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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