CIBC today announced changes to the CIBC Mutual Funds family to streamline its product offering through fund mergers, fund terminations and fund name changes.

CIBC plans to merge several funds with similar
investment objectives, effective August 8.

CIBC Canadian T-Bill Fund will be merged with CIBC Premium Canadian T-Bill Fund. The continuing fund will be renamed CIBC Canadian T-Bill Fund T-Bill Fund.

CIBC Canadian Small Companies Fund and CIBC Canadian Emerging Companies Fund will be merged with CIBC Capital Appreciation Fund. The continuing fund will be renamed CIBC Canadian Small-Cap Fund.

CIBC International Index RRSP Fund will be merged into CIBC International Index Fund.

CIBC European Index RRSP Fund will be merged into CIBC Index Fund.

CIBC Nasdaq Index RRSP Fund will be merged into CIBC Nasdaq Index Fund.

Tthe Independent Review Committee of CIBC Mutual Funds considered and approved the above fund mergers at a meeting held on May 22. 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.

Name changes

Effective August 8, the following CIBC Mutual Funds
will change names:

  • CIBC Mortgage and Short-Term becomes CIBC Short-Term Income Fund Income Fund;
  • CIBC Diversified Income Fund becomes CIBC Dividend Income Fund;
  • CIBC Dividend Fund becomes CIBC Dividend Growth Fund;
  • CIBC Emerging Economies Fund becomes CIBC Emerging Markets Fund;
  • CIBC Far East Prosperity Fund becomes CIBC Asia Pacific Fund;
  • CIBC U.S. Equity Index Fund becomes CIBC U.S. Broad Market Index Fund;
  • CIBC U.S. Index RRSP Fund becomes CIBC U.S. Index Fund.

Fund terminations

CIBC intends to terminate the following funds in the fall of 2008:

  • CIBC North American Demographics Fund;
  • CIBC Japanese Equity Fund;
  • CIBC Japanese Index RRSP Fund.

Transactions will be accepted as usual in the Terminating Funds up to and including the last business day prior to the termination of the funds.

Other Changes

At the time of the merger of CIBC International Index RRSP Fund and 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% to 1%.