Securities Lending. Collateral Type* ($000s) Organization of the Fund (note 1) x x

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1 CIBC Balanced Inde Fund Interim Financial Reports (unaudited) for the period ended June 30, 2016 Statements of Financial Position (unaudited) (in 000s, ecept per unit amounts) As at June 30, 2016 and December 31, 2015 (note 1) Assets June 30, 2016 December 31, 2015 Current assets Investments (non-derivative financial assets) (notes 2 and 3) $ 210,785 $ 186,742 Cash including foreign currency holdings, at fair value Margin 3,938 1,141 Interest receivable Dividends receivable Receivable for portfolio securities sold 2 Receivable for units issued 1, Derivative assets Total Assets 218, ,207 Liabilities Current liabilities Payable for portfolio securities purchased Payable for units redeemed Derivative liabilities 5 Total Liabilities 1,356 1,332 Net Assets Attributable to Holders of Redeemable Units (note 5) $ 216,900 $ 188,875 Net Assets Attributable to Holders of Redeemable Units per Class Class A $ 89,491 $ 84,327 Premium Class $ 127,341 $ 104,490 Institutional Class $ 68 $ 58 Net Assets Attributable to Holders of Redeemable Units per Unit (note 5) Class A $ 1515 $ 1469 Premium Class $ 1151 $ 1111 Institutional Class $ 977 $ 943 Securities Lending The tables that follow indicate the Fund had assets involved in securities lending transactions outstanding as at June 30, 2016 and December 31, 2015 Aggregate Value of Securities on Loan Aggregate Value of Collateral for Loan June 30, ,826 28,825 December 31, ,201 23,164 Collateral Type* i ii iii iv June 30, ,801 13,024 December 31, ,747 16, * See note 2j for Collateral Type definitions Organization of the Fund (note 1) The Fund was established on November 20, 1998 (Date Established) Inception Date Class A December 4, 1998 Premium Class November 23, 2011 Institutional Class November 27, 2014 The accompanying notes are an integral part of these financial statements 1

2 CIBC Balanced Inde Fund Statements of Comprehensive Income (unaudited) (in 000s, ecept per unit amounts) For the periods ended June 30, 2016 and 2015 (note 1) June 30, 2016 June 30, 2015 Net Gain (loss) on Financial Instruments Interest for distribution purposes $ 1,285 $ 962 Dividend revenue 1, Derivative income (loss) (376) 2,155 Other changes in fair value of investments and derivatives Net realized gain (loss) on sale of investments and derivatives (107) 165 Net realized gain (loss) on foreign currency (notes 2f and g) Net change in unrealized appreciation (depreciation) of investments and derivatives 5,755 (661) Net Gain (loss) on Financial Instruments ± 7,929 3,465 Other Income Foreign echange gain (loss) on cash (219) 62 Securities lending revenue ±± (196) 75 Epenses (note 6) Management fees ±±± Audit fees 6 6 Custodial fees Independent review committee fees Legal fees 2 Regulatory fees Transaction costs ±±±± Unitholder reporting costs Withholding taes (note 7) Other epenses 8 1 1, Epenses waived/absorbed by the Manager (371) (264) Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (ecluding distributions) 6,942 2,941 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Class (ecluding distributions) Class A $ 2,706 $ 1,349 Premium Class $ 4,234 $ 1,590 Institutional Class $ 2 $ 2 Average Number of Units Outstanding for the period per Class Class A 5,806 4,379 Premium Class 10,141 6,472 Institutional Class 7 6 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit (ecluding distributions) Class A $ 047 $ 030 Premium Class $ 041 $ 024 Institutional Class $ 039 $ 032 ± Net Gain (Loss) on Financial Instruments (in 000s) Net gains (losses) Category June 30, 2016 June 30, 2015 Financial assets at FVTPL Held for Trading $ (458) $ 1,308 Designated at Inception 8,387 2,157 Total financial assets at FVTPL $ 7,929 $ 3,465 ±± Securities Lending Revenue (note 2j) (in 000s) June 30, 2016 June 30, 2015 % of Gross securities lending revenue (in 000s) % of Gross securities lending revenue Gross securities lending revenue $ $ Interest paid on collateral Withholding taes Agent fees - Bank of New York Mellon Corp (The) Securities lending revenue $ $ ±±± Maimum Chargeable Annual Management Fee Rates (note 6) Class A 100% Premium Class 075% Institutional Class 060% ±±±± Brokerage Commissions and Fees (notes 8 and 9) Brokerage commissions and other fees Total Paid Paid to CIBC World Markets Inc 10 7 Paid to CIBC World Markets Corp Soft dollars Total Paid Paid to CIBC World Markets Inc and CIBC World Markets Corp Administrative and Other Fund Operating Epenses (note 9) Service Provider (note 9) The amounts paid by the Fund (including all applicable taes) to CIBC Mellon Trust Company for custodial fees, and to CIBC Mellon Global Securities Services Company (CIBC GSS) for securities lending, fund accounting and reporting, and portfolio valuation (all net of absorptions) for the periods ended June 30, 2016 and 2015 were as follows: The accompanying notes are an integral part of these financial statements

3 CIBC Balanced Inde Fund Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (unaudited) (in 000s) For the periods ended June 30, 2016 and 2015 (note 1) Class A Units Premium Class Units Institutional Class Units June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (ecluding distributions) $ 2,706 $ 1,349 $ 4,234 $ 1,590 $ 2 $ 2 Distributions Paid or Payable to Holders of Redeemable Units From net investment income (1) (1) (1) (1) Redeemable Unit Transactions Amount received from the issuance of units 18,413 26,124 31,563 35,896 8 Amount received from reinvestment of distributions 1 1 Amount paid on redemptions of units (15,955) (7,271) (12,946) (4,763) 2,459 18,854 18,617 31,133 8 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 5,164 20,202 22,851 32, Net Assets Attributable to Holders of Redeemable Units at Beginning of Period 84,327 56, ,490 57, Net Assets Attributable to Holders of Redeemable Units at End of Period $ 89,491 $ 76,849 $ 127,341 $ 90,693 $ 68 $ 59 Redeemable Units Issued and Outstanding (note 5) As at June 30, 2016 and 2015 Balance - beginning of period 5,740 3,774 9,404 5, Redeemable units issued 1,252 1,671 2,826 3, ,992 5,445 12,230 8, Redeemable units redeemed (1,087) (466) (1,164) (404) Balance - end of period 5,905 4,979 11,066 7, Net Capital and Non-Capital Losses (note 7) As at December 2015, the Fund had non-capital and capital losses (in $000s) for income ta purposes available to be carried forward as follows: Total Net Capital Losses Total Non-Capital Losses that Epire in: 2026 to ,157 The accompanying notes are an integral part of these financial statements 3

4 CIBC Balanced Inde Fund Statements of Cash Flows (unaudited) (in 000s) For the periods ended June 30, 2016 and 2015 (note 1) Cash Flows from Operating Activities June 30, 2016 June 30, 2015 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations (ecluding distributions) $ 6,942 $ 2,941 Adjustments for: Foreign echange loss (gain) on cash 219 (62) Net realized (gain) loss on sale of investments and derivatives 107 (165) Net change in unrealized (appreciation) depreciation of investments and derivatives (5,755) 661 Purchase of investments (139,925) (197,778) Proceeds from the sale of investments 121, ,395 Margin (2,797) (776) Interest receivable (25) (82) Dividends receivable (15) (196) (19,475) (49,062) Cash Flows from Financing Activities Amount received from the issuance of units 48,961 61,080 Amount paid on redemptions of units (29,045) (11,851) 19,916 49,229 Increase (Decrease) in Cash during the Period Foreign echange loss (gain) on cash (219) 62 Cash (Bank Overdraft) at Beginning of Period 6 18 Cash (Bank Overdraft) at End of Period $ 228 $ 247 Interest received $ 1,260 $ 880 Dividends received, net of withholding taes $ 1,217 $ The accompanying notes are an integral part of these financial statements

5 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 Security CANADIAN EQUITIES Consumer Discretionary Aimia Inc 5, Amaya Inc 4, BRP Inc 1, Canadian Tire Corp Ltd, Class 'A' 2, Cineple Inc 2, Cogeco Communications Inc Corus Entertainment Inc, Class 'B' 4, DHX Media Ltd 4, Dollarama Inc 4, Dorel Industries Inc, Class 'B' EnerCare Inc 3, Gildan Activewear Inc 8, Great Canadian Gaming Corp 1, Hudson's Bay Co 4, Intertain Group Ltd (The) 2, Linamar Corp 1, Magna International Inc, Class 'A' 13, Martinrea International Inc 3, Quebecor Inc, Class 'B' 3, Restaurant Brands International Inc 8, Shaw Communications Inc, Class 'B' 14, Thomson Reuters Corp 11, Uni-Select Inc 1, ,704 4,006 18% Consumer Staples Alimentation Couche-Tard Inc, Class 'B' 15, Cott Corp 4, Empire Co Ltd, Class 'A' 6, George Weston Ltd 1, Jean Coutu Group (PJC) Inc (The), Class 'A' 3, Loblaw Cos Ltd 7, Maple Leaf Foods Inc 3, Metro Inc, Class 'A' 8, North West Co Inc (The) 1, Premium Brands Holdings Corp Saputo Inc 7, ,016 2,748 13% Energy Number of Shares Advantage Oil & Gas Ltd 6, AltaGas Ltd 5, ARC Resources Ltd 12, Bayte Energy Corp 7, Birchcliff Energy Ltd 3, Bonavista Energy Corp 7, Bonterra Energy Corp Cameco Corp 14, Canadian Energy Services & Technology Corp 7, Canadian Natural Resources Ltd 40,317 1,273 1,607 Cenovus Energy Inc 30, Crescent Point Energy Corp 18, Crew Energy Inc 5, Enbridge Inc 34,135 1,561 1,868 Enbridge Income Fund Holdings Inc 3, Encana Corp 31, Enerfle Ltd 2, Enerplus Corp 8, Ensign Energy Services Inc 4, Freehold Royalties Ltd 2, Gibson Energy Inc 5, Gran Tierra Energy Inc 9, Husky Energy Inc 11, Imperial Oil Ltd 9, Inter Pipeline Ltd 12, Kelt Eploration Ltd 5, Keyera Corp 6, MEG Energy Corp 5, Mullen Group Ltd 3, Nuvista Energy Ltd 5, Pare Resources Inc 5, Parkland Fuel Corp 3, Pason Systems Inc 2, Pembina Pipeline Corp 14, Peyto Eploration & Development Corp 5, PrairieSky Royalty Ltd 7, Precision Drilling Corp 10, Raging River Eploration Inc 7, Secure Energy Services Inc 4, Seven Generations Energy Ltd, Class 'A' 6, ShawCor Ltd 2, Suncor Energy Inc 61,129 2,184 2,191 Average Cost Fair Value % of Net Assets The accompanying notes are an integral part of these financial statements 5

6 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security Surge Energy Inc 8, TORC Oil & Gas Ltd 4, Tourmaline Oil Corp 7, TransCanada Corp 25,810 1,200 1,509 Veresen Inc 11, Vermilion Energy Inc 4, Whitecap Resources Inc 11, ,660 13,330 61% Financials Alaris Royalty Corp 1, Allied Properties REIT 2, Artis REIT 5, Bank of Montreal 23,644 1,634 1,938 Bank of Nova Scotia 44,187 2,536 2,798 Boardwalk REIT 1, Brookfield Asset Management Inc, Class 'A' 31,895 1,070 1,363 Canadian Apartment Properties REIT 4, Canadian Imperial Bank of Commerce 14,500 1,251 1,407 Canadian Western Bank 2, CI Financial Corp 8, Colliers International Group Inc 1, Cominar REIT 6, CREIT 2, Crombie REIT 2, Dream Global REIT 3, Dream Office REIT 4, Element Financial Corp 14, Fairfa Financial Holdings Ltd First Capital Realty Inc 4, FirstService Corp 1, Genworth MI Canada Inc 1, Granite Real Estate Investment Trust, Stapled Units 1, Great-West Lifeco Inc 10, H&R REIT 10, Home Capital Group Inc 2, Horizons S&P/TSX 60 Inde ETF 214,754 5,734 5,863 IGM Financial Inc 3, Industrial Alliance Insurance and Financial Services Inc 3, Intact Financial Corp 4, Laurentian Bank of Canada 1, Manulife Financial Corp 72,462 1,546 1,280 Milestone Apartments REIT 2, National Bank of Canada 12, Northview Apartment REIT 1, One Corp 2, Power Corp of Canada 13, Power Financial Corp 9, Pure Industrial Real Estate Trust 6, RioCan REIT 11, Royal Bank of Canada 54,676 3,683 4,174 Smart REIT 4, Sun Life Financial Inc 22, TMX Group Ltd Toronto-Dominion Bank (The) 68,105 3,207 3,778 Tricon Capital Group Inc 3, ,838 29, % Health Care Chartwell Retirement Residences 6, Concordia International Corp 1, Etendicare Inc 3, ProMetic Life Sciences Inc 17, Valeant Pharmaceuticals International Inc 10,757 1, , % Industrials Aecon Group Inc 2, Air Canada 10, ATS Automation Tooling Systems Inc 2, Badger Daylighting Ltd 1, Bombardier Inc, Class 'B' 71, Boyd Group Income Fund CAE Inc 10, Canadian National Railway Co 28,637 1,777 2,185 Canadian Pacific Railway Ltd 5, Finning International Inc 6, MacDonald, Dettwiler and Associates Ltd 1, New Flyer Industries Inc 1, Ritchie Bros Auctioneers Inc 3, Russel Metals Inc 2, SNC-Lavalin Group Inc 5, Stantec Inc 4, Toromont Industries Ltd 2, Transcontinental Inc, Class 'A' 2, Number of Shares Average Cost Fair Value % of Net Assets 6 The accompanying notes are an integral part of these financial statements

7 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security TransForce Inc 3, Waste Connections Inc 6, WestJet Airlines Ltd 4, Westshore Terminals Investment Corp 2, WSP Global Inc 2, ,958 5,581 26% Information Technology Avigilon Corp 1, BlackBerry Ltd 17, Celestica Inc 4, CGI Group Inc, Class 'A' 9, Computer Modelling Group Ltd 2, Constellation Software Inc Descartes Systems Group Inc (The) 2, DH Corp 3, Enghouse Systems Ltd Kinais Inc Mitel Networks Corp 3, Open Tet Corp 4, Sierra Wireless Inc 1, ,629 1,815 08% Materials Agnico Eagle Mines Ltd 8, Agrium Inc 5, Alacer Gold Corp 10, Alamos Gold Inc, Class 'A' 9, B2Gold Corp 34, Barrick Gold Corp 42, ,181 Canfor Corp 2, CCL Industries Inc, Class 'B' 1, Centerra Gold Inc 5, Chemtrade Logistics Income Fund 2, Detour Gold Corp 6, Dominion Diamond Corp 3, Eldorado Gold Corp 26, Endeavour Mining Corp 2, First Majestic Silver Corp 5, First Quantum Minerals Ltd 25, Franco-Nevada Corp 6, Goldcorp Inc 30, Guyana Goldfields Inc 5, Hudbay Minerals Inc 8, IAMGOLD Corp 14, Interfor Corp 2, Intertape Polymer Group Inc 1, Kinross Gold Corp 45, Kirkland Lake Gold Inc 3, Labrador Iron Ore Royalty Corp 2, Lucara Diamond Corp 11, Lundin Mining Corp 23, MAG Silver Corp 2, Methane Corp 3, Nevsun Resource Ltd 7, New Gold Inc 18, Norbord Inc 1, NovaGold Resources Inc 8, OceanaGold Corp 22, Osisko Gold Royalties Ltd 3, Pan American Silver Corp 5, Potash Corp of Saskatchewan Inc 31,057 1, Pretium Resources Inc 4, SEMAFO Inc 10, Silver Standard Resources Inc 4, Silver Wheaton Corp 16, Stella-Jones Inc 1, Tahoe Resources Inc 10, Teck Resources Ltd, Class 'B' 17, Tore Gold Resources Inc 29, Turquoise Hill Resources Ltd 36, West Fraser Timber Co Ltd 2, Western Forest Products Inc 14, Winpak Ltd 1, Yamana Gold Inc 35, ,955 9,137 42% Telecommunication Services BCE Inc 31,923 1,519 1,953 Manitoba Telecom Services Inc 2, Rogers Communications Inc, Class 'B' 13, TELUS Corp 21, ,914 3,651 17% Number of Shares Average Cost Fair Value % of Net Assets The accompanying notes are an integral part of these financial statements 7

8 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security Utilities Algonquin Power & Utilities Corp 7, ATCO Ltd, Class 'I' 2, Brookfield Renewable Partners LP 3, Canadian Utilities Ltd, Class 'A' 4, Capital Power Corp 3, Emera Inc 5, Fortis Inc 10, Hydro One Ltd 6, Innerge Renewable Energy Inc 3, Just Energy Group Inc 3, Northland Power Inc 4, Superior Plus Corp 5, TransAlta Corp 10, TransAlta Renewables Inc 3, ,595 1,807 08% TOTAL CANADIAN EQUITIES 67,346 71, % INTERNATIONAL EQUITIES Bermuda Brookfield Business Partners LP % United States Brookfield Property Partners LP 8, ishares MSCI EAFE ETF 212,860 15,976 15,348 16,173 15,580 72% TOTAL INTERNATIONAL EQUITIES 16,195 15,596 72% TOTAL EQUITIES 83,541 87, % Number of Shares Average Cost Fair Value % of Net Assets Security Coupon Rate (%) Maturity Date Additional Details Par Value CANADIAN BONDS Government of Canada & Guaranteed Canada Housing Trust No 1 170% 2017/12/15 1,500,000 1,527 1,523 Canada Housing Trust No 1 175% 2018/06/15 800, Canada Housing Trust No 1 205% 2018/06/15 300, Canada Housing Trust No 1 235% 2018/12/15 Series '56' 1,225,000 1,265 1,272 Canada Housing Trust No 1 410% 2018/12/15 Series '23' 275, Canada Housing Trust No 1 195% 2019/06/15 575, Canada Housing Trust No 1 200% 2019/12/15 1,550,000 1,596 1,609 Canada Housing Trust No 1 375% 2020/03/15 275, Canada Housing Trust No 1 120% 2020/06/15 625, Canada Housing Trust No 1 145% 2020/06/15 Series '66' 425, Canada Housing Trust No 1 125% 2020/12/15 125, Canada Housing Trust No 1 335% 2020/12/15 550, Canada Housing Trust No 1 125% 2021/06/15 Series '71' 600, Canada Housing Trust No 1 125% 2021/06/15 Series 'JUNE' 125, Canada Housing Trust No 1 380% 2021/06/15 600, Canada Housing Trust No 1 265% 2022/03/15 200, Canada Housing Trust No 1 240% 2022/12/15 350, Canada Housing Trust No 1 235% 2023/09/15 250, Canada Housing Trust No 1 315% 2023/09/15 Series '55' 125, Canada Housing Trust No 1 290% 2024/06/15 400, Canada Housing Trust No 1 255% 2025/03/15 Series '62' 325, Canada Housing Trust No 1 225% 2025/12/15 100, Canada Housing Trust No 1 190% 2026/09/15 50, Canada Post Corp 408% 2025/07/16 Series '2' 100, CPPIB Capital Inc 100% 2019/01/15 Series 'B' 25, CPPIB Capital Inc 140% 2020/06/04 Series 'A' 25, Government of Canada 125% 2017/08/01 1,050,000 1,058 1,058 Government of Canada 150% 2017/09/01 650, Government of Canada 125% 2018/02/01 1,050,000 1,066 1,062 Government of Canada 125% 2018/03/01 25, Government of Canada 425% 2018/06/01 355, Government of Canada 125% 2018/09/01 350, Government of Canada 175% 2019/03/01 400, Government of Canada 375% 2019/06/01 525, Government of Canada 175% 2019/09/01 50, Government of Canada 150% 2020/03/01 275, Government of Canada 350% 2020/06/01 200, Government of Canada 325% 2021/06/01 1,200,000 1,345 1,355 Government of Canada 275% 2022/06/01 275, Government of Canada 150% 2023/06/01 350, Government of Canada 800% 2023/06/01 180, Government of Canada 250% 2024/06/01 450, Government of Canada 225% 2025/06/01 550, Government of Canada 150% 2026/06/01 325, Government of Canada 575% 2029/06/01 525, Government of Canada 575% 2033/06/01 625, ,009 Government of Canada 500% 2037/06/01 650, ,025 Government of Canada 400% 2041/06/01 895,000 1,149 1,304 Average Cost Fair Value % of Net Assets 8 The accompanying notes are an integral part of these financial statements

9 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security Coupon Rate (%) Maturity Date Additional Details Par Value Government of Canada 350% 2045/12/01 875,000 1,119 1,234 Government of Canada 275% 2048/12/01 650, Government of Canada 275% 2064/12/01 75, Maritime Link Financing Trust 350% 2052/12/01 Series 'A', Sinkable, Callable 25, ,291 27, % Provincial Government & Guaranteed 55 School Board Trust 590% 2033/06/02 Series 'A', Callable 75, Financement-Québec 350% 2017/12/01 100, Financement-Québec 245% 2019/12/01 150, Financement-Québec 525% 2034/06/01 300, Hydro-Québec 1100% 2020/08/15 Series 'HL' 125, Hydro-Québec 650% 2035/02/15 Series '19' 150, Hydro-Québec 600% 2040/02/15 25, Hydro-Québec 500% 2045/02/15 Series 'JM' 25, Hydro-Québec 500% 2050/02/15 Series 'JN' 25, Labrador-Island Link Funding Trust 386% 2045/12/01 Series 'B', Callable 25, Labrador-Island Link Funding Trust 385% 2053/12/01 Series 'C', Callable 25, Ontario Electricity Financial Corp 825% 2026/06/22 75, Ontario School Boards Financing Corp 655% 2026/10/19 30, Ontario School Boards Financing Corp 590% 2027/10/11 31, Ontario School Boards Financing Corp 580% 2028/11/07 16, Province of Alberta 170% 2017/12/15 50, Province of Alberta 160% 2018/06/15 50, Province of Alberta 400% 2019/12/01 100, Province of Alberta 125% 2020/06/01 150, Province of Alberta 135% 2021/09/01 25, Province of Alberta 255% 2022/12/15 150, Province of Alberta 310% 2024/06/01 50, Province of Alberta 235% 2025/06/01 325, Province of Alberta 220% 2026/06/01 50, Province of Alberta 290% 2029/09/20 125, Province of Alberta 350% 2031/06/01 75, Province of Alberta 345% 2043/12/01 150, Province of Alberta 330% 2046/12/01 75, Province of British Columbia 465% 2018/12/18 150, Province of British Columbia 370% 2020/12/18 Series 'BCCD-24' 150, Province of British Columbia 325% 2021/12/18 125, Province of British Columbia 270% 2022/12/18 25, Province of British Columbia 330% 2023/12/18 Series 'BCCD' 50, Province of British Columbia 285% 2025/06/18 200, Province of British Columbia 230% 2026/06/18 150, Province of British Columbia 615% 2027/11/19 100, Province of British Columbia 570% 2029/06/18 175, Province of British Columbia 540% 2035/06/18 50, Province of British Columbia 470% 2037/06/18 100, Province of British Columbia 495% 2040/06/18 75, Province of British Columbia 430% 2042/06/18 100, Province of British Columbia 320% 2044/06/18 200, Province of British Columbia 280% 2048/06/18 Series 'BCCD-35' 150, Province of Manitoba 415% 2020/06/03 25, Province of Manitoba 155% 2021/09/05 100, Province of Manitoba 385% 2021/12/01 100, Province of Manitoba 255% 2023/06/02 25, Province of Manitoba 330% 2024/06/02 75, Province of Manitoba 245% 2025/06/02 150, Province of Manitoba 440% 2025/09/05 100, Province of Manitoba 255% 2026/06/02 50, Province of Manitoba 570% 2037/03/05 75, Province of Manitoba 460% 2038/03/05 50, Province of Manitoba 465% 2040/03/05 50, Province of Manitoba 410% 2041/03/05 75, Province of Manitoba 405% 2045/09/05 25, Province of Manitoba 285% 2046/09/05 150, Province of New Brunswick 445% 2018/03/26 50, Province of New Brunswick 450% 2020/06/02 50, Province of New Brunswick 335% 2021/12/03 100, Province of New Brunswick 285% 2023/06/02 25, Province of New Brunswick 365% 2024/06/03 100, Province of New Brunswick 260% 2026/08/14 50, Province of New Brunswick 550% 2034/01/27 Series 'GJ' 25, Province of New Brunswick 480% 2039/09/26 Sinkable 50, Province of New Brunswick 480% 2041/06/03 75, Province of New Brunswick 355% 2043/06/03 150, Province of New Brunswick 380% 2045/08/14 100, Province of Newfoundland and Labrador 230% 2025/06/02 175, Province of Newfoundland and Labrador 615% 2028/04/17 50, Province of Newfoundland and Labrador 560% 2033/10/17 Series '6R' 25, Province of Newfoundland and Labrador 465% 2040/10/17 50, Province of Newfoundland and Labrador 330% 2046/10/17 Series '6X' 50, Province of Nova Scotia 415% 2019/11/25 25, Province of Nova Scotia 410% 2021/06/01 50, Province of Nova Scotia 660% 2031/12/01 75, Province of Nova Scotia 450% 2037/06/01 100, Province of Nova Scotia 350% 2062/06/02 75, Average Cost Fair Value % of Net Assets The accompanying notes are an integral part of these financial statements 9

10 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security Coupon Rate (%) Maturity Date Additional Details Par Value Province of Ontario 190% 2017/09/08 350, Province of Ontario 420% 2018/03/08 50, Province of Ontario 210% 2018/09/08 400, Province of Ontario 175% 2018/10/09 25, Province of Ontario 440% 2019/06/02 400, Province of Ontario 210% 2019/09/08 200, Province of Ontario 420% 2020/06/02 550, Province of Ontario 400% 2021/06/02 425, Province of Ontario 315% 2022/06/02 675, Province of Ontario 285% 2023/06/02 650, Province of Ontario 350% 2024/06/02 775, Province of Ontario 260% 2025/06/02 800, Province of Ontario 240% 2026/06/02 250, Province of Ontario 760% 2027/06/02 Series 'KJ' 230, Province of Ontario 650% 2029/03/08 325, Province of Ontario 620% 2031/06/02 150, Province of Ontario 585% 2033/03/08 250, Province of Ontario 560% 2035/06/02 300, Province of Ontario 470% 2037/06/02 400, Province of Ontario 460% 2039/06/02 250, Province of Ontario 465% 2041/06/02 450, Province of Ontario 350% 2043/06/02 600, Province of Ontario 345% 2045/06/02 550, Province of Ontario 290% 2046/12/02 575, Province of Prince Edward Island 360% 2053/01/17 50, Province of Quebec 450% 2017/12/01 Series 'B088' 100, Province of Quebec 450% 2018/12/01 225, Province of Quebec 450% 2019/12/01 225, Province of Quebec 450% 2020/12/01 300, Province of Quebec 425% 2021/12/01 350, Province of Quebec 350% 2022/12/01 350, Province of Quebec 938% 2023/01/16 100, Province of Quebec 300% 2023/09/01 275, Province of Quebec 375% 2024/09/01 Series 'B113' 525, Province of Quebec 275% 2025/09/01 450, Province of Quebec 850% 2026/04/01 75, Province of Quebec 250% 2026/09/01 200, Province of Quebec 600% 2029/10/01 Series 'OS' 175, Province of Quebec 625% 2032/06/01 175, Province of Quebec 575% 2036/12/01 150, Province of Quebec 500% 2038/12/01 275, Province of Quebec 500% 2041/12/01 350, Province of Quebec 425% 2043/12/01 350, Province of Quebec 350% 2045/12/01 Series 'B112' 475, Province of Quebec 350% 2048/12/01 175, Province of Saskatchewan 320% 2024/06/03 200, Province of Saskatchewan 255% 2026/06/02 25, Province of Saskatchewan 580% 2033/09/05 25, Province of Saskatchewan 475% 2040/06/01 Series 'GC' 50, Province of Saskatchewan 340% 2042/02/03 75, Province of Saskatchewan 390% 2045/06/02 50, Province of Saskatchewan 275% 2046/12/02 75, Scotia Schools Trust 622% 2020/07/13 23, ,555 26, % Municipal Government & Guaranteed Aéroports de Montréal 655% 2033/10/11 Callable 25, Aéroports de Montréal 567% 2037/10/16 Series 'H', Callable 50, City of Montreal 500% 2018/12/01 25, City of Montreal 350% 2023/09/01 150, City of Montreal 350% 2024/09/01 50, City of Montreal 300% 2025/09/01 50, City of Montreal 600% 2043/06/01 25, City of Toronto 505% 2017/07/18 25, City of Toronto 450% 2019/12/02 100, City of Toronto 245% 2025/02/06 50, City of Toronto 520% 2040/06/01 50, Greater Toronto Airports Authority 596% 2019/11/20 Series '2009-1' 75, Greater Toronto Airports Authority 304% 2022/09/21 Callable 50, Greater Toronto Airports Authority 705% 2030/06/12 Callable 30, Greater Toronto Airports Authority 698% 2032/10/15 Series '02-3' 25, Greater Toronto Airports Authority 530% 2041/02/25 Callable 150, Municipal Finance Authority of British Columbia 480% 2017/12/01 100, Municipal Finance Authority of British Columbia 445% 2020/06/01 25, Municipal Finance Authority of British Columbia 415% 2021/06/01 50, Municipal Finance Authority of British Columbia 375% 2023/09/26 150, Municipal Finance Authority of British Columbia 295% 2024/10/14 50, Municipal Finance Authority of British Columbia 250% 2026/04/19 75, Ottawa MacDonald-Cartier International Airport Authority 393% 2045/06/09 Series 'E', Sinkable, Restricted, Callable 50, Regional Municipality of Peel 510% 2040/06/29 Sinkable 25, Regional Municipality of York 405% 2034/05/01 75, Average Cost Fair Value % of Net Assets 10 The accompanying notes are an integral part of these financial statements

11 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security Coupon Rate (%) Maturity Date Additional Details Par Value South Coast British Columbia Transportation Authority 465% 2041/06/20 25, University of Toronto 678% 2031/07/18 Callable 75, Winnipeg Airport Authority Inc 521% 2040/09/28 Sinkable 22, ,805 1,954 09% Mortgage-Backed Securities Genesis Trust II 170% 2020/04/15 Series '15-1' 25, Genesis Trust II 243% 2026/05/15 Class 'A', Series '2014-1' 50, % Corporate 407 International Inc 430% 2021/05/26 Callable 100, International Inc 335% 2024/05/16 Callable 50, International Inc 596% 2035/12/03 25, International Inc 445% 2041/11/15 Callable 150, Alimentation Couche-Tard Inc 332% 2019/11/01 100, Alimentation Couche-Tard Inc 390% 2022/11/01 Series '3' 50, Alimentation Couche-Tard Inc 360% 2025/06/02 Series '5', Restricted, Callable 50, AltaGas Ltd 455% 2019/01/17 Callable 75, AltaGas Ltd 372% 2021/09/28 Callable 25, AltaGas Ltd 357% 2023/06/12 Callable 50, AltaGas Ltd 450% 2044/08/15 Callable 25, AltaLink Investments LP 327% 2020/06/05 Series '13-1', Restricted, Callable 75, AltaLink LP 524% 2018/05/29 Series '2008-1', Callable 25, AltaLink LP 367% 2023/11/06 25, AltaLink LP 405% 2044/11/21 Series '2014-3', Callable 50, AltaLink LP 427% 2064/06/06 Series '2014-2', Callable 50, American Epress Canada Credit Corp 231% 2018/03/29 25, Bank of Montreal 239% 2017/07/12 Callable 50, Bank of Montreal 224% 2017/12/11 Callable 75, Bank of Montreal 602% 2018/05/02 Callable 75, Bank of Montreal 321% 2018/09/13 Callable 125, Bank of Montreal 284% 2020/06/04 Callable 225, Bank of Montreal 210% 2020/10/06 Callable 50, Bank of Montreal 188% 2021/03/31 50, Bank of Montreal 340% 2021/04/23 Callable 125, Bank of Montreal 212% 2022/03/16 Callable 50, Bank of Montreal 617% 2023/03/28 Series 'F', Variable Rate, Callable 50, Bank of Nova Scotia 237% 2018/01/11 25, Bank of Nova Scotia 224% 2018/03/22 50, Bank of Nova Scotia 246% 2019/03/14 50, Bank of Nova Scotia 240% 2019/10/28 25, Bank of Nova Scotia 227% 2020/01/13 25, Bank of Nova Scotia 213% 2020/06/15 50, Bank of Nova Scotia 327% 2021/01/11 250, Bank of Nova Scotia 287% 2021/06/04 Series 'DPNT' 200, Bank of Nova Scotia 290% 2022/08/03 Variable Rate, Callable 175, Bank of Nova Scotia 304% 2024/10/18 Variable Rate, Callable 175, bcimc Realty Corp 279% 2018/08/02 25, bcimc Realty Corp 296% 2019/03/07 Series '8', Callable 25, bcimc Realty Corp 284% 2025/06/03 Callable 100, Bell Canada 488% 2018/04/26 Callable 25, Bell Canada 350% 2018/09/10 Callable 25, Bell Canada 335% 2019/06/18 Series 'M-25', Callable 150, Bell Canada 325% 2020/06/17 Callable 50, Bell Canada 335% 2023/03/22 Series 'M-26', Callable 175, Bell Canada 470% 2023/09/11 Callable 100, Bell Canada 355% 2026/03/02 Callable 25, Bell Canada 888% 2026/04/17 75, Bell Canada 475% 2044/09/29 Callable 25, Bell Canada 435% 2045/12/18 Callable 25, Blackbird Infrastructure 407 General Partnership 171% 2021/10/08 Series 'B', Variable Rate, Callable 25, BMW Canada Inc 233% 2018/05/23 Series 'I', Restricted 25, British Columbia Ferry Services Inc 625% 2034/10/13 50, Brookfield Asset Management Inc 395% 2019/04/09 Callable 25, Brookfield Asset Management Inc 454% 2023/03/31 Callable 125, Brookfield Asset Management Inc 482% 2026/01/28 Callable 25, BRP Finance ULC 514% 2020/10/13 Series '7', Callable 125, Bruce Power LP 284% 2021/06/23 Restricted 25, Caisse centrale Desjardins du Quebec 280% 2018/11/19 100, Calloway REIT 399% 2023/05/30 50, Calloway REIT 356% 2025/02/06 Series 'N' 50, Cameco Corp 567% 2019/09/02 Series 'D', Callable 50, Canadian Credit Card Trust II 183% 2020/03/24 Series 'A' 50, Canadian Imperial Bank of Commerce 235% 2017/10/18 125, Canadian Imperial Bank of Commerce 222% 2018/03/07 170, Canadian Imperial Bank of Commerce 235% 2019/06/24 75, Canadian Imperial Bank of Commerce 185% 2020/07/14 200, Canadian Imperial Bank of Commerce 190% 2021/04/26 25, Canadian National Railway Co 280% 2025/09/22 Callable 25, Canadian Natural Resources Ltd 289% 2020/08/14 Series '2', Callable 125, Canadian Natural Resources Ltd 355% 2024/06/03 Callable 50, Canadian Pacific Railway Co 645% 2039/11/17 Callable 25, Average Cost Fair Value % of Net Assets The accompanying notes are an integral part of these financial statements 11

12 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security Coupon Rate (%) Maturity Date Additional Details Par Value Canadian Tire Corp Ltd 561% 2035/09/04 Callable 50, Canadian Western Bank 253% 2018/03/22 25, Capital Desjardins Inc 519% 2020/05/05 Series 'G', Callable 175, Capital Power Corp 528% 2020/11/16 25, Cards II Trust 216% 2020/10/15 Series 'A' 50, Caterpillar Financial Services Ltd 229% 2018/06/01 25, Choice Properties LP 360% 2020/04/20 Series '8', Restricted 25, Choice Properties LP 360% 2022/09/20 Series '10', Callable 175, Choice Properties REIT 350% 2021/02/08 25, CIBC Capital Trust 998% 2019/06/30 Series 'A', Callable 25, Cogeco Cable Inc 515% 2020/11/16 Callable 50, Cominar REIT 423% 2019/12/04 25, Crosslin Transit Solutions General Partnership 465% 2046/09/30 Sinkable 25, CT REIT 353% 2025/06/09 Series 'B', Callable 50, CT REIT 329% 2026/06/01 Series 'D', Callable 50, CU Inc 615% 2017/11/22 100, CU Inc 381% 2042/09/10 150, CU Inc 472% 2043/09/09 Callable 50, CU Inc 409% 2044/09/02 Callable 100, CU Inc 396% 2045/07/27 Callable 25, Daimler Canada Finance Inc 178% 2019/08/19 100, Dollarama Inc 310% 2018/11/05 50, Dream Office REIT 407% 2020/01/21 Series 'C' 50, Emera Inc 483% 2019/12/02 Series 'G', Callable 25, Enbridge Gas Distribution Inc 404% 2020/11/23 Callable 50, Enbridge Gas Distribution Inc 521% 2036/02/25 Callable 50, Enbridge Inc 477% 2019/09/02 Callable 50, Enbridge Inc 453% 2020/03/09 Callable 100, Enbridge Inc 394% 2023/06/30 Callable 100, Enbridge Inc 424% 2042/08/27 Callable 25, Enbridge Income Fund (The) 410% 2019/02/22 Callable 15, Enbridge Income Fund (The) 395% 2024/11/19 Callable 50, Enbridge Pipelines Inc 662% 2018/11/19 Callable 25, Enbridge Pipelines Inc 449% 2019/11/12 Callable 50, Enbridge Pipelines Inc 345% 2025/09/29 Callable 150, Epcor Utilities Inc 580% 2018/01/31 Callable 25, Epcor Utilities Inc 665% 2038/04/15 Callable 25, Fairfa Financial Holdings Ltd 640% 2021/05/25 Callable 50, Fairfa Financial Holdings Ltd 584% 2022/10/14 Callable 25, Federated Co-Operatives Ltd 392% 2025/06/17 Restricted, Callable 50, Finning International Inc 602% 2018/06/01 Callable 25, First Capital Realty Inc 390% 2023/10/30 Series 'Q', Callable 75, First Capital Realty Inc 432% 2025/07/31 Series 'S', Callable 75, First Capital Realty Inc 360% 2026/05/06 Series 'T', Callable 50, Ford Credit Canada Ltd 294% 2019/02/19 50, Ford Credit Canada Ltd 245% 2020/05/07 Restricted 100, Ford Credit Canada Ltd 292% 2020/09/16 Restricted, Callable 25, Ford Credit Canada Ltd 258% 2021/05/10 50, Ford Credit Canada Ltd 328% 2021/07/02 50, Fortis Inc 651% 2039/07/04 Callable 25, FortisBC Energy Inc 580% 2038/05/13 Callable 150, GE Capital Canada Funding Co 355% 2019/06/11 175, GE Capital Canada Funding Co 460% 2022/01/26 50, General Motors Financial of Canada Ltd 308% 2020/05/22 Restricted, Callable 50, George Weston Ltd 669% 2033/03/01 25, Glacier Credit Card Trust 239% 2017/10/20 50, Glacier Credit Card Trust 257% 2019/09/20 50, Great-West Lifeco Inc 465% 2020/08/13 Callable 125, Great-West Lifeco Inc 667% 2033/03/21 Callable 100, Great-West Lifeco Inc 600% 2039/11/16 25, H&R REIT 334% 2018/06/20 Series 'G', Callable 25, Health Montreal Collective LP 672% 2049/09/30 Sinkable, Callable 25, Home Trust Co (The) 228% 2018/03/06 25, Honda Canada Finance Inc 163% 2019/08/12 125, HSBC Bank Canada 356% 2017/10/04 50, HSBC Bank Canada 249% 2019/05/13 25, HSBC Bank Canada 294% 2020/01/14 175, HSBC Bank Canada 182% 2020/07/07 50, HSBC Bank Canada 245% 2021/01/29 50, HSBC Bank Canada 291% 2021/09/29 25, Husky Energy Inc 500% 2020/03/12 Callable 50, Husky Energy Inc 355% 2025/03/12 Callable 25, Hydro One Inc 518% 2017/10/18 Callable 50, Hydro One Inc 278% 2018/10/09 Callable 75, Hydro One Inc 320% 2022/01/13 Callable 75, Hydro One Inc 693% 2032/06/01 Callable 50, Hydro One Inc 536% 2036/05/20 150, Hydro One Inc 549% 2040/07/16 Callable 50, IGM Financial Inc 735% 2019/04/08 25, IGM Financial Inc 600% 2040/12/10 Callable 25, Intact Financial Corp 470% 2021/08/18 25, Intact Financial Corp 377% 2026/03/02 Callable 25, Intact Financial Corp 640% 2039/11/23 100, Inter Pipeline Ltd 384% 2018/07/30 Callable 50, Inter Pipeline Ltd 317% 2025/03/24 Series '7', Callable 50, Average Cost Fair Value % of Net Assets 12 The accompanying notes are an integral part of these financial statements

13 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security Coupon Rate (%) Maturity Date Additional Details Par Value John Deere Canada Funding Inc 230% 2018/01/17 75, Laurentian Bank of Canada 256% 2018/03/26 25, Laurentian Bank of Canada 250% 2020/01/23 50, Loblaw Cos Ltd 375% 2019/03/12 Callable 75, Loblaw Cos Ltd 486% 2023/09/12 Callable 125, Magna International Inc 310% 2022/12/15 Callable 25, Manitoba Telecom Services Inc 563% 2019/12/16 Series '8', Callable 25, Manufacturers Life Insurance Co (The) 210% 2025/06/01 Variable Rate, Callable 150, Manufacturers Life Insurance Co (The) 239% 2026/01/05 Variable Rate, Callable 50, Manufacturers Life Insurance Co (The) 318% 2027/11/22 Variable Rate, Callable 50, Manulife Financial Capital Trust II 741% 2019/12/31 Series '1', Variable Rate, Callable 50, Manulife Financial Corp 777% 2019/04/08 Callable 26, Master Credit Card Trust II 272% 2018/11/21 75, Metro Inc 597% 2035/10/15 Callable 50, Metro Inc 503% 2044/12/01 Series 'D', Restricted, Callable 25, National Bank of Canada 269% 2017/08/21 25, National Bank of Canada 279% 2018/08/09 50, National Bank of Canada 211% 2022/03/18 200, NAV Canada 530% 2019/04/17 Series '2009-1' 50, NAV Canada 440% 2021/02/18 Callable 50, NBC Asset Trust 724% 2018/06/30 Variable Rate, Perpetual 25, NBC Asset Trust 745% 2020/06/30 Series '2', Variable Rate, Perpetual 50, North West Redwater Partnership / NWR Financing Co Ltd 320% 2024/07/22 Series 'A', Callable 125, North West Redwater Partnership / NWR Financing Co Ltd 320% 2026/04/24 Callable 50, North West Redwater Partnership / NWR Financing Co Ltd 415% 2033/06/01 Series 'H', Restricted, Callable 50, North West Redwater Partnership / NWR Financing Co Ltd 370% 2043/02/23 Series 'D', Restricted, Callable 50, Nova Scotia Power Inc 450% 2043/07/20 Callable 25, OMERS Realty Corp 250% 2018/06/05 Series '1', Restricted 25, OMERS Realty Corp 333% 2024/11/12 Series '6', Restricted 50, Original Wempi Inc 431% 2024/02/13 Series 'B1', Callable 75, Pembina Pipeline Corp 377% 2022/10/24 50, Pembina Pipeline Corp 354% 2025/02/03 Series '5', Callable 50, Pembina Pipeline Corp 475% 2043/04/30 Callable 25, Penske Truck Leasing Canada Inc 365% 2018/02/01 Callable 25, Plenary Health Care Partnerships Humber LP 482% 2044/11/30 Callable 25, Plenary Properties LTAP LP 629% 2044/01/31 Callable 49, RBC Capital Trust 682% 2018/06/30 Series '2018', Variable Rate, Perpetual, Callable 50, Reliance LP 519% 2019/03/15 50, RioCan REIT 362% 2020/06/01 Series 'U' 25, RioCan REIT 372% 2021/12/13 Series 'R' 25, RioCan REIT 329% 2024/02/12 50, Rogers Communications Inc 470% 2020/09/29 Callable 50, Rogers Communications Inc 534% 2021/03/22 Callable 175, Rogers Communications Inc 400% 2022/06/06 Callable 50, Rogers Communications Inc 400% 2024/03/13 Callable 50, Rogers Communications Inc 611% 2040/08/25 50, Royal Bank of Canada 236% 2017/09/21 50, Royal Bank of Canada 226% 2018/03/12 200, Royal Bank of Canada 282% 2018/07/12 25, Royal Bank of Canada 289% 2018/10/11 75, Royal Bank of Canada 277% 2018/12/11 25, Royal Bank of Canada 235% 2019/12/09 Variable Rate 100, Royal Bank of Canada 159% 2020/03/23 100, Royal Bank of Canada 192% 2020/07/17 50, Royal Bank of Canada 286% 2021/03/04 200, Royal Bank of Canada 203% 2021/03/15 50, Royal Bank of Canada 197% 2022/03/02 250, Royal Bank of Canada 299% 2024/12/06 Variable Rate, Callable 225, Scotiabank Tier I Trust 780% 2019/06/30 Variable Rate, Callable 50, Shaw Communications Inc 565% 2019/10/01 Callable 25, Shaw Communications Inc 315% 2021/02/19 50, Shaw Communications Inc 675% 2039/11/09 Callable 125, SNC-Lavalin Group Inc 619% 2019/07/03 Callable 25, SNC-Lavalin Innisfree McGill Finance Inc 663% 2044/06/30 Callable 49, Sobeys Inc 470% 2023/08/08 Callable 125, SSL Finance Inc / SSL Financement Inc 410% 2045/10/31 Sinkable, Restricted, Callable 25, Sun Life Capital Trust 709% 2052/06/30 Series 'B', Callable 50, Sun Life Capital Trust II 586% 2019/12/31 Callable 100, Sun Life Financial Inc 260% 2025/09/25 Variable Rate, Callable 25, Suncor Energy Inc 310% 2021/11/26 Series '5', Callable 75, Suncor Energy Inc 539% 2037/03/26 Callable 50, TD Capital Trust III 724% 2018/12/31 Variable Rate, Perpetual 50, TD Capital Trust IV 663% 2021/06/30 Variable Rate, Callable 50, TD Capital Trust IV 1000% 2039/06/30 Series '2', Variable Rate, Callable 75, TELUS Communications Inc 1065% 2021/06/19 Series '3' 25, TELUS Corp 505% 2019/12/04 Series 'CG', Callable 25, TELUS Corp 505% 2020/07/23 Series 'CH', Callable 75, TELUS Corp 320% 2021/04/05 Series 'CO', Callable 50, TELUS Corp 235% 2022/03/28 Callable 50, TELUS Corp 335% 2023/03/15 Series 'CJ', Callable 75, TELUS Corp 335% 2024/04/01 Callable 50, TELUS Corp 375% 2025/01/17 Callable 100, Average Cost Fair Value % of Net Assets The accompanying notes are an integral part of these financial statements 13

14 CIBC Balanced Inde Fund Schedule of Investment Portfolio (unaudited) As at June 30, 2016 (cont'd) Security Coupon Rate (%) Maturity Date Additional Details Par Value TELUS Corp 375% 2026/03/10 Callable 50, TELUS Corp 475% 2045/01/17 Callable 50, Teranet Holdings LP 481% 2020/12/16 Callable 50, Teranet Holdings LP 575% 2040/12/17 Callable 75, Terasen Gas Inc 600% 2037/10/02 Callable 100, Thomson Reuters Corp 435% 2020/09/30 Callable 50, Thomson Reuters Corp 331% 2021/11/12 Callable 100, Toronto Hydro Corp 449% 2019/11/12 Series '3', Callable 50, Toronto-Dominion Bank (The) 243% 2017/08/15 50, Toronto-Dominion Bank (The) 576% 2017/12/18 Variable Rate, Callable 50, Toronto-Dominion Bank (The) 217% 2018/04/02 125, Toronto-Dominion Bank (The) 245% 2019/04/02 75, Toronto-Dominion Bank (The) 169% 2020/04/02 100, Toronto-Dominion Bank (The) 256% 2020/06/24 150, Toronto-Dominion Bank (The) 205% 2021/03/08 50, Toronto-Dominion Bank (The) 168% 2021/06/08 Series 'CBL14' 50, Toronto-Dominion Bank (The) 262% 2021/12/22 50, Toronto-Dominion Bank (The) 323% 2024/07/24 200, Toyota Credit Canada Inc 275% 2018/07/18 50, Toyota Credit Canada Inc 180% 2020/02/19 Restricted 175, TransCanada PipeLines Ltd 1180% 2020/11/20 Series 'U' 25, TransCanada PipeLines Ltd 365% 2021/11/15 Callable 50, TransCanada PipeLines Ltd 369% 2023/07/19 Callable 75, TransCanada PipeLines Ltd 805% 2039/02/17 Callable 100, TransCanada PipeLines Ltd 455% 2041/11/15 Callable 25, TransCanada PipeLines Ltd 435% 2046/06/06 Callable 50, Union Gas Ltd 535% 2018/04/27 Series '6', Callable 50, Union Gas Ltd 319% 2025/09/17 Callable 25, Union Gas Ltd 281% 2026/06/01 Callable 50, Union Gas Ltd 605% 2038/09/02 Callable 50, Union Gas Ltd 488% 2041/06/21 Callable 25, Ventas Canada Finance Ltd 330% 2022/02/01 Callable 25, VW Credit Canada Inc 245% 2017/11/14 Restricted 25, Wells Fargo Financial Canada Corp 278% 2018/11/15 25, Wells Fargo Financial Canada Corp 294% 2019/07/25 150, Wells Fargo Financial Canada Corp 304% 2021/01/29 100, Westcoast Energy Inc 560% 2019/01/16 50, Westcoast Energy Inc 343% 2024/09/12 Series '15', Callable 50, ,152 19,693 92% TOTAL CANADIAN BONDS 71,878 75, % INTERNATIONAL BONDS United States Great-West Lifeco Finance (Delaware) LP II 713% 2068/06/26 Variable Rate, Callable 25, Manulife Finance Delaware LP 506% 2041/12/15 Variable Rate, Callable 25, % TOTAL INTERNATIONAL BONDS % SUPRANATIONAL BONDS International Bank for Reconstruction and Development (The) 113% 2020/03/11 Series 'GDIF' 50, TOTAL SUPRANATIONAL BONDS % TOTAL BONDS 71,983 75, % TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS 155, , % SHORT-TERM INVESTMENTS (note 11) Banner Trust 092% 2016/09/28 Discount Note 2,700,000 2,693 2,694 Bay Street Funding Trust 105% 2016/11/15 Discount Note 5,500,000 5,472 5,478 Canadian Master Trust 091% 2016/09/07 Series 'A', Discount Note 3,000,000 2,986 2,995 Canadian Master Trust 100% 2016/10/19 Series 'A', Discount Note 4,500,000 4,478 4,487 Fusion Trust 093% 2016/07/28 Series 'A', Discount Note 2,000,000 1,995 1,999 Fusion Trust 091% 2016/09/21 Series 'A', Discount Note 5,000,000 4,988 4,990 King Street Funding Trust 091% 2016/09/07 Discount Note 3,000,000 2,987 2,995 Plaza Trust 095% 2016/07/12 Discount Note 3,800,000 3,782 3,799 Plaza Trust 091% 2016/08/09 Discount Note 2,000,000 1,991 1,998 Prime Trust 097% 2016/10/14 Senior Discount Note 2,000,000 1,990 1,994 Ridge Trust 090% 2016/07/26 Discount Note 6,000,000 5,973 5,996 Ridge Trust 100% 2016/09/20 Discount Note 3,500,000 3,487 3,492 Zeus Receivables Trust 090% 2016/07/13 Senior Discount Note 5,000,000 4,988 4,999 TOTAL SHORT-TERM INVESTMENTS 47,810 47, % Less: Transaction costs included in average cost (35) TOTAL INVESTMENTS 203, , % Margin 3,938 18% Derivative assets % Derivative liabilities (5) 00% Other Assets, less Liabilities 1,335 06% TOTAL NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 216, % Average Cost Fair Value % of Net Assets 14 The accompanying notes are an integral part of these financial statements

15 CIBC Balanced Inde Fund Schedule of Derivative Assets and Liabilities - Futures Contracts (note 11) Contracted Value ($) Name of Future Epiry Date Number of Contracts Currency Contracted Price Fair Value ($) Unrealized Gain (Loss) 3,406,536 S&P/TSX 60 Inde Standard September CAD ,426, ,348,597 United States S&P 500 E-Mini Inde September USD 2, ,676, ,755,133 Derivative Assets and Liabilities - Futures 36,102, As at June 30, 2016, $3,938,198 cash was deposited as margin for the futures contracts Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts (note 10) Counterparty Credit Rating for Counterparty* Settlement Date Currency Buys Par Value Currency Sells Par Value Forward Rate Current Rate Unrealized Gain (Loss) Royal Bank of Canada A /09/13 USD 21,061,341 CAD 26,714, Royal Bank of Canada A /09/13 USD 550,000 CAD 703, State Street Trust Co Canada A /09/13 USD 600,000 CAD 779, (5) Derivative Assets and Liabilities - Forwards 494 * The credit rating of each counterparty (as rated by S&P Global Ratings, a division of S&P Global) of the forward foreign currency contracts held by the Fund meets or eceeds the minimum approved credit rating The accompanying notes are an integral part of these financial statements 15

16 CIBC Balanced Inde Fund Supplemental Schedule to Schedule of Investment Portfolio (unaudited) Offsetting Arrangements (note 2d) (in 000s) The Fund may enter into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of the contracts The following table reconciles the net amount of Over-The-Counter derivatives presented in the Statements of Financial Position, as at June 30, 2016 and December 31, 2015, to: l l The gross amount before offsetting required under IFRS; and The net amount after offsetting under the terms of master netting arrangements or other similar arrangements, but which do not meet the criteria for offsetting under IFRS Financial Assets and Liabilities Amounts Offset Amounts Not Offset Net Gross Assets (Liabilities) Amounts Offset Under IFRS Net Amounts Presented on Statements of Financial Position Master Netting Arrangements Cash Collateral Received As at June 30, 2016 OTC Derivative Assets $ 499 $ $ 499 $ $ $ 499 OTC Derivative Liabilities (5) (5) (5) Total $ 494 $ $ 494 $ $ $ 494 As at December 31, 2015 OTC Derivative Assets $ 515 $ $ 515 $ $ $ 515 OTC Derivative Liabilities Total $ 515 $ $ 515 $ $ $ 515 Interests in Underlying Funds (note 4) As at June 30, 2016 and December 31, 2015, the Fund had no investments in underlying funds where the ownership eceeded 20% of each underlying fund 16 The accompanying notes are an integral part of these financial statements

17 CIBC Balanced Inde Fund Financial Instrument Risks Investment Objective: CIBC Balanced Inde Fund (the Fund) seeks to provide both long-term growth through capital appreciation and income by investing primarily in a combination of debt instruments, equity securities and options, futures, and forward contracts based on Canadian, US, and international stock market indices Investment Strategies: The Fund uses passive management strategies to create a portfolio with characteristics similar to the blended inde described below, allowing the Fund to obtain a return that approimates the performance of that inde: 35% FTSE TMX Canada Universe Bond Inde, 35% S&P/TSX Composite Inde, 15% S&P 500 Total Return Inde, 8% FTSE TMX 91 day TBill Inde, and 7% MSCI EAFE Inde Significant risks that are relevant to the Fund are discussed here General information on risk management and specific discussion on concentration, credit, currency, interest rate, liquidity, and other price/market risk can be found in note 2 of the financial statements In the following risk tables, Net Assets is defined as meaning Net assets attributable to holders of redeemable units" Concentration Risk as at June 30, 2016 and December 31, 2015 The Schedule of Investment Portfolio presents the securities held by the Fund as at June 30, 2016 The following table presents the investment sectors held by the Fund as at December 31, 2015 and groups the securities by asset type, industry sector, geographic region, or currency eposure: As at December 31, 2015 Portfolio Breakdown % of Net Assets Canadian Equities Consumer Discretionary 22 Consumer Staples 14 Energy 60 Financials 128 Health Care 10 Industrials 26 Information Technology 11 Materials 31 Telecommunication Services 17 Utilities 07 International Equities United States 71 Canadian Bonds Government of Canada & Guaranteed 127 Provincial Government & Guaranteed 116 Municipal Government & Guaranteed 07 Mortgage-Backed Securities 01 Corporate 94 Short-Term Investments 247 Margin 06 Derivative Assets (Liabilities) 05 Total 1000 Credit Risk Credit ratings represent a consolidation of the ratings provided by various outside service providers and are subject to change, which could be material See the Schedule of Investment Portfolio for counterparty from over-the-counter derivative contracts, where applicable As at June 30, 2016 and December 31, 2015, the Fund invested in debt securities with the following credit ratings: % of Net Assets Debt Securities by Credit Rating (note 2b) June 30, 2016 December 31, 2015 'AAA' 'AA' 'A' 'BBB' Total Currency Risk The tables that follow indicate the currencies to which the Fund had significant eposure as at June 30, 2016 and December 31, 2015, 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 As at June 30, 2016 Currency (note 2m) Total Currency Eposure* % of Net Assets USD 48, * Amounts reflect the carrying value of monetary and non-monetary items (including the notional amount of forward foreign currency contracts, if any) As at December 31, 2015 Currency (note 2m) Total Currency Eposure* % of Net Assets USD 40, * Amounts reflect the carrying value of monetary and non-monetary items (including the notional amount of forward foreign currency contracts, if any) The table that follows indicates how net assets as at June 30, 2016 and December 31, 2015 would have decreased or increased had the Canadian dollar strengthened or weakened by 1% in relation to all foreign currencies This analysis assumes that all other variables remain unchanged In practice, the actual results may differ from this analysis and the difference could be material June 30, 2016 December 31, 2015 Impact on Net Assets Interest Rate Risk The Fund s short-term assets and liabilities were not subject to significant amounts of risk due to fluctuations in the prevailing level of market interest rates The table that follows indicates the Fund s eposure to fied income securities by remaining term-to-maturity June 30, 2016 December 31, 2015 Remaining Term-to-Maturity 1-3 years 15,549 14, years 16,554 12,175 > 5 years 43,174 38,250 Total 75,277 65,083 The table that follows indicates how net assets as at June 30, 2016 and December 31, 2015 would have increased or decreased had the interest rate decreased or increased by 25 basis points and assuming a parallel shift in the yield curve This change is estimated using the weighted average duration of the fied income portfolio This analysis assumes that all other variables remain unchanged In practice, actual results may differ from this analysis and the difference could be material June 30, 2016 December 31, 2015 Impact on Net Assets 1,485 1,259 Liquidity Risk Liquidity risk is the risk that the Fund will encounter difficulty in meeting obligations associated with financial liabilities The Fund is eposed to daily cash redemptions of redeemable units The Fund maintains sufficient cash on hand to fund anticipated redemptions With the eception of derivative contracts, where applicable, all of the Fund s financial liabilities are short-term liabilities maturing within 90 days after the period end For funds that hold derivative contracts with a term-to-maturity that eceeds 90 days from the period end, further information related to those contracts can be referenced in the derivative schedules following the Schedule of Investment Portfolio The accompanying notes are an integral part of these financial statements 17

18 CIBC Balanced Inde Fund Other Price/Market Risk The table that follows indicates how net assets as at June 30, 2016 and December 31, 2015 would have increased or decreased had the value of the Fund s benchmark(s) increased or decreased by 1% This change is estimated based on the historical correlation between the return of Class A units of the Fund as compared to the return of the Fund s benchmark(s), using 36 monthly data points, as available, based on the monthly net returns of the Fund This analysis assumes that all other variables remain unchanged The historical correlation may not be representative of the future correlation and, accordingly, the impact on net assets could be materially different Reconciliation of financial asset and liability movement Level 3 The Fund did not hold any significant positions of Level 3 investments at the beginning of, during, or at the end of either reporting period Impact on Net Assets Benchmark June 30, 2016 December 31, 2015 S&P/TSX Composite Inde 1, FTSE TMX Canada Universe Bond Inde 1,541 1,255 35% FTSE TMX Canada Universe Bond Inde 1,805 1,568 35% S&P/TSX Composite Inde 15% S&P Total Return 500 Inde 8% FTSE TMX 91 Day T-Bill Inde 7% MSCI EAFE Inde Fair Value Measurement of Financial Instruments The following is a summary of the inputs used as at June 30, 2016 and December 31, 2015 in valuing the Fund s financial assets and financial liabilities, carried at fair value: As at June 30, 2016 Level 1 (i) Level 2 (ii) Level 3 (iii) Total Classification Financial Assets Fied Income Securities 75,277 75,277 Short-Term Investments 47,916 47,916 Equities 87,592 87,592 Derivative assets ,693 29,041 Total Financial Assets 87, , ,826 Financial Liabilities Derivative liabilities (28,199) (28,199) Total Financial Liabilities (28,199) (28,199) Total Financial Assets and Liabilities 87, , ,627 (i) Quoted prices in active markets for identical assets (ii) Significant other observable inputs (iii) Significant unobservable inputs As at December 31, 2015 Level 1 (i) Level 2 (ii) Level 3 (iii) Total Classification Financial Assets Fied Income Securities 65,083 65,083 Short-Term Investments 46,742 46,742 Equities 74,917 74,917 Derivative assets ,270 27,676 Total Financial Assets 75, , ,418 Financial Liabilities Derivative liabilities (26,755) (26,755) Total Financial Liabilities (26,755) (26,755) Total Financial Assets and Liabilities 75, , ,663 (i) Quoted prices in active markets for identical assets (ii) Significant other observable inputs (iii) Significant unobservable inputs Transfer of assets between Level 1 and Level 2 Financial assets and liabilities transferred from Level 1 to Level 2 are the result of securities no longer being traded in an active market For the periods ended June 30, 2016 and December 31, 2015, there were no transfers of financial assets and liabilities from Level 1 to Level 2 Financial assets and liabilities transferred from Level 2 to Level 1 are the result of securities now being traded in an active market For the periods ended June 30, 2016 and December 31, 2015, there were no transfers of financial assets and liabilities from Level 2 to Level 1 18 The accompanying notes are an integral part of these financial statements

19 Notes to Financial Statements (unaudited) As at and for the periods as disclosed in the financial statements (see note 1) 1 Organization of the Funds and Financial Reporting Periods Each 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 of Ontario and governed by a declaration of trust (Declaration of Trust) The address of the Funds registered office is 18 York Street, Suite 1300, Toronto, Ontario CIBC Securities Inc is the principal distributor, Canadian Imperial Bank of Commerce (CIBC) is the manager (the Manager), and CIBC Trust Corporation is the trustee (the Trustee) of the Funds Each Fund is permitted to have an unlimited number of classes of units and may issue an unlimited number of units of each class In the future, the offering of any classes of units of a Fund may be terminated or additional classes of units may be offered The following table indicates the classes of units offered for sale by each of the Funds, as at the date of these financial statements: Funds Class A Class T4 Class T6 Class T8 Premium Class Institutional Class Class O CIBC Canadian T-Bill Fund ü ü CIBC Money Market Fund ü ü ü CIBC US Dollar Money Market Fund ü ü ü CIBC Short-Term Income Fund ü ü ü CIBC Canadian Bond Fund ü ü ü CIBC Monthly Income Fund ü ü CIBC Global Bond Fund ü ü CIBC Global Monthly Income Fund ü ü CIBC Balanced Fund ü CIBC Dividend Income Fund ü ü CIBC Dividend Growth Fund ü ü CIBC Canadian Equity Fund ü ü CIBC Canadian Equity Value Fund ü ü CIBC Canadian Small-Cap Fund ü CIBC US Equity Fund ü ü CIBC US Small Companies Fund ü ü CIBC Global Equity Fund ü CIBC International Equity Fund ü ü CIBC European Equity Fund ü ü CIBC Emerging Markets Fund ü ü CIBC Asia Pacific Fund ü ü CIBC Latin American Fund CIBC International Small Companies Fund CIBC Financial Companies Fund ü ü ü CIBC Canadian Resources Fund ü ü CIBC Energy Fund ü ü CIBC Canadian Real Estate Fund ü ü CIBC Precious Metals Fund ü ü CIBC Global Technology Fund ü CIBC Canadian Short-Term Bond Inde Fund ü ü ü ü CIBC Canadian Bond Inde Fund ü ü ü ü CIBC Global Bond Inde Fund ü ü ü CIBC Balanced Inde Fund ü ü ü CIBC Canadian Inde Fund ü ü ü ü CIBC US Broad Market Inde Fund ü ü ü ü CIBC US Inde Fund ü ü ü ü CIBC International Inde Fund ü ü ü ü CIBC European Inde Fund ü ü ü CIBC Emerging Markets Inde Fund ü ü ü ü CIBC Asia Pacific Inde Fund ü ü ü ü CIBC Nasdaq Inde Fund ü ü ü CIBC Managed Income Portfolio ü ü ü CIBC Managed Income Plus Portfolio ü ü ü CIBC Managed Balanced Portfolio ü ü ü ü CIBC Managed Monthly Income Balanced Portfolio ü ü ü CIBC Managed Balanced Growth Portfolio ü ü ü ü CIBC Managed Growth Portfolio ü ü ü ü CIBC Managed Aggressive Growth Portfolio ü ü ü ü CIBC US Dollar Managed Income Portfolio ü ü ü CIBC US Dollar Managed Balanced Portfolio ü ü ü ü CIBC US Dollar Managed Growth Portfolio ü ü ü ü 19

20 p / 2 Notes to Financial Statements (unaudited) Each class of units may charge a different management fee Operating epenses can be either common or class-specific Class-specific epenses are allocated on a class-by-class basis As a result, a separate net asset value per unit is calculated for each class of units Class A units are available to all investors on a no-load basis with a minimum investment of $500 Investors may have to pay a short-term trading fee if applicable Class T4, T6, and T8 units have the same characteristics as Class A units, ecept that they each intend to pay a fied distribution amount per unit, which also results in a separate net asset value per unit for each class, and may have different minimum investment requirements Premium Class units are available to investors on a no-load basis with a minimum investment of $100,000 for CIBC Canadian T-Bill Fund and CIBC Money Market Fund, US$100,000 for CIBC US Dollar Money Market Fund, $50,000 for CIBC Short-Term Income Fund, CIBC Canadian Bond Fund, CIBC Canadian Short-Term Bond Inde Fund, CIBC Canadian Bond Inde Fund, CIBC Global Bond Inde Fund, CIBC Balanced Inde Fund, CIBC Canadian Inde Fund, CIBC US Broad Market Inde Fund, CIBC US Inde Fund, CIBC International Inde Fund, CIBC European Inde Fund, CIBC Emerging Markets Inde Fund, CIBC Asia Pacific Inde Fund, and CIBC Nasdaq Inde Fund, and US$50,000 for the US dollar purchase option of CIBC US Broad Market Inde Fund and CIBC Nasdaq Inde Fund Management fees charged in respect of Premium Class units are lower than those charged in respect of Class A units Institutional Class units are available to investors with a minimum investment of $50,000 Institutional Class units are available to investors participating in programs that do not require the payment of sales charges by investors and do not require the payment of service or trailing commissions to dealers, and others who pay an annual fee to their dealer For these investors, we unbundle the typical distribution costs and charge a lower management fee Potential investors include institutional clients, clients of fee-for-service investment advisors, dealer sponsored wrap accounts, and others who pay an annual fee to their dealer instead of transactional sales charges and where the dealer does not receive service fees or trailing commissions from the Manager Class O units are only available to certain investors who have been approved by and have entered into a Class O unit account agreement with the Manager or whose dealer or discretionary manager offers separately managed accounts or similar programs and has entered into a Class O unit account agreement with the Manager These investors are typically financial services companies, including the Manager, that use Class O units of a fund to facilitate offering other products to investors No management fees or operating epenses are charged to a fund in respect of Class O units; instead, a negotiated management fee is charged by the Manager directly to, or as directed by, Class O unitholders or dealers and discretionary managers on behalf of unitholders The date upon which each Fund was established by Declaration of Trust (Date Established) and the date upon which each class of units of each Fund was first sold to the public (Inception Date) are reported in footnote Organization of the Fund on the Statements of Financial Position The Schedule of Investment Portfolio of each of the Funds is as at June 30, 2016 The Statements of Financial Position of each of the Funds are as at June 30, 2016 and December 31, 2015 The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units, and the Statements of Cash Flows of each of the Funds are for the si-month periods ended June 30, 2016 and 2015, ecept for Funds or classes established during either period, in which case the information presented is from the Date Established or the Inception Date to June 30, 2016 or 2015 These financial statements were approved for issuance by the Manager on August 18, Summary of Significant Accounting Policies These financial statements have been prepared in accordance with International Accounting Standards Interim Financial Reporting (IAS 34) as published by the International Accounting Standards Board (IASB) The Funds adopted IFRS in 2014 as required by Canadian securities legislation and the Canadian Accounting Standards Board Previously, the Funds prepared their financial statements in accordance with Canadian generally accepted accounting principles (GAAP) as defined in Part V of the CPA Canada Handbook The financial statements have been prepared on a going concern basis using the historical cost convention However, each Fund is an investment entity and primarily all financial assets and financial liabilities are measured at fair value in accordance with IFRS Accordingly, the Funds accounting policies for measuring the fair value of investments and derivatives are consistent with those used in measuring the Net Asset Value for transactions with unitholders In applying IFRS, these financial statements include estimates and assumptions made by management that affect the reported amounts of assets, liabilities, income, and epenses during the reporting periods However, eisting circumstances and assumptions may change due to market changes or circumstances arising beyond the control of the Funds Such changes are reflected in the assumptions when they occur These financial statements have been presented in Canadian dollars, which is the Funds functional currency (unless otherwise noted) a) Financial Instruments Classification and recognition of financial instruments In accordance with IAS 39 Financial Instruments: Recognition and Measurement, financial assets and financial liabilities are classified at initial recognition into the following categories: Financial assets and liabilities at fair value through profit or loss ( FVTPL ) This category is sub-divided into: l l Financial instruments classified as Held For Trading: Financial assets and liabilities are classified as Held For Trading if they are acquired for the purpose of selling and/or repurchasing in the near term, and are acquired principally for the purpose of generating a profit from short-term fluctuations in price Derivatives and securities sold short held by the Funds are classified as Held For Trading and do not meet the definition of effective hedging instruments as defined by IAS 39 Financial instruments designated as FVTPL through inception: All investments held by the Funds, ecluding those classified as Held For Trading (discussed above), are designated as fair value through profit or loss upon initial recognition These financial assets are designated upon initial recognition on the basis that they are part of a group of financial assets that are managed and have their performance evaluated on a fair value basis, in accordance with risk management and investment strategies of the Funds, as set out in the Funds prospectus Loans and receivables The Funds include in this category receivable balances relating to portfolio investments and other short-term receivables such as receivable for units issued Other financial liabilities This category includes all financial liabilities, other than those classified as fair value through profit or loss The Funds include in this category amounts relating to payables for portfolio securities purchased and other accrued liabilities such as payable for units redeemed and distributions payable to holders of redeemable units All Funds have contractual obligations to distribute cash to the unitholders As a result, each Fund's obligation for net assets attributable to holders of redeemable units represents a financial liability and is presented at the redemption amount b) Risk Management The Funds overall risk management approach includes formal guidelines that govern the etent of eposure to various types of risk, including diversification within asset classes and limits on the eposure to individual investments and counterparties In addition, derivative financial instruments may be used to manage certain risk eposures The Manager also has various internal controls to oversee the Funds investment activities, including monitoring compliance with the investment objectives and strategies, internal guidelines, and securities regulations Please refer to each Fund s Supplemental Schedule to Schedule of Investment Portfolio for specific risk disclosures Fair value of financial instruments by using valuation techniques Financial instruments are valued at their fair value which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date Refer to notes 3a to 3f for valuation of each specific type of financial instrument held by the Funds The fair value of financial assets and liabilities traded in active markets are based on quoted market prices at the close of trading on the reporting date The Funds use the last traded market price for both financial assets and financial liabilities where the last traded price falls within that day s bid-ask spread In circumstances where the last traded price is not within the bid-ask spread, the Manager determines the price that is most representative of fair value based on the specific facts and circumstances For financial assets and financial liabilities that are not traded in an active market, fair value is determined using valuation techniques The Funds classify fair value measurement within a hierarchy which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) The three levels of the fair value hierarchy are: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; 20

21 Notes to Financial Statements (unaudited) p / 3 Level 2: Level 3: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Inputs are unobservable for the asset or liability If inputs are used to measure an asset s or liability s fair value, the classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement Each Fund s fair value hierarchy classification of its assets and liabilities is included in the Supplemental Schedule to Schedule of Investment Portfolio The carrying values of all non-investment assets and liabilities approimate their fair values due to their short-term nature Fair values are classified as Level 1 when the related security or derivative is actively traded and a quoted price is available If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1 In such cases, instruments are reclassified into Level 2, unless the measurement of its fair value requires the use of significant unobservable inputs, in which case it is classified as Level 3 The Manager is responsible for performing the fair value measurements included in the financial statements of a Fund, including the Level 3 measurements The Manager obtains pricing from third-party pricing vendors and the pricing is reviewed daily At each financial reporting date, the Manager reviews and approves all Level 3 fair value measurements The Funds also have a Valuation Committee which meets quarterly to perform detailed reviews of the valuations of investments held by the Funds, which includes discussion on Level 3 measurements Credit risk Credit risk is the risk that a counterparty to a financial instrument, such as a fied income security or a derivative contract, will fail to discharge an obligation or commitment that it has entered into with the Funds The value of fied income securities and derivatives as presented on the Schedule of Investment Portfolio includes consideration of the creditworthiness of the issuer and, accordingly, represents the maimum credit risk eposure of the Funds Certain Funds may invest in short-term fied income securities issued or guaranteed primarily by the Government of Canada or, any Canadian provincial or Canadian municipal government, obligations of Canadian chartered banks or trust companies, and commercial paper with approved credit ratings The risk of default on these short-term fied income securities is considered low and these securities primarily have credit ratings of A-1 (Low) or higher (as rated by S&P Global Ratings, a division of S&P Global, or equivalent rating from another rating service) The bond ratings noted in the Funds Financial Instruments Risk under sub-section Credit Risk represent ratings collected and disseminated by recognized third party vendors These ratings utilized by the Manager, while obtained from vendors skilled and recognized for bond rating services, may not be the same as those used directly by the portfolio advisor or portfolio sub-advisors Ratings used by the portfolio advisor or portfolio sub-advisors could be higher or lower than those used for risk disclosure in the financial statements in compliance with their investment policy guidelines The Funds may engage in securities lending transactions The credit risk related to securities lending transactions is limited by the fact that the value of cash or securities held as collateral by the Funds in connection with these transactions is at least 102% of the fair value of the securities loaned The collateral and loaned securities are marked to market on each business day Further information regarding the collateral and securities on loan can be found in the footnotes to the Statements of Financial Position and in note 2j Currency risk Currency risk is the risk that the value of an investment will fluctuate due to changes in foreign echange rates Mutual funds may invest in securities denominated or traded in currencies other than the Funds reporting currency Interest rate risk Prices of fied 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 fied income securities will generally fluctuate more in response to interest rate changes than would shorter-term securities Due to the nature of short-term fied income securities with a remaining term-to-maturity of less than one year, these investments are not generally eposed to a significant risk that their value will fluctuate in response to changes in the prevailing levels of market interest rates Liquidity risk The Funds are eposed to daily cash redemptions of redeemable units Generally, the Funds retain sufficient cash and cash equivalent positions to maintain adequate liquidity However, liquidity risk also involves the ability to sell an asset for cash easily and at a fair price Some securities are illiquid due to legal restrictions on their resale, the nature of the investment, or simply a lack of interested buyers for a particular security or security type Certain securities may become less liquid due to changes in market conditions, such as interest rate changes or market volatility, which could impair the ability of a Fund to sell such securities quickly or at a fair price Difficulty in selling securities could result in a loss or a lower return for a Fund Other price/market risk Other 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 economic developments, changes in interest rates, political changes, and catastrophic events All investments are eposed to other price/market risk c) Investment Transactions, Income Recognition, and Recognition of Realized and Unrealized Gains and Losses i) Interest for distribution purposes shown on the Statements of Comprehensive Income represents the coupon interest received by the Fund accounted for on an accrual basis The Funds do not amortize premiums paid or discounts received on the purchase of fied income securities ecept for zero coupon bonds, which are amortized on a straight-line basis ii) iii) iv) Dividend income is recorded on the e-dividend date Securities that are echange-traded are recorded at fair value established by the last traded market price when that price falls within that day s bid-ask spread Debt securities are recorded at fair value, established by the last traded price on the over-the-counter market (OTC) when that price falls within that day s bid-ask spread In circumstances where the last traded price is not within the bid-ask spread, the Manager determines the price that is most representative of fair value based on the specific facts and circumstances Unlisted securities are recorded at fair value using fair valuation techniques established by the Manager in establishing a fair value Realized gains and losses on investments and unrealized appreciation or depreciation of investments are calculated using the average cost, ecluding transaction costs, of the related investments v) Investment income is the sum of income paid to the fund that is generated from a fund s investment fund holdings vi) d) Offsetting Other income is the sum of income, ecluding transaction costs, other than that which is separately classified on the Statements of Comprehensive Income Financial assets and liabilities are offset and the net amount reported in the Statements of Financial Position, if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously Where applicable, additional information can be found in the table Offsetting Arrangements as part of the Supplemental Schedule to Schedule of Investment Portfolio This supplemental schedule discloses the OTC derivatives which are subject to offsetting e) Portfolio Securities The cost of securities of a 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 total purchased value represents the total cost of the security to the Fund When additional units of the same security are purchased, the cost of those additional units is added to the total security cost When units of the same security are sold, the proportionate cost of the units of the security sold is deducted from the total security cost If there is a return of capital paid by a security, the amount of this return of capital is deducted from the total security cost This method of tracking security cost is known as average cost and the current total for any one security is referred to as the adjusted cost base or ACB of the security Transaction costs incurred in portfolio transactions are ecluded from the average cost of investments and are recognized immediately in Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units and are presented as a separate epense item in the financial statements The difference between the fair value of securities and their average cost, ecluding transaction costs, represents the unrealized appreciation (depreciation) in value of the portfolio investments The applicable period change in unrealized appreciation (depreciation) of investments is included on the Statements of Comprehensive Income Short-term investments on the Schedule of Investment Portfolio are presented at their amortized cost which approimates the fair value Accrued interest for bonds is disclosed separately on the Statements of Financial Position 21

22 p / 4 Notes to Financial Statements (unaudited) f) Foreign Echange The value of investments and other assets and liabilities denominated in foreign currencies is translated into Canadian dollars, which is the Funds functional and presentation currency (ecept for CIBC US Dollar Money Market Fund, CIBC US Dollar Managed Income Portfolio, CIBC US Dollar Managed Balanced Portfolio, and CIBC US Dollar Managed Growth Portfolio, which are valued in US dollars) at the current rates prevailing on each valuation date Purchases and sales of investments, income, and epenses are translated into Canadian dollars, which is the Funds functional and presentation currency (with the eception of the above-mentioned Funds which are valued in US dollars) at the foreign echange rates prevailing on the dates of such transactions Foreign currency translation gains (losses) on investments and income transactions are included in Net realized gain (loss) on foreign currency and in Income, respectively, on the Statements of Comprehensive Income g) Forward Foreign Currency Contracts The Funds 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 by the Canadian securities regulatory authorities Changes in the fair value of forward foreign currency contracts are included in derivative assets or derivative liabilities on the Statements of Financial Position, and are recorded as an Increase (decrease) in unrealized appreciation (depreciation) of investments and derivatives during the applicable period on the Statements of Comprehensive Income The gain or loss arising from the difference between the value of the original forward foreign currency contract and the value of such contract at close or delivery is realized and recorded as Net realized gain (loss) on foreign currency for Funds that use the forward foreign currency contracts for hedging, or as Derivative income (loss) from forward foreign currency contracts for Funds that do not use the forward foreign currency contracts for hedging h) Futures Contracts The margin deposits with brokers relating to futures contracts are included in Margin on the Statements of Financial Position Any change in the margin requirement is settled daily and included in Receivable for portfolio securities sold or Payable for portfolio securities purchased on the Statements of Financial Position Any difference between the settlement value at the close of business on each valuation date and the settlement value at the close of business on the previous valuation date is recorded as Derivative income (loss) from futures contracts on the Statements of Comprehensive Income i) Options Premiums paid for purchased call and put options are included in derivative assets and subsequently measured at fair value on the Statements of Financial Position When a purchased option epires, the Fund will realize a loss in the amount of the cost of the option For a closing transaction, the Fund will realize a gain or loss depending on whether the proceeds are greater or less than the premium paid at the time of purchase When a purchased call option is eercised, the cost of the security purchased is increased by the premium paid at the time of purchase Premiums received from writing options are included in derivative liabilities and subsequently measured at fair value on the Statements of Financial Position as initial reductions in the value of investments Premiums received from writing options that epire uneercised are recorded as realized gains and reported as Net gain (loss) on sale of investments and derivatives on the Statements of Comprehensive Income For a closing transaction, if the cost of closing the transaction eceeds the premium received, the Fund will record a realized loss or, if the premium received at the time the option was written is greater than the amount paid, the Fund will record a realized gain and is reported as Net gain (loss) on sale of investments and derivatives If a written put option is eercised, the cost for the security delivered is reduced by the premiums received at the time the option was written j) Securities Lending A Fund may lend portfolio securities in order to earn additional revenue, which is disclosed on the Statements of Comprehensive Income The loaned assets of any one Fund are not permitted to eceed 50% of the fair value of the assets of that Fund (ecluding collateral debt for the loaned securities) The minimum allowable collateral is 102% of the fair value of the loaned securities as per the requirements of National Instrument Investment Funds Collateral can consist of the following: i) Cash ii) iii) iv) Qualified securities Irrevocable letters of credit issued by a Canadian financial institution that is not the counterparty, or an affiliate counterparty, of the fund in the transaction, if evidences of indebtedness of the Canadian financial institution that are rated as short-term debt by an approved credit rating organization have an approved credit rating Securities that are immediately convertible into securities of the same issuer, class, or type, and the same term, as the securities loaned The fair value of the loaned securities is determined on the close of any valuation date and any additional required collateral is delivered to the Fund on the net business day The securities on loan continue to be included on the Schedule of Investment Portfolio and are included in the total value on the Statements of Financial Position in Investments (non-derivative financial assets) at fair value Where applicable, a Fund s securities lending transactions are reported in footnote Securities Lending on the Statements of Financial Position Changes to National Instrument Investment Fund Continuous Disclosure took effect for Funds with a financial year beginning on or after January 1, 2016 Those changes now require a reconciliation of the gross amount generated from the securities lending transactions of the Funds to the revenue from securities lending disclosed in the Funds Statements of Comprehensive Income The gross amount generated from securities lending includes interest paid on collateral, withholding taes deducted, the fees paid to the Funds lending agent and the securities lending revenue received by the Funds Where applicable, the reconciliation can be found in the footnotes to the Funds Statements of Comprehensive Income k) Multi-Class Structured Funds The realized and unrealized capital gains or losses, income, and common epenses (other than class-specific operating epenses and management fees) of the Fund are allocated on each valuation date to the unitholders in proportion to the respective prior day s net asset value, which includes unitholder trades dated for that day, of each class of units at the date on which the allocation is made All class-specific operating epenses and management fees do not require allocation All class-specific operating epenses are paid by the Manager and are collected from the Funds on a recoverable basis l) Loans and Receivables, Other Assets and Liabilities Loans and Receivables, other assets and liabilities (other than those classified as FVTPL) are recorded at cost, which approimates their fair value, with the eception of net assets attributable to holders of redeemable units which are presented at the redemption value m) Legend of Abbreviations The following is a list of abbreviations (foreign currency translation and others) that may be used on the Schedule of Investment Portfolio: Currency Abbreviations AED United Arab Emirates Dirham KRW South Korean Won ARS Argentine Peso MAD Morocco Dirham AUD Australian Dollar MXN Meican Peso BRL Brazilian Real MYR Malaysian Ringgit CAD Canadian Dollar NOK Norwegian Krone CHF Swiss Franc NZD New Zealand Dollar CLP Chilean Peso PEN Peruvian Nuevo Sol CNY Chinese Renminbi PHP Philippine Peso 22

23 Notes to Financial Statements (unaudited) p / 5 COP Colombian Peso PKR Pakistan Rupee CZK Czech Koruna PLN Polish Zloty DKK Danish Krone QAR Qatari Riyal EGP Egyptian Pound RUB Russian Ruble EUR Euro SEK Swedish Krona GBP British Pound SGD Singapore Dollar HKD Hong Kong Dollar THB Thai Baht HUF Hungarian Forint TRY New Turkish Lira IDR Indonesian Rupiah TWD Taiwan Dollar ILS Israeli Shekel USD United States Dollar INR Indian Rupee VEF Venezuelan Bolivar Fuerte JOD Jordanian Dinars ZAR South African Rand JPY Japanese Yen Other Abbreviations ADR CVO ETF GDR NVDR American Depositary Receipt Contingent Value Obligations Echange-Traded Fund Global Depositary Receipt Securities Non-Voting Depositary Receipt n) Standards issued but not yet effective Standards issued but not yet effective up to the date of issuance of the Funds financial statements are listed below The Funds intend to adopt applicable standards when they become effective IFRS 9, Financial Instruments - Classification and Measurement In July 2014, the IASB issued the final version of IFRS 9, Financial Instruments which reflects all phases of the financial instruments project and replaces IAS 39, Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9 The standard introduces new requirements for classification and measurement, impairment, and hedge accounting IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted The Funds are in the process of assessing the impact of IFRS 9 o) Increase (decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit Increase (decrease) in net assets attributable to holders of redeemable units per unit of each class is calculated by dividing the Increase (decrease) in net assets attributable to holders of redeemable units (ecluding distributions), as reported on the Statements of Comprehensive Income, by the weighted average number of units in issue during the related period 3 Valuation of Investments The valuation date (Valuation Date) for a Fund is any day when the Manager s head office is open for business The Manager 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 interest receivable are valued at fair value or at their recorded cost, plus or minus any foreign echange between recognition of the asset by the Fund and the current Valuation Date, which approimates fair value b) Bonds, Debentures, and Other Debt Obligations Bonds, debentures, and other debt obligations are fair valued using the last traded price provided by a recognized vendor upon the close of trading on a Valuation Date, whereby the last traded price falls within that day s bid-ask spread If the last traded price does not fall within that day s bid-ask spread, the Manager will then determine the price that is most representative of fair value based on the specific facts and circumstances c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities Any security that is listed or traded on a securities echange is fair valued using the last traded price, whereby the last traded price falls within that day s bid-ask spread or, if there is no traded price on that echange or the last traded price does not fall within that day s bid-ask spread and in the case of securities traded on an OTC market, at the fair value as determined by the Manager as an appropriate basis for valuation In such situations, a fair value will be determined by the Manager to establish current value If any securities are inter-listed or traded on more than one echange or market, the Manager will use the principal echange or market for the fair value of such securities Units of each mutual fund in which a Fund invests will be valued at fair value using the most recent net asset value quoted by the Trustee or Manager of the mutual fund on the Valuation Date Unlisted securities are fair valued using the last traded price quoted by a recognized dealer, or the Manager may determine a price that more accurately reflects the fair value of these securities if the Manager feels the last traded price does not reflect fair value Fair value pricing is designed to avoid stale prices and to provide a more accurate fair value, and may assist in the deterrence of harmful short-term or ecessive trading in the Fund When securities listed or traded on markets or echanges that close prior to North or South American markets or echanges are valued by the Manager at their fair market value, instead of using quoted or published prices, the prices of such securities used to calculate the Fund s net assets or 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 fair valued using the last traded price as established on either their principal trading echange or by a recognized dealer in such securities, whereby the last traded price falls within that day s bid-ask spread and the credit rating of each counterparty (as rated by S&P Global Ratings, a division of S&P Global) meets or eceeds the minimum approved credit rating When any option is written by any Fund, the premium received by the Fund will be reflected as a liability that will be valued at an amount equal to the current fair value of the option that would have the effect of closing the position Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment; the liability shall be deducted in arriving at the net assets attributable to holders of redeemable units of the Fund The securities that are the subject of a written option, if any, will be valued in the manner described above for listed securities Futures contracts, forward contracts, or swaps will be valued at fair value of the gain or loss, 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 be reflected as an account receivable and margin consisting of assets other than cash will be noted as held as collateral Other derivatives and margin are fair valued in a manner that the Manager determines to represent their fair value e) Restricted Securities Restricted securities purchased by any Fund will be fair valued in a manner that the Manager determines to represent their fair value 23

24 p / 6 Notes to Financial Statements (unaudited) f) Other Investments All other investments of the Funds will be fair valued 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 fair value of such securities will be determined by the Manager by valuing the securities at their fair value In such situations, fair value will be determined using fair valuation techniques that most accurately reflect their fair value as established by the Manager 4 Interest in Underlying Funds The Funds may invest in other investment funds (Underlying Funds) Each Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for its unitholders Each Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder s option and entitle the unitholder to a proportionate share of the Underlying Fund s net assets The funds interests in Underlying Funds held in the form of redeemable units, are reported in their Schedule of Investments at fair value, which represents the Funds maimum eposure on those investments The Funds' interests in Underlying Funds as at the prior year period ends are presented in the Financial Instruments Risks - Concentration Risk section in the Supplemental Schedule to Schedule of Investment Portfolio Distributions earned from Underlying Funds are included in Investment Income in the Statements of Comprehensive Income The total realized and change in unrealized gains (losses) arising from Underlying Funds are also included in the Statement of Comprehensive Income The Funds do not provide any additional significant financial or other support to Underlying Funds Where applicable, the table Interests in Underlying Funds presented as part of the Supplemental Schedule to Schedule of Investment Portfolio, provides additional information on the Funds investments in Underlying Funds where the ownership interest eceeds 20% of each Underlying Fund 5 Redeemable Units Issued and Outstanding Each Fund is permitted to have an unlimited number of classes of units and may issue an unlimited number of units of each class The outstanding units represent the net assets attributable to holders of redeemable units of a Fund Each unit has no par value and the value of each unit is the net asset value as determined on each valuation date Settlement of the cost for units issued is completed as per security regulations in place at the time of issue Distributions made by a Fund and reinvested by unitholders in additional units also constitute issued redeemable units of a Fund Units are redeemed at the net assets attributable to holders of a redeemable unit per unit of a Fund A right to redeem units of a Fund may be suspended with the approval of the Canadian securities regulatory authorities or when normal trading is suspended on a stock, options, or futures echange within Canada or outside of Canada on which securities or derivatives that make up more than 50% of the value or underlying eposure of the total assets of a Fund, not including any liabilities of a Fund, are traded and when those securities or derivatives are not traded on any other echange that represents a reasonably practical alternative for a Fund The Fund is not subject to any eternally imposed capital requirements The capital received by a Fund is utilized within the respective investment mandate of the Fund This includes the ability to make liquidity available to satisfy unitholder unit redemption requirements upon a unitholder s request Changes in issued and outstanding units for the si-month periods ended June 30, 2016 and 2015 can be found on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 6 Management Fees and Operating Epenses 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 the provision of, management, distribution, and portfolio advisory services The maimum annual management fee epressed as a percentage of the average net asset value for each class of units of the Fund is reported in footnote Maimum Chargeable Annual Management Fee Rates on the Statements of Comprehensive Income For Class O units, management fees are negotiated with and paid by, or as directed by, unitholders, or dealers and discretionary managers on behalf of unitholders In addition to the management fees, the Funds are responsible for all epenses relating to the operation and conduct of the business of the Funds, including interest, operating, and administrative costs (other than advertising and promotional epenses, which are the responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, Independent Review Committee fees, taes, audit and legal fees and epenses, safekeeping and custodial fees, investor servicing costs, and costs of unitholder reports, prospectuses, and other reports All class-specific operating epenses are paid by the Manager and recovered from the Funds The Funds do not pay a fee to the Trustee The Manager may recover from a Fund less than the actual class-specific operating epenses paid by the Manager, resulting in the Manager absorbing class-specific epenses The Manager may also charge to a Fund less than the maimum management fee in footnote Maimum Chargeable Annual Management Fee Rates on the Statements of Comprehensive Income, resulting in the Manager waiving management fees At its sole discretion, the Manager may stop absorbing class-specific operating epenses and/or waiving management fees at any time Class-specific operating epenses absorbed and/or management fees waived by the Manager are disclosed on the Statements of Comprehensive Income In some cases, the Manager may charge management fees to a Fund that are less than the management fees the Manager is entitled to charge in respect of certain investors in a Fund The difference in the amount of the management fees will be paid out by the Fund to the applicable investors as a distribution of additional units of the Fund (Management Fee Distributions) Management Fee Distributions are negotiable between the Manager and the investor and are dependent primarily on the size of the investor s investment in the Fund Management Fee Distributions paid to qualified investors do not adversely impact the Fund or any of the Fund s other investors The Manager may increase or decrease the amount of Management Fee Distributions to certain investors from time to time Where a Fund invests in units of an Underlying fund, the Fund does not pay duplicate management fees on the portion of its assets that it invests in units of the Underlying Fund In addition, the Fund will not pay duplicate sales fees or redemption fees with respect to the purchase or redemption by it of units of the Underlying Fund Some of the Underlying Funds held by the Funds may offer Management Fee Distributions Such Management Fee Distributions of an Underlying Fund will be paid out as required for taable distribution payments by a Fund The manager of an Underlying Fund may, in some cases, waive a portion of an Underlying Fund s management fee and/or absorb a portion of an Underlying Fund s operating epenses 7 Income Taes and Withholding Taes The Funds qualify as mutual fund trusts under the Income Ta Act (Canada) No income ta is payable by the Funds on net income and/or net realized capital gains that are distributed to unitholders In addition, income taes payable on undistributed net realized 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, distributed to the unitholders such that no ta is payable by the Funds and, accordingly, no provision for income taes has been made in the financial statements Occasionally, a Fund may pay distributions in ecess of the net income and net realized capital gains of the Fund This ecess distribution is called a return of capital and is non-taable to the unitholder However, a return of capital reduces the average cost of the unitholder s units for ta purposes, which may result in a capital gain to the unitholder to the etent the average cost becomes less than zero CIBC US Dollar Money Market Fund, CIBC US Dollar Managed Income Portfolio, CIBC US Dollar Managed Balanced Portfolio, and CIBC US Dollar Managed Growth Portfolio may realize net foreign currency gains and losses on the translation of their net realized capital gains to Canadian dollars for ta purposes These gains will be distributed to investors annually unless these Funds elect to retain them, with the result that the ta would be payable by the Funds Non-capital losses that arose in 2006 and thereafter are available to be carried forward for 20 years Capital losses for income ta purposes may be carried forward indefinitely and applied against capital gains realized in future years Where applicable, a Fund s net capital and non-capital losses are reported in footnote Net Capital and Non-Capital Losses on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units The Funds have a taation year-end of December 15 (ecept for CIBC Canadian T-Bill Fund, CIBC Money Market Fund, CIBC US Dollar Money Market Fund which have a taation year-end of December 31) The Funds currently incur withholding taes imposed by certain countries on investment income and capital gains Such income and gains are recorded on a gross basis and the related withholding taes are shown as a separate epense in the Statements of Comprehensive Income 8 Brokerage Commissions and Fees The total commissions paid by the Funds to brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund where applicable In allocating brokerage business, consideration may be given by the portfolio sub-advisors of the Funds to dealers that furnish research, statistical analysis, and other securities to portfolio sub-advisors that process trades through such dealers (referred to in the industry as soft dollar arrangements) These goods and services are paid for with a portion of brokerage commissions and assist the portfolio sub-advisors with their investment decision-making services to the Funds The total soft dollar payments paid by the Funds to brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Fund Any commission recaptured will be paid to the applicable Fund Fied income and certain other securities are transacted in an OTC market, where participants are dealing as principals Such securities are generally traded on a net basis and do not normally involve brokerage commissions, but will typically include a spread (being the difference between the bid and the offer prices on the security of the applicable marketplace) 24

25 Notes to Financial Statements (unaudited) p / 7 Spreads associated with fied income securities trading and certain other securities are not ascertainable and, for that reason, are not included in the dollar amounts In addition, the soft dollar amounts only include the value of research and other services supplied by a third party to CIBC Asset Management Inc (CAMI or the Portfolio Advisor) and any portfolio sub-advisors, as the value of the services supplied to the Portfolio Advisor and any portfolio sub-advisors by the dealer is not ascertainable When these services benefit more than one Fund, the costs are allocated among the Funds based on transaction activity or some other fair basis as determined by the Portfolio Advisor and any portfolio sub-advisors 9 Related Party Transactions CIBC 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 The Funds may hold securities of CIBC CIBC and its affiliates may also be involved in underwriting or lending to issuers of securities that may be held by the Funds, have purchased or sold securities from or to the Funds while acting as principal, have purchased or sold securities from or to the Funds on behalf of another investment fund managed by CIBC or an affiliate, and also may have been involved as a counterparty to derivative transactions Management fees payable and other accrued epenses on the Statements of Financial Position are amounts generally payable to a related party of the Fund Manager, Trustee, Portfolio Advisor, and certain Portfolio Sub-Advisors of the Funds CIBC is the Manager, CIBC Trust Corporation is the Trustee, and CAMI is the Portfolio Advisor of each of the Funds American Century Investment Management, Inc (ACI) is a portfolio sub-advisor to certain Funds Although not an affiliate, CIBC had previously owned a 41% equity interest in ACI On December 21, 2015, CIBC announced that it entered into a definitive agreement to sell its minority position in ACI The sale was completed on May 19, 2016 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 of unitholder reports, prospectuses, and other reports The Manager is the registrar and transfer agent for the Funds and provides, or arranges for the provision of, all other administrative services required by the Funds The dollar amount (including all applicable taes) of all fund administrative epenses (net of absorptions) that the Manager recovers from a Fund is reported in footnote Administrative and Other Fund Operating Epenses on the Statements of Comprehensive Income Brokerage Arrangements and Soft Dollars The Portfolio Advisor generally delegates trading and eecution authority to the portfolio sub-advisors The Portfolio Advisor and portfolio 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, certain derivative products (including futures and forwards), and the eecution of portfolio transactions Brokerage business may be allocated by the Portfolio Advisor or portfolio sub-advisors to CIBC World Markets Inc and CIBC World Markets Corp, each a subsidiary of CIBC The total commissions paid to related brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund CIBC World Markets Inc and CIBC World Markets Corp may also earn spreads on the sale of fied income and other securities, and certain derivative products (including futures and forwards) to the Funds Dealers, including CIBC World Markets Inc and CIBC World Markets Corp, may furnish goods and services, other than order eecution, to the Portfolio Advisor and portfolio sub-advisors that process trades through them (referred to in the industry as soft dollar arrangements) These goods and services are paid for with a portion of brokerage commissions and assist the Portfolio Advisor and portfolio sub-advisors with their investment decision-making services to the Fund or relate directly to eecuting portfolio transactions on behalf of the Fund As per terms of the portfolio sub-advisory agreements, such soft dollar arrangements are in compliance with applicable laws Custodial fees directly related to portfolio transactions incurred by a Fund, otherwise payable by the Fund, shall be paid by CAMI, and/or dealer(s) directed by CAMI, up to the amount of the credits generated under soft dollar arrangements from trading on behalf of the Fund, or a portion of the Fund, during that month The total soft dollar payments paid by the Fund to related brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Funds Any commission recaptured will be paid to the relevant Fund Custodian The custodian holds all cash and securities for the Funds and ensures that those assets are kept separate from any other cash or securities that the custodian might be holding The custodian also provides other services to the Funds including record keeping and processing of foreign echange transactions CIBC Mellon Trust Company is the custodian of the Funds (the Custodian) The Custodian may hire sub-custodians for the Funds The fees and spreads for services of the Custodian directly related to the eecution of portfolio transactions by a Fund, or a portion of a Fund, are paid by CAMI and/or dealer(s) directed by CAMI up to the amount of the credits generated under soft dollar arrangements from trading on behalf of the Funds during that month All other fees for the services of the Custodian are paid by the Manager, and charged to the Funds on a recoverable basis CIBC owns a 50% interest in CIBC Mellon Trust Company Service Provider CIBC Mellon Global Securities Services Company (CIBC GSS) provides certain services to the Funds, including securities lending, fund accounting and reporting, and portfolio valuation Such servicing fees are paid by the Manager and charged to the Funds on a recoverable basis CIBC indirectly owns a 50% interest in CIBC GSS The dollar amount paid by the Funds (including all applicable taes) to CIBC Mellon Trust Company for custodial fees (net of absorptions) and to CIBC GSS for securities lending, fund accounting and reporting, and portfolio valuation (net of absorptions) for the si-month periods ended June 30, 2016 and 2015 is reported in footnote Service Provider on the Statements of Comprehensive Income 10 Hedging Certain foreign currency denominated positions have been hedged, or partially hedged, by forward foreign currency contracts as part of the investment strategies of certain Funds These hedges are indicated by a hedging reference number on the Schedule of Investment Portfolio and a corresponding hedging reference number on the Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts for those Funds 11 Collateral on Specified Derivatives Short-term investments may be used as collateral for futures contracts outstanding with brokers 25

26 This page is intentionally left blank "S&P ", and "S&P/TSX Composite" are trademarks of "S&P Global Ratings", a division of S&P Global, and have been licensed for use by CIBC "TSX" is a trademark of TSX, Inc and has been licensed for use by S&P Global Ratings The Fund is not sponsored, endorsed, sold, or promoted by S&P Global Ratings or TSX, Inc and neither S&P Global Ratings nor TSX, Inc make any representation regarding the advisability of investing in the Fund

27 CIBC Mutual Funds CIBC Family of Managed Portfolios CIBC 18 York Street, Suite 1300 Toronto, Ontario M5J 2T8 CIBC Securities Inc Website wwwcibccom/mutualfunds CIBC Securities Inc is a wholly-owned subsidiary of CIBC and is the principal distributor of the CIBC Mutual Funds and the CIBC Family of Managed Portfolios CIBC Family of Managed Portfolios are mutual funds that primarily invest in other CIBC Mutual Funds To obtain a copy of the simplified prospectus, call CIBC Securities Inc at or ask your advisor