CIBC U.S. Dollar Money Market Fund. Annual Management Report of Fund Performance

Transcription

1 CIBC US Doar Money Market Fund Annua Management Report of Fund Performance for the financia year ended December 31, 2015 A figures are reported in US doars uness otherwise noted This annua management report of fund performance contains financia highights but does not contain the compete annua financia statements of the investment fund If you have not received a copy of the annua financia statements with this annua management report of fund performance, you can get a copy of the annua financia statements at your request, and at no cost, by caing us to-free at , by writing to us at CIBC, 18 York Street, Suite 1300, Toronto, Ontario, M5J 2T8, or by visiting wwwcibccom/mutuafunds or the SEDAR website at wwwsedarcom Unithoders may aso contact us using one of these methods to request a copy of the investment fund s proy voting poicies and procedures, proy voting discosure record, or quartery portfoio discosure Management Discussion of Fund Performance Investment Objective and Strategies Investment Objective: CIBC US Doar Money Market Fund (the Fund) seeks to maimize income whie attempting to preserve capita and maintain iquidity by investing primariy in highy iquid, ow risk US and Canadian money market instruments denominated in US doars Investment Strategies: The term-to-maturity of the Fund is adjusted to refect the portfoio advisor s outook for interest rates and the aocation of assets by credit quaity is adjusted to refect the attractiveness of non-government of Canada treasury bis versus Government of Canada treasury bis Adjustments to the portfoio are based on a review of macroeconomic and capita market conditions both inside and outside of North America Risk The Fund is a conservative US money market fund that is suitabe for very short-term investors who can toerate ow investment risk For the period ended December 31, 2015, the Fund s overa eve of risk remains as discussed in the simpified prospectus Resuts of Operations The portfoio advisor of the Fund is CIBC Asset Management Inc (CAMI or the Portfoio Advisor) The commentary that foows provides a summary of the resuts of operations for the period ended December 31, 2015 A doar figures are epressed in thousands, uness otherwise indicated The Fund's net asset vaue decreased by 24% during the period, from $253,039 as at December 31, 2014 to $191,850 as at December 31, 2015 Net redemptions of $61,586 were partiay offset by positive investment performance, resuting in an overa decrease in net asset vaue The US Federa Reserve Board (the Fed) increased its target federa funds rate to 025% 050% in December, the first interest rate increase in neary a decade The move was widey epected and signaed the Fed s confidence in the US economy Unempoyment fe to 5%, its owest eve since Apri 2008, from a peak of 10% in October 2009 The Fed indicated it woud continue to take a cautious approach to raising interest rates, suggesting gradua adjustments In determining the path for future rate increases, the Fed said it wi monitor the continued improvement in the empoyment market and wi need to be fairy certain that infation wi return to its 20% target over the medium term The Fed aso revised its growth forecast for 2016 to 24%, up from 23% The Fund maintains a higher weighting in corporate bonds to maimize the Fund s yied (income return) in a ow interest rate environment With US treasury-bi yieds cose to zero, hodings in asset-backed commercia paper and other commercia paper provided some yied enhancement for the Fund In a fat yied curve environment, the Portfoio Advisor beieves there is imited opportunity to add vaue to the Fund s performance Recent Deveopments During the period, there were no events or activities that had a materia impact on the Fund Reated Party Transactions Canadian Imperia Bank of Commerce (CIBC) and its affiiates have the foowing roes and responsibiities with respect to the Fund, and receive the fees described beow in connection with their roes and responsibiities Manager CIBC is the Manager of the Fund CIBC receives management fees with respect to the day-to-day business and operations of the Fund, cacuated based on the net asset vaue of each respective cass of units of the Fund as described in the section entited Management Fees The Manager aso compensates its whoesaers in connection with their marketing activities regarding the Fund From time to time, CIBC may provide seed capita to the Fund

2 CIBC US Doar Money Market Fund Trustee CIBC Trust Corporation, a whoy-owned subsidiary of CIBC, is the trustee (the Trustee) of the Fund The Trustee hods tite to the property (cash and securities) of the Fund on behaf of its unithoders Portfoio Advisor The portfoio advisor provides, or arranges to provide, investment advice and portfoio management services to the Fund CAMI, a whoy-owned subsidiary of CIBC, is the portfoio advisor of the Fund Distributor Deaers and other firms se the units of the Fund to investors These deaers and other firms incude CIBC s reated deaers such as the principa distributor, CIBC Securities Inc (CIBC SI), the CIBC Investor s Edge discount brokerage division of CIBC Investor Services Inc (CIBC ISI), the CIBC Imperia Service division of CIBC ISI, and the CIBC Wood Gundy division of CIBC Word Markets Inc (CIBC WM) CIBC SI, CIBC ISI, and CIBC WM are whoy-owned subsidiaries of CIBC CIBC may pay traiing commissions to these deaers and firms in connection with the sae of units of the Fund These deaers and other firms may pay a portion of these traiing commissions to their advisors who se units of the Fund to investors Brokerage Arrangements and Soft Doars The Portfoio Advisor makes decisions, incuding the seection of markets and deaers and the negotiation of commissions, with respect to the purchase and sae of portfoio securities, certain derivative products (incuding futures) and the eecution of portfoio transactions Brokerage business may be aocated by the Portfoio Advisor to CIBC WM and CIBC Word Markets Corp, each a subsidiary of CIBC CIBC WM and CIBC Word Markets Corp may aso earn spreads on the sae of fied income securities and other securities and certain derivative products (incuding forwards) to the Fund A spread is the difference between the bid and ask prices for a security in the appicabe marketpace, with respect to the eecution of portfoio transactions The spread wi differ based upon various factors such as the type and iquidity of the security Deaers, incuding CIBC WM and CIBC Word Markets Corp, may furnish goods and services, other than order eecution, to the Portfoio Advisor in partia echange for processing trades through them (referred to in the industry as soft doar arrangements) These goods and services are paid for with a portion of the brokerage commissions and assist the Portfoio Advisor with investment decision-making services for the Fund or reate directy to the eecution of portfoio transactions on behaf of the Fund In addition, CIBC may enter into commission recapture arrangements with certain deaers with respect to the Fund Any commission recaptured wi be paid to the Fund During the period, the Fund did not pay any brokerage commissions or other fees to CIBC WM or CIBC Word Markets Corp Spreads associated with fied income and other securities are not ascertainabe and, for that reason, cannot be incuded when determining these amounts Fund Transactions The Fund may enter into one or more of the foowing transactions (the Reated Party Transactions) in reiance on the standing instructions issued by the Independent Review Committee (IRC): invest in or hod equity securities of CIBC or issuers reated to a portfoio sub-advisor; invest in or hod non-echange-traded debt securities of CIBC or an issuer reated to CIBC in a primary offering and in the secondary market; make an investment in the securities of an issuer for which CIBC WM, CIBC Word Markets Corp, or any affiiate of CIBC (a Reated Deaer) acts as an underwriter during the offering of the securities at any time during the 60-day period foowing the competion of the offering of such securities (in the case of a private pacement offering, in accordance with the eemptive reief order granted by the Canadian securities reguatory authorities and in accordance with the poicies and procedures reating to such investment); purchase equity or debt securities from or se them to a Reated Deaer, where it is acting as principa; undertake currency and currency derivative transactions where a Reated Deaer is the counterparty; and purchase securities from or se securities to another investment fund or a managed account managed by the Manager or an affiiate of the Manager At east annuay, the IRC reviews the Reated Party Transactions for which they have issued standing instructions The IRC is required to advise the Canadian securities reguatory authorities if it determines that an investment decision was not made in accordance with conditions of its approva Custodian CIBC Meon Trust Company is the custodian of the Fund (the Custodian) The Custodian hods a cash and securities for the Fund and ensures that those assets are kept separate from any other cash or securities that the Custodian might be hoding The Custodian aso provides other services to the Fund incuding record-keeping and processing of foreign echange transactions The Custodian may hire sub-custodians for the Fund The fees and spreads for services of the Custodian directy reated to the eecution of portfoio transactions by the Fund are paid by CAMI and/or deaer(s) directed by CAMI, up to the amount of the credits generated under soft doar arrangements from trading on behaf of the Fund during that month A other fees and spreads for the services of the Custodian are paid by the Manager and charged to the Fund on a recoverabe basis CIBC owns a 50% interest in the Custodian 2

3 CIBC US Doar Money Market Fund Service Provider CIBC Meon Goba Securities Services Company (CIBC GSS) provides certain services to the Fund, incuding securities ending, fund accounting and reporting, and portfoio vauation Such servicing fees are paid by the Manager and charged to the Fund on a recoverabe basis CIBC indirecty owns a 50% interest in CIBC GSS 3

4 CIBC US Doar Money Market Fund Financia Highights The foowing tabes show seected key financia information about the Fund and are intended to hep you understand the Fund s financia performance for the period ended December 31 The Fund's Net Assets per Unit¹ (in US$) - Cass A Units Net Assets, beginning of period $ 1000 $ 1000 $ 1000 $ 1000 $ 1000 Increase (decrease) from operations: Tota revenue $ 003 $ 003 $ 003 $ 003 $ 003 Tota epenses (002) (002) (002) (001) (002) Reaized gains (osses) for the period Unreaized gains (osses) for the period Tota increase (decrease) from operations 2 $ 001 $ 001 $ 001 $ 002 $ 001 Distributions: From income (ecuding dividends) $ 001 $ 001 $ 001 $ 001 $ 001 From dividends From capita gains Return of capita Tota Distributions 3 $ 001 $ 001 $ 001 $ 001 $ 001 Net Assets, end of period $ 1000 $ 1000 $ 1000 $ 1000 $ This information is derived from the Fund's audited annua financia statements The Fund adopted Internationa Financia Reporting Standards (IFRS) on January 1, 2014 Previousy, the Fund prepared its financia statements in accordance with Canadian Generay Accepted Accounting Principes (GAAP) as defined in Part V of the CPA Canada Handbook Under Canadian GAAP, the Fund measured fair vaues of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for ong positions and ask prices for short positions As such, the net assets per unit figure presented in the financia statements may differ from the net asset vaue cacuated for fund pricing purposes An epanation of these differences can be found in the notes to the financia statements issued prior to January 1, 2014 Upon adoption of IFRS, the Fund measures the fair vaue of its investments by using the cose market prices, where the cose market price fas within the bid-ask spread As such, the Fund's accounting poicies for measuring the fair vaue of investments in the financia statements are consistent with those used in measuring the net asset vaue for transactions with unithoders Accordingy, the opening net asset figure as at January 1, 2013 was restated to refect accounting poicy adjustments made in accordance with IFRS A figures presented for periods prior to January 1, 2013 were prepared in accordance with Canadian GAAP and subsequent thereto were prepared in accordance with IFRS 2 Net assets and distributions are based on the actua number of units outstanding at the reevant time The tota increase (decrease) from operations is based on the weighted average number of units outstanding during the period 3 Distributions were paid in cash, reinvested in additiona units of the Fund, or both Ratios and Suppementa Data - Cass A Units Tota Net Asset Vaue (000s) 4 $ 93,786 $ 112,561 $ 135,360 $ 157,478 $ 183,579 Number of Units Outstanding 4 9,378,615 11,256,040 13,535,972 15,747,763 18,357,879 Management Epense Ratio 5 020% 020% 020% 015% 016% Management Epense Ratio before waivers or absorptions 6 124% 129% 128% 127% 126% Trading Epense Ratio 7 000% 000% 000% 000% 000% Portfoio Turnover Rate 8 n/a n/a n/a n/a n/a Net Asset Vaue per Unit $ 1000 $ 1000 $ 1000 $ 1000 $ This information is presented as at December 31 of the period(s) shown 5 Management epense ratio is based on the tota epenses of the fund (ecuding commissions and other portfoio transaction costs), incurred by or aocated to a cass of units for the period shown, epressed as an annuaized percentage of the daiy average net asset vaue of that cass during the period 6 The decision to waive and/or absorb management fees and operating epenses is at the discretion of the Manager The practice of waiving and/or absorbing management fees and operating epenses may continue indefinitey or may be terminated at any time without notice to unithoders 7 The trading epense ratio represents tota commissions and other portfoio transaction costs before income taes epressed as an annuaized percentage of the daiy average net asset vaue during the period Spreads associated with fied income securities trading are not ascertainabe and, for that reason, are not incuded in the trading epense ratio cacuation 8 The portfoio turnover rate indicates how activey the portfoio advisor and/or portfoio sub-advisor manages the portfoio investmentsa portfoio turnover rate of 100% is equivaent to a fund buying and seing a of the securities in its portfoio once in the course of the period The higher a portfoio turnover rate in a period, the greater the trading costs payabe by a fund in the period, and the greater the chance of an investor receiving taabe capita gains in the year There is not necessariy a reationship between a high turnover rate and the performance of a fund 4

5 CIBC US Doar Money Market Fund The Fund's Net Assets per Unit¹ (in US$) - Premium Cass Units Net Assets, beginning of period $ 1000 $ 1000 $ 1000 $ 1000 $ 1000 Increase (decrease) from operations: Tota revenue $ 003 $ 003 $ 003 $ 003 $ 002 Tota epenses (001) (001) (001) (001) (001) Reaized gains (osses) for the period Unreaized gains (osses) for the period Tota increase (decrease) from operations 2 $ 002 $ 002 $ 002 $ 002 $ 001 Distributions: From income (ecuding dividends) $ 002 $ 001 $ 001 $ 001 $ 001 From dividends From capita gains Return of capita Tota Distributions 3 $ 002 $ 001 $ 001 $ 001 $ 001 Net Assets, end of period $ 1000 $ 1000 $ 1000 $ 1000 $ This information is derived from the Fund's audited annua financia statements The Fund adopted Internationa Financia Reporting Standards (IFRS) on January 1, 2014 Previousy, the Fund prepared its financia statements in accordance with Canadian Generay Accepted Accounting Principes (GAAP) as defined in Part V of the CPA Canada Handbook Under Canadian GAAP, the Fund measured fair vaues of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for ong positions and ask prices for short positions As such, the net assets per unit figure presented in the financia statements may differ from the net asset vaue cacuated for fund pricing purposes An epanation of these differences can be found in the notes to the financia statements issued prior to January 1, 2014 Upon adoption of IFRS, the Fund measures the fair vaue of its investments by using the cose market prices, where the cose market price fas within the bid-ask spread As such, the Fund's accounting poicies for measuring the fair vaue of investments in the financia statements are consistent with those used in measuring the net asset vaue for transactions with unithoders Accordingy, the opening net asset figure as at January 1, 2013 was restated to refect accounting poicy adjustments made in accordance with IFRS A figures presented for periods prior to January 1, 2013 were prepared in accordance with Canadian GAAP and subsequent thereto were prepared in accordance with IFRS 2 Net assets and distributions are based on the actua number of units outstanding at the reevant time The tota increase (decrease) from operations is based on the weighted average number of units outstanding during the period 3 Distributions were paid in cash, reinvested in additiona units of the Fund, or both Ratios and Suppementa Data - Premium Cass Units Tota Net Asset Vaue (000s) 4 $ 85,437 $ 124,892 $ 137,207 $ 148,711 $ 150,117 Number of Units Outstanding 4 8,543,706 12,489,238 13,720,735 14,871,105 15,011,726 Management Epense Ratio 5 014% 014% 015% 015% 016% Management Epense Ratio before waivers or absorptions 6 044% 045% 045% 045% 045% Trading Epense Ratio 7 000% 000% 000% 000% 000% Portfoio Turnover Rate 8 n/a n/a n/a n/a n/a Net Asset Vaue per Unit $ 1000 $ 1000 $ 1000 $ 1000 $ This information is presented as at December 31 of the period(s) shown 5 Management epense ratio is based on the tota epenses of the fund (ecuding commissions and other portfoio transaction costs), incurred by or aocated to a cass of units for the period shown, epressed as an annuaized percentage of the daiy average net asset vaue of that cass during the period 6 The decision to waive and/or absorb management fees and operating epenses is at the discretion of the Manager The practice of waiving and/or absorbing management fees and operating epenses may continue indefinitey or may be terminated at any time without notice to unithoders 7 The trading epense ratio represents tota commissions and other portfoio transaction costs before income taes epressed as an annuaized percentage of the daiy average net asset vaue during the period Spreads associated with fied income securities trading are not ascertainabe and, for that reason, are not incuded in the trading epense ratio cacuation 8 The portfoio turnover rate indicates how activey the portfoio advisor and/or portfoio sub-advisor manages the portfoio investmentsa portfoio turnover rate of 100% is equivaent to a fund buying and seing a of the securities in its portfoio once in the course of the period The higher a portfoio turnover rate in a period, the greater the trading costs payabe by a fund in the period, and the greater the chance of an investor receiving taabe capita gains in the year There is not necessariy a reationship between a high turnover rate and the performance of a fund 5

6 CIBC US Doar Money Market Fund The Fund's Net Assets per Unit¹ (in US$) - Cass O Units Net Assets, beginning of period $ 1000 $ 1000 $ 1000 $ 1000 $ 1000 Increase (decrease) from operations: Tota revenue $ 003 $ 003 $ 003 $ 003 $ 003 Tota epenses Reaized gains (osses) for the period Unreaized gains (osses) for the period Tota increase (decrease) from operations 2 $ 003 $ 003 $ 003 $ 003 $ 003 Distributions: From income (ecuding dividends) $ 003 $ 003 $ 003 $ 003 $ 003 From dividends From capita gains Return of capita Tota Distributions 3 $ 003 $ 003 $ 003 $ 003 $ 003 Net Assets, end of period $ 1000 $ 1000 $ 1000 $ 1000 $ This information is derived from the Fund's audited annua financia statements The Fund adopted Internationa Financia Reporting Standards (IFRS) on January 1, 2014 Previousy, the Fund prepared its financia statements in accordance with Canadian Generay Accepted Accounting Principes (GAAP) as defined in Part V of the CPA Canada Handbook Under Canadian GAAP, the Fund measured fair vaues of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for ong positions and ask prices for short positions As such, the net assets per unit figure presented in the financia statements may differ from the net asset vaue cacuated for fund pricing purposes An epanation of these differences can be found in the notes to the financia statements issued prior to January 1, 2014 Upon adoption of IFRS, the Fund measures the fair vaue of its investments by using the cose market prices, where the cose market price fas within the bid-ask spread As such, the Fund's accounting poicies for measuring the fair vaue of investments in the financia statements are consistent with those used in measuring the net asset vaue for transactions with unithoders Accordingy, the opening net asset figure as at January 1, 2013 was restated to refect accounting poicy adjustments made in accordance with IFRS A figures presented for periods prior to January 1, 2013 were prepared in accordance with Canadian GAAP and subsequent thereto were prepared in accordance with IFRS 2 Net assets and distributions are based on the actua number of units outstanding at the reevant time The tota increase (decrease) from operations is based on the weighted average number of units outstanding during the period 3 Distributions were paid in cash, reinvested in additiona units of the Fund, or both Ratios and Suppementa Data - Cass O Units Tota Net Asset Vaue (000s) 4 $ 12,627 $ 15,586 $ 16,633 $ 15,881 $ 10,726 Number of Units Outstanding 4 1,262,709 1,558,623 1,663,324 1,588,052 1,072,627 Management Epense Ratio 5 000% 000% 000% 000% 000% Management Epense Ratio before waivers or absorptions 6 001% 001% 000% 002% 002% Trading Epense Ratio 7 000% 000% 000% 000% 000% Portfoio Turnover Rate 8 n/a n/a n/a n/a n/a Net Asset Vaue per Unit $ 1000 $ 1000 $ 1000 $ 1000 $ This information is presented as at December 31 of the period(s) shown 5 Management epense ratio is based on the tota epenses of the fund (ecuding commissions and other portfoio transaction costs), incurred by or aocated to a cass of units for the period shown, epressed as an annuaized percentage of the daiy average net asset vaue of that cass during the period 6 The decision to waive and/or absorb management fees and operating epenses is at the discretion of the Manager The practice of waiving and/or absorbing management fees and operating epenses may continue indefinitey or may be terminated at any time without notice to unithoders 7 The trading epense ratio represents tota commissions and other portfoio transaction costs before income taes epressed as an annuaized percentage of the daiy average net asset vaue during the period Spreads associated with fied income securities trading are not ascertainabe and, for that reason, are not incuded in the trading epense ratio cacuation 8 The portfoio turnover rate indicates how activey the portfoio advisor and/or portfoio sub-advisor manages the portfoio investmentsa portfoio turnover rate of 100% is equivaent to a fund buying and seing a of the securities in its portfoio once in the course of the period The higher a portfoio turnover rate in a period, the greater the trading costs payabe by a fund in the period, and the greater the chance of an investor receiving taabe capita gains in the year There is not necessariy a reationship between a high turnover rate and the performance of a fund 6

7 CIBC US Doar Money Market Fund Management Fees The Fund, either directy or indirecty, pays an annua management fee to CIBC to cover the costs of managing the Fund Management fees are based on the net asset vaue of the Fund and are cacuated daiy and paid monthy Management fees are paid to CIBC in consideration for providing, or arranging for the provision of, management, distribution, and portfoio advisory services Advertising and promotiona epenses, office overhead epenses, traiing commissions, and the fees of the portfoio sub-advisor(s) are paid by CIBC out of the management fees received from the Fund The Fund is required to pay appicabe taes on the management fees paid to CIBC Refer to the Simpified Prospectus for the maimum annua management fee rate for each cass of units For Cass O units, the management fee is negotiated with and paid by, or as directed by, unithoders or deaers and discretionary managers on behaf of unithoders Such Cass O management fee wi not eceed the Cass A unit management fee rate The foowing tabe shows a breakdown of the services received in consideration of the management fees, as a percentage of the management fees coected from the Fund for the period ended December 31, 2015 These amounts do not incude waived fees or absorbed epenses Cass A Units Premium Cass Units Saes and traiing commissions paid to deaers 5091% 10000% Genera administration, investment advice, and profit 4909% 000% Past Performance The performance data provided assumes reinvestment of distributions ony and does not take into account saes, redemption, distribution, or other optiona charges payabe by any unithoder that woud have reduced returns Past performance does not necessariy indicate how a fund wi perform in the future The Fund s returns are after the deduction of fees and epenses, and the difference in returns between casses of units is primariy due to differences in the management epense ratio See the section entited Financia Highights for the management epense ratio Year-by-Year Returns These bar charts show the annua performance of each cass of units of the Fund for each of the periods shown, and iustrate how the performance has changed from period to period These bar charts show, in percentage terms, how an investment made on January 1 woud have increased or decreased by December 31, uness otherwise indicated Cass A Units 7

8 CIBC US Doar Money Market Fund Premium Cass Units a 2007 return is for the period from October 15, 2007 to December 31, 2007 Cass O Units a 2010 return is for the period from June 1, 2010 to December 31,

9 CIBC US Doar Money Market Fund Summary of Investment Portfoio (as at December 31, 2015) The summary of investment portfoio may change due to ongoing portfoio transactions of the investment fund A quartery update is avaiabe by visiting wwwcibccom/mutuafunds The Top Positions tabe shows a fund s 25 argest positions For funds with fewer than 25 positions in tota, a positions are shown % of Net Asset Vaue Portfoio Breakdown Short-Term Investments 999 Cash 01 % of Net Asset Top Positions Vaue Merit Trust, Senior Discount Note, 051%, 2016/02/02 78 Roya Bank of Canada, Bankers' Acceptance, 024%, 2016/01/19 73 Paza Trust, Discount Note, 048%, 2016/01/11 68 Prime Trust, Senior Discount Note, 049%, 2016/01/06 65 Storm King Funding, Discount Note, 074%, 2016/03/21 53 Banner Trust, Discount Note, 068%, 2016/02/25 52 Caisse centrae Desjardins du Québec, Bearer Deposit Note, 041%, /03/01 Province of British Coumbia, Discount Note, 034%, 2016/05/03 50 Zeus Receivabes Trust, Senior Discount Note, 047%, 2016/01/21 47 Fusion Trust, Series 'AA', Discount Note, 051%, 2016/01/27 47 Carity Trust, Series 'A', Discount Note, 065%, 2016/03/02 47 Ridge Trust, Discount Note, 085%, 2016/03/22 43 Carity Trust, Series 'A', Discount Note, 082%, 2016/03/16 40 Zeus Receivabes Trust, Senior Discount Note, 047%, 2016/01/12 39 Canadian Master Trust, Discount Note, 049%, 2016/01/06 37 Fusion Trust, Discount Note, 088%, 2016/03/22 36 Caisse centrae Desjardins du Québec, Bearer Deposit Note, 032%, /01/22 Toronto-Dominion Bank (The), Bankers' Acceptance, 024%, /01/07 Storm King Funding, Discount Note, 051%, 2016/01/12 31 Prime Trust, Senior Discount Note, 068%, 2016/02/25 21 Canadian Master Trust, Discount Note, 046%, 2016/01/26 20 OMERS Financia Trust, Discount Note, 045%, 2016/03/04 16 Canadian Master Trust, Discount Note, 074%, 2016/04/06 15 Canadian Master Trust, Discount Note, 081%, 2016/02/

10 The management report of fund performance may contain forward-ooking statements Forward-ooking statements incude statements that are predictive in nature, that depend upon or refer to future events or conditions, or that incude words such as epects, anticipates, intends, pans, beieves, estimates, or other simiar wording In addition, any statements that may be made concerning future performance, strategies, or prospects and possibe future actions taken by the fund, are aso forward-ooking statements These statements invove known and unknown risks, uncertainties, and other factors that may cause the actua resuts and achievements of the fund to differ materiay from those epressed or impied by such statements Such factors incude, but are not imited to: genera economic, market, and business conditions; fuctuations in securities prices, interest rates, and foreign currency echange rates; changes in government reguations; and catastrophic events We do not undertake, and specificay discaim, any obigation to update or revise any forward-ooking statements, whether as a resut of new information, future deveopments, or otherwise prior to the reease of the net management report of fund performance

11 CIBC Mutua Funds CIBC Famiy of Managed Portfoios CIBC 18 York Street, Suite 1300 Toronto, Ontario M5J 2T8 CIBC Securities Inc Website wwwcibccom/mutuafunds CIBC Securities Inc is a whoy-owned subsidiary of CIBC and is the principa distributor of the CIBC Mutua Funds and the CIBC Famiy of Managed Portfoios CIBC Famiy of Managed Portfoios are mutua funds that primariy invest in other CIBC Mutua Funds To obtain a copy of the simpified prospectus, ca CIBC Securities Inc at or ask your advisor