Annual Financial Statements - CIBC
CIBC Nasdaq Index Fund
Annual Financial Statements
for the financial year ended December 31, 2023
Statements of Financial Position (in 000s, except per unit amounts)
As at December 31, 2023 and 2022 (note 1)
Assets
Current assets Investments (non-derivative financial assets) (notes 2
and 3) Cash including foreign currency holdings, at fair value Margin Dividends receivable Receivable for units issued Other receivables Derivative assets
Total Assets
Liabilities
Current liabilities Payable for units redeemed Other accrued expenses Derivative liabilities
Total Liabilities
Net Assets Attributable to Holders of Redeemable Units (note 5)
Net Assets Attributable to Holders of Redeemable Units per Class
Class A Premium Class Class F Class F-Premium
Net Assets Attributable to Holders of Redeemable Units per Unit (note 5)
Class A Premium Class Class F Class F-Premium
December 31, 2023 December 31, 2022
$ $2,496,820 $ $1,611,937
684
108
518
2,494
1,942
584
1,013
181
?
1
2,494
?
2,503,471
1,615,305
536
149
1
?
?
940
537
1,089
$ $2,502,934 $ $1,614,216
$
$802,450 $
$ $1,273,843 $
$
$119,115 $
$
$307,526 $
$546,905 $790,503 $86,556 $190,252
$
$37.47 $
$25.03
$
$95.34 $
$63.55
$
$15.25 $
$10.17
$
$39.38 $
$26.24
Securities Lending
The tables that follow indicate the Fund had assets involved in securities lending transactions outstanding as at December 31, 2023 and 2022.
December 31, 2023 December 31, 2022
Aggregate Value of Securities on Loan ($000s)
62,343 31,537
Aggregate Value of Collateral for Loan ($000s)
65,758 33,421
Collateral Type* ($000s)
i
ii
iii
iv
December 31, 2023 December 31, 2022
?
65,758
?
?
?
33,421
?
?
* See note 2k for Collateral Type definitions.
Organization of the Fund (note 1) The Fund was established on August 9, 2000 (referred to as Date Established).
Class A Premium Class Class F Class F-Premium
Inception Date
September 26, 2000 November 30, 2011
July 6, 2020 October 30, 2015
The accompanying notes are an integral part of these financial statements. 1
CIBC Nasdaq Index Fund
Statements of Comprehensive Income (in 000s, except per unit amounts)
For the periods ended December 31, 2023 and 2022 (note 1)
December 31, 2023 December 31, 2022
Net Gain (loss) on Financial Instruments
Interest for distribution purposes
$
Dividend revenue
Derivative income (loss)
Other changes in fair value of investments and derivatives
Net realized gain (loss) on sale of investments and
derivatives
Net realized gain (loss) on foreign currency (notes 2f and
g)
Net change in unrealized appreciation (depreciation) of
investments and derivatives
$1,857 $ 19,443 7,446
$368 15,459 -8,097
204,993 646
611,658
-5,117 1,542 -606,983
Net Gain (loss) on Financial Instruments
846,043
-602,828
Other Income Foreign exchange gain (loss) on cash Securities lending revenue ?
-81
-28
471
421
390
393
Expenses (note 6) Management fees ?? Fixed administration fees ??? Audit fees Custodial fees Independent review committee fees Regulatory fees Transaction costs ???? Unitholder reporting costs Withholding taxes (note 7) Other expenses
20,969 1,135
? ? 6 ? 72 ? 2,891 ?
17,664 462 5 51 2 59 46 904
2,272 23
25,073
21,488
Expenses waived/absorbed by the Manager
-6,759
-6,458
18,314
15,030
Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (excluding distributions)
Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Class (excluding distributions)
Class A
$
Premium Class
$
Class F
$
Class F-Premium
$
Average Number of Units Outstanding for the period per Class
Class A
Premium Class
Class F
Class F-Premium
Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit (excluding distributions)
Class A
$
Premium Class
$
Class F
$
Class F-Premium
$
828,119
-617,465
$276,211 $ $410,863 $ $42,445 $ $98,600 $
-$214,860 -$334,060 -$21,254 -$47,291
22,108 12,800 8,251 7,390
21,660 13,132 6,621 5,733
$12.49 $ $32.10 $ $5.14 $ $13.34 $
-$9.92 -$25.44 -$3.21 -$8.25
? Securities Lending Revenue (note 2k)
Gross securities lending revenue Interest paid on collateral Withholding taxes Agent fees - Bank of New York
Mellon Corp. (The)
Securities lending revenue
December 31, 2023
% of Gross
securities
lending
(in 000s)
revenue
December 31, 2022
% of Gross
securities
lending
(in 000s)
revenue
$ $761 ?
-133
100.0 $
$722
?
?
-17.5
-161
100.0 ?
-22.3
-157 $ $471
-20.6
-140
61.9 $
$421
-19.4 58.3
?? Maximum Chargeable Annual Management Fee Rates (note 6)
Class A Premium Class Class F Class F-Premium
??? Fixed Administration Fee (note 6)
Class A Premium Class Class F Class F-Premium
???? Brokerage Commissions and Fees (notes 8 and 9)
1.20% 0.75% 0.95% 0.60%
0.10% 0.02% 0.05% 0.02%
Brokerage commissions and other fees ($000s) Total Paid Paid to CIBC World Markets Inc. Paid to CIBC World Markets Corp. Soft dollars ($000s) Total Paid Paid to CIBC World Markets Inc. and CIBC World Markets Corp.
2023
2022
65
40
?
?
?
?
?
?
?
?
Administrative and Other Fund Operating Expenses (note 9)
($000s)
2023
2022
?
661
Service Provider (note 9)
The amounts paid by the Fund (including all applicable taxes) to CIBC Mellon Trust Company for custodial fees, and to CIBC Mellon Global Securities Services Company Inc. (referred to as CIBC GSS) for securities lending, fund accounting and reporting, and portfolio valuation (all net of absorptions) for the periods ended December 31, 2023 and 2022 were as follows:
($000s)
2023
2022
157
189
The accompanying notes are an integral part of these financial statements. 2
CIBC Nasdaq Index Fund
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (in 000s)
For the periods ended December 31, 2023 and 2022 (note 1)
Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (excluding distributions)
Distributions Paid or Payable to Holders of Redeemable Units From net investment income Return of capital
Redeemable Unit Transactions Amount received from the issuance of units Amount received from reinvestment of distributions Amount paid on redemptions of units
Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units
Net Assets Attributable to Holders of Redeemable Units at Beginning of Period
Net Assets Attributable to Holders of Redeemable Units at End of Period
Class A Units
December 31, December 31,
2023
2022
Premium Class Units
December 31, December 31,
2023
2022
Class F Units
December 31, December 31,
2023
2022
Class F-Premium Units
December 31, December 31,
2023
2022
$ $276,211 $ -$214,860 $ $410,863 $ -$334,060 $ $42,445 $ -$21,254 $ $98,600 $ -$47,291
?
?
-7,235
?
-129
?
-2,163
?
-2
-2
?
?
?
?
?
?
-2
-2
-7,235
?
-129
?
-2,163
?
212,846 2
-233,512 -20,664
222,959 2
-232,425 -9,464
260,477 7,156
-187,921 79,712
195,943 ?
-386,087 -190,144
255,545
-224,326
483,340
-524,204
546,905
771,231
790,503
1,314,707
$ $802,450 $ $546,905 $ $1,273,843 $ $790,503 $
25,873 125
-35,755 -9,757
32,559
86,556
$119,115 $
120,848 ?
-15,455 105,393
84,139
2,417
$86,556 $
66,522 2,071 -47,756 20,837
117,274
190,252
$307,526 $
258,627 ?
-34,596 224,031
176,740
13,512
$190,252
Redeemable Units Issued and Outstanding (note 5) As at December 31, 2023 and 2022 Balance - beginning of period Redeemable units issued Redeemable units issued on reinvestments
Redeemable units redeemed Balance - end of period
21,847 6,631
? 28,478 -7,061 21,417
22,011 7,623
? 29,634 -7,787 21,847
12,440 3,085
75 15,600 -2,239 13,361
14,906 2,633
? 17,539 -5,099 12,440
8,511 1,944
8 10,463 -2,651 7,812
170 9,718
? 9,888 -1,377 8,511
7,252 1,895
53 9,200 -1,390 7,810
372 8,108
? 8,480 -1,228 7,252
Net Capital and Non-Capital Losses (note 7) As at December 2023, the Fund had net capital and non-capital losses (in $000s) for income tax purposes available to be carried forward as follows:
Total Net Capital Losses 1,063
Total Non-Capital Losses that Expire in: 2033 to 2043
?
The accompanying notes are an integral part of these financial statements. 3
CIBC Nasdaq Index Fund
Statements of Cash Flows (in 000s)
For the periods ended December 31, 2023 and 2022 (note 1)
December 31, 2023 December 31, 2022
Cash Flows from Operating Activities Increase (Decrease) in Net Assets Attributable to Holders of
Redeemable Units from Operations (excluding distributions) $ Adjustments for:
Foreign exchange loss (gain) on cash Net realized (gain) loss on sale of investments and
derivatives Net change in unrealized (appreciation) depreciation of
investments and derivatives Purchase of investments Proceeds from the sale of investments Margin Dividends receivable Other receivables Other accrued expenses and liabilities
Cash Flows from Financing Activities Amount received from the issuance of units Amount paid on redemptions of units Distributions paid to unitholders
$828,119 $
81
-204,993
-611,658 -1,294,465 1,222,799
1,976 -1,358
1 1 -59,497
564,886 -504,557
-175 60,154
-$617,465
28
5,117
606,983 -802,253 673,561
-1,570 -179 -1 -1
-135,780
803,734 -672,698
? 131,036
Increase (Decrease) in Cash during the Period Foreign exchange loss (gain) on cash Cash (Bank Overdraft) at Beginning of Period Cash (Bank Overdraft) at End of Period
657
-4,744
-81
-28
108
4,880
$
$684 $
$108
Interest received Dividends received, net of withholding taxes
$
$1,857 $
$368
$
$15,194 $
$13,008
The accompanying notes are an integral part of these financial statements. 4
CIBC Nasdaq Index Fund
Schedule of Investment Portfolio As at December 31, 2023
Security UNITED STATES EQUITIES Automobiles & Components
Tesla Inc.
Capital Goods Fastenal Co. Honeywell International Inc. PACCAR Inc.
Commercial & Professional Services Automatic Data Processing Inc. Cintas Corp. Copart Inc. Paychex Inc. Verisk Analytics Inc.
Communication Services Alphabet Inc., Class 'C'
Consumer Durables & Apparel Lululemon Athletica Inc.
Consumer Services Airbnb Inc., Class 'A' Booking Holdings Inc. DoorDash Inc., Class 'A' Marriott International Inc., Class 'A' Starbucks Corp.
Diversified Financials PayPal Holdings Inc.
Energy Baker Hughes Co. Diamondback Energy Inc.
Financials Invesco QQQ Trust, Series '1'
Food & Staples Retailing Costco Wholesale Corp. Dollar Tree Inc. Walgreens Boots Alliance Inc.
Food Beverage & Tobacco Keurig Dr Pepper Inc. Kraft Heinz Co. (The) Mondelez International Inc., Class 'A' Monster Beverage Corp. PepsiCo Inc.
Health Care Equipment & Services Dexcom Inc. GE HealthCare Technologies Inc. IDEXX Laboratories Inc. Intuitive Surgical Inc.
Media & Entertainment Alphabet Inc., Class 'A' Charter Communications Inc., Class 'A' Comcast Corp., Class 'A' Electronic Arts Inc. Meta Platforms Inc., Class 'A' Netflix Inc. Sirius XM Holdings Inc. Take-Two Interactive Software Inc. Trade Desk Inc. (The) Warner Bros. Discovery Inc.
Pharmaceuticals, Biotechnology & Life Sciences Amgen Inc. Biogen Inc. Gilead Sciences Inc.
Number of Shares
Average Cost
($000s)
Fair Value ($000s)
264,762
81,208 93,691 74,338
58,453 14,475 136,466 51,337 20,605
315,010
17,256
61,785 4,958 52,689 41,738 161,545
153,223
143,004 25,437
126,705
62,921 30,963 122,778
198,729 174,313 193,408 147,865 195,393
54,910 64,698 11,803 50,035
325,630 21,022 570,695 38,248 194,297 62,202 545,583 24,169 63,421 346,564
52,156 52,156
4,445 26,543 5,635 36,623
12,490 6,097 5,611 6,081 4,191 34,470
25,644 25,644
6,302 6,302
12,240 12,459 7,161
7,110 16,403 55,373
23,849 23,849
5,834 4,720 10,554
55,082 55,082
29,443 4,178 8,599 42,220
8,245 10,168 13,542 7,384 37,269 76,608
7,523 7,132 6,037 14,617 35,309
30,077 11,258 29,708 5,626 55,121 29,542 3,829 5,181 7,285 5,003 182,630
87,172 87,172
6,970 26,034 9,619 42,623
18,044 11,559 8,861 8,102 6,522 53,088
58,825 58,825
11,691 11,691
11,146 23,304 6,904 12,472 20,551 74,377
12,468 12,468
6,477 5,227 11,704
68,745 68,745
55,033 5,828 4,248 65,109
8,774 8,541 18,562 11,287 43,973 91,137
9,029 6,628 8,681 22,366 46,704
60,273 10,827 33,159 6,934 91,128 40,129 3,954 5,155 6,047 5,226 262,832
76,058 20,592 177,085
19,453 6,514 15,308
29,027 7,061 19,009
% of Net Assets 3.5% 1.7%
2.1% 2.4% 0.5%
3.0% 0.5% 0.5% 2.7% 2.6%
3.6%
1.9%
10.5%
Security Illumina Inc. Moderna Inc. Regeneron Pharmaceuticals Inc. Vertex Pharmaceuticals Inc.
Real Estate CoStar Group Inc.
Retailing Inc. MercadoLibre Inc. O'Reilly Automotive Inc. Ross Stores Inc.
Semiconductors & Semiconductor Equipment Advanced Micro Devices Inc. Analog Devices Inc. Applied Materials Inc. Broadcom Inc. GlobalFoundries Inc. Intel Corp. KLA Corp. Lam Research Corp. Marvell Technology Inc. Microchip Technology Inc. Micron Technology Inc. NVIDIA Corp. ON Semiconductor Corp. QUALCOMM Inc. Texas Instruments Inc.
Software & Services Adobe Inc. ANSYS Inc. Autodesk Inc. Cadence Design Systems Inc. Cognizant Technology Solutions Corp., Class 'A' CrowdStrike Holdings Inc., Class 'A' Datadog Inc., Class 'A' Fortinet Inc. Intuit Inc. Microsoft Corp. MongoDB Inc. Palo Alto Networks Inc. Roper Technologies Inc. Splunk Inc. Synopsys Inc. Workday Inc., Class 'A' Zscaler Inc.
Technology Hardware & Equipment Apple Inc. CDW Corp. Cisco Systems Inc.
Telecommunication Services T-Mobile US Inc.
Transportation CSX Corp. Old Dominion Freight Line Inc.
Utilities American Electric Power Co. Inc. Constellation Energy Corp. Exelon Corp. Xcel Energy Inc.
TOTAL UNITED STATES EQUITIES INTERNATIONAL EQUITIES Australia
Atlassian Corp. PLC
The accompanying notes are an integral part of these financial statements.
Number of Shares
Average Cost
($000s)
Fair
% of
Value
Net
($000s)
Assets
22,568
7,907
4,164
54,187
9,084
7,140
15,224 10,318 17,717
36,621 10,810 19,744
79,394 103,862
4.2%
58,035
6,381 6,381
6,720
6,720
0.3%
568,616 64,935 114,478
7,185
9,266 14,962
8,408
5,056 10,585
48,125
5,585
8,825
84,842 148,850
5.9%
229,592 70,527 118,886 66,384 77,846 599,170 19,318 18,730 122,619 76,892 156,860 135,909 61,210 158,177 129,072
22,046 13,215 12,916 49,278 6,420 32,709 6,366 9,432 8,800 6,387 11,389 16,987 7,413 21,407 22,685
247,450
44,845 18,556 25,531 98,188 6,251 39,895 14,880 19,439 9,799 9,188 17,738 89,182 6,775 30,313 29,153
459,733
64,706 12,346 30,379 38,664
71,259 32,350 42,942 109,134 39,784 408,950 10,139 44,809 15,181 23,946 21,613 29,702 21,079
30,887 4,904 7,460 6,545
5,869 9,771 8,288 9,738 18,236 79,916 5,700 11,715 11,000 4,888 7,180 7,897 7,312
237,306
51,152 5,936 9,801 13,954
7,132 10,944 6,907 8,464 32,949 203,768 5,493 17,508 10,966 4,834 14,746 10,865 6,188
421,607
855,768 19,038 577,494
67,815 5,687 32,499
106,001
218,317 5,734 38,658
262,709
164,356
23,129 23,129
34,917 34,917
280,844 15,507
8,834 6,366
15,200
12,902 8,328
21,230
74,736 45,389 141,469 78,423
8,202 3,290 6,451 6,300
24,243
1,460,766
8,043 7,030 6,730 6,433
28,236
2,374,339
18.4%
16.8% 10.5% 1.4% 0.8% 1.1% 94.9%
22,029
6,692 6,692
6,943
6,943
0.3%
5
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