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CIBC Dividend Growth Fund Interim Management Report of Fund

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					                                                                                             CIBC Dividend Growth Fund


         Interim Management Report of Fund Performance
M 12 E




         for the period ended June 30, 2010
         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, annual management report of fund performance, or quarterly portfolio disclosure.

         Management Discussion of Fund Performance

         Results of Operations                                                       concerns regarding near-term earnings growth from its downstream
         The portfolio sub-advisor of CIBC Dividend Growth Fund (the Fund)           business.
         is CIBC Global Asset Management Inc. (the sub-advisor). The               • Given the initiatives by Chinese authorities to decelerate their
         commentary that follows reflects the views of the sub-advisor and           economy, proposed government austerity measures due to the
         provides a summary of the results of operations of the Fund for the         European debt crisis, and sluggish progress in the
         period ended June 30, 2010. All dollar figures are expressed in             U.S. employment situation, the probability of a further global
         thousands, unless otherwise indicated.                                      economic slowdown has increased and equity investors’ confidence
         • The Fund’s net asset value increased by 1% during the period,             has decreased. Interest rates in the majority of developed
            from $887,864 as at December 31, 2009 to $894,749 as at                  economies will likely remain accommodative for an extended period
            June 30, 2010. Net sales of $30,081, which were partially offset by      of time.
            negative investment performance of $23,196, contributed to this        • The portfolio will continue to favour stocks and sectors that provide
            increase.                                                                reasonable long-term returns with dividend yield support. The Fund
         • Returns in the common equity component of the Fund were hurt              remains well-positioned in select financials, REITs, pipeline, and
            by its underweight position in gold stocks and overweight positions      telecommunication companies.
            in Power Financial Corp. and Manitoba Telecom Services Inc.
            Common equity positions in Biovail Corp., Brookfield Properties        Recent Developments
            Corp., and Intact Financial and underweight positions in Cameco        Harmonized Sales Tax (HST)
            Corp., Suncor Energy Inc., Potash Corp. of Saskatchewan,               The introduction of HST in Ontario and British Columbia will have an
            Research In Motion Ltd., and Shoppers Drug Mart Corp. helped           impact on the management expense ratio (MER ) of the Fund. Prior
            performance.                                                           to July 1, 2010 the Funds paid federal goods and services tax (GST )
         • Within the income trust component of the Fund, performance was          at a rate of 5% on management fees and other operating expenses.
            mixed and was negatively impacted by the returns of Bell Aliant        Beginning on July 1, 2010, HST will apply to these fees and
            Regional Communications Inc., Labrador Iron Ore Royalty Trust,         expenses at a higher tax rate than the current GST.
            Arc Energy Trust, RioCan REIT, and Davis + Henderson Income
            Fund. This was offset by positive performance contributions from       The federal rules will likely allow the tax rate of the Funds to be
            Cineplex Galaxy Income Fund, Yellow Pages Income Fund,                 calculated as a weighted average based on the value of units held by
            Pembina Pipeline Income Fund, and selected real estate                 unitholders residing in each province and territory of Canada. The
            investment trusts (REITs) such as Boardwalk Properties Corp.,          provincial sales taxes from the HST participating provinces will be
            Canadian Real Estate, and Canadian Apartment Properties.               combined with the federal GST in calculating a “blended rate” that
         • The major strategic common equity transactions over the period          will vary based on the above weighted average.
            were the purchases of Open Text Corp. and Canadian Pacific
            Railway Ltd. due to their attractive long-term growth prospects and    International Financial Reporting Standards
            valuations. Westshore Terminal Income Fund was also added due          At June 30, 2010, the Manager has developed a changeover plan to
            to its steady revenue and dividend growth outlook. Kinross Gold        meet the timetable published by the Canadian Institute of Chartered
            Corp. was eliminated due to concerns about expansion into higher       Accountants for changeover to International Financial Reporting
            risk political jurisdictions. Husky Energy Inc. was reduced over       Standards (IFRS ). The key elements of the plan include continuing
CIBC Dividend Growth Fund

the diagnostic assessment that began in 2008, solutions development       CIBC ISI, and the CIBC Wood Gundy division of CIBC World
throughout 2009 and 2010, implementation by the end of 2010, and          Markets Inc. (CIBC WM ). CIBC SI, CIBC ISI, and CIBC WM are
the preparation of the 2011 financial statements in accordance with       wholly-owned subsidiaries of CIBC.
IFRS.
                                                                          CIBC may pay trailing commissions to these dealers and firms in
In June 2010, the Canadian Accounting Standards Board (AcSB )             connection with the sale of units of the Fund. These dealers and
published for comments an exposure draft proposing that investment        other firms may pay a portion of these trailing commissions to their
companies, which include investment funds, can defer adoption of          advisors who sell units of the Fund to investors.
IFRS by one year. Investments companies may continue to apply
existing Canadian generally accepted accounting principles standards      Brokerage Arrangements and Soft Dollars
and must adopt IFRS for fiscal years beginning on or after                Portfolio sub-advisors make decisions, including the selection of
January 1, 2012. The AcSB expects to finalize the proposed                markets and dealers and the negotiation of commissions, with
amendments in September 2010.                                             respect to the purchase and sale of portfolio securities, certain
                                                                          derivative products (including futures) and the execution of portfolio
Related Party Transactions                                                transactions. Brokerage business may be allocated by portfolio
Canadian Imperial Bank of Commerce (CIBC ) and its affiliates have        sub-advisors, including CIBC Global, to CIBC WM and CIBC World
the following roles and responsibilities with respect to the Fund, and    Markets Corp., each a subsidiary of CIBC. CIBC WM and CIBC
receive the fees described below in connection with their roles and       World Markets Corp. may also earn spreads on the sale of fixed
responsibilities:                                                         income, other securities and certain derivative products (including
                                                                          futures) to the Fund. A spread is the difference between the bid and
Manager                                                                   ask prices for a security in the applicable marketplace, with respect
CIBC is the manager (the Manager) of the Fund. CIBC will receive          to the execution of portfolio transactions. The spread will differ based
management fees with respect to the day-to-day business and               upon various factors such as the nature and liquidity of the security.
operations of the Fund, calculated based on the net asset value of
each respective class of units of the Fund, as described in the           Dealers, including CIBC WM and CIBC World Markets Corp., may
section entitled Management Fees. The Manager will also                   furnish goods and services other than order execution to portfolio
compensate its wholesalers in connection with their marketing             sub-advisors, including CIBC Global, that process trades through
activities regarding the Fund. From time to time, CIBC may provide        them (referred to in the industry as “soft dollar” arrangements).
seed capital to the Fund.                                                 These goods and services assist portfolio sub-advisors, including
                                                                          CIBC Global, with investment decision-making services to the Fund
Trustee                                                                   or related directly to executing portfolio transactions on behalf of the
CIBC Trust Corporation, a wholly-owned subsidiary of CIBC, is the         Fund. As per the terms of the sub-advisory agreements, such dollar
trustee (the Trustee) of the Fund. The Trustee holds title to the         arrangements are in compliance with applicable laws.
property (cash and securities) of the Fund on behalf of its               The Portfolio Advisor has entered into an expense reimbursement
unitholders.                                                              agreement with CIBC Global. The agreement provides custodial fees
                                                                          directly related to portfolio transactions incurred by the Fund shall be
Portfolio Advisor                                                         paid by CIBC Global and/or dealer(s) directed by CIBC Global, up to
CIBC Asset Management Inc. (CAMI ), a wholly-owned subsidiary of          the amount of the credits generated under soft dollar arrangements
CIBC, is the portfolio advisor (the Portfolio Advisor) of the Fund. The   from trading on behalf of the Fund during that month.
Portfolio Advisor provides, or arranges to provide, investment advice
and portfolio management services to the Fund. A portion of the           In addition, the Manager may enter into commission recapture
management fees CIBC receives from the Fund will be paid to               arrangements with certain dealers with respect to the Fund. Any
CAMI.                                                                     commission recaptured will be paid to the Fund.

Portfolio Sub-Advisor                                                     During the period, brokerage commissions and other fees of $6,857
CAMI has retained CIBC Global Asset Management Inc.                       were paid by the Fund to CIBC WM. Spreads associated with fixed
(CIBC Global), a wholly-owned subsidiary of CIBC, as the portfolio        income securities, other securities and certain derivative products are
sub-advisor of the Fund, to provide investment advice and portfolio       not ascertainable and, for that reason, are not included in the dollar
management services to the Fund. CAMI pays a fee to CIBC Global.          values. No brokerage commissions or other fees were paid by the
                                                                          Fund to CIBC World Markets Corp.
Distributor
Dealers and other firms will sell the units of the Fund to investors.     Fund Transactions
These dealers and other firms will include CIBC’s related dealers         The Fund may purchase and sell securities of CIBC. The Fund may
such as the principal distributor, CIBC Securities Inc. (CIBC SI ), the   also, from time to time, purchase securities underwritten by a related
CIBC Investor’s Edge discount brokerage division of CIBC Investor         dealer, such as CIBC WM or CIBC World Markets Corp., each an
Services Inc. (CIBC ISI ), the CIBC Imperial Service division of          affiliate of the Manager. Such transactions are currently made

2
                                                                                                         CIBC Dividend Growth Fund

pursuant to standing instructions rendered by the Independent          behalf of the Fund during that month. All other fees for the services
Review Committee.                                                      of the Custodian are paid by the Manager, and charged to the Fund
                                                                       on a recoverable basis. CIBC owns a fifty percent interest in the
Custodian                                                              Custodian.
CIBC Mellon Trust Company is the custodian (the Custodian) that
holds all cash and securities for the Fund and ensures that those      Service Provider
assets are kept separate from any other cash or securities that it     CIBC Mellon Global Securities Services Company (CIBC GSS )
may be holding. The Custodian may hire sub-custodians for the          provides certain services to the Fund, including fund accounting and
Fund. The fees for services of the Custodian directly related to the   reporting, securities lending, and portfolio valuation. Such servicing
execution of portfolio transactions by the Fund are paid by CIBC       fees are paid by the Manager, and charged to the Fund on a
Global and/or dealer(s) directed by CIBC Global up to the amount of    recoverable basis. CIBC indirectly owns a fifty percent interest in
the credits generated under soft dollar arrangements from trading on   CIBC GSS.




                                                                                                                                                3
CIBC Dividend Growth 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, 2010, and for any other periods ended December 31, as indicated.

The Fund’s Net Assets per Unit1 – Class A Units
                                                                                             2010               2009            2008             2007             2006            2005
Net Assets, beginning of period                                                            $25.97           $20.45          $29.36           $27.81           $25.01          $20.96
Increase (decrease) from operations:
  Total revenue                                                                            $ 0.45           $ 0.90          $ 0.95           $ 0.91           $ 0.83          $ 0.80
  Total expenses                                                                             (0.26)           (0.45)          (0.52)           (0.58)           (0.53)          (0.46)
  Realized gains (losses) for the period                                                     (0.01)           (0.53)          (0.10)            0.79             1.19            0.72
  Unrealized gains (losses) for the period                                                   (0.78)            5.85           (9.05)            0.60             1.58            3.21
Total increase (decrease) from operations2                                                 $ (0.60)         $ 5.77          $ (8.72)         $ 1.72           $ 3.07          $ 4.27
Distributions:
  From income (excluding dividends)                                                        $ 0.05           $      –        $      –         $      –         $      –        $      –
  From dividends                                                                                –               0.24            0.35             0.21             0.18            0.20
  From capital gains                                                                            –                  –               –                –             0.02               –
  Return of capital                                                                             –                  –               –                –                –               –
Total Distributions3                                                                       $ 0.05           $ 0.24          $ 0.35           $ 0.21           $ 0.20          $ 0.20
Net Assets, end of period                                                                  $25.31           $25.97          $20.45           $29.36           $27.84          $25.01
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 may differ
  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
                                                                                             2010               2009            2008             2007             2006            2005
Total Net Asset Value (000s)4                                                            $845,179        $887,864         $689,259         $924,473        $801,520         $608,746
Number of Units Outstanding4                                                           33,372,590       34,115,258      33,596,669       31,446,064      28,786,247       24,338,048
                               5
Management Expense Ratio                                                                      1.96%*            1.97%           1.94%            1.96%            2.00%           2.00%
Management Expense Ratio before waivers or absorptions6                                       1.96%*            1.97%           1.94%            1.97%            2.00%           2.01%
                         7
Trading Expense Ratio                                                                         0.02%*            0.05%           0.04%            0.02%            0.04%           0.50%
                          8
Portfolio Turnover Rate                                                                       3.04%          14.07%             18.25%           7.62%         17.06%             16.01%
Net Asset Value per Unit                                                                 $ 25.33         $ 26.03          $ 20.52          $ 29.40         $ 27.84          $ 25.01
*Ratio has been annualized.
4
  This information is presented as at June 30, 2010 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 that 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 Dividend Growth Fund

The Fund’s Net Assets per Unit1 – Class O Units
                                                                                                                                                                                2010a
Net Assets, beginning of period                                                                                                                                               $10.00b
Increase (decrease) from operations:
  Total revenue                                                                                                                                                               $ 0.04
  Total expenses                                                                                                                                                                    –
  Realized gains (losses) for the period                                                                                                                                            –
  Unrealized gains (losses) for the period                                                                                                                                      (0.22)
Total increase (decrease) from operations2                                                                                                                                    $ (0.18)
Distributions:
  From income (excluding dividends)                                                                                                                                           $ 0.07
  From dividends                                                                                                                                                                   –
  From capital gains                                                                                                                                                               –
  Return of capital                                                                                                                                                                –
Total Distributions3                                                                                                                                                          $ 0.07
Net Assets, end of period                                                                                                                                                     $ 9.76
a
  Information presented is for the period from June 1, 2010 to June 30, 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 may differ
  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
                                                                                                                                                                                2010a
Total Net Asset Value (000s)4                                                                                                                                                $49,570
                                   4
Number of Units Outstanding                                                                                                                                                5,079,133
                               5
Management Expense Ratio                                                                                                                                                        0.00%*
Management Expense Ratio before waivers or absorptions6                                                                                                                         0.00%*
                         7
Trading Expense Ratio                                                                                                                                                           0.02%*
                          8
Portfolio Turnover Rate                                                                                                                                                         3.04%
Net Asset Value per Unit                                                                                                                                                     $ 9.76
a
  Information presented is for the period from June 1, 2010 to June 30, 2010.
*Ratio has been annualized.
4
  This information is presented as at June 30, 2010.
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 that 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 Dividend Growth 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, 2010. These amounts do not include waived fees or absorbed expenses. CIBC
charges a management fee directly to investors in Class O units.
                                                                       Class A Units
Sales and trailing commissions paid to dealers (%)                             44.46
General administration, investment advice, and profit (%)                      55.54


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. 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
    40.0%
    30.0%                                                                                        28.1%
                                           18.4%            20.3%
    20.0%         17.0%
                                                   13.8%            12.1%
    10.0%                                                                    6.4%
                           1.8%
     0.0%
    -10.0%                         -3.0%                                                                 -2.5%
    -20.0%
    -30.0%
                                                                                        -29.1%
    -40.0%
                   00       01      02       03      04       05      06       07        08       09      10a
             a
                 2010 return is for the period from January 1, 2010 to June 30, 2010.


Class O Units
     2.0%



     0.0%



     -2.0%                                                  -1.7%


     -4.0%
                                                             10a
             a
                 2010 return is for the period from June 1, 2010 to June 30, 2010.




6
                                                                                                             CIBC Dividend Growth Fund

Summary of Investment Portfolio (as at June 30, 2010)

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
Portfolio Breakdown                                             Net Asset Value
Financials                                                                37.85
Energy                                                                    22.71
Materials                                                                  7.29
Telecommunication Services                                                 6.37
Cash & Cash Equivalents                                                    5.78
Industrials                                                                5.53
Consumer Discretionary                                                     3.95
Consumer Staples                                                           3.67
Utilities                                                                  2.68
Information Technology                                                     1.91
Government of Canada & Guaranteed Bonds                                    1.24
Health Care                                                                1.00
Other Assets, Less Liabilities                                             0.02

                                                                           % of
Top Positions                                                   Net Asset Value
Cash & Cash Equivalents                                                    5.78
Royal Bank of Canada                                                       5.75
Toronto-Dominion Bank (The)                                                4.60
Bank of Nova Scotia                                                        4.31
Canadian Natural Resources Ltd.                                            3.43
Bank of Montreal                                                           3.43
BCE Inc.                                                                   2.73
Canadian National Railway Co.                                              2.68
Manulife Financial Corp.                                                   2.47
Suncor Energy Inc.                                                         2.33
Canadian Imperial Bank of Commerce                                         2.29
TransCanada Corp.                                                          2.23
Enbridge Inc.                                                              1.94
North West Co. Fund (The)                                                  1.75
Sun Life Financial Inc.                                                    1.61
Research In Motion Ltd.                                                    1.53
Cenovus Energy Inc.                                                        1.52
EnCana Corp.                                                               1.50
Pembina Pipeline Income Fund                                               1.45
Potash Corp. of Saskatchewan Inc.                                          1.42
Labrador Iron Ore Royalty Income Fund                                      1.39
Canadian Oil Sands Trust                                                   1.38
Power Financial Corp.                                                      1.28
ARC Energy Trust                                                           1.25
RioCan REIT                                                                1.25




                                                                                                                                                  7
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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