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CIBC announces the introduction of a fixed administration fee for the CIBC Mutual Funds and CIBC Family of Portfolios

TORONTO, March 25, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM), as manager, today announced the  introduction of a fixed administration fee for the CIBC Mutual Funds and CIBC Family of Portfolios* (each, a "fund" and collectively, the "funds") listed in Appendix A of this release, replacing the variable operating expenses currently being charged to these funds (the "administration fee").

Effective July 1, 2022, CIBC will be responsible for the operating expenses of each fund, other than certain expenses, in exchange for the payment by the fund of a fixed administration fee. The administration fee will apply to all classes of each fund, with the exception of Class O, as applicable.

The benefits to unitholders of the administration fee include greater predictability and transparency of the management expense ratio ("MER") of each class of the funds, which will consist of the management fee, the administration fee, certain expenses and applicable taxes. 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. Unitholders will also gain a protection from potential increases in future operating expenses. The Independent Review Committee of the funds has reviewed the introduction of a fixed administration fee with respect to the potential conflict of interest matters and provided its positive recommendation, having determined that the fixed administration fee achieves a fair and reasonable result for each fund.

Unitholders in the following classes of the funds do not need to approve the administration fee. They will be provided with at least 60 days' notice before the implementation of the change, in accordance with applicable securities law:



CIBC Mutual Funds and CIBC Family of Portfolios*

Class A, Class T4, Class T6, Class T8, Premium Class, Class F, Class FT4, Class FT6, Class FT8, and Class F-Premium units.

* excluding the CIBC Sustainable Investment Strategies, CIBC Smart Investment Solutions and CIBC Passive Portfolios which already have fixed administration fees.

Appendix A

CIBC Mutual Funds

CIBC Canadian T-Bill Fund

CIBC Money Market Fund

CIBC U.S. Dollar Money Market Fund

CIBC Short-Term Income Fund

CIBC Canadian Bond Fund

CIBC Monthly Income Fund

CIBC Global Bond Fund

CIBC Global Monthly Income Fund

CIBC Balanced Fund

CIBC Dividend Income Fund

CIBC Dividend Growth Fund

CIBC Canadian Equity Fund

CIBC Canadian Equity Value Fund

CIBC Canadian Small-Cap Fund

CIBC U.S. Equity Fund

CIBC U.S. Small Companies Fund

CIBC Global Equity Fund

CIBC International Equity Fund

CIBC European Equity Fund

CIBC Emerging Markets Fund

CIBC Asia Pacific Fund

CIBC International Small Companies Fund

CIBC Financial Companies Fund

CIBC Canadian Resources Fund

CIBC Energy Fund

CIBC Canadian Real Estate Fund

CIBC Precious Metals Fund

CIBC Global Technology Fund

CIBC Canadian Short-Term Bond Index Fund

CIBC Canadian Bond Index Fund

CIBC Global Bond Index Fund

CIBC Balanced Index Fund

CIBC Canadian Index Fund

CIBC U.S. Broad Market Index Fund

CIBC U.S. Index Fund

CIBC International Index Fund

CIBC European Index Fund

CIBC Emerging Markets Index Fund

CIBC Asia Pacific Index Fund

CIBC Nasdaq Index Fund

CIBC Family of Portfolios

CIBC Managed Income Portfolio

CIBC Managed Income Plus Portfolio

CIBC Managed Balanced Portfolio

CIBC Managed Monthly Income Balanced


CIBC Managed Balanced Growth Portfolio

CIBC Managed Growth Portfolio

CIBC Managed Aggressive Growth Portfolio

CIBC U.S. Dollar Managed Income Portfolio

CIBC U.S. Dollar Managed Balanced Portfolio

CIBC U.S. Dollar Managed Growth Portfolio

About CIBC
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


For further information: Kira Smylie, Public Affairs, or 416-980-2949