TORONTO, March 25, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM), as manager, today announced a change to the fee structure for the Imperial Pools and Income Generation Portfolios (each, a "fund" and collectively, the "funds") listed in Appendix A of this release.
Effective July 1, 2022, the funds will no longer be responsible for paying for certain costs that are currently categorized as operating expenses. There is no impact to unitholders regarding this change.
The benefits to unitholders include a protection from potential increases in certain future operating expenses. Prior to applicable taxes, the MER of each class of each fund is also expected to be less than or equal to the most recently published MER. The Independent Review Committee of the funds has reviewed the introduction of a change in fee structure with respect to the potential conflict of interest matters and provided its positive recommendation, having determined that the change in fee structure achieves a fair and reasonable result for each fund.
Unitholders in the following classes of the funds do not need to approve the change in fee structure. They will be provided with at least 60 days' notice before the implementation of the change, in accordance with applicable securities law:
Imperial Pools and Income Generation
Class A, Class W, Class T3, Class T4, Class T5,
Imperial Money Market Pool
Imperial Short-Term Bond Pool
Imperial Canadian Bond Pool
Imperial Canadian Diversified Income Pool
Imperial International Bond Pool
Imperial Equity High Income Pool
Imperial Canadian Dividend Income Pool
Imperial Global Equity Income Pool
Imperial Canadian Equity Pool
Imperial U.S. Equity Pool
Imperial International Equity Pool
Imperial Overseas Equity Pool
Imperial Emerging Economies Pool
Income Generation Portfolios
Conservative Income Portfolio
Balanced Income Portfolio
Enhanced Income Portfolio
CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre