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					                                                                  CIBC Managed Aggressive Growth Portfolio
M 48 E




         Annual Management Report of Fund Performance
         for the financial year ended December 31, 2010
         All figures are reported in Canadian dollars unless otherwise noted.
         This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements
         of the investment fund. If you have not received a copy of the annual financial statements with this annual management report of fund
         performance, you can get a copy of the annual financial statements at your request, and at no cost, by calling us toll-free at 1-800-465-3863, by
         writing to us at CIBC, 5650 Yonge Street, 20th Floor, Toronto, Ontario, M2M 4G3, or by visiting www.cibc.com/mutualfunds or the SEDAR
         website at www.sedar.com.
         Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures,
         proxy voting disclosure record, or quarterly portfolio disclosure.

         Management Discussion of Fund Performance

         Investment Objective and Strategies                                              created volatility in equity and fixed income markets. The European
         Investment Objective: CIBC Managed Aggressive Growth Portfolio (the              sovereign debt crisis and economic tightening in China raised
         Portfolio) seeks to create a diversified portfolio by allocating its             concerns, while better-than-expected corporate earnings and a
         investments across a balanced blend of asset classes. Within the asset           second quantitative easing package from the U.S. Federal Reserve
         classes, the Portfolio will invest primarily in CIBC Mutual Funds,               Board (the Fed) helped to instil confidence in both recovery efforts
         including savings, income, and growth funds (the Underlying Funds).              and global investment markets.
         The Portfolio will focus on long-term capital growth.                          • International equities showed signs of economic recovery as
                                                                                          economic indicators were improving at the beginning of the period;
         Investment Strategies: The Portfolio employs a strategic asset mix
                                                                                          however, the debt situation of countries in the Euro zone began to
         weighting among the Underlying Funds of 10% income and 90% growth
                                                                                          undermine the global growth recovery. European policymakers
         funds. While the asset mix of the Portfolio is not generally actively
                                                                                          implemented financial assistance for Greece in an effort to calm the
         managed, a review and change of the strategic asset mix may be
                                                                                          region’s sovereign debt crisis. These actions initially had a
         necessary in order to meet the investment objective. The Portfolio may
                                                                                          weakening effect on global markets as investors worried that
         also rebalance the mix of the Underlying Funds to realign the
                                                                                          additional fiscal stimuli would be required for the recovery effort to
         weightings within the strategic asset mix.
                                                                                          be successful. International markets recovered on solid earnings
                                                                                          results and improved investor confidence, as European Union
         Risk
                                                                                          stress test results indicated the majority of the region’s banks were
         The Portfolio is a global equity balanced fund that is suitable for long-
                                                                                          adequately capitalized. China’s efforts to curb inflationary pressures
         term investors. Under the volatility classification guidelines
                                                                                          had a slowing effect on the country’s growth rate, which also
         recommended by the Investment Funds Institute of Canada, the
                                                                                          sparked concerns over the sustainability of the global economic
         Portfolio is classified as having an average level of volatility. During the
                                                                                          recovery.
         period, the overall level of risk of investing in the Portfolio remains as
                                                                                        • U.S. equities experienced volatility over the period as reactionary
         discussed in the simplified prospectus and did not increase or decrease
                                                                                          behaviour swung markets dramatically. Strong corporate earnings
         as a result of operations.
                                                                                          helped to lift the asset class in early 2010 as investors felt the
                                                                                          recovery efforts were taking effect. Investor confidence started to
         Results of Operations
                                                                                          wane as fears stemming from the European debt crisis eroded
         The portfolio sub-advisor of the Portfolio is CIBC Global Asset
                                                                                          confidence in the global recovery. Weaker-than-expected
         Management Inc. (CIBC Global). The commentary that follows reflects
                                                                                          employment and housing data also raised concerns that perhaps
         the views of CIBC Global and provides a summary of the results of
                                                                                          the Fed’s earlier efforts would not be enough to stave off a
         operations for the period ended December 31, 2010. All dollar figures
                                                                                          double-dip recession. The Fed responded with a second round of
         are expressed in thousands, unless otherwise indicated.
                                                                                          quantitative easing late in 2010 and injected some much-needed
         • The Portfolio’s net asset value increased by 6% from $126,536 as at
                                                                                          optimism into U.S. and international equity markets. The asset class
           December 31, 2009 to $133,612 as at December 31, 2010. Positive
                                                                                          finished the period on a stronger note.
           investment performance was partially offset by net redemptions of
                                                                                        • Canadian equities were one of the strongest performing asset
           $2,672, contributing to this increase in net asset value.
                                                                                          classes for the period. Strong corporate earnings throughout the
         • Global markets continued to feel the impact of the recent global
                                                                                          second half of 2010 helped domestic equities to overcome the
           recession as fluctuating confidence levels in global recovery efforts
CIBC Managed Aggressive Growth Portfolio

  volatility that occurred throughout the period. Canada’s economic             Related Party Transactions
  performance is noteworthy in this low inflation environment as                Canadian Imperial Bank of Commerce (CIBC) and its affiliates have
  recovery efforts in U.S. and international equity markets did not reap        the following roles and responsibilities with respect to the Portfolio,
  the same benefits. This strong economic performance can be partially          and receive the fees described below in connection with their roles
  attributed to the strengthening of the price of oil in the latter part of     and responsibilities:
  2010.
• Canadian fixed income securities delivered positive returns as                Manager
  bondholders were rewarded by Canada’s strengthening fiscal health             CIBC is the manager (the Manager) of the Portfolio. The Portfolio
  combined with a lack of inflationary pressure. Canadian bonds                 holds units of other mutual funds (the Underlying Funds), which may
  received a lift in the beginning of the period due, in part, to a flight to   also be managed by CIBC or its affiliates. CIBC will receive
  safety from troubled international fixed income products. As the              management fees with respect to the day-to-day business and
  economic outlook improved and investor confidence grew, fixed                 operations of the Portfolio, calculated based on the net asset value of
  income markets performance steadily improved. Toward the end of               each respective class of units of the Portfolio, as described in the
  the period, Canadian bond performance declined slightly as the Fed’s          section entitled Management Fees. The Manager will also
  quantitative easing package shifted investor attention to equity              compensate its wholesalers in connection with their marketing
  markets which had a dampening effect on fixed income markets.                 activities regarding the Portfolio. From time to time, CIBC may provide
• Emerging market equities also felt the effects of market volatility over      seed capital to the Portfolio.
  the period but continued to progress through the global economic
  headwinds. The European sovereign debt crisis sparked a decrease              Trustee
  in investor risk appetite which caused some investors to move out of          CIBC Trust Corporation, a wholly-owned subsidiary of CIBC, is the
  emerging markets. Nonetheless, the asset class consistently                   trustee (the Trustee) of the Portfolio. The Trustee holds title to the
  outperformed other global equity asset classes and continues to               property (cash and securities) of the Portfolio on behalf of its
  benefit from the growth of economies of emerging market nations.              unitholders.
The Portfolio’s performance over the period reflected the positive return       Portfolio Advisor
delivered by domestic equities. Those results where slightly offset by          CIBC Asset Management Inc. (CAMI), a wholly-owned subsidiary of
the US and the international equity portion of the portfolio. Overall the       CIBC, is the portfolio advisor of the Portfolio. As portfolio advisor,
portfolio’s positive performance mirrored the volatility of the market over     CAMI provides, or arranges to provide, investment advice and
the period.                                                                     portfolio management services to the Portfolio. A portion of the
                                                                                management fees CIBC receives from the Portfolio will be paid to
Recent Developments
                                                                                CAMI.
Harmonized Sales Tax (HST)
The introduction of HST in Ontario and British Columbia impacted the
                                                                                Portfolio Sub-Advisor
Portfolio’s management expense ratio (MER). Prior to July 1, 2010, the
                                                                                CAMI has retained CIBC Global Asset Management Inc. (CIBC
Portfolio paid federal goods and services tax (GST) at a rate of 5% on
                                                                                Global), a wholly-owned subsidiary of CIBC, as the portfolio
management fees and other operating expenses. Beginning on July 1,
                                                                                sub-advisor of the Portfolio, to provide investment advice and portfolio
2010, the HST, which combines the provincial sales tax with the federal
                                                                                management services to the Portfolio. CAMI pays a fee to CIBC
goods and services tax, applies to these fees and expenses at a tax
                                                                                Global.
rate higher than the GST.
The federal rules allow the Portfolio’s applicable HST rate to be               Distributor
calculated as a weighted average based on the value of units held by            Dealers and other firms will sell the units of the Portfolio to investors.
unitholders residing in each province and territory of Canada.                  These dealers and other firms will include CIBC’s related dealers such
                                                                                as the principal distributor, CIBC Securities Inc. (CIBC SI), the CIBC
International Financial Reporting Standards (IFRS)                              Investor’s Edge discount brokerage division of CIBC Investor Services
In January 2011, the Accounting Standards Board (AcSB) amended the              Inc. (CIBC ISI), the CIBC Imperial Service division of CIBC ISI, and
Introduction to Part I of the CICA Handbook – Accounting to allow               the CIBC Wood Gundy division of CIBC World Markets Inc. (CIBC
investment companies, which include investment funds, to adopt IFRS             WM). CIBC SI, CIBC ISI, and CIBC WM are wholly-owned
for the first time no later than interim and annual financial statements        subsidiaries of CIBC.
relating to annual periods beginning on or after January 1, 2013.
Investment companies electing to defer the first time adoption may              CIBC may pay trailing commissions to these dealers and firms in
continue to apply existing Canadian generally accepted accounting               connection with the sale of units of the Portfolio. These dealers and
principles (Canadian GAAP) until the changeover to IFRS.                        other firms may pay a portion of these trailing commissions to their
                                                                                advisors who sell units of the Portfolio to investors.
The Fund will defer the first time adoption and adopt IFRS beginning
January 1, 2013. As at December 31, 2010, the Manager has
developed a changeover plan to meet this timetable.
2
                                                                              CIBC Managed Aggressive Growth Portfolio

Brokerage Arrangements and Soft Dollars
The portfolio sub-advisor purchases and sells units of the Underlying
Funds on behalf of the Portfolio and, as a result, the Portfolio does not
incur any sales charges or brokerage commissions with respect to
execution of portfolio transactions of the Underlying Funds. The
Portfolio may also enter into derivatives transactions consistent with its
investment objective. Although it is not expected that there will be
brokerage arrangements in connection with the derivatives transactions,
if that were to occur, the Portfolio would be responsible for any
brokerage fees and commissions with respect to such transactions.
CIBC WM and CIBC World Markets Corp., each a subsidiary of CIBC,
are dealers through which execution of these derivatives transactions
may take place.

Decisions that the portfolio sub-advisor may make as to brokerage
transactions, including the selection of markets and dealers and the
negotiation of commissions, would be based on elements such as price,
speed of execution, certainty of execution, and total transaction costs.

CIBC WM and CIBC World Markets Corp. may also earn spreads on
the sale of securities to the Portfolio. A spread is the difference between
the bid and ask prices for a security in the applicable marketplace, with
respect to the execution of portfolio transactions. The spread will differ
based upon various factors such as the nature and liquidity of the
security.

Dealers, including CIBC WM and CIBC World Markets Corp., may
furnish goods and services, other than order execution, to the portfolio
sub-advisor that processes trades through them (referred to in the
industry as “soft dollar” arrangements). These goods and services
assist the portfolio sub-advisor with investment decision-making
services to the Portfolio or relate directly to the execution of trades on
behalf of the Portfolio.

In addition, the Manager may enter into commission recapture
arrangements with certain dealers with respect to the Portfolio. Any
commission recaptured will be paid to the Portfolio.

During the period, no brokerage commissions or other fees were paid
by the Portfolio to CIBC WM or CIBC World Markets Corp.

Custodian
The Custodian holds all cash and securities for the Portfolio and
ensures that those assets are kept separate from any other cash or
securities that the custodian might be holding. CIBC Mellon Trust
Company is the custodian of the Portfolio (the Custodian). The
Custodian may hire sub-custodians for the Portfolio. All fees for the
services of the Custodian are paid by the Manager, and charged to the
Portfolio on a recoverable basis. CIBC owns a 50% interest in the
Custodian.

Service Provider
CIBC Mellon Global Securities Services Company (CIBC GSS) provides
certain services to the Portfolio, including fund accounting and
reporting, securities lending, and portfolio valuation. Such servicing fees
are paid by the Manager and charged to the Portfolio on a recoverable
basis. CIBC indirectly owns 50% interest in CIBC GSS.

                                                                                                                     3
CIBC Managed Aggressive Growth Portfolio

Financial Highlights

The following tables show selected key financial information about the Portfolio and are intended to help you understand the Portfolio’s financial
performance for the periods ended December 31.

The Portfolio’s Net Assets per Unit 1 – Class A Units
                                                                                       2010           2009              2008             2007               2006
Net Assets, beginning of period                                                    $ 9.39            $ 8.36           $11.07           $11.90           $10.70
Increase (decrease) from operations:
  Total revenue                                                                    $ 0.14            $ 0.10           $ 0.11           $ 0.60           $ 0.16
  Total expenses                                                                    (0.15)            (0.04)           (0.04)           (0.05)           (0.08)
  Realized gains (losses) for the period                                             0.05             (0.02)            0.08             0.19             0.77
  Unrealized gains (losses) for the period                                           0.68              1.10            (2.69)           (1.07)            0.74
Total increase (decrease) from operations2                                         $ 0.72            $ 1.14           $ (2.54)         $ (0.33)         $ 1.59
Distributions:
  From income (excluding dividends)                                                $      –          $ 0.05           $ 0.04           $ 0.04           $      –
  From dividends                                                                          –            0.02             0.02             0.01               0.01
  From capital gains                                                                   0.15               –             0.07             0.38               0.40
  Return of capital                                                                       –               –                –                –                  –
Total Distributions3                                                               $ 0.15            $ 0.07           $ 0.13           $ 0.43           $ 0.41
Net Assets, end of period                                                           $ 9.97      $ 9.39           $ 8.36           $11.07         $11.90
1
  This information is derived from the Portfolio’s audited annual financial statements.
2
  Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted
  average number of units outstanding during the period.
3
  Distributions were paid in cash, reinvested in additional units of the Portfolio, or both.


Ratios and Supplemental Data – Class A Units
                                                                                        2010            2009             2008             2007            2006
                                4
Total Net Asset Value (000s)                                                      $133,279         $126,485         $104,886         $135,904        $101,788
Number of Units Outstanding4                                                    13,369,697       13,469,352       12,538,819       12,279,622        8,551,946
Management Expense Ratio5                                                               2.41%           2.34%            2.32%            2.33%             2.43%
Management Expense Ratio before waivers or absorptions6                                 2.67%           2.72%            2.67%            2.74%             2.82%
                         7
Trading Expense Ratio                                                                   0.16%           0.13%            0.13%            0.00%             0.00%
Portfolio Turnover Rate8                                                                7.06%           3.27%            8.62%            7.08%          65.31%
Net Asset Value per Unit                                                                $9.97            $9.39            $8.36           $11.07          $11.90
4
  This information is presented as at December 31 of the period shown.
5
  Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units
  for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6
  The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees
  and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7
  The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value during
  the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
8
  The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buying
  and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund in
  the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the
  performance of a fund.




4
                                                                                                                     CIBC Managed Aggressive Growth Portfolio

The Portfolio’s Net Assets per Unit 1 – Class T4 Units
                                                                                       2010            2009a
Net Assets, beginning of period                                                    $ 9.90            $10.00b
Increase (decrease) from operations:
  Total revenue                                                                    $ 0.18            $ 0.08
  Total expenses                                                                    (0.17)                –
  Realized gains (losses) for the period                                             0.06                 –
  Unrealized gains (losses) for the period                                           0.88             (0.06)
Total increase (decrease) from operations2                                         $ 0.95            $ 0.02
Distributions:
  From income (excluding dividends)                                                $      –          $ 0.05
  From dividends                                                                          –            0.02
  From capital gains                                                                   0.48               –
  Return of capital                                                                       –               –
Total Distributions3                                                               $ 0.48            $ 0.07
Net Assets, end of period                                                           $10.16      $ 9.90
a
  Information presented is for the period from December 14, 2009 to December 31, 2009.
b
  Initial offering price.
1
  This information is derived from the Portfolio’s audited annual financial statements.
2
  Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted
  average number of units outstanding during the period.
3
  Distributions were paid in cash, reinvested in additional units of the Portfolio, or both.


Ratios and Supplemental Data – Class T4 Units
                                                                                       2010            2009a
                                4
Total Net Asset Value (000s)                                                           $171             $23
Number of Units Outstanding4                                                        16,878            2,289
Management Expense Ratio5                                                               2.48%          2.34%*
Management Expense Ratio before waivers or absorptions6                                 4.09%          3.69%*
                         7
Trading Expense Ratio                                                                   0.16%          0.13%
Portfolio Turnover Rate8                                                                7.06%          3.27%
Net Asset Value per Unit                                                              $10.16           $9.90
a
  Information presented is for the period from December 14, 2009 to December 31, 2009.
*Ratio has been annualized.
4
  This information is presented as at December 31 of the period shown.
5
  Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units
  for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6
  The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees
  and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7
  The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value during
  the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
8
  The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buying
  and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund in
  the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the
  performance of a fund.




                                                                                                                                                                                              5
CIBC Managed Aggressive Growth Portfolio

The Portfolio’s Net Assets per Unit 1 – Class T6 Units
                                                                                       2010            2009a
Net Assets, beginning of period                                                    $10.10            $10.00b
Increase (decrease) from operations:
  Total revenue                                                                    $ 0.15            $ 0.11
  Total expenses                                                                    (0.17)                –
  Realized gains (losses) for the period                                             0.05                 –
  Unrealized gains (losses) for the period                                           0.84              0.10
Total increase (decrease) from operations2                                         $ 0.87            $ 0.21
Distributions:
  From income (excluding dividends)                                                $      –          $ 0.05
  From dividends                                                                          –            0.02
  From capital gains                                                                   0.70               –
  Return of capital                                                                       –               –
Total Distributions3                                                               $ 0.70            $ 0.07
Net Assets, end of period                                                           $10.14      $10.10
a
  Information presented is for the period from November 30, 2009 to December 31, 2009.
b
  Initial offering price.
1
  This information is derived from the Portfolio’s audited annual financial statements.
2
  Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted
  average number of units outstanding during the period.
3
  Distributions were paid in cash, reinvested in additional units of the Portfolio, or both.


Ratios and Supplemental Data – Class T6 Units
                                                                                       2010           2009
                                4
Total Net Asset Value (000s)                                                             $8             $ 6a
                                    4
Number of Units Outstanding                                                             794             609
Management Expense Ratio5                                                              2.49%           2.34%*
Management Expense Ratio before waivers or absorptions6                                28.48%          4.08%*
                         7
Trading Expense Ratio                                                                  0.16%           0.13%
Portfolio Turnover Rate8                                                               7.06%           3.27%
Net Asset Value per Unit                                                              $10.14          $10.10
a
  Information presented is for the period from November 30, 2009 to December 31, 2009.
*Ratio has been annualized.
4
  This information is presented as at December 31 of the period shown.
5
  Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units
  for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6
  The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees
  and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7
  The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value during
  the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
8
  The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buying
  and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund in
  the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the
  performance of a fund.




6
                                                                                                                     CIBC Managed Aggressive Growth Portfolio

The Portfolio’s Net Assets per Unit 1 – Class T8 Units
                                                                                       2010            2009a
Net Assets, beginning of period                                                    $10.07            $10.00b
Increase (decrease) from operations:
  Total revenue                                                                    $ 0.21            $ 0.08
  Total expenses                                                                    (0.18)            (0.01)
  Realized gains (losses) for the period                                             0.08                 –
  Unrealized gains (losses) for the period                                           0.92              0.04
Total increase (decrease) from operations2                                         $ 1.03            $ 0.11
Distributions:
  From income (excluding dividends)                                                $      –          $ 0.11
  From dividends                                                                          –            0.03
  From capital gains                                                                   0.83               –
  Return of capital                                                                       –               –
Total Distributions3                                                               $ 0.83            $ 0.14
Net Assets, end of period                                                           $ 9.96      $10.07
a
  Information presented is for the period from November 12, 2009 to December 31, 2009.
b
  Initial offering price.
1
  This information is derived from the Portfolio’s audited annual financial statements.
2
  Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted
  average number of units outstanding during the period.
3
  Distributions were paid in cash, reinvested in additional units of the Portfolio, or both.


Ratios and Supplemental Data – Class T8 Units
                                                                                  2010             2009a
                                4
Total Net Asset Value (000s)                                                      $154              $22
Number of Units Outstanding4                                                    15,472            2,155
Management Expense Ratio5                                                          2.46%           2.34%*
Management Expense Ratio before waivers or absorptions6                            4.56%           3.26%*
                         7
Trading Expense Ratio                                                              0.16%           0.13%
Portfolio Turnover Rate8                                                           7.06%           3.27%
Net Asset Value per Unit                                                            $9.96          $10.07
a
  Information presented is for the period from November 12, 2009 to December 31, 2009.
*Ratio has been annualized.
4
  This information is presented as at December 31 of the period shown.
5
  Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units
  for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6
  The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees
  and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7
  The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value during
  the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
8
  The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buying
  and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund in
  the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the
  performance of a fund.




                                                                                                                                                                                              7
CIBC Managed Aggressive Growth Portfolio

Management Fees

The Portfolio, either directly or indirectly, pays one or more annual management fees to the Manager in consideration for the provision of, or
arranging for the provision of, management, distribution, and portfolio advisory services. These fees are calculated as a percentage of the
Portfolio’s net asset value and is calculated and credited daily, and paid monthly. The Portfolio is required to pay all applicable taxes on the
management fees.

The following table shows a breakdown of the services received in consideration of the management fees, as a percentage of the management
fees collected from the Portfolio for the period ended December 31, 2010. These amounts do not include waived fees or absorbed expenses.

                                                                                                 Class A   Class T4   Class T6   Class T8
Sales and trailing commissions paid to dealers                                                   15.75%     0.00%      0.00%      0.00%
General administration, investment advice, and profit                                            84.25%    100.00%    100.00%    100.00%


Past Performance

The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution, or
other optional charges payable by any unitholder that would have reduced returns. Past performance does not necessarily indicate how a fund
will perform in the future.

The Portfolio’s primary benchmark is the MSCI World Index. The MSCI World Index is a free float-adjusted market capitalization index composed
of companies representative of the market structure of 23 developed market countries in North America, Europe, and the Asia/Pacific region.

The Portfolio’s secondary benchmark is a blended index consisting of 10% DEX Universe Bond Index, 20% S&P/TSX Composite Index,
32% S&P 500 Index, and 38% MSCI EAFE Index (Blended Benchmark). The DEX Universe Bond Index is comprised of more than 900
marketable Canadian bonds and is intended to reflect the performance of the broad Canadian investment-grade bond market. Returns are
calculated daily and are weighted by market capitalization. The S&P/TSX Composite Index is intended to represent the Canadian equity market
and includes the largest companies listed on the TSX. The S&P 500 Index is a capitalization-weighted index of 500 stocks, designed to measure
performance of the broad U.S. economy representing all major industries. The MSCI EAFE Index is a free float-adjusted market capitalization
index of stocks of companies of developed market equity indices covering 21 different countries in Europe, Australasia, and the Far East.

For the period, Class A, Class T4, Class T6, and Class T8 units of the Portfolio all returned 7.8%. Each class of units outperformed the MSCI
World Index return of 6.5% and underperformed the Blended Benchmark return of 8.2% for the same period.

The Portfolio’s returns are after the deduction of fees and expenses. See the section entitled Financial Highlights for the management expense
ratio.

Year-by-Year Returns
These bar charts show the annual performance of each class of units of the Portfolio for each of the periods shown, and illustrate how the
performance has changed from period to period. These bar charts show, in percentage terms, how an investment made on January 1 would have
increased or decreased by December 31, unless otherwise indicated.

Class A Units
    30.0%

    20.0%                                                 15.1%
                          11.7%                                                          13.0%
    10.0%                            5.8%        7.1%                                             7.8%

     0.0%
                                                                     -3.4%
    -10.0%

    -20.0%       -15.2%
                                                                               -23.2%
    -30.0%          a
                  02       03         04          05        06         07        08       09       10
             a
             2002 return is for the period from February 1, 2002 to December 31, 2002.




8
                                                                                                      CIBC Managed Aggressive Growth Portfolio

Class T4 Units
  10.0%
                                                                         7.8%
   8.0%

   6.0%

   4.0%

   2.0%

   0.0%
                                      -0.3%
  -2.0%
                                       09a                                10
          a
           2009 return is for the period from December 14, 2009 to December 31, 2009.


Class T6 Units
  10.0%

                                                                         7.8%
   8.0%

   6.0%

   4.0%

   2.0%                               1.8%


   0.0%                                  a
                                       09                                 10
          a
           2009 return is for the period from November 30, 2009 to December 31, 2009.


Class T8 Units
  10.0%

                                                                         7.8%
   8.0%

   6.0%

   4.0%
                                      2.1%
   2.0%

   0.0%                                  a
                                       09                                 10
          a
           2009 return is for the period from November 12, 2009 to December 31, 2009.


Annual Compound Returns
These tables show the annual compound total return of each class of units of the Portfolio for each indicated period ended on December 31,
2010. The annual compound total return is also compared to the Portfolio’s applicable benchmark(s).

Class A Units
                                                                                         MSCI World         Blended
                                                                         Class A Units        Index       Benchmark
1 Year                                                                           7.8%         6.5%            8.2%
3 Years                                                                          2.2%         4.1%            1.9%
5 Years                                                                          0.8%         0.3%            1.6%
Since Inception
(for the period from February 1, 2002 to December 31, 2010)                      1.3%         0.2%            2.8%


                                                                                                                                             9
CIBC Managed Aggressive Growth Portfolio

Class T4 Units
                                                                                       MSCI World               Blended
                                                                 Class T4 Units             Index             Benchmark
1 Year                                                                   7.8%                 6.5%                  8.2%
Since Inception
(for the period from December 14, 2009 to December 31, 2010)             7.2%                 6.9%                  8.5%


Class T6 Units
                                                                                       MSCI World               Blended
                                                                 Class T6 Units             Index             Benchmark
1 Year                                                                   7.8%                 6.5%                  8.2%
Since Inception
(for the period from November 30, 2009 to December 31, 2010)             8.9%                 7.2%                  8.7%


Class T8 Units
                                                                                       MSCI World               Blended
                                                                 Class T8 Units             Index             Benchmark
1 Year                                                                   7.8%                 6.5%                  8.2%
Since Inception
(for the period from November 12, 2009 to December 31, 2010)             8.9%                 6.9%                  8.3%


Summary of Investment Portfolio (as at December 31, 2010)

This Portfolio invests in units of its Underlying Funds. You can find the prospectus and additional information about the Underlying Funds by
visiting www.sedar.com.

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available by
visiting www.cibc.com/mutualfunds. The Top Positions table includes a fund’s 25 largest positions. For funds with fewer than 25 positions in total,
all positions are shown. Cash and cash equivalents are shown in total as one position.

                                                                          % of                                                                       % of
Portfolio Breakdown                                            Net Asset Value    Top Positions                                           Net Asset Value
International Equity Mutual Funds                                        37.83    CIBC Disciplined International Equity Fund, Class ‘O’            16.10
U.S. Equity Mutual Funds                                                 32.15    CIBC Disciplined U.S. Equity Fund, Class ‘O’                     14.08
Canadian Equity Mutual Funds                                             20.38    CIBC U.S. Broad Market Index Fund, Class ‘O’                     13.10
Canadian Bond Mutual Funds                                                9.74    CIBC Canadian Equity Value Fund, Class ‘O’                       12.22
Other Assets, Less Liabilities                                            0.10    CIBC European Equity Fund, Class ‘O’                              9.78
                                                                                  CIBC Canadian Bond Fund, Class ‘O’                                9.74
                                                                                  CIBC Canadian Index Fund, Class ‘O’                               8.16
                                                                                  CIBC Emerging Markets Fund, Class ‘O’                             6.05
                                                                                  CIBC Asia Pacific Fund, Class ‘O’                                 5.90
                                                                                  CIBC U.S. Small Companies Fund, Class ‘O’                         4.97
                                                                                  Other Assets, Less Liabilities                                    0.10




10
This document may contain forward-looking statements. Forward-looking statements include statements that are predictive in nature, that depend upon or refer
to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or other similar wording. In
addition, any statements that may be made concerning future performance, strategies, or prospects, and possible future actions taken by the fund, are also
forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results and
achievements of the fund to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to: general economic;
market and business conditions; fluctuations in securities prices, interest rates, and foreign currency exchange rates; changes in government regulations; and
catastrophic events. We do not undertake, and specifically disclaim, any obligation to update or revise any forward-looking statements, whether as a result of
new information, future developments, or otherwise, prior to the release of the next management report of fund performance.
                                                                          CIBC Mutual Funds
                                                                   CIBC Family of Managed Portfolios


                                                                                       CIBC
                                                                        5650 Yonge Street, 20th Floor
                                                                              Toronto, Ontario
                                                                                 M2M 4G3


                                                                             CIBC Securities, Inc.
                                                                                1-800-465-3863


                                                                                     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 Managed Portfolios. CIBC Family of Managed
Portfolios are mutual funds that primarily invest in other CIBC Mutual Funds. To obtain a copy of the prospectus, call CIBC Securities Inc. at 1-800-465-3863 or ask your advisor.
The CIBC logo and “CIBC For what matters.” are registered trademarks of CIBC.




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