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CIBC Announces Changes to its Mutual Fund Line-up

    TORONTO, May 28 /CNW/ - CIBC today announced changes to the CIBC Mutual
Funds family to streamline its product offer through fund mergers, fund
terminations and fund name changes.
    "These fund changes will strengthen the CIBC Mutual Funds family through
a more focused product line-up that will continue to offer investors value,
choice and quality investment management expertise," said Steve Geist,
President of CIBC Asset Management.

    Details of the changes are as follows:

    Fund Mergers

    CIBC, as manager, plans to merge the following funds with similar
investment objectives, effective on or about August 8, 2008 and, in some
cases, rename the Continuing Fund:-------------------------------------------------------------------------
    Terminating Fund(s)      Continuing Fund           Post-Merger Fund Name
    CIBC Canadian T-Bill     CIBC Premium Canadian     CIBC Canadian
     Fund                    T-Bill Fund                T-Bill Fund(*):
                                                        -  Class A
                                                        -  Premium Class
    CIBC Canadian Small      CIBC Capital              CIBC Canadian
     Companies Fund and       Appreciation Fund         Small-Cap Fund
     CIBC Canadian Emerging
     Companies Fund
    CIBC International       CIBC International        CIBC International
     Index RRSP Fund          Index Fund                Index Fund
    CIBC European Index      CIBC European             CIBC European
     RRSP Fund                Index Fund                Index Fund
    CIBC Nasdaq Index RRSP   CIBC Nasdaq               CIBC Nasdaq
     Fund                     Index Fund                Index Fund
    (*) The CIBC Canadian T-Bill Fund will offer two classes, Class A and
        Premium Class. Unitholders in the Terminating Fund will exchange
        their units for Class A units of the newly renamed CIBC Canadian T-
        Bill Fund, to be launched on or prior to the effective date of the
        merger. The current premium offer, for investors with a minimum of
        $100,000, will continue to be available as a re-designated Premium
        Class of the continuing CIBC Canadian T-Bill Fund.As required by securities legislation, the Independent Review Committee
of CIBC Mutual Funds considered and approved the above fund mergers at a
meeting held on May 22, 2008. These mergers are not subject to unitholder or
regulatory approval due to the similar investment objective, fee structure and
valuation procedures of each Terminating and Continuing Fund.
    Purchases, redemptions and switches in the Terminating Funds will be
accepted up to and including the last business day prior to the fund mergers.
    The above fund mergers will not trigger gains or losses on units of the
Terminating Funds or Continuing Funds, with the average cost of units in the
Terminating Fund carried over to the Continuing Fund. Terminating Funds and
Continuing Funds may declare a distribution on the merger date to reflect any
additional taxable income or gains in the Funds since their last distribution.
    In accordance with securities legislation, notice will be sent to
unitholders of the Terminating Funds no less than 60 days prior to the
effective date of the mergers.

    Name Changes

    Effective on or about August 8, 2008, the following CIBC Mutual Funds
will change names:-------------------------------------------------------------------------
    Current Fund Name                    New Fund Name
    CIBC Mortgage and Short-Term         CIBC Short-Term Income Fund
     Income Fund
    CIBC Diversified Income Fund         CIBC Dividend Income Fund
    CIBC Dividend Fund                   CIBC Dividend Growth Fund
    CIBC Emerging Economies Fund         CIBC Emerging Markets Fund
    CIBC Far East Prosperity Fund        CIBC Asia Pacific Fund
    CIBC U.S. Equity Index Fund          CIBC U.S. Broad Market Index Fund
    CIBC U.S. Index RRSP Fund            CIBC U.S. Index Fund

    Fund Terminations

    CIBC intends to terminate the following funds (the "Terminating Funds") in
the fall of 2008:
    -   CIBC North American Demographics Fund
    -   CIBC Japanese Equity Fund
    -   CIBC Japanese Index RRSP FundTransactions will be accepted as usual in the Terminating Funds up to and
including the last business day prior to the termination of the Funds.
    Unitholders will not be required to pay any charges or fees associated
with the termination of these Funds. All costs associated with the
terminations will be borne by CIBC. Unitholders are encouraged to speak with
their financial advisor to discuss their investment options across the CIBC
fund family.
    In accordance with securities legislation, notice will be sent to
unitholders of the Terminating Funds no less than 60 days prior to the
effective date of the terminations.

    Other Changes

    At the time of the merger of the CIBC International Index RRSP Fund and
the CIBC International Index Fund, CIBC will reduce the maximum management
fee, as stipulated in the prospectus, on units of the CIBC International Index
Fund from 2.00% to 1.00%.

    CIBC Asset Management is responsible for the CIBC and Renaissance
Investments families of mutual funds and the CIBC family of managed portfolio
solutions - CIBC Personal Portfolio Services, CIBC Managed Portfolio Services,
Axiom Portfolios and Frontiers. CIBC Asset Management manages more than $50
billion in assets for over 1.5 million investors across Canada.

    CIBC is a leading North American financial institution with more than
11 million personal banking and business customers. CIBC offers a full range
of products and services through its comprehensive electronic banking network,
branches and offices across Canada, in the United States and around the world.
You can find other news releases and information about CIBC in our Press
Centre on our corporate website at

For further information:
For further information: Media contact: Doug Maybee, Director, Media
Relations, at (416) 980-7458; Product inquiries: CIBC Asset Management at