net realized capital gains that are distributed to unitholders. In years. addition, income taxes payable on undistributed net realized capital gains are refundable on a Capital losses of a Fund for income tax purposes may be carried forward indefinitely and formula basis when units of the Funds are redeemed. Sufficient net income and realized applied against capital gains realized in future years. capital gains of the Funds have been, or will be, distributed to the unitholders such that no tax For 2005 and 2004, the Funds have taxation year ends on December 15, except for the is payable by the Funds and accordingly, no provision for income taxes has been made in the following Funds which have a taxation year end of December 31: CIBC Canadian T-Bill Fund, financial statements. Occasionally, a Fund may pay distributions in excess of the net income CIBC Premium Canadian T-Bill Fund, CIBC Money Market Fund, CIBC U.S. Dollar Money and realized capital gains of the Fund. This excess distribution is called a return of capital and Market Fund, CIBC High Yield Cash Fund, CIBC Managed Income Portfolio, CIBC Managed is non-taxable for the unitholder. However, a return of capital reduces the adjusted cost base Income Plus Portfolio, CIBC Managed Balanced Portfolio, CIBC Managed Balanced Growth of the unitholder’s units for tax purposes. Portfolio, CIBC Managed Balanced Growth RRSP Portfolio, CIBC Managed Growth Portfolio, The CIBC U.S. Dollar Money Market Fund, CIBC U.S. Dollar Managed Income Portfolio, CIBC Managed Growth RRSP Portfolio, CIBC Managed Aggressive Growth Portfolio, CIBC CIBC U.S. Dollar Managed Balanced Portfolio, and CIBC U.S. Dollar Managed Growth Portfolio Managed Aggressive Growth RRSP Portfolio, CIBC U.S. Dollar Managed Income Portfolio, may realize net foreign currency gains and losses on the translation of their net realized capital CIBC U.S. Dollar Managed Balanced Portfolio, and CIBC U.S. Dollar Managed Growth Portfolio. 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 the tax would be payable by the Funds.

129 Notes to Financial Statements (unaudited) (Cont’d...)

As at December 31, 2004, the following Funds have available non-capital and capital losses for income tax purposes: 2005 2004 CIBC European Equity Fund $ 7,997 $ 33,192 Total Total Non-Capital Losses That Expire in CIBC Japanese Equity Fund 21,987 53,426 Capital Non-Capital 2007 and CIBC Emerging Economies Fund 62,728 148,579 Losses Losses 2005 2006 Thereafter CIBC Far East Prosperity Fund 467,576 1,200,001 CIBC U.S. Dollar Money Market CIBC Latin American Fund 8,301 12,415 Fund $136,398,786 $ — $ — $ — $ — CIBC International Small Companies Fund 152,578 420,484 CIBC High Yield Cash Fund 193,930 — — — — CIBC Financial Companies Fund 157,404 177,776 CIBC Mortgage and Short-Term CIBC Canadian Resources Fund 130,432 169,458 Income Fund 15,238,820 — — — — CIBC Energy Fund 218,540 357,600 CIBC Canadian Bond Fund 26,968,916 — — — — CIBC Canadian Real Estate Fund 72,852 120,898 CIBC Global Bond Fund 5,775,239 4,338,634 — — 4,338,634 CIBC Precious Metals Fund 121,740 622,704 CIBC Balanced Fund 45,836,735 — — — — CIBC North American Demographics Fund 26,047 83,332 CIBC Core Canadian Equity Fund 37,981,211 2,388,357 — — 2,388,357 CIBC Global Technology Fund 231,880 714,596 Canadian Imperial Equity Fund 23,706,786 2,910,045 — — 2,910,045 CIBC Balanced Index Fund 2,889 19,539 CIBC Capital Appreciation Fund 52,729,960 12,748,612 — — 12,748,612 CIBC Canadian Index Fund 171,353 255,082 CIBC Canadian Small Companies CIBC U.S. Equity Index Fund 73,290 35,035 Fund 26,168,900 4,810,528 — — 4,810,528 CIBC International Index Fund 3,296 15,070 CIBC U.S. Small Companies Fund 9,022,991 4,311,489 — — 4,311,489 CIBC International Index RRSP Fund 1,940 — CIBC Global Equity Fund 106,056,895 3,845,321 — — 3,845,321 CIBC European Index Fund 2,541 7,582 CIBC European Equity Fund 12,906,448 1,123,212 — — 1,123,212 CIBC Emerging Markets Index Fund 1,834 7,827 CIBC Japanese Equity Fund 21,275,004 1,253,732 — — 1,253,732 CIBC Asia Pacific Index Fund — 578 CIBC Emerging Economies Fund 8,646,839 1,387,323 141,035 — 1,269,310 CIBC Nasdaq Index Fund 3,552 16,474 CIBC Far East Prosperity Fund 83,727,384 1,207,664 — — 1,207,664 CIBC Latin American Fund 2,579,702 — — — — 8. Related Party Brokerage Commissions CIBC International Small Companies Commissions paid to CIBC World Markets Inc. and CIBC World Markets Corp., wholly-owned Fund 13,995,524 1,255,097 — — 1,255,097 CIBC Canadian Resources Fund 21,793,733 557,657 — 96,309 461,348 subsidiaries of CIBC, for portfolio transactions for the period ended June 30, 2005 and the CIBC Precious Metals Fund 16,795,177 1,106,407 438,819 407,303 260,285 year ended December 31, 2004 are as follows: CIBC North American Demographics Fund 21,775,375 3,779,633 623,485 — 3,156,148 2005 2004 CIBC Global Technology Fund 292,380,238 11,571,441 — — 11,571,441 CIBC Monthly Income Fund $ 117,881 $ 127,080 CIBC Canadian Short-Term Bond CIBC Balanced Fund 82,967 181,140 Index Fund 15,868,136 — — — — CIBC Dividend Fund 25,320 27,430 CIBC Canadian Bond Index Fund 2,205,361 — — — — CIBC Core Canadian Equity Fund 66,016 98,351 CIBC Global Bond Index Fund 215,403 — — — — Canadian Imperial Equity Fund 67,777 101,857 CIBC Balanced Index Fund 365,419 2,156,976 — — 2,156,976 CIBC Capital Appreciation Fund 22,865 100,389 CIBC Canadian Index Fund 15,533,309 — — — — CIBC Canadian Small Companies Fund 12,124 45,697 CIBC U.S. Equity Index Fund 21,762,744 — — — — CIBC Canadian Emerging Companies Fund 1,370 4,594 CIBC U.S. Index RRSP Fund 186,168,989 103,001,075 — — 103,001,075 CIBC Global Equity Fund 3,611 5,268 CIBC International Index Fund 13,177,792 — — — — CIBC Financial Companies Fund 9,143 12,930 CIBC International Index RRSP CIBC Canadian Resources Fund 11,508 15,732 Fund 7,751,659 112,670,396 — — 112,670,396 CIBC Energy Fund 600 — CIBC European Index Fund 3,583,506 — — — — CIBC U.S. Small Companies Fund 2,783 4,948 CIBC European Index RRSP Fund 3,185,783 25,781,758 — — 25,781,758 CIBC Emerging Economies Fund — 250 CIBC Japanese Index RRSP Fund 463,737 19,070,296 — — 19,070,296 CIBC Canadian Real Estate Fund 500 3,150 CIBC Emerging Markets Index Fund 4,451,566 — — — — CIBC Precious Metals Fund — 1,500 CIBC Asia Pacific Index Fund 682,302 — — — — CIBC Balanced Index Fund 302 342 CIBC Nasdaq Index Fund 10,400,027 354,428 — — 354,428 CIBC Canadian Index Fund 9,575 28,656 CIBC Nasdaq Index RRSP Fund 19,790,647 161,635,470 — — 161,635,470 CIBC Managed Income Plus These amounts do not include any spreads paid to CIBC World Markets Inc. and CIBC World Portfolio 117,645 — — — — Markets Corp. for fixed income and other securities transacted in an over-the-counter market. CIBC Managed Growth Portfolio 33,300 — — — — CIBC Managed Aggressive Growth 9. Securities Lending RRSP Portfolio — 144,856 — — 144,856 CIBC U.S. Dollar Managed Income The following Funds have assets involved in securities lending transactions outstanding as at Portfolio 12,118,378 — — — — June 30, 2005: CIBC U.S. Dollar Managed Balanced Portfolio 10,147,170 — — — — Aggregate Aggregate CIBC U.S. Dollar Managed Growth Value of Value of Portfolio 1,106,521 — — — — Securities on Collateral for Loan Loan 7. Brokerage Commissions and Fees CIBC Canadian T-Bill Fund $ 141,874,769 $ 153,257,607 CIBC Premium Canadian T-Bill Fund 482,677,645 521,403,639 Brokerage commissions incurred for portfolio transactions on all Funds are included in the cost CIBC Money Market Fund 43,566,460 47,061,866 of portfolio investments purchased or as a reduction of the proceeds received upon the sale CIBC High Yield Cash Fund 23,688,017 25,588,544 of portfolio investments. In allocating brokerage business, consideration may be given by the CIBC Mortgage and Short-Term Income Fund 16,237,827 17,540,614 sub-advisers of the Funds to dealers that furnish research, statistical, and other services to CIBC Canadian Bond Fund 190,527,909 205,814,265 sub-advisers that process trades through such dealers (referred to in the industry as ‘‘soft CIBC Monthly Income Fund 550,857,510 595,053,684 CIBC Global Bond Fund 41,347,318 44,664,679 dollar’’ arrangements). These services assist the sub-adviser with their investment decision- CIBC Balanced Fund 118,619,840 128,136,898 making services to the Fund. In addition, the Manager may enter into commission recapture CIBC Dividend Fund 58,869,744 63,592,957 arrangements with certain dealers with respect to the Fund. Any commission recaptured will CIBC Core Canadian Equity Fund 67,001,261 72,376,879 be paid to the Fund. Canadian Imperial Equity Fund 27,072,115 29,244,154 Fixed income and certain other securities are transacted in an over-the-counter market, CIBC Capital Appreciation Fund 47,472,727 51,281,539 CIBC Canadian Small Companies Fund 13,846,655 14,957,594 where participants are dealing as principals. Such securities are generally traded on a net basis CIBC Canadian Emerging Companies Fund 3,403,578 3,676,653 and do not normally involve brokerage commissions, but will typically include a ‘‘spread’’ CIBC U.S. Small Companies Fund 19,693,815 21,273,881 (being the difference between the bid and the offer prices on the security of the applicable CIBC Global Equity Fund 7,172,285 7,747,729 marketplace), which is not included in the amounts shown below. CIBC European Equity Fund 41,560,400 44,894,857 Commissions paid to brokers for portfolio transactions for the period ended June 30, 2005 CIBC Japanese Equity Fund 2,333,424 2,520,639 CIBC Emerging Economies Fund 984,614 1,063,611 and the year ended December 31, 2004 are as follows: CIBC Far East Prosperity Fund 11,557,304 12,484,565 CIBC Latin American Fund 64,582 69,763 2005 2004 CIBC International Small Companies Fund 8,680,973 9,377,461 CIBC Financial Companies Fund 18,872,909 20,387,113 CIBC Monthly Income Fund $ 617,540 $ 1,037,058 CIBC Canadian Resources Fund 1,798,687 1,942,999 CIBC Canadian Bond Fund — 23,337 CIBC Energy Fund 38,718,298 41,824,728 CIBC Balanced Fund 702,872 1,247,713 CIBC Canadian Real Estate Fund 9,161,424 9,896,459 CIBC Dividend Fund 177,690 191,077 CIBC Precious Metals Fund 3,518,890 3,801,216 CIBC Diversified Income Fund 6,432 — CIBC Global Technology Fund 4,570,023 4,936,684 CIBC Core Canadian Equity Fund 530,403 974,598 CIBC Canadian Short-Term Bond Index Fund 191,570,824 206,940,856 Canadian Imperial Equity Fund 735,362 1,192,938 CIBC Canadian Bond Index Fund 104,894,494 113,310,345 CIBC Capital Appreciation Fund 479,465 849,711 CIBC Global Bond Index Fund 11,364,070 12,275,827 CIBC Canadian Small Companies Fund 269,573 346,364 CIBC Balanced Index Fund 1,905,515 2,058,397 CIBC Canadian Emerging Companies Fund 31,256 104,331 CIBC Canadian Index Fund 102,103,646 110,295,583 CIBC U.S. Small Companies Fund 241,943 471,170 CIBC U.S. Equity Index Fund 23,832,290 25,744,393 CIBC Global Equity Fund 116,257 222,854 CIBC International Index Fund 4,693,635 5,070,213 130 Notes to Financial Statements (unaudited) (Cont’d...)

Aggregate Aggregate Collateral Type* i ii iii iv v Value of Value of Securities on Collateral for CIBC Canadian Bond Index Fund $ — $109,268,398 $ 288,925 $ 3,753,022 $ — Loan Loan CIBC Global Bond Index Fund — 11,837,930 31,302 406,595 — CIBC Balanced Index Fund — 1,984,971 5,249 68,177 — CIBC International Index RRSP Fund $ 9,837,852 $ 10,627,159 CIBC Canadian Index Fund — 106,361,177 281,238 3,653,168 — CIBC European Index Fund 2,928,217 3,163,152 CIBC U.S. Equity Index Fund — 24,826,053 65,644 852,696 — CIBC European Index RRSP Fund 6,219,024 6,717,986 CIBC International Index Fund — 4,889,351 12,928 167,934 — CIBC Emerging Markets Index Fund 3,943,033 4,259,389 CIBC International Index RRSP Fund — 10,248,072 27,098 351,989 — CIBC Asia Pacific Index Fund 2,562,702 2,768,312 CIBC European Index Fund — 3,050,317 8,066 104,769 — CIBC Nasdaq Index Fund 1,281,478 1,384,293 CIBC European Index RRSP Fund — 6,478,345 17,130 222,511 — CIBC Emerging Markets Index Fund — 4,107,450 10,861 141,078 — Collateral Type* i ii iii iv v CIBC Asia Pacific Index Fund — 2,669,562 7,059 91,691 — CIBC Nasdaq Index Fund — 1,334,913 3,530 45,850 — CIBC Canadian T-Bill Fund $ — $147,790,683 $ 390,784 $ 5,076,140 $ — CIBC Premium Canadian T-Bill Fund — 502,804,404 1,329,503 17,269,732 — * Definitions are in note 2j CIBC Money Market Fund — 45,383,100 120,001 1,558,765 — CIBC High Yield Cash Fund — 24,675,763 65,247 847,534 — 10. Hedging CIBC Mortgage and Short-Term Income Fund — 16,914,915 44,726 580,973 — Certain holdings of foreign currency denominated securities have been hedged, or partially CIBC Canadian Bond Fund — 198,472,568 524,796 6,816,901 — hedged, by forward foreign currency contracts as part of the investment strategies of the CIBC Monthly Income Fund — 573,827,245 1,517,299 19,709,140 — Fund. These hedges are indicated by a hedging reference number on the Statements of CIBC Global Bond Fund — 43,071,425 113,888 1,479,366 — Investment Portfolio, and a corresponding hedging reference number on the schedule of CIBC Balanced Fund — 123,566,067 326,730 4,244,101 — CIBC Dividend Fund — 61,324,502 162,153 2,106,302 — Forward Foreign Currency Contracts for the Fund. CIBC Core Canadian Equity Fund — 69,795,090 184,550 2,397,239 — Canadian Imperial Equity Fund — 28,200,972 74,568 968,614 — 11. Collateral on Specified Derivatives CIBC Capital Appreciation Fund — 49,452,252 130,760 1,698,527 — Short-term notes may be used as collateral for futures contracts outstanding with brokers. CIBC Canadian Small Companies Fund — 14,424,034 38,140 495,420 — CIBC Canadian Emerging Companies Fund — 3,545,501 9,375 121,777 — 12. Comparative Figures CIBC U.S. Small Companies Fund — 20,515,011 54,245 704,625 — To conform to the presentation adopted in the current period, certain amounts from the prior CIBC Global Equity Fund — 7,471,356 19,756 256,617 — periods have been reclassified. CIBC European Equity Fund — 43,293,392 114,475 1,486,990 — CIBC Japanese Equity Fund — 2,430,724 6,427 83,488 — 13. Net Asset Value Per Unit and Management Expense Ratio CIBC Emerging Economies Fund — 1,025,670 2,712 35,229 — The MER is calculated daily and paid monthly. Each Fund must pay GST on its management CIBC Far East Prosperity Fund — 12,039,222 31,834 413,509 — fee. See note 5 for information with respect to MERs. CIBC Latin American Fund — 67,274 178 2,311 — MER Inclusive of Waived Fees/Absorbed Expenses reflects what the MER would have been CIBC International Small Companies Fund — 9,042,953 23,911 310,597 — CIBC Financial Companies Fund — 19,659,875 51,984 675,254 — if the Manager had not waived fees/absorbed expenses, and MER Exclusive of Waived Fees/ CIBC Canadian Resources Fund — 1,873,690 4,954 64,355 — Absorbed Expenses reflects what the MER is with the Manager waiving fees/absorbing CIBC Energy Fund — 40,332,778 106,647 1,385,303 — expenses. CIBC Canadian Real Estate Fund — 9,543,437 25,235 327,787 — The Net Asset Value per Unit for the period ended June 30, 2005 and the years ended CIBC Precious Metals Fund — 3,665,621 9,693 125,902 — December 31, 2000 to 2004, and the annualized MER amounts charged at the end of each of CIBC Global Technology Fund — 4,760,585 12,588 163,511 — the 5 preceding fiscal years, are detailed in the following table: CIBC Canadian Short-Term Bond Index Fund — 199,558,971 527,669 6,854,216 —

2004 2004 2003 2003 2002 2005 2004 MER MER 2003 MER MER 2002 MER Net Asset Net Asset Exclusive of Inclusive of Net Asset Exclusive of Inclusive of Net Asset Exclusive of Value Value Waived Fees/ Waived Fees/ Value Waived Fees/ Waived Fees/ Value Waived Fees/ Per Unit Per Unit Absorbed Expenses Absorbed Expenses Per Unit Absorbed Expenses Absorbed Expenses Per Unit Absorbed Expenses CIBC Canadian T-Bill Fund $ 10.00 $ 10.00 1.12% 1.21% $ 10.00 1.09% 1.20% $ 10.00 1.09% CIBC Premium Canadian T-Bill Fund 10.00 10.00 0.59% 0.61% 10.00 0.62% 0.62% 10.00 0.64% CIBC Money Market Fund 10.00 10.00 1.16% 1.27% 10.00 1.15% 1.25% 10.00 1.14% CIBC U.S. Dollar Money Market Fund USD 10.00 USD 10.00 0.95% 1.20% USD 10.00 1.06% 1.17% USD 10.00 1.22% CIBC High Yield Cash Fund 10.11 10.11 1.19% 1.26% 10.12 1.15% 1.23% 10.12 1.14% CIBC Mortgage and Short-Term Income Fund 11.88 11.81 1.73% 1.74% 11.86 1.84% 1.84% 11.97 1.84% CIBC Canadian Bond Fund 12.95 12.67 1.61% 1.61% 12.40 1.67% 1.67% 12.13 1.73% CIBC Monthly Income Fund 13.73 13.24 1.44% 1.45% 12.49 1.40% 1.46% 11.53 1.21% CIBC Global Bond Fund 10.36 10.58 1.97% 1.97% 10.80 2.19% 2.19% 11.45 2.19% CIBC Balanced Fund 16.75 16.21 2.34% 2.35% 15.36 2.37% 2.37% 13.59 2.43% CIBC Diversified Income Fund 10.02 n/a n/a n/a n/a n/a n/a n/a n/a CIBC Dividend Fund 22.35 20.96 2.03% 2.03% 18.52 2.08% 2.08% 15.87 2.11% CIBC Core Canadian Equity Fund 19.51 18.52 2.25% 2.27% 17.17 2.19% 2.30% 14.17 2.14% Canadian Imperial Equity Fund 13.77 13.80 2.20% 2.20% 13.31 2.41% 2.41% 10.91 2.41% CIBC Capital Appreciation Fund 23.53 22.28 2.50% 2.50% 20.39 2.53% 2.55% 17.07 2.57% CIBC Canadian Small Companies Fund 20.52 19.31 2.62% 2.68% 18.00 2.62% 2.79% 14.66 2.62% CIBC Canadian Emerging Companies Fund 14.96 14.59 2.14% 2.81% 13.34 2.14% 3.07% 9.55 2.14% CIBC U.S. Small Companies Fund 13.25 13.08 2.60% 2.98% 12.05 2.62% 3.25% 10.99 2.62% CIBC Global Equity Fund 12.83 12.85 2.73% 2.88% 12.65 2.73% 2.94% 12.07 2.73% CIBC European Equity Fund 12.83 12.72 2.66% 2.66% 11.82 2.77% 2.77% 10.75 2.77% CIBC Japanese Equity Fund 7.55 7.65 2.63% 3.47% 7.59 2.63% 3.71% 6.56 2.63% CIBC Emerging Economies Fund 12.94 12.36 2.86% 4.21% 10.64 2.89% 4.55% 8.33 2.88% CIBC Far East Prosperity Fund 7.98 8.07 2.86% 3.25% 7.90 2.88% 3.66% 6.53 2.88% CIBC Latin American Fund 14.41 13.35 2.88% 4.69% 10.87 2.89% 5.50% 7.77 2.88% CIBC International Small Companies Fund 17.77 16.85 2.67% 3.66% 14.47 2.68% 3.96% 11.14 2.68% CIBC Financial Companies Fund 20.33 19.74 2.62% 2.66% 18.17 2.62% 2.70% 15.28 2.62% CIBC Canadian Resources Fund 14.72 12.53 2.51% 2.65% 11.03 2.52% 2.78% 8.62 2.51% CIBC Energy Fund 30.31 25.22 2.48% 2.48% 20.02 2.51% 2.59% 16.88 2.51% CIBC Canadian Real Estate Fund 17.36 15.75 2.84% 3.34% 13.45 2.84% 3.51% 11.16 2.84% CIBC Precious Metals Fund 9.03 9.47 2.41% 2.52% 11.23 2.41% 2.55% 7.11 2.41% CIBC North American Demographics Fund 11.10 11.04 2.62% 4.34% 11.20 2.62% 4.41% 11.22 2.62% CIBC Global Technology Fund 8.43 8.44 2.76% 3.27% 8.91 2.76% 3.38% 7.29 2.76% CIBC Canadian Short-Term Bond Index Fund 10.15 10.13 0.96% 1.45% 10.15 0.96% 1.48% 10.23 0.96% CIBC Canadian Bond Index Fund 10.75 10.49 0.96% 1.54% 10.35 0.96% 1.58% 10.29 0.96% CIBC Global Bond Index Fund 9.73 9.93 0.96% 1.78% 9.86 0.96% 1.80% 10.67 0.96% CIBC Balanced Index Fund 11.21 10.71 1.43% 3.40% 9.99 2.84% 4.21% 9.06 2.84% CIBC Canadian Index Fund 19.76 18.36 0.96% 1.52% 16.24 0.96% 1.56% 13.01 0.96% CIBC U.S. Equity Index Fund 20.61 20.28 0.96% 2.47% 20.01 0.96% 2.54% 19.06 0.96% CIBC U.S. Index RRSP Fund 9.26 9.19 0.96% 1.51% 9.05 0.96% 1.55% 8.70 0.96% CIBC International Index Fund 9.59 9.54 0.98% 2.67% 8.76 0.99% 2.67% 7.95 0.98%

131 Notes to Financial Statements (unaudited) (Cont’d...)

2004 2004 2003 2003 2002 2005 2004 MER MER 2003 MER MER 2002 MER Net Asset Net Asset Exclusive of Inclusive of Net Asset Exclusive of Inclusive of Net Asset Exclusive of Value Value Waived Fees/ Waived Fees/ Value Waived Fees/ Waived Fees/ Value Waived Fees/ Per Unit Per Unit Absorbed Expenses Absorbed Expenses Per Unit Absorbed Expenses Absorbed Expenses Per Unit Absorbed Expenses CIBC International Index RRSP Fund $ 8.34 $ 8.28 0.98% 2.46% $ 7.57 0.99% 2.50% $ 6.71 0.98% CIBC European Index Fund 8.87 8.79 0.98% 2.20% 8.10 0.99% 2.35% 7.35 0.98% CIBC European Index RRSP Fund 7.88 7.78 0.98% 2.13% 7.08 0.99% 2.24% 6.30 0.98% CIBC Japanese Index RRSP Fund 4.65 4.92 0.98% 2.40% 4.77 0.99% 2.71% 4.25 0.98% CIBC Emerging Markets Index Fund 11.65 10.88 1.23% 1.94% 9.55 1.23% 2.05% 7.45 1.23% CIBC Asia Pacific Index Fund 7.73 7.77 0.96% 3.20% 7.31 0.96% 3.68% 6.44 0.96% CIBC Nasdaq Index Fund 3.37 3.60 1.12% 1.86% 3.57 1.12% 1.93% 2.96 1.12% CIBC Nasdaq Index RRSP Fund 4.37 4.66 1.12% 1.95% 4.60 1.12% 2.00% 3.81 1.12% CIBC Managed Income Portfolio 10.22 10.13 1.95% 2.09% 9.98 1.98% 2.73% 9.78 1.98%* CIBC Managed Income Plus Portfolio 10.17 10.09 2.26% 2.39% 9.90 2.30% 3.11% 9.51 2.30%* CIBC Managed Balanced Portfolio 10.27 10.16 2.25% 2.38% 9.88 2.30% 3.05% 9.34 2.30%* CIBC Managed Balanced Growth Portfolio 10.28 10.12 2.41% 2.64% 9.76 2.46% 3.67% 9.06 2.46%* CIBC Managed Balanced Growth RRSP Portfolio 10.30 10.16 2.41% 2.57% 9.77 2.46% 3.18% 9.07 2.46%* CIBC Managed Growth Portfolio 10.24 10.06 2.41% 2.70% 9.64 2.46% 4.80% 8.82 2.46%* CIBC Managed Growth RRSP Portfolio 10.18 10.04 2.41% 2.53% 9.60 2.46% 3.18% 8.77 2.46%* CIBC Managed Aggressive Growth Portfolio 10.23 10.03 2.40% 2.86% 9.54 2.46% 4.45% 8.52 2.46%* CIBC Managed Aggressive Growth RRSP Portfolio 10.16 10.00 2.42% 2.57% 9.45 2.46% 3.52% 8.46 2.46%* CIBC U.S. Dollar Managed Income Portfolio USD 10.94 USD 10.79 2.06% 2.13% USD 10.57 2.09% 2.80% USD 10.18 2.09%* CIBC U.S. Dollar Managed Balanced Portfolio USD 12.05 USD 11.87 2.36% 2.48% USD 11.36 2.41% 3.34% USD 10.29 2.41%* CIBC U.S. Dollar Managed Growth Portfolio USD 13.70 USD 13.38 2.53% 2.75% USD 12.46 2.57% 4.81% USD 10.40 2.57%* *MER has been annualized.

2002 2001 2001 2000 2000 MER 2001 MER MER 2000 MER MER Inclusive of Net Asset Exclusive of Inclusive of Net Asset Exclusive of Inclusive of Waived Fees/ Value Waived Fees/ Waived Fees/ Value Waived Fees/ Waived Fees/ Absorbed Expenses Per Unit Absorbed Expenses Absorbed Expenses Per Unit Absorbed Expenses Absorbed Expenses CIBC Canadian T-Bill Fund 1.21% $ 10.00 1.07% 1.22% $ 10.00 1.05% 1.25% CIBC Premium Canadian T-Bill Fund 0.64% 10.00 0.65% 0.65% 10.00 0.60% 0.66% CIBC Money Market Fund 1.26% 10.00 1.12% 1.26% 10.00 1.10% 1.35% CIBC U.S. Dollar Money Market Fund 1.24% USD 10.00 1.20% 1.27% USD 10.00 1.17% 1.31% CIBC High Yield Cash Fund 1.27% 10.16 0.93% 1.13% 10.03 0.80%* 3.43%* CIBC Mortgage and Short-Term Income Fund 2.87% 11.98 1.82% 2.29% 11.69 1.81% 2.29% CIBC Canadian Bond Fund 1.73% 11.92 1.74% 1.74% 11.70 1.72% 1.73% CIBC Monthly Income Fund 1.50% 11.52 1.18% 1.59% 11.35 1.17% 1.92% CIBC Global Bond Fund 2.26% 10.50 2.21% 2.38% 10.09 2.18% 2.64% CIBC Balanced Fund 2.43% 15.58 2.44% 2.44% 16.03 2.43% 2.43% CIBC Diversified Income Fund n/a n/a n/a n/a n/a n/a n/a CIBC Dividend Fund 2.11% 16.88 2.12% 2.12% 16.75 2.10% 2.11% CIBC Core Canadian Equity Fund 2.26% 16.99 2.15% 2.26% 17.99 2.31% 2.31% Canadian Imperial Equity Fund 2.43% 13.42 2.42% 2.44% 13.95 2.35% 2.49% CIBC Capital Appreciation Fund 2.57% 20.28 2.58% 2.58% 21.80 2.56% 2.56% CIBC Canadian Small Companies Fund 2.68% 17.15 2.59% 2.65% 18.11 2.48% 2.69% CIBC Canadian Emerging Companies Fund 3.10% 10.47 2.15% 3.19% 8.93 2.14% 3.47% CIBC U.S. Small Companies Fund 3.40% 13.93 2.63% 3.47% 12.78 2.60% 3.80% CIBC Global Equity Fund 2.75% 15.43 2.75% 2.75% 17.44 2.72% 2.75% CIBC European Equity Fund 2.95% 13.58 2.69% 2.98% 16.42 2.64% 3.02% CIBC Japanese Equity Fund 3.43% 7.71 2.65% 3.21% 10.69 2.62% 3.18% CIBC Emerging Economies Fund 5.01% 9.85 2.89% 4.77% 10.58 2.87% 4.52% CIBC Far East Prosperity Fund 3.70% 7.53 2.89% 3.67% 8.57 2.86% 3.48% CIBC Latin American Fund 6.11% 9.64 2.89% 4.91% 11.46 2.86% 4.25% CIBC International Small Companies Fund 3.85% 13.08 2.69% 3.59% 17.73 2.66% 3.62% CIBC Financial Companies Fund 2.68% 17.92 2.63% 2.68% 18.75 2.60% 2.74% CIBC Canadian Resources Fund 2.69% 7.91 2.53% 2.69% 8.00 2.50% 2.82% CIBC Energy Fund 2.63% 13.50 2.53% 2.57% 14.72 2.50% 2.68% CIBC Canadian Real Estate Fund 3.32% 11.07 2.85% 3.41% 9.47 2.82% 3.82% CIBC Precious Metals Fund 2.64% 4.26 2.42% 2.75% 3.34 2.40% 2.94% CIBC North American Demographics Fund 4.04% 15.69 2.64% 3.87% 17.09 2.61% 3.82% CIBC Global Technology Fund 3.09% 14.51 2.79% 2.89% 30.45 2.77% 2.77% CIBC Canadian Short-Term Bond Index Fund 1.56% 10.21 0.97% 1.59% 9.93 0.95% 1.73% CIBC Canadian Bond Index Fund 1.59% 10.06 0.97% 1.60% 9.91 0.96% 1.72% CIBC Global Bond Index Fund 1.79% 9.75 0.97% 1.73% 9.89 0.96% 1.81% CIBC Balanced Index Fund 4.34% 9.85 2.85% 3.85% 10.51 2.82% 3.95% CIBC Canadian Index Fund 1.58% 15.05 0.97% 1.59% 17.49 0.95% 1.63% CIBC U.S. Equity Index Fund 2.54% 24.63 0.97% 2.54% 26.33 0.97% 2.68% CIBC U.S. Index RRSP Fund 1.55% 11.37 0.97% 1.56% 12.34 0.96% 1.64% CIBC International Index Fund 2.68% 9.63 0.97% 2.62% 11.65 0.95% 2.88% CIBC International Index RRSP Fund 2.45% 8.15 0.97% 2.42% 10.07 0.96% 2.55% CIBC European Index Fund 2.23% 9.11 0.97% 2.09% 10.86 0.96% 2.56% CIBC European Index RRSP Fund 2.06% 8.03 0.97% 2.00% 9.76 0.95% 2.05% CIBC Japanese Index RRSP Fund 2.51% 4.79 0.97% 2.16% 6.91 0.96% 2.12% CIBC Emerging Markets Index Fund 2.19% 8.24 1.24% 2.34% 8.18 1.19%* 3.20%* CIBC Asia Pacific Index Fund 3.36% 7.29 0.97% 3.34% 8.77 0.94%* 9.65%* CIBC Nasdaq Index Fund 2.03% 4.78 1.13% 2.06% 6.69 1.08%* 4.51%* CIBC Nasdaq Index RRSP Fund 1.87% 6.19 1.13% 1.76% 8.83 1.11% 1.72% CIBC Managed Income Portfolio 2.68%* n/a n/a n/a n/a n/a n/a CIBC Managed Income Plus Portfolio 2.90%* n/a n/a n/a n/a n/a n/a CIBC Managed Balanced Portfolio 2.79%* n/a n/a n/a n/a n/a n/a

132 Notes to Financial Statements (unaudited) (Cont’d...)

2002 2001 2001 2000 2000 MER 2001 MER MER 2000 MER MER Inclusive of Net Asset Exclusive of Inclusive of Net Asset Exclusive of Inclusive of Waived Fees/ Value Waived Fees/ Waived Fees/ Value Waived Fees/ Waived Fees/ Absorbed Expenses Per Unit Absorbed Expenses Absorbed Expenses Per Unit Absorbed Expenses Absorbed Expenses CIBC Managed Balanced Growth Portfolio 3.67%* n/a n/a n/a n/a n/a n/a CIBC Managed Balanced Growth RRSP Portfolio 3.04%* n/a n/a n/a n/a n/a n/a CIBC Managed Growth Portfolio 4.09%* n/a n/a n/a n/a n/a n/a CIBC Managed Growth RRSP Portfolio 3.10%* n/a n/a n/a n/a n/a n/a CIBC Managed Aggressive Growth Portfolio 4.93%* n/a n/a n/a n/a n/a n/a CIBC Managed Aggressive Growth RRSP Portfolio 3.34%* n/a n/a n/a n/a n/a n/a CIBC U.S. Dollar Managed Income Portfolio 2.50%* n/a n/a n/a n/a n/a n/a CIBC U.S. Dollar Managed Balanced Portfolio 2.93%* n/a n/a n/a n/a n/a n/a CIBC U.S. Dollar Managed Growth Portfolio 3.28%* n/a n/a n/a n/a n/a n/a * MER has been annualized. 14. CIBC Protected Funds Windup/Merger into CIBC Mutual Funds Each Continuing Fund identified in the chart acquired all of the assets and assumed all the As at the close of business on April 28, 2005, the following CIBC Protected Funds merged liabilities of the applicable Terminating Fund at their fair market value, in return for the with the following CIBC Mutual Funds. issuance by the Continuing Fund of units equal in value to the net assets acquired from the Terminating Fund. As a result, the unitholders of each Terminating Fund became unitholders of Net Assets the applicable Continuing Fund. After the merger, each Terminating Fund was wound up. Acquired by Units Issued by None of the costs related to the mergers have been charged to these Funds or to Terminating Fund Continuing Fund Continuing Fund Continuing Fund unitholders. The 5-Year Protected Balanced Index Fund changed its name to the CIBC Balanced Index CIBC Canadian Fixed Income Index CIBC Canadian Bond Index Fund Fund, and units of the Fund are expected to be available for sale again on or about Fund $ 14,553,861 1,375,783 September 12, 2005. CIBC Canadian Equity Index Fund CIBC Canadian Index Fund 20,887,598 1,131,206 CIBC U.S. Index Fund CIBC U.S. Equity Index Fund 7,770,513 389,652 15. Statement of Portfolio Transactions CIBC International Equity Index CIBC International Index RRSP Fund A Statement of Portfolio Transactions (unaudited) for any of the Funds, for the period ended Fund 9,262,428 1,101,437 June 30, 2005, can be obtained, without charge, by calling 1 800 465-3863, or by writing to the following address: The purchase method of accounting was adopted for all of the mergers. Under this method, the Continuing Fund is identified as the acquiring Fund and the Terminating Fund is the CIBC acquired Fund. This identification was based on aspects of the Continuing Fund such as 5650 Yonge Street, 22nd Floor investment objectives and practices, portfolio composition and asset size of the fund. Toronto, Ontario M2M 4G3

133 Additional Disclosure

Statement of Redemption Procedures purchase these Funds. You will receive Canadian dollars when you redeem units of all other Funds. You can take your money out of a Fund by selling, or redeeming, units or fractions of units of the Fund. The Manager will redeem Your right to redeem units of a Fund may be suspended: your units at the net asset value of a unit of the Fund at the close ) with the approval of the Canadian securities administrators; or of business on the valuation date you sell. The Funds are no load so you are not charged for redeeming units of a Fund through the ) when normal trading is suspended on a stock, options or Principal Distributor, mutual fund representatives of the Principal futures exchange in Canada or outside Canada on which Distributor located in CIBC branches or CIBC Investor Services Inc.* securities or derivatives that make up more than 50% of the You may pay sales charges if you redeem units through another value or underlying exposure of the total assets of the Fund, dealer. The redemption of units constitutes a disposition for tax not including any liabilities of the Fund, are traded, and when purposes and consequently may result in you having to pay tax on those securities or derivatives are not traded on any other any capital gain unless such units are held in a registered plan such exchange that represents a reasonably practical alternative for as an RRSP, an RESP or an RRIF. the Fund. The Manager will process your order to redeem the same day that If you redeem units of any Fund, with the exception of the it receives your instructions, if it is properly notified and sent any CIBC Savings Funds (CIBC Canadian T-Bill Fund, CIBC required documents in good order before 4 p.m. Eastern Time on a Premium Canadian T-Bill Fund, CIBC Money Market Fund, valuation date. If the Manager receives proper instructions at CIBC U.S. Dollar Money Market Fund and CIBC High Yield 4 p.m. Eastern Time or later, it will process your order to sell on Cash Fund) within 90 days of buying them, you may be the next valuation date. See the Funds’ Prospectus for more charged a short-term trading fee of up to 2% of the value information about valuation dates. Please note that the Principal of the units. This fee is paid to the Fund and not to the Distributor and/or your dealer may establish earlier cut-off times for Manager. receiving orders so that they can transmit orders to the Manager by 4 p.m. Eastern Time. In most cases, the Manager will send you or If you do not pay this short-term trading fee in full immediately your dealer your money from the redemption of your Funds on the after it is due, you pledge units of any Funds managed by CIBC next business date. The latest the Manager will send you or your that you may own as security for the outstanding fee and hereby dealer your money will be three business days after the valuation give the Manager a power of attorney, including the right to date used to process your sell order. Required documentation may execute and deliver all necessary documents, in order to collect this include a written order to sell with your signature guaranteed by an fee by redeeming such other units of any Funds managed by CIBC acceptable guarantor. If you redeem through your dealer, they will that you may own without prior notice to you, and you shall be advise you what documents they require. Any interest earned on responsible for any tax consequences or other related costs. The the proceeds of an order to redeem before you or your dealer Manager may in its sole discretion decide which units are to be receive the money will be credited to the Fund, not to your redeemed and any such redemptions may be made without prior account. If you have a registered plan with the Principal Distributor notice to you in such manner as it may decide is advisable. You and transfer or sell all of your units in the plan, the Manager will must provide the Manager written notice before you give, transfer, assign or pledge to anyone else a security interest in any units of cancel all CIBC Mutual Funds Regular Investment Plans@ attached to the account, unless you tell the Manager otherwise. any Funds managed by CIBC that you may own. You must also pay all costs and expenses (including legal fees) plus reasonable If the Manager does not receive the required documentation in administration charges incurred for the collection of all or any of good order on or before 10 business days of the valuation date, your indebtedness. then This kind of short-term or excessive trading can increase administra- ) it will purchase the number of units you ordered to be sold as tive costs to all investors. Mutual funds are typically long-term if you made a purchase order before the close of business on investments. Investors who try to second-guess the ups and downs the tenth business day after receiving instructions for your of the markets by short-term or excessive trading may be redemption order; disappointed with the performance of their investments. The Funds ) have policies and procedures designed to monitor, detect and deter if the purchase price is lower than the original redemption short-term or excessive trading. The policies and procedures price, the Fund will keep the difference; and contemplate mutual fund structures, investment products and ) if the purchase price is higher than the original redemption services that are not designed to facilitate harmful short-term or price, the Principal Distributor will pay the Fund the difference excessive trading. See the Funds’ Annual Information Form for more and then collect that amount, plus any costs and interest, information. directly from you or debit your bank account, or collect it from The Manager may redeem all units that a unitholder owns in a your dealer who may then collect from you. Fund at any time if the Manager determines, in its discretion: You will receive U.S. dollars when you redeem units of the CIBC (i) the unitholder continues to engage in excessive or short-term U.S. Dollar Money Market Fund. You will receive either Canadian trading; (ii) the unitholder becomes a resident for securities laws or dollars or U.S. dollars when you redeem units of the CIBC tax purposes of a foreign jurisdiction where such foreign residency U.S. Small Companies Fund, CIBC North American Demographics may have negative legal, regulatory or tax effects on the Fund; Fund, CIBC Global Technology Fund, CIBC U.S. Equity Index Fund (iii) the criteria for eligibility to hold units established by the and CIBC Nasdaq Index Fund, depending on the currency used to Manager, either specified in the relevant disclosure documents of

134 Additional Disclosure (Cont’d...) the Fund or in respect of which notice has been given to unitholders, are not met; or (iv) it would be in the best interest of the Fund to do so. Unitholders will be responsible for all the tax consequences, costs and losses, if any, associated with the redemption of units in a Fund upon the exercise of the right to redeem by the Manager.

Reinvestment of Distributions As described in the prospectus, a Fund’s distributions are automatically reinvested in additional units of the Fund unless you request that distributions be paid directly into your bank account or into units of another Fund. You can make this request or obtain a copy of the prospectus by calling 1 800 465-3863.

* CIBC Investor Services Inc. may charge or change fees in the future. ˛ Registered trade-mark of CIBC.

135 CIBC Mutual Funds CIBC Mutual Funds and CIBC Family of Managed Portfolios are offered by CIBC Securities Inc., a subsidiary of CIBC. The CIBC Family of Managed CIBC Mutual Funds CIBC Family of Portfolios consists of CIBC Managed Portfolios and CIBC U.S. Dollar Managed Managed Portfolios Portfolios. The CIBC Family of Managed Portfolios are mutual funds that invest CIBC Family of Managed Portfolios Head Office in CIBC Mutual Funds. CIBC Managed Portfolio Services is a service offered by CIBC CIBC Securities Inc. that helps you select an appropriate professionally built Toronto, Ontario CIBC Managed Portfolio or CIBC U.S. Dollar Managed Portfolio. Commissions, trailing commissions, management fees and expenses all may be associated Mailing Address with mutual fund investments. Please read the prospectus before investing. CIBC To obtain a copy, call CIBC Securities Inc. at 1 800 465-3863 or ask your mutual 5650 Yonge Street, 22nd Floor Semi-Annual Report 2005 Toronto, Ontario fund representative at any branch where CIBC Mutual Funds are sold. CIBC M2M 4G3 Mutual Funds and CIBC Family of Managed Portfolios are not covered by the Canada Deposit Insurance Corporation or by any other government deposit Website insurer nor are they guaranteed by CIBC. There can be no assurance that www.cibc.com/mutualfunds Money Market Funds will be able to maintain their net asset value per unit at a constant amount or that the full amount of your investment will be returned CIBC Securities Inc. to you. The values of many mutual funds, such as Income and Growth Funds, 1 800 465-3863 can change frequently. Past performance may not be repeated.

Nasdaq® is a trademark of The Nasdaq Stock Market Inc. (which, with its affiliates, are the “Corporations”), and is licensed for use by CIBC Securities Inc. The CIBC Nasdaq Index RRSP Fund and the CIBC Nasdaq Index Fund (the “Funds”) have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the Funds.

“TSX” is a trademark of the Toronto Stock Exchange. “S&P” is a trademark of the McGraw-Hill Companies Inc. These marks have been licensed for use by CIBC. CIBC Mutual Funds are not sponsored, endorsed, sold or promoted by the TSX or Standard & Poor’s and neither party makes any representation, warranty, or condition regarding the advisability of investing in them.

The CIBC logo and “For what matters.” are trademarks of CIBC.

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