CIBC Balanced Index Fund

Annual Financial Statements for the financial year ended December 31, 2020

Statements of Financial Position † Securities Lending (in 000s, except per unit amounts) The tables that follow indicate the Fund had assets involved in securities lending transactions outstanding as at December 31, 2020 and 2019. As at December 31, 2020 and 2019 (note 1) Aggregate Value Aggregate Value December 31, 2020 December 31, 2019 of Securities of Collateral

x x x on Loan for Loan x Assets ($000s) ($000s) x x x x x Current assets December 31, 2020 281,781 293,440 x x Investments (non-derivative financial assets) † (notes 2 December 31, 2019 219,065 226,723 x and 3) $ 1,514,966 $ 1,203,173 x Cash including foreign currency holdings, at fair value 630 35 Collateral Type* ($000s) x Margin 63,770 34,200 i ii iii iv x

x Cash collateral received for securities on loan (note 2j) 97,149 122,818 x x December 31, 2020 97,149 196,291 – – Interest receivable 2,328 1,890 x x December 31, 2019 122,818 103,905 – – x Dividends receivable 1,096 1,110 x x Receivable for portfolio securities sold – 123 * See note 2j for Collateral Type definitions. x Receivable for units issued 3,272 4,966 x Derivative assets 6,054 3,184 Organization of the Fund (note 1) x x x The Fund was established on November 20, 1998 (referred to as Date Established). Total Assets 1,689,265 1,371,499 x x x Liabilities Inception Date x x x x x Class A December 4, 1998 Current liabilities x x Premium Class November 23, 2011 Obligation to repay cash collateral under securities x Class F July 6, 2020 lending (note 2j) 97,149 122,818 x x Class F-Premium (formerly Institutional Class) November 27, 2014 x Payable for portfolio securities purchased 539 5,467 x x Payable for units redeemed 1,695 844 x Derivative liabilities 5,150 3,417 x x x Total Liabilities 104,533 132,546 x x x Net Assets Attributable to Holders of Redeemable Units (note 5) $ 1,584,732 $ 1,238,953 x x x Net Assets Attributable to Holders of Redeemable Units per Class x Class A $ 280,964 $ 234,839 x Premium Class $ 1,292,638 $ 1,003,362 x Class F $ 113 n/a x Class F-Premium $ 11,017 $ 752 x x x Net Assets Attributable to Holders of Redeemable Units per Unit (note 5) x Class A $ 17.48 $ 16.79 x Premium Class $ 13.23 $ 12.70 x Class F $ 10.50 n/a x Class F-Premium $ 11.16 $ 10.72 x

The accompanying notes are an integral part of these financial statements. 1 CIBC Balanced Index Fund

Statements of Comprehensive Income ±± Maximum Chargeable Annual Management Fee Rates (note 6) x x Class A 1.00% (in 000s, except per unit amounts) x Premium Class 0.75% x Class F 0.75% For the periods ended December 31, 2020 and 2019 (note 1) x Class F-Premium 0.60% x December 31, 2020 December 31, 2019 x

x x Net Gain (loss) on Financial Instruments ±±± Brokerage Commissions and Fees (notes 8 and 9) x Interest for distribution purposes $ 15,897 $ 14,642 x Dividend revenue 15,074 12,020 x 2020 2019

x Derivative income (loss) 31,915 29,578 x x Brokerage commissions and other fees ($000s) Other changes in fair value of investments and x derivatives Total Paid 343 147 x x Net realized gain (loss) on sale of investments and Paid to CIBC World Markets Inc. 170 40 derivatives (2,267) 188 x x Paid to CIBC World Markets Corp. – – Net realized gain (loss) on foreign currency (notes 2f x Soft dollars ($000s) and g) (3,478) 374 x x Total Paid – – Net change in unrealized appreciation (depreciation) x of investments and derivatives 52,730 69,073 Paid to CIBC World Markets Inc. and CIBC World Markets Corp. – – x x x x x Net Gain (loss) on Financial Instruments 109,871 125,875 x x Other Income Administrative and Other Fund Operating Expenses (note 9) x Foreign exchange gain (loss) on cash 1,553 (982) x Securities lending revenue ± 601 540 2020 2019 x x x x 2,154 (442) x x ($000s) 687 585 x x x Expenses (note 6) x Management fees ±± 11,974 8,676 x Service Provider (note 9) Audit fees 12 10 x Custodial fees 86 76 The amounts paid by the Fund (including all applicable taxes) to CIBC Mellon Trust Company for x Independent review committee fees 4 1 custodial fees, and to CIBC Mellon Global Securities Services Company (referred to as CIBC GSS) x Legal fees 10 6 for securities lending, fund accounting and reporting, and portfolio valuation (all net of absorptions) x Regulatory fees 126 58 for the periods ended December 31, 2020 and 2019 were as follows: x Transaction costs ±±± 376 168 x Unitholder reporting costs 773 618 x 2020 2019

Withholding taxes (note 7) 355 354 x x x Other expenses 22 22 ($000s) 284 307 x x x x x 13,738 9,989 x x Expenses waived/absorbed by the Manager (5,330) (3,994) x x 8,408 5,995 x x Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (excluding distributions) 103,617 119,438 x x Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Class (excluding distributions) x Class A $ 18,211 $ 24,628 x Premium Class $ 84,095 $ 94,784 x Class F $ (1) n/a x Class F-Premium $ 1,312 $ 26 x x x Average Number of Units Outstanding for the period per Class x Class A 15,030 12,242 x Premium Class 86,792 61,222 x Class F 28 n/a x Class F-Premium 741 28 x x x Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit (excluding distributions) x Class A $ 1.21 $ 2.01 x Premium Class $ 0.97 $ 1.54 x Class F $ (0.02) n/a x Class F-Premium $ 1.78 $ 0.96 x

x

x ..

± Securities Lending Revenue (note 2j) December 31, 2020 December 31, 2019 % of Gross % of Gross securities lending securities (in 000s) revenue (in 000s) lending revenue

x x Gross securities lending revenue $ 1,676 100.0 $ 2,635 100.0 x Interest paid on collateral (868) (51.8) (1,906) (72.4) x Withholding taxes (7) (0.4) (9) (0.3) x Agent fees - Bank of New York Mellon Corp. (The) (200) (11.9) (180) (6.8) x x x Securities lending revenue $ 601 35.9 $ 540 20.5 x x

2 The accompanying notes are an integral part of these financial statements. x CIBC Balanced Index Fund

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (in 000s) For the periods ended December 31, 2020 and 2019 (note 1) Class A Units Premium Class Units Class F Units Class F-Premium Units December 31, December 31, December 31, December 31, December December 31, December 31, 2020 2019 2020 2019 31, 2020 2020 2019

x x. Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (excluding

x distributions) $ 18,211 $ 24,628 $ 84,095 $ 94,784 $ (1) $ 1,312 $ 26 x x. Distributions Paid or Payable to Holders of Redeemable

x. Units ‡

Fromx. net investment income (7,815) (8,014) (44,728) (41,081) – (400) (33) x x

x (7,815) (8,014) (44,728) (41,081) – (400) (33) x x.

Redeemablex. Unit Transactions

Amountx. received from the issuance of units 131,233 124,764 407,785 477,384 296 9,366 686

Amountx. received from reinvestment of distributions 7,762 7,964 44,440 40,796 – 205 33

Amountx. paid on redemptions of units (103,266) (77,813) (202,316) (105,395) (182) (218) – x x

x 35,729 54,915 249,909 412,785 114 9,353 719 x x. Increase (Decrease) in Net Assets Attributable to

x. Holders of Redeemable Units 46,125 71,529 289,276 466,488 113 10,265 712 Net Assets Attributable to Holders of Redeemable Units

x. at Beginning of Period 234,839 163,310 1,003,362 536,874 – 752 40 x x Net Assets Attributable to Holders of Redeemable Units

x at End of Period $ 280,964 $ 234,839 $ 1,292,638 $ 1,003,362 $ 113 $ 11,017 $ 752 x x.

Redeemablex. Units Issued and Outstanding (note 5) As at December 31, 2020 and 2019

x.

Balancex. - beginning of period 13,990 10,693 79,011 46,495 – 70 4

Redeemablex. units issued 7,745 7,488 31,562 37,662 28 919 63

Redeemablex. units issued on reinvestments 445 472 3,367 3,196 – 19 3 x x

x. 22,180 18,653 113,940 87,353 28 1,008 70

Redeemablex. units redeemed (6,104) (4,663) (16,209) (8,342) (17) (21) – x x

Balancex - end of period 16,076 13,990 97,731 79,011 11 987 70

x ‡ Net Capital and Non-Capital Losses (note 7) As at December 2020, the Fund had net capital and non-capital losses (in $000s) for income tax purposes available to be carried forward as follows:

Total Non-Capital Losses that Expire in: Total Net Capital Losses 2030 to 2040

x .. 1,304 – . .

The accompanying notes are an integral part of these financial statements. 3 x CIBC Balanced Index Fund

x Statements of Cash Flows (in 000s) For the periods ended December 31, 2020 and 2019 (note 1) December 31, 2020 December 31, 2019

x x.

Cashx. Flows from Operating Activities

Increasex. (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations (excluding distributions) $ 103,617 $ 119,438

Adjustmentsx. for:

x. Foreign exchange loss (gain) on cash (1,553) 982

x. Net realized (gain) loss on sale of investments and derivatives 2,267 (188)

x. Net change in unrealized (appreciation) depreciation of investments and derivatives (52,730) (69,073)

x. Purchase of investments (5,042,448) (2,283,242)

x. Proceeds from the sale of investments 4,775,176 1,842,265

x. Margin (29,570) (24,127)

x. Interest receivable (438) (713)

x. Dividends receivable 14 (439)

x. Other accrued expenses and liabilities – (1) x x

x (245,665) (415,098) x x.

Cashx. Flows from Financing Activities

Amountx. received from the issuance of units 550,374 598,870

Amountx. paid on redemptions of units (305,131) (182,693)

Distributionsx. paid to unitholders (536) (335) x x

x 244,707 415,842 x x.

Increasex (Decrease) in Cash during the Period (958) 744 x x.

Foreignx exchange loss (gain) on cash 1,553 (982) x x.

Cashx (Bank Overdraft) at Beginning of Period 35 273 x x. Cash (Bank Overdraft) at End of Period $ 630 $ 35

x

x.

Interestx. received $ 15,459 $ 13,929 Dividends received, net of withholding taxes $ 14,733 $ 11,227

4 The accompanying notes are an integral part of these financial statements. CIBC Balanced Index Fund

x

Schedule of Investment Portfolio As at December 31, 2020 Average Fair % of Number Cost Value Net Security of Shares ($000s) ($000s) Assets CANADIAN EQUITIES .. Communication Services .. BCE Inc. 166,419 9,497 9,058 .. Cogeco Communications Inc. 4,253 345 416 .. Corus Entertainment Inc., Class 'B' 38,412 198 164 .. Quebecor Inc., Class 'B', Subordinate Voting Shares 33,049 832 1,083 .. Rogers Communications Inc., Class 'B' 65,097 3,926 3,858 .. Shaw Communications Inc., Class 'B' 84,693 2,174 1,892 TELUS Corp. 236,533 5,365 5,963 ...... 22,337 22,434 1.4% . . Consumer Discretionary .. Aritzia Inc. 15,651 276 404 .. BRP Inc., Subordinate Voting Shares 7,965 351 670 .. Canada Goose Holdings Inc. 11,015 576 417 .. Canadian Tire Corp. Ltd., Class 'A' 10,561 1,464 1,767 .. Dollarama Inc. 53,257 1,996 2,763 .. Gildan Activewear Inc. 37,597 1,465 1,338 .. Great Canadian Gaming Corp. 10,484 362 456 .. Linamar Corp. 8,403 433 566 .. Magna International Inc. 50,176 3,118 4,521 .. Martinrea International Inc. 15,481 179 230 .. Restaurant Brands International Inc. 56,014 4,401 4,360 .. Sleep Country Canada Holdings Inc. 6,977 176 185 Spin Master Corp. 5,457 224 158 ...... 15,021 17,835 1.1% . . Consumer Staples .. Alimentation Couche-Tard Inc., Class 'B' 158,105 5,250 6,859 .. Empire Co. Ltd., Class 'A' 32,331 903 1,125 .. George Weston Ltd. 13,223 1,327 1,257 .. Jamieson Wellness Inc. 7,226 187 261 .. Loblaw Cos. Ltd. 30,399 1,810 1,909 .. Maple Leaf Foods Inc. 13,955 378 394 .. Metro Inc. 46,079 2,037 2,617 .. North West Co. Inc. (The) 9,134 253 296 .. Premium Brands Holdings Corp. 6,600 578 665 Saputo Inc. 44,063 1,726 1,570 ...... 14,449 16,953 1.1% . . Energy .. ARC Resources Ltd. 65,748 860 395 .. Cameco Corp. 74,093 1,041 1,263 .. Canadian Natural Resources Ltd. 217,341 7,882 6,648 .. Cenovus Energy Inc. 189,762 2,574 1,471 .. Crescent Point Energy Corp. 101,876 1,124 303 .. Enbridge Inc. 372,670 17,652 15,171 .. Enerplus Corp. 40,572 489 161 .. Gibson Energy Inc. 26,874 576 553 .. Husky Energy Inc. 56,020 832 353 .. Imperial Oil Ltd. 40,527 1,503 979 .. Inter Pipeline Ltd. 76,761 1,832 911 .. Keyera Corp. 39,412 1,317 892 .. MEG Energy Corp. 50,213 432 223 .. Parex Resources Inc. 26,723 448 468 .. Parkland Corp. 27,431 948 1,108 .. Pembina Pipeline Corp. 101,558 4,336 3,057 .. PrairieSky Royalty Ltd. 38,636 863 390 .. Seven Generations Energy Ltd., Class 'A' 53,637 713 355 .. Suncor Energy Inc. 280,666 11,149 5,992 .. TC Energy Corp. 172,963 10,318 8,951 .. Tourmaline Oil Corp. 46,680 1,038 801 .. Vermilion Energy Inc. 28,936 998 164 Whitecap Resources Inc. 75,962 545 369 ...... 69,470 50,978 3.2% . . Financials .. Bank of Montreal 118,542 10,810 11,473 .. Bank of Nova Scotia 222,932 15,775 15,338 .. Brookfield Asset Management Inc., Class 'A' 258,706 9,994 13,613 .. Canadian Imperial Bank of Commerce 82,248 8,564 8,942 .. Canadian Western Bank 16,135 477 462 .. CI Financial Corp. 35,259 861 556 .. ECN Capital Corp. 41,547 169 269 .. Element Fleet Management Corp. 81,516 829 1,091 .. Equitable Group Inc. 2,075 203 210 .. Fairfax Financial Holdings Ltd. 5,090 3,046 2,208 .. Genworth MI Canada Inc. 7,227 304 314 .. Great-West Lifeco Inc. 49,501 1,576 1,502 .. Home Capital Group Inc. 9,881 223 293 .. Horizons S&P/TSX Capped Composite Index ETF 2,818,310 65,941 71,613 .. iA Financial Corp. Inc. 19,934 1,048 1,100 .. IGM Financial Inc. 15,017 572 518 .. Intact Financial Corp. 26,447 2,860 3,986

The accompanying notes are an integral part of these financial statements. 5 CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Number Cost Value Net Security of Shares ($000s) ($000s) Assets

.. Laurentian Bank of Canada 7,795 359 243 .. Manulife Financial Corp. 356,978 8,174 8,086 .. National Bank of Canada 62,385 3,641 4,469 .. Onex Corp. 14,146 1,115 1,034 .. Power Corp. of Canada 105,204 3,123 3,075 .. Royal Bank of Canada 262,027 24,532 27,405 .. Sprott Inc. 3,816 189 141 .. Sun Life Financial Inc. 107,634 5,354 6,092 .. TMX Group Ltd. 9,407 871 1,196 Toronto-Dominion Bank (The) 334,221 22,432 24,037 ...... 193,042 209,266 13.2% . . Health Care .. Aphria Inc. 54,943 555 484 .. Aurinia Pharmaceuticals Inc. 17,560 396 308 .. Aurora Cannabis Inc. 33,797 1,735 358 .. Canopy Growth Corp. 41,345 1,294 1,295 .. Chartwell Retirement Residences 39,760 499 445 .. Cronos Group Inc. 33,122 464 293 .. Sienna Senior Living Inc. 12,319 220 174 Trillium Therapeutics Inc. 13,278 278 249 ...... 5,441 3,606 0.2% . . Industrials .. Aecon Group Inc. 11,292 189 185 .. Air Canada 61,173 1,515 1,393 .. ATS Automation Tooling Systems Inc. 13,714 228 306 .. Badger Daylighting Ltd. 6,591 212 251 .. Ballard Power Systems Inc. 41,691 515 1,242 .. Boyd Group Services Inc. 3,988 807 876 .. Brookfield Business Partners L.P. 10,199 471 493 .. CAE Inc. 51,042 1,334 1,800 .. Canadian National Railway Co. 130,946 13,158 18,325 .. Canadian Pacific Railway Ltd. 24,717 6,198 10,913 .. Cargojet Inc. 2,537 224 545 .. Exchange Income Corp. 5,957 226 218 .. Finning International Inc. 30,656 743 829 .. GFL Environmental Inc. 22,558 793 837 .. Morneau Shepell Inc. 12,573 333 390 .. Mullen Group Ltd. 18,641 259 203 .. NFI Group Inc. 10,195 373 246 .. Richelieu Hardware Ltd. 9,747 268 322 .. Ritchie Bros. Auctioneers Inc. 19,945 852 1,765 .. Russel Metals Inc. 11,501 268 261 .. SNC-Lavalin Group Inc. 32,483 1,308 706 .. Stantec Inc. 20,478 675 845 .. TFI International Inc. 16,322 601 1,070 .. Thomson Reuters Corp. 31,095 2,156 3,239 .. Toromont Industries Ltd. 15,149 816 1,351 .. Transcontinental Inc., Class 'A' 13,719 268 281 .. Waste Connections Inc. 48,194 4,673 6,290 .. Westshore Terminals Investment Corp. 8,212 187 128 WSP Global Inc. 13,161 860 1,587 ...... 40,510 56,897 3.6% . . Information Technology .. BlackBerry Ltd. 91,845 1,103 775 .. Celestica Inc. 20,614 276 212 .. CGI Inc. 42,114 3,212 4,253 .. Constellation Software Inc. 3,666 3,432 6,060 .. Descartes Systems Group Inc. (The) 15,637 624 1,164 .. Enghouse Systems Ltd. 7,422 262 457 .. Kinaxis Inc. 4,931 390 889 .. Lightspeed POS Inc. 11,930 526 1,072 .. Open Text Corp. 50,171 2,240 2,902 .. Shopify Inc., Class 'A' 20,256 7,518 29,114 Topicus.Com Inc. 6,818 33 33 ...... 19,616 46,931 3.0% . . Materials .. Agnico Eagle Mines Ltd. 45,177 2,559 4,047 .. Alamos Gold Inc., Class 'A' 73,028 567 812 .. B2Gold Corp. 192,807 742 1,375 .. Barrick Gold Corp. 328,121 6,717 9,515 .. Canfor Corp. 11,590 203 266 .. Cascades Inc. 12,565 165 183 .. CCL Industries Inc., Class 'B' 27,308 1,339 1,578 .. Centerra Gold Inc. 40,350 317 595 .. Dundee Precious Metals Inc. 26,545 214 243 .. Eldorado Gold Corp. 32,167 476 543 .. Endeavour Mining Corp. 22,922 611 679 .. Equinox Gold Corp. 39,623 592 522 .. ERO Copper Corp. 11,184 185 228 .. First Majestic Silver Corp. 33,091 313 565 .. First Quantum Minerals Ltd. 101,870 1,332 2,328

6 The accompanying notes are an integral part of these financial statements. CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Number Cost Value Net Security of Shares ($000s) ($000s) Assets

.. Fortuna Silver Mines Inc. 33,982 340 355 .. Franco-Nevada Corp. 35,281 3,585 5,631 .. Hudbay Minerals Inc. 41,410 337 369 .. IAMGOLD Corp. 88,266 421 412 .. Interfor Corp. 12,902 203 307 .. Intertape Polymer Group Inc. 10,991 199 265 .. Ivanhoe Mines Ltd., Class 'A' 102,704 316 705 .. Kinross Gold Corp. 234,614 1,311 2,191 .. Kirkland Lake Gold Ltd. 51,208 1,731 2,694 .. Labrador Iron Ore Royalty Corp. 11,845 272 386 .. Lundin Gold Inc. 14,467 170 158 .. Lundin Mining Corp. 119,510 796 1,350 .. MAG Silver Corp. 14,231 199 371 .. Methanex Corp. 11,260 645 659 .. New Gold Inc. 124,863 310 350 .. Norbord Inc. 8,777 318 482 .. NovaGold Resources Inc. 44,805 318 552 .. Nutrien Ltd. 104,738 6,721 6,414 .. Osisko Gold Royalties Ltd. 27,144 361 438 .. Osisko Mining Inc. 44,142 178 163 .. Pan American Silver Corp. 38,864 786 1,706 .. Pretium Resources Inc. 34,780 389 507 .. Sandstorm Gold Ltd. 32,872 226 300 .. Seabridge Gold Inc. 9,380 168 251 .. Silvercorp Metals Inc. 32,033 176 273 .. SilverCrest Metals Inc. 22,542 264 320 .. SSR Mining Inc. 40,455 550 1,034 .. Stella-Jones Inc. 12,301 512 569 .. Teck Resources Ltd., Class 'B' 86,502 2,034 1,998 .. Teranga Gold Corp. 20,538 215 281 .. Torex Gold Resources Inc. 16,294 253 311 .. Wesdome Gold Mines Ltd. 25,833 169 274 .. West Fraser Timber Co. Ltd. 9,520 575 779 .. Wheaton Precious Metals Corp. 83,314 2,492 4,429 .. Winpak Ltd. 5,688 267 244 Yamana Gold Inc. 176,290 789 1,282 ...... 44,928 62,289 3.9% . . Real Estate .. Allied Properties REIT 22,950 986 868 .. Altus Group Ltd. 7,489 253 368 .. Artis REIT 22,729 259 242 .. Boardwalk REIT 6,982 303 236 .. Canadian Apartment Properties REIT 31,640 1,298 1,582 .. Choice Properties REIT 48,265 621 628 .. Colliers International Group Inc. 5,357 426 607 .. Cominar REIT 33,964 439 275 .. Crombie REIT 16,726 228 240 .. CT REIT 12,766 201 200 .. Dream Industrial REIT 25,983 312 342 .. Dream Office REIT 8,735 189 173 .. First Capital REIT 40,304 775 546 .. FirstService Corp. 6,815 699 1,187 .. Granite REIT 11,350 655 884 .. H&R REIT 53,444 1,123 710 .. InterRent REIT 22,546 302 309 .. Killam Apartment REIT 18,292 310 313 .. NorthWest Healthcare Properties REIT 25,852 283 326 .. Real Matters Inc. 14,430 186 277 .. RioCan REIT 58,807 1,485 985 .. SmartCentres REIT 23,731 698 548 .. Summit Industrial Income REIT 28,351 345 387 .. Tricon Residential Inc. 35,659 386 408 WPT Industrial REIT 15,464 285 284 ...... 13,047 12,925 0.8% . . Utilities .. Algonquin Power & Utilities Corp. 108,229 1,675 2,267 .. AltaGas Ltd. 52,727 1,249 987 .. ATCO Ltd., Class 'I' 13,758 610 502 .. Boralex Inc., Class 'A' 15,285 365 722 .. Brookfield Infrastructure Partners L.P. 54,700 2,752 3,445 .. Brookfield Renewable Partners L.P. 37,374 879 2,054 .. Canadian Utilities Ltd., Class 'A' 22,232 802 691 .. Capital Power Corp. 19,779 554 692 .. Emera Inc. 45,456 2,198 2,459 .. Fortis Inc. 85,998 4,085 4,472 .. Hydro One Ltd. 56,627 1,326 1,622 .. Innergex Renewable Energy Inc. 21,842 329 598 .. Northland Power Inc. 33,043 831 1,509 .. Superior Plus Corp. 32,836 390 400 .. TransAlta Corp. 44,409 410 430

The accompanying notes are an integral part of these financial statements. 7 CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Number Cost Value Net Security of Shares ($000s) ($000s) Assets TransAlta Renewables Inc. 19,210 260 418 ...... 18,715 23,268 1.5% . . .. TOTAL CANADIAN EQUITIES 456,576 523,382 33.0% . . INTERNATIONAL EQUITIES .. Australia .. OceanaGold Corp. 117,666 382 290 ...... 382 290 0.0% . . United States .. Bausch Health Cos. Inc. 57,640 3,011 1,522 .. Brookfield Property Partners L.P. 59,597 1,444 1,097 .. iShares MSCI EAFE ETF 1,181,492 98,981 109,726 Primo Water Corp. 28,799 510 575 ...... 103,946 112,920 7.2% . . .. TOTAL INTERNATIONAL EQUITIES 104,328 113,210 7.2% . . .. TOTAL EQUITIES 560,904 636,592 40.2% . .

Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets CANADIAN BONDS .. Government of Canada & Guaranteed .. Canada Housing Trust No. 1 2.65% 2022/03/15 2,370,000 2,481 2,439 .. Canada Housing Trust No. 1 1.75% 2022/06/15 5,715,000 5,673 5,842 .. Canada Housing Trust No. 1 2.40% 2022/12/15 15,075,000 15,508 15,704 .. Canada Housing Trust No. 1 2.35% 2023/06/15 5,650,000 5,738 5,929 .. Canada Housing Trust No. 1 2.35% 2023/09/15 5,875,000 6,120 6,191 .. Canada Housing Trust No. 1 3.15% 2023/09/15 Series '55' 625,000 649 672 .. Canada Housing Trust No. 1 2.55% 2023/12/15 Series 'SEPT' 9,950,000 10,523 10,582 .. Canada Housing Trust No. 1 2.90% 2024/06/15 7,650,000 8,147 8,293 .. Canada Housing Trust No. 1 1.80% 2024/12/15 2,775,000 2,765 2,916 .. Canada Housing Trust No. 1 0.95% 2025/06/15 Series 'MAR' 1,050,000 1,063 1,068 .. Canada Housing Trust No. 1 1.95% 2025/12/15 3,050,000 3,251 3,247 .. Canada Housing Trust No. 1 2.25% 2025/12/15 Series '70' 900,000 893 971 .. Canada Housing Trust No. 1 1.90% 2026/09/15 500,000 504 534 .. Canada Housing Trust No. 1 2.35% 2027/06/15 1,850,000 1,845 2,034 .. Canada Housing Trust No. 1 2.35% 2028/03/15 2,000,000 2,214 2,212 .. Canada Housing Trust No. 1 2.65% 2028/03/15 Series 'FEB' 600,000 623 676 .. Canada Housing Trust No. 1 2.65% 2028/12/15 1,275,000 1,263 1,446 .. Canada Housing Trust No. 1 2.10% 2029/09/15 3,925,000 3,982 4,298 .. Canada Housing Trust No. 1 1.75% 2030/06/15 3,475,000 3,636 3,703 .. Canada Housing Trust No. 1 1.10% 2031/03/15 2,000,000 1,996 2,005 .. Canada Post Corp. 4.08% 2025/07/16 Series '2' 100,000 118 115 .. CPPIB Capital Inc. 3.00% 2028/06/15 350,000 350 400 .. CPPIB Capital Inc. 1.95% 2029/09/30 300,000 299 320 .. Government of Canada 0.50% 2022/03/01 700,000 663 703 .. Government of Canada 1.00% 2022/09/01 5,000,000 5,043 5,069 .. Government of Canada 1.50% 2023/06/01 3,500,000 3,418 3,608 .. Government of Canada 8.00% 2023/06/01 180,000 255 214 .. Government of Canada 2.25% 2024/03/01 2,000,000 2,076 2,125 .. Government of Canada 0.25% 2024/04/01 700,000 699 699 .. Government of Canada 2.50% 2024/06/01 1,575,000 1,621 1,694 .. Government of Canada 1.25% 2025/03/01 6,960,000 7,252 7,224 .. Government of Canada 1.50% 2026/06/01 2,250,000 2,172 2,381 .. Government of Canada 2.25% 2029/06/01 3,500,000 3,697 3,977 .. Government of Canada 5.75% 2029/06/01 2,025,000 2,802 2,879 .. Government of Canada 1.25% 2030/06/01 700,000 750 737 .. Government of Canada 5.75% 2033/06/01 4,400,000 6,593 6,956 .. Government of Canada 5.00% 2037/06/01 8,500,000 12,635 13,755 .. Government of Canada 4.00% 2041/06/01 9,470,000 12,695 14,597 .. Government of Canada 3.50% 2045/12/01 5,175,000 7,285 7,818 .. Government of Canada 2.75% 2048/12/01 5,750,000 7,680 7,890 .. Government of Canada 2.00% 2051/12/01 2,500,000 3,017 3,007 .. Government of Canada 2.75% 2064/12/01 1,700,000 2,334 2,599 .. Maritime Link Financing Trust 3.50% 2052/12/01 Series 'A', Sinkable, Callable 24,615 24 30 .. PSP Capital Inc. 1.73% 2022/06/21 Callable 125,000 125 128 .. PSP Capital Inc. 2.09% 2023/11/22 Series '9' 150,000 150 157 .. PSP Capital Inc. 3.00% 2025/11/05 Series '11' 200,000 200 222 PSP Capital Inc. 2.05% 2030/01/15 Series '12' 1,225,000 1,228 1,310 ...... 164,055 171,376 10.8% . . Provincial Government & Guaranteed .. 55 School Board Trust 5.90% 2033/06/02 Series 'A', Callable 75,000 82 109 .. Financement-Québec 5.25% 2034/06/01 300,000 399 427 .. First Nations Finance Authority 3.05% 2028/06/01 Series '2017-1' 125,000 132 142 .. Hydro-Québec 6.00% 2031/08/15 Series 'JG' 500,000 685 728 .. Hydro-Québec 6.50% 2035/02/15 Series '19' 1,400,000 2,089 2,242 .. Hydro-Québec 6.00% 2040/02/15 425,000 638 702 .. Hydro-Québec 5.00% 2045/02/15 Series 'JM' 525,000 714 820 .. Hydro-Québec 5.00% 2050/02/15 Series 'JN' 25,000 26 41 .. Hydro-Québec 4.00% 2055/02/15 1,350,000 1,794 1,997 .. Labrador-Island Link Funding Trust 3.86% 2045/12/01 Series 'B', Callable 25,000 26 35 .. Labrador-Island Link Funding Trust 3.85% 2053/12/01 Series 'C', Callable 25,000 25 37

8 The accompanying notes are an integral part of these financial statements. CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. Newfoundland & Labrador Hydro 3.60% 2045/12/01 350,000 341 426 .. Ontario Electricity Financial Corp. 8.25% 2026/06/22 75,000 97 104 .. Ontario School Boards Financing Corp. 6.55% 2026/10/19 20,198 20 24 .. Ontario School Boards Financing Corp. 5.90% 2027/10/11 Series '02A2', Sinkable, Callable 21,816 22 26 .. Ontario School Boards Financing Corp. 5.80% 2028/11/07 Series '03A2', Sinkable, Callable 12,059 12 14 .. Ontario Teachers' Finance Trust 1.10% 2027/10/19 650,000 648 650 .. OPB Finance Trust 2.98% 2027/01/25 Series 'F', Callable 75,000 75 83 .. Province of Alberta 2.55% 2022/12/15 550,000 552 574 .. Province of Alberta 2.65% 2023/09/01 150,000 154 159 .. Province of Alberta 3.10% 2024/06/01 250,000 262 272 .. Province of Alberta 2.35% 2025/06/01 3,225,000 3,210 3,460 .. Province of Alberta 2.55% 2027/06/01 2,100,000 2,180 2,306 .. Province of Alberta 2.90% 2028/12/01 225,000 225 254 .. Province of Alberta 2.90% 2029/09/20 425,000 436 481 .. Province of Alberta 2.05% 2030/06/01 2,900,000 2,879 3,067 .. Province of Alberta 3.50% 2031/06/01 275,000 282 328 .. Province of Alberta 3.90% 2033/12/01 1,300,000 1,472 1,627 .. Province of Alberta 3.45% 2043/12/01 150,000 151 183 .. Province of Alberta 3.30% 2046/12/01 2,775,000 3,085 3,343 .. Province of Alberta 3.05% 2048/12/01 1,500,000 1,710 1,749 .. Province of Alberta 3.10% 2050/06/01 425,000 490 503 .. Province of British Columbia 2.70% 2022/12/18 425,000 445 445 .. Province of British Columbia 3.30% 2023/12/18 Series 'BCCD' 50,000 50 54 .. Province of British Columbia 2.85% 2025/06/18 500,000 513 549 .. Province of British Columbia 2.30% 2026/06/18 150,000 151 162 .. Province of British Columbia 2.55% 2027/06/18 3,225,000 3,397 3,564 .. Province of British Columbia 6.15% 2027/11/19 100,000 104 134 .. Province of British Columbia 2.95% 2028/12/18 200,000 201 229 .. Province of British Columbia 5.70% 2029/06/18 1,575,000 2,029 2,155 .. Province of British Columbia 2.20% 2030/06/18 1,300,000 1,365 1,413 .. Province of British Columbia 6.35% 2031/06/18 300,000 434 447 .. Province of British Columbia 5.40% 2035/06/18 50,000 63 74 .. Province of British Columbia 4.70% 2037/06/18 1,300,000 1,591 1,852 .. Province of British Columbia 4.95% 2040/06/18 375,000 503 565 .. Province of British Columbia 4.30% 2042/06/18 1,400,000 1,794 1,989 .. Province of British Columbia 3.20% 2044/06/18 200,000 189 247 .. Province of British Columbia 2.80% 2048/06/18 Series 'BCCD-35' 250,000 242 294 .. Province of British Columbia 2.95% 2050/06/18 300,000 360 366 .. Province of Manitoba 2.55% 2023/06/02 625,000 633 658 .. Province of Manitoba 3.30% 2024/06/02 75,000 75 82 .. Province of Manitoba 2.45% 2025/06/02 1,050,000 1,084 1,131 .. Province of Manitoba 4.40% 2025/09/05 100,000 117 117 .. Province of Manitoba 2.55% 2026/06/02 400,000 411 436 .. Province of Manitoba 2.60% 2027/06/02 1,275,000 1,251 1,406 .. Province of Manitoba 3.00% 2028/06/02 825,000 841 938 .. Province of Manitoba 2.05% 2030/06/02 800,000 800 850 .. Province of Manitoba 5.70% 2037/03/05 75,000 86 114 .. Province of Manitoba 4.60% 2038/03/05 1,050,000 1,391 1,452 .. Province of Manitoba 4.65% 2040/03/05 50,000 46 71 .. Province of Manitoba 4.10% 2041/03/05 1,075,000 1,390 1,432 .. Province of Manitoba 4.05% 2045/09/05 725,000 823 981 .. Province of Manitoba 2.85% 2046/09/05 150,000 145 169 .. Province of Manitoba 3.40% 2048/09/05 150,000 155 188 .. Province of Manitoba 3.20% 2050/03/05 50,000 50 61 .. Province of New Brunswick 2.85% 2023/06/02 325,000 338 344 .. Province of New Brunswick 3.65% 2024/06/03 1,100,000 1,178 1,216 .. Province of New Brunswick 1.80% 2025/08/14 850,000 888 892 .. Province of New Brunswick 2.60% 2026/08/14 400,000 399 438 .. Province of New Brunswick 2.35% 2027/08/14 350,000 328 380 .. Province of New Brunswick 5.50% 2034/01/27 Series 'GJ' 25,000 30 36 .. Province of New Brunswick 4.80% 2039/09/26 Sinkable 350,000 444 499 .. Province of New Brunswick 4.80% 2041/06/03 375,000 453 542 .. Province of New Brunswick 3.55% 2043/06/03 150,000 148 186 .. Province of New Brunswick 3.80% 2045/08/14 100,000 107 130 .. Province of New Brunswick 3.10% 2048/08/14 125,000 124 148 .. Province of New Brunswick 3.05% 2050/08/14 1,000,000 1,137 1,183 .. Province of Newfoundland and Labrador 2.30% 2025/06/02 1,375,000 1,382 1,468 .. Province of Newfoundland and Labrador 1.25% 2027/06/02 1,100,000 1,098 1,114 .. Province of Newfoundland and Labrador 6.15% 2028/04/17 50,000 68 67 .. Province of Newfoundland and Labrador 2.85% 2028/06/02 700,000 700 782 .. Province of Newfoundland and Labrador 2.85% 2029/06/02 600,000 629 672 .. Province of Newfoundland and Labrador 1.75% 2030/06/02 300,000 299 307 .. Province of Newfoundland and Labrador 5.60% 2033/10/17 Series '6R' 25,000 30 36 .. Province of Newfoundland and Labrador 4.65% 2040/10/17 50,000 59 69 .. Province of Newfoundland and Labrador 3.30% 2046/10/17 Series '6X' 150,000 141 175 .. Province of Newfoundland and Labrador 3.70% 2048/10/17 300,000 318 377 .. Province of Newfoundland and Labrador 2.65% 2050/10/17 Series '7H' 250,000 246 262 .. Province of Nova Scotia 2.10% 2027/06/01 625,000 599 670 .. Province of Nova Scotia 2.00% 2030/09/01 625,000 632 665 .. Province of Nova Scotia 6.60% 2031/12/01 75,000 75 114 .. Province of Nova Scotia 4.50% 2037/06/01 1,000,000 1,279 1,370 .. Province of Nova Scotia 4.40% 2042/06/01 300,000 368 422

The accompanying notes are an integral part of these financial statements. 9 CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. Province of Nova Scotia 3.50% 2062/06/02 75,000 80 104 .. Province of Ontario 1.95% 2023/01/27 350,000 350 362 .. Province of Ontario 2.85% 2023/06/02 5,625,000 5,874 5,959 .. Province of Ontario 2.60% 2023/09/08 950,000 947 1,005 .. Province of Ontario 3.50% 2024/06/02 2,775,000 2,952 3,054 .. Province of Ontario 2.30% 2024/09/08 1,150,000 1,172 1,224 .. Province of Ontario 2.65% 2025/02/05 675,000 687 731 .. Province of Ontario 2.60% 2025/06/02 6,450,000 6,605 6,992 .. Province of Ontario 1.75% 2025/09/08 3,300,000 3,427 3,459 .. Province of Ontario 2.40% 2026/06/02 3,775,000 3,719 4,092 .. Province of Ontario 1.85% 2027/02/01 1,975,000 2,061 2,091 .. Province of Ontario 2.60% 2027/06/02 3,125,000 3,367 3,450 .. Province of Ontario 7.60% 2027/06/02 Series 'KJ' 230,000 342 325 .. Province of Ontario 2.90% 2028/06/02 2,650,000 2,667 3,001 .. Province of Ontario 6.50% 2029/03/08 1,325,000 1,806 1,872 .. Province of Ontario 2.70% 2029/06/02 2,500,000 2,600 2,805 .. Province of Ontario 2.05% 2030/06/02 3,375,000 3,506 3,602 .. Province of Ontario 1.35% 2030/12/02 1,625,000 1,609 1,627 .. Province of Ontario 6.20% 2031/06/02 825,000 1,164 1,211 .. Province of Ontario 5.85% 2033/03/08 450,000 601 666 .. Province of Ontario 5.60% 2035/06/02 2,000,000 2,775 3,004 .. Province of Ontario 4.70% 2037/06/02 2,600,000 3,147 3,680 .. Province of Ontario 4.60% 2039/06/02 4,000,000 5,231 5,705 .. Province of Ontario 4.65% 2041/06/02 3,550,000 4,796 5,182 .. Province of Ontario 3.50% 2043/06/02 4,100,000 4,837 5,224 .. Province of Ontario 3.45% 2045/06/02 3,250,000 3,620 4,142 .. Province of Ontario 2.90% 2046/12/02 5,400,000 5,521 6,344 .. Province of Ontario 2.80% 2048/06/02 3,150,000 3,215 3,665 .. Province of Ontario 2.65% 2050/12/02 1,100,000 1,248 1,257 .. Province of Prince Edward Island 3.60% 2053/01/17 50,000 46 65 .. Province of Quebec 9.38% 2023/01/16 100,000 133 118 .. Province of Quebec 2.45% 2023/03/01 50,000 50 52 .. Province of Quebec 3.00% 2023/09/01 875,000 920 936 .. Province of Quebec 2.25% 2024/02/22 Series 'QV' 100,000 100 106 .. Province of Quebec 3.75% 2024/09/01 2,825,000 3,089 3,157 .. Province of Quebec 2.75% 2025/09/01 3,450,000 3,569 3,781 .. Province of Quebec 8.50% 2026/04/01 675,000 941 940 .. Province of Quebec 2.50% 2026/09/01 3,675,000 3,768 4,021 .. Province of Quebec 2.75% 2027/09/01 2,000,000 1,975 2,238 .. Province of Quebec 2.75% 2028/09/01 2,800,000 3,069 3,157 .. Province of Quebec 2.30% 2029/09/01 1,075,000 1,094 1,177 .. Province of Quebec 6.00% 2029/10/01 Series 'OS' 1,050,000 1,326 1,469 .. Province of Quebec 1.90% 2030/09/01 2,525,000 2,652 2,671 .. Province of Quebec 6.25% 2032/06/01 1,475,000 2,034 2,216 .. Province of Quebec 5.75% 2036/12/01 1,450,000 1,979 2,261 .. Province of Quebec 5.00% 2038/12/01 1,775,000 2,303 2,635 .. Province of Quebec 5.00% 2041/12/01 2,250,000 2,996 3,444 .. Province of Quebec 4.25% 2043/12/01 350,000 392 497 .. Province of Quebec 3.50% 2045/12/01 5,075,000 6,126 6,557 .. Province of Quebec 3.50% 2048/12/01 2,000,000 2,610 2,636 .. Province of Quebec 3.10% 2051/12/01 500,000 652 629 .. Province of Saskatchewan 3.20% 2024/06/03 200,000 212 218 .. Province of Saskatchewan 0.80% 2025/09/02 400,000 400 402 .. Province of Saskatchewan 2.55% 2026/06/02 425,000 429 463 .. Province of Saskatchewan 2.65% 2027/06/02 325,000 325 359 .. Province of Saskatchewan 3.05% 2028/12/02 900,000 941 1,030 .. Province of Saskatchewan 2.20% 2030/06/02 450,000 450 484 .. Province of Saskatchewan 5.80% 2033/09/05 25,000 31 37 .. Province of Saskatchewan 4.75% 2040/06/01 Series 'GC' 1,200,000 1,661 1,722 .. Province of Saskatchewan 3.40% 2042/02/03 75,000 76 92 .. Province of Saskatchewan 3.90% 2045/06/02 550,000 608 730 .. Province of Saskatchewan 2.75% 2046/12/02 625,000 581 696 .. Province of Saskatchewan 3.30% 2048/06/02 275,000 282 339 Province of Saskatchewan 3.10% 2050/06/02 825,000 959 993 ...... 189,844 204,265 12.9% . . Municipal Government & Guaranteed .. Aéroports de Montréal 6.55% 2033/10/11 Callable 25,000 28 37 .. Aéroports de Montréal 5.67% 2037/10/16 Series 'H', Callable 250,000 333 362 .. Aéroports de Montréal 3.92% 2042/09/26 Series 'K', Callable 800,000 984 987 .. City of Greater Sudbury 2.42% 2050/03/12 325,000 325 328 .. City of Montreal 3.50% 2023/09/01 150,000 158 162 .. City of Montreal 3.50% 2024/09/01 50,000 50 55 .. City of Montreal 3.00% 2025/09/01 450,000 491 496 .. City of Montreal 3.00% 2027/09/01 125,000 125 140 .. City of Montreal 3.15% 2028/09/01 175,000 176 200 .. City of Montreal 2.30% 2029/09/01 1,050,000 1,037 1,133 .. City of Montreal 1.75% 2030/09/01 325,000 333 334 .. City of Montreal 3.15% 2036/12/01 75,000 75 87 .. City of Montreal 3.50% 2038/12/01 600,000 645 724 .. City of Montreal 6.00% 2043/06/01 25,000 25 42 .. City of Ottawa 3.10% 2048/07/27 225,000 218 263 .. City of Ottawa 2.50% 2051/05/11 700,000 696 734 .. City of Toronto 2.45% 2025/02/06 50,000 50 54

10 The accompanying notes are an integral part of these financial statements. CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. City of Toronto 2.40% 2026/06/24 400,000 398 433 .. City of Toronto 2.40% 2027/06/07 50,000 48 54 .. City of Toronto 2.65% 2029/11/09 500,000 513 558 .. City of Toronto 3.50% 2036/06/02 125,000 126 151 .. City of Toronto 2.60% 2039/09/24 75,000 75 81 .. City of Toronto 5.20% 2040/06/01 50,000 56 75 .. City of Toronto 3.25% 2046/06/24 125,000 119 148 .. City of Toronto 3.20% 2048/08/01 150,000 150 179 .. City of Vancouver 2.85% 2027/11/03 50,000 50 56 .. Greater Toronto Airports Authority 3.04% 2022/09/21 Callable 200,000 210 207 .. Greater Toronto Airports Authority 6.45% 2029/07/30 267,859 321 330 .. Greater Toronto Airports Authority 7.05% 2030/06/12 Series '2000-1', Callable 30,000 36 43 .. Greater Toronto Airports Authority 6.98% 2032/10/15 Series '2002-3' 25,000 35 37 .. Greater Toronto Airports Authority 3.26% 2037/06/01 Callable 400,000 388 448 .. Greater Toronto Airports Authority 2.75% 2039/10/17 Series '19-2', Callable 1,325,000 1,350 1,393 .. Greater Toronto Airports Authority 5.30% 2041/02/25 Series '2011-1', Callable 150,000 185 217 .. Municipal Finance Authority of British Columbia 2.60% 2023/04/23 75,000 79 79 .. Municipal Finance Authority of British Columbia 3.75% 2023/09/26 150,000 166 164 .. Municipal Finance Authority of British Columbia 2.95% 2024/10/14 50,000 53 54 .. Municipal Finance Authority of British Columbia 2.50% 2026/04/19 1,575,000 1,705 1,713 .. Municipal Finance Authority of British Columbia 4.95% 2027/12/01 1,275,000 1,515 1,614 .. Municipal Finance Authority of British Columbia 3.05% 2028/10/23 125,000 125 143 .. Ottawa MacDonald-Cartier International Airport Authority 3.93% 2045/06/09 Series 'E', Sinkable, Callable 49,403 49 55 .. Regional Municipality of Peel 5.10% 2040/06/29 25,000 28 37 .. Regional Municipality of Peel 3.85% 2042/10/30 75,000 84 96 .. Regional Municipality of York 2.35% 2027/06/09 400,000 379 434 .. Regional Municipality of York 2.65% 2029/04/18 600,000 617 666 .. Regional Municipality of York 1.70% 2030/05/27 500,000 512 515 .. Regional Municipality of York 4.05% 2034/05/01 75,000 76 95 .. South Coast British Columbia Transportation Authority 3.25% 2028/11/23 50,000 50 58 .. South Coast British Columbia Transportation Authority 4.65% 2041/06/20 25,000 26 35 .. South Coast British Columbia Transportation Authority 4.45% 2044/06/09 50,000 58 69 .. University of Ottawa 2.64% 2060/02/13 Series 'C', Callable 125,000 125 125 .. University of Toronto 6.78% 2031/07/18 Callable 75,000 78 107 .. Vancouver Airport Authority 2.80% 2050/09/21 Series 'J', Callable 300,000 300 318 Winnipeg Airports Authority Inc. 5.21% 2040/09/28 Sinkable, Callable 20,282 18 25 ...... 15,852 16,950 1.1% . . Corporate .. 407 International Inc. 3.35% 2024/05/16 Callable 50,000 55 54 .. 407 International Inc. 1.80% 2025/05/22 Callable 300,000 300 313 .. 407 International Inc. 3.14% 2030/03/06 Callable 175,000 175 200 .. 407 International Inc. 5.96% 2035/12/03 525,000 690 758 .. 407 International Inc. 4.45% 2041/11/15 Callable 350,000 383 456 .. 407 International Inc. 4.19% 2042/04/25 Callable 300,000 334 380 .. 407 International Inc. 3.65% 2044/09/08 Callable 50,000 50 60 .. 407 International Inc. 3.72% 2048/05/11 Callable 50,000 50 61 .. 407 International Inc. 2.84% 2050/03/07 Callable 350,000 349 370 .. AIMCo Realty Investors L.P. 2.71% 2029/06/01 Series '4', Callable 300,000 300 325 .. Alberta PowerLine L.P. 4.07% 2053/12/01 Sinkable 98,914 99 121 .. Alectra Inc. 2.49% 2027/05/17 Series 'A', Callable 375,000 357 407 .. Algonquin Power Co. 4.65% 2022/02/15 Callable 100,000 108 104 .. Algonquin Power Co. 4.60% 2029/01/29 Callable 225,000 225 268 .. Alimentation Couche-Tard Inc. 3.90% 2022/11/01 Series '3', Callable 50,000 50 53 .. Alimentation Couche-Tard Inc. 3.06% 2024/07/26 Callable 175,000 175 188 .. Alimentation Couche-Tard Inc. 3.60% 2025/06/02 Series '5', Callable 150,000 153 165 .. Allied Properties REIT 3.11% 2027/04/08 Series 'E', Callable 250,000 250 267 .. Allied Properties REIT 3.13% 2028/05/15 Series 'G', Callable 125,000 125 133 .. Allied Properties REIT 3.39% 2029/08/15 Series 'D', Callable 250,000 250 269 .. Allied Properties REIT 3.12% 2030/02/21 Series 'F', Callable 700,000 700 736 .. AltaGas Ltd. 2.61% 2022/12/16 350,000 350 363 .. AltaGas Ltd. 3.57% 2023/06/12 Callable 50,000 53 53 .. AltaGas Ltd. 2.16% 2025/06/10 Callable 300,000 300 312 .. AltaGas Ltd. 3.98% 2027/10/04 Callable 500,000 498 570 .. AltaGas Ltd. 2.48% 2030/11/30 Callable 325,000 325 330 .. AltaGas Ltd. 4.50% 2044/08/15 Callable 25,000 25 28 .. AltaLink L.P. 2.98% 2022/11/28 200,000 204 210 .. AltaLink L.P. 3.67% 2023/11/06 225,000 246 245 .. AltaLink L.P. 3.99% 2042/06/30 Callable 500,000 579 624 .. AltaLink L.P. 4.05% 2044/11/21 Series '2014-3', Callable 50,000 50 64 .. AltaLink L.P. 3.72% 2046/12/03 Callable 50,000 50 61 .. AltaLink L.P. 4.27% 2064/06/06 Series '2014-2', Callable 50,000 50 73 .. Bank of Montreal 2.12% 2022/03/16 1,150,000 1,150 1,174 .. Bank of Montreal 2.27% 2022/07/11 140,000 140 144 .. Bank of Montreal 2.89% 2023/06/20 650,000 654 687 .. Bank of Montreal 2.85% 2024/03/06 225,000 225 240 .. Bank of Montreal 2.28% 2024/07/29 500,000 500 525 .. Bank of Montreal 2.70% 2024/09/11 125,000 125 134 .. Bank of Montreal 2.37% 2025/01/17 Callable 275,000 275 291 .. Bank of Montreal 2.70% 2026/12/09 100,000 100 110 .. Bank of Montreal 2.57% 2027/06/01 Variable Rate, Callable 275,000 269 283 .. Bank of Montreal 3.19% 2028/03/01 400,000 400 456 .. Bank of Montreal 2.88% 2029/09/17 Variable Rate, Callable 1,025,000 1,023 1,090 .. Bank of Montreal 2.08% 2030/06/17 Variable Rate, Callable 400,000 400 414

The accompanying notes are an integral part of these financial statements. 11 CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. Bank of Nova Scotia 1.83% 2022/04/27 1,325,000 1,290 1,350 .. Bank of Nova Scotia 2.36% 2022/11/08 825,000 819 854 .. Bank of Nova Scotia 2.98% 2023/04/17 50,000 50 53 .. Bank of Nova Scotia 2.38% 2023/05/01 800,000 831 832 .. Bank of Nova Scotia 2.29% 2024/06/28 900,000 871 950 .. Bank of Nova Scotia 2.49% 2024/09/23 400,000 400 424 .. Bank of Nova Scotia 2.16% 2025/02/03 425,000 429 446 .. Bank of Nova Scotia 2.62% 2026/12/02 350,000 344 383 .. Bank of Nova Scotia 2.58% 2027/03/30 Variable Rate, Callable 225,000 220 230 .. Bank of Nova Scotia 1.40% 2027/11/01 1,275,000 1,270 1,283 .. Bank of Nova Scotia 3.89% 2029/01/18 Variable Rate, Callable 200,000 200 217 .. Bank of Nova Scotia 2.84% 2029/07/03 Variable Rate, Callable 275,000 275 291 .. bcIMC Realty Corp. 2.15% 2022/08/11 Series 'A', Callable 200,000 195 205 .. bcIMC Realty Corp. 2.84% 2025/06/03 Callable 100,000 100 108 .. bcIMC Realty Corp. 3.00% 2027/03/31 Callable 50,000 50 55 .. Bell Canada 3.35% 2023/03/22 Series 'M-26', Callable 675,000 683 710 .. Bell Canada 4.70% 2023/09/11 Callable 100,000 109 110 .. Bell Canada 2.70% 2024/02/27 Callable 1,075,000 1,081 1,134 .. Bell Canada 2.75% 2025/01/29 Callable 500,000 532 535 .. Bell Canada 3.35% 2025/03/12 Callable 600,000 644 655 .. Bell Canada 3.55% 2026/03/02 Callable 1,025,000 1,054 1,139 .. Bell Canada 8.88% 2026/04/17 75,000 99 101 .. Bell Canada 2.90% 2026/08/12 Callable 25,000 25 27 .. Bell Canada 1.65% 2027/08/16 Callable 550,000 550 557 .. Bell Canada 3.60% 2027/09/29 Callable 75,000 75 85 .. Bell Canada 3.80% 2028/08/21 Callable 125,000 125 144 .. Bell Canada 2.50% 2030/05/14 275,000 274 288 .. Bell Canada 4.75% 2044/09/29 Callable 25,000 25 31 .. Bell Canada 4.35% 2045/12/18 Callable 25,000 25 30 .. Bell Canada 4.45% 2047/02/27 Callable 50,000 50 61 .. Bell Canada 3.50% 2050/09/30 Callable 500,000 499 528 .. Bridging North America G.P. 4.34% 2053/08/31 Series 'B', Sinkable 50,000 52 58 .. British Columbia Ferry Services Inc. 6.25% 2034/10/13 50,000 61 73 .. British Columbia Ferry Services Inc. 4.70% 2043/10/23 Series '13-1', Callable 800,000 1,087 1,102 .. Brookfield Asset Management Inc. 4.54% 2023/03/31 Callable 325,000 354 351 .. Brookfield Asset Management Inc. 4.82% 2026/01/28 Callable 425,000 443 493 .. Brookfield Infrastructure Finance ULC 3.32% 2024/02/22 Callable 1,075,000 1,093 1,148 .. Brookfield Infrastructure Finance ULC 3.41% 2029/10/09 Callable 300,000 300 330 .. Brookfield Infrastructure Finance ULC 2.86% 2032/09/01 Callable 225,000 225 232 .. Brookfield Property Finance ULC 4.30% 2024/03/01 Callable 150,000 150 157 .. Brookfield Property Finance ULC 3.93% 2025/08/24 Callable 200,000 200 208 .. Brookfield Property Finance ULC 3.93% 2027/01/15 Callable 200,000 200 208 .. Brookfield Renewable Partners ULC 3.75% 2025/06/02 Callable 500,000 552 553 .. Brookfield Renewable Partners ULC 3.63% 2027/01/15 Callable 500,000 497 563 .. Brookfield Renewable Partners ULC 3.38% 2030/01/15 Series '12', Callable 600,000 600 676 .. Brookfield Renewable Partners ULC 3.33% 2050/08/13 Callable 300,000 300 310 .. Bruce Power L.P. 3.97% 2026/06/23 Callable 1,000,000 1,054 1,130 .. Bruce Power L.P. 4.01% 2029/06/21 Series '17-2', Callable 75,000 75 87 .. Bruce Power L.P. 4.13% 2033/06/21 Series '18-1', Callable 125,000 125 147 .. Bruce Power L.P. 4.75% 2049/06/21 Series '2019', Callable 75,000 75 97 .. Cameco Corp. 4.19% 2024/06/24 Callable 300,000 311 323 .. Cameco Corp. 2.95% 2027/10/21 Series 'H', Restricted, Callable 450,000 450 464 .. Canadian Imperial Bank of Commerce 2.47% 2022/12/05 700,000 696 727 .. Canadian Imperial Bank of Commerce 2.43% 2023/06/09 800,000 802 834 .. Canadian Imperial Bank of Commerce 2.97% 2023/07/11 175,000 175 186 .. Canadian Imperial Bank of Commerce 3.29% 2024/01/15 500,000 517 538 .. Canadian Imperial Bank of Commerce 3.30% 2025/05/26 300,000 300 333 .. Canadian Imperial Bank of Commerce 3.45% 2028/04/04 Variable Rate, Callable 250,000 255 264 .. Canadian Imperial Bank of Commerce 2.95% 2029/06/19 Variable Rate, Callable 275,000 275 292 .. Canadian Imperial Bank of Commerce 2.01% 2030/07/21 Variable Rate, Callable 300,000 300 309 .. Canadian National Railway Co. 2.80% 2025/09/22 Callable 25,000 25 27 .. Canadian National Railway Co. 3.20% 2028/07/31 Callable 600,000 600 684 .. Canadian National Railway Co. 3.00% 2029/02/08 Callable 100,000 99 113 .. Canadian National Railway Co. 3.60% 2047/08/01 Callable 50,000 50 60 .. Canadian Natural Resources Ltd. 3.31% 2022/02/11 350,000 359 360 .. Canadian Natural Resources Ltd. 3.55% 2024/06/03 Callable 50,000 50 54 .. Canadian Natural Resources Ltd. 3.42% 2026/12/01 Callable 125,000 125 137 .. Canadian Natural Resources Ltd. 2.50% 2028/01/17 Callable 100,000 100 104 .. Canadian Natural Resources Ltd. 4.85% 2047/05/30 Callable 50,000 50 60 .. Canadian Pacific Railway Co. 3.15% 2029/03/13 Callable 200,000 200 225 .. Canadian Pacific Railway Co. 6.45% 2039/11/17 Callable 25,000 25 39 .. Canadian Tire Corp. Ltd. 3.17% 2023/07/06 Series 'F', Callable 50,000 50 53 .. Canadian Tire Corp. Ltd. 5.61% 2035/09/04 Callable 50,000 43 60 .. Canadian Western Bank 2.83% 2022/03/14 50,000 50 51 .. Canadian Western Bank 2.74% 2022/06/16 50,000 50 52 .. Canadian Western Bank 2.92% 2022/12/15 50,000 50 52 .. Canadian Western Bank 1.57% 2023/09/14 500,000 508 509 .. Canadian Western Bank 2.60% 2024/09/06 Callable 150,000 150 158 .. Canadian Western Bank 2.61% 2025/01/30 Callable 200,000 200 211 .. Canadian Western Bank 1.82% 2027/12/16 Callable 450,000 450 454 .. Capital Power Corp. 4.28% 2024/09/18 Callable 100,000 100 110 .. Capital Power Corp. 4.42% 2030/02/08 Callable 400,000 400 463 .. Capital Power Corp. 3.15% 2032/10/01 Callable 300,000 300 309

12 The accompanying notes are an integral part of these financial statements. CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. Cards II Trust 2.43% 2024/11/15 Series 'A' 300,000 300 318 .. Caterpillar Financial Services Ltd. 2.09% 2022/09/12 200,000 200 206 .. CCL Industries Inc. 3.86% 2028/04/13 Series '1', Callable 50,000 50 56 .. Central 1 Credit Union 2.60% 2022/11/07 425,000 420 440 .. Central 1 Credit Union 2.58% 2023/12/06 150,000 150 157 .. Chartwell Retirement Residences 3.79% 2023/12/11 Callable 125,000 125 130 .. Chartwell Retirement Residences 4.21% 2025/04/28 Series 'B', Callable 75,000 75 80 .. Choice Properties L.P. 3.60% 2022/09/20 Series '10', Callable 325,000 341 339 .. Choice Properties REIT 3.56% 2024/09/09 Series 'K', Callable 200,000 199 217 .. Choice Properties REIT 3.55% 2025/01/10 Series 'J', Callable 775,000 771 844 .. Choice Properties REIT 2.85% 2027/05/21 Series 'P', Callable 200,000 200 214 .. Choice Properties REIT 4.18% 2028/03/08 Series 'L', Callable 100,000 100 115 .. Choice Properties REIT 2.98% 2030/03/04 Series 'N', Callable 800,000 800 853 .. Clover L.P. 4.22% 2034/06/30 Series '1B', Sinkable 70,703 71 79 .. Coast Capital Savings Federal Credit Union 5.00% 2028/05/03 Variable Rate, Callable 50,000 50 53 .. Cordelio Amalco GP I 4.09% 2034/09/30 Series 'A', Sinkable 44,660 45 51 .. Crosslinx Transit Solutions G.P. 4.65% 2046/09/30 Sinkable 25,000 25 30 .. CT REIT 3.53% 2025/06/09 Series 'B', Callable 50,000 50 54 .. CT REIT 3.29% 2026/06/01 Series 'D', Callable 50,000 50 54 .. CT REIT 3.87% 2027/12/07 Series 'F', Callable 150,000 150 169 .. CT REIT 2.37% 2031/01/06 Series 'G', Callable 400,000 400 403 .. CU Inc. 3.81% 2042/09/10 150,000 155 181 .. CU Inc. 4.72% 2043/09/09 Callable 50,000 55 68 .. CU Inc. 4.09% 2044/09/02 Callable 1,800,000 1,991 2,287 .. CU Inc. 3.96% 2045/07/27 Callable 25,000 25 31 .. Daimler Canada Finance Inc. 3.05% 2022/05/16 600,000 606 620 .. Daimler Canada Finance Inc. 2.57% 2022/11/22 25,000 25 26 .. Daimler Canada Finance Inc. 1.65% 2025/09/22 100,000 100 102 .. Dollarama Inc. 3.55% 2023/11/06 Callable 1,050,000 1,085 1,130 .. Dollarama Inc. 1.51% 2027/09/20 Callable 175,000 175 176 .. Eagle Credit Card Trust 2.22% 2024/07/17 Series 'A' 100,000 100 105 .. Emera Inc. 2.90% 2023/06/16 200,000 202 210 .. Enbridge Gas Distribution Inc. 5.21% 2036/02/25 Callable 50,000 55 67 .. Enbridge Gas Inc. 2.81% 2026/06/01 Callable 50,000 50 55 .. Enbridge Gas Inc. 3.59% 2047/11/22 Callable 75,000 75 90 .. Enbridge Gas Inc. 3.51% 2047/11/29 Callable 50,000 50 59 .. Enbridge Inc. 3.19% 2022/12/05 50,000 52 52 .. Enbridge Inc. 3.95% 2024/11/19 Callable 50,000 50 55 .. Enbridge Inc. 2.44% 2025/06/02 Callable 400,000 400 422 .. Enbridge Inc. 3.20% 2027/06/08 Callable 1,500,000 1,485 1,639 .. Enbridge Inc. 2.99% 2029/10/03 Callable 200,000 200 216 .. Enbridge Inc. 4.24% 2042/08/27 Callable 425,000 401 471 .. Enbridge Inc. 4.57% 2044/03/11 Callable 1,000,000 1,110 1,164 .. Enbridge Inc. 4.87% 2044/11/21 Callable 200,000 208 242 .. Enbridge Inc. 5.38% 2077/09/27 Variable Rate, Callable 900,000 904 956 .. Enbridge Inc. 6.63% 2078/04/12 Series 'C', Variable Rate, Callable 150,000 150 172 .. Enbridge Pipelines Inc. 3.45% 2025/09/29 Callable 150,000 150 166 .. Enbridge Pipelines Inc. 3.52% 2029/02/22 Callable 875,000 886 991 .. Enbridge Pipelines Inc. 4.33% 2049/02/22 Callable 75,000 75 89 .. Energir Inc. 3.53% 2047/05/16 Series 'U', Callable 100,000 96 120 .. ENMAX Corp. 2.92% 2022/10/18 Series '5' 175,000 175 182 .. EPCOR Utilities Inc. 6.65% 2038/04/15 Callable 1,025,000 1,573 1,617 .. EPCOR Utilities Inc. 3.55% 2047/11/27 Callable 25,000 25 30 .. Fair Hydro Trust 3.36% 2033/05/15 Callable 350,000 350 407 .. Fairfax Financial Holdings Ltd. 5.84% 2022/10/14 Callable 125,000 137 135 .. Fairfax Financial Holdings Ltd. 4.25% 2027/12/06 Callable 450,000 447 492 .. Fairfax Financial Holdings Ltd. 4.23% 2029/06/14 Callable 275,000 275 299 .. Federated Co-operatives Ltd. 3.92% 2025/06/17 Callable 150,000 149 161 .. Federation des Caisses Desjardins du Québec 2.09% 2022/01/17 500,000 494 509 .. Federation des Caisses Desjardins du Québec 3.06% 2023/09/11 100,000 100 107 .. Federation des Caisses Desjardins du Québec 2.42% 2024/10/04 200,000 200 211 .. Federation des Caisses Desjardins du Québec 2.86% 2030/05/26 Variable Rate, Callable 200,000 200 213 .. First Capital Realty Inc. 3.90% 2023/10/30 Series 'Q', Callable 375,000 377 398 .. First Capital Realty Inc. 4.32% 2025/07/31 Series 'S', Callable 75,000 75 82 .. First Capital Realty Inc. 3.60% 2026/05/06 Series 'T', Callable 50,000 50 53 .. First Capital Realty Inc. 3.46% 2027/01/22 Series 'V', Callable 300,000 300 318 .. First Capital REIT 3.45% 2028/03/01 Callable 400,000 400 423 .. First National Financial Corp. 2.96% 2025/11/17 Series '3', Callable 50,000 50 51 .. Fortified Trust 2.56% 2024/03/23 Series 'A' 100,000 100 106 .. Fortis Inc. 2.85% 2023/12/12 Callable 375,000 374 397 .. Fortis Inc. 6.51% 2039/07/04 25,000 25 38 .. FortisAlberta Inc. 5.85% 2038/04/15 Callable 400,000 539 585 .. FortisAlberta Inc. 2.63% 2051/06/08 Callable 125,000 125 127 .. FortisBC Energy Inc. 6.00% 2037/10/02 400,000 530 594 .. FortisBC Energy Inc. 5.80% 2038/05/13 150,000 200 219 .. FortisBC Energy Inc. 2.54% 2050/07/13 Callable 600,000 600 605 .. GE Capital Canada Funding Co. 4.60% 2022/01/26 350,000 366 363 .. General Motors Financial of Canada Ltd. 3.25% 2023/11/07 Series '5' 200,000 200 211 .. Genworth MI Canada Inc. 4.24% 2024/04/01 Callable 100,000 106 108 .. Genworth MI Canada Inc. 2.96% 2027/03/01 Callable 100,000 100 104 .. George Weston Ltd. 6.69% 2033/03/01 25,000 25 34 .. Gibson Energy Inc. 3.60% 2029/09/17 Callable 400,000 399 438 .. Glacier Credit Card Trust 3.14% 2023/09/20 75,000 75 80

The accompanying notes are an integral part of these financial statements. 13 CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. Glacier Credit Card Trust 2.28% 2024/06/06 Series '2019' 300,000 300 314 .. Granite REIT Holdings L.P. 3.06% 2027/06/04 Series '4', Callable 300,000 300 326 .. Granite REIT Holdings L.P. 2.38% 2030/12/18 Callable 275,000 275 279 .. Great-West Lifeco Inc. 3.34% 2028/02/28 Callable 75,000 75 85 .. Great-West Lifeco Inc. 2.38% 2030/05/14 Callable 300,000 300 318 .. Great-West Lifeco Inc. 6.67% 2033/03/21 Callable 100,000 140 144 .. Great-West Lifeco Inc. 6.00% 2039/11/16 325,000 428 474 .. Great-West Lifeco Inc. 2.98% 2050/07/08 Callable 500,000 493 514 .. H&R REIT 3.42% 2023/01/23 Series 'O', Callable 700,000 713 723 .. HCN Canadian Holdings-1 L.P. 2.95% 2027/01/15 Callable 100,000 100 106 .. Health Montreal Collective L.P. 6.72% 2049/09/30 Sinkable 24,876 30 37 .. Honda Canada Finance Inc. 2.27% 2022/07/15 725,000 723 745 .. Honda Canada Finance Inc. 2.49% 2022/12/19 50,000 50 52 .. Honda Canada Finance Inc. 3.18% 2023/08/28 75,000 75 80 .. Honda Canada Finance Inc. 2.50% 2024/06/04 100,000 100 106 .. Honda Canada Finance Inc. 3.44% 2025/05/23 100,000 100 110 .. Hospital for Sick Children (The) 3.42% 2057/12/07 Series 'B', Callable 25,000 25 31 .. HSBC Bank Canada 2.17% 2022/06/29 850,000 839 871 .. HSBC Bank Canada 2.25% 2022/09/15 300,000 300 309 .. HSBC Bank Canada 2.54% 2023/01/31 400,000 393 416 .. Husky Energy Inc. 3.55% 2025/03/12 Callable 25,000 25 26 .. Husky Energy Inc. 3.60% 2027/03/10 Callable 600,000 594 635 .. Husky Energy Inc. 3.50% 2028/02/07 Callable 525,000 525 537 .. Hydro One Inc. 3.20% 2022/01/13 Callable 375,000 396 386 .. Hydro One Inc. 2.54% 2024/04/05 Series '42', Callable 475,000 477 504 .. Hydro One Inc. 2.77% 2026/02/24 Callable 300,000 296 327 .. Hydro One Inc. 2.16% 2030/02/28 Callable 225,000 225 239 .. Hydro One Inc. 7.35% 2030/06/03 Callable 300,000 400 443 .. Hydro One Inc. 1.69% 2031/01/16 Callable 550,000 550 558 .. Hydro One Inc. 6.93% 2032/06/01 Callable 50,000 74 75 .. Hydro One Inc. 5.36% 2036/05/20 1,100,000 1,380 1,533 .. Hydro One Inc. 5.49% 2040/07/16 Callable 50,000 50 73 .. Hydro One Inc. 3.63% 2049/06/25 Callable 75,000 75 92 .. Hydro One Ltd. 1.41% 2027/10/15 Callable 200,000 200 203 .. iA Financial Corp. Inc. 2.40% 2030/02/21 Variable Rate, Callable 300,000 300 313 .. IGM Financial Inc. 3.44% 2027/01/26 Callable 25,000 25 28 .. IGM Financial Inc. 6.00% 2040/12/10 Callable 25,000 29 35 .. IGM Financial Inc. 4.12% 2047/12/09 Callable 75,000 75 88 .. Industrial Alliance Insurance and Financial Services Inc. 3.30% 2028/09/15 Floating Rate, Callable 175,000 179 185 .. Intact Financial Corp. 3.77% 2026/03/02 Callable 25,000 25 28 .. Intact Financial Corp. 2.85% 2027/06/07 Callable 125,000 125 136 .. Intact Financial Corp. 1.93% 2030/12/16 Callable 325,000 325 328 .. Intact Financial Corp. 6.40% 2039/11/23 200,000 260 302 .. Intact Financial Corp. 2.95% 2050/12/16 Callable 575,000 575 587 .. Inter Pipeline Ltd. 2.73% 2024/04/18 Callable 350,000 336 365 .. Inter Pipeline Ltd. 3.17% 2025/03/24 Callable 50,000 50 53 .. Inter Pipeline Ltd. 4.23% 2027/06/01 Callable 300,000 300 334 .. John Deere Canada Funding Inc. 2.63% 2022/09/21 75,000 75 78 .. John Deere Canada Funding Inc. 2.70% 2023/01/17 50,000 50 52 .. John Deere Financial Inc. 2.46% 2024/04/04 750,000 751 792 .. John Deere Financial Inc. 2.41% 2025/01/14 300,000 300 319 .. John Deere Financial Inc. 1.34% 2027/09/08 250,000 250 252 .. Keyera Corp. 3.96% 2030/05/29 Callable 75,000 75 83 .. Laurentian Bank of Canada 2.55% 2022/06/20 200,000 200 205 .. Laurentian Bank of Canada 3.00% 2022/09/12 325,000 322 337 .. Laurentian Bank of Canada 3.45% 2023/06/27 50,000 50 53 .. Loblaw Cos. Ltd. 4.86% 2023/09/12 Callable 125,000 138 137 .. Lower Mattagami Energy L.P. 4.94% 2043/09/21 Callable 100,000 128 143 .. Magna International Inc. 3.10% 2022/12/15 Callable 425,000 433 443 .. Manufacturers Life Insurance Co. (The) 3.18% 2027/11/22 Variable Rate, Callable 250,000 256 262 .. Manulife Bank of Canada 2.84% 2023/01/12 475,000 477 497 .. Manulife Bank of Canada 2.38% 2024/11/19 200,000 200 212 .. Manulife Financial Corp. 3.32% 2028/05/09 Variable Rate, Callable 50,000 50 53 .. Manulife Financial Corp. 3.05% 2029/08/20 Variable Rate, Callable 50,000 50 54 .. Manulife Financial Corp. 2.24% 2030/05/12 Variable Rate, Callable 1,700,000 1,752 1,774 .. Manulife Financial Corp. 2.82% 2035/05/13 Variable Rate, Callable 200,000 200 213 .. Metro Inc. 2.68% 2022/12/05 Callable 50,000 50 52 .. Metro Inc. 3.39% 2027/12/06 Callable 950,000 995 1,069 .. Metro Inc. 5.97% 2035/10/15 Callable 50,000 58 68 .. Metro Inc. 5.03% 2044/12/01 Series 'D', Callable 25,000 25 33 .. Metro Inc. 3.41% 2050/02/28 Callable 250,000 250 263 .. National Bank of Canada 2.11% 2022/03/18 300,000 302 306 .. National Bank of Canada 1.96% 2022/06/30 150,000 147 153 .. National Bank of Canada 2.98% 2024/03/04 450,000 462 481 .. National Bank of Canada 2.55% 2024/07/12 400,000 400 424 .. National Bank of Canada 2.58% 2025/02/03 500,000 500 533 .. National Bank of Canada 3.18% 2028/02/01 Variable Rate, Callable 75,000 75 79 .. NAV Canada 3.53% 2046/02/23 Callable 300,000 304 361 .. NAV Canada 2.92% 2051/09/29 Callable 300,000 300 329 .. North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% 2024/07/22 Series 'A', Callable 125,000 128 134 .. North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% 2026/04/24 Callable 50,000 50 55 .. North West Redwater Partnership / NWR Financing Co. Ltd. 2.80% 2027/06/01 Series 'J', Callable 600,000 595 645 .. North West Redwater Partnership / NWR Financing Co. Ltd. 4.15% 2033/06/01 Series 'H', Callable 250,000 258 292 .. North West Redwater Partnership / NWR Financing Co. Ltd. 3.70% 2043/02/23 Series 'D', Callable 50,000 50 55

14 The accompanying notes are an integral part of these financial statements. CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. North West Redwater Partnership / NWR Financing Co. Ltd. 4.05% 2044/07/22 Callable 400,000 399 464 .. Northern Courier Pipeline L.P. 3.37% 2042/06/30 Sinkable 380,983 381 411 .. Nouvelle Autoroute 30 Financement Inc. 3.75% 2033/03/31 Series 'C', Sinkable 49,256 49 55 .. Nouvelle Autoroute 30 Financement Inc. 4.12% 2042/06/30 Series 'A', Sinkable 49,912 50 58 .. Nova Scotia Power Inc. 4.15% 2042/03/06 Callable 500,000 570 618 .. Nova Scotia Power Inc. 4.50% 2043/07/20 Callable 25,000 25 32 .. OMERS Realty Corp. 1.82% 2022/05/09 Series '8', Callable 100,000 97 102 .. OMERS Realty Corp. 1.30% 2023/09/22 Series '12' 150,000 150 153 .. OMERS Realty Corp. 2.86% 2024/02/23 Series '7', Callable 500,000 500 533 .. OMERS Realty Corp. 3.33% 2024/11/12 50,000 50 55 .. OMERS Realty Corp. 3.24% 2027/10/04 Series '9', Callable 100,000 100 113 .. OMERS Realty Corp. 3.63% 2030/06/05 Series '11', Callable 50,000 50 59 .. Ontario Power Generation Inc. 1.17% 2026/04/22 Callable 400,000 400 404 .. Ontario Power Generation Inc. 3.32% 2027/10/04 Callable 75,000 75 85 .. Ontario Power Generation Inc. 2.98% 2029/09/13 Series '4', Callable 500,000 500 558 .. Ontario Power Generation Inc. 3.84% 2048/06/22 Callable 150,000 150 182 .. Ontario Power Generation Inc. 4.25% 2049/01/18 Callable 325,000 325 420 .. Original Wempi Inc. 4.31% 2024/02/13 Series 'B1', Callable 75,000 79 76 .. Pembina Pipeline Corp. 3.77% 2022/10/24 Callable 50,000 50 53 .. Pembina Pipeline Corp. 2.99% 2024/01/22 Callable 550,000 557 581 .. Pembina Pipeline Corp. 3.54% 2025/02/03 Series '5', Callable 50,000 50 54 .. Pembina Pipeline Corp. 3.71% 2026/08/11 Callable 1,600,000 1,646 1,774 .. Pembina Pipeline Corp. 4.02% 2028/03/27 Series '10', Callable 450,000 475 511 .. Pembina Pipeline Corp. 3.31% 2030/02/01 Series '15', Callable 200,000 200 217 .. Pembina Pipeline Corp. 4.75% 2043/04/30 Callable 25,000 24 28 .. Pembina Pipeline Corp. 4.81% 2044/03/25 Series '4', Callable 150,000 153 172 .. Pembina Pipeline Corp. 4.74% 2047/01/21 Callable 50,000 50 57 .. Pembina Pipeline Corp. 4.54% 2049/04/03 Callable 125,000 125 140 .. Pembina Pipeline Corp. 4.67% 2050/05/28 Callable 100,000 100 114 .. Penske Truck Leasing Canada Inc. 2.85% 2022/12/07 Callable 25,000 25 26 .. Plenary Health Care Partnerships Humber L.P. 4.82% 2044/11/30 Callable 25,000 25 32 .. Plenary Properties LTAP L.P. 6.29% 2044/01/31 Sinkable, Callable 45,557 48 66 .. Power Corp. of Canada 8.57% 2039/04/22 500,000 818 884 .. Prime Structured Mortgage Trust 1.97% 2023/02/15 Class 'A', Series '20-1' 150,000 150 154 .. Reliance L.P. 3.84% 2025/03/15 Callable 75,000 75 82 .. RioCan REIT 2.83% 2022/10/03 Series 'Y' 25,000 25 26 .. RioCan REIT 3.21% 2023/09/29 Series 'AA', Callable 50,000 50 52 .. RioCan REIT 3.29% 2024/02/12 Series 'W' 200,000 202 211 .. RioCan REIT 1.97% 2026/06/15 Series 'AD', Callable 225,000 225 226 .. RioCan REIT 2.36% 2027/03/10 Series 'AC', Callable 300,000 300 306 .. Rogers Communications Inc. 4.00% 2022/06/06 Callable 350,000 364 367 .. Rogers Communications Inc. 4.00% 2024/03/13 Callable 450,000 472 491 .. Rogers Communications Inc. 3.25% 2029/05/01 Callable 300,000 299 333 .. Rogers Communications Inc. 6.11% 2040/08/25 200,000 246 284 .. Royal Bank of Canada 1.97% 2022/03/02 550,000 545 560 .. Royal Bank of Canada 2.00% 2022/03/21 425,000 418 433 .. Royal Bank of Canada 2.36% 2022/12/05 400,000 401 415 .. Royal Bank of Canada 2.33% 2023/12/05 1,075,000 1,056 1,129 .. Royal Bank of Canada 2.35% 2024/07/02 1,875,000 1,939 1,975 .. Royal Bank of Canada 2.61% 2024/11/01 475,000 475 506 .. Royal Bank of Canada 1.94% 2025/05/01 1,225,000 1,225 1,277 .. Royal Bank of Canada 2.33% 2027/01/28 700,000 700 747 .. Royal Bank of Canada 2.74% 2029/07/25 Variable Rate, Callable 275,000 275 291 .. Royal Bank of Canada 2.88% 2029/12/23 Variable Rate, Callable 750,000 750 801 .. Royal Bank of Canada 2.09% 2030/06/30 Variable Rate, Callable 250,000 250 259 .. Saputo Inc. 1.94% 2022/06/13 Callable 150,000 150 153 .. Saputo Inc. 2.83% 2023/11/21 Callable 25,000 25 26 .. Saputo Inc. 2.88% 2024/11/19 Callable 450,000 450 482 .. Saputo Inc. 1.42% 2026/06/19 Callable 175,000 175 176 .. Saputo Inc. 2.24% 2027/06/16 Callable 300,000 300 314 .. Shaw Communications Inc. 3.80% 2023/11/02 Callable 125,000 125 135 .. Shaw Communications Inc. 3.80% 2027/03/01 Callable 325,000 333 366 .. Shaw Communications Inc. 6.75% 2039/11/09 Callable 325,000 395 469 .. SmartCentres REIT 3.99% 2023/05/30 Series 'I', Callable 50,000 50 53 .. SmartCentres REIT 3.56% 2025/02/06 Series 'N' 50,000 50 54 .. SmartCentres REIT 1.74% 2025/12/16 Series 'X', Callable 300,000 300 301 .. SmartCentres REIT 3.44% 2026/08/28 Series 'P', Callable 50,000 50 54 .. SmartCentres REIT 3.19% 2027/06/11 Series 'V', Callable 800,000 800 858 .. SmartCentres REIT 3.83% 2027/12/21 Series 'S', Callable 50,000 50 56 .. SmartCentres REIT 3.53% 2029/12/20 Series 'U', Callable 200,000 200 217 .. SNC-Lavalin Innisfree McGill Finance Inc. 6.63% 2044/06/30 Callable 46,115 46 66 .. SSL Finance Inc. / SSL Financement Inc. 4.10% 2045/10/31 Series 'A', Sinkable, Callable 24,692 25 29 .. Sun Life Capital Trust 7.09% 2032/06/30 Series 'B', Callable 50,000 62 70 .. Sun Life Financial Inc. 2.75% 2027/11/23 Variable Rate, Callable 675,000 678 702 .. Sun Life Financial Inc. 3.05% 2028/09/19 Variable Rate, Callable 350,000 354 371 .. Sun Life Financial Inc. 2.38% 2029/08/13 Floating Rate, Callable 250,000 250 263 .. Sun Life Financial Inc. 2.58% 2032/05/10 Variable Rate, Callable 325,000 325 349 .. Suncor Energy Inc. 3.00% 2026/09/14 Callable 600,000 597 652 .. Suncor Energy Inc. 3.10% 2029/05/24 Callable 200,000 199 216 .. Suncor Energy Inc. 5.39% 2037/03/26 Callable 100,000 102 124 .. TD Capital Trust IV 10.00% 2039/06/30 Variable Rate, Callable 75,000 106 82 .. TELUS Corp. 3.35% 2023/03/15 Series 'CJ', Callable 575,000 585 604 .. TELUS Corp. 3.75% 2025/01/17 Callable 400,000 427 441 .. TELUS Corp. 3.75% 2026/03/10 Callable 50,000 50 56

The accompanying notes are an integral part of these financial statements. 15 CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. TELUS Corp. 2.35% 2028/01/27 Series 'CAC', Callable 500,000 499 526 .. TELUS Corp. 3.63% 2028/03/01 Callable 125,000 124 142 .. TELUS Corp. 3.15% 2030/02/19 Series 'CAA', Callable 500,000 498 554 .. TELUS Corp. 4.85% 2044/04/05 Series 'CP', Callable 200,000 206 248 .. TELUS Corp. 4.75% 2045/01/17 Callable 50,000 50 62 .. TELUS Corp. 4.70% 2048/03/06 Series 'CW', Callable 75,000 74 93 .. Teranet Holdings L.P. 3.54% 2025/06/11 Series '2020', Callable 800,000 836 862 .. Teranet Holdings L.P. 5.75% 2040/12/17 Callable 75,000 88 91 .. Terasen Gas (Vancouver Island) Inc. 6.05% 2038/02/15 Callable 500,000 714 748 .. Thomson Reuters Corp. 2.24% 2025/05/14 Callable 200,000 200 209 .. TMX Group Ltd. 3.00% 2024/12/11 Series 'D', Callable 50,000 50 54 .. Toromont Industries Ltd. 3.84% 2027/10/27 Callable 50,000 50 56 .. Toronto Hydro Corp. 5.54% 2040/05/21 Callable 400,000 505 587 .. Toronto-Dominion Bank (The) 1.99% 2022/03/23 1,400,000 1,391 1,428 .. Toronto-Dominion Bank (The) 3.01% 2023/05/30 650,000 652 689 .. Toronto-Dominion Bank (The) 1.91% 2023/07/18 650,000 642 672 .. Toronto-Dominion Bank (The) 2.85% 2024/03/08 125,000 125 133 .. Toronto-Dominion Bank (The) 3.23% 2024/07/24 350,000 364 381 .. Toronto-Dominion Bank (The) 2.50% 2024/12/02 500,000 500 532 .. Toronto-Dominion Bank (The) 1.13% 2025/12/09 325,000 325 326 .. Toronto-Dominion Bank (The) 3.59% 2028/09/14 Variable Rate, Callable 200,000 200 214 .. Toronto-Dominion Bank (The) 3.22% 2029/07/25 Variable Rate, Callable 625,000 659 672 .. Toronto-Dominion Bank (The) 3.11% 2030/04/22 Variable Rate, Callable 1,525,000 1,563 1,647 .. Toronto-Dominion Bank (The) 4.86% 2031/03/04 Variable Rate, Callable 500,000 545 588 .. Toronto-Dominion Bank (The) 3.06% 2032/01/26 Floating Rate, Callable 800,000 800 874 .. Toyota Credit Canada Inc. 2.62% 2022/10/11 100,000 100 104 .. Toyota Credit Canada Inc. 2.70% 2023/01/25 75,000 75 78 .. Toyota Credit Canada Inc. 3.04% 2023/07/12 100,000 100 106 .. Toyota Credit Canada Inc. 2.11% 2025/02/26 200,000 200 210 .. TransCanada PipeLines Ltd. 3.69% 2023/07/19 Callable 475,000 514 507 .. TransCanada PipeLines Ltd. 3.00% 2029/09/18 Callable 700,000 698 760 .. TransCanada PipeLines Ltd. 8.05% 2039/02/17 Callable 100,000 152 160 .. TransCanada PipeLines Ltd. 4.55% 2041/11/15 Callable 525,000 554 606 .. TransCanada PipeLines Ltd. 4.35% 2046/06/06 Callable 50,000 50 57 .. TransCanada PipeLines Ltd. 4.18% 2048/07/03 Callable 100,000 100 112 .. TransCanada PipeLines Ltd. 4.34% 2049/10/15 Callable 400,000 400 460 .. TransCanada Trust 4.65% 2077/05/18 Series '17-B', Variable Rate, Callable 300,000 280 309 .. TriSummit Utilities Inc. 4.26% 2028/12/05 Callable 300,000 322 356 .. Union Gas Ltd. 3.19% 2025/09/17 Callable 525,000 536 580 .. Union Gas Ltd. 6.05% 2038/09/02 Callable 50,000 69 75 .. Union Gas Ltd. 4.88% 2041/06/21 Callable 25,000 27 34 .. Ventas Canada Finance Ltd. 3.30% 2022/02/01 Callable 25,000 25 26 .. Ventas Canada Finance Ltd. 2.55% 2023/03/15 Series 'D', Callable 75,000 75 78 .. Ventas Canada Finance Ltd. 2.80% 2024/04/12 Series 'E', Callable 125,000 125 131 .. VW Credit Canada Inc. 2.65% 2022/06/27 350,000 350 360 .. VW Credit Canada Inc. 3.70% 2022/11/14 450,000 457 475 .. VW Credit Canada Inc. 3.25% 2023/03/29 50,000 50 53 .. VW Credit Canada Inc. 1.50% 2025/09/23 100,000 100 101 .. Wells Fargo Financial Canada Corp. 3.46% 2023/01/24 600,000 628 635 .. Westcoast Energy Inc. 3.43% 2024/09/12 Callable 50,000 50 54 Windsor Regional Hospital 2.71% 2060/11/18 Series 'A', Callable 150,000 150 157 ...... 134,730 143,511 9.0% . . .. TOTAL CANADIAN BONDS 504,481 536,102 33.8% . . INTERNATIONAL BONDS .. United States .. Manulife Finance Delaware L.P. 5.06% 2041/12/15 Variable Rate, Callable 25,000 26 32 ...... 26 32 0.0% . . .. TOTAL INTERNATIONAL BONDS 26 32 0.0% . . SUPRANATIONAL BONDS .. Asian Development Bank 4.65% 2027/02/16 100,000 117 123 .. Inter-American Development Bank 1.70% 2024/10/10 350,000 349 364 .. Inter-American Development Bank 0.75% 2025/10/15 925,000 926 927 .. Inter-American Development Bank 0.88% 2027/08/27 850,000 845 848 .. International Bank for Reconstruction and Development 2.50% 2023/08/03 150,000 149 158 .. International Bank for Reconstruction and Development 1.90% 2025/01/16 275,000 275 290 .. International Bank for Reconstruction and Development 0.88% 2027/09/28 400,000 399 400 International Finance Corp. 1.38% 2024/09/13 400,000 398 413 ...... TOTAL SUPRANATIONAL BONDS 3,458 3,523 0.2% . . .. TOTAL BONDS 507,965 539,657 34.0% . . .. TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS 1,068,869 1,176,249 74.2% . . SHORT-TERM INVESTMENTS (note 11) .. Alectra Inc. 0.26% 2021/01/19 Discount Note 2,500,000 2,499 2,500 .. Banner Trust 0.38% 2021/04/20 Discount Note 5,000,000 4,991 4,994 .. Banner Trust 0.38% 2021/06/18 Discount Note 4,400,000 4,392 4,392 .. Bay Street Funding Trust 0.27% 2021/03/09 Discount Note 7,900,000 7,895 7,896 .. Canadian Master Trust 0.32% 2021/01/21 Series 'A', Discount Note 3,700,000 3,696 3,699 .. Canadian Master Trust 0.41% 2021/03/15 Series 'A', Discount Note 2,400,000 2,395 2,398 .. Canadian Master Trust 0.38% 2021/06/03 Series 'A', Discount Note 10,850,000 10,830 10,833 .. Canadian Master Trust 0.38% 2021/06/04 Series 'A', Discount Note 3,000,000 2,994 2,995 .. Canadian Western Bank 0.55% 2021/01/19 Bearer Deposit Note 4,200,000 4,188 4,199

16 The accompanying notes are an integral part of these financial statements. CIBC Balanced Index Fund

Schedule of Investment Portfolio As at December 31, 2020 (cont'd) Average Fair % of Coupon Maturity Cost Value Net Security Rate (%) Date Additional Details Par Value ($000s) ($000s) Assets

.. Clarity Trust 0.28% 2021/01/26 Series 'A', Discount Note 3,400,000 3,398 3,399 .. Clarity Trust 0.28% 2021/02/24 Series 'A', Discount Note 7,000,000 6,995 6,997 .. Clarity Trust 0.28% 2021/03/24 Series 'A', Discount Note 10,000,000 9,993 9,994 .. Enbridge Gas Inc. 0.24% 2021/01/26 Discount Note 15,000,000 14,997 14,998 .. Enbridge Pipelines Inc. 0.34% 2021/01/12 Discount Note 9,000,000 8,997 8,999 .. Enbridge Pipelines Inc. 0.35% 2021/01/13 Discount Note 15,000,000 14,995 14,998 .. Firstbank 0.24% 2021/01/18 Bankers' Acceptance 4,850,000 4,849 4,850 .. Fusion Trust 0.28% 2021/02/17 Series 'A', Discount Note 10,000,000 9,993 9,996 .. Fusion Trust 0.28% 2021/03/03 Series 'A', Discount Note 10,000,000 9,993 9,995 .. Hydro One Inc. 0.25% 2021/02/11 Discount Note 14,000,000 13,992 13,996 .. Inter Pipeline (Corridor) Inc. 0.51% 2021/02/04 Discount Note 3,100,000 3,096 3,099 .. Inter Pipeline (Corridor) Inc. 0.51% 2021/02/09 Discount Note 3,025,000 3,021 3,023 .. Inter Pipeline (Corridor) Inc. 0.51% 2021/02/17 Discount Note 3,000,000 2,996 2,998 .. Inter Pipeline (Corridor) Inc. 0.51% 2021/03/02 Discount Note 10,000,000 9,987 9,992 .. Inter Pipeline (Corridor) Inc. 0.50% 2021/03/23 Discount Note 6,300,000 6,292 6,293 .. King Street Funding Trust 0.28% 2021/01/05 Discount Note 5,625,000 5,621 5,625 .. King Street Funding Trust 0.27% 2021/01/12 Discount Note 7,500,000 7,495 7,499 .. King Street Funding Trust 0.27% 2021/03/09 Discount Note 6,100,000 6,096 6,097 .. Manulife Bank of Canada 0.50% 2021/02/02 Bearer Deposit Note 1,500,000 1,496 1,499 .. Merit Trust 0.28% 2021/02/02 Senior Discount Note 8,425,000 8,419 8,423 .. Merit Trust 0.41% 2021/03/23 Senior Discount Note 6,500,000 6,487 6,494 .. Merit Trust 0.39% 2021/06/15 Senior Discount Note 1,800,000 1,797 1,797 .. Nova Scotia Power Inc. 0.26% 2021/01/12 Discount Note 3,350,000 3,349 3,350 .. Ontario Teachers' Finance Trust 0.34% 2021/01/22 Discount Note 4,250,000 4,243 4,249 .. Plaza Trust 0.30% 2021/03/03 Discount Note 7,775,000 7,769 7,771 .. Plaza Trust 0.37% 2021/05/12 Discount Note 3,000,000 2,994 2,996 .. Ridge Trust 0.41% 2021/02/24 Discount Note 10,000,000 9,980 9,994 .. Ridge Trust 0.34% 2021/03/17 Discount Note 4,000,000 3,995 3,997 .. Ridge Trust 0.40% 2021/04/16 Discount Note 3,782,000 3,775 3,778 .. Ridge Trust 0.38% 2021/06/02 Discount Note 8,300,000 8,284 8,287 .. Storm King Funding Trust 0.55% 2021/01/12 Discount Note 5,000,000 4,986 4,999 .. Storm King Funding Trust 0.31% 2021/02/03 Discount Note 12,000,000 11,991 11,997 .. Storm King Funding Trust 0.32% 2021/02/10 Discount Note 2,622,000 2,620 2,621 .. Storm King Funding Trust 0.30% 2021/03/17 Discount Note 15,000,000 14,989 14,991 .. Storm King Funding Trust 0.41% 2021/04/14 Discount Note 17,500,000 17,464 17,480 .. Storm King Funding Trust 0.37% 2021/05/10 Discount Note 9,183,000 9,166 9,171 .. Storm King Funding Trust 0.37% 2021/06/10 Discount Note 12,100,000 12,078 12,081 .. TMX Group Ltd. 0.24% 2021/01/29 Discount Note 4,000,000 3,999 3,999 .. Zeus Receivables Trust 0.28% 2021/03/16 Senior Discount Note 5,000,000 4,997 4,997 .. Zeus Receivables Trust 0.41% 2021/03/23 Senior Discount Note 2,000,000 1,996 1,998 Zeus Receivables Trust 0.38% 2021/04/26 Senior Discount Note 5,000,000 4,991 4,994 ...... TOTAL SHORT-TERM INVESTMENTS 338,551 338,717 21.4% . . .. Less: Transaction costs included in average cost (288) . .. .. TOTAL INVESTMENTS 1,407,132 1,514,966 95.6% . . .. Margin 63,770 4.0% .. Derivative assets 6,054 0.4% .. Derivative liabilities (5,150) (0.3)% .. Other Assets, less Liabilities 5,092 0.3% ...... TOTAL NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 1,584,732 100.0% . . ..

x

x Schedule of Derivative Assets and Liabilities - Futures Contracts (note 11) Contracted Number of Contracted Fair Unrealized Gain Value ($) Name of Future Expiry Date Contracts Currency Price Value ($) (Loss) ($000s)

x .. 23,679,060 S&P/TSX 60 Index March 2021 114 CAD 1,038.56 23,458,920 (220) .. 231,926,039 United States S&P 500 E-Mini Index March 2021 997 USD 3,655.02 237,876,599 5,950 ...... 255,605,099 261,335,519 5,730 . . .. As at December 31, 2020, $63,770,163 cash was deposited as margin for the futures contracts.

x Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts (note 10) Credit Rating for Settlement Currency Currency Unrealized Gain Counterparty Counterparty* Date Buys Par Value Sells Par Value Forward Rate Current Rate (Loss) ($000s)

x .. Bank of Montreal A-1 2021/01/15 USD 126,399,341 CAD 165,656,701 1.311 1.273 (4,770) .. Bank of Montreal A-1 2021/01/15 USD 1,400,000 CAD 1,787,332 1.277 1.273 (5) .. Bank of Montreal A-1 2021/01/15 USD 1,300,000 CAD 1,687,706 1.298 1.273 (33) .. Canadian Imperial Bank of Commerce A-1 2021/01/15 USD 1,700,000 CAD 2,262,105 1.331 1.273 (98) .. Canadian Imperial Bank of Commerce A-1 2021/01/15 USD 1,500,000 CAD 1,919,775 1.280 1.273 (11) .. Royal Bank of Canada A-1+ 2021/01/15 USD 1,300,000 CAD 1,667,686 1.283 1.273 (13) .. Royal Bank of Canada A-1+ 2021/01/15 CAD 3,286,213 USD 2,500,000 0.761 0.786 104 ...... Derivative Assets and Liabilities - Forwards (4,826) . . .. * The credit rating of each counterparty (as rated by S&P Global Ratings, a division of S&P Global) of the forward foreign currency contracts held by the Fund meets or exceeds the minimum designated rating.

The accompanying notes are an integral part of these financial statements. 17 CIBC Balanced Index Fund

Supplemental Schedule to Schedule of Investment Portfolio

Offsetting Arrangements (note 2d) (in 000s) The Fund may enter into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of the contracts. The following table reconciles the net amount of “Over-The-Counter” derivatives presented in the Statements of Financial Position, as at December 31, 2020 and 2019, to:

• The gross amount before offsetting required under IFRS; and

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

x Financial Assets and Liabilities Amounts Offset Amounts Not Offset Net Net Amounts Presented on Gross Assets Amounts Offset Under Statements of Master Netting Cash Collateral (Liabilities) IFRS Financial Position Arrangements Received

x .. As at December 31, 2020 .. OTC Derivative Assets $ 104 $ – $ 104 $ (13) $ – $ 91 .. OTC Derivative Liabilities (4,930) – (4,930) 13 – (4,917) ...... Total $ (4,826) $ – $ (4,826) $ – $ – $ (4,826) . . .. As at December 31, 2019 .. OTC Derivative Assets $ 28 $ – $ 28 $ (6) $ – $ 22 .. OTC Derivative Liabilities (3,417) – (3,417) 6 – (3,411) ...... Total $ (3,389) $ – $ (3,389) $ – $ – $ (3,389) . .

Interests in Underlying Funds (note 4) As at December 31, 2020 and 2019, the Fund had no investments in underlying funds where the ownership exceeded 20% of each underlying fund.

18 The accompanying notes are an integral part of these financial statements. CIBC Balanced Index Fund

Financial Instrument Risks Currency Risk Investment Objective: CIBC Balanced Index Fund (referred to as the Fund) seeks to The tables that follow indicate the currencies to which the Fund had significant provide both long-term growth through capital appreciation and income by investing exposure as at December 31, 2020 and 2019, based on the market value of the Fund's primarily in a combination of debt instruments, equity securities and options, futures, financial instruments (including cash and cash equivalents) and the underlying principal and forward contracts based on Canadian, U.S., and international stock market indices. amounts of forward foreign currency contracts, as applicable.

Investment Strategies: The Fund uses passive management strategies to create a As at December 31, 2020 portfolio with characteristics similar to the blended index described below, allowing the Total Currency % of Fund to obtain a return that approximates the performance of that index: 35% FTSE Currency (note 2m) Exposure* ($000s) Net Assets

x Canada Universe Bond Index, 35% S&P/TSX Composite Index, 15% S&P 500 Total x USD 346,584 21.9 x x Return Index, 8% FTSE Canada 91 day TBill Index, and 7% MSCI EAFE Index. x * Amounts reflect the carrying value of monetary and non-monetary items (including the notional Significant risks that are relevant to the Fund are discussed here. General information amount of forward foreign currency contracts, if any). on risk management and specific discussion on concentration, credit, currency, interest rate, liquidity, and other price/market risk can be found in note 2 of the financial As at December 31, 2019 statements. Total Currency % of Currency (note 2m) Exposure* ($000s) Net Assets

x x In the following risk tables, Net Assets is defined as meaning “Net assets attributable USD 269,573 21.8 x x to holders of redeemable units". x * Amounts reflect the carrying value of monetary and non-monetary items (including the notional amount of forward foreign currency contracts, if any). Concentration Risk as at December 31, 2020 and 2019 The Schedule of Investment Portfolio presents the securities held by the Fund as at The table that follows indicates how net assets as at December 31, 2020 and 2019 December 31, 2020. would have decreased or increased had the Canadian dollar strengthened or weakened The following table presents the investment sectors held by the Fund as at December by 1% in relation to all foreign currencies. This analysis assumes that all other variables 31, 2019 and groups the securities by asset type, industry sector, geographic region, or remain unchanged. In practice, the actual results may differ from this analysis and the currency exposure: difference could be material. December 31, 2020 December 31, 2019

x As at December 31, 2019 x Impact on Net Assets ($000s) 3,466 2,696 x % of Net x Portfolio Breakdown Assets x Interest Rate Risk x Canadian Equities x The Fund’s short-term assets and liabilities were not subject to significant amounts of Communication Services 1.6 x Consumer Discretionary 1.2 risk due to fluctuations in the prevailing level of market interest rates. x Consumer Staples 1.1 x The table that follows indicates the Fund’s exposure to fixed income securities by Energy 5.0 x remaining term-to-maturity. Financials 12.5 x

Health Care 0.2 . x Industrials 3.2 x December 31, 2020 December 31, 2019 Information Technology 1.7 x Remaining Term-to-Maturity ($000s) ($000s)

x Materials 3.3 x x 1-3 years 100,232 87,546 Real Estate 0.9 x x Utilities 1.4 3-5 years 91,981 74,074 x x International Equities x > 5 years 347,444 260,349 x x United States 7.2 x x Total 539,657 421,969 x Canadian Bonds x x Government of Canada & Guaranteed 11.6 x The table that follows indicates how net assets as at December 31, 2020 and 2019 Provincial Government & Guaranteed 12.1 x Municipal Government & Guaranteed 0.8 would have increased or decreased had the interest rate decreased or increased by 25 x Corporate 9.5 basis points and assuming a parallel shift in the yield curve. This change is estimated x Supranational Bonds 0.1 x using the weighted average duration of the fixed income portfolio. This analysis Short-Term Investments 23.7 x assumes that all other variables remain unchanged. In practice, actual results may differ Margin 2.8 x from this analysis and the difference could be material. Derivative Assets (Liabilities) (0.1) x Other Assets, less Liabilities 0.2 x . x x Total 100.0 December 31, 2020 December 31, 2019 x x x x Impact on Net Assets ($000s) 11,652 8,675 x Credit Risk x Credit ratings represent a consolidation of the ratings provided by various outside Liquidity Risk service providers and are subject to change, which could be material. Liquidity risk is the risk that the Fund will encounter difficulty in meeting obligations See the Schedule of Investment Portfolio for counterparties related to over-the-counter associated with financial liabilities. The Fund is exposed to daily cash redemptions of derivative contracts, where applicable. redeemable units. The Fund maintains sufficient cash on hand to fund anticipated As at December 31, 2020 and 2019, the Fund invested in debt securities with the redemptions. following credit ratings: With the exception of derivative contracts, where applicable, all of the Fund’s financial liabilities are short-term liabilities maturing within 90 days after the period end. . % of Net Assets For funds that hold derivative contracts with a term-to-maturity that exceeds 90 days Debt Securities by Credit Rating (note 2b) December 31, 2020 December 31, 2019 from the period end, further information related to those contracts can be referenced in x x 'AAA' 19.1 23.8 the derivative schedules following the Schedule of Investment Portfolio. x 'AA' 5.4 6.4 x 'A' 19.9 16.1 x 'BBB' 11.0 11.5 x x x Total 55.4 57.8 x x

The accompanying notes are an integral part of these financial statements. 19 CIBC Balanced Index Fund

Other Price/Market Risk Reconciliation of financial asset and liability movement – Level 3 The table that follows indicates how net assets as at December 31, 2020 and 2019 The Fund did not hold any Level 3 investments at the beginning of, during, or at the end would have increased or decreased had the value of the Fund’s benchmark(s) increased of either reporting period. or decreased by 1%. This change is estimated based on the historical correlation between the return of Class A units of the Fund as compared to the return of the Fund’s benchmark(s), using 36 monthly data points, as available, based on the monthly net returns of the Fund. This analysis assumes that all other variables remain unchanged. The historical correlation may not be representative of the future correlation and, accordingly, the impact on net assets could be materially different.

x Impact on Net Assets ($000s) Benchmark December 31, 2020 December 31, 2019

x x S&P/TSX Composite Index 8,639 6,393 x x x FTSE Canada Universe Bond Index 19,593 6,636 x x x 35% FTSE Canada Universe Bond Index 16,068 12,304 35% S&P/TSX Composite Index 15% S&P 500 Total Return Index 8% FTSE Canada 91 Day T-Bill Index 7% MSCI EAFE Index x x

Fair Value Measurement of Financial Instruments The following is a summary of the inputs used as at December 31, 2020 and 2019 in valuing the Fund’s financial assets and financial liabilities, carried at fair value:

As at December 31, 2020 Level 1 (i) Level 2 (ii) Level 3 (iii) Total Classification ($000s) ($000s) ($000s) ($000s)

x x Financial Assets x Fixed Income Securities – 539,657 – 539,657 x Short-Term Investments – 338,717 – 338,717 x Equities 636,559 33 – 636,592 x Derivative assets 5,950 104 – 6,054 x x x Total Financial Assets 642,509 878,511 – 1,521,020 x x x Financial Liabilities x Derivative liabilities (220) (4,930) – (5,150) x x x Total Financial Liabilities (220) (4,930) – (5,150) x x x Total Financial Assets and Liabilities 642,289 873,581 – 1,515,870 x x x (i) Quoted prices in active markets for identical assets

x (ii) Significant other observable inputs

x (iii) Significant unobservable inputs As at December 31, 2019 Level 1 (i) Level 2 (ii) Level 3 (iii) Total Classification ($000s) ($000s) ($000s) ($000s)

x x Financial Assets x Fixed Income Securities – 421,969 – 421,969 x Short-Term Investments – 294,187 – 294,187 x Equities 487,017 – – 487,017 x Derivative assets 3,156 28 – 3,184 x x x Total Financial Assets 490,173 716,184 – 1,206,357 x x x Financial Liabilities x Derivative liabilities – (3,417) – (3,417) x x x Total Financial Liabilities – (3,417) – (3,417) x x x Total Financial Assets and Liabilities 490,173 712,767 – 1,202,940 x x x (i) Quoted prices in active markets for identical assets

x (ii) Significant other observable inputs

x (iii) Significant unobservable inputs Transfer of assets between Level 1 and Level 2 Financial assets and liabilities transferred from Level 1 to Level 2 are the result of securities no longer being traded in an active market.

For the periods ended December 31, 2020 and 2019, there were no transfers of financial assets and liabilities from Level 1 to Level 2.

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

For the periods ended December 31, 2020 and 2019, there were no transfers of financial assets and liabilities from Level 2 to Level 1.

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

Notes to Financial Statements

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

1. Organization of the Funds and Financial Reporting Periods Each of the CIBC Mutual Funds and CIBC Family of Portfolios (referred to as individually, a Fund, and collectively, the Funds) is a mutual fund trust organized under the laws of Ontario and governed by a declaration of trust (referred to as Declaration of Trust). The address of the Funds’ head office is Brookfield Place, 161 Bay Street, 22 nd Floor, Toronto, Ontario. CIBC Securities Inc. is the principal distributor, Canadian Imperial Bank of Commerce (referred to as CIBC) is the manager (referred to as the Manager), and CIBC Trust Corporation is the trustee (referred to as the Trustee) of the Funds. Each Fund is permitted to have an unlimited number of classes or series of units and may issue an unlimited number of units of each class or series. In the future, the offering of any classes or series of units of a Fund may be terminated or additional classes or series of units may be offered. The following table indicates the classes or series of units offered for sale by each of the Funds, as at the date of these financial statements:

x Class T4 and Class T6 and Class T8 and Class Funds Class A Class FT4 Class FT6 Class FT8 Premium Class Class F F-Premium Class O

x x CIBC Canadian T-Bill Fund ✓ ✓ ✓ ✓

x CIBC Money Market Fund ✓ ✓ ✓ ✓ ✓

x CIBC U.S. Dollar Money Market Fund ✓ ✓ ✓ ✓ ✓

x CIBC Short-Term Income Fund ✓ ✓ ✓ ✓ ✓

x CIBC Canadian Bond Fund ✓ ✓ ✓ ✓ ✓

x CIBC Monthly Income Fund ✓ ✓ ✓

x CIBC Global Bond Fund ✓ ✓ ✓

x CIBC Global Monthly Income Fund ✓ ✓ ✓

x CIBC Balanced Fund ✓ ✓

x CIBC Dividend Income Fund ✓ ✓ ✓

x CIBC Dividend Growth Fund ✓ ✓ ✓

x CIBC Canadian Equity Fund ✓ ✓ ✓

x CIBC Canadian Equity Value Fund ✓ ✓ ✓

x CIBC Canadian Small-Cap Fund ✓ ✓

x CIBC U.S. Equity Fund ✓ ✓ ✓

x CIBC U.S. Small Companies Fund ✓ ✓ ✓

x CIBC Global Equity Fund ✓ ✓

x CIBC International Equity Fund ✓ ✓ ✓

x CIBC European Equity Fund ✓ ✓ ✓

x CIBC Emerging Markets Fund ✓ ✓ ✓

x CIBC Asia Pacific Fund ✓ ✓ ✓

x CIBC International Small Companies Fund ✓ ✓

x CIBC Financial Companies Fund ✓ ✓

x CIBC Canadian Resources Fund ✓ ✓ ✓

x CIBC Energy Fund ✓ ✓ ✓

x CIBC Canadian Real Estate Fund ✓ ✓ ✓

x CIBC Precious Metals Fund ✓ ✓ ✓

x CIBC Global Technology Fund ✓ ✓

x CIBC Canadian Short-Term Bond Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC Canadian Bond Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC Global Bond Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC Balanced Index Fund ✓ ✓ ✓ ✓

x CIBC Canadian Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC U.S. Broad Market Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC U.S. Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC International Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC European Index Fund ✓ ✓ ✓ ✓

x CIBC Emerging Markets Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC Asia Pacific Index Fund ✓ ✓ ✓ ✓ ✓

x CIBC Nasdaq Index Fund ✓ ✓ ✓ ✓

x CIBC Managed Income Portfolio ✓ ✓ ✓ ✓

x CIBC Managed Income Plus Portfolio ✓ ✓ ✓ ✓

x CIBC Managed Balanced Portfolio ✓ ✓ ✓ ✓ ✓

x CIBC Managed Monthly Income Balanced Portfolio ✓ ✓ ✓ ✓

x CIBC Managed Balanced Growth Portfolio ✓ ✓ ✓ ✓ ✓

x CIBC Managed Growth Portfolio ✓ ✓ ✓ ✓ ✓

x CIBC Managed Aggressive Growth Portfolio ✓ ✓ ✓ ✓ ✓

x CIBC U.S. Dollar Managed Income Portfolio ✓ ✓ ✓ ✓

21 p / 2 Notes to Financial Statements

x Class T4 and Class T6 and Class T8 and Class Funds Class A Class FT4 Class FT6 Class FT8 Premium Class Class F F-Premium Class O

x CIBC U.S. Dollar Managed Growth Portfolio ✓ ✓ ✓ ✓ ✓

x CIBC U.S. Dollar Managed Balanced Portfolio ✓ ✓ ✓ ✓ ✓

x

{ Passive Portfolios Class A Class D Class F Class O

x x CIBC Conservative Passive Portfolio ✓ ✓ ✓ ✓

x CIBC Balanced Passive Portfolio ✓ ✓ ✓ ✓

x CIBC Balanced Growth Passive Portfolio ✓ ✓ ✓ ✓ x

Smart Investment Solutions Series A Series T5 Series F Series FT5 Series S Series ST5

x x CIBC Smart Income Solution ✓ ✓ ✓ ✓ ✓ ✓

x CIBC Smart Balanced Income Solution ✓ ✓ ✓ ✓ ✓ ✓

x CIBC Smart Balanced Solution ✓ ✓ ✓ ✓ ✓ ✓

x CIBC Smart Balanced Growth Solution ✓ ✓ ✓ ✓ ✓ ✓

x CIBC Smart Growth Solution ✓ ✓ ✓ ✓ ✓ ✓ x Each class or series of units may charge a different management fee. Operating expenses can be either common, class-specific or series-specific. Class-specific or series-specific expenses are allocated on a class-by-class or series-by-series basis. As a result, a separate net asset value per unit is calculated for each class or series of units. Class A and Series A units are available to all investors on a no-load basis with a minimum investment of $500. Investors may have to pay a short-term trading fee if applicable. Class T4, T6, and T8 units have the same characteristics as Class A units, except that they each intend to pay a fixed distribution amount per unit, which results in a separate net asset value per unit for each class, and they may have different minimum investment requirements. Class D units are available to investors who have accounts with CIBC Investor’s Edge (a division of CIBC Investor Services Inc.) or other discount brokers with a minimum investment of $500. Class F and Series F units are available, subject to a minimum investment of $500, to investors participating in certain programs, such as clients of “fee-for-service” investment advisors, dealer-sponsored “wrap accounts”, and others who pay an annual fee to their dealer, and to investors who have accounts with a discount broker. Instead of paying a sales charge, investors purchasing Class F and Series F units may pay fees to their dealer for their services. Trailing commissions are not paid to dealers in respect of Class F and Series F units, which allows for Class F and Series F to charge a lower annual management fee. Class FT4, FT6, and FT8 units have the same characteristics as Class F units, except that they each intend to pay a fixed distribution amount per unit, which results in a separate net asset value per unit for each class, and they may have different minimum investment requirements. Premium Class units are available to investors on a no-load basis with a minimum investment of $100,000 for CIBC Canadian T-Bill Fund and CIBC Money Market Fund, US$100,000 for CIBC U.S. Dollar Money Market Fund, $50,000 for CIBC Short-Term Income Fund, CIBC Canadian Bond Fund, CIBC Canadian Short-Term Bond Index Fund, CIBC Canadian Bond Index Fund, CIBC Global Bond Index Fund, CIBC Balanced Index Fund, CIBC Canadian Index Fund, CIBC U.S. Broad Market Index Fund, CIBC U.S. Index Fund, CIBC International Index Fund, CIBC European Index Fund, CIBC Emerging Markets Index Fund, CIBC Asia Pacific Index Fund, and CIBC Nasdaq Index Fund, and US$50,000 for the U.S. dollar purchase option of CIBC U.S. Broad Market Index Fund and CIBC Nasdaq Index Fund. Management fees charged in respect of Premium Class units are lower than those charged in respect of Class A units. Class F-Premium units are available, subject to certain minimum investment requirements, to investors participating in certain programs, such as clients of “fee-for-service” investment advisors, dealer-sponsored “wrap accounts”, institutional clients and others who pay an annual fee to their dealer, and to investors who have accounts with a discount broker (provided the discount broker offers this of units on its platform). Instead of paying a sales charge, investors purchasing Class F-Premium may pay fees to their dealer for their services. This class does not pay a trailing commission to dealers which allows the class to charge a lower annual management fee. Effective July 6, 2020, Institutional Class units were renamed as Class F-Premium units for the CIBC Canadian Short-Term Bond Index Fund, CIBC Canadian Bond Index Fund, CIBC Global Bond Index Fund, CIBC Balanced Index Fund, CIBC Canadian Index Fund, CIBC U.S. Broad Market Index Fund, CIBC U.S. Index Fund, CIBC International Index Fund, CIBC European Index Fund, CIBC Emerging Markets Index Fund, CIBC Asia Pacific Index Fund and the CIBC Nasdaq Index Fund. Class O units are only available to certain investors who have been approved by and have entered into a Class O unit account agreement with the Manager or whose dealer or discretionary manager offers separately managed accounts or similar programs and has entered into a Class O unit account agreement with the Manager. These investors are typically financial services companies, including the Manager, that use Class O units of a fund to facilitate offering other products to investors. No management fees or operating expenses are charged to a fund in respect of Class O units; instead, a negotiated management fee is charged by the Manager directly to, or as directed by, Class O unitholders or dealers and discretionary managers on behalf of unitholders. Series S units are only available for purchase by mutual funds, asset allocation services or discretionary managed accounts offered by the manager or its affiliates. Series T5 units have the same characteristics as Series A units, FT5 units have the same characteristics as Series F units and ST5 units have the same characteristics as Series S units except that Series T5 units, Series FT5 units and Series ST5 units may have different minimum investment requirements and they intend to pay a fixed distribution amount per unit, which results in a separate net asset value per unit for each Series. The date upon which each Fund was established by Declaration of Trust (referred to as Date Established) and the date upon which each class or series of units of each Fund was first sold to the public (referred to as Inception Date) are reported in the footnote Organization of the Fund on the Statements of Financial Position. The Schedule of Investment Portfolio of each of the Funds is as at December 31, 2020. The Statements of Financial Position of each of the Funds are as at December 31, 2020 and 2019. The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units, and the Statements of Cash Flows of each of the Funds are for the years ended December 31, 2020 and 2019, except for Funds, classes or series established during either period, in which case the information presented is from the Date Established or the Inception Date to December 31, 2020 and 2019. These financial statements were approved for issuance by the Manager on March 10, 2021. 2. Summary of Significant Accounting Policies These financial statements have been prepared in accordance with International Financial Reporting Standards (referred to as IFRS) as published by the International Accounting Standards Board. The financial statements have been prepared on a going concern basis using the historical cost convention. However, each Fund is an investment entity and primarily all financial assets and financial liabilities are measured at fair value in accordance with IFRS. Accordingly, the Funds’ accounting policies for measuring the fair value of investments and derivatives are consistent with those used in measuring the Net Asset Value for transactions with unitholders. In applying IFRS, these financial statements include estimates and assumptions made by management that affect the reported amounts of assets, liabilities, income, and expenses during the reporting periods. However, existing circumstances and assumptions may change due to market changes or circumstances arising beyond the control of the Funds. Such changes are reflected in the assumptions when they occur. These financial statements have been presented in Canadian dollars, which is the Funds’ functional currency (unless otherwise noted). a) Financial Instruments Classification and recognition of financial instruments Under IFRS 9 Financial Instruments, the Funds classify financial assets into one of three categories based on the entity’s business model for managing financial assets and the contractual cash flow characteristics of the financial assets. Those categories are:

• Amortized Cost - Assets held within a business model whose objective is to collect cash flows and where the contractual cash flows of the assets are solely payments of principal and interest (SPPI criterion). Amortization of the asset is calculated utilizing the Effective Interest Rate Method.

22 Notes to Financial Statements p / 3

• Fair Value Through Other Comprehensive Income (referred to as FVOCI) - Financial assets such as debt instruments that meet the SPPI criterion and are held within a business model with objectives that include both collecting the associated contractual cash flows and selling financial assets. Gains and losses are reclassified to profit or loss upon derecognition for debt instruments but remain in other comprehensive income for equity instruments.

• Fair Value Through Profit or Loss (referred to as FVTPL) - A financial asset is measured at FVTPL unless it is measured at Amortized Cost or FVOCI. Derivative contracts are measured at FVTPL. For all instruments classified as FVTPL, the gains and losses are recognized in profit or loss. Financial liabilities are classified at FVTPL when they meet the definition of held-for-trading or when they are designated as FVTPL on initial recognition using the fair value option. The Manager has assessed the business models of the Funds and has determined that the Funds’ portfolio of financial assets and financial liabilities are managed and performance is evaluated on a fair value basis in accordance with the Funds’ risk management and investment strategies; therefore, classification and measurement of financial assets is FVTPL. All Funds have contractual obligations to distribute cash to the unitholders. As a result, each Fund's obligation for net assets attributable to holders of redeemable units represents a financial liability and is presented at the redemption amount. b) Risk Management The Funds’ overall risk management approach includes formal guidelines that govern the extent of exposure to various types of risk, including diversification within asset classes and limits on the exposure to individual investments and counterparties. In addition, derivative financial instruments may be used to manage certain risk exposures. The Manager also has various internal controls to oversee the Funds’ investment activities, including monitoring compliance with the investment objectives and strategies, internal guidelines, and securities regulations. Please refer to each Fund’s Supplemental Schedule to Schedule of Investment Portfolio for specific risk disclosures. Fair value of financial instruments by using valuation techniques Financial instruments are valued at their fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Refer to notes 3a to 3f for valuation of each specific type of financial instrument held by the Funds. The fair value of financial assets and liabilities traded in active markets are based on quoted market prices at the close of trading on the reporting date. The Funds use the last traded market price for both financial assets and financial liabilities where the last traded price falls within that day’s bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager determines the price that is most representative of fair value based on the specific facts and circumstances. For financial assets and financial liabilities that are not traded in an active market, fair value is determined using valuation techniques. The Funds classify fair value measurement within a hierarchy, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (referred to as Level 1) and the lowest priority to unobservable inputs (referred to as Level 3). The three levels of the fair value hierarchy are: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: Inputs are unobservable for the asset or liability. If inputs are used to measure an asset’s or liability’s fair value, the classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. Each Fund’s fair value hierarchy classification of its assets and liabilities is included in the Supplemental Schedule to Schedule of Investment Portfolio. The carrying values of all non-investment assets and liabilities approximate their fair values due to their short-term nature. Fair values are classified as Level 1 when the related security or derivative is actively traded and a quoted price is available. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2, unless the measurement of its fair value requires the use of significant unobservable inputs, in which case it is classified as Level 3. The Manager is responsible for performing the fair value measurements included in the financial statements of a Fund, including the Level 3 measurements. The Manager obtains pricing from third-party pricing vendors and the pricing is reviewed daily. At each financial reporting date, the Manager reviews and approves all Level 3 fair value measurements. The Funds also have a Valuation Committee that meets quarterly to perform detailed reviews of the valuations of investments held by the Funds, which includes discussion on Level 3 measurements. Credit risk Credit risk is the risk that a counterparty to a financial instrument, such as a fixed income security or a derivative contract, will fail to discharge an obligation or commitment that it has entered into with the Funds. The value of fixed income securities and derivatives as presented on the Schedule of Investment Portfolio includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Funds. Certain Funds may invest in short-term fixed income securities issued or guaranteed primarily by the Government of Canada or, any Canadian provincial or Canadian municipal government, obligations of Canadian chartered banks or trust companies, and commercial paper with approved credit ratings. The risk of default on these short-term fixed income securities is considered low and these securities primarily have credit ratings of "A-1 (Low)" or higher (as rated by S&P Global Ratings, a division of S&P Global, or equivalent rating from another rating service). The bond ratings noted in the Funds’ ‘Financial Instruments Risk’ under sub-section ‘Credit Risk’ represent ratings collected and disseminated by recognized third-party vendors. These ratings utilized by the Manager, while obtained from vendors skilled and recognized for bond rating services, may not be the same as those used directly by the portfolio advisor or portfolio sub-advisors. Ratings used by the portfolio advisor or portfolio sub-advisors could be higher or lower than those used for risk disclosure in the financial statements in compliance with their investment policy guidelines. The Funds may engage in securities lending transactions. The credit risk related to securities lending transactions is limited by the fact that the value of cash or securities held as collateral by the Funds in connection with these transactions is at least 102% of the fair value of the securities loaned. The collateral and loaned securities are marked to market on each business day. Further information regarding the collateral and securities on loan can be found in the footnotes to the Statements of Financial Position and in note 2j. Currency risk Currency risk is the risk that the value of an investment will fluctuate due to changes in foreign exchange rates. Mutual funds may invest in securities denominated or traded in currencies other than the Funds’ reporting currency. Interest rate risk Prices of fixed income securities generally increase when interest rates decline and decrease when interest rates rise. This risk is known as interest rate risk. Prices of longer-term fixed income securities will generally fluctuate more in response to interest rate changes than would shorter-term securities. Due to the nature of short-term fixed income securities with a remaining term-to-maturity of less than one year, these investments are not generally exposed to a significant risk that their value will fluctuate in response to changes in the prevailing levels of market interest rates. Liquidity risk The Funds are exposed to daily cash redemptions of redeemable units. Generally, the Funds retain sufficient cash and cash equivalent positions to maintain adequate liquidity. However, liquidity risk also involves the ability to sell an asset for cash easily and at a fair price. Some securities are illiquid due to legal restrictions on their resale, the nature of the investment, or simply a lack of interested buyers for a particular security or security type. Certain securities may become less liquid due to changes in market conditions, such as interest rate changes or market volatility, which could impair the ability of a Fund to sell such securities quickly or at a fair price. Difficulty in selling securities could result in a loss or a lower return for a Fund. Other price/market risk Other price/market risk is the risk that the value of investments will fluctuate as a result of changes in market conditions. Several factors can influence market trends, such as economic developments, changes in interest rates, political changes, and catastrophic events, such as pandemics or disasters which occur naturally or are exacerbated by climate change. Pandemics such as coronavirus disease 2019 (referred to as COVID-19) may adversely affect global markets and the performance of the Funds. All investments are exposed to other price/market risk. c) Investment Transactions, Income Recognition, and Recognition of Realized and Unrealized Gains and Losses i) Interest for distribution purposes shown on the Statements of Comprehensive Income represents the coupon interest received by the Fund accounted for on an accrual basis. The Funds do not amortize premiums paid or discounts received on the purchase of fixed income securities except for zero coupon bonds, which are amortized on a straight-line basis. ii) Dividend income is recorded on the ex-dividend date.

23 p / 4 Notes to Financial Statements

iii) Investment transactions are recorded on a trade date basis. Securities that are exchange-traded are recorded at fair value established by the last traded market price when that price falls within that day’s bid-ask spread. Debt securities are recorded at fair value, established by the last traded price on the over-the-counter market (referred to as OTC) when that price falls within that day’s bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager determines the price that is most representative of fair value based on the specific facts and circumstances. Gold bullion recorded at fair value established by the last traded market price when the price falls within that day’s bid-ask spread. Unlisted securities are recorded at fair value using fair valuation techniques established by the Manager in establishing a fair value. iv) Realized gains and losses on investments and unrealized appreciation or depreciation of investments are calculated using the average cost, excluding transaction costs, of the related investments. v) Investment income is the sum of income paid to the Fund that is generated from a Fund’s investment fund holdings. vi) Other income is the sum of income, excluding transaction costs, other than that which is separately classified on the Statements of Comprehensive Income. d) Offsetting Financial assets and liabilities are offset and the net amount reported in the Statements of Financial Position, if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. Where applicable, additional information can be found in the table Offsetting Arrangements as part of the Supplemental Schedule to Schedule of Investment Portfolio. This supplemental schedule discloses the OTC derivatives which are subject to offsetting. e) Portfolio Securities The cost of securities of a Fund is determined in the following manner: securities are purchased and sold at a market-traded price to arrive at a value for the position traded. The total purchased value represents the total cost of the security to the Fund. When additional units of the same security are purchased, the cost of those additional units is added to the total security cost. When units of the same security are sold, the proportionate cost of the units of the security sold is deducted from the total security cost. If there is a return of capital paid by a security, the amount of this return of capital is deducted from the total security cost. This method of tracking security cost is known as “average cost” and the current total for any one security is referred to as the “adjusted cost base” or “ACB” of the security. Transaction costs incurred in portfolio transactions are excluded from the average cost of investments and are recognized immediately in Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units and are presented as a separate expense item in the financial statements. The difference between the fair value of securities and their average cost, excluding transaction costs, represents the unrealized appreciation (depreciation) in value of the portfolio investments. The applicable period change in unrealized appreciation (depreciation) of investments is included on the Statements of Comprehensive Income. Short-term investments on the Schedule of Investment Portfolio are presented at their amortized cost which approximates the fair value. Accrued interest for bonds is disclosed separately on the Statements of Financial Position. f) Foreign Exchange The value of investments and other assets and liabilities denominated in foreign currencies is translated into Canadian dollars, which is the Funds’ functional and presentation currency (except for CIBC U.S. Dollar Money Market Fund, CIBC U.S. Dollar Managed Income Portfolio, CIBC U.S. Dollar Managed Balanced Portfolio, and CIBC U.S. Dollar Managed Growth Portfolio, which are valued in U.S. dollars) at the current rates prevailing on each valuation date. Purchases and sales of investments, income, and expenses are translated into Canadian dollars, which is the Funds’ functional and presentation currency (with the exception of the above-mentioned Funds which are valued in U.S. dollars) at the foreign exchange rates prevailing on the dates of such transactions. Foreign currency translation gains (losses) on investments and income transactions are included in Net realized gain (loss) on foreign currency and in Income, respectively, on the Statements of Comprehensive Income. g) Forward Foreign Currency Contracts The Funds may enter into forward foreign currency contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory authorities. Changes in the fair value of forward foreign currency contracts are included in derivative assets or derivative liabilities on the Statements of Financial Position, and are recorded as an Increase (Decrease) in unrealized appreciation (depreciation) of investments and derivatives during the applicable period on the Statements of Comprehensive Income. The gain or loss arising from the difference between the value of the original forward foreign currency contract and the value of such contract at close or delivery is realized and recorded as Net realized gain (loss) on foreign currency for Funds that use the forward foreign currency contracts for hedging, or as Derivative income (loss) from forward foreign currency contracts for Funds that do not use the forward foreign currency contracts for hedging. h) Futures Contracts The Funds may enter into futures contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory authorities. The margin deposits with brokers relating to futures contracts are included in Margin on the Statements of Financial Position. Any change in the margin requirement is settled daily and included in Receivable for portfolio securities sold or Payable for portfolio securities purchased on the Statements of Financial Position. Any difference between the settlement value at the close of business on each valuation date and the settlement value at the close of business on the previous valuation date is recorded as Derivative income (loss) from futures contracts on the Statements of Comprehensive Income. i) Options The Funds may enter into options contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory authorities. Premiums paid for purchased call and put options are included in derivative assets and subsequently measured at fair value on the Statements of Financial Position. When a purchased option expires, the Fund will realize a loss in the amount of the cost of the option. For a closing transaction, the Fund will realize a gain or loss depending on whether the proceeds are greater or less than the premium paid at the time of purchase. When a purchased call option is exercised, the cost of the security purchased is increased by the premium paid at the time of purchase. Premiums received from writing options are included in derivative liabilities and subsequently measured at fair value on the Statements of Financial Position as initial reductions in the value of investments. Premiums received from writing options that expire unexercised are recorded as realized gains and reported as Net gain (loss) on sale of investments and derivatives on the Statements of Comprehensive Income. For a closing transaction, if the cost of closing the transaction exceeds the premium received, the Fund will record a realized loss or, if the premium received at the time the option was written is greater than the amount paid, the Fund will record a realized gain and is reported as Net gain (loss) on sale of investments and derivatives. If a written put option is exercised, the cost for the security delivered is reduced by the premiums received at the time the option was written. j) Securities Lending A Fund may lend portfolio securities in order to earn additional revenue, which is disclosed on the Statements of Comprehensive Income. The loaned assets of any one Fund are not permitted to exceed 50% of the fair value of the assets of that Fund (excluding collateral debt for the loaned securities). The minimum allowable collateral is 102% of the fair value of the loaned securities as per the requirements of National Instrument 81-102 – Investment Funds. Collateral can consist of the following: i) Cash. ii) Qualified securities. iii) Irrevocable letters of credit issued by a Canadian financial institution that is not the counterparty, or an affiliate counterparty, of the fund in the transaction, if evidences of indebtedness of the Canadian financial institution that are rated as short-term debt by an approved credit rating organization have an approved credit rating. iv) Securities that are immediately convertible into securities of the same issuer, class, or type, and the same term, as the securities loaned.

24 Notes to Financial Statements p / 5

The fair value of the loaned securities is determined on the close of any valuation date and any additional required collateral is delivered to the Fund on the next business day. The securities on loan continue to be included on the Schedule of Investment Portfolio and are included in the total value on the Statements of Financial Position in Investments (non-derivative financial assets) at fair value. Where applicable, a Fund’s securities lending transactions are reported in the footnote Securities Lending on the Statements of Financial Position. National Instrument 81-106 – Investment Fund Continuous Disclosure requires a reconciliation of the gross income amount generated from the securities lending transactions of the Funds to the revenue from securities lending disclosed in the Funds’ Statements of Comprehensive Income. The gross amount generated from securities lending includes interest paid on collateral, withholding taxes deducted, the fees paid to the Funds’ lending agent and the securities lending revenue received by the Funds. Where applicable, the reconciliation can be found in the footnotes to the Funds’ Statements of Comprehensive Income. k) Multi-Class or Multi-Series Structured Funds The realized and unrealized capital gains or losses, income, and common expenses (other than class-specific or series-specific operating expenses and management fees) of the Fund are allocated on each valuation date to the unitholders in proportion to the respective prior day’s net asset value, which includes unitholder trades dated for that day, of each class or series of units at the date on which the allocation is made. All class-specific or series-specific operating expenses and management fees do not require allocation. All class-specific or series-specific operating expenses are paid by the Manager and are collected from the Funds on a recoverable basis. l) Loans and Receivables, Other Assets and Liabilities Loans and receivables, other assets and liabilities are recorded at cost, which approximates their fair value, with the exception of net assets attributable to holders of redeemable units which are presented at the redemption value. m) Legend of Abbreviations The following is a list of abbreviations (foreign currency translation and others) that may be used on the Schedule of Investment Portfolio:

x Currency Abbreviations

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

.. ARS – Argentine Peso MAD – Morocco Dirham .. AUD – Australian Dollar MXN – Mexican Peso

.. BRL – Brazilian Real MYR – Malaysian Ringgit .. CAD – Canadian Dollar NOK – Norwegian Krone .. CHF – Swiss Franc NZD – New Zealand Dollar

.. CLP – Chilean Peso PEN – Peruvian Nuevo Sol

.. CNY – Chinese Renminbi PHP – Philippine Peso .. COP – Colombian Peso PKR – Pakistan Rupee

.. CZK – Czech Koruna PLN – Polish Zloty .. DKK – Danish Krone QAR – Qatari Riyal

.. EGP – Egyptian Pound RUB – Russian Ruble .. EUR – Euro SAR – Saudi Riyal

.. GBP – British Pound SEK – Swedish Krona .. HKD – Hong Kong Dollar SGD – Singapore Dollar

.. HUF – Hungarian Forint THB – Thai Baht .. IDR – Indonesian Rupiah TRY – New Turkish Lira

.. ILS – Israeli Shekel TWD – Taiwan Dollar .. INR – Indian Rupee USD – United States Dollar

.. JOD – Jordanian Dinars ZAR – South African Rand .. JPY – Japanese Yen

..

Other Abbreviations

.. ADR – American Depositary Receipt ETF – Exchange-Traded Fund

.. CVO – Contingent Value Obligations GDR – Global Depositary Receipt Securities .. ELN – Equity Linked Note NVDR – Non-Voting Depositary Receipt

x x x x x x x x n) Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit Increase (decrease) in net assets attributable to holders of redeemable units per unit of each class or series is calculated by dividing the Increase (decrease) in net assets attributable to holders of redeemable units (excluding distributions), as reported on the Statements of Comprehensive Income, by the weighted average number of units in issue during the related period. 3. Valuation of Investments The valuation date (referred to as Valuation Date) for a Fund is any day when the Manager’s head office is open for business. The Manager may, at its discretion, establish other Valuation Dates. The value of the investments or assets of a Fund is determined as follows: a) Cash and Other Assets Cash, accounts receivable, dividends receivable, distributions receivable, and interest receivable are valued at fair value or at their recorded cost, plus or minus any foreign exchange between recognition of the asset by the Fund and the current Valuation Date, which approximates fair value. b) Bonds, Debentures, and Other Debt Obligations Bonds, debentures, and other debt obligations are fair valued using the last traded price provided by a recognized vendor upon the close of trading on a Valuation Date, whereby the last traded price falls within that day’s bid-ask spread. If the last traded price does not fall within that day’s bid-ask spread, the Manager will then determine the price that is most representative of fair value based on the specific facts and circumstances. c) Listed Securities, Unlisted Securities and Fair Value Pricing of Foreign Securities Any security that is listed or traded on a securities exchange is fair valued using the last traded price, whereby the last traded price falls within that day’s bid-ask spread or, if there is no traded price on that exchange or the last traded price does not fall within that day’s bid-ask spread and in the case of securities traded on an OTC market, at the fair value as determined by the Manager as an appropriate basis for valuation. In such situations, a fair value will be determined by the Manager to establish current value. If any securities are inter-listed or traded on more than one exchange or market, the Manager will use the principal exchange or market for the fair value of such securities. Units of each mutual fund in which a Fund invests will be valued at fair value using the most recent net asset value quoted by the Trustee or Manager of the mutual fund on the Valuation Date.

25 p / 6 Notes to Financial Statements

Unlisted securities are fair valued using the last traded price quoted by a recognized dealer, or the Manager may determine a price that more accurately reflects the fair value of these securities if the Manager feels the last traded price does not reflect fair value. Fair value pricing is designed to avoid stale prices and to provide a more accurate fair value, and may assist in the deterrence of harmful short-term or excessive trading in the Fund. When securities listed or traded on markets or exchanges that close prior to North or South American markets or exchanges are valued by the Manager at their fair market value, instead of using quoted or published prices, the prices of such securities used to calculate the Fund’s net assets or net asset value may differ from quoted or published prices of such securities. d) Derivatives Long positions in options, debt-like securities, and listed warrants are fair valued using the last traded price as established on either their principal trading exchange or by a recognized dealer in such securities, whereby the last traded price falls within that day’s bid-ask spread and the credit rating of each counterparty (as rated by S&P Global Ratings, a division of S&P Global) meets or exceeds the minimum designated rating. When any option is written by any Fund, the premium received by the Fund will be reflected as a liability that will be valued at an amount equal to the current fair value of the option that would have the effect of closing the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment; the liability shall be deducted in arriving at the net assets attributable to holders of redeemable units of the Fund. The securities that are the subject of a written option, if any, will be valued in the manner described above for listed securities. Futures contracts, forward contracts, or swaps will be valued at fair value of the gain or loss, if any, that would be realized on the Valuation Date if the position in the futures contracts, forward contracts, or swaps were to be closed out. Margin paid or deposited in respect of futures contracts and forward contracts will be reflected as an account receivable and margin consisting of assets other than cash will be noted as held as collateral. Other derivatives and margin are fair valued in a manner that the Manager determines to represent their fair value. e) Restricted Securities Restricted securities purchased by any Fund will be fair valued in a manner that the Manager determines to represent their fair value. f) Other Investments All other investments of the Funds will be fair valued in accordance with the laws of the Canadian securities regulatory authorities where applicable. The value of any security or other property of a Fund for which a market quotation is not readily available or where the market quotations do not properly reflect the fair value of such securities will be determined by the Manager by valuing the securities at their fair value. In such situations, fair value will be determined using fair valuation techniques that most accurately reflect their fair value as established by the Manager. 4. Interest in Underlying Funds The Funds may invest in other investment funds (referred to as Underlying Funds). Each Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for its unitholders. Each Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder’s option and entitle the unitholder to a proportionate share of the Underlying Fund’s net assets. The funds’ interests in Underlying Funds held in the form of redeemable units, are reported in their Schedule of Investments at fair value, which represents the Funds’ maximum exposure on those investments. The Funds' interests in Underlying Funds as at the prior year period ends are presented in the Financial Instruments Risks - Concentration Risk section in the Supplemental Schedule to Schedule of Investment Portfolio. Distributions earned from Underlying Funds are included in “Investment Income” in the Statements of Comprehensive Income. The total realized and change in unrealized gains (losses) arising from Underlying Funds are also included in the Statements of Comprehensive Income. The Funds do not provide any additional significant financial or other support to Underlying Funds. Where applicable, the table “Interests in Underlying Funds” presented as part of the Supplemental Schedule to Schedule of Investment Portfolio, provides additional information on the Funds’ investments in Underlying Funds where the ownership interest exceeds 20% of each Underlying Fund. 5. Redeemable Units Issued and Outstanding Each Fund is permitted to have an unlimited number of classes or series of units and may issue an unlimited number of units of each class or series. The outstanding units represent the net assets attributable to holders of redeemable units of a Fund. Each unit has no par value and the value of each unit is the net asset value as determined on each valuation date. Settlement of the cost for units issued is completed as per security regulations in place at the time of issue. Distributions made by a Fund and reinvested by unitholders in additional units also constitute issued redeemable units of a Fund. Units are redeemed at the net assets attributable to holders of a redeemable unit per unit of a Fund. A right to redeem units of a Fund may be suspended with the approval of the Canadian securities regulatory authorities or when normal trading is suspended on a stock, options, or futures exchange within Canada or outside of Canada on which securities or derivatives that make up more than 50% of the value or underlying exposure of the total assets of a Fund, not including any liabilities of a Fund, are traded and when those securities or derivatives are not traded on any other exchange that represents a reasonably practical alternative for a Fund. The Fund is not subject to any externally imposed capital requirements. The capital received by a Fund is utilized within the respective investment mandate of the Fund. This includes the ability to make liquidity available to satisfy unitholder unit redemption requirements upon a unitholder’s request. Changes in issued and outstanding units for the periods ended December 31, 2020 and 2019 can be found on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units.

x 6. Management Fees and Operating Expenses Management fees are based on the net asset value of the Funds and are calculated daily. Management fees are paid to the Manager in consideration for providing, or arranging for the provision of, management, distribution, and portfolio advisory services. The maximum annual management fee expressed as a percentage of the average net asset value for each class or series of units of the Fund is reported in footnote Maximum Chargeable Annual Management Fee Rates on the Statements of Comprehensive Income. For Class O units, management fees are negotiated with and paid by, or as directed by, unitholders, or dealers and discretionary managers on behalf of unitholders. In addition to the management fees, the Funds are responsible for all expenses relating to the operation and conduct of the business of the Funds, including interest, operating, and administrative costs (other than advertising and promotional expenses, which are the responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, Independent Review Committee fees, taxes, audit and legal fees and expenses, safekeeping and custodial fees, investor servicing costs, and costs of unitholder reports, prospectuses, and other reports. All class-specific or series-specific operating expenses are paid by the Manager and recovered from the Funds. The Funds do not pay a fee to the Trustee. The Manager may recover from a Fund less than the actual class-specific or series-specific operating expenses paid by the Manager, resulting in the Manager absorbing class-specific or series-specific expenses. The Manager may also charge to a Fund less than the maximum management fee in footnote Maximum Chargeable Annual Management Fee Rates on the Statements of Comprehensive Income, resulting in the Manager waiving management fees. At its sole discretion, the Manager may stop absorbing class-specific or series-specific operating expenses and/or waiving management fees at any time. Class-specific or series-specific operating expenses absorbed and/or management fees waived by the Manager are disclosed on the Statements of Comprehensive Income. In some cases, the Manager may charge management fees to a Fund that are less than the management fees the Manager is entitled to charge in respect of certain investors in a Fund. The difference in the amount of the management fees will be paid out by the Fund to the applicable investors as a distribution of additional units of the Fund (referred to as Management Fee Distributions). Management Fee Distributions are negotiable between the Manager and the investor and are dependent primarily on the size of the investor’s investment in the Fund. Management Fee Distributions paid to qualified investors do not adversely impact the Fund or any of the Fund’s other investors. The Manager may increase or decrease the amount of Management Fee Distributions to certain investors from time to time. The Manager pays the operating expenses of the CIBC Conservative Passive Portfolio, CIBC Balanced Passive Portfolio and CIBC Balanced Growth Passive Portfolio (referred to as Passive Portfolios) and the CIBC Smart Income Solution, CIBC Smart Balanced Income Solution, CIBC Smart Balanced Solution, CIBC Smart Balanced Growth Solution and the CIBC Smart Growth Solution (referred to as Smart Investment Solutions), which may include but is not limited to, operating and administrative costs; regulatory fees; audit, and legal fees and expenses; trustee, safekeeping, custodial, and any agency fees; and investor servicing costs and costs of unitholder reports, prospectuses, Fund Facts, and other reports, in exchange for the payment by the Passive Portfolios and Smart Investment Solutions of a fixed rate administration fee to the Manager. The Fixed Administration Fee will be equal to a specified percentage of the net asset value of the class units of the Passive Portfolios and the series of units of the Smart Investment Solutions, calculated and accrued daily and paid monthly. The Fixed Administration Fee charged for each class of the Passive Portfolios and the series of units of the Smart Investment Solutions is reported in the footnote Fixed Administration Fee on the Statements of Comprehensive Income. For Class O, no Fixed Administration Fee will be charged. The Fixed Administration Fee payable by the Passive Portfolios and the Smart Investment Solutions, may, in any particular period, exceed or be lower than the expenses we incur in providing such services to the Passive Portfolios or Smart Investment Solutions.

26 Notes to Financial Statements p / 7

Where a Fund invests in units of an Underlying fund, the Fund does not pay duplicate management fees on the portion of its assets that it invests in units of the Underlying Fund. In addition, the Fund will not pay duplicate sales fees or redemption fees with respect to the purchase or redemption by it of units of the Underlying Fund. Some of the Underlying Funds held by the Funds may offer Management Fee Distributions. Such Management Fee Distributions of an Underlying Fund will be paid out as required for taxable distribution payments by a Fund. The manager of an Underlying Fund may, in some cases, waive a portion of an Underlying Fund’s management fee and/or absorb a portion of an Underlying Fund’s operating expenses. 7. Income Taxes and Withholding Taxes The Funds qualify as mutual fund trusts under the Income Tax Act (Canada). No income tax is payable by the Funds on net income and/or net realized capital gains that are distributed to unitholders. In addition, income taxes payable on undistributed net realized capital gains are refundable on a formula basis when units of the Funds are redeemed. Sufficient net income and realized capital gains of the Funds have been, or will be, distributed to the unitholders such that no tax is payable by the Funds and, accordingly, no provision for income taxes has been made in the financial statements. Occasionally, a Fund may pay distributions in excess of the net income and net realized capital gains of the Fund. This excess distribution is called a return of capital and is non-taxable to the unitholder. However, a return of capital reduces the average cost of the unitholder’s units for tax purposes, which may result in a capital gain to the unitholder to the extent the average cost becomes less than zero. CIBC U.S. Dollar Money Market Fund, CIBC U.S. Dollar Managed Income Portfolio, CIBC U.S. Dollar Managed Balanced Portfolio, and CIBC U.S. Dollar Managed Growth Portfolio may realize net foreign currency gains and losses on the translation of their net realized capital gains to Canadian dollars for tax purposes. These gains will be distributed to investors annually unless these Funds elect to retain them, with the result that the tax would be payable by the Funds. Non-capital losses are available to be carried forward for 20 years. Capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized in future years. Where applicable, a Fund’s net capital and non-capital losses are reported in Canadian dollars in the footnote Net Capital and Non-Capital Losses on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. The Funds have a taxation year-end of December 15 (except for CIBC Canadian T-Bill Fund, CIBC Money Market Fund, CIBC U.S. Dollar Money Market Fund which have a taxation year-end of December 31). The Funds currently incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are recorded on a gross basis and the related withholding taxes are shown as a separate expense in the Statements of Comprehensive Income. 8. Brokerage Commissions and Fees The total commissions paid by the Funds to brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund where applicable. In allocating brokerage business to a dealer, consideration may be given by the portfolio advisor or the portfolio sub-advisors of the Funds to the provision of goods and services by the dealer or a third party, other than order execution (referred to in the industry as “soft dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the portfolio advisor and portfolio sub-advisors with their investment decision-making services to the Funds or relate directly to the execution of portfolio transactions on behalf of the Funds. The total soft dollar payments paid by the Funds to brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Fund. Any commission recaptured will be paid to the applicable Fund. Fixed income and certain other securities are transacted in an OTC market, where participants are dealing as principals. Such securities are generally traded on a net basis and do not normally involve brokerage commissions, but will typically include a “spread” (being the difference between the bid and the offer prices on the security of the applicable marketplace). Spreads associated with fixed income securities trading and certain other securities are not ascertainable and, for that reason, are not included in the dollar amounts. In addition, the soft dollar amounts only include the value of research and other services supplied by a third party to CIBC Asset Management Inc. (referred to as CAMI or the Portfolio Advisor) and any portfolio sub-advisors, as the value of the services supplied to the Portfolio Advisor and any portfolio sub-advisors by the dealer is not ascertainable. When these services benefit more than one Fund, the costs are allocated among the Funds based on transaction activity or some other fair basis as determined by the Portfolio Advisor and any portfolio sub-advisors.

x 9. Related Party Transactions CIBC and its affiliates have the following roles and responsibilities with respect to the Funds and receive the fees described below in connection with their roles and responsibilities. The Funds may hold securities of CIBC. CIBC and its affiliates may also be involved in underwriting or lending to issuers of securities that may be held by the Funds, have purchased or sold securities from or to the Funds while acting as principal, have purchased or sold securities from or to the Funds on behalf of another investment fund managed by CIBC or an affiliate, and also may have been involved as a counterparty to derivative transactions. Management fees payable and other accrued expenses on the Statements of Financial Position are amounts generally payable to a related party of the Fund. Manager, Trustee, Portfolio Advisor, and certain Portfolio Sub-Advisors of the Funds CIBC is the Manager, CIBC Trust Corporation is the Trustee, and CAMI is the Portfolio Advisor of each of the Funds. The Manager also arranges for fund administrative services (other than advertising and promotional, which are the responsibility of the Manager), legal, investor servicing, and costs of unitholder reports, prospectuses, and other reports. The Manager is the registrar and transfer agent for the Funds and provides, or arranges for the provision of, all other administrative services required by the Funds. The dollar amount (including all applicable taxes) of all fund administrative expenses (net of absorptions) that the Manager recovers from a Fund is reported in footnote Administrative and Other Fund Operating Expenses on the Statements of Comprehensive Income. Brokerage Arrangements and Soft Dollars The Portfolio Advisor generally delegates trading and execution authority to the portfolio sub-advisors. The Portfolio Advisor and portfolio sub-advisors make decisions, including the selection of markets and dealers and the negotiation of commissions, with respect to the purchase and sale of portfolio securities, certain derivative products and the execution of portfolio transactions. Brokerage business may be allocated by the Portfolio Advisor or portfolio sub-advisors to CIBC World Markets Inc. and CIBC World Markets Corp., each a subsidiary of CIBC. The total commissions paid to related brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund. CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the sale of fixed income and other securities, and certain derivative products to the Funds. Dealers, including CIBC World Markets Inc. and CIBC World Markets Corp., may furnish goods and services, other than order execution, to the Portfolio Advisor and portfolio sub-advisors that process trades through them (referred to in the industry as “soft dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the Portfolio Advisor and portfolio sub-advisors with their investment decision-making services to the Fund or relate directly to executing portfolio transactions on behalf of the Fund. As per terms of the portfolio advisory and sub-advisory agreements, such soft dollar arrangements are in compliance with applicable laws. Custodial fees directly related to portfolio transactions incurred by a Fund, otherwise payable by the Fund, shall be paid by CAMI, and/or dealer(s) directed by CAMI, up to the amount of the credits generated under soft dollar arrangements from trading on behalf of the Fund, or a portion of the Fund, during that month. The total soft dollar payments paid by the Fund to related brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Funds. Any commission recaptured will be paid to the relevant Fund. Custodian The custodian holds all cash and securities for the Funds and ensures that those assets are kept separate from any other cash or securities that the custodian might be holding. The custodian also provides other services to the Funds including record keeping and processing of foreign exchange transactions. CIBC Mellon Trust Company is the custodian of the Funds (referred to as the Custodian). The Custodian may hire sub-custodians for the Funds. The fees and spreads for services of the Custodian directly related to the execution of portfolio transactions by a Fund, or a portion of a Fund, are paid by CAMI and/or dealer(s) directed by CAMI up to the amount of the credits generated under soft dollar arrangements from trading on behalf of the Funds during that month. All other fees for the services of the Custodian are paid by the Manager, and charged to the Funds on a recoverable basis. CIBC owns a 50% interest in CIBC Mellon Trust Company. Service Provider CIBC Mellon Global Securities Services Company (referred to as CIBC GSS) provides certain services to the Funds, including securities lending, fund accounting and reporting, and portfolio valuation. Such servicing fees are paid by the Manager and charged to the Funds on a recoverable basis. CIBC indirectly owns a 50% interest in CIBC GSS. The dollar amount paid by the Funds (including all applicable taxes) to CIBC Mellon Trust Company for custodial fees (net of absorptions) and to CIBC GSS for securities lending, fund accounting and reporting, and portfolio valuation (net of absorptions) for the periods ended December 31, 2020 and 2019 is reported in footnote Service Provider on the Statements of Comprehensive Income.

27 p / 8 Notes to Financial Statements

10. Hedging Certain foreign currency denominated positions have been hedged, or partially hedged, by forward foreign currency contracts as part of the investment strategies of certain Funds. These hedges are indicated by a hedging reference number on the Schedule of Investment Portfolio and a corresponding hedging reference number on the Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts for those Funds. 11. Collateral on Specified Derivatives Short-term investments may be used as collateral for futures contracts outstanding with brokers. 12. Terminations The Manager terminated the following Fund effective June 12, 2020: Terminating Fund Proceeds of Termination CIBC Latin American Fund $ 4,153,855

x x

28

INDEPENDENT AUDITOR'S REPORT

x To the Unitholders of

x x x x x x x x x x x x

x .. CIBC Canadian T-Bill Fund CIBC Canadian Bond Index Fund

.. CIBC Money Market Fund CIBC Global Bond Index Fund

.. CIBC U.S. Dollar Money Market Fund CIBC Balanced Index Fund

.. CIBC Short-Term Income Fund CIBC Canadian Index Fund

.. CIBC Canadian Bond Fund CIBC U.S. Broad Market Index Fund

.. CIBC Monthly Income Fund CIBC U.S. Index Fund

.. CIBC Global Bond Fund CIBC International Index Fund

.. CIBC Global Monthly Income Fund CIBC European Index Fund

.. CIBC Balanced Fund CIBC Emerging Markets Index Fund

.. CIBC Dividend Income Fund CIBC Asia Pacific Index Fund

.. CIBC Dividend Growth Fund CIBC Nasdaq Index Fund

.. CIBC Canadian Equity Fund CIBC Smart Income Solution

.. CIBC Canadian Equity Value Fund CIBC Smart Balanced Income Solution

.. CIBC Canadian Small-Cap Fund CIBC Smart Balanced Solution

.. CIBC U.S. Equity Fund CIBC Smart Balanced Growth Solution

.. CIBC U.S. Small Companies Fund CIBC Smart Growth Solution

.. CIBC Global Equity Fund CIBC Managed Income Portfolio

.. CIBC International Equity Fund CIBC Managed Income Plus Portfolio

.. CIBC European Equity Fund CIBC Managed Balanced Portfolio

.. CIBC Emerging Markets Fund CIBC Managed Monthly Income Balanced Portfolio

.. CIBC Asia Pacific Fund CIBC Managed Balanced Growth Portfolio

.. CIBC International Small Companies Fund CIBC Managed Growth Portfolio

.. CIBC Financial Companies Fund CIBC Managed Aggressive Growth Portfolio

.. CIBC Canadian Resources Fund CIBC U.S. Dollar Managed Income Portfolio

.. CIBC Energy Fund CIBC U.S. Dollar Managed Balanced Portfolio

.. CIBC Canadian Real Estate Fund CIBC U.S. Dollar Managed Growth Portfolio

.. CIBC Precious Metals Fund CIBC Conservative Passive Portfolio

.. CIBC Global Technology Fund CIBC Balanced Passive Portfolio

.. CIBC Canadian Short-Term Bond Index Fund CIBC Balanced Growth Passive Portfolio

.. .. (collectively, the “Funds”)

x x Opinion We have audited the financial statements of the Funds, which comprise the statements of financial position as at December 31, 2020 and 2019, and the statements of comprehensive income, statements of changes in net assets attributable to holders of redeemable units and statements of cash flows for the periods then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2020 and 2019, and their financial performance and cash flows for the periods then ended in accordance with International Financial Reporting Standards (referred to as IFRSs). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for the other information. The other information comprises the Management Report of Fund Performance of the Funds. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information, and in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. We obtained the Management Report of Fund Performance of the Funds prior to the date of this auditor’s report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor’s report. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing each Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Funds or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Funds’ financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

29 p / 2 Notes to Financial Statements

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Funds to cease to continue as a going concern.

• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

x x x x x x x x x

Toronto, Canada March 23, 2021

30

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Website www.cibc.com/mutualfunds

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