CIBC High Yield Cash Fund

Interim Management Report of Fund Performancefor the period ended June 30, 2009

All figures are reported in Canadian dollars unless otherwise noted.

This interim management report of fund performance contains financial highlights but does not contain either the complete interim or annualfinancial statements of the investment fund. If you have not received a copy of the interim financial statements with this interim managementreport of fund performance, you can get a copy of the interim or annual financial statements at your request, and at no cost, by callingus toll-free at 1-800-465-3863, by writing to us at CIBC, 5650 Yonge Street, 20th Floor, Toronto, Ontario, M2M 4G3, or by visitingwww.cibc.com/mutualfunds or the SEDAR website at www.sedar.com.

Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures,proxy voting disclosure record, annual management report of fund performance, or quarterly portfolio disclosure.

Management Discussion of Fund Performance

Results of OperationsThe portfolio sub-advisor of CIBC High Yield Cash Fund (the Fund)is CIBC Global Asset Management Inc. (the sub-advisor). Thecommentary that follows reflects the views of the sub-advisor andprovides a summary of the results of operations of the Fund for theperiod ended June 30, 2009. All dollar figures are expressed inthousands, unless otherwise indicated.• The Fund’s net asset value increased by 19% during the period,

from $19,683 on January 1, 2009 to $23,440 on June 30, 2009.Net sales of $3,720 and positive investment performancecontributed to this increase.

• Liquidity, new issuance, and the overall functioning of thecommercial paper market have improved significantly since thebeginning of the year.

• Credit spreads narrowed materially since the end of 2008, resultingin a lower yield by June 2009. As well, the Bank of Canada (BoC )cut interest rates, leading to a very low yield level for governmentpaper.

• Sentiment of investors across the globe improved in the secondquarter. The efforts by governments to support the functioning ofthe economy and the financial system seem to have convincedinvestors, at least for now, that the worst of the financial crisis haspassed.

• The BoC lowered its key interest rate to a record low of 0.25%and stated its intention to keep the rate unchanged until the end ofJune 2010. The U.S. Federal Reserve Board (the Fed ) stayed thecourse by keeping its key rate within the range of 0% to 0.25%and announced programs to purchase bonds and mortgages in themarketplace. Both the BoC and the Fed acknowledged that theinflation outlook remains benign, while the economic outlookremains tenuous.

• Due to the current market environment, the Fund invested insecurities with a shorter term-to-maturity. The shorter-termmaturities resulted in an increase in roll-overs, causing the portfolioturnover rate to increase. Cash flows also contributed to anincrease in the rate.

• The sub-advisor will maintain the portfolio’s average-term-to-maturity in the current range. The sub-advisor believes that termstructure strategy is unlikely to add much value to the portfolioover the near-term investment horizon, given that interest rates areexceptionally low and stable, and the yield curve offers little pick-upfor extending out into longer maturities.

• The sub-advisor maintained the portfolio’s exposure to thecommercial paper market, given limited issuance of new paper.

• The sub-advisor believes that extremely low Canadian T-Bill yieldswill persist for some time, resulting in a lower portfolio yield thanwhat we have experienced in a very long time.

Recent DevelopmentsCentral banks had been aggressively cutting interest rates to recordlows to ease tight credit markets and stimulate the economy. Thesituation significantly affected the yields on money market and T-Billmutual funds. The overall management expense ratio of the Fundwas reduced in order to continue offering competitive yields toinvestors. We continue to focus on the best interests of investors at atime when it is crucial that they maintain confidence in thesafeguarding of their capital and liquidity. We will continue to monitorthe situation closely and will re-evaluate the overall management ratioas market conditions evolve.

Related Party TransactionsCanadian Imperial Bank of Commerce (CIBC ) and its affiliates havethe following roles and responsibilities with respect to the Fund, andreceive the fees described below in connection with their roles andresponsibilities:

ManagerCIBC is the manager (the Manager) of the Fund. CIBC will receivemanagement fees with respect to the day-to-day business andoperations of the Fund, calculated based on the net asset value of theunits of the Fund, as described in the section entitled ManagementFees. The Manager will also compensate its wholesalers in connectionwith their marketing activities regarding the Fund. From time to time,CIBC may provide seed capital to the Fund.

M 04 E

TrusteeCIBC Trust Corporation, a wholly-owned subsidiary of CIBC, is thetrustee (the Trustee) of the Fund. The Trustee holds title to theproperty (cash and securities) of the Fund on behalf of itsunitholders.

Portfolio AdvisorCIBC Asset Management Inc. (CAMI ), a wholly-owned subsidiary ofCIBC, is the portfolio advisor of the Fund. As portfolio advisor, CAMIprovides, or arranges to provide, investment advice and portfoliomanagement services to the Fund.

Sub-advisorCAMI has retained CIBC Global Asset Management Inc. (CIBCGlobal), a wholly-owned subsidiary of CIBC, as the sub-advisor ofthe Fund, to provide investment advice and portfolio managementservices to the Fund. CAMI will pay a fee to CIBC Global.

DistributorDealers and other firms will sell the units of the Fund to investors.These dealers and other firms will include CIBC’s related dealerssuch as the principal distributor, CIBC Securities Inc. (CIBC SI ), theCIBC Investor’s Edge discount brokerage division of CIBC InvestorServices Inc. (CIBC ISI ), the CIBC Imperial Service division ofCIBC ISI, and the CIBC Wood Gundy division of CIBC WorldMarkets Inc. (CIBC WM ). CIBC SI, CIBC ISI, and CIBC WM arewholly-owned subsidiaries of CIBC.

CIBC may pay trailing commissions to these dealers and firms inconnection with the sale of units of the Fund. These dealers andother firms may pay a portion of these trailing commissions to theiradvisors who sell units of the Fund to investors.

Brokerage Arrangements and Soft DollarsSub-advisors make decisions, including the selection of markets anddealers and the negotiation of commissions, with respect to thepurchase and sale of portfolio securities and the execution ofportfolio transactions. Brokerage business may be allocated bysub-advisors, including CIBC Global, to CIBC WM and CIBC WorldMarkets Corp., each a subsidiary of CIBC. CIBC WM and CIBCWorld Markets Corp. may also earn spreads on the sale of fixedincome and other securities to the Fund. A spread is the differencebetween the bid and ask prices for a security in the applicable

marketplace, with respect to the execution of portfolio transactions.The spread will differ based upon various factors such as the natureand liquidity of the security.

Dealers, including CIBC WM and CIBC World Markets Corp., mayfurnish research, statistical, and other services to sub-advisors,including CIBC Global, that process trades through them (referred toin the industry as “soft dollar” arrangements). These services assistsub-advisors, including CIBC Global, with investment decision-makingservices to the Fund. As per the terms of the sub-advisoryagreements, such soft dollar arrangements are in compliance withapplicable laws. In addition, the Manager may enter into commissionrecapture arrangements with certain dealers with respect to theFund. Any commission recaptured will be paid to the Fund.

During the period, no brokerage commissions or other fees were paidby the Fund to CIBC WM or CIBC World Markets Corp.

Fund TransactionsThe Fund may purchase and sell securities of CIBC. The Fund mayalso, from time to time, purchase securities underwritten by a relateddealer, such as CIBC WM or CIBC World Markets Corp., each anaffiliate of the Manager. Such transactions are currently madepursuant to standing instructions rendered by the IndependentReview Committee.

CustodianCIBC Mellon Trust Company is the custodian (the Custodian) thatholds all cash and securities for the Fund and ensures that thoseassets are kept separate from any other cash or securities that itmay be holding. The Custodian may hire sub-custodians for theFund. The fees for the services of the Custodian are paid by theManager, and charged to the Fund on a recoverable basis. CIBCowns a fifty percent interest in the Custodian.

Service ProviderCIBC Mellon Global Securities Services Company (CIBC GSS )provides certain services to the Fund, including fund accounting andreporting, securities lending, and portfolio valuation. Such servicingfees are paid by the Manager, and charged to the Fund on arecoverable basis. CIBC indirectly owns a fifty percent interest inCIBC GSS.

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Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financialperformance for the period ended June 30, 2009, and for any other periods ended December 31, as indicated.

The Fund’s Net Assets per Unit1

2009 2008 2007 2006 2005 2004

Net Assets, beginning of period $10.05 $10.03 $10.06 $10.07 $10.11 $10.12

Increase (decrease) from operations:Total revenue $ 0.12 $ 0.41 $ 0.48 $ 0.38 $ 0.29 $ 0.29Total expenses (0.06) (0.12) (0.10) (0.09) (0.10) (0.09)Realized gains (losses) for the period – – (0.12) – 0.01 0.01Unrealized gains (losses) for the period (0.05) – 0.10 (0.01) (0.05) (0.02)

Total increase (decrease) from operations2 $ 0.01 $ 0.29 $ 0.36 $ 0.28 $ 0.15 $ 0.19

Distributions:From income (excluding dividends) $ 0.03 $ 0.27 $ 0.37 $ 0.26 $ 0.18 $ 0.17From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –

Total Distributions3 $ 0.03 $ 0.27 $ 0.37 $ 0.26 $ 0.18 $ 0.17

Net Assets, end of period $10.04 $10.05 $10.03 $10.06 $10.07 $10.111This information is derived from the Fund’s unaudited interim and audited annual financial statements. The net assets per unit presented in the financial statements differs fromthe net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the financial statements.

2Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weightedaverage number of units outstanding during the period.

3Distributions were paid in cash, reinvested in additional units of the Fund, or both.

Ratios and Supplemental Data2009 2008 2007 2006 2005 2004

Total Net Asset Value (000s)4 $23,440 $19,683 $27,435 $45,419 $70,241 $91,822

Number of Units Outstanding4 2,333,733 1,957,927 2,735,262 4,516,388 6,978,202 9,085,380

Management Expense Ratio5 1.15%* 1.24% 1.19% 1.19% 1.18% 1.19%

Management Expense Ratio before waivers or absorptions6 1.60%* 1.54% 1.50% 1.37% 1.29% 1.26%

Trading Expense Ratio7 0.00%* 0.00% 0.00% 0.00% 0.00% 0.00%

Portfolio Turnover Rate8 142.21% 60.55% 30.48% 59.05% 57.12% 57.47%

Net Asset Value per Unit $ 10.04 $ 10.05 $ 10.03 $ 10.06 $ 10.07 $ 10.11

*Ratio has been annualized.4This information is presented as at June 30, 2009, and December 31 of any other periods shown.5Management expense ratio is based on the total expenses of the Fund (excluding commissions and other portfolio transaction costs) for the period shown and is expressed asan annualized percentage of the daily average net asset value during the period.

6The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management feesand operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.

7The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value duringthe period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.

8The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buyingand selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fundin the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and theperformance of a fund.

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Management FeesThe Fund, either directly or indirectly, pays an annual management fee to the Manager in consideration for the provision of, or arranging for theprovision of, management, distribution, and portfolio advisory services. This fee is calculated as a percentage of the Fund’s net asset value andis calculated and credited daily, and paid monthly. The Fund is required to pay Goods and Services Tax (GST ) on the management fee.

The following table shows a breakdown of the services received in consideration of the management fees, as a percentage of the managementfees collected from the Fund for the period ended June 30, 2009. These amounts do not include waived fees or absorbed expenses.

Sales and trailing commissions paid to dealers 19.47%

General administration, investment advice, and profit 80.53%

Past Performance

The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution, orother optional charges payable by any unitholder that would have reduced returns. Past performance does not necessarily indicate how a fundwill perform in the future.

The Fund’s returns are after the deduction of fees and expenses. See the section entitled Financial Highlights for the management expenseratio.

Year-by-Year ReturnsThe bar chart shows the annual performance of the Fund for each of the periods shown and illustrates how the performance has changed fromperiod to period. The bar chart shows, in percentage terms, how an investment made on January 1 would have increased or decreased byDecember 31, unless otherwise indicated.

6.0%

4.0%

2.0%

0.0%

1.5%

5.3%

1.9%2.4%

1.6%1.3%

2.6%

3.4%2.9%

0.2%

00a 01 02 03 04 05 06 07 08 09b

a2000 return is for the period from September 26, 2000 to December 31, 2000.b2009 return is for the period from January 1, 2009 to June 30, 2009.

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Summary of Investment Portfolio (as at June 30, 2009)

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is availableby visiting www.cibc.com/mutualfunds. The Top Positions table includes a fund’s 25 largest positions. For funds with fewer than 25 positions intotal, all positions are shown. Cash and cash equivalents are shown in total as one position.

Portfolio Breakdown% of

Net Asset Value

Cash & Cash Equivalents 85.56%Corporate Bonds 11.99%Other Assets, Less Liabilities 1.28%Provincial Government & Guaranteed Bonds 1.17%

Top Positions% of

Net Asset Value

Province of Alberta Capital, 0.37%, 2009/10/21 11.08%Reliant Discount Note, 0.60%, 2009/08/14 6.39%Darwin Discount Note, 0.60%, 2009/08/19 5.54%Government of Canada Treasury Bill, 0.68%, 2009/07/23 4.91%Bank of Nova Scotia, 4.58%, 2011/02/15 4.54%John Deere Credit Inc., 5.25%, 2010/10/18 4.48%YPG Discount Note, 0.71%, 2009/07/08 4.27%Caterpillar Financial Services Ltd. Discount Note, 0.50%, 2009/08/26 4.26%Sumit Trust Discount Note, 2009/08/13 4.26%Toyota Credit Discount Note, 1.14%, 2009/10/07 4.26%Honda Canada Discount Note, 1.05%, 2009/12/07 4.25%Diversified Trust Discount Note, 1.25%, 2009/10/19 4.25%Toyota Credit Canada Discount Note, 1.25%, 2009/07/22 4.05%Honda Canada Finance Inc. Discount Note, 1.25%, 2009/11/05 3.51%Inter Pipe Inc. Discount Note, 0.91%, 2009/07/20 3.41%Suncor Energy Inc. Discount Note, 0.70%, 2009/08/20 3.20%Summit Trust Discount Note, 0.60%, 2009/08/04 3.03%Caterpillar Financial Services Ltd. Discount Note, 1.00%, 2009/07/22 2.99%Potash Corp. of Saskatchewan Discount Note, 1.20%, 2009/07/20 2.56%Diversified Trust Discount Note, 1.10%, 2009/07/16 2.56%Other Assets, Less Liabilities 1.28%GE Capital Canada Funding Co., Series ‘A’, Floating Rate, 2009/08/17 1.28%Hydro-Quebec, Series ‘0055’, Floating Rate, 2010/06/21 1.17%Bank of Nova Scotia, Variable Rate, 2011/06/23 0.85%HSBC Financial Corp. Ltd., Floating Rate, 2010/04/24 0.83%

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This document may contain forward-looking statements. Forward-looking statements include statements that are predictive in nature, that depend upon or referto future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or other similar wording. Inaddition, any statements that may be made concerning future performance, strategies, or prospects, and possible future actions taken by the Portfolio, are alsoforward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results andachievements of the Portfolio to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to: generaleconomic; market and business conditions; fluctuations in securities prices, interest rates, and foreign currency exchange rates; changes in governmentregulations; and catastrophic events. We do not undertake, and specifically disclaim, any obligation to update or revise any forward-looking statements, whetheras a result of new information, future developments, or otherwise.

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