CIBC Mutual Funds CIBC Mutual Funds and CIBC Family of Managed Portfolios are offered by CIBC Securities Inc., a subsidiary of CIBC. The CIBC Family of Managed Portfolios are mutual funds that CIBC Mutual Funds CIBC Family of invest in CIBC Mutual Funds. To obtain a copy of the prospectus, call CIBC Securities Inc. Managed Portfolios at 1-800-465-3863 or ask your mutual fund representative at any branch where CIBC Mutual Funds and CIBC Family of Managed Portfolios are sold. CIBC Family of Managed Portfolios Head Office ® CIBC Nasdaq is a trademark of The NASDAQ Stock Market Inc. (which, with its affiliates, are Toronto, Ontario the “Corporations”), and is licensed for use by CIBC Securities Inc. CIBC Nasdaq Index RRSP Fund and CIBC Nasdaq Index Fund (the “Funds”) have not been passed on by the CIBC Securities Inc. Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold 1-800-465-3863 or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the Funds. Mailing Address CIBC “TSX” is a trademark of the Toronto Stock Exchange. “S&P” is a trademark of Standard & Interim 5650 Yonge Street, 22nd Floor Poor’s, a division of The McGraw-Hill Companies, Inc. These marks have been licensed for Toronto, Ontario use by CIBC. CIBC Mutual Funds are not sponsored, endorsed, sold or promoted by the Financial M2M 4G3 Toronto Stock Exchange or Standard & Poor’s and neither party makes any representation, warranty, or condition regarding the advisability of investing in them. Website Statements www.cibc.com/mutualfunds CIBC Asset Management is the asset management arm of CIBC. CIBC Asset Management is a trademark of CIBC. The CIBC logo and “For what matters.” are trademarks of CIBC. June 30, 2006 109A290E 08/06 For what matters. All of the CIBC Mutual Funds (except for CIBC Canadian T-Bill Fund, CIBC Premium Canadian T-Bill Fund, CIBC Money Market Fund, CIBC U.S. Dollar Money Market Fund, CIBC High Yield Cash Fund, CIBC Mortgage and Short-Term Income Fund, and CIBC Canadian Short-Term Bond Index Fund) have received regulatory approval so that they may engage in short selling transactions on a limited, prudent, and disciplined basis and subject to certain conditions and compliance with the investment objective of each fund. Short selling is a strategy in which portfolio sub-advisers identify securities that they expect will fall in value. The fund then borrows the securities and sells them on the open market. The fund must repurchase the securities at a later date in order to return them to the lender. If the value of the securities falls during that time, the fund will profit from the difference in the price (minus any interest or fees the fund pays to the lender). Short selling can offer several advantages to mutual funds. It can enhance a fund’s performance by giving the portfolio sub- adviser an opportunity to make profitable investments in both rising and declining markets. It can also reduce a fund’s volatility, especially during periods of general market decline. There are risks associated with short selling, namely that the borrowed securities will rise in value or not decline enough to cover the fund’s costs, or that market conditions will cause difficulties in the sale or repurchase of the securities. In addition, the lender could become bankrupt before the transaction is complete, causing the borrowing fund to forfeit the collateral it deposited when it borrowed the securities. However, each fund will implement the following controls when conducting a short sale: ) The market value of all securities sold short by a fund will not exceed 10% of the total net assets of the fund. ) The fund will hold ‘‘cash cover’’ in an amount, including the fund assets deposited as collateral with lenders, that is at least 150% of the market value of all securities sold short by the fund. ) No proceeds from short sales by the fund will be used by the fund to purchase long positions in securities, other than cash cover. ) The securities sold short will be liquid securities that are: (i) in the case of equities, listed for trading on a stock exchange, and the issuer of the securities has a market capitalization of not less than CDN $300 million; or (ii) in the case of debt securities, issued or guaranteed by the Government of Canada or any province or territory of Canada or the Government of the United States of America. ) At the time securities of a particular issuer are sold short: (i) the market value of all securities of that issuer sold short by the fund will not exceed 2% of the total assets of the fund; and (ii) the fund will place a ‘‘stop-loss’’ order to immediately purchase for the fund an equal number of the same securities if the trading price of the securities exceeds 115% (or such lesser percentage as CIBC Asset Management Inc. may determine) of the price at which the securities were sold short. ) Short selling transactions will be completed through market facilities through which the securities sold short are normally bought and sold. Prior to engaging in any short selling transactions, the funds will comply with the conditions of the regulatory approval, including establishing written policies and procedures that set out: (i) the objectives for short selling and the risk management procedures applicable to short selling; (ii) who is responsible for setting and reviewing the policies and procedures, how often the policies and procedures are reviewed, and the extent and nature of the involvement of the board of directors or trustee in the risk management process; (iii) the trading limits or other controls on short selling in place and who is responsible for authorizing the trading and placing limits or other controls on the trading; (iv) whether there are individuals or groups that monitor the risks, independent of those who trade; and (v) whether risk measurement procedures or simulations are used to test the portfolio under stress conditions. Inside This Report FINANCIAL STATEMENTS (unaudited) CIBC MUTUAL FUNDS CIBC FAMILY OF MANAGED PORTFOLIOS CIBC Savings Funds CIBC Managed Portfolios CIBC Canadian T-Bill Fund 2 CIBC Managed Income Portfolio 164 CIBC Premium Canadian T-Bill Fund 4 CIBC Managed Income Plus Portfolio 166 CIBC Money Market Fund 6 CIBC Managed Balanced Portfolio 168 CIBC U.S. Dollar Money Market Fund 9 CIBC Managed Balanced Growth Portfolio 170 CIBC High Yield Cash Fund 11 CIBC Managed Balanced Growth RRSP Portfolio 172 CIBC Managed Growth Portfolio 174 CIBC Income Funds CIBC Managed Growth RRSP Portfolio 176 CIBC Mortgage and Short-Term Income Fund 13 CIBC Managed Aggressive Growth Portfolio 178 CIBC Canadian Bond Fund 15 CIBC Managed Aggressive Growth RRSP Portfolio 180 CIBC Monthly Income Fund 18 CIBC Global Bond Fund 21 CIBC U.S. Dollar Managed Portfolios CIBC U.S. Dollar Managed Income Portfolio 182 CIBC Growth Funds CIBC U.S. Dollar Managed Balanced Portfolio 184 CIBC Balanced Fund 25 CIBC U.S. Dollar Managed Growth Portfolio 186 CIBC Diversified Income Fund 31 CIBC Dividend Fund 34 NOTES TO FINANCIAL STATEMENTS 188 CIBC Core Canadian Equity Fund 37 Canadian Imperial Equity Fund 39 CIBC Capital Appreciation Fund 41 CIBC Canadian Small Companies Fund 43 CIBC Canadian Emerging Companies Fund 45 CIBC U.S. Small Companies Fund 47 CIBC Global Equity Fund 50 CIBC European Equity Fund 56 CIBC Japanese Equity Fund 61 CIBC Emerging Economies Fund 63 CIBC Far East Prosperity Fund 66 CIBC Latin American Fund 70 CIBC International Small Companies Fund 72 CIBC Financial Companies Fund 75 CIBC Canadian Resources Fund 78 CIBC Energy Fund 80 CIBC Canadian Real Estate Fund 82 CIBC Precious Metals Fund 84 CIBC North American Demographics Fund 86 CIBC Global Technology Fund 88 CIBC Index Funds CIBC Canadian Short-Term Bond Index Fund 90 CIBC Canadian Bond Index Fund 93 CIBC Global Bond Index Fund 98 CIBC Balanced Index Fund 101 CIBC Canadian Index Fund 106 CIBC U.S. Equity Index Fund 110 CIBC U.S. Index RRSP Fund 125 CIBC International Index Fund 127 CIBC International Index RRSP Fund 137 CIBC European Index Fund 140 CIBC European Index RRSP Fund 146 CIBC Japanese Index RRSP Fund 149 CIBC Emerging Markets Index Fund 151 CIBC Asia Pacific Index Fund 155 CIBC Nasdaq Index Fund 159 CIBC Nasdaq Index RRSP Fund 162 1 CIBC Canadian T-Bill Fund Statement of Investment Portfolio As at June 30, 2006 (unaudited) Average Cost Current Value Par Value ($) ($) Short-Term Investments 45,000,000 Government of Canada Treasury Bill, 3.870%, 2006/07/13 44,502,050 44,943,375 45,000,000 Government of Canada Treasury Bill, 3.883%, 2006/07/27 44,466,950 44,877,015 25,000,000 Government of Canada Treasury Bill, 4.066%, 2006/08/10 24,708,250 24,889,906 30,000,000 Government of Canada Treasury Bill, 3.861%, 2006/08/24 29,476,200 29,831,636 20,000,000 Government of Canada Treasury Bill, 4.207%, 2006/11/16 19,620,100 19,687,939 22,500,000 Government of Canada Treasury Bill, 4.400%, 2006/12/14 22,041,450 22,058,903 24,000,000 Government of Canada Treasury Bill, 4.325%, 2007/05/17 23,050,080 23,126,086 7,025,000 Canadian Master Trust Series ’A’ Discount Note, 4.231%, 2006/08/08 6,958,052 6,994,349 13,000,000 Darwin Receivables Trust Senior Discount Note, 4.250%, 2006/08/09 12,862,200 12,941,585 9,000,000 King Street Funding Trust Discount Note, 4.232%, 2006/08/16 8,906,040 8,952,504 9,800,000 Merit Trust Senior Discount Note, 4.129%, 2006/07/19 9,700,138 9,782,006 6,000,000 Merit Trust Senior Discount Note, 4.370%, 2007/05/25 5,749,440 5,774,221 10,000,000 Performance Trust Discount Note, 4.150%, 2006/07/25 9,897,600 9,972,993 6,000,000 Prime Trust Discount Note, 4.088%, 2006/07/12 5,938,800 5,992,781 7,000,000 Summit Trust Series ’A’ Discount Note, 4.258%, 2006/08/21 6,927,270 6,958,786 12,850,000 Bank of Montreal Term Deposit, 4.250%, 2006/07/04 12,850,000 12,851,496 50,000,000 Royal Bank of Canada Term Deposit, 4.250%, 2006/07/04 50,000,000 50,005,822 Total of Short-Term Investments (100.08%) 337,654,620 339,641,403 Total of Investments (100.08%) 337,654,620 339,641,403 Other Assets, less Liabilities (–0.08%) (277,733) Total Net Assets (100.00%) 339,363,670 2 The accompanying notes are an integral part of these financial statements.