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CIBC Money Market Fund
Interim Management Report of Fund Performance
M 02 E
for the period ended June 30, 2011
All figures are reported in Canadian dollars unless otherwise noted.
This interim management report of fund performance contains financial highlights but does not contain either the complete interim or annual
financial statements of the investment fund. If you have not received a copy of the interim financial statements with this interim management report
of fund performance, you can get a copy of the interim or 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
Results of Operations • A relapse in growth in Canada or the U.S., a materially stronger
The portfolio sub-advisor of CIBC Money Market Fund (the Fund) is Canadian dollar, and a worsening in the European debt crisis are
CIBC Global Asset Management Inc. (CGAM). The commentary that risks to CGAM’s outlook for modest interest rate increases later this
follows reflects the views of CGAM and provides a summary of the year or first half of 2012.
results of operations for the period ended June 30, 2011. All dollar • The Fund had no U.S. currency exposure during the period.
figures are expressed in thousands, unless otherwise indicated.
• The Fund’s net asset value decreased by 9% during the period, from Recent Developments
$2,209,398 as at December 31, 2010 to $2,000,033 as at June 30, International Financial Reporting Standards (IFRS)
2011. Net redemptions of $218,060 were partially offset by positive In January 2011, the Accounting Standards Board (AcSB) amended
investment performance, contributing to this decrease in net asset the Introduction to Part I of the CICA Handbook – Accounting to allow
value. investment companies, which include investment funds, to adopt IFRS
• During the period, Class A units of the Fund returned 0.39% and for the first time no later than interim and annual financial statements
underperformed its blended benchmark of 50% DEX 30-day T-Bill relating to annual periods beginning on or after January 1, 2013.
Index and 50% DEX Canadian 91-day T-Bill Index, which returned Investment companies electing to defer the first time adoption may
0.49%. continue to apply existing Canadian generally accepted accounting
• During the period, although the market had been expecting the Bank principles (GAAP) until the changeover to IFRS.
of Canada (BoC) to raise interest rates, T-Bill yields have been
remarkably stable. The Fund will defer the first time adoption and adopt IFRS beginning
• At its May 31 policy meeting, the BoC kept the door open for future January 1, 2013. As at June 30, 2011, the Manager has developed a
rate increases; however, the tone of the statement did not signal any changeover plan to meet this timetable.
immediate action.
• A persistently strong Canadian dollar and the headwinds it poses for Related Party Transactions
the Canadian economy, moderating economic growth, core inflation Canadian Imperial Bank of Commerce (CIBC) and its affiliates have
that remains well behaved, growing geopolitical risks stemming from the following roles and responsibilities with respect to the Fund, and
the European debt crisis, a weakening U.S. economy, and tensions in receive the fees described below in connection with their roles and
the Middle East and the resulting impact on the cost of energy to responsibilities:
Canadian consumers in CGAM’s view will ensure that the BoC will be
patient and gradual in any rate increases that may occur later this Manager
year or into 2012. CIBC is the manager (the Manager) of the Fund. CIBC will receive
• The Fund’s term-to-maturity is positioned in a neutral range because management fees with respect to the day-to-day business and
there are no immediate prospects for interest rate increases. operations of the Fund, calculated based on the net asset value of
• The Fund held a relatively higher exposure to corporate paper in each respective class of units of the Fund, as described in the section
order to maintain a higher running yield in the current low interest rate entitled Management Fees. The Manager will also compensate its
environment. wholesalers in connection with their marketing activities regarding the
Fund. From time to time, CIBC may provide seed capital to the Fund.
CIBC Money Market Fund
Trustee The Portfolio Advisor has entered into an expense reimbursement
CIBC Trust Corporation, a wholly-owned subsidiary of CIBC, is the agreement with CGAM on behalf of the Fund. The agreement
trustee (the Trustee) of the Fund. The Trustee holds title to the property provides that custodial fees directly related to portfolio transactions
(cash and securities) of the Fund on behalf of its unitholders. incurred by the Fund, otherwise payable by the Fund, shall be paid by
CGAM, and/or dealer(s) directed by CGAM, up to the amount of the
Portfolio Advisor credits generated under soft dollar arrangements from trading on
CIBC Asset Management Inc. (CAMI), a wholly-owned subsidiary of behalf of the Fund during that month.
CIBC, is the portfolio advisor (the Portfolio Advisor) of the Fund. The
Portfolio Advisor provides, or arranges to provide, investment advice In addition, the Manager may enter into commission recapture
and portfolio management services to the Fund. A portion of the arrangements with certain dealers with respect to the Fund. Any
management fees CIBC receives from the Fund will be paid to CAMI. commission recaptured will be paid to the Fund.
During the period, no brokerage commissions or other fees were paid
Portfolio Sub-Advisor by the Fund to CIBC WM or CIBC World Markets Corp.
CAMI has retained CGAM, a wholly-owned subsidiary of CIBC, as the
portfolio sub-advisor of the Fund, to provide investment advice and Fund Transactions
portfolio management services to the Fund. CAMI pays a fee to CGAM. The Fund may enter into one or more of the following transactions in
reliance on the standing instructions rendered by the Independent
Distributor Review Committee (IRC):
Dealers and other firms will sell the units of the Fund to investors.
• trade in securities of CIBC;
These dealers and other firms will include CIBC’s related dealers such
as the principal distributor, CIBC Securities Inc. (CIBC SI), the CIBC • invest in the securities of issuers for which CIBC WM, CIBC World
Investor’s Edge discount brokerage division of CIBC Investor Services Markets Corp., or another related party acts as an underwriter
Inc. (CIBC ISI), the CIBC Imperial Service division of CIBC ISI, and the during the distribution of such securities and the 60-day period
CIBC Wood Gundy division of CIBC World Markets Inc. (CIBC WM). following the conclusion of such distribution of the underwritten
CIBC SI, CIBC ISI, and CIBC WM are wholly-owned subsidiaries of securities to the public;
CIBC. • purchase securities from or sell securities to CIBC WM, CIBC World
CIBC may pay trailing commissions to these dealers and firms in Markets Corp., or another related party, where acting as principal;
connection with the sale of units of the Fund. These dealers and other and
firms may pay a portion of these trailing commissions to their advisors • purchase or sell securities of an issuer from or to another
who sell units of the Fund to investors. investment fund managed by the Manager or an affiliate of the
Manager.
Brokerage Arrangements and Soft Dollars
Portfolio sub-advisors make decisions, including the selection of The relevant standing instructions require that the transactions (i) be
markets and dealers and the negotiation of commissions, with respect made free from any influence of an entity related to the Manager or
to the purchase and sale of portfolio securities, certain derivative CGAM and, without taking into account any consideration relevant to
products (including futures) and the execution of portfolio transactions. an entity related to the Manager or CGAM, (ii) represent the business
Brokerage business may be allocated by portfolio sub-advisors, judgment of the Manager and CGAM, uninfluenced by considerations
including CGAM, to CIBC WM and CIBC World Markets Corp., each a other than the best interests of the Fund, (iii) be conducted in
subsidiary of CIBC. CIBC WM and CIBC World Markets Corp. may also accordance with CAMI’s and CGAM’s policies and procedures, and
earn spreads on the sale of fixed income, other securities and certain (iv) achieve a fair and reasonable result for the Fund. The Manager is
derivative products (including forwards) to the Fund. A spread is the required to report a material breach in respect of the standing
difference between the bid and ask prices for a security in the instructions to the IRC.
applicable marketplace, with respect to the execution of portfolio
Custodian
transactions. The spread will differ based upon various factors such as
The Custodian holds all cash and securities for the Fund and ensures
the nature and liquidity of the security.
that those assets are kept separate from any other cash or securities
Dealers, including CIBC WM and CIBC World Markets Corp., may that the custodian might be holding. CIBC Mellon Trust Company is
furnish goods and services, other than order execution, to portfolio the custodian of the Fund (the Custodian). The Custodian may hire
sub-advisors, including CGAM, that process trades through them sub-custodians for the Fund. The fees for services of the Custodian
(referred to in the industry as “soft dollar” arrangements). These goods directly related to the execution of portfolio transactions by the Fund
and services are paid for with a portion of brokerage commissions and are paid by CGAM, and/or dealer(s) directed by CGAM, up to the
assist portfolio sub-advisors, including CGAM, with investment decision- amount of the credits generated under soft dollar arrangements from
making services to the Fund or relate directly to the execution of trading on behalf of the Fund during that month. All other fees for the
portfolio transactions on behalf of the Fund. As per the terms of the services of the Custodian are paid by the Manager, and charged to
portfolio sub-advisory agreements, such soft dollar arrangements are in the Fund on a recoverable basis. CIBC owns a 50% interest in the
compliance with applicable laws. Custodian.
2
CIBC Money Market Fund
Service Provider
CIBC Mellon Global Securities Services Company (CIBC GSS) provides
certain services to the Fund, including securities lending, fund
accounting and reporting, and portfolio valuation. Such servicing fees
are paid by the Manager and charged to the Fund on a recoverable
basis. CIBC indirectly owns a 50% interest in CIBC GSS.
3
CIBC Money Market Fund
Financial Highlights
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial
performance for the period ended June 30, 2011 and December 31 of any other periods shown.
The Fund’s Net Assets per Unit1 – Class A Units
2011 2010 2009 2008 2007 2006
Net Assets, beginning of period $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
Increase (decrease) from operations:
Total revenue $ 0.06 $ 0.08 $ 0.09 $ 0.36 $ 0.46 $ 0.40
Total expenses (0.02) (0.04) (0.05) (0.11) (0.11) (0.11)
Realized gains (losses) for the period – – – – – –
Unrealized gains (losses) for the period – – – – – –
Total increase (decrease) from operations2 $ 0.04 $ 0.04 $ 0.04 $ 0.25 $ 0.35 $ 0.29
Distributions:
From income (excluding dividends) $ 0.04 $ 0.04 $ 0.04 $ 0.25 $ 0.35 $ 0.29
From dividends – – – – – –
From capital gains – – – – – –
Return of capital – – – – – –
Total Distributions3 $ 0.04 $ 0.04 $ 0.04 $ 0.25 $ 0.35 $ 0.29
Net Assets, end of period $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
1
This information is derived from the Fund’s unaudited interim and audited annual financial statements. The net assets per unit presented in the financial statements differs from
the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the 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 Fund, or both.
Ratios and Supplemental Data – Class A Units
2011 2010 2009 2008 2007 2006
4
Total Net Asset Value (000s) $1,292,448 $1,410,728 $1,742,898 $2,253,905 $2,072,373 $2,184,097
Number of Units Outstanding4 129,244,843 141,072,864 174,289,855 225,390,492 207,237,312 218,409,633
Management Expense Ratio5 0.50%* 0.39% 0.54% 1.14% 1.16% 1.16%
6
Management Expense Ratio before waivers or absorptions 1.46%* 1.40% 1.31% 1.26% 1.29% 1.32%
Trading Expense Ratio7 0.00%* 0.00% 0.00% 0.00% 0.00% 0.00%
Portfolio Turnover Rate8 n/a n/a n/a n/a n/a n/a
Net Asset Value per Unit $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
*Ratio has been annualized.
4
This information is presented as at June 30, 2011 and December 31 of any other periods 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 Money Market Fund
The Fund’s Net Assets per Unit1 – Premium Class Units
2011 2010 2009 2008 2007 2006a
Net Assets, beginning of period $10.00 $10.00 $10.00 $10.00 $10.00 $10.00b
Increase (decrease) from operations:
Total revenue $ 0.06 $ 0.07 $ 0.10 $ 0.36 $ 0.48 $ 0.10
Total expenses (0.02) (0.03) (0.03) (0.03) (0.03) (0.01)
Realized gains (losses) for the period – – – – – –
Unrealized gains (losses) for the period – – – – – –
Total increase (decrease) from operations2 $ 0.04 $ 0.04 $ 0.07 $ 0.33 $ 0.45 $ 0.09
Distributions:
From income (excluding dividends) $ 0.05 $ 0.05 $ 0.06 $ 0.33 $ 0.43 $ 0.09
From dividends – – – – – –
From capital gains – – – – – –
Return of capital – – – – – –
Total Distributions3 $ 0.05 $ 0.05 $ 0.06 $ 0.33 $ 0.43 $ 0.09
Net Assets, end of period $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
a
Information presented is for the period from October 3, 2006 to December 31, 2006.
b
Initial offering price.
1
This information is derived from the Fund’s unaudited interim and audited annual financial statements. The net assets per unit presented in the financial statements differs from
the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the 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 Fund, or both.
Ratios and Supplemental Data – Premium Class Units
2011 2010 2009 2008 2007 2006a
4
Total Net Asset Value (000s) $672,398 $770,824 $1,333,599 $2,776,412 $2,013,711 $461,809
Number of Units Outstanding4 67,239,824 77,082,358 133,359,890 277,641,169 201,371,084 46,181,000
Management Expense Ratio5 0.32%* 0.27% 0.25% 0.31% 0.32% 0.32%*
6
Management Expense Ratio before waivers or absorptions 0.38%* 0.38% 0.38% 0.36% 0.37% 0.32%*
Trading Expense Ratio7 0.00%* 0.00% 0.00% 0.00% 0.00% 0.00%
Portfolio Turnover Rate8 n/a n/a n/a n/a n/a n/a
Net Asset Value per Unit $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
a
Information presented is for the period from October 3, 2006 to December 31, 2006.
*Ratio has been annualized.
4
This information is presented as at June 30, 2011 and December 31 of any other periods 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 Money Market Fund
The Fund’s Net Assets per Unit1 – Class O Units
2011 2010a
Net Assets, beginning of period $10.00 $10.00b
Increase (decrease) from operations:
Total revenue $ 0.06 $ 0.08
Total expenses – –
Realized gains (losses) for the period – –
Unrealized gains (losses) for the period – –
Total increase (decrease) from operations2 $ 0.06 $ 0.08
Distributions:
From income (excluding dividends) $ 0.06 $ 0.07
From dividends – –
From capital gains – –
Return of capital – –
Total Distributions3 $ 0.06 $ 0.07
Net Assets, end of period $10.00 $10.00
a
Information presented is for the period from March 17, 2010 to December 31, 2010.
b
Initial offering price.
1
This information is derived from the Fund’s unaudited interim and audited annual financial statements. The net assets per unit presented in the financial statements differs from
the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the 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 Fund, or both.
Ratios and Supplemental Data – Class O Units
2011 2010a
4
Total Net Asset Value (000s) $35,187 $27,846
Number of Units Outstanding4 3,518,663 2,784,570
Management Expense Ratio5 0.00%* 0.00%*
6
Management Expense Ratio before waivers or absorptions 0.01%* 0.01%*
Trading Expense Ratio7 0.00%* 0.00%
Portfolio Turnover Rate8 n/a n/a
Net Asset Value per Unit $10.00 $10.00
a
Information presented is for the period from March 17, 2010 to December 31, 2010.
*Ratio has been annualized.
4
This information is presented as at June 30, 2011 and December 31 of any other periods 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 Money Market Fund
Management Fees
The Fund, 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 Fund’s
class level net asset value and are calculated and credited daily, and paid monthly. The Fund 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 Fund for the period ended June 30, 2011. These amounts do not include waived fees or absorbed expenses. CIBC
charges a management fee directly to, or as directed by, Class O unitholders, or dealers and discretionary managers on behalf of Class O
unitholders.
Class A Premium Class
Sales and trailing commissions paid to dealers 10.61% 34.67%
General administration, investment advice, and profit 89.39% 65.33%
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 Fund’s returns are after the deduction of fees and expenses, and the difference in returns between classes is primarily due to the difference
in management expense ratio. 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 Fund 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
6.00%
5.00%
4.00% 3.53% 3.54%
2.91%
3.00% 2.48%
1.93%
2.00% 1.51% 1.57%
1.24%
1.00%
0.36% 0.37% 0.39%
0.00%
01 02 03 04 05 06 07 08 09 10 11a
a
2011 return is for the period from January 1, 2011 to June 30, 2011.
Premium Class Units
6.00%
5.00%
4.41%
4.00%
3.36%
3.00%
2.00%
0.96%
1.00% 0.65% 0.49% 0.48%
0.00%
06a 07 08 09 10 11b
a
2006 return is for the period from October 3, 2006 to December 31, 2006.
b
2011 return is for the period from January 1, 2011 to June 30, 2011.
7
CIBC Money Market Fund
Class O Units
2.00%
1.00%
0.67% 0.64%
0.00%
10a 11b
a
2010 return is for the period from March 17, 2010 to December 31, 2010.
b
2011 return is for the period from January 1, 2011 to June 30, 2011.
Summary of Investment Portfolio (as at June 30, 2011)
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.
% of % of
Portfolio Breakdown Net Asset Value Top Positions Net Asset Value
Short-Term Investments 91.11 Summit Trust, Discount Note, 1.18%, 2011/08/11 4.19
Fixed Income Securities 8.53 Prime Trust, Senior Discount Note, 1.18%, 2011/07/08 4.00
Other Assets, less Liabilities 0.35 Diversified Trust, Discount Note, 1.16%, 2011/09/16 3.90
Cash 0.01 Darwin Receivables Trust, Senior Discount Note, 1.16%, 2011/08/31 3.24
Summit Trust, Discount Note, 1.18%, 2011/07/12 3.00
Diversified Trust, Discount Note, 1.18%, 2011/07/12 3.00
Inter Pipeline (Corridor) Inc., Discount Note, 1.30%, 2011/08/30 2.99
Toronto-Dominion Bank (The), Bearer Deposit Note,
1.30%, 2011/09/07 2.99
Merit Trust, Senior Discount Note, 1.30%, 2011/09/15 2.99
Merit Trust, Senior Discount Note, 1.42%, 2011/07/05 2.92
HSBC Financial Corp. Ltd., Variable Rate, 1.51%, 2012/05/03 2.52
Reliant Receivables Trust, Discount Note, 1.37%, 2011/08/03 2.50
Bank of Montreal, Bearer Deposit Note, 1.32%, 2011/07/19 2.50
Royal Bank of Canada, Bearer Deposit Note, 1.33%, 2011/10/03 2.49
Bank of Montreal, Bearer Deposit Note, 1.28%, 2011/12/07 2.49
Bank of Nova Scotia, Floating Rate, 1.75%, 2012/04/20 2.43
Bank of Nova Scotia, Bearer Deposit Note, 1.33%, 2011/11/08 2.24
Royal Bank of Canada, Term Deposit Note, 1.00%, 2011/07/04 2.12
Reliant Receivables Trust, Discount Note, 1.42%, 2011/07/05 2.08
Diversified Trust, Discount Note, 1.18%, 2011/08/10 2.05
Storm King Funding, Discount Note, 1.18%, 2011/08/17 2.04
Caisse centrale Desjardins, Bearer Deposit Note, 1.15%, 2011/09/01 2.00
Toronto-Dominion Bank (The), Floating Rate, 1.45%, 2011/07/12 1.97
Suncor Energy Inc., Discount Note, 1.14%, 2011/09/23 1.95
Bank of Montreal, Variable Rate, 1.37%, 2012/02/01 1.62
8
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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
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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.
00001428
