CIBC U.S. Dollar Managed Income Portfolio. Interim Financial Statements (unaudited) for the period ended June 30, 2008

CIBC U.S. Dollar Managed Income Portfolio Interim Financial Statements (unaudited) for the period ended June 30, 2008 Statement of Investment Portfolio (in U.S. Dollars) (unaudited) As at June 30, 2008 Number of Units/ Par Value Mutual Funds Hedging Ref. No.* Average Cost (U.S.$) Current Value (U.S.$) 2,820,770 CIBC Canadian Bond Fund, Class A 1,13 31,123,985 34,652,581 3,619,554 CIBC Canadian Short-Term Bond Index Fund 13 30,886,085 34,908,622 170,558 CIBC Dividend Fund 13 4,262,808 5,007,384 568,785 CIBC European Equity Fund 3-6,9,10,13 7,039,433 7,023,058 538,331 CIBC Global Bond Fund 1-3,6-14 4,616,765 4,990,422 499,785 CIBC U.S. Dollar Money Market Fund, Class A 4,997,845 4,997,845 439,099 CIBC U.S. Equity Index Fund 7,939,047 7,981,113 Total of Mutual Funds (100.58%) (note 10) 90,865,968 99,561,025 Total of Investments before Short-Term Investments (100.58%) 90,865,968 99,561,025 Short-Term Investments CIBC Mellon Trust 609,233 Demand Deposit, Variable Rate 609,233 609,826 Total of Short-Term Investments (0.62%) 609,233 609,826 Less: Transaction costs included in average cost Total of Investments (101.20%) 91,475,201 100,170,851 Unrealized Gain (Loss) on Forward Foreign Currency Contracts ( 0.56%) (555,216) Other Assets, less Liabilities ( 0.64%) (624,594) Total Net Assets (100.00%) 98,991,041 *The hedging reference number has a corresponding number on the Forward Foreign Currency Contracts Schedule. Forward Foreign Currency Contracts Schedule (in U.S. Dollars) (note 10) Counterparty Credit Rating for Counterparty* Settlement Date Currency Buys Par Value Currency Sells Par Value Hedging Ref. No.** Forward Rate Current Rate Unrealized Gain (Loss) (U.S.$) State Street Trust Co. Canada A1+ 2008/07/16 AUD 71,084 USD 68,000 1 0.957 0.957 54 State Street Trust Co. Canada A1+ 2008/07/16 AUD 39,309 USD 37,500 1 0.954 0.957 133 State Street Trust Co. Canada A1+ 2008/07/16 USD 552,018 AUD 600,183 1 1.087 1.045 (22,583) State Street Trust Co. Canada A1+ 2008/07/16 BRL 60,079 USD 36,500 2 0.608 0.626 1,113 State Street Trust Co. Canada A1+ 2008/07/16 USD 230,732 BRL 397,898 2 1.725 1.597 (18,378) State Street Trust Co. Canada A1+ 2008/07/16 CHF 28,954 USD 27,800 3 0.960 0.982 632 State Street Trust Co. Canada A1+ 2008/07/16 CHF 22,941 USD 22,000 3 0.959 0.982 527 State Street Trust Co. Canada A1+ 2008/07/16 USD 633,323 CHF 634,241 3 1.001 1.018 10,529 State Street Trust Co. Canada A1+ 2008/07/16 USD 202,200 CHF 213,459 3 1.056 1.018 (7,406) State Street Trust Co. Canada A1+ 2008/07/16 DKK 86,252 USD 18,000 4 0.209 0.211 205 State Street Trust Co. Canada A1+ 2008/07/16 USD 461,898 DKK 2,188,325 4 4.738 4.738 27 State Street Trust Co. Canada A1+ 2008/07/16 USD 21,400 DKK 103,533 4 4.838 4.738 (452) State Street Trust Co. Canada A1+ 2008/07/16 EUR 140,537 USD 218,800 5 1.557 1.574 2,433 State Street Trust Co. Canada A1+ 2008/07/16 EUR 48,626 USD 75,500 5 1.553 1.574 1,046 State Street Trust Co. Canada A1+ 2008/07/16 USD 3,291,614 EUR 2,088,376 5 0.634 0.635 4,092 State Street Trust Co. Canada A1+ 2008/07/16 USD 227,200 EUR 146,030 5 0.643 0.635 (2,680) State Street Trust Co. Canada A1+ 2008/07/16 USD 203,500 EUR 131,860 5 0.648 0.635 (4,075) State Street Trust Co. Canada A1+ 2008/07/16 USD 22,900 EUR 14,807 5 0.647 0.635 (409) State Street Trust Co. Canada A1+ 2008/07/16 USD 1,147,104 GBP 585,945 6 0.511 0.503 (17,495) State Street Trust Co. Canada A1+ 2008/07/16 USD 214,000 GBP 110,047 6 0.514 0.503 (4,724) State Street Trust Co. Canada A1+ 2008/07/16 USD 182,803 MXN 1,945,961 7 10.645 10.330 (5,570) State Street Trust Co. Canada A1+ 2008/07/16 USD 42,700 MXN 443,077 7 10.377 10.330 (191) State Street Trust Co. Canada A1+ 2008/07/16 USD 257,426 MYR 810,376 8 3.148 3.267 9,400 State Street Trust Co. Canada A1+ 2008/07/16 USD 72,200 MYR 235,192 8 3.258 3.267 217 State Street Trust Co. Canada A1+ 2008/07/16 NOK 545,287 USD 105,400 9 0.193 0.196 1,467 State Street Trust Co. Canada A1+ 2008/07/16 NOK 220,898 USD 42,500 9 0.192 0.196 792 State Street Trust Co. Canada A1+ 2008/07/16 USD 214,813 NOK 1,089,680 9 5.073 5.102 1,253 State Street Trust Co. Canada A1+ 2008/07/16 USD 176,186 NZD 224,856 10 1.276 1.318 5,551 State Street Trust Co. Canada A1+ 2008/07/16 USD 17,900 NZD 23,037 10 1.287 1.318 418 State Street Trust Co. Canada A1+ 2008/07/16 SEK 360,611 USD 59,400 11 0.165 0.166 493 State Street Trust Co. Canada A1+ 2008/07/16 SEK 154,600 USD 25,500 11 0.165 0.166 177 State Street Trust Co. Canada A1+ 2008/07/16 USD 450,609 SEK 2,696,811 11 5.985 6.021 2,705 State Street Trust Co. Canada A1+ 2008/07/16 SGD 63,571 USD 46,700 12 0.735 0.737 126 State Street Trust Co. Canada A1+ 2008/07/16 SGD 56,421 USD 41,200 12 0.730 0.737 359 State Street Trust Co. Canada A1+ 2008/07/16 USD 382,908 SGD 517,871 12 1.352 1.358 1,449 State Street Trust Co. Canada A1+ 2008/07/16 USD 66,601,609 CAD 68,090,155 13 1.022 1.015 (496,525) State Street Trust Co. Canada A1+ 2008/07/16 USD 4,247,600 CAD 4,346,187 13 1.023 1.015 (35,266) State Street Trust Co. Canada A1+ 2008/07/16 USD 2,231,900 CAD 2,269,664 13 1.017 1.015 (4,697) State Street Trust Co. Canada A1+ 2008/07/16 USD 1,911,900 CAD 1,901,614 13 0.995 1.015 37,991 State Street Trust Co. Canada A1+ 2008/07/16 USD 1,675,800 CAD 1,700,602 13 1.015 1.015 (25) State Street Trust Co. Canada A1+ 2008/07/16 USD 1,067,700 CAD 1,087,324 13 1.018 1.015 (3,783) The accompanying notes are an integral part of these financial statements.

CIBC U.S. Dollar Managed Income Portfolio Counterparty Credit Rating for Counterparty* Settlement Date Currency Buys Par Value Currency Sells Par Value Hedging Ref. No.** Forward Rate Current Rate Unrealized Gain (Loss) (U.S.$) State Street Trust Co. Canada A1+ 2008/07/16 USD 916,600 CAD 920,981 13 1.005 1.015 9,037 State Street Trust Co. Canada A1+ 2008/07/16 USD 902,300 CAD 904,123 13 1.002 1.015 11,350 State Street Trust Co. Canada A1+ 2008/07/16 USD 852,400 CAD 851,121 13 0.998 1.015 13,679 State Street Trust Co. Canada A1+ 2008/07/16 USD 851,050 CAD 856,029 13 1.006 1.015 7,493 State Street Trust Co. Canada A1+ 2008/07/16 USD 777,100 CAD 788,174 13 1.014 1.015 409 State Street Trust Co. Canada A1+ 2008/07/16 USD 749,600 CAD 750,402 13 1.001 1.015 10,131 State Street Trust Co. Canada A1+ 2008/07/16 USD 738,850 CAD 752,519 13 1.019 1.015 (2,705) State Street Trust Co. Canada A1+ 2008/07/16 USD 534,100 CAD 545,717 13 1.022 1.015 (3,666) State Street Trust Co. Canada A1+ 2008/07/16 USD 517,500 CAD 527,534 13 1.019 1.015 (2,349) State Street Trust Co. Canada A1+ 2008/07/16 USD 427,400 CAD 423,853 13 0.992 1.015 9,723 State Street Trust Co. Canada A1+ 2008/07/16 USD 321,500 CAD 322,690 13 1.004 1.015 3,512 State Street Trust Co. Canada A1+ 2008/07/16 USD 318,900 CAD 323,090 13 1.013 1.015 517 State Street Trust Co. Canada A1+ 2008/07/16 USD 279,000 CAD 284,519 13 1.020 1.015 (1,373) State Street Trust Co. Canada A1+ 2008/07/16 USD 247,700 CAD 249,372 13 1.007 1.015 1,961 State Street Trust Co. Canada A1+ 2008/07/16 USD 195,000 CAD 196,515 13 1.008 1.015 1,348 State Street Trust Co. Canada A1+ 2008/07/16 USD 96,000 CAD 97,063 13 1.011 1.015 351 State Street Trust Co. Canada A1+ 2008/07/16 CAD 3,906,806 USD 3,827,200 13 0.980 0.985 22,687 State Street Trust Co. Canada A1+ 2008/07/16 CAD 1,467,235 USD 1,449,250 13 0.988 0.985 (3,391) State Street Trust Co. Canada A1+ 2008/07/16 CAD 1,225,051 USD 1,230,650 13 1.005 0.985 (23,447) State Street Trust Co. Canada A1+ 2008/07/16 CAD 979,954 USD 974,400 13 0.994 0.985 (8,723) State Street Trust Co. Canada A1+ 2008/07/16 CAD 920,684 USD 901,200 13 0.979 0.985 6,070 State Street Trust Co. Canada A1+ 2008/07/16 CAD 857,613 USD 871,000 13 1.016 0.985 (25,882) State Street Trust Co. Canada A1+ 2008/07/16 CAD 716,623 USD 726,850 13 1.014 0.985 (20,667) State Street Trust Co. Canada A1+ 2008/07/16 CAD 703,646 USD 691,700 13 0.983 0.985 1,694 State Street Trust Co. Canada A1+ 2008/07/16 CAD 518,635 USD 509,400 13 0.982 0.985 1,679 State Street Trust Co. Canada A1+ 2008/07/16 CAD 474,611 USD 463,700 13 0.977 0.985 3,996 State Street Trust Co. Canada A1+ 2008/07/16 CAD 471,324 USD 463,400 13 0.983 0.985 1,057 State Street Trust Co. Canada A1+ 2008/07/16 CAD 427,224 USD 424,900 13 0.995 0.985 (3,900) State Street Trust Co. Canada A1+ 2008/07/16 CAD 336,486 USD 341,250 13 1.014 0.985 (9,666) State Street Trust Co. Canada A1+ 2008/07/16 CAD 313,627 USD 307,200 13 0.980 0.985 1,857 State Street Trust Co. Canada A1+ 2008/07/16 CAD 303,809 USD 304,950 13 1.004 0.985 (5,567) State Street Trust Co. Canada A1+ 2008/07/16 CAD 282,688 USD 280,600 13 0.993 0.985 (2,031) State Street Trust Co. Canada A1+ 2008/07/16 CAD 277,950 USD 273,500 13 0.984 0.985 400 State Street Trust Co. Canada A1+ 2008/07/16 CAD 260,858 USD 264,000 13 1.012 0.985 (6,942) State Street Trust Co. Canada A1+ 2008/07/16 CAD 208,319 USD 204,300 13 0.981 0.985 984 State Street Trust Co. Canada A1+ 2008/07/16 ZAR 444,231 USD 56,600 14 0.127 0.127 (116) State Street Trust Co. Canada A1+ 2008/07/16 USD 214,517 ZAR 1,715,880 14 7.999 7.865 (3,656) (555,216) *The credit rating of each counterparty (as rated by Standard & Poor s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts held by the Portfolio meets or exceeds the minimum approved credit rating. **See corresponding reference number on the Statement of Investment Portfolio. The accompanying notes are an integral part of these financial statements.

CIBC U.S. Dollar Managed Income Portfolio Risk management The investment objective of CIBC U.S. Dollar Managed Income Portfolio (the Portfolio) is to create a diversified portfolio by allocating its investments across a balanced blend of asset classes. Within the asset classes, the Portfolio will invest primarily in CIBC Mutual Funds, including savings, income, and growth funds (the Underlying Funds). The Portfolio will focus primarily on generating a high level of regular income with a secondary focus on modest capital growth. The Portfolio will attempt to reduce its currency exposure to non-u.s. dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Portfolio from non-u.s. dollar currency fluctuations in respect of units it owns in Underlying Funds. The portfolio advisor has established a strategic asset mix weighting among the Underlying Funds of 5% savings, 75% income, and 20% growth funds. As a result, the Portfolio is indirectly exposed to the risks of investments held by the Underlying Funds. While the portfolio advisor will not generally actively manage the asset mix of the Portfolio in response to these indirect risk exposures, they may review and change the strategic asset mix as necessary in order to meet the investment objective. They may also rebalance the mix of Underlying Funds to realign the weightings within the strategic asset mix. The Statement of Investment Portfolio presents the securities held by the Portfolio as at June 30, 2008 and groups the securities by asset type, industry sector, geographic region, or currency exposure. Significant risks that are relevant to the Portfolio are discussed below. General Information on risk management and specific discussion on credit, currency, interest rate, liquidity, and other price/market risk can be found in note 2 of the financial statements. Credit risk As at June 30, 2008, other than short-term investments, the Portfolio had no significant investments in fixed income securities. Currency risk The table below indicates the currencies to which the Portfolio had significant exposure as at June 30, 2008, based on the market value of the Portfolio s financial instruments (including cash and cash equivalents) and the underlying principal amounts of forward foreign currency contracts, as applicable. Holdings Exposed to Currency Risk (including derivatives)* ($) Forward Foreign Exchange Contracts ($) Net Exposure ($) Percentage of Net Assets Canadian Dollar 86,149,490 (72,231,466) 13,918,024 14.15 Norwegian Krone (63,400) (63,400) (0.06) South African Rand (161,690) (161,690) (0.16) New Zealand Dollar (188,117) (188,117) (0.19) Brazilian Real (211,497) (211,497) (0.21) Mexican Peso (231,264) (231,264) (0.24) Singapore Dollar (293,073) (293,073) (0.30) Malaysian Ringgit (320,008) (320,008) (0.33) Swedish Krona (362,334) (362,334) (0.37) Danish Krone (465,519) (465,519) (0.47) Australian Dollar (468,914) (468,914) (0.48) Swiss Franc (781,440) (781,440) (0.79) British Pound 2 (1,383,323) (1,383,321) (1.41) Euro Currency Unit 2 (3,450,507) (3,450,505) (3.51) *Amounts include monetary and non-monetary items. As at June 30, 2008, if the U.S. dollar had strengthened or weakened by 1% in relation to all currencies, net assets would have increased or decreased, respectively, by approximately $55,369. This analysis assumes that all other variables remained unchanged. In practice, the actual results may differ from this analysis and the difference could be material. Interest rate risk The majority of the Portfolio s financial assets and liabilities are non-interest bearing or short-term in nature; accordingly, the Portfolio is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Liquidity risk The Portfolio is exposed to daily cash redemptions of redeemable units. The Portfolio retains sufficient cash and cash equivalent positions to maintain adequate liquidity. Other price/market risk The table below indicates the change in net assets had the value of the Portfolio s benchmark(s) increased or decreased by 1%, as at June 30, 2008. This change is estimated based on the historical correlation between the return of the Portfolio as compared to the return of the Portfolio s benchmark(s), using 36 monthly data points, as available, based on the monthly net returns of the Portfolio. Impact on Benchmark Net Assets ($) DEX Universe Bond Index 359,436 40% DEX Short Term Bond Index, 40% DEX Universe Bond Index, 5% S&P/TSX Composite Index, and 15% MSCI World Index 838,949 This analysis assumes that all other variables remained unchanged. The historical correlation may not be representative of the future correlation and, accordingly, the impact on net assets could be materially different. The accompanying notes are an integral part of these financial statements.

CIBC U.S. Dollar Managed Income Portfolio Statements of Net Assets (unaudited) (in 000s, except per unit amounts) (in U.S. Dollars) As at June 30, 2008 and December 31, 2007 (note 1) Assets Investments at current value (notes 2 and 3) $ 100,171 $ 85,906 Accrued interest and dividends receivable 14 Receivable for portfolio securities sold 233 Receivable for units issued 297 136 Unrealized gain on forward foreign currency contracts 666 Total Assets 100,701 86,722 Liabilities Bank overdraft 511 16 Payable for portfolio securities purchased 234 Payable for units redeemed 372 222 Management fees payable 29 27 Other accrued expenses 9 8 Unrealized loss on forward foreign currency contracts 555 Total Liabilities 1,710 273 Total Net Assets $ 98,991 $ 86,449 Net Assets per Unit (notes 4 and 12) $ 11.26 $ 11.54 Statements of Changes in Net Assets (unaudited) (in 000s) (in U.S. Dollars) For the periods ended June 30, 2008 and 2007 (note 1) Increase (Decrease) in Net Assets from Operations $ (1,129) $ 1,654 Distributions Paid or Payable to Unitholders From net investment income (1,267) (1,217) (1,267) (1,217) Changes Due to Unitholder Transactions Amount received from the issuance of units 23,554 10,881 Amount received from reinvestment of distributions 1,219 1,160 Amount paid on redemptions of units (9,835) (15,055) 14,938 (3,014) Increase (Decrease) in Net Assets for the Period 12,542 (2,577) Net Assets at Beginning of Period 86,449 91,677 Adjustment to beginning net assets on adoption of new accounting policy Net Assets at End of Period $ 98,991 $ 89,100 Statements of Operations (unaudited) (in 000s, except per unit amounts) (in U.S. Dollars) For the periods ended June 30, 2008 and 2007 (note 1) Income Interest revenue $ 6 $ 10 Investment income 1,368 1,313 1,374 1,323 Expenses (notes 5 and 8) Management fees 250 262 Audit fees 5 7 Custodial fees 22 27 Legal fees 2 2 Regulatory fees 7 7 Unitholder reporting costs 21 23 Other expenses 1 1 308 329 Expenses waived/absorbed by the Manager (173) (203) 135 126 Net Investment Income (Loss) 1,239 1,197 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1 1,291 1,973 Net realized gain (loss) on foreign currency (notes 2e and f) 2,328 (3,830) Transaction costs Increase (decrease) in unrealized appreciation (depreciation) of investments (5,987) 2,314 Net Gain (Loss) on Investments (2,368) 457 Increase (Decrease) in Net Assets from Operations $ (1,129) $ 1,654 Increase (Decrease) in Net Assets from Operations per Unit $ (0.15) $ 0.20 1 Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) (in U.S. Dollars) Cost of Investments Held at Beginning of Period $ 72,296 $ 83,927 Purchases 27,858 10,856 100,154 94,783 Cost of Investments Held at End of Period 90,866 77,516 Cost of Investments Sold or Matured 9,288 17,267 Proceeds from sales or maturities 10,579 19,240 Net Realized Gain (Loss) on Sale of Investments $ 1,291 $ 1,973 The accompanying notes are an integral part of these financial statements.

June 30, 2008 and 2007, and December 31, 2007 (unaudited) 1. CIBC Mutual Funds and CIBC Family of Managed Portfolios Organization of the Funds and Financial Reporting 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 ). CIBC Securities Inc. is the Principal Distributor of the Funds, Canadian Imperial Bank of Commerce ( CIBC ) is the manager (the Manager ) of the Funds, and CIBC Trust Corporation is the trustee (the Trustee ) of the Funds. Each Fund may issue an unlimited number of classes of units and an unlimited number of units of each class. Each class may charge a different management fee. Operating expenses can be either common or class specific. Class specific expenses are allocated on a class-by-class basis. As a result, a separate net asset value per unit is calculated for each class. CIBC Money Market Fund, CIBC U.S. Dollar Money Market Fund, and CIBC Canadian Bond Fund offer both Class A units (previously having no designation) and Premium Class units. The Premium Class units are available to investors with a minimum investment of $100,000 for CIBC Money Market Fund and CIBC U.S. Dollar Money Market Fund, and $50,000 for CIBC Canadian Bond Fund on a no-load basis, and offer a lower management fee. The Statements of Investment Portfolio of each Fund are as at June 30, 2008. The Statements of Net Assets are as at June 30, 2008 and December 31, 2007, and the Statements of Operations and Changes in Net Assets are for the six-month periods ended June 30, 2008 and 2007, except 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, 2008 or 2007, respectively. Date Established is the date on which a Fund was established by the Declaration of Trust. Inception Date is the date upon which units of a class of a Fund were first sold to the public under prospectus. Name Date Established Inception Date CIBC Canadian T-Bill Fund September 28, 1990 September 28, 1990 CIBC Premium Canadian T-Bill Fund December 3, 1990 January 2, 1991 CIBC Money Market Fund Class A November 30, 1988 November 30, 1988 CIBC Money Market Fund Premium Class October 3, 2006 CIBC U.S. Dollar Money Market Fund Class A * March 6, 1991 May 6, 1991 CIBC U.S. Dollar Money Market Fund Premium Class * October 15, 2007 CIBC High Yield Cash Fund August 9, 2000 September 26, 2000 CIBC Mortgage and Short-Term Income Fund December 6, 1974 December 6, 1974 CIBC Canadian Bond Fund Class A December 31,1987 December 31,1987 CIBC Canadian Bond Fund Premium Class October 15, 2007 CIBC Monthly Income Fund August 12, 1998 September 22, 1998 CIBC Global Bond Fund August 31, 1994 September 26, 1994 CIBC Global Monthly Income Fund August 29, 2006 December 8, 2006 CIBC Balanced Fund December 31, 1987 December 31, 1987 CIBC Diversified Income Fund May 9, 2005 June 20, 2005 CIBC Dividend Fund August 7, 1991 August 7, 1991 CIBC Canadian Equity Fund November 30, 1988 November 30, 1988 CIBC Canadian Equity Value Fund August 7, 1997 August 7, 1997 CIBC Capital Appreciation Fund August 7, 1991 August 7, 1991 CIBC Canadian Small Companies Fund August 7, 1997 August 7, 1997 CIBC Canadian Emerging Companies Fund August 7, 1997 August 7, 1997 CIBC Disciplined U.S. Equity Fund August 29, 2006 September 29, 2006 CIBC U.S. Small Companies Fund November 1, 1995 December 11, 1995 CIBC Global Equity Fund January 1, 1988 January 1, 1988 CIBC Disciplined International Equity Fund August 29, 2006 September 29, 2006 CIBC European Equity Fund November 1, 1995 December 11, 1995 CIBC Japanese Equity Fund July 7, 1995 August 21, 1995 CIBC Emerging Economies Fund November 1, 1995 December 11, 1995 CIBC Far East Prosperity Fund August 25, 1993 September 28, 1993 CIBC Latin American Fund August 9, 1996 September 18, 1996 CIBC International Small Companies Fund August 8, 1997 September 22, 1997 CIBC Financial Companies Fund August 8, 1997 September 22, 1997 CIBC Canadian Resources Fund July 7, 1995 August 21, 1995 CIBC Energy Fund July 8, 1996 July 25, 1996 CIBC Canadian Real Estate Fund August 8, 1997 September 22, 1997 CIBC Precious Metals Fund July 8, 1996 July 25, 1996 CIBC North American Demographics Fund August 9, 1996 September 18, 1996 CIBC Global Technology Fund November 1, 1995 December 11, 1995 CIBC Canadian Short-Term Bond Index Fund August 25, 1993 September 28, 1993 CIBC Canadian Bond Index Fund August 8, 1997 September 22, 1997 CIBC Global Bond Index Fund January 16, 1998 February 3, 1998 CIBC Balanced Index Fund November 20, 1998 December 4, 1998 CIBC Canadian Index Fund July 8, 1996 July 25, 1996 CIBC U.S. Equity Index Fund March 6, 1991 May 6, 1991 CIBC U.S. Index RRSP Fund July 8, 1996 July 25, 1996 CIBC International Index Fund January 16, 1998 February 3, 1998 CIBC International Index RRSP Fund August 9, 1996 September 18, 1996 CIBC European Index Fund August 12, 1998 September 22, 1998 CIBC European Index RRSP Fund August 18, 1999 September 16, 1999 CIBC Japanese Index RRSP Fund August 18, 1999 September 16, 1999 CIBC Emerging Markets Index Fund August 9, 2000 September 26, 2000 CIBC Asia Pacific Index Fund August 9, 2000 September 26, 2000 CIBC Nasdaq Index Fund August 9, 2000 September 26, 2000 CIBC Nasdaq Index RRSP Fund August 18, 1999 September 16, 1999 Name Date Established Inception Date CIBC Managed Income Portfolio January 15, 2002 February 1, 2002 CIBC Managed Income Plus Portfolio January 15, 2002 February 1, 2002 CIBC Managed Balanced Portfolio January 15, 2002 February 1, 2002 CIBC Managed Monthly Income Balanced Portfolio August 29, 2006 October 3, 2006 CIBC Managed Balanced Growth Portfolio 1 January 15, 2002 February 1, 2002 CIBC Managed Growth Portfolio 2 January 15, 2002 February 1, 2002 CIBC Managed Aggressive Growth Portfolio 3 January 15, 2002 February 1, 2002 CIBC U.S. Dollar Managed Income Portfolio * October 2, 2002 October 28, 2002 CIBC U.S. Dollar Managed Balanced Portfolio * October 2, 2002 October 28, 2002 CIBC U.S. Dollar Managed Growth Portfolio * October 2, 2002 October 28, 2002 1 Formerly CIBC Managed Balance Growth RRSP Portfolio 2 Formerly CIBC Managed Growth RRSP Portfolio 3 Formerly CIBC Managed Aggressive Growth RRSP Portfolio *The financial information for these Funds is in U.S. dollars unless otherwise noted. 2. Summary of Significant Accounting Policies These financial statements, prepared in accordance with Canadian generally accepted accounting principles ( GAAP ), include estimates and assumptions by management that affect the reported amounts of assets, liabilities, income, and expenses during the reporting periods. Actual results may differ from such estimates. Adoption of New Accounting Standards CICA Handbook Section 3862 and 3863, Financial Instruments Disclosures The Canadian Institute of Chartered Accountants ( CICA ) issued CICA Handbook Section 3862, Financial Instruments Disclosures, and Section 3863, Financial Instruments Presentation, effective for interim and annual financial statements relating to fiscal years beginning on or after October 1, 2007. These standards provide comprehensive disclosure and presentation requirements for financial instruments. Section 3862 replaces the disclosure portion of Section 3861, Financial Instruments Disclosure and Presentation, and introduces new requirements for specific qualitative and quantitative disclosure about risks. This includes the requirements to quantify exposures for certain risks and provide sensitivity analysis for some risks. The main objective of this new standard is to enable investors to evaluate the significance of financial instruments, the nature and extent of risks involved, and how these risks are managed. Section 3863 carries forward the presentation requirements from Section 3861, unchanged. On January 1, 2008, the Funds adopted these standards retroactively without restatement of prior period financial statements in accordance with the transitional provisions. The adoption of these standards did not have an impact to net assets, increase (decrease) in net assets from operations, or increase (decrease) in net assets from operations per unit of the Funds. Please refer to each Fund s Statement of Investment Portfolio for specific risk disclosure. a) Risk Management The Funds overall risk management approach includes formal guidelines that govern the extent of exposure to various types of risk, including diversification within asset classes and limits on the exposure to individual investments and counterparties. In addition, derivative financial instruments may be used to manage certain risk exposures. The Manager also has various internal controls to oversee the Funds investment activities, including monitoring compliance with the investment objective and strategies, internal guidelines, and securities regulations. Please refer to each Fund s Statement of Investment Portfolio for specific risk disclosures. Credit Risk Credit risk is the risk that a counterparty to a financial instrument, such as a fixed 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 fixed income securities and derivatives as presented on the Statement of Investment Portfolio includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Funds. Certain Funds may invest in short-term fixed income securities issued or guaranteed primarily by Government of Canada or any Canadian provincial government, obligations of chartered Canadian banks, trust companies and commercial paper with approved credit ratings. The risk of default on these short-term fixed income securities is considered low and these securities primarily have credit ratings of A-1 (Low) (as rated by Standard & Poor s, a division of The McGraw-Hill Companies, Inc., or equivalent rating from another rating service) or higher. Currency Risk Currency risk is the risk that the value of an investment will fluctuate due to changes in foreign exchange rates. This is because mutual funds may invest in securities denominated or traded in currencies other than the Funds reporting currency. Interest Rate Risk Prices of fixed income securities generally increase when interest rates decline, and decrease when interest rates rise. This risk is known as interest rate risk. Prices of longer-term fixed income securities will generally fluctuate more in response to interest rate changes than would shorter-term securities. Due to the nature of short-term fixed income securities with a remaining term-to-maturity of less than one year, these investments are not generally exposed 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 exposed to daily cash redemptions of redeemable units. The Funds retain sufficient cash and cash equivalent positions to maintain adequate liquidity. In accordance with

securities regulations, Funds are restricted from purchasing additional illiquid assets if, immediately after the purchase, more than 10% of their assets based on market value at time of purchase would consist of illiquid assets. 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 exposed to other price/market risk. b) Investment Transactions, Income Recognition, and Recognition of Realized and Unrealized Gains and Losses i) Each transaction of purchase or sale of a portfolio asset by a Fund is reflected in the net assets no later than the first computation of net assets made after the date on which the transaction becomes binding upon the Fund. ii) Interest income is recorded on the accrual basis. iii) Dividend income is recorded on the ex-dividend date. iv) Securities that are exchange traded are recorded at current value established by the closing bid price. For those debt securities listed on the over-the-counter ( OTC ) market, the current value is based upon the closing bid price. Unlisted securities are recorded at current value using fair valuation techniques established by the Manager in establishing a current value. v) Realized gains and losses on investments and unrealized appreciation or depreciation of investments are calculated using the average cost, excluding transaction costs, of the related investments. vi) Other income is the sum of income other than that which is separately classified on the Statements of Operations. c) Portfolio Securities The cost of securities of the Fund is determined in the following manner. Securities are purchased and sold at a market-traded price to arrive at a value for the position traded. The 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. The difference between the current value of securities and their average cost 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 Operations. Short-term investments on the Statement of Investment Portfolio are presented at their current value. Accrued interest for bonds is disclosed separately on the Statements of Net Assets. d) Mortgages CIBC Mortgages Inc. ( CIBC Mortgages ) is the counterparty when CIBC Mortgage and Short-Term Income Fund (the Mortgage Fund ) purchases and sells mortgages. Mortgage purchases are priced using the Modified Lender s Rate method, which is the principal amount that will produce a yield to the Mortgage Fund of not more than a quarter of one percent (25 basis points) less than the interest rate at which CIBC Mortgages is making commitments at the time of purchase, to loan on the security of comparable mortgages, provided that CIBC Mortgages has entered into an agreement to repurchase the mortgages from the Mortgage Fund in circumstances benefiting the Mortgage Fund and that such an agreement is considered by the Trustee to justify the difference in yield to the Mortgage Fund. The 25 basis points yield difference represents the payment of a fee (the guarantee fee ) to CIBC Mortgages for its agreement to repurchase the mortgages from the Mortgage Fund in circumstances benefiting the Mortgage Fund. This guarantee fee was $724 for the six-month period ended June 30, 2008 and $55,732 for the six-month period ended June 30, 2007. This guarantee fee is amortized on a straight-line basis over the term of the related mortgages, and the unamortized balance is included in other receivables on the Statements of Net Assets. Discounts and premiums on the purchase of mortgages are also amortized on a straight-line basis over the term of the related mortgages. The Mortgage Fund sells mortgages at market value, except when the Mortgage Fund requires liquidity and the Mortgage Fund exercises the right to require CIBC Mortgages to buy back mortgages. In such circumstances, if to meet redemption requests, the price shall be that at which CIBC Mortgages is making mortgage commitments for comparable mortgages less one quarter of one percent, or the price will be an amount agreed to at the time, which amount shall not be less than 95% of the current value of such mortgages (calculated in accordance with the Declaration of Trust). The difference between the current value of mortgages and their amortized cost is included in Increase (decrease) in unrealized appreciation (depreciation) of investments on the Statements of Operations. e) Foreign Exchange The value of investments and other assets and liabilities denominated in foreign currencies is translated into Canadian dollars (except for CIBC U.S. Dollar Money Market Fund, CIBC U.S. Dollar Managed Income Portfolio, CIBC U.S. Dollar Managed Balanced Portfolio, and CIBC U.S. Dollar Managed Growth Portfolio, which are valued in U.S. dollars) at the current rates prevailing on each valuation date. Purchases and sales of investments, income, and expenses are translated into Canadian dollars at the foreign exchange 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 Operations. f) Forward Foreign Currency Contracts 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 current value of forward foreign currency contracts are recorded as Unrealized gain (loss) on forward foreign currency contracts on the Statements of Net Assets, and are recorded as an Increase (decrease) in unrealized appreciation (depreciation) of investments during the applicable period on the Statements of Operations. The gain or loss arising from the difference between the value of the original forward foreign currency contract and the 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 Income (loss) from forward foreign currency contracts for Funds that do not use the forward foreign currency contracts for hedging. g) Futures Contracts The margin deposits with brokers relating to futures contracts are included in Margin on the Statements of Net Assets. Any change in the margin requirement is settled daily, and is included in Receivable for portfolio securities sold or Payable for portfolio securities purchased on the Statements of Net Assets. 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 Income (loss) from futures contracts on the Statements of Operations. h) Options Premiums paid for purchased call and put options are included in Investments at current value on the Statements of Net Assets. When a purchased option expires, the Fund will 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 exercised, 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 Investments at current value on the Statements of Net Assets as initial reductions in the value of investments. Premiums received from writing options that expire unexercised are recorded as Income on the Statements of Operations. For a closing transaction, if the cost of closing the transaction exceeds the premium received, the Funds will record a realized loss, or if the premium received at the time the option was written is greater than the amount paid, the Funds will record a realized gain. If a written put option is exercised, the cost for the security delivered is reduced by the premiums received at the time the option was written. i) Securities Lending The Funds may lend portfolio securities in order to earn additional revenue, which is disclosed on the Statements of Operations. The loaned assets of any one Fund are not permitted to exceed 50% of the current value of the assets of that Fund (excluding collateral debt for the loaned securities). The minimum allowable collateral is 102% of the current value of the loaned securities as per the requirements of National Instrument 81-102. Collateral can consist of the following ( Permitted Collateral ): i) Cash. ii) iii) iv) An evidence of indebtedness that is issued or fully and unconditionally guaranteed as to the principal and interest by: a) the government of Canada, or a province or territory of Canada; b) the government of the United States of America or the government of one of the states of the United States of America; c) the government of another sovereign state, or a permitted supranational agency, if, in each case, the evidence of indebtedness has an approved credit rating; or d) a Canadian financial institution or a financial institution that is not incorporated or organized under the laws of Canada or of a province or territory of Canada, if, in either case, evidences of indebtedness of that issuer or guarantor that are rated as short-term debt by an approved credit rating organization have an approved credit rating. Irrevocable Letters of Credit issued by a Canadian financial institution, 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. v) Commercial Paper with a term to maturity of 365 days or less with an approved credit rating and that was issued by a company other than a government or permitted supranational agency. The market value of the loaned securities is determined on the close of any valuation date, and any additional required collateral is delivered to the Funds on the next business day. The securities on loan continue to be included on the Statements of Investment Portfolio, and are included in the total value on the Statements of Net Assets in Investments at current value. j) Multi-Class Structured Funds Each Fund may issue an unlimited number of classes of units. The realized and unrealized capital gains or losses, income, and common expenses (other than operating expenses 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 at the date of which the allocation is made. All class-specific operating expenses and management fees do not require allocation. All class-specific operating expenses are paid by the Manager and are collected from the Funds on a recoverable basis. k) Other Assets and Liabilities Other assets and liabilities are recorded at cost, which approximates their current value. l) International Financial Reporting Standards The Canadian Accounting Standards Board ( AcSB ) has confirmed its plan to adopt all International Financial Reporting Standards ( IFRS ) as published by the International Accounting Standards Board on or by January 1, 2011. The Funds will adopt all of the IFRS in accordance with AcSB s plan. The presentation of the financial statements is currently under review.

l) Legend for Abbreviations The following is a list of abbreviations (foreign currency translation and others) that may be used in the Statements of Investment Portfolio: Currency Abbreviations AUD Australian Dollar ITL Italian Lira BEF Belgian Franc JPY Japanese Yen BRL Brazilian Real KRW South Korean Won CAD Canadian Dollar LBP Lebanese Pound CHF Swiss Franc MYR Malaysian Ringgit CNY Chinese Renminbi MXN Mexican Peso CLP Chilean Peso NLG Netherlands Guilder CZK Czech Koruna NOK Norwegian Krone DEM Deutsche Mark NZD New Zealand Dollar DKK Danish Krone PHP Philippine Peso ESP Spanish Peseta PLN Polish Zloty EUR Euro RUB Russian Rubles FRF French Franc SEK Swedish Krona GBP British Pound SGD Singapore Dollar GRD Greek Drachma THB Thai Baht HKD Hong Kong Dollar TRY Turkish New Lira HUF Hungarian Forint TWD Taiwan Dollar IDR Indonesian Rupiah USD United States Dollar INR Indian Rupee ZAR South African Rand Other Abbreviations ADR American Depository Receipt IPN International Participation Note ADC Austrian Depository Certificates LEPOs Low Exercise Price Options CVO Contingent Value Obligations MSCI Morgan Stanley Capital International ETF Exchange Traded Fund OPaLS Optimized Portfolios as Listed GDR Global Depository Receipt Securities ishares Index Shares PERLES Performance Linked to Equity iunits Index Units Securities SDR Swedish Depository Receipt 3. Valuation of Investments The valuation date ( Valuation Date ) for a Fund is any day the Toronto Stock Exchange is open for business. The Trustee may, at its discretion, establish other Valuation Dates. The value of the investments or assets of a Fund is determined as follows: a) Cash and Other Assets Cash, accounts receivable, dividends receivable, distributions receivable, and accrued interest are valued at current value at their recorded cost, plus or minus any foreign exchange between recognition of the asset by the Fund and the current Valuation Date, which approximates current value. Short-term investments (money market instruments) are valued at current value. b) Bonds, Debentures, and Other Debt Obligations Bonds, debentures, and other debt obligations are valued at current value using the bid/ask price provided by a recognized vendor upon the close of trading on a Valuation Date. c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities Any security that is listed or dealt with on a securities exchange is valued at current value using the closing bid price or, if there is no closing bid price on that exchange, and in the case of securities traded on an OTC market, at the current value as determined by the Manager as appropriate as a 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 exchange or market, the Manager will use the principal exchange or market for the current value of such securities. Units of each mutual fund in which a Fund invests will be valued at current 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 valued at current value using the bid 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 bid price does not reflect current value. Fair value pricing is designed to avoid stale prices and to provide a more accurate current value, and may assist in the deterrence of harmful short-term or excessive trading in the Funds. When securities listed or traded on markets or exchanges that close prior to North American markets or exchanges 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 valued at current value using the closing bid price as established on either their principal trading exchange or by a recognized dealer in such securities. The credit rating of each counterparty (as rated by Standard & Poor s, a division of The McGraw-Hill Companies, Inc.) meets 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 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 of the Fund. The securities, if any, that are the subject of a written option will be valued in the manner described above for listed securities. Futures contracts, forward contracts, or swaps will be valued at current value at 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 accounts receivable and margin consisting of assets other than cash will be noted as held as collateral. Other derivatives and margin are valued at current value in a manner that the Manager determines to represent their current value. e) Restricted Securities Restricted securities purchased by any Fund will be valued at current value in a manner that the Manager determines to represent their current value. f) Mortgages Mortgages are valued at current value at a principal amount that produces a yield equal to the prevailing rate of return on mortgages of similar type and term, establishing the current value. Mortgages insured under the National Housing Act (Canada) are valued at current value. All mortgages, other than those insured under the National Housing Act (Canada), are valued at current value on a consistent basis to produce a principal amount that will produce a yield (i) equal to the yield prevailing for the sale of comparable conventional mortgages by major lending institutions, if ascertainable on the Valuation Date, or (ii) equal to not less than one quarter of one percent below the interest rate at which CIBC is making a commitment to loan of security of such mortgages on the Valuation Date. g) Other Securities All other investments of the Funds will be valued at current value in accordance with the laws of the Canadian securities regulatory authorities where applicable. The value of any security or other property of a Fund for which a market quotation is not readily available or where the market quotations do not properly reflect the current value of such securities will be determined by the Manager by valuing the securities at their current value. In such situations, current value will be determined using fair valuation techniques that most accurately reflect their fair value as established by the Manager. 4. Units Issued and Outstanding Unitholders have the right to require the Fund to repurchase their units at the net asset value next determined. Changes in issued and outstanding units, for the periods ended June 30, 2008 and December 31, 2007, are summarized as follows: CIBC Canadian T-Bill Fund Balance beginning of period 32,418,624 31,069,024 Units issued for cash 16,354,407 26,492,341 Units issued on reinvestment of distributions 404,849 963,077 49,177,880 58,524,442 Units redeemed (14,778,756) (26,105,818) Balance end of period 34,399,124 32,418,624 CIBC Premium Canadian T-Bill Fund Balance beginning of period 156,649,821 192,767,289 Units issued for cash 71,928,354 159,795,433 Units issued on reinvestment of distributions 2,359,360 6,452,933 230,937,535 359,015,655 Units redeemed (80,239,902) (202,365,834) Balance end of period 150,697,633 156,649,821 CIBC Money Market Fund Class A units Balance beginning of period 207,237,312 218,409,633 Units issued for cash 145,524,951 221,878,230 Units issued on reinvestment of distributions 3,357,054 7,509,651 356,119,317 447,797,514 Units redeemed (126,749,925) (240,560,202) Balance end of period 229,369,392 207,237,312 CIBC Money Market Fund Premium Class units Balance beginning of period 201,371,084 46,181,000 Units issued for cash 302,186,991 323,023,613 Units issued on reinvestment of distributions 4,998,320 4,183,698 508,556,395 373,388,311 Units redeemed (204,139,649) (172,017,227) Balance end of period 304,416,746 201,371,084 CIBC U.S. Dollar Money Market Fund Class A units Balance beginning of period 43,577,649 28,384,028 Units issued for cash 24,528,559 54,334,873 Units issued on reinvestment of distributions 611,258 1,408,932 68,717,466 84,127,833 Units redeemed (22,213,211) (40,550,185) Balance end of period 46,504,255 43,577,648