CIBC Mutual Funds (listed in Appendix A) - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Application -- Exemptive relief granted to mutual funds allowing extension of prospectus lapse date, and extension of distribution beyond previous lapse date for certain funds for new funds introduced.

Applicable Statutory Provisions

Securities Act R.S.O 1990, c. S.5, as am., s. 62(5).

August 1, 2006

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, QUEBEC, NEW BRUNSWICK,

NOVA SCOTIA, PRINCE EDWARD ISLAND,

NEWFOUNDLAND and LABRADOR, YUKON

AND NUNAVUT (the Jurisdictions)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

THE MUTUAL FUNDS LISTED IN

APPENDIX A HERETO

(the "CIBC Mutual Funds")

MRRS DECISION DOCUMENT

Background

1. The local securities regulatory authority or regulator (the "Decision Maker") in each of the Jurisdictions has received an application from Canadian Imperial Bank of Commerce ("CIBC"),as manager of the CIBC Mutual Funds, dated July 5, 2006, for a decision pursuant to the securities legislation of the Jurisdictions (the "Legislation") that the lapse date for the CIBC Mutual Funds be extended to August 22, 2006 (the "Lapse Date Relief").

2. Under the Mutual Reliance Review System for Exemptive Relief Applications:

(a) the OSC is the principal regulator for the application for Lapse Date Relief, and

(b) this MRRS decision document evidences the decision of each Decision Maker.

Interpretation

Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.

Representations

This decision is based on the following facts represented by CIBC:

1. CIBC is the manager of the CIBC Mutual Funds, each of which is an open-ended investment trust established under the laws of Ontario pursuant to a declaration of trust.

2. Each of the CIBC Mutual Funds is a reporting issuer in each of the Jurisdictions and each of the CIBC Mutual Funds currently distributes its securities in each of the Jurisdictions on a continuous basis pursuant to a simplified prospectus and annual information form dated August 8, 2005, as amended by amendment no. 1 dated October 28, 2005 and amendment no. 2 dated December 9, 2005 (collectively, the "CIBC Mutual Funds Prospectus").

3. The lapse date for the CIBC Mutual Funds under the Legislation in all Jurisdictions except Quebec is August 8, 2006. The lapse date for the CIBC Mutual Funds under the Legislation in Quebec is August 11, 2006.

4. There have been no material changes in the affairs of any of the CIBC Mutual Funds since the filing of the CIBC Mutual Funds Prospectus, other than those for which amendments have been filed or for which amendments are not required. Accordingly, the CIBC Mutual Funds Prospectus represents current information regarding each of the CIBC Mutual Funds.

5. CIBC filed with the Decision Makers a pro forma simplified prospectus and annual information form for the CIBC Mutual Funds on May 2, 2006 (collectively, the "Pro Forma Documents").

6. The Pro Forma Documents also constitute the pro forma simplified prospectus and annual information form for mutual funds that are part of the family of the CIBC Family of Managed Portfolios for which CIBC also acts as manager. The lapse date for the CIBC Family of Managed Portfolios under the Legislation in all Jurisdictions except Quebec is October 7, 2006, and the lapse date for the CIBC Family of Managed Portfolios under the Legislation in Quebec is October 11, 2006.

7. All the comments received from the Decision Makers on the Pro Forma Documents have been addressed to the satisfaction of the Decision Makers. The CIBC Mutual Funds and the CIBC Family of Managed Portfolios have been cleared by the Decision Makers to file the final simplified prospectus and annual information form (the "Final Documents").

8. CIBC intends to establish and make available for distribution to the public certain new mutual funds. These new mutual funds are expected to be named as CIBC Premium Money Market Fund, CIBC Global Monthly Income Fund, CIBC U.S. Equity Fund, CIBC International Equity Fund and CIBC Managed Monthly Income and Growth Portfolio (collectively, the "New Funds"). The New Funds will, among other things, have the same manager and trustee as CIBC Mutual Funds and CIBC Family of Managed Portfolios.

9. The necessary board approvals for the establishment of the New Funds were obtained on July 17, 2006. CIBC intends to file the preliminary simplified prospectus and annual information form for the New Funds (the "Preliminary Documents") on or about July 25, 2006.

10. In order to facilitate the distribution of the New Funds in the same manner as the CIBC Mutual Funds and the CIBC Family of Managed Portfolios, CIBC intends to integrate the New Funds into the Final Documents.

11. The Lapse Date Relief will allow the Decision Makers sufficient time to review and comment on the Preliminary Documents and for CIBC to prepare and file with the Decision Makers the Final Documents which will incorporate disclosure for the New Funds.

Decision

Each of the Decision Makers is satisfied that, based on the information and representations contained in this application and this decision that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make this decision has been met.

The decision of the Decision Makers under the Legislation is that the Lapse Date Relief be granted.

APPENDIX "A"