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