Interim Financial Statements (unaudited) · Number of Shares/ Par Value Average Cost ($) Current...

CIBC U.S. Index RRSP Fund

Interim Financial Statements (unaudited)for the period ended June 30, 2008

Statement of Investment Portfolio (unaudited) As at June 30, 2008

Number of Shares/Par Value

Average Cost($)

Current Value($)

United States Equities

155 Abercrombie & Fitch Co., Class ‘A’ 10,516 9,857246 Apollo Group Inc., Class ‘A’ 13,597 11,046239 AutoNation Inc. 2,833 2,42577 AutoZone Inc. 8,788 9,448

462 Bed Bath & Beyond Inc. 13,204 13,171617 Best Buy Co. Inc. 25,840 24,739146 Big Lots Inc. 4,759 4,619109 Black & Decker Corp. (The) 6,450 6,360220 Centex Corp. 3,158 2,980889 Clear Channel Communications Inc. 32,052 31,712609 Coach Inc. 18,619 17,813

5,284 Comcast Corp., Class ‘A’ 102,991 101,535490 D.R. Horton Inc. 5,869 5,384250 Darden Restaurants Inc. 7,796 8,101102 Dillard’s Inc., Class ‘A’ 1,314 1,182

1,268 DIRECTV Group Inc. (The) 34,745 33,319160 E.W. Scripps Co. (The), Class ‘A’ 7,202 6,728514 Eastman Kodak Co. 6,459 7,504373 Expedia Inc. 7,475 6,955249 Family Dollar Stores Inc. 4,823 5,037

4,001 Ford Motor Co. 21,560 19,525274 Fortune Brands Inc. 17,807 17,327289 GameStop Corp., Class ‘A’ 13,446 11,828408 Gannett Co. Inc. 9,288 8,970801 Gap Inc. (The) 13,780 13,523

1,010 General Motors Corp. 13,278 11,712292 Genuine Parts Co. 12,161 11,755429 Goodyear Tire & Rubber Co. (The) 8,746 7,756581 H&R Block Inc. 12,630 12,608422 Harley-Davidson Inc. 15,966 15,507104 Harman International Industries Inc. 4,609 4,359247 Hasbro Inc. 9,280 8,951

3,029 Home Depot Inc. 77,240 71,787323 IAC/InterActiveCorp. 6,654 6,318553 International Game Technology 16,199 13,992842 Interpublic Group of Cos. Inc. 7,731 7,338396 J.C. Penney Co. Inc. 15,046 14,576

1,059 Johnson Controls Inc. 33,260 30,750155 Jones Apparel Group Inc. 2,285 2,158137 KB Home 2,439 2,350547 Kohl’s Corp. 23,353 22,171297 Leggett & Platt Inc. 5,369 5,053250 Lennar Corp., Class ‘A’ 3,607 3,107535 Limited Brands Inc. 9,813 9,130169 Liz Claiborne Inc. 2,622 2,424

2,612 Lowes Cos. Inc. 57,895 54,829750 Macy’s Inc. 15,366 14,731536 Marriott International Inc., Class ‘A’ 14,818 14,264646 Mattel Inc. 12,066 11,220

2,023 McDonald’s Corp. 117,304 115,265573 McGraw-Hill Companies, Inc. 24,714 23,28866 Meredith Corp. 1,915 1,894

257 New York Times Co., Class ‘A’ 4,126 4,013494 Newell Rubbermaid Inc. 9,066 8,405677 Nike Inc., Class ‘B’ 46,064 40,936314 Nordstrom Inc. 10,587 9,653487 Office Depot Inc. 5,580 5,405572 Omnicom Group Inc. 26,997 25,964103 Polo Ralph Lauren Corp., Class ‘A’ 6,705 6,553381 Pulte Homes Inc. 4,075 3,715234 RadioShack Corp. 3,000 2,913125 Sears Holdings Corp. 9,363 9,341176 Sherwin-Williams Co. 8,974 8,200103 Snap-On Inc. 5,708 5,434140 Stanley Works (The) 6,478 6,366

1,253 Staples Inc. 30,678 30,1791,299 Starbucks Corp. 21,555 20,731

333 Starwood Hotels & Resorts Worldwide Inc. 14,491 13,5371,389 Target Corp. 68,862 65,500

225 Tiffany & Co. 10,169 9,284


Average Cost($)

Current Value($)

6,386 Time Warner Inc. 95,057 95,564758 TJX Cos. Inc. 24,685 24,186156 V.F. Corp. 11,298 11,264

1,129 Viacom Inc., Class ‘B’ 34,483 34,9473,400 Walt Disney Co. (The) 112,040 107,520

10 Washington Post Co., Class ‘B’ 5,818 5,951156 Wendy’s International Inc. 4,673 4,308134 Whirlpool Corp. 8,864 8,392316 Wyndham Worldwide Corp. 5,954 5,732845 Yum! Brands Inc. 31,110 30,065

Consumer Discretionary (0.52%) 1,547,197 1,484,439

3,738 Altria Group Inc. 79,509 77,8201,273 Anheuser-Busch Cos. Inc. 79,394 80,2161,149 Archer-Daniels-Midland Co. 39,160 39,273

762 Avon Products Inc. 28,046 27,847151 Brown-Forman Corp., Class ‘B’ 11,754 11,563385 Campbell Soup Co. 13,102 13,054246 Clorox Co. 13,406 13,028

3,565 Coca-Cola Co. (The) 193,125 187,571513 Coca-Cola Enterprises Inc. 9,456 9,004906 Colgate-Palmolive Co. 63,432 63,442870 ConAgra Foods Inc. 19,673 17,018349 Constellation Brands Inc., Class ‘A’ 6,962 6,961773 Costco Wholesale Corp. 53,806 55,038

2,551 CVS Corp. 104,346 102,282271 Dean Foods Co. 5,064 5,386204 Estee Lauder Cos. Inc., Class ‘A’ 9,512 9,607598 General Mills Inc. 38,560 36,821562 H.J. Heinz Co. 28,348 27,249300 Hershey Co. (The) 10,206 9,974453 Kellogg Co. 23,430 22,042747 Kimberly-Clark Corp. 46,520 45,298

2,706 Kraft Foods Inc., Class ‘A’ 80,641 78,1061,181 Kroger Co. 31,244 34,556

310 Lorillard Inc. 22,123 21,711229 McCormick & Co. Inc. 8,638 8,273250 Molson Coors Brewing Co., Class ‘B’ 14,245 13,780242 Pepsi Bottling Group Inc. (The) 7,227 6,848

2,831 Pepsico Inc. 186,090 182,6143,765 Philip Morris International Inc. 193,930 188,3535,449 Procter & Gamble Co. 348,760 335,622

306 Reynolds American Inc. 15,136 14,483782 Safeway Inc. 22,994 22,651

1,261 Sara Lee Corp. 16,180 15,646379 Supervalu Inc. 11,738 11,858

1,072 Sysco Corp. 31,478 29,898488 Tyson Foods Inc., Class ‘A’ 7,140 7,397264 UST Inc. 14,374 14,608

1,768 Walgreen Co. 62,413 58,2244,153 Wal-Mart Stores Inc. 239,250 236,373

250 Whole Foods Market Inc. 6,497 5,996383 Wm. Wrigley Jr. Co. 30,483 30,177

Consumer Staples (0.76%) 2,227,392 2,177,668

835 Anadarko Petroleum Corp. 66,263 63,401595 Apache Corp. 86,871 83,866550 Baker Hughes Inc. 50,094 48,658524 BJ Services Co. 17,853 16,943174 Cabot Oil & Gas Corp. 11,956 11,935387 Cameron International Corp. 22,165 21,732858 Chesapeake Energy Corp. 59,156 57,417

3,691 Chevron Corp. 371,830 370,8012,753 ConocoPhillips 267,483 263,050

326 CONSOL Energy Inc. 37,574 37,126796 Devon Energy Corp. 99,168 96,934

1,253 El Paso Corp. 27,849 27,611258 Ensco International Inc. 21,573 21,124443 EOG Resources Inc. 61,059 58,967

9,430 ExxonMobil Corp. 841,061 840,3891,557 Halliburton Co. 83,951 83,785

501 Hess Corp. 65,436 64,136

The accompanying notes are an integral part of these financial statements.


Average Cost($)

Current Value($)

1,263 Marathon Oil Corp. 67,470 66,427144 Massey Energy Co. 13,675 13,682339 Murphy Oil Corp. 32,420 33,702741 National-Oilwell Varco Inc. 68,990 66,698480 Noble Corp. 32,752 31,561307 Noble Energy Inc. 32,229 31,262

1,465 Occidental Petroleum Corp. 130,528 133,441485 Peabody Energy Corp. 41,807 43,306276 Range Resources Corp. 18,541 18,330201 Rowan Cos. Inc. 9,630 9,525

2,129 Schlumberger Ltd. 234,736 231,852359 Smith International Inc. 29,811 30,227610 Southwestern Energy Co. 29,888 29,440

1,130 Spectra Energy Corp. 32,090 32,937209 Sunoco Inc. 8,549 8,615246 Tesoro Corp. 5,190 4,924569 Transocean Inc. 89,487 87,850943 Valero Energy Corp. 41,669 39,369

1,213 Weatherford International Ltd. 57,658 60,9541,043 Williams Cos. Inc. 41,517 42,623

911 XTO Energy Inc. 68,006 63,256

Energy (1.13%) 3,277,985 3,247,856

848 Aflac Inc. 55,621 53,969983 Allstate Corp. (The) 47,555 45,387552 Amazon.com Inc. 45,293 41,028374 Ameren Corp. 16,363 16,020362 American Capital Strategies Ltd. 9,636 8,719717 American Electric Power Co. Inc. 30,174 29,206

2,067 American Express Co. 85,956 78,9134,799 American International Group Inc. 147,943 128,440

396 Ameriprise Financial Inc. 17,744 16,340533 Aon Corp. 25,601 24,821160 Apartment Investment & Management Co.,

Class ‘A’ 5,647 5,527171 Assurant Inc. 11,845 11,442137 Avalonbay Communities Inc. 12,635 12,393

7,947 Bank of America Corp. 209,275 191,6492,041 Bank of New York Mellon Corp. 83,256 78,210

976 BB&T Corp. 23,876 22,527214 Boston Properties Inc. 20,372 19,564670 Capital One Financial Corp. 26,936 25,810310 CB Richard Ellis Group Inc., Class ‘A’ 6,395 6,035

1,657 Charles Schwab Corp. (The) 35,582 34,530652 Chubb Corp. (The) 33,710 32,419291 Cincinnati Financial Corp. 7,944 7,499504 CIT Group Inc. 4,417 3,467

9,716 Citigroup Inc. 183,448 164,51997 CME Group Inc. 43,096 37,708

269 Comerica Inc. 7,527 6,9921,041 Countrywide Financial Corp. 4,731 4,489

214 Developers Diversified Realty Corp. 7,757 7,521855 Discover Financial Services 12,675 11,407844 E*TRADE Financial Corp. 3,029 2,672483 Equity Residential 19,290 18,744

1,900 Fannie Mae 43,196 37,589155 Federated Investors Inc., Class ‘B’ 5,696 5,413

1,026 Fifth Third Bancorp. 10,505 10,628333 First Horizon National Corp. 2,644 2,503278 Franklin Resources Inc. 28,147 25,849

1,154 Freddie Mac 23,478 19,154477 General Growth Properties Inc. 17,794 16,928773 Genworth Financial Inc. 14,202 13,920704 Goldman Sachs Group Inc. 127,848 124,578562 Hartford Financial Services Group Inc. (The) 39,153 36,742419 HCP Inc. 13,696 13,497932 Host Marriott Corp. 13,380 12,897927 Hudson City Bancorp Inc. 16,202 15,697654 Huntington Bancshares Inc. 3,870 3,828126 IntercontinentalExchange Inc. 16,480 14,572261 Janus Capital Group Inc. 7,850 6,999

6,163 JPMorgan Chase & Co. 231,161 214,529867 KeyCorp 9,714 9,632453 Kimco Realty Corp. 16,254 15,851252 Legg Mason Inc. 12,442 11,124

1,243 Lehman Brothers Holdings Inc. 28,840 24,780316 Leucadia National Corp. 15,573 15,010463 Lincoln National Corp. 22,394 21,241646 Loews Corp. 32,066 30,732138 M & T Bank Corp. 10,132 9,876913 Marsh & McLennan Cos. Inc. 24,266 24,565463 Marshall & Ilsley Corp. 7,932 7,187379 MBIA Inc. 1,865 1,688

1,759 Merrill Lynch & Co. Inc. 61,809 56,5001,268 MetLife Inc. 71,862 67,744

223 MGIC Investment Corp. 1,755 1,367


Average Cost($)

Current Value($)

362 Moody’s Corp. 13,449 12,6161,976 Morgan Stanley 75,301 72,2111,357 National City Corp. 6,912 6,553

342 Northern Trust Corp. 24,623 23,768473 NYSE Euronext 26,999 24,282305 Plum Creek Timber Co. Inc. 13,487 13,207617 PNC Financial Services Group 35,488 35,687462 Principal Financial Group Inc. 21,354 19,654

1,209 Progressive Corp. (The) 24,351 22,925468 ProLogis 26,890 25,763778 Prudential Financial Inc. 52,240 46,965220 Public Storage Inc. 17,969 18,030

1,240 Regions Financial Corp. 13,730 13,700160 Safeco Corp. 10,947 10,900401 Simon Property Group Inc. 38,052 36,570833 SLM Corp. 18,709 16,353855 Sovereign Bancorp. Inc. 7,102 6,376761 State Street Corp. 51,493 49,320628 SunTrust Banks Inc. 22,961 23,020463 T. Rowe Price Group Inc. 27,685 26,498160 Torchmark Corp. 9,720 9,519

1,079 Travelers Cos. Inc. (The) 49,215 47,4333,106 U.S. Bancorp. 91,330 87,603

618 Unum Group 13,679 12,791241 Vornado Realty Trust 22,004 21,517

3,815 Wachovia Corp. 65,709 59,9931,890 Washington Mutual Inc. 11,492 9,4535,894 Wells Fargo & Co. 145,503 141,541

192 Zions Bancorp. 6,073 6,134

Financials (1.01%) 3,122,002 2,920,969

2,754 Abbott Laboratories 152,075 147,695865 Aetna Inc. 36,182 35,560549 Allergan Inc. 29,568 28,969287 AmerisourceBergen Corp. 11,556 11,638

1,943 Amgen Inc. 90,697 92,965301 Applera Corp. — Applied Biosystems Group 10,454 10,184193 Barr Pharmaceuticals Inc. 8,038 8,819

1,120 Baxter International Inc. 70,990 72,564436 Becton, Dickinson & Co. 35,003 35,949523 Biogen Idec Inc. 30,071 29,619

2,403 Boston Scientific Corp. 30,003 29,9143,533 Bristol-Myers Squibb Co. 70,838 73,552

177 C.R. Bard Inc. 15,844 15,792637 Cardinal Health Inc. 33,303 33,283778 Celgene Corp. 47,272 50,374501 CIGNA Corp. 18,022 17,968271 Coventry Health Care Inc. 8,542 8,364892 Covidien Ltd. 42,517 43,330

1,765 Eli Lilly and Co. 85,457 82,532448 Express Scripts Inc., Class ‘A’ 29,239 28,512544 Forest Laboratories Inc., Class ‘A’ 18,026 19,174477 Genzyme Corp. 33,959 34,786

1,646 Gilead Sciences Inc. 91,678 88,357284 Hospira Inc. 11,533 11,554302 Humana Inc. 12,896 12,179324 IMS Health Inc. 7,597 7,659

69 Intuitive Surgical Inc. 19,640 18,8405,030 Johnson & Johnson 328,898 328,033

440 King Pharmaceuticals Inc. 4,339 4,674199 Laboratory Corp. of America Holdings 14,127 14,056495 McKesson Corp. 28,793 28,043904 Medco Health Solutions Inc. 41,398 43,262

2,004 Medtronic Inc. 104,364 105,0333,831 Merck & Co. Inc. 139,642 146,336

98 Millipore Corp. 7,219 6,746543 Mylan Laboratories Inc. 6,614 6,649231 Patterson Cos. Inc. 7,283 6,871211 PerkinElmer Inc. 6,110 5,962

12,074 Pfizer Inc. 213,607 213,757282 Quest Diagnostics Inc. 13,711 13,847

2,894 Schering-Plough Corp. 54,848 57,753605 St. Jude Medical Inc. 25,153 25,068426 Stryker Corp. 27,214 27,172855 Tenet Healthcare Corp. 4,686 4,814746 Thermo Electron Corp. 43,485 42,157

2,193 UnitedHealth Group Inc. 58,887 58,404224 Varian Medical Systems Inc. 11,850 11,781179 Waters Corp. 11,539 11,713186 Watson Pharmaceuticals Inc. 5,049 5,120939 Wellpoint Inc. 46,896 45,309

2,380 Wyeth 115,839 115,709413 Zimmer Holdings Inc. 28,475 28,514

Health Care (0.84%) 2,401,026 2,406,915

1,257 3M Co. 93,272 88,645




Average Cost($)

Current Value($)

602 Allied Waste Industries Inc. 8,147 7,702190 Avery Dennison Corp. 9,043 8,459

1,341 Boeing Co. (The) 103,091 89,399523 Burlington Northern Santa Fe Corp. 53,756 52,923305 C.H. Robinson Worldwide Inc. 17,844 16,960

1,097 Caterpillar Inc. 89,252 82,048233 Cintas Corp. 6,209 6,262311 Cooper Industries Ltd. 13,249 12,441723 CSX Corp. 47,091 45,940363 Cummins Inc. 27,164 24,086455 Danaher Corp. 37,056 35,660769 Deere and Co. 60,596 56,275338 Dover Corp. 17,939 16,570294 Eaton Corp. 27,788 25,345

1,393 Emerson Electric Co. 75,986 69,815231 Equifax Inc. 8,122 7,879381 Expeditors International of Washington Inc. 16,681 16,625553 FedEx Corp. 45,065 44,115158 Fluor Corp. 31,694 29,780711 General Dynamics Corp. 63,088 60,672

17,789 General Electric Co. 495,945 479,711223 Goodrich Corp. 11,765 10,738

1,323 Honeywell International Inc. 73,997 67,408709 Illinois Tool Works Inc. 34,847 34,175324 ITT Industries Inc. 20,925 20,798217 Jacobs Engineering Group Inc. 19,462 17,738219 L-3 Communications Holdings Inc. 21,040 20,190603 Lockheed Martin Corp. 63,854 60,296232 Manitowoc Co. Inc. (The) 8,928 7,645646 Masco Corp. 10,706 10,303222 Monster Worldwide Inc. 4,675 4,637671 Norfolk Southern Corp. 42,776 42,616610 Northrop Grumman Corp. 43,397 41,403652 Paccar Inc. 29,831 27,670214 Pall Corp. 9,125 8,596299 Parker Hannifin Corp. 22,901 21,602370 Pitney Bowes Inc. 13,103 12,774249 Precision Castparts Corp. 27,836 24,345379 R.R. Donnelley & Sons Co. 11,896 11,416755 Raytheon Co. 44,055 43,041283 Robert Half International Inc. 7,199 6,879262 Rockwell Automation Inc. 14,089 11,605287 Rockwell Collins Inc. 14,593 13,944103 Ryder System Inc. 7,493 7,183

1,306 Southwest Airlines Inc. 18,471 17,265179 Terex Corp. 11,182 9,320445 Textron Inc. 23,491 21,639922 Union Pacific Corp. 70,833 70,502

1,822 United Parcel Service Inc., Class ‘B’ 122,785 113,6091,737 United Technologies Corp. 121,578 108,644

116 W.W. Grainger Inc. 10,157 9,617876 Waste Management Inc. 34,380 33,479

Industrials (0.76%) 2,319,448 2,188,389

949 Adobe Systems Inc. 38,972 37,8581,083 Advanced Micro Devices Inc. 7,234 6,384

172 Affiliated Computer Services Inc., Class ‘A’ 9,639 9,332643 Agilent Technologies Inc. 24,255 23,139300 Akamai Technologies Inc. 10,752 10,589535 Altera Corp. 11,842 11,236518 Analog Devices Inc. 17,301 16,686

1,573 Apple Computer Inc. 276,975 267,2152,419 Applied Materials Inc. 48,625 46,851

400 Autodesk Inc. 14,686 13,705925 Automatic Data Processing Inc. 39,905 39,321341 BMC Software Inc. 12,814 12,427798 Broadcom Corp., Class ‘A’ 21,915 22,094697 CA Inc. 16,959 16,285161 Ciena Corp. 4,148 3,778

10,543 Cisco Systems Inc. 263,380 248,798328 Citrix Systems Inc. 10,182 9,764516 Cognizant Technology Solutions Corp.,

Class ‘A’ 18,436 17,014270 Computer Sciences Corp. 13,150 12,814467 Compuware Corp. 4,525 4,520221 Convergys Corp. 3,438 3,332

2,811 Corning Inc. 72,653 65,7363,607 Dell Inc. 85,928 80,1061,973 eBay Inc. 55,668 54,667

568 Electronic Arts Inc. 26,600 25,598897 Electronic Data Systems Corp. 22,472 22,424

3,689 EMC Corp. 60,125 54,905306 Fidelity National Information Services Inc. 11,807 11,459293 Fiserv Inc. 14,300 13,463415 Google Inc., Class ‘A’ 230,060 221,736

4,401 Hewlett-Packard Co. 203,734 196,997


Average Cost($)

Current Value($)

2,451 IBM Corp. 307,719 294,19710,223 Intel Corp. 232,623 222,785

573 Intuit Inc. 16,680 16,004373 Jabil Circuit Inc. 5,408 6,206410 JDS Uniphase Corp. 4,907 4,725937 Juniper Networks Inc. 21,912 21,047304 KLA Tencor Corp. 12,308 12,556170 Lexmark International Inc. 5,943 5,766396 Linear Technology Corp. 13,086 13,077

1,138 LSI Logic Corp. 7,880 7,077406 MEMC Electronic Materials Inc. 27,121 25,341330 Microchip Technology Inc. 10,482 10,208

1,358 Micron Technology Inc. 9,707 8,23914,295 Microsoft Corp. 406,819 399,267

248 Molex Inc. 6,768 6,1424,025 Motorola Inc. 30,529 29,973

385 National Semiconductor Corp. 8,385 8,023613 NetApp Inc. 14,273 13,452632 Novell Inc. 3,913 3,777178 Novellus Systems Inc. 3,844 3,827990 NVIDIA Corp. 19,498 18,742

7,079 Oracle Corp. 158,675 150,822572 Paychex Inc. 18,622 18,152237 QLogic Corp. 3,687 3,501

2,889 Qualcomm Inc. 140,495 130,050401 SanDisk Corp. 8,481 7,608

1,395 Sun Microsystems Inc. 15,829 15,3701,499 Symantec Corp. 29,720 29,428

709 Tellabs Inc. 3,576 3,338321 Teradata Corp. 7,624 7,523306 Teradyne Inc. 3,432 3,437

2,361 Texas Instruments Inc. 69,712 67,357354 Total System Service Inc. 8,386 7,966636 Unisys Corp. 2,742 2,510347 VeriSign Inc. 13,791 13,307

1,321 Western Union Co. 34,800 33,1171,605 Xerox Corp. 22,096 22,048

498 Xilinx Inc. 13,661 12,7322,455 Yahoo! Inc. 53,592 51,458

Information Technology (1.14%) 3,431,206 3,290,388

376 Air Products and Chemicals Inc. 39,824 37,6591,455 Alcoa Inc. 55,817 52,581

180 Allegheny Technologies Inc. 11,601 10,813100 Ashland Inc. 5,153 4,886175 Ball Corp. 9,123 8,465178 Bemis Co. Inc. 4,287 4,045

1,661 Dow Chemical Co. (The) 63,567 58,7621,608 E.I. du Pont de Nemours & Co. 74,373 69,922

136 Eastman Chemical Co. 10,017 9,492313 Ecolab Inc. 14,286 13,623684 Freeport-McMoRan Copper & Gold Inc.,

Class ‘B’ 82,460 81,317202 Hercules Inc. 3,728 3,466144 International Flavors and Fragrances Inc. 5,969 5,696763 International Paper Co. 18,960 18,013310 MeadWestvaco Corp. 7,713 7,495979 Monsanto Co. 141,416 125,278810 Newmont Mining Corp. Holding Co. 40,915 42,823233 Pactiv Corp. 5,285 5,011293 PPG Industries Inc. 18,059 17,033559 Praxair Inc. 56,564 53,384224 Rohm and Haas Co. 11,178 10,554286 Sealed Air Corp. 5,932 5,516230 Sigma-Aldrich Corp. 13,220 12,559174 Titanium Metals Corp. 2,606 2,466210 United States Steel Corp. 40,790 39,366195 Vulcan Materials Co. 12,570 11,827377 Weyerhaeuser Co. 20,350 19,526

Materials (0.25%) 775,763 731,578

708 American Tower Corp., Class ‘A’ 30,270 30,30510,603 AT&T Inc. 370,853 361,3371,215 CBS Corp., Class ‘B’ 24,509 23,976

188 CenturyTel Inc. 5,977 6,786579 Citizens Communications Co. 6,487 6,650263 Embarq Corp. 11,969 12,613

4,110 News Corp., Class ‘A’ 67,363 62,5892,716 Qwest Communications International Inc. 10,687 10,7745,088 Sprint Nextel Corp. 40,041 48,9365,088 Verizon Communications Inc. 185,874 182,375

798 Windstream Corp. 10,369 9,983

Telecommunication Services (0.26%) 764,399 756,324

1,199 AES Corp. 23,870 23,319300 Allegheny Energy Inc. 16,114 15,252




Average Cost($)

Current Value($)

586 CenterPoint Energy Inc. 9,670 9,530402 CMS Energy Corp. 6,278 6,069487 Consolidated Edison Inc. 19,727 19,299318 Constellation Energy Group Inc. 26,875 26,439

1,032 Dominion Resources Inc. 49,873 49,660291 DTE Energy Co. 12,794 12,506

2,257 Duke Energy Corp. 40,756 39,752887 Dynegy Inc., Class ‘A’ 8,153 7,685581 Edison International 30,742 30,251342 Entergy Corp. 42,722 41,731

1,171 Exelon Corp. 108,274 106,781544 FirstEnergy Corp. 45,256 45,395728 FPL Group Inc. 49,519 48,378136 Integrys Energy Group Inc. 7,184 7,00781 Nicor Inc. 3,634 3,500

489 NiSource Inc. 8,661 8,880359 Pepco Holdings Inc. 9,498 9,328638 PG&E Corp. 25,896 25,665180 Pinnacle West Capital Corp. 5,904 5,617666 PPL Corp. 35,185 35,312466 Progress Energy Inc. 20,241 19,757908 Public Services Enterprise Group Inc. 42,329 42,311309 Questar Corp. 21,926 22,243447 Sempra Energy Inc. 25,279 25,546

1,369 Southern Co. (The) 48,564 48,445376 Teco Energy Inc. 8,307 8,186769 Xcel Energy Inc. 16,044 15,643

Utilities (0.26%) 769,275 759,487

Total of United States Equities (6.93%) 20,635,693 19,964,013

International Equities

594 ACE Ltd. 34,111 33,151567 Ingersoll-Rand Co. Ltd., Class ‘A’ 22,720 21,532502 Nabors Industries Ltd. 25,413 25,037861 Tyco International Ltd. 37,573 34,976853 Tyco Electronics Ltd. 31,457 30,999320 XL Capital Ltd., Class ‘A’ 8,401 6,626

Bermuda (0.05%) 159,675 152,321

780 Carnival Corp. 27,297 26,051

Panama (0.01%) 27,297 26,051

Total of International Equities (0.06%) 186,972 178,372

Total of Equities (7.00%) 20,822,665 20,142,385

Total of Investments before Short-TermInvestments (7.00%) 20,822,665 20,142,385


Average Cost($)

Current Value($)

Short-Term Investments (note 11)

Government of Canada21,400,000 Treasury Bill, 1.22%, 2008/07/30 21,698,270 21,690,42860,000,000 Treasury Bill, 2.10%, 2008/08/08 60,811,295 60,738,786

Province of Ontario1,350,000 Discount Note, 2.00%, 2008/08/07 1,375,659 1,366,836

10,000,000 Discount Note, 2.28%, 2008/08/08 9,954,457 10,121,234Bank of Nova Scotia

12,000,000 Discount Note, 2.51%, 2008/08/08 12,161,957 12,142,417Bay Street Funding Trust

10,000,000 Discount Note, 3.08%, 2008/08/08 9,935,742 10,112,753Core Receivables Trust

15,000,000 Discount Note, 3.07%, 2008/08/01 14,890,559 15,178,627Darwin Receivables Trust

10,000,000 Senior Discount Note, 2.66%, 2008/08/08 10,140,513 10,117,104Export Development Canada

10,000,000 Discount Note, 1.55%, 2008/08/06 10,032,714 10,129,81933,500,000 Discount Note, 2.05%, 2008/08/08 33,969,110 33,914,067

Merit Trust15,000,000 Senior Discount Note, 3.06%, 2008/07/02 15,351,689 15,216,966

Pure Trust19,200,000 Discount Note, 2.80%, 2008/08/08 19,620,396 19,421,993

Ridge Trust7,000,000 Series ‘A’, Discount Note,

3.25%, 2008/08/05 7,045,066 7,079,587Royal Bank of Canada

10,000,000 Discount Note, 2.62%, 2008/07/08 10,030,402 10,140,366Summit Trust

7,200,000 Discount Note, 3.25%, 2008/08/01 7,248,984 7,284,483Bank of Montreal

10,000,000 Bearer Deposit Note, 2.58%, 2008/08/08 10,170,999 10,117,990Toronto-Dominion Bank (The)

7,900,000 Bearer Deposit Note, 2.63%, 2008/10/08 7,915,465 7,957,7545,000,000 Bearer Deposit Note, 2.63%, 2008/10/10 5,040,490 5,035,816

Short-Term Investments — USD 267,393,767 267,767,026

Total of Short-Term Investments (92.98%) 267,393,767 267,767,026

Less: Transaction costs included in average cost (10,778)

Total of Investments (99.98%) 288,205,654 287,909,411

Margin (5.37%) 15,461,666Unrealized Gain (Loss) on Futures Contracts (�5.29%) (15,226,468)Other Assets, less Liabilities (�0.06%) (162,924)

Total Net Assets (100.00%) 287,981,685

Futures Contracts Schedule (note 11)

ContractedValue ($) Name of Future Expiry Date

Number ofContracts Currency

ContractedPrice

CurrentValue ($)

UnrealizedGain (Loss) ($)

(1,251,448) United States S&P 500 E-Mini Index September 2008 (19) USD 1,298.42 (1,234,657) 16,791284,614,375 United States S&P 500 Index September 2008 829 USD 1,353.60 269,371,116 (15,243,259)

283,362,927 Total Equity Index Futures 268,136,459 (15,226,468)

As at June 30, 2008, $15,461,666 cash was deposited as margin for the futures contracts.



Risk managementThe investment objective of CIBC U.S. Index RRSP Fund (the Fund ) is to provide long-term growth through capital appreciation. The Fund is managed to obtain a

return that approximates the performance of the S&P 500 Index calculated on a total return basis. 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. Through the use of derivatives, the Fund is 100% eligible for registeredplans.

The S&P 500 Index is synthetically replicated to create a portfolio of similar characteristics. The Fund will invest simultaneously in cash and derivative instrumentssuch as S&P 500 Index futures, positioning the Fund as Canadian property while providing investment returns that match the S&P 500 Index in Canadian dollars.

The Statement of Investment Portfolio presents the securities held by the Fund as at June 30, 2008 and groups the securities by asset type, industry sector,geographic region, or currency exposure. Significant risks that are relevant to the Fund are discussed below. General Information on risk management and specificdiscussion on credit, currency, interest rate, liquidity, and other price/market risk can be found in note 2 of the financial statements.

Credit riskAs at June 30, 2008, other than short-term investments, the Fund had no significant investments in fixed income securities.

Currency riskThe table below indicates the currencies to which the Fund had significant exposure as at June 30, 2008, based on the market value of the Fund’s financial

instruments (including cash and cash equivalents) and the underlying principal amounts of forward foreign currency contracts, as applicable.

Holdings Exposed toCurrency Risk

(including derivatives)* ($)Forward Foreign

Currency Contracts ($)Total

Exposure ($)Percentage of

Net Assets

U.S. Dollar 287,725,102 — 287,725,102 99.84

*Amounts include monetary and non-monetary items.

As at June 30, 2008, if the Canadian dollar had strengthened or weakened by 1% in relation to all currencies, net assets would have increased or decreased,respectively, by approximately $2,877,251. This analysis assumes that all other variables remained unchanged. In practice, the actual results may differ from thisanalysis and the difference could be material.

Interest rate riskThe majority of the Fund’s financial assets and liabilities are non-interest bearing or short-term in nature; accordingly, the Fund is not subject to significant amounts of

risk due to fluctuations in the prevailing levels of market interest rates.

Liquidity riskThe Fund is exposed to daily cash redemptions of redeemable units. The Fund retains sufficient cash and cash equivalent positions to maintain adequate liquidity.

Other price/market riskThe table below indicates the change in net assets had the value of the Fund’s benchmark(s) increased or decreased by 1%, as at June 30, 2008. This change is

estimated based on the historical correlation between the return of the Fund as compared to the return of the Fund’s benchmark(s), using 36 monthly data points, asavailable, based on the monthly net returns of the Fund.

BenchmarkImpact on

Net Assets ($)

S&P 500 Index 2,889,032

This analysis assumes that all other variables remained unchanged. The historical correlation may not be representative of the future correlation and, accordingly, theimpact on net assets could be materially different.



Statements of Net Assets (unaudited)(in 000s, except per unit amounts)As at June 30, 2008 and December 31, 2007 (note 1)

2008 2007

AssetsInvestments at current value (notes 2 and 3) $ 287,909 $ 323,005Cash including foreign currency holdings, at current value 398 —Margin 15,462 19Accrued interest and dividends receivable 6 —Receivable for units issued — 112

Total Assets 303,775 323,136

LiabilitiesBank overdraft — 27Payable for portfolio securities purchased 35 —Payable for units redeemed 288 494Management fees payable 231 267Other accrued expenses 13 5Unrealized loss on futures contracts 15,226 238

Total Liabilities 15,793 1,031

Total Net Assets $ 287,982 $ 322,105

Net Assets per Unit (notes 4 and 12) $ 8.06 $ 8.96

Statements of Changes in Net Assets (unaudited)(in 000s)For the periods ended June 30, 2008 and 2007 (note 1)

2008 2007

Increase (Decrease) in Net Assets from Operations $ (32,032) $ (10,531)

Distributions Paid or Payable to UnitholdersFrom net investment income (17) (27)

(17) (27)

Changes Due to Unitholder TransactionsAmount received from the issuance of units 30,572 14,700Amount received from reinvestment of distributions 19 30Amount paid on redemptions of units (32,665) (49,444)

(2,074) (34,714)

Increase (Decrease) in Net Assets for the Period (34,123) (45,272)Net Assets at Beginning of Period 322,105 425,078Adjustment to beginning net assets on adoption of new

accounting policy — —

Net Assets at End of Period $ 287,982 $ 379,806

Statements of Operations (unaudited)(in 000s, except per unit amounts)For the periods ended June 30, 2008 and 2007 (note 1)

2008 2007

IncomeInterest revenue $ 4,917 $ 10,555Dividend revenue 18 —Income (loss) from futures contracts (43,618) 14,481

(38,683) 25,036

Expenses (notes 5 and 8)Management fees 1,832 2,578Audit fees 6 8Custodial fees 47 62Independent review committee fees 1 2Legal fees 7 11Regulatory fees 7 7Unitholder reporting costs 457 557Other expenses 2 3

2,359 3,228

Expenses waived/absorbed by the Manager (927) (1,268)

1,432 1,960

Net Investment Income (Loss) (40,115) 23,076

Realized and Unrealized Gain (Loss) on InvestmentsNet realized gain (loss) on sale of investments1 — —Net realized gain (loss) on foreign currency (notes 2e and f) 5,566 (14,438)Transaction costs (11) —Increase (decrease) in unrealized appreciation (depreciation) of

investments 2,528 (19,169)

Net Gain (Loss) on Investments 8,083 (33,607)

Increase (Decrease) in Net Assets from Operations $ (32,032) $ (10,531)

Increase (Decrease) in Net Assets from Operations per Unit $ (0.93) $ (0.27)

1 Net Realized Gain (Loss) on Sale of Investments(excluding short-term investments) (in 000s)

2008 2007

Cost of Investments Held at Beginning of Period $ — $ —Purchases 20,810 —

20,810 —Cost of Investments Held at End of Period 20,822 —

Cost of Investments Sold or Matured — —Proceeds from sales or maturities — —

Net Realized Gain (Loss) on Sale of Investments $ — $ —



Notes to Financial Statements

June 30, 2008 and 2007, and December 31, 2007 (unaudited)

1. CIBC Mutual Funds and CIBC Family of Managed Portfolios — Organization of the

Funds and Financial Reporting PeriodsEach of the CIBC Mutual Funds and CIBC Family of Managed Portfolios (individually, a

“Fund”, and collectively, the “Funds”) is a mutual fund trust organized under the laws ofOntario and governed by a declaration of trust (“Declaration of Trust”).

CIBC Securities Inc. is the Principal Distributor of the Funds, Canadian Imperial Bank ofCommerce (“CIBC”) is the manager (the “Manager”) of the Funds, and CIBC Trust Corporationis the trustee (the “Trustee”) of the Funds.

Each Fund may issue an unlimited number of classes of units and an unlimited number ofunits of each class. Each class may charge a different management fee. Operating expensescan be either common or class specific. Class specific expenses are allocated on aclass-by-class basis. As a result, a separate net asset value per unit is calculated for each class.

CIBC Money Market Fund, CIBC U.S. Dollar Money Market Fund, and CIBC Canadian BondFund offer both Class A units (previously having no designation) and Premium Class units. ThePremium Class units are available to investors with a minimum investment of $100,000 forCIBC Money Market Fund and CIBC U.S. Dollar Money Market Fund, and $50,000 for CIBCCanadian Bond Fund on a no-load basis, and offer a lower management fee.

The Statements of Investment Portfolio of each Fund are as at June 30, 2008. TheStatements of Net Assets are as at June 30, 2008 and December 31, 2007, and the Statementsof Operations and Changes in Net Assets are for the six-month periods ended June 30, 2008and 2007, except for Funds or classes established during either period, in which case theinformation presented is from the Date Established or the Inception Date to June 30, 2008 or2007, respectively.

“Date Established” is the date on which a Fund was established by the Declaration of Trust.“Inception Date” is the date upon which units of a class of a Fund were first sold to the publicunder prospectus.

Name Date Established Inception Date

CIBC Canadian T-Bill Fund September 28, 1990 September 28, 1990CIBC Premium Canadian T-Bill Fund December 3, 1990 January 2, 1991CIBC Money Market Fund — Class A November 30, 1988 November 30, 1988CIBC Money Market Fund — Premium Class October 3, 2006CIBC U.S. Dollar Money Market Fund — Class A* March 6, 1991 May 6, 1991CIBC U.S. Dollar Money Market Fund — Premium

Class* October 15, 2007CIBC High Yield Cash Fund August 9, 2000 September 26, 2000CIBC Mortgage and Short-Term Income Fund December 6, 1974 December 6, 1974CIBC Canadian Bond Fund — Class A December 31,1987 December 31,1987CIBC Canadian Bond Fund — Premium Class October 15, 2007CIBC Monthly Income Fund August 12, 1998 September 22, 1998CIBC Global Bond Fund August 31, 1994 September 26, 1994CIBC Global Monthly Income Fund August 29, 2006 December 8, 2006CIBC Balanced Fund December 31, 1987 December 31, 1987CIBC Diversified Income Fund May 9, 2005 June 20, 2005CIBC Dividend Fund August 7, 1991 August 7, 1991CIBC Canadian Equity Fund November 30, 1988 November 30, 1988CIBC Canadian Equity Value Fund August 7, 1997 August 7, 1997CIBC Capital Appreciation Fund August 7, 1991 August 7, 1991CIBC Canadian Small Companies Fund August 7, 1997 August 7, 1997CIBC Canadian Emerging Companies Fund August 7, 1997 August 7, 1997CIBC Disciplined U.S. Equity Fund August 29, 2006 September 29, 2006CIBC U.S. Small Companies Fund November 1, 1995 December 11, 1995CIBC Global Equity Fund January 1, 1988 January 1, 1988CIBC Disciplined International Equity Fund August 29, 2006 September 29, 2006CIBC European Equity Fund November 1, 1995 December 11, 1995CIBC Japanese Equity Fund July 7, 1995 August 21, 1995CIBC Emerging Economies Fund November 1, 1995 December 11, 1995CIBC Far East Prosperity Fund August 25, 1993 September 28, 1993CIBC Latin American Fund August 9, 1996 September 18, 1996CIBC International Small Companies Fund August 8, 1997 September 22, 1997CIBC Financial Companies Fund August 8, 1997 September 22, 1997CIBC Canadian Resources Fund July 7, 1995 August 21, 1995CIBC Energy Fund July 8, 1996 July 25, 1996CIBC Canadian Real Estate Fund August 8, 1997 September 22, 1997CIBC Precious Metals Fund July 8, 1996 July 25, 1996CIBC North American Demographics Fund August 9, 1996 September 18, 1996CIBC Global Technology Fund November 1, 1995 December 11, 1995CIBC Canadian Short-Term Bond Index Fund August 25, 1993 September 28, 1993CIBC Canadian Bond Index Fund August 8, 1997 September 22, 1997CIBC Global Bond Index Fund January 16, 1998 February 3, 1998CIBC Balanced Index Fund November 20, 1998 December 4, 1998CIBC Canadian Index Fund July 8, 1996 July 25, 1996CIBC U.S. Equity Index Fund March 6, 1991 May 6, 1991CIBC U.S. Index RRSP Fund July 8, 1996 July 25, 1996CIBC International Index Fund January 16, 1998 February 3, 1998CIBC International Index RRSP Fund August 9, 1996 September 18, 1996CIBC European Index Fund August 12, 1998 September 22, 1998CIBC European Index RRSP Fund August 18, 1999 September 16, 1999CIBC Japanese Index RRSP Fund August 18, 1999 September 16, 1999CIBC Emerging Markets Index Fund August 9, 2000 September 26, 2000CIBC Asia Pacific Index Fund August 9, 2000 September 26, 2000CIBC Nasdaq Index Fund August 9, 2000 September 26, 2000CIBC Nasdaq Index RRSP Fund August 18, 1999 September 16, 1999

Name Date Established Inception Date

CIBC Managed Income Portfolio January 15, 2002 February 1, 2002CIBC Managed Income Plus Portfolio January 15, 2002 February 1, 2002CIBC Managed Balanced Portfolio January 15, 2002 February 1, 2002CIBC Managed Monthly Income Balanced Portfolio August 29, 2006 October 3, 2006CIBC Managed Balanced Growth Portfolio1 January 15, 2002 February 1, 2002CIBC Managed Growth Portfolio2 January 15, 2002 February 1, 2002CIBC Managed Aggressive Growth Portfolio3 January 15, 2002 February 1, 2002CIBC U.S. Dollar Managed Income Portfolio* October 2, 2002 October 28, 2002CIBC U.S. Dollar Managed Balanced Portfolio* October 2, 2002 October 28, 2002CIBC U.S. Dollar Managed Growth Portfolio* October 2, 2002 October 28, 20021Formerly CIBC Managed Balance Growth RRSP Portfolio2Formerly CIBC Managed Growth RRSP Portfolio3Formerly CIBC Managed Aggressive Growth RRSP Portfolio*The financial information for these Funds is in U.S. dollars unless otherwise noted.

2. Summary of Significant Accounting PoliciesThese financial statements, prepared in accordance with Canadian generally accepted

accounting principles (’‘GAAP”), include estimates and assumptions by management that affectthe reported amounts of assets, liabilities, income, and expenses during the reporting periods.Actual results may differ from such estimates.

Adoption of New Accounting Standards

CICA Handbook Section 3862 and 3863, Financial Instruments — DisclosuresThe Canadian Institute of Chartered Accountants (“CICA”) issued CICA Handbook

Section 3862, Financial Instruments — Disclosures, and Section 3863, Financial Instruments —Presentation, effective for interim and annual financial statements relating to fiscal yearsbeginning on or after October 1, 2007. These standards provide comprehensive disclosure andpresentation requirements for financial instruments. Section 3862 replaces the disclosureportion of Section 3861, Financial Instruments — Disclosure and Presentation, and introducesnew requirements for specific qualitative and quantitative disclosure about risks. This includesthe requirements to quantify exposures for certain risks and provide sensitivity analysis forsome risks. The main objective of this new standard is to enable investors to evaluate thesignificance of financial instruments, the nature and extent of risks involved, and how theserisks are managed. Section 3863 carries forward the presentation requirements fromSection 3861, unchanged. On January 1, 2008, the Funds adopted these standards retroactivelywithout restatement of prior period financial statements in accordance with the transitionalprovisions. The adoption of these standards did not have an impact to net assets,increase (decrease) in net assets from operations, or increase (decrease) in net assets fromoperations per unit of the Funds.

Please refer to each Fund’s Statement of Investment Portfolio for specific risk disclosure.

a) Risk ManagementThe Funds’ overall risk management approach includes formal guidelines that govern the

extent of exposure to various types of risk, including diversification within asset classes andlimits on the exposure to individual investments and counterparties. In addition, derivativefinancial instruments may be used to manage certain risk exposures. The Manager also hasvarious internal controls to oversee the Funds’ investment activities, including monitoringcompliance with the investment objective and strategies, internal guidelines, and securitiesregulations. Please refer to each Fund’s Statement of Investment Portfolio for specific riskdisclosures.

Credit Risk

Credit risk is the risk that a counterparty to a financial instrument, such as a fixed incomesecurity or a derivative contract, will fail to discharge an obligation or commitment that it hasentered into with the Funds. The value of fixed income securities and derivatives as presentedon the Statement of Investment Portfolio includes consideration of the creditworthiness of theissuer and, accordingly, represents the maximum credit risk exposure of the Funds. CertainFunds may invest in short-term fixed income securities issued or guaranteed primarily byGovernment of Canada or any Canadian provincial government, obligations of charteredCanadian banks, trust companies and commercial paper with approved credit ratings. The riskof default on these short-term fixed income securities is considered low and these securitiesprimarily have credit ratings of ’A-1 (Low)’ (as rated by Standard & Poor’s, a division of TheMcGraw-Hill Companies, Inc., or equivalent rating from another rating service) or higher.

Currency RiskCurrency risk is the risk that the value of an investment will fluctuate due to changes in

foreign exchange rates. This is because mutual funds may invest in securities denominated ortraded in currencies other than the Funds’ reporting currency.

Interest Rate RiskPrices of fixed income securities generally increase when interest rates decline, and decrease

when interest rates rise. This risk is known as interest rate risk. Prices of longer-term fixedincome securities will generally fluctuate more in response to interest rate changes than wouldshorter-term securities. Due to the nature of short-term fixed income securities with aremaining term-to-maturity of less than one year, these investments are not generally exposedto a significant risk that their value will fluctuate in response to changes in the prevailing levelsof market interest rates.

Liquidity RiskThe Funds are exposed to daily cash redemptions of redeemable units. The Funds retain

sufficient cash and cash equivalent positions to maintain adequate liquidity. In accordance with

securities regulations, Funds are restricted from purchasing additional illiquid assets if,immediately after the purchase, more than 10% of their assets based on market value at timeof purchase would consist of illiquid assets.

Other Price/Market RiskOther price/market risk is the risk that the value of investments will fluctuate as a result of

changes in market conditions. Several factors can influence market trends, such as economicdevelopments, changes in interest rates, political changes, and catastrophic events. Allinvestments are exposed to other price/market risk.

b) Investment Transactions, Income Recognition, and Recognition of Realized andUnrealized Gains and Lossesi) Each transaction of purchase or sale of a portfolio asset by a Fund is reflected in the

net assets no later than the first computation of net assets made after the date onwhich the transaction becomes binding upon the Fund.

ii) Interest income is recorded on the accrual basis.iii) Dividend income is recorded on the ex-dividend date.iv) Securities that are exchange traded are recorded at current value established by the

closing bid price. For those debt securities listed on the over-the-counter (“OTC”)market, the current value is based upon the closing bid price. Unlisted securities arerecorded at current value using fair valuation techniques established by the Manager inestablishing a current value.

v) Realized gains and losses on investments and unrealized appreciation or depreciation ofinvestments are calculated using the average cost, excluding transaction costs, of therelated investments.

vi) Other income is the sum of income other than that which is separately classified on theStatements of Operations.

c) Portfolio SecuritiesThe cost of securities of the Fund is determined in the following manner. Securities are

purchased and sold at a market-traded price to arrive at a value for the position traded. The totalpurchased value represents the total cost of the security to the Fund. When additional units ofthe same security are purchased, the cost of those additional units is added to the total securitycost. When units of the same security are sold, the proportionate cost of the units of thesecurity sold is deducted from the total security cost. If there is a return of capital paid by asecurity, the amount of this return of capital is deducted from the total security cost. Thismethod of tracking security cost is known as ’average cost’ and the current total for any onesecurity is referred to as the adjusted cost base or ‘ACB’ of the security.

The difference between the current value of securities and their average cost represents theunrealized appreciation (depreciation) in value of the portfolio investments. The applicable periodchange in unrealized appreciation (depreciation) of investments is included on the Statementsof Operations.

Short-term investments on the Statement of Investment Portfolio are presented at theircurrent value. Accrued interest for bonds is disclosed separately on the Statements of NetAssets.

d) MortgagesCIBC Mortgages Inc. (“CIBC Mortgages”) is the counterparty when CIBC Mortgage and

Short-Term Income Fund (the “Mortgage Fund”) purchases and sells mortgages. Mortgagepurchases are priced using the Modified Lender’s Rate method, which is the principal amountthat will produce a yield to the Mortgage Fund of not more than a quarter of one percent(25 basis points) less than the interest rate at which CIBC Mortgages is making commitmentsat the time of purchase, to loan on the security of comparable mortgages, provided that CIBCMortgages has entered into an agreement to repurchase the mortgages from the MortgageFund in circumstances benefiting the Mortgage Fund and that such an agreement is consideredby the Trustee to justify the difference in yield to the Mortgage Fund. The 25 basis points yielddifference represents the payment of a fee (the “guarantee fee”) to CIBC Mortgages for itsagreement to repurchase the mortgages from the Mortgage Fund in circumstances benefitingthe Mortgage Fund. This guarantee fee was $724 for the six-month period ended June 30,2008 and $55,732 for the six-month period ended June 30, 2007. This guarantee fee isamortized on a straight-line basis over the term of the related mortgages, and the unamortizedbalance is included in other receivables on the Statements of Net Assets. Discounts andpremiums on the purchase of mortgages are also amortized on a straight-line basis over theterm of the related mortgages.

The Mortgage Fund sells mortgages at market value, except when the Mortgage Fundrequires liquidity and the Mortgage Fund exercises the right to require CIBC Mortgages to buyback mortgages. In such circumstances, if to meet redemption requests, the price shall be thatat which CIBC Mortgages is making mortgage commitments for comparable mortgages lessone quarter of one percent, or the price will be an amount agreed to at the time, which amountshall not be less than 95% of the current value of such mortgages (calculated in accordancewith the Declaration of Trust).

The difference between the current value of mortgages and their amortized cost is includedin Increase (decrease) in unrealized appreciation (depreciation) of investments on theStatements of Operations.

e) Foreign ExchangeThe value of investments and other assets and liabilities denominated in foreign currencies is

translated into Canadian dollars (except for CIBC U.S. Dollar Money Market Fund, CIBCU.S. Dollar Managed Income Portfolio, CIBC U.S. Dollar Managed Balanced Portfolio, and CIBCU.S. Dollar Managed Growth Portfolio, which are valued in U.S. dollars) at the current ratesprevailing on each valuation date.

Purchases and sales of investments, income, and expenses are translated into Canadiandollars at the foreign exchange rates prevailing on the dates of such transactions. Foreigncurrency translation gains (losses) on investments and income transactions are included in Netrealized gain (loss) on foreign currency and in Income, respectively, on the Statements ofOperations.

f) Forward Foreign Currency ContractsFunds may enter into forward foreign currency contracts for either hedging or non-hedging

purposes where such activity is consistent with their investment objectives and as permitted bythe Canadian securities regulatory authorities.

Changes in the current value of forward foreign currency contracts are recorded as Unrealizedgain (loss) on forward foreign currency contracts on the Statements of Net Assets, and arerecorded as an Increase (decrease) in unrealized appreciation (depreciation) of investmentsduring the applicable period on the Statements of Operations.

The gain or loss arising from the difference between the value of the original forward foreigncurrency contract and the contract at close or delivery is realized and recorded as Net realizedgain (loss) on foreign currency for Funds that use the forward foreign currency contracts forhedging, or as Income (loss) from forward foreign currency contracts for Funds that do not usethe forward foreign currency contracts for hedging.

g) Futures ContractsThe margin deposits with brokers relating to futures contracts are included in Margin on the

Statements of Net Assets. Any change in the margin requirement is settled daily, and isincluded in Receivable for portfolio securities sold or Payable for portfolio securities purchasedon the Statements of Net Assets.

Any difference between the settlement value at the close of business on each valuation dateand the settlement value at the close of business on the previous valuation date is recorded asIncome (loss) from futures contracts on the Statements of Operations.

h) OptionsPremiums paid for purchased call and put options are included in Investments at current

value on the Statements of Net Assets. When a purchased option expires, the Fund will realizea loss in the amount of the cost of the option. For a closing transaction, the Fund will realize again or loss depending on whether the proceeds are greater or less than the premium paid atthe time of purchase. When a purchased call option is exercised, the cost of the securitypurchased is increased by the premium paid at the time of purchase.

Premiums received from writing options are included in Investments at current value on theStatements of Net Assets as initial reductions in the value of investments. Premiums receivedfrom writing options that expire unexercised are recorded as Income on the Statements ofOperations. For a closing transaction, if the cost of closing the transaction exceeds thepremium received, the Funds will record a realized loss, or if the premium received at the timethe option was written is greater than the amount paid, the Funds will record a realized gain. Ifa written put option is exercised, the cost for the security delivered is reduced by the premiumsreceived at the time the option was written.

i) Securities LendingThe Funds may lend portfolio securities in order to earn additional revenue, which is disclosed

on the Statements of Operations. The loaned assets of any one Fund are not permitted toexceed 50% of the current value of the assets of that Fund (excluding collateral debt for theloaned securities). The minimum allowable collateral is 102% of the current value of the loanedsecurities as per the requirements of National Instrument 81-102. Collateral can consist of thefollowing (”Permitted Collateral”):

i) Cash.ii) An evidence of indebtedness that is issued or fully and unconditionally guaranteed as to

the principal and interest by: a) the government of Canada, or a province or territory ofCanada; b) the government of the United States of America or the government of oneof the states of the United States of America; c) the government of another sovereignstate, or a permitted supranational agency, if, in each case, the evidence ofindebtedness has an approved credit rating; or d) a Canadian financial institution or afinancial institution that is not incorporated or organized under the laws of Canada or ofa province or territory of Canada, if, in either case, evidences of indebtedness of thatissuer or guarantor that are rated as short-term debt by an approved credit ratingorganization have an approved credit rating.

iii) Irrevocable Letters of Credit issued by a Canadian financial institution, if evidences ofindebtedness of the Canadian financial institution that are rated as short-term debt byan approved credit rating organization have an approved credit rating.

iv) Securities that are immediately convertible into securities of the same issuer, class, ortype, and the same term, as the securities loaned.

v) Commercial Paper with a term to maturity of 365 days or less with an approved creditrating and that was issued by a company other than a government or permittedsupranational agency.

The market value of the loaned securities is determined on the close of any valuation date,and any additional required collateral is delivered to the Funds on the next business day. Thesecurities on loan continue to be included on the Statements of Investment Portfolio, and areincluded in the total value on the Statements of Net Assets in Investments at current value.

j) Multi-Class Structured Funds

Each Fund may issue an unlimited number of classes of units. The realized and unrealizedcapital gains or losses, income, and common expenses (other than operating expenses andmanagement fees) of the Fund are allocated on each valuation date to the unitholders inproportion to the respective prior day’s net asset value, which includes unitholder trades datedfor that day, of each class at the date of which the allocation is made. All class-specificoperating expenses and management fees do not require allocation. All class-specific operatingexpenses are paid by the Manager and are collected from the Funds on a recoverable basis.

k) Other Assets and LiabilitiesOther assets and liabilities are recorded at cost, which approximates their current value.

l) International Financial Reporting StandardsThe Canadian Accounting Standards Board (“AcSB”) has confirmed its plan to adopt all

International Financial Reporting Standards (“IFRS”) as published by the InternationalAccounting Standards Board on or by January 1, 2011. The Funds will adopt all of the IFRS inaccordance with AcSB’s plan. The presentation of the financial statements is currently underreview.


l) Legend for AbbreviationsThe following is a list of abbreviations (foreign currency translation and others) that may be

used in the Statements of Investment Portfolio:

Currency Abbreviations

AUD – Australian Dollar ITL – Italian LiraBEF – Belgian Franc JPY – Japanese YenBRL – Brazilian Real KRW – South Korean WonCAD – Canadian Dollar LBP – Lebanese PoundCHF – Swiss Franc MYR – Malaysian RinggitCNY – Chinese Renminbi MXN – Mexican PesoCLP – Chilean Peso NLG – Netherlands GuilderCZK – Czech Koruna NOK – Norwegian KroneDEM – Deutsche Mark NZD – New Zealand DollarDKK – Danish Krone PHP – Philippine PesoESP – Spanish Peseta PLN – Polish ZlotyEUR – Euro RUB – Russian RublesFRF – French Franc SEK – Swedish KronaGBP – British Pound SGD – Singapore DollarGRD – Greek Drachma THB – Thai BahtHKD – Hong Kong Dollar TRY – Turkish New LiraHUF – Hungarian Forint TWD – Taiwan DollarIDR – Indonesian Rupiah USD – United States DollarINR – Indian Rupee ZAR – South African Rand

Other Abbreviations

ADR – American Depository Receipt IPN – International Participation NoteADC – Austrian Depository Certificates LEPOs – Low Exercise Price OptionsCVO – Contingent Value Obligations MSCI – Morgan Stanley Capital InternationalETF – Exchange Traded Fund OPaLS – Optimized Portfolios as ListedGDR – Global Depository Receipt SecuritiesiShares – Index Shares PERLES – Performance Linked to EquityiUnits – Index Units Securities

SDR – Swedish Depository Receipt

3. Valuation of InvestmentsThe valuation date (”Valuation Date”) for a Fund is any day the Toronto Stock Exchange is

open for business. The Trustee may, at its discretion, establish other Valuation Dates.The value of the investments or assets of a Fund is determined as follows:

a) Cash and Other Assets

Cash, accounts receivable, dividends receivable, distributions receivable, and accrued interestare valued at current value at their recorded cost, plus or minus any foreign exchange betweenrecognition of the asset by the Fund and the current Valuation Date, which approximatescurrent value.

Short-term investments (money market instruments) are valued at current value.

b) Bonds, Debentures, and Other Debt ObligationsBonds, debentures, and other debt obligations are valued at current value using the bid/ask

price provided by a recognized vendor upon the close of trading on a Valuation Date.

c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign SecuritiesAny security that is listed or dealt with on a securities exchange is valued at current value

using the closing bid price or, if there is no closing bid price on that exchange, and in the caseof securities traded on an OTC market, at the current value as determined by the Manager asappropriate as a basis for valuation. In such situations, a fair value will be determined by theManager to establish current value. If any securities are inter-listed or traded on more than oneexchange or market, the Manager will use the principal exchange or market for the currentvalue of such securities.

Units of each mutual fund in which a Fund invests will be valued at current value using themost recent net asset value quoted by the Trustee or Manager of the mutual fund on theValuation Date.

Unlisted securities are valued at current value using the bid price quoted by a recognizeddealer, or the Manager may determine a price that more accurately reflects the fair value ofthese securities if the Manager feels the bid price does not reflect current value.

Fair value pricing is designed to avoid stale prices and to provide a more accurate currentvalue, and may assist in the deterrence of harmful short-term or excessive trading in the Funds.When securities listed or traded on markets or exchanges that close prior to North Americanmarkets or exchanges are valued by the Manager at their fair market value, instead of usingquoted or published prices, the prices of such securities used to calculate the Fund’s net assetsor net asset value may differ from quoted or published prices of such securities.

d) Derivatives

Long positions in options, debt-like securities, and listed warrants are valued at current valueusing the closing bid price as established on either their principal trading exchange or by arecognized dealer in such securities. The credit rating of each counterparty (as rated byStandard & Poor’s, a division of The McGraw-Hill Companies, Inc.) meets the minimumapproved credit rating.

When any option is written by any Fund, the premium received by the Fund will be reflectedas a liability that will be valued at an amount equal to the current value of the option that wouldhave the effect of closing the position. Any difference resulting from revaluation shall be treatedas an unrealized gain or loss on investment; the liability shall be deducted in arriving at the netassets of the Fund. The securities, if any, that are the subject of a written option will be valuedin the manner described above for listed securities.

Futures contracts, forward contracts, or swaps will be valued at current value at the gain orloss, if any, that would be realized on the Valuation Date if the position in the futures contracts,forward contracts, or swaps were to be closed out.

Margin paid or deposited in respect of futures contracts and forward contracts will bereflected as an accounts receivable and margin consisting of assets other than cash will benoted as held as collateral.

Other derivatives and margin are valued at current value in a manner that the Managerdetermines to represent their current value.

e) Restricted SecuritiesRestricted securities purchased by any Fund will be valued at current value in a manner that

the Manager determines to represent their current value.

f) MortgagesMortgages are valued at current value at a principal amount that produces a yield equal to the

prevailing rate of return on mortgages of similar type and term, establishing the current value.Mortgages insured under the National Housing Act (Canada) are valued at current value.

All mortgages, other than those insured under the National Housing Act (Canada), are valuedat current value on a consistent basis to produce a principal amount that will produce a yield(i) equal to the yield prevailing for the sale of comparable conventional mortgages by majorlending institutions, if ascertainable on the Valuation Date, or (ii) equal to not less than onequarter of one percent below the interest rate at which CIBC is making a commitment to loanof security of such mortgages on the Valuation Date.

g) Other SecuritiesAll other investments of the Funds will be valued at current value in accordance with the

laws of the Canadian securities regulatory authorities where applicable.The value of any security or other property of a Fund for which a market quotation is not

readily available or where the market quotations do not properly reflect the current value ofsuch securities will be determined by the Manager by valuing the securities at their currentvalue. In such situations, current value will be determined using fair valuation techniques thatmost accurately reflect their fair value as established by the Manager.

4. Units Issued and OutstandingUnitholders have the right to require the Fund to repurchase their units at the net asset value

next determined. Changes in issued and outstanding units, for the periods ended June 30, 2008and December 31, 2007, are summarized as follows:

CIBC Canadian T-Bill Fund

2008 2007

Balance — beginning of period 32,418,624 31,069,024Units issued for cash 16,354,407 26,492,341Units issued on reinvestment of distributions 404,849 963,077

49,177,880 58,524,442Units redeemed (14,778,756) (26,105,818)Balance — end of period 34,399,124 32,418,624

CIBC Premium Canadian T-Bill Fund

2008 2007

Balance — beginning of period 156,649,821 192,767,289Units issued for cash 71,928,354 159,795,433Units issued on reinvestment of distributions 2,359,360 6,452,933


CIBC Money Market Fund — Class A units

2008 2007



CIBC Money Market Fund — Premium Class units

2008 2007



CIBC U.S. Dollar Money Market Fund — Class A units

2008 2007

Balance — beginning of period 43,577,649 28,384,028Units issued for cash 24,528,559 54,334,873Units issued on reinvestment of distributions 611,258 1,408,932



CIBC U.S. Dollar Money Market Fund — Premium Class units

2008 2007

Balance — beginning of period 14,925,994 —Units issued for cash 61,850,507 17,889,544Units issued on reinvestment of distributions 547,852 86,980


CIBC High Yield Cash Fund

2008 2007

Balance — beginning of period 2,735,262 4,516,388Units issued for cash 699,415 1,057,361Units issued on reinvestment of distributions 37,213 122,175


CIBC Mortgage and Short-Term Income Fund

2008 2007



CIBC Canadian Bond Fund — Class A units

2008 2007



CIBC Canadian Bond Fund — Premium Class units

2008 2007

Balance — beginning of period 1,772,377 —Units issued for cash 5,158,110 1,950,769Units issued on reinvestment of distributions 92,098 6,006

7,022,585 1,956,775Units redeemed (1,441,853) (184,398)Balance — end of period 5,580,732 1,772,377

CIBC Monthly Income Fund

2008 2007



CIBC Global Bond Fund

2008 2007

Balance — beginning of period 7,457,811 7,989,977Units issued for cash 557,693 1,097,297Units issued on reinvestment of distributions — —

8,015,504 9,087,274Units redeemed (794,478) (1,629,463)Balance — end of period 7,221,026 7,457,811

CIBC Global Monthly Income Fund

2008 2007



CIBC Balanced Fund

2008 2007



CIBC Diversified Income Fund

2008 2007



CIBC Dividend Fund

2008 2007



CIBC Canadian Equity Fund

2008 2007

Balance — beginning of period 22,134,352 25,461,006Units issued for cash 394,403 967,800Units issued on reinvestment of distributions — 29


CIBC Canadian Equity Value Fund

2008 2007

Balance — beginning of period 16,890,249 16,703,951Units issued for cash 295,834 1,660,556Units issued on reinvestment of distributions — 467,140


CIBC Capital Appreciation Fund

2008 2007

Balance — beginning of period 10,150,622 11,069,153Units issued for cash 205,790 328,991Units issued on reinvestment of distributions — 672,377


CIBC Canadian Small Companies Fund

2008 2007

Balance — beginning of period 3,685,559 4,120,683Units issued for cash 101,198 365,539Units issued on reinvestment of distributions — —

3,786,757 4,486,222Units redeemed (426,256) (800,663)Balance — end of period 3,360,501 3,685,559

CIBC Canadian Emerging Companies Fund

2008 2007




CIBC Disciplined U.S. Equity Fund

2008 2007

Balance — beginning of period 22,487,367 17,716,153Units issued for cash 2,292,736 5,269,673Units issued on reinvestment of distributions — 79,846


CIBC U.S. Small Companies Fund

2008 2007

Balance — beginning of period 10,697,520 10,131,168Units issued for cash 1,000,520 1,815,123Units issued on reinvestment of distributions — —


CIBC Global Equity Fund

2008 2007



CIBC Disciplined International Equity Fund

2008 2007

Balance — beginning of period 21,874,585 18,062,948Units issued for cash 1,574,791 3,462,633Units issued on reinvestment of distributions — 1,280,587


CIBC European Equity Fund

2008 2007

Balance — beginning of period 14,316,616 11,703,852Units issued for cash 1,110,252 1,959,179Units issued on reinvestment of distributions — 1,778,898


CIBC Japanese Equity Fund

2008 2007



CIBC Emerging Economies Fund

2008 2007



CIBC Far East Prosperity Fund

2008 2007

Balance — beginning of period 12,879,615 13,904,669Units issued for cash 1,869,371 1,693,583Units issued on reinvestment of distributions — —


CIBC Latin American Fund

2008 2007



CIBC International Small Companies Fund

2008 2007

Balance — beginning of period 7,212,833 5,350,466Units issued for cash 409,051 3,303,728Units issued on reinvestment of distributions 41 90,663


CIBC Financial Companies Fund

2008 2007

Balance — beginning of period 11,922,388 11,713,272Units issued for cash 1,909,627 1,782,591Units issued on reinvestment of distributions 11 480,457


CIBC Canadian Resources Fund

2008 2007



CIBC Energy Fund

2008 2007



CIBC Canadian Real Estate Fund

2008 2007

Balance — beginning of period 3,352,161 3,054,873Units issued for cash 216,214 1,636,315Units issued on reinvestment of distributions — 237,359


CIBC Precious Metals Fund

2008 2007



CIBC North American Demographics Fund

2008 2007


1,835,496 2,303,138Units redeemed (860,983) (510,115)Balance — end of period 974,513 1,793,023


CIBC Global Technology Fund

2008 2007



CIBC Canadian Short-Term Bond Index Fund

2008 2007



CIBC Canadian Bond Index Fund

2008 2007



CIBC Global Bond Index Fund

2008 2007

Balance — beginning of period 6,481,822 7,209,905Units issued for cash 597,460 992,054Units issued on reinvestment of distributions 2,272 4,172


CIBC Balanced Index Fund

2008 2007



CIBC Canadian Index Fund

2008 2007



CIBC U.S. Equity Index Fund

2008 2007




2008 2007



CIBC International Index Fund

2008 2007



CIBC International Index RRSP Fund

2008 2007

Balance — beginning of period 19,374,825 21,660,183Units issued for cash 647,910 1,386,409Units issued on reinvestment of distributions 927 1,781


CIBC European Index Fund

2008 2007



CIBC European Index RRSP Fund

2008 2007

Balance — beginning of period 5,568,849 6,929,337Units issued for cash 446,712 469,841Units issued on reinvestment of distributions 299 633


CIBC Japanese Index RRSP Fund

2008 2007

Balance — beginning of period 1,867,982 2,189,194Units issued for cash 144,317 358,250Units issued on reinvestment of distributions 384 938


CIBC Emerging Markets Index Fund

2008 2007



CIBC Asia Pacific Index Fund

2008 2007



CIBC Nasdaq Index Fund

2008 2007




CIBC Nasdaq Index RRSP Fund

2008 2007

Balance — beginning of period 8,623,824 10,440,363Units issued for cash 224,563 429,887Units issued on reinvestment of distributions 594 1,098


CIBC Managed Income Portfolio

2008 2007



CIBC Managed Income Plus Portfolio

2008 2007



CIBC Managed Balanced Portfolio

2008 2007



CIBC Managed Monthly Income Balanced Portfolio

2008 2007

Balance — beginning of period 6,658,664 839,973Units issued for cash 4,806,594 6,201,757Units issued on reinvestment of distributions 271,305 226,270

11,736,563 7,268,000Units redeemed (1,037,050) (609,336)Balance — end of period 10,699,513 6,658,664

CIBC Managed Balanced Growth Portfolio1

2008 2007

Balance — beginning of period 60,155,561 42,685,186Units issued for cash and assets (note 13) 7,455,770 23,222,220Units issued on reinvestment of distributions 275,618 1,825,838


CIBC Managed Growth Portfolio2

2008 2007

Balance — beginning of period 29,747,642 22,023,441Units issued for cash and assets (note 13) 3,453,906 10,785,975Units issued on reinvestment of distributions 78 949,031


CIBC Managed Aggressive Growth Portfolio3

2008 2007

Balance — beginning of period 12,279,622 8,551,946Units issued for cash and assets (note 13) 1,577,115 5,099,861Units issued on reinvestment of distributions 120 460,379


CIBC U.S. Dollar Managed Income Portfolio

2008 2007



CIBC U.S. Dollar Managed Balanced Portfolio

2008 2007



CIBC U.S. Dollar Managed Growth Portfolio

2008 2007

Balance — beginning of period 1,854,086 1,398,875Units issued for cash 125,018 753,563Units issued on reinvestment of distributions 562 12,833

1,979,666 2,165,271Units redeemed (349,924) (311,185)Balance — end of period 1,629,742 1,854,0861Formerly CIBC Managed Balance Growth RRSP Portfolio2Formerly CIBC Managed Growth RRSP Portfolio3Formerly CIBC Managed Aggressive Growth RRSP Portfolio

5. Management Fees and Operating Expenses

Management fees are based on the net asset value of the Funds, and are calculated daily.Management fees are paid to the Manager in consideration for providing, or arranging for theprovision of, management, distribution, and portfolio advisory services.

In addition to the management fees, the Funds are responsible for all expenses relating tothe operation and conduct of the business of the Funds, including interest, operating, andadministrative costs (other than advertising and promotional expenses, which are theresponsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, a portionof the fees paid to members of the Independent Review Committee, taxes, audit and legal feesand expenses, safekeeping and custodial fees, investor servicing costs, and costs of unitholderreports, prospectuses, and other reports. All such operating expenses are paid by the Managerand recovered from the Funds. The Funds do not pay fees to the Trustee.

The Manager may recover from a Fund less than the actual operating expenses paid by theManager, resulting in the Manager absorbing expenses. The Manager may also charge lessthan the maximum management fee noted in the following table, resulting in the Managerwaiving management fees.

At its sole discretion, the Manager may stop absorbing operating expenses and/or waivingmanagement fees at any time. Operating expenses absorbed and/or management fees waivedby the Manager are disclosed on the Statements of Operations.

In some cases, the Manager may charge management fees to a Fund that are less than themanagement fees the Manager is entitled to charge for certain investors in a Fund. Thedifference in the amount of the management fees will be paid out by the Fund to the applicableinvestors as a distribution of additional units of the Fund (”Management Fee Distributions”).Management Fee Distributions are negotiable between the Manager and the investor and aredependent primarily on the size of the investor’s investment in the Fund. Management FeeDistributions paid to qualified investors do not adversely impact the Fund or any of the Fund’sother investors. The Manager may increase or decrease the amount of Management FeeDistributions to certain investors from time to time.

Funds may invest in units of other Funds (the “Underlying Funds”). Where a Fund invests inunits of another Fund, the Fund does not pay duplicate management fees on the portion of itsassets that it invests in units of the Underlying Fund. In addition, the Fund will not pay duplicatesales fees or redemption fees with respect to the purchase or redemption by it of units of theUnderlying Fund. Some of the Underlying Funds held by the Funds may offer Management FeeDistributions. Such Management Fee Distributions will be paid out as required for taxabledistribution payments by a Fund. The Manager may, in some cases, waive a portion of anUnderlying Fund’s management fee and/or absorb a portion of an Underlying Fund’s operatingexpenses.

The maximum management fee expressed as a percentage of the average net asset valuethat can be charged by a class is as follows:

Maximum Chargeable

Management Fee

CIBC Canadian T-Bill Fund 1.00%CIBC Premium Canadian T-Bill Fund 0.50%CIBC Money Market Fund — Class A 1.00%CIBC Money Market Fund — Premium Class 0.30%CIBC U.S. Dollar Money Market Fund — Class A 1.00%CIBC U.S. Dollar Money Market Fund — Premium Class 0.35%CIBC High Yield Cash Fund 1.00%CIBC Mortgage and Short-Term Income Fund 1.25%CIBC Canadian Bond Fund — Class A 1.25%CIBC Canadian Bond Fund — Premium Class 0.75%CIBC Monthly Income Fund 1.25%CIBC Global Bond Fund 1.50%


Maximum Chargeable

Management Fee

CIBC Global Monthly Income Fund 2.00%CIBC Balanced Fund 2.00%CIBC Diversified Income Fund 1.70%CIBC Dividend Fund 1.70%CIBC Canadian Equity Fund 1.85%CIBC Canadian Equity Value Fund 1.75%CIBC Capital Appreciation Fund 2.00%CIBC Canadian Small Companies Fund 2.00%CIBC Canadian Emerging Companies Fund 2.20%CIBC Disciplined U.S. Equity Fund 1.75%CIBC U.S. Small Companies Fund 2.25%CIBC Global Equity Fund 2.00%CIBC Disciplined International Equity Fund 2.00%CIBC European Equity Fund 2.25%CIBC Japanese Equity Fund 2.25%CIBC Emerging Economies Fund 2.50%CIBC Far East Prosperity Fund 2.50%CIBC Latin American Fund 2.50%CIBC International Small Companies Fund 2.50%CIBC Financial Companies Fund 2.25%CIBC Canadian Resources Fund 2.00%CIBC Energy Fund 2.00%CIBC Canadian Real Estate Fund 2.25%CIBC Precious Metals Fund 2.00%CIBC North American Demographics Fund 2.85%CIBC Global Technology Fund 2.25%CIBC Canadian Short-Term Bond Index Fund 1.25%CIBC Canadian Bond Index Fund 1.00%CIBC Global Bond Index Fund 1.20%CIBC Balanced Index Fund 1.00%CIBC Canadian Index Fund 1.00%CIBC U.S. Equity Index Fund 1.00%CIBC U.S. Index RRSP Fund 1.20%CIBC International Index Fund 2.00%CIBC International Index RRSP Fund 1.00%CIBC European Index Fund 1.20%CIBC European Index RRSP Fund 1.20%CIBC Japanese Index RRSP Fund 1.20%CIBC Emerging Markets Index Fund 1.20%CIBC Asia Pacific Index Fund 1.20%CIBC Nasdaq Index Fund 1.20%CIBC Nasdaq Index RRSP Fund 1.20%CIBC Managed Income Portfolio 1.75%CIBC Managed Income Plus Portfolio 2.05%CIBC Managed Balanced Portfolio 2.05%CIBC Managed Monthly Income Balanced Portfolio 2.05%CIBC Managed Balanced Growth Portfolio1 2.15%CIBC Managed Growth Portfolio2 2.15%CIBC Managed Aggressive Growth Portfolio3 2.15%CIBC U.S. Dollar Managed Income Portfolio 1.85%CIBC U.S. Dollar Managed Balanced Portfolio 2.15%CIBC U.S. Dollar Managed Growth Portfolio 2.25%1Formerly CIBC Managed Balance Growth RRSP Portfolio2Formerly CIBC Managed Growth RRSP Portfolio3Formerly CIBC Managed Aggressive Growth RRSP Portfolio

6. Income Taxes

The Funds qualify or intend to qualify as mutual fund trusts under the Income Tax Act(Canada). No income tax is payable by the Funds on net income and/or net realized capital gainsthat are distributed to unitholders. In addition, income taxes payable on undistributed netrealized capital gains are refundable on a formula basis when units of the Funds are redeemed.Sufficient net income and realized capital gains of the Funds have been, or will be, distributedto the unitholders such that no tax is payable by the Funds and accordingly, no provision forincome taxes has been made in the financial statements. Occasionally, a Fund may paydistributions in excess of net income and net realized capital gains of the Fund. This excessdistribution is called a return of capital and is non-taxable to the unitholder. However, a return ofcapital reduces the average cost of the unitholder’s units for tax purposes, which may result ina capital gain to the unitholder to the extent the average cost becomes less than zero. CIBCU.S. Dollar Money Market Fund, CIBC U.S. Dollar Managed Income Portfolio, CIBC U.S. DollarManaged Balanced Portfolio, and CIBC U.S. Dollar Managed Growth Portfolio may realize netforeign currency gains and losses on the translation of their net realized capital gains toCanadian dollars for tax purposes. These gains will be distributed to investors annually, unlessthese Funds elect to retain them, with the result that the tax would be payable by the Funds.

Non-capital losses that arose in taxation years before 2004 are available to be carried forwardfor seven years and applied against future taxable income. Non-capital losses that arose in 2004and 2005 are available to be carried forward for ten years. Non-capital losses that arose in 2006and after are available to be carried forward for twenty years.

Capital losses for income tax purposes may be carried forward indefinitely and applied againstcapital gains realized in future years.

The Funds have taxation year-ends of December 15 except for CIBC Canadian T-Bill Fund,CIBC Premium Canadian T-Bill Fund, CIBC Money Market Fund, CIBC U.S. Dollar MoneyMarket Fund, CIBC High Yield Cash Fund, CIBC Managed Portfolios, and CIBC U.S. DollarManaged Portfolios, which have taxation year-ends of December 31. As at December 2007, the

following Funds have available non-capital and capital losses for income tax purposes availableto be carried forward as follows:

Name

Total

Capital

Losses

Total

Non-Capital

Losses 2008

2009 to

2011

2012 to

2016

2017 to

2027

Non-Capital Losses that Expire in:

CIBC U.S. Dollar Money MarketFund $190,616,422 $ — $ — $ — $ — $ —

CIBC High Yield Cash Fund 501,372 — — — — —CIBC Mortgage and Short-Term

Income Fund 17,701,045 — — — — —CIBC Canadian Bond Fund 16,640,588 — — — — —CIBC Global Bond Fund 38,337,957 3,197,569 — — 3,197,569 —CIBC Canadian Equity Fund 21,539,757 2,388,357 393,639 1,994,718 — —CIBC Canadian Equity Value Fund — 408,630 — 408,630 — —CIBC Canadian Small Companies

Fund — 306,076 — 306,076 — —CIBC Disciplined U.S. Equity Fund 5,040,090 — — — — —CIBC U.S. Small Companies Fund 6,862,563 4,818,814 — 4,083,569 227,922 507,324CIBC Global Equity Fund 99,346,518 1,600,231 — 102,794 1,497,437 —CIBC Japanese Equity Fund 20,636,536 1,479,620 523,589 659,550 — 296,481CIBC Far East Prosperity Fund 67,897,466 981,000 — 981,000 — —CIBC Latin American Fund 2,579,702 — — — — —CIBC Canadian Resources Fund 15,028,493 461,348 — 461,348 — —CIBC Precious Metals Fund 16,795,181 — — — — —CIBC North American

Demographics Fund 23,021,922 3,711,878 1,043,368 1,470,155 841,809 356,546CIBC Global Technology Fund 292,380,237 13,764,487 4,653,704 4,958,635 3,102,873 1,049,275CIBC Canadian Short-Term Bond

Index Fund 39,938,075 — — — — —CIBC Canadian Bond Index Fund 2,429,231 — — — — —CIBC Global Bond Index Fund 7,051,083 3,744,757 — — 2,831,333 913,424CIBC Balanced Index Fund 327,947 — — — — —CIBC U.S. Equity Index Fund 34,788,089 — — — — —CIBC U.S. Index RRSP Fund 298,796,278 — — — — —CIBC International Index Fund 15,035,071 — — — — —CIBC International Index RRSP

Fund 7,751,833 55,190,141 1,975,472 49,037,812 — 4,176,857CIBC European Index Fund 4,500,836 — — — — —CIBC European Index RRSP Fund 3,185,947 4,189,315 — 4,189,315 — —CIBC Japanese Index RRSP Fund 463,737 15,922,367 10,295,263 3,398,701 59,482 2,168,921CIBC Asia Pacific Index Fund 162,614 — — — —CIBC Nasdaq Index Fund 15,748,300 379,349 — 244,965 — 134,384CIBC Nasdaq Index RRSP Fund 30,896,846 125,631,005 73,048,200 52,582,805 — —CIBC U.S. Dollar Managed

Income Portfolio 23,244,227 — — — — —CIBC U.S. Dollar Managed

Balanced Portfolio 13,298,210 — — — — —

7. Brokerage Commissions and FeesThe total commissions paid by the Funds to brokers in connection with portfolio transactions

for the six-month periods ended June 30, 2008 and 2007 are disclosed in the Statement ofOperations of each Fund. In allocating brokerage business, consideration may be given by thesub-advisors of the Funds to dealers that furnish research, statistical, and other services tosub-advisors that process trades through such dealers (referred to in the industry as ”softdollar” arrangements). These services assist the sub-advisor with their investment decision-making services to the Fund. In addition, the Manager may enter into commission recapturearrangements with certain dealers with respect to the Fund. Any commission recaptured will bepaid to the applicable Fund.

Fixed income and certain other securities are transacted in an OTC market, whereparticipants are dealing as principals. Such securities are generally traded on a net basis and donot normally involve brokerage commissions, but will typically include a ”spread” (being thedifference between the bid and the offer prices on the security of the applicable marketplace).

Spreads associated with fixed income securities trading are not ascertainable, and for thatreason are not included in the dollar amounts below. In addition, the soft dollar amounts belowonly include the value of research and other services supplied by a third party to thesub-advisors, as the value of the services supplied to the sub-advisors by the dealer is notascertainable. When these services benefit more than one Fund, the costs are allocated amongthe Funds based on transaction activity or some other fair basis as determined by thesub-advisors.

The dollar amounts of all commissions and other fees, in addition to soft dollar payments, forperiods ended June 30, 2008 and 2007, are as follows:

Name 2008 2007 2008 2007

Brokerage

Commissions

and Fees Soft Dollars

CIBC Monthly Income Fund $3,745,659 $211,736 $57,922 $ 915CIBC Global Monthly Income Fund 189,303 284,837 2,529 1,615CIBC Balanced Fund 202,056 288,730 31,910 23,955CIBC Diversified Income Fund 28,679 9,984 6,097 2,336CIBC Dividend Fund 134,723 69,375 19,492 20,154CIBC Canadian Equity Fund 185,819 110,452 51,014 26,391CIBC Canadian Equity Value Fund 141,595 102,154 20,420 24,131CIBC Capital Appreciation Fund 563,678 313,468 20,920 11,104


Name 2008 2007 2008 2007

Brokerage

Commissions

and Fees Soft Dollars

CIBC Canadian Small Companies Fund $ 241,608 $148,263 $ 4,093 $19,443CIBC Canadian Emerging Companies Fund 16,463 46,218 272 143CIBC Disciplined U.S. Equity Fund 69,309 67,247 — —CIBC U.S. Small Companies Fund 127,372 114,942 4,607 3,826CIBC Global Equity Fund 22,684 37,480 2,077 —CIBC Disciplined International Equity Fund 142,521 110,162 — —CIBC European Equity Fund 67,362 94,275 1,375 —CIBC Japanese Equity Fund 1,433 28,246 — —CIBC Emerging Economies Fund 103,576 149,491 3,124 495CIBC Far East Prosperity Fund 22,877 339,381 — —CIBC Latin American Fund 25,489 20,383 484 —CIBC International Small Companies Fund 245,760 364,644 — —CIBC Financial Companies Fund 60,924 69,149 1,976 5,472CIBC Canadian Resources Fund 126,505 88,806 — —CIBC Energy Fund 102,112 126,397 — —CIBC Canadian Real Estate Fund 80,933 148,190 — —CIBC Precious Metals Fund 205,714 118,718 — —CIBC North American Demographics Fund 11,479 16,569 288 —CIBC Global Technology Fund 91,485 108,354 4,700 2,430CIBC Balanced Index Fund 827 368 — —CIBC Canadian Index Fund 76,124 30,129 — —CIBC U.S. Equity Index Fund 1,931 55 — —CIBC U.S. Index RRSP Fund 10,778 — — —CIBC International Index Fund 67,735 6,331 — —CIBC European Index Fund 5,030 3,126 — —CIBC Emerging Markets Index Fund 133,699 17,533 — —CIBC Asia Pacific Index Fund — 1,452 — —CIBC Nasdaq Index Fund 1,687 2,521 —

8. Related Party TransactionsCIBC and its affiliates have the following roles and responsibilities with respect to the Funds,

and receive the fees described below in connection with their roles and responsibilities. TheFunds may also hold securities of CIBC. CIBC and its affiliates may also be involved inunderwriting or lending to issuers that may be held by the Funds, and also may have beeninvolved as a counterparty to derivative transactions.

Manager, Trustee, and Portfolio Advisor of the FundsCIBC is the Manager, CIBC Trust Corporation, the Trustee, and CIBC Asset Management Inc.,

the portfolio advisor of each of the Funds.The Manager also arranges for Fund administrative services (other than advertising and

promotional, which are the responsibility of the Manager), legal, investor servicing, and costs ofunitholder reports, prospectus, and other reports. The Manager is the registrar and transferagent for the Funds and provides, or arranges for the provision of, all other administrativeservices required by the Funds. The dollar amount (including GST) of all of these expenses (netof absorptions) that the Manager recovers from the Funds, for the periods ended June 30, 2008and June 30, 2007, as follows:

Name 2008 2007

Administrative and

Other Fund

Operating Costs

CIBC Canadian T-Bill Fund $ 72,898 $ 61,288CIBC Premium Canadian T-Bill Fund 316,749 365,911CIBC Money Market Fund 863,460 825,990CIBC U.S. Dollar Money Market Fund 168,877 5,315CIBC High Yield Cash Fund 5,925 6,902CIBC Mortgage and Short-Term Income Fund 530,220 524,071CIBC Canadian Bond Fund 395,423 618,125CIBC Monthly Income Fund 2,503,982 2,559,582CIBC Global Bond Fund 81,189 83,851CIBC Global Monthly Income Fund 163,220 83,347CIBC Balanced Fund 595,033 656,555CIBC Diversified Income Fund 27,804 33,460CIBC Dividend Fund 513,506 497,963CIBC Canadian Equity Fund 560,598 638,418CIBC Canadian Equity Value Fund 149,912 171,720CIBC Capital Appreciation Fund 334,477 385,765CIBC Canadian Small Companies Fund 152,610 172,370CIBC Canadian Emerging Companies Fund 42,706 56,064CIBC Disciplined U.S. Equity Fund 15,612 11,922CIBC U.S. Small Companies Fund 104,300 123,995CIBC Global Equity Fund 194,694 254,086CIBC Disciplined International Equity Fund 19,505 11,977CIBC European Equity Fund 52,493 77,196CIBC Japanese Equity Fund 8,929 15,964CIBC Emerging Economies Fund 40,107 43,418CIBC Far East Prosperity Fund 82,912 107,444CIBC Latin American Fund 19,820 15,679CIBC International Small Companies Fund 52,934 55,945CIBC Financial Companies Fund 202,115 230,181CIBC Canadian Resources Fund 89,177 92,201CIBC Energy Fund 150,711 161,114

Name 2008 2007

Administrative and

Other Fund

Operating Costs

CIBC Canadian Real Estate Fund $ 89,138 $ 115,652CIBC Precious Metals Fund 94,935 101,596CIBC North American Demographics Fund 8,684 11,063CIBC Global Technology Fund 64,378 94,743CIBC Canadian Short-Term Bond Index Fund 64,719 13,369CIBC Canadian Bond Index Fund 86,281 35,041CIBC Global Bond Index Fund 17,519 8,041CIBC Balanced Index Fund 3,859 —CIBC Canadian Index Fund 122,467 51,791CIBC U.S. Equity Index Fund 83,293 48,419CIBC U.S. Index RRSP Fund 49,859 24,793CIBC International Index Fund 11,968 9,788CIBC International Index RRSP Fund 18,311 16,989CIBC European Index Fund 4,843 5,021CIBC European Index RRSP Fund 11,775 17,005CIBC Japanese Index RRSP Fund 1,058 1,730CIBC Emerging Markets Index Fund 20,977 14,504CIBC Asia Pacific Index Fund 6,439 6,707CIBC Nasdaq Index Fund 840 1,297CIBC Nasdaq Index RRSP Fund 6,500 8,670CIBC Managed Income Portfolio 62,760 57,769CIBC Managed Income Plus Portfolio 92,570 88,029CIBC Managed Balanced Portfolio 300,004 302,521CIBC Managed Monthly Income Balanced Portfolio 53,240 8,793CIBC Managed Balanced Growth Portfolio1 261,037 206,566CIBC Managed Growth Portfolio2 123,329 100,354CIBC Managed Aggressive Growth Portfolio3 46,688 35,062CIBC U.S. Dollar Managed Income Portfolio 19,755 18,198CIBC U.S. Dollar Managed Balanced Portfolio 27,293 23,350CIBC U.S. Dollar Managed Growth Portfolio 5,987 4,0981Formerly CIBC Managed Balance Growth RRSP Portfolio2Formerly CIBC Managed Growth RRSP Portfolio3Formerly CIBC Managed Aggressive Growth RRSP Portfolio

Brokerage Arrangements and Soft DollarsThe sub-advisors make decisions, including the selection of markets and dealers and the

negotiation of commissions, with respect to the purchase and sale of portfolio securities andthe execution of portfolio transactions. Brokerage business may be allocated by sub-advisors,including CIBC Global Asset Management Inc. (”CIBC Global”), to CIBC World Markets Inc. andCIBC World Markets Corp., each a subsidiary of CIBC.

CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the saleof fixed income and other securities to the Funds. Dealers, including CIBC World Markets Inc.and CIBC World Markets Corp., may furnish research, statistical, and other services tosub-advisors, including CIBC Global, that process trades through them (referred to in theindustry as ”soft dollar” arrangements). These services assist the sub-advisors with theirinvestment decision-making services to the Funds. As per the terms of the sub-advisoryagreements, such soft dollar arrangements are in compliance with applicable laws. In addition,the Manager may enter into commission recapture arrangements with certain dealers withrespect to the Funds. Any commission recaptured will be paid to the relevant Fund. Spreadsassociated with fixed income securities trading are not ascertainable, and for that reason arenot included in the dollar values below. In addition, the soft dollar amounts below only includethe value of research and other services supplied by a third party to the sub-advisors, as thevalue of the services supplied to the sub-advisors by the dealer is not ascertainable. Whenthese services benefit more than one Fund, the costs are allocated among the Funds based ontransaction activity or some other fair basis as determined by the sub-advisors. The dollaramounts of all commissions and other fees, in addition to soft dollar payments, for the periodsended June 30, 2008 and 2007, are disclosed in the following table:

Name 2008 2007 2008 2007 2008 2007

CIBC World

Markets Inc.

CIBC World

Markets Corp.

Soft Dollars

paid to:

CIBC World

Markets Inc. and

CIBC World

Markets Corp.

Commissions and other

fees paid to:

CIBC Monthly Income Fund $306,142 $22,085 $ $ — $64,817 $ 915CIBC Global Monthly Income Fund 12,498 19,460 1,188 14,234 2,913 605CIBC Balanced Fund 21,210 22,710 — 3,151 6,700CIBC Diversified Income Fund 1,794 2,496 — 518 173CIBC Dividend Fund 7,204 6,161 — 1,727 2,063CIBC Canadian Equity Fund 12,165 5,949 — 4,218 1,394CIBC Canadian Equity Value Fund 17,415 16,906 — 3,155 5,284CIBC Capital Appreciation Fund 19,830 7,842 — 62 4,531CIBC Canadian Small Companies

Fund 9,683 780 — —CIBC Canadian Emerging

Companies Fund 12 945 — —CIBC U.S. Small Companies Fund — 371 —CIBC Global Equity Fund 6,111 9,037 16 30 1,308CIBC Financial Companies Fund 1,450 — — —

CIBC Canadian Resources Fund 738 — — —CIBC Energy Fund 500 — —


Name 2008 2007 2008 2007 2008 2007

CIBC World

Markets Inc.

CIBC World

Markets Corp.

Soft Dollars

paid to:

CIBC World

Markets Inc. and

CIBC World

Markets Corp.

Commissions and other

fees paid to:

CIBC Canadian Real Estate Fund $ 6,576 $ 5,077 $ $ — $ —

CIBC Mortgages Inc.CIBC Mortgages, a wholly owned subsidiary of CIBC, is the counterparty when the Mortgage

Fund purchases and sells mortgages. CIBC Mortgages also provides administrative services forthe mortgages.

The amounts paid by the Mortgage Fund (including GST) to CIBC Mortgages for the six-month periods ended June 30, 2008 and 2007 are as follows:

Name 2008 2007

Amount Paid to

CIBC Mortgages Inc.

CIBC Mortgage and Short-Term Income Fund $ 10,214 $ 40,908

CustodianThe custodian holds all cash and securities for the Funds and ensures that those assets are

kept separate from any other cash or securities that they might be holding (the ”Custodian”).The Custodian may hire sub-custodians for the Funds. The fees for the services of theCustodian are borne as an operating expense by the Funds. CIBC Mellon Trust Company is theCustodian. CIBC owns a 50% interest in CIBC Mellon Trust Company.

Service ProviderCIBC Mellon Global Securities Services Company (”CIBC GSS”) provides certain services to

the Funds, including securities lending, fund accounting and reporting, and portfolio valuation.CIBC indirectly owns a 50% interest in CIBC GSS.

The amounts paid by the Funds (including GST) to CIBC GSS for custodial fees, fundaccounting and reporting, and portfolio valuation (all net of absorptions), and also securitieslending, for the periods ended June 30, 2008 and 2007, are as follows:

Name 2008 2007

Custodial Fees,

Securities Lending,

Fund Accounting,

Reporting, and Portfolio

Valuation Fees:

CIBC Canadian T-Bill Fund $ 23,313 $ 33,583CIBC Premium Canadian T-Bill Fund 121,536 136,963CIBC Money Market Fund 28,700 42,833CIBC U.S. Dollar Money Market Fund 16,458 1,258CIBC High Yield Cash Fund 11,406 12,154CIBC Mortgage and Short-Term Income Fund 40,354 48,872CIBC Canadian Bond Fund 123,191 97,546CIBC Monthly Income Fund 786,719 607,032CIBC Global Bond Fund 23,595 40,888CIBC Global Monthly Income Fund 152,386 168,278CIBC Balanced Fund 142,199 120,462CIBC Diversified Income Fund 29,070 32,402CIBC Dividend Fund 100,506 71,922CIBC Canadian Equity Fund 57,077 54,541CIBC Canadian Equity Value Fund 43,312 29,429CIBC Capital Appreciation Fund 78,156 80,970CIBC Canadian Small Companies Fund 48,917 48,302CIBC Canadian Emerging Companies Fund 21,163 25,554CIBC Disciplined U.S. Equity Fund 57,493 85,236CIBC U.S. Small Companies Fund 43,436 48,513CIBC Global Equity Fund 77,439 125,687CIBC Disciplined International Equity Fund 234,383 344,165CIBC European Equity Fund 145,600 253,134CIBC Japanese Equity Fund 14,666 32,283CIBC Emerging Economies Fund 122,847 127,393CIBC Far East Prosperity Fund 76,959 63,077CIBC Latin American Fund 29,031 25,498CIBC International Small Companies Fund 66,412 94,063CIBC Financial Companies Fund 57,041 49,548CIBC Canadian Resources Fund 55,635 52,285CIBC Energy Fund 43,808 70,620CIBC Canadian Real Estate Fund 30,303 44,744CIBC Precious Metals Fund 59,642 97,026CIBC North American Demographics Fund 1,923 2,478CIBC Global Technology Fund 26,708 28,011CIBC Canadian Short-Term Bond Index Fund 66,158 13,026CIBC Canadian Bond Index Fund 58,726 20,644CIBC Global Bond Index Fund 4,712 2,705CIBC Balanced Index Fund 6,997 1,516CIBC Canadian Index Fund 84,297 166,826CIBC U.S. Equity Index Fund 39,146 26,731CIBC U.S. Index RRSP Fund 7,241 4,021CIBC International Index Fund 46,095 66,090CIBC International Index RRSP Fund 5,290 6,449

Name 2008 2007

Custodial Fees,

Securities Lending,

Fund Accounting,

Reporting, and Portfolio

Valuation Fees:

CIBC European Index Fund $ 21,349 $ 30,578CIBC European Index RRSP Fund 4,107 6,046CIBC Japanese Index RRSP Fund 1,884 3,419CIBC Emerging Markets Index Fund 30,032 40,098CIBC Asia Pacific Index Fund 7,391 12,060CIBC Nasdaq Index Fund 4,118 2,817CIBC Nasdaq Index RRSP Fund 2,667 3,909CIBC Managed Income Portfolio 6,462 7,927CIBC Managed Income Plus Portfolio 7,061 8,825CIBC Managed Balanced Portfolio 7,384 9,283CIBC Managed Monthly Income Balanced Portfolio 17,793 12,907CIBC Managed Balanced Growth Portfolio1 9,272 13,916CIBC Managed Growth Portfolio2 8,832 10,215CIBC Managed Aggressive Growth Portfolio3 5,921 10,683CIBC U.S. Dollar Managed Income Portfolio 27,434 32,752CIBC U.S. Dollar Managed Balanced Portfolio 32,518 36,849CIBC U.S. Dollar Managed Growth Portfolio 26,023 24,9291Formerly CIBC Managed Balance Growth RRSP Portfolio2Formerly CIBC Managed Growth RRSP Portfolio3Formerly CIBC Managed Aggressive Growth RRSP Portfolio

Accrued expenses payable to the Manager, as at June 30, 2008 and December 31, 2007 areas follows:

Name 2008 2007

Accrued Expenses

Payable to CIBC

CIBC Canadian T-Bill Fund $ 14,042 $ 13,031CIBC Premium Canadian T-Bill Fund 58,294 62,381CIBC Money Market Fund 154,638 138,661CIBC U.S. Dollar Money Market Fund 21,405 1,697CIBC High Yield Cash Fund 2,787 2,186CIBC Mortgage and Short-Term Income Fund 88,065 90,317CIBC Canadian Bond Fund 106,354 113,494CIBC Monthly Income Fund 446,113 473,070CIBC Global Bond Fund 16,533 16,513CIBC Global Monthly Income Fund 14,701 37,682CIBC Balanced Fund 6,543 113,490CIBC Diversified Income Fund 7,967 10,875CIBC Dividend Fund 111,330 100,712CIBC Canadian Equity Fund 104,368 108,495CIBC Canadian Equity Value Fund 34,082 34,062CIBC Capital Appreciation Fund 59,334 61,805CIBC Canadian Small Companies Fund 28,796 30,391CIBC Canadian Emerging Companies Fund 10,028 10,778CIBC Disciplined U.S. Equity Fund 13,077 12,997CIBC U.S. Small Companies Fund 21,138 22,143CIBC Global Equity Fund 38,813 45,533CIBC Disciplined International Equity Fund 32,463 32,020CIBC European Equity Fund 28,224 29,685CIBC Japanese Equity Fund 3,358 4,036CIBC Emerging Economies Fund 17,444 18,810CIBC Far East Prosperity Fund 20,640 23,871CIBC Latin American Fund 7,381 6,435CIBC International Small Companies Fund 12,787 14,045CIBC Financial Companies Fund 36,565 39,574CIBC Canadian Resources Fund 23,851 1,184CIBC Energy Fund 31,941 27,672CIBC Canadian Real Estate Fund 17,011 19,144CIBC Precious Metals Fund 21,561 23,898CIBC North American Demographics Fund 1,570 1,680CIBC Global Technology Fund 13,052 15,104CIBC Canadian Short-Term Bond Index Fund 15,177 2,537CIBC Canadian Bond Index Fund 17,731 6,698CIBC Global Bond Index Fund 3,839 1,503CIBC Balanced Index Fund 1,934 —CIBC Canadian Index Fund 25,943 9,390CIBC U.S. Equity Index Fund 17,412 8,432CIBC U.S. Index RRSP Fund 10,516 3,767CIBC International Index Fund 4,596 4,234CIBC International Index RRSP Fund 3,491 3,109CIBC European Index Fund 1,544 1,859CIBC European Index RRSP Fund 2,449 2,918CIBC Japanese Index RRSP Fund 414 487CIBC Emerging Markets Index Fund 6,131 5,986CIBC Asia Pacific Index Fund 1,953 2,097CIBC Nasdaq Index Fund 384 436CIBC Nasdaq Index RRSP Fund 1,498 1,731CIBC Managed Income Portfolio 11,895 10,851CIBC Managed Income Plus Portfolio 16,959 16,520


Name 2008 2007

Accrued Expenses

Payable to CIBC

CIBC Managed Balanced Portfolio $ 52,697 $ 53,614CIBC Managed Monthly Income Balanced Portfolio 12,841 7,404CIBC Managed Balanced Growth Portfolio1 46,374 46,753CIBC Managed Growth Portfolio2 22,317 22,860CIBC Managed Aggressive Growth Portfolio3 8,767 8,923CIBC U.S. Dollar Managed Income Portfolio 6,484 5,873CIBC U.S. Dollar Managed Balanced Portfolio 7,860 8,304CIBC U.S. Dollar Managed Growth Portfolio 3,345 4,1971Formerly CIBC Managed Balance Growth RRSP Portfolio2Formerly CIBC Managed Growth RRSP Portfolio3Formerly CIBC Managed Aggressive Growth RRSP Portfolio

9. Securities LendingThe following Funds have assets involved in securities lending transactions outstanding as at

June 30, 2008:

Aggregate Value

of Securities

on Loan

Aggregate Value

of Collateral

for Loan

CIBC Canadian T-Bill Fund $ 122,164,044 $ 128,968,581CIBC Premium Canadian T-Bill Fund 712,486,319 752,171,807CIBC Money Market Fund 47,701,920 50,358,917CIBC High Yield Cash Fund 202,307 213,575CIBC Mortgage and Short-Term Income Fund 3,579,945 3,779,347CIBC Canadian Bond Fund 268,480,540 275,591,346CIBC Monthly Income Fund 2,805,501,940 2,944,512,672CIBC Global Monthly Income Fund 82,382,453 86,480,850CIBC Balanced Fund 112,475,709 117,201,798CIBC Diversified Income Fund 21,636,191 22,563,051CIBC Dividend Fund 214,726,878 226,619,198CIBC Canadian Equity Fund 56,215,677 59,346,890CIBC Canadian Equity Value Fund 25,676,023 27,106,177CIBC Capital Appreciation Fund 63,294,667 66,820,179CIBC Canadian Small Companies Fund 13,525,870 14,279,261CIBC Canadian Emerging Companies Fund 1,424,314 1,503,648CIBC Disciplined U.S. Equity Fund 22,291,382 23,533,012CIBC U.S. Small Companies Fund 49,152,673 51,890,477CIBC Global Equity Fund 20,939,321 22,105,641CIBC Disciplined International Equity Fund 28,323,258 29,900,863CIBC European Equity Fund 38,855,924 41,020,199CIBC Japanese Equity Fund 1,752,868 1,850,503CIBC Emerging Economies Fund 2,653,356 2,801,148CIBC Far East Prosperity Fund 18,901,070 19,953,859CIBC Latin American Fund 520,409 549,395CIBC International Small Companies Fund 14,192,925 14,983,471CIBC Financial Companies Fund 20,346,618 21,479,924CIBC Canadian Resources Fund 18,301,719 19,321,125CIBC Energy Fund 32,677,110 34,497,225CIBC Canadian Real Estate Fund 8,585,743 9,063,968CIBC Precious Metals Fund 12,041,577 12,712,293CIBC North American Demographics Fund 246,379 260,102CIBC Global Technology Fund 4,127,401 4,357,297CIBC Canadian Short-Term Bond Index Fund 215,277,646 222,341,712CIBC Canadian Bond Index Fund 170,289,263 175,122,458CIBC Global Bond Index Fund 2,991,300 3,157,915CIBC Canadian Index Fund 103,629,430 109,371,649CIBC U.S. Equity Index Fund 48,573,803 51,279,364CIBC U.S. Index RRSP Fund 80,399 84,877CIBC International Index Fund 22,045,796 23,273,747CIBC International Index RRSP Fund 15,405,195 16,263,264CIBC European Index Fund 4,750,769 5,015,386CIBC European Index RRSP Fund 2,991,300 3,157,915CIBC Japanese Index RRSP Fund 698,684 737,601CIBC Emerging Markets Index Fund 13,594,249 14,351,448CIBC Asia Pacific Index Fund 3,249,577 3,430,578CIBC Nasdaq Index Fund 1,099,392 1,160,628

Collateral Type* i ii iii iv v

CIBC Canadian T-Bill Fund $ — $ 125,783,920 $ 262,874 $ 1,826,852 $ 1,094,935CIBC Premium Canadian T-Bill

Fund — 733,598,192 1,533,135 10,654,587 6,385,893CIBC Money Market Fund — 49,115,389 102,645 713,339 427,544CIBC High Yield Cash Fund — 208,302 435 3,025 1,813CIBC Mortgage and Short-Term

Income Fund — 3,686,023 7,703 53,535 32,086CIBC Canadian Bond Fund 218,824,921 55,364,674 115,706 804,102 481,943CIBC Monthly Income Fund 487,580,018 2,396,262,845 5,007,912 34,802,689 20,859,208CIBC Global Monthly Income

Fund 14,107,244 70,586,461 147,518 1,025,179 614,448CIBC Balanced Fund 43,035,645 72,334,745 151,171 1,050,571 629,666CIBC Diversified Income Fund 7,735,774 14,461,142 30,222 210,030 125,883CIBC Dividend Fund 2,100,800 218,974,294 457,631 3,180,325 1,906,148

Collateral Type* i ii iii iv v

CIBC Canadian Equity Fund $ — $ 57,881,420 $ 120,965 $ 840,654 $ 503,851CIBC Canadian Equity Value

Fund — 26,436,835 55,250 383,962 230,130CIBC Capital Appreciation Fund — 65,170,168 136,198 946,514 567,299CIBC Canadian Small

Companies Fund — 13,926,659 29,105 202,267 121,230CIBC Canadian Emerging

Companies Fund — 1,466,518 3,065 21,299 12,766CIBC Disciplined U.S. Equity

Fund — 22,951,904 47,967 333,347 199,794CIBC U.S. Small Companies

Fund — 50,609,129 105,767 735,034 440,547CIBC Global Equity Fund — 21,559,779 45,057 313,129 187,676CIBC Disciplined International

Equity Fund — 29,162,511 60,946 423,549 253,857CIBC European Equity Fund — 40,007,274 83,611 581,055 348,259CIBC Japanese Equity Fund — 1,804,807 3,772 26,213 15,711CIBC Emerging Economies

Fund — 2,731,977 5,710 39,679 23,782CIBC Far East Prosperity Fund — 19,461,132 40,672 282,648 169,407CIBC Latin American Fund — 535,829 1,120 7,782 4,664CIBC International Small

Companies Fund — 14,613,480 30,540 212,242 127,209CIBC Financial Companies

Fund — 20,949,514 43,782 304,265 182,363CIBC Canadian Resources

Fund — 18,844,022 39,382 273,686 164,035CIBC Energy Fund — 33,645,374 70,315 488,657 292,879CIBC Canadian Real Estate

Fund — 8,840,148 18,475 128,392 76,953CIBC Precious Metals Fund — 12,398,384 25,911 180,071 107,927CIBC North American

Demographics Fund — 253,680 530 3,684 2,208CIBC Global Technology Fund — 4,249,701 8,881 61,722 36,993CIBC Canadian Short-Term

Bond Index Fund 141,906,739 78,448,767 163,949 1,139,369 682,888CIBC Canadian Bond Index

Fund 134,186,025 39,925,576 83,440 579,869 347,548CIBC Global Bond Index Fund — 3,079,935 6,437 44,732 26,811CIBC Canadian Index Fund 1,127,150 105,571,584 220,632 1,533,294 918,989CIBC U.S. Equity Index Fund — 50,013,106 104,522 726,377 435,359CIBC U.S. Index RRSP Fund — 82,781 173 1,202 721CIBC International Index Fund — 22,699,041 47,438 329,675 197,593CIBC International Index RRSP

Fund — 15,861,670 33,149 230,371 138,074CIBC European Index Fund — 4,891,540 10,223 71,043 42,580CIBC European Index RRSP

Fund — 3,079,935 6,437 44,732 26,811CIBC Japanese Index RRSP

Fund — 719,388 1,503 10,448 6,262CIBC Emerging Markets Index

Fund — 13,997,063 29,252 203,290 121,843CIBC Asia Pacific Index Fund — 3,345,867 6,992 48,594 29,125CIBC Nasdaq Index Fund — 1,131,968 2,366 16,440 9,854

*Definitions are in note 2i

10. HedgingCertain foreign currency denominated positions have been hedged, or partially hedged, by

forward foreign currency contracts as part of the investment strategies of the Funds. Thesehedges are indicated by a hedging reference number on the Statement of Investment Portfolio,and a corresponding hedging reference number on the Forward Foreign Currency ContractsSchedule for the Funds.

11. Collateral on Specified DerivativesShort-term investments may be used as collateral for futures contracts outstanding with

brokers.

12. Reconciliation of Net Assets and Net Asset Value

The adoption of CICA 3855 — Financial Instruments — Recognition and Measurement mayresult in a different value of securities held by a Fund for financial reporting purposes (definedas Net Assets when referring to a Fund or Net Assets per Unit when on a per unit basis) thanthe value used for pricing unitholder transactions (defined as Net Asset Value when referring toa Fund or Net Asset Value per Unit when on a per unit basis). The following table presents areconciliation of the Net Assets per Unit and Net Asset Value per Unit, for all the Funds andclasses where applicable, as at June 30, 2008:

Fund Name

Net Assets

per Unit

Adjustment

from bid to

last traded

market prices

per Unit

Net Asset

Value

per Unit

CIBC Canadian T-Bill Fund $10.00 $ — $10.00CIBC Premium Canadian T-Bill Fund 10.00 — 10.00CIBC Money Market Fund — Class A 10.00 — 10.00CIBC Money Market Fund — Premium Class 10.00 — 10.00CIBC U.S. Dollar Money Market Fund — Class A* 10.00 — 10.00


Fund Name

Net Assets

per Unit

Adjustment

from bid to

last traded

market prices

per Unit

Net Asset

Value

per Unit

CIBC U.S. Dollar Money Market Fund — PremiumClass* $10.00 $ — $10.00

CIBC High Yield Cash Fund 10.05 — 10.05CIBC Mortgage and Short-Term Income Fund 11.60 — 11.60CIBC Canadian Bond Fund — Class A 12.45 0.01 12.46CIBC Canadian Bond Fund — Premium Class 10.20 0.01 10.21CIBC Monthly Income Fund 15.32 0.05 15.37CIBC Global Bond Fund 9.39 0.02 9.41CIBC Global Monthly Income Fund 8.94 0.03 8.97CIBC Balanced Fund 16.55 0.05 16.60CIBC Diversified Income Fund 10.35 0.03 10.38CIBC Dividend Fund 29.67 0.12 29.79CIBC Canadian Equity Fund 26.91 0.12 27.03CIBC Canadian Equity Value Fund 16.27 0.09 16.36CIBC Capital Appreciation Fund 28.77 0.19 28.96CIBC Canadian Small Companies Fund 28.13 0.34 28.47CIBC Canadian Emerging Companies Fund 12.35 0.10 12.45CIBC Disciplined U.S. Equity Fund 8.78 0.02 8.80CIBC U.S. Small Companies Fund 11.91 0.02 11.93CIBC Global Equity Fund 12.71 0.02 12.73CIBC Disciplined International Equity Fund 10.06 — 10.06CIBC European Equity Fund 12.53 — 12.53CIBC Japanese Equity Fund 6.61 — 6.61CIBC Emerging Economies Fund 14.62 0.06 14.68CIBC Far East Prosperity Fund 8.50 0.01 8.51CIBC Latin American Fund 28.18 0.49 28.67CIBC International Small Companies Fund 20.22 — 20.22CIBC Financial Companies Fund 17.21 0.05 17.26CIBC Canadian Resources Fund 26.57 0.25 26.82CIBC Energy Fund 45.19 0.14 45.33CIBC Canadian Real Estate Fund 19.30 0.12 19.42CIBC Precious Metals Fund 19.28 0.31 19.59CIBC North American Demographics Fund 9.33 0.01 9.34

Fund Name

Net Assets

per Unit

Adjustment

from bid to

last traded

market prices

per Unit

Net Asset

Value

per Unit

CIBC Global Technology Fund $ 7.63 $0.01 $ 7.64CIBC Canadian Short-Term Bond Index Fund 9.78 — 9.78CIBC Canadian Bond Index Fund 10.26 0.01 10.27CIBC Global Bond Index Fund 9.36 — 9.36CIBC Balanced Index Fund 13.49 0.03 13.52CIBC Canadian Index Fund 28.24 0.15 28.39CIBC U.S. Equity Index Fund 18.42 0.02 18.44CIBC U.S. Index RRSP Fund 8.06 — 8.06CIBC International Index Fund 10.57 — 10.57CIBC International Index RRSP Fund 9.42 — 9.42CIBC European Index Fund 9.90 — 9.90CIBC European Index RRSP Fund 9.30 — 9.30CIBC Japanese Index RRSP Fund 4.47 — 4.47CIBC Emerging Markets Index Fund 19.01 0.05 19.06CIBC Asia Pacific Index Fund 8.68 0.01 8.69CIBC Nasdaq Index Fund 3.35 — 3.35CIBC Nasdaq Index RRSP Fund 4.35 — 4.35CIBC Managed Income Portfolio 9.89 — 9.89CIBC Managed Income Plus Portfolio 9.94 — 9.94CIBC Managed Balanced Portfolio 10.38 — 10.38CIBC Managed Monthly Income Balanced Portfolio 9.37 — 9.37CIBC Managed Balanced Growth Portfolio1 10.39 — 10.39CIBC Managed Growth Portfolio2 10.45 — 10.45CIBC Managed Aggressive Growth Portfolio3 10.39 — 10.39CIBC U.S. Dollar Managed Income Portfolio* 11.26 — 11.26CIBC U.S. Dollar Managed Balanced Portfolio* 13.26 — 13.26CIBC U.S. Dollar Managed Growth Portfolio* 16.03 — 16.031Formerly CIBC Managed Balanced Growth RRSP Portfolio2Formerly CIBC Managed Growth RRSP Portfolio3Formerly CIBC Managed Aggressive Growth RRSP Portfolio*The financial information for these Funds is in U.S. dollars unless otherwise noted.

13. Subsequent Events

Fund MergersCIBC, as manager, plans to merge the following Funds with similar investment objectives, effective on or about August 8, 2008, and, in some cases, rename the Continuing Fund:

Terminating Fund(s) Continuing Fund Post-Merger Fund Name

CIBC Canadian T-Bill Fund CIBC Premium Canadian T-Bill Fund CIBC Canadian T-Bill Fund*: Class A and Premium ClassCIBC Canadian Small Companies Fund and CIBC Canadian Emerging Companies Fund CIBC Capital Appreciation Fund CIBC Canadian Small-Cap FundCIBC International Index RRSP Fund CIBC International Index Fund CIBC International Index FundCIBC European Index RRSP Fund CIBC European Index Fund CIBC European Index FundCIBC Nasdaq Index RRSP Fund CIBC Nasdaq Index Fund CIBC Nasdaq Index Fund

*The CIBC Canadian T-Bill Fund will offer two classes, Class A and Premium Class. Unitholders in the Terminating Fund will exchange their units for Class A units of the newly renamed CIBCCanadian T-Bill Fund, to be launched on or prior to the effective date of the merger.

Name ChangesEffective on or about August 8, 2008, the following Funds will change names:

Current Fund Name New Fund Name

CIBC Mortgage and Short-Term Income Fund CIBC Short-Term Income FundCIBC Diversified Income Fund CIBC Dividend Income FundCIBC Dividend Fund CIBC Dividend Growth FundCIBC Emerging Economies Fund CIBC Emerging Markets FundCIBC Far East Prosperity Fund CIBC Asia Pacific FundCIBC U.S. Equity Index Fund CIBC U.S. Broad Market Index FundCIBC U.S. Index RRSP Fund CIBC U.S. Index Fund

Other ChangesAt the time of the merger of CIBC International Index RRSP Fund and CIBC International

Index Fund, CIBC will reduce the maximum management fee, as stipulated in the prospectus,on units of CIBC International Index Fund from 2.00% to 1.00%.


CIBC Mutual FundsCIBC Family of Managed Portfolios

CIBC

Toronto, OntarioM2M 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 ofManaged 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 askyour advisor.

“S&P»” is a trademark of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. “TSX” is a trademark of the Toronto Stock Exchange. These marks have beenlicensed for use by CIBC. The Fund is not sponsored, endorsed, sold, or promoted by Standard & Poor’s or the Toronto Stock Exchange and neither party makes anyrepresentation, warranty, or condition regarding the advisability of investing in the Fund.

The CIBC logo and “CIBC For what matters” are registered trademarks of CIBC.

00001486

5650 Yonge Street, 20th Floor

Interim Financial Statements (unaudited) · Number of Shares/ Par Value Average Cost ($) Current...

Documents

Transcript of Interim Financial Statements (unaudited) · Number of Shares/ Par Value Average Cost ($) Current...