CIBC Latin American Fund - Notice of Termination
On March 27, 2020, CIBC announced plans to terminate the CIBC Latin American Fund (the "fund") on or about June 12, 2020. The decision to terminate the fund was made in ordinary course due to the Fund's' small asset size. We continue to offer a broad choice of quality investment solutions and are confident a suitable alternative solution is available for your clients within our comprehensive product line-up. Name of the Terminating Fund: CIBC Latin American Fund Class A: CIB502 Clients who are invested in the fund as of March 19, 2020, will receive a notice letter on or about April 7, 2020, providing them with the key details regarding the termination of the fund as found in this letter. We encourage you to contact your clients and provide us with instructions for transferring the units of the fund into another CIBC investment solution. If we do not receive transaction instructions for your clients accounts by 4:00 p.m. Eastern Time (ET) on June 12, 2020, we will redeem or transfer units of the fund held in registered or non-registered accounts as follows: If your clients hold the fund in registered accounts: For investments that remain in the fund on the termination date, we will redeem all units of the fund and reinvest the proceeds of the sale in the CIBC Money Market Fund. This course of action will avoid withdrawal from your clients registered account(s) and the related tax impact. Any existing Systematic Withdrawal Plans will continue in the CIBC Money Market Fund, unless you notify us otherwise. If your clients hold the fund in non-registered accounts: For investments that remain in the fund on the termination date, we will redeem all units of the fund. The proceeds from the redemption of units will be sent to the account registration name on record towards the end of June 2020. Prior to the termination of the fund, the fund will dispose of its assets and pay any outstanding liabilities (including any liabilities arising in connection with the termination of the fund). The tax year-end for the fund will be the date of termination and a final distribution will be paid out (if required). Additional Information:
- Effective March 27, 2020, the fund was capped to new purchases, including purchases through any regular investment plan.
- If your client wishes to re-establish a regular investment plan in another fund, please provide us with new instructions.
- Redemptions and switches out of the fund will be accepted until the close of business (4:00 p.m. ET) on June 12, 2020.
- Unitholders will not be required to pay any short-term trading fees, switch fees or other fees associated with the termination of the fund.