CIBC Mutual Funds and CIBC Family of Managed Portfolios

CIBC Mutual Funds and CIBC Family of Managed Portfolios

General Information
What is a Mutual Fund and What are the Risks of Investing in a Mutual Fund?
A mutual fund is a pool of investments managed by professional money managers. People with similar investment goals 
contribute money to the fund to become unitholders of the fund and share in the fund’s income, expenses, gains, and losses 
in proportion to their interests in the fund.
The benefits of investing in mutual funds include the following:
 Convenience – Various types of portfolios with different investment objectives requiring only a minimum amount of 
capital investment are available to satisfy the needs of investors.
 Professional Management – Experts with the requisite knowledge and resources are engaged to manage the 
portfolios of the mutual funds.
 Diversification – Mutual funds invest in a wide variety of securities and industries and sometimes in different 
countries. This leads to reduced risk exposure and helps in the effort to achieve capital appreciation.
 Liquidity – Investors are generally able to redeem their investments at any time.
 Administration – Recordkeeping, custody of assets, reporting to investors, income tax information, and the 
reinvestment of distributions are among the administrative matters that are handled, or arranged for, by the 
investment fund manager.
All of the Funds are trusts organized under the laws of Ontario and governed by an amended and restated master 
declaration of trust dated December 20, 2011, as amended (the Declaration of Trust). This means a company, called a 
trustee, holds the actual title to the investments on behalf of you and other mutual fund investors.

The Funds are sold in units. Each unit represents an equal interest in the property the mutual fund owns. There is no limit to 
the number of units a Fund can issue and such units may be issued in an unlimited number of classes. A Fund can also 
issue fractions of units. You must pay the full price for the units when you buy them. For more information about pricing, 
refer to How we calculate net asset value per unit under Purchases, Switches, Conversions and Redemptions.
Units of the Funds are not traded on an open market. Instead, you can purchase or redeem units through CIBC Securities 
Inc., the Principal Distributor, as defined in this document, or other dealers. You may not transfer your units to someone else, 
except upon death of a unitholder at the Manager’s discretion, or by operation of law, or as approved by the Manager. For 
example, a father could transfer units of a Fund to his daughter by the terms of his will. In certain circumstances, you may 
use your units as collateral for a loan, but not if they are held in a registered plan.
The risks of investing in mutual funds
Mutual funds own different types of investments, depending on their investment objectives. The value of the investments 
a mutual fund owns will vary from day to day, notably reflecting changes in interest rates, economic or market 
conditions, and market and company news. As a result, the value of a mutual fund’s units may go up and down, and the 
value of your investment in a mutual fund may be more or less when you redeem it than when you purchased it.
The full amount of your investment in a mutual fund is not guaranteed. Unlike bank accounts or guaranteed investment 
certificates (GICs), mutual fund units are not covered by the Canada Deposit Insurance Corporation or any other 
government deposit insurer. Under exceptional circumstances, a mutual fund may suspend redemptions. We describe 
these circumstances under Purchases, Switches, Conversions and Redemptions.
Different investments have different types of investment risk. Mutual funds also have different kinds of risk, depending 
on the securities they own.
Risk tolerance will differ among individuals. You need to take into account your own comfort with risk as well as the 
amount of risk suitable for your investment goals.
Types of investment risks
Outlined below are some of the most common risks that can affect the value of your investment in a Fund. Refer to Fund 
Details for the principal risks associated with each Fund as at the date of this Simplified Prospectus. Because the Portfolios 
and some of the Mutual Funds invest in Underlying Funds, the Portfolios and Mutual Funds will also have risks
corresponding to the risks of the Underlying Funds in which the Portfolio or Mutual Fund invests. You should also refer to 
the risks of each Underlying Fund. The Underlying Funds may change from time to time. A list of the Underlying Funds is 
available by calling us toll-free at 1-800-465-3863.
Asset-backed and mortgage-backed securities risk
Asset-backed securities are debt obligations that are based on a pool of underlying assets. These asset pools can be made 
up of any type of receivable such as consumer, student, or business loans, credit card payments, or residential mortgages. 
Asset-backed securities are primarily serviced by the cash flows of the pool of underlying assets that, by their terms, 
convert into cash within a finite period. Some asset-backed securities are short-term debt obligations with maturities of 
one year or less, called asset-backed commercial paper (ABCP). Mortgage-backed securities (MBS) are a type of asset-

backed security that is based on a pool of mortgages on commercial or residential real estate.
If there are changes in the market perception of the issuers of these types of securities, or in the creditworthiness of the 
parties involved, or if the market value of the underlying assets is reduced, the value of the securities may be affected. In 
addition, there is a risk that there may be a mismatch in timing between the cash flow of the underlying assets backing 
the securities and the repayment obligation of the security upon maturity.
Concerns about the ABCP market may also cause investors who are risk averse to seek other short-term, cash equivalent 
investments. This means that the issuers will not be able to sell new ABCP upon the maturity of existing ABCP ("roll"
their ABCP), as they will have no investors to buy their new issues. This may result in the issuer being unable to pay the 
interest and principal of the ABCP when due. 
In the case of MBS, there is also a risk that there may be a drop in the interest rate charged on the mortgages, a 
mortgagor may default on its obligation under a mortgage, or there may be a drop in the value of the commercial or 
residential real estate secured by the mortgage

CIBC Mutual Funds and CIBC Family of Managed Portfolios