CIBC Mutual Funds - Simplified Prospectus

CIBC MUTUAL FUNDS AND CIBC FAMILY OF PORTFOLIOS Simplified Prospectus

June 18, 2021

Class A and Class F units (unless otherwise noted)

CIBC Mutual Funds

Savings Funds

CIBC Canadian T-Bill Fund1 CIBC Money Market Fund2 CIBC U.S. Dollar Money Market Fund2

Income Funds

CIBC Short-Term Income Fund2 CIBC Canadian Bond Fund2 CIBC Monthly Income Fund3 CIBC Global Bond Fund3 CIBC Global Monthly Income Fund3

Growth Funds

CIBC Balanced Fund CIBC Dividend Income Fund3 CIBC Dividend Growth Fund3 CIBC Canadian Equity Fund3 CIBC Canadian Equity Value Fund3 CIBC Canadian Small-Cap Fund CIBC U.S. Equity Fund3 CIBC U.S. Small Companies Fund3 CIBC Global Equity Fund CIBC International Equity Fund3 CIBC European Equity Fund3 CIBC Emerging Markets Fund3 CIBC Asia Pacific Fund3 CIBC International Small Companies Fund CIBC Financial Companies Fund CIBC Canadian Resources Fund3 CIBC Energy Fund3 CIBC Canadian Real Estate Fund3 CIBC Precious Metals Fund3 CIBC Global Technology Fund

Index Funds

CIBC Canadian Short-Term Bond Index Fund2 CIBC Canadian Bond Index Fund2 CIBC Global Bond Index Fund2 CIBC Balanced Index Fund1 CIBC Canadian Index Fund2 CIBC U.S. Broad Market Index Fund2 CIBC U.S. Index Fund2 CIBC International Index Fund2 CIBC European Index Fund1 CIBC Emerging Markets Index Fund2 CIBC Asia Pacific Index Fund2 CIBC Nasdaq Index Fund1

Sustainable Investment Strategies

CIBC Sustainable Canadian Core Plus Bond Fund4 CIBC Sustainable Canadian Equity Fund4 CIBC Sustainable Global Equity Fund4 CIBC Sustainable Conservative Balanced Solution4 CIBC Sustainable Balanced Solution4 CIBC Sustainable Balanced Growth Solution4

CIBC Family of Portfolios

Smart Investment Solutions

CIBC Smart Income Solution5 CIBC Smart Balanced Income Solution5 CIBC Smart Balanced Solution5 CIBC Smart Balanced Growth Solution5 CIBC Smart Growth Solution5

1 also offers Premium Class and Class F-Premium units 2 also offers Premium Class, Class F-Premium and Class O units 3 also offers Class O units

4 only offers Series A, Series F, ETF Series, Series S and Series O units

5 only offers Series A, Series T5, Series F, Series FT5, Series S, and Series ST5 units

Managed Portfolios

CIBC Managed Income Portfolio6 CIBC Managed Income Plus Portfolio6 CIBC Managed Balanced Portfolio7 CIBC Managed Monthly Income Balanced Portfolio8 CIBC Managed Balanced Growth Portfolio7 CIBC Managed Growth Portfolio7 CIBC Managed Aggressive Growth Portfolio7

U.S. Dollar Managed Portfolios

CIBC U.S. Dollar Managed Income Portfolio6 CIBC U.S. Dollar Managed Balanced Portfolio7 CIBC U.S. Dollar Managed Growth Portfolio7

Passive Portfolios

CIBC Conservative Passive Portfolio9 CIBC Balanced Passive Portfolio9 CIBC Balanced Growth Passive Portfolio9

Page 2 of 267 CIBC Mutual Funds and CIBC Family of Portfolios ? Simplified Prospectus

No securities regulatory authority has expressed an opinion about these units and it is an offence to claim otherwise.

The funds and the units of the funds offered under this Simplified Prospectus are not registered with the United States Securities and Exchange Commission and they are sold in the United States only in reliance on exemptions from registration.

6 also offers Class T4, Class T6, Class FT4 and Class FT6 units

7 also offers Class T4, Class T6, Class T8, Class FT4, Class FT6 and Class FT8 units

8 also offers Class T6, Class T8, Class FT6 and Class FT8 units 9 also offers Class D and Class O units

Page 3 of 267 CIBC Mutual Funds and CIBC Family of Portfolios ? Simplified Prospectus

Table of Contents

Introduction ................................................................... 5 General Information .................................................... 6 Organization and Management of the CIBC Mutual Funds and CIBC Family of Portfolios.......21 Purchases, Switches and Redemptions................22 Fees and Expenses.................................................... 44 Dealer Compensation .............................................. 48 Dealer Compensation from Management Fees.52 Income Tax Considerations for Investors............52 What Are Your Legal Rights? ................................. 57 Additional Information ............................................. 57 Specific Information About Each of the Mutual Funds Described in this Document .......................64 CIBC Canadian T-Bill Fund ......................................70 CIBC Money Market Fund ....................................... 72 CIBC U.S. Dollar Money Market Fund .................. 75 CIBC Short-Term Income Fund ..............................78 CIBC Canadian Bond Fund........................................81 CIBC Monthly Income Fund ................................... 84 CIBC Global Bond Fund ............................................87 CIBC Global Monthly Income Fund...................... 90 CIBC Balanced Fund .................................................. 93 CIBC Dividend Income Fund ...................................96 CIBC Dividend Growth Fund...................................99 CIBC Canadian Equity Fund................................... 102 CIBC Canadian Equity Value Fund ...................... 105 CIBC Canadian Small-Cap Fund...........................108 CIBC U.S. Equity Fund ............................................... 111 CIBC U.S. Small Companies Fund ......................... 114 CIBC Global Equity Fund ......................................... 117 CIBC International Equity Fund ............................ 120 CIBC European Equity Fund .................................. 123 CIBC Emerging Markets Fund............................... 126 CIBC Asia Pacific Fund ........................................... 129

CIBC International Small Companies Fund........132 CIBC Financial Companies Fund...........................135 CIBC Canadian Resources Fund ........................... 137 CIBC Energy Fund .................................................... 140 CIBC Canadian Real Estate Fund..........................143 CIBC Precious Metals Fund .................................. 146 CIBC Global Technology Fund ............................. 149 CIBC Canadian Short-Term Bond Index Fund...152 CIBC Canadian Bond Index Fund..........................154 CIBC Global Bond Index Fund ...............................157 CIBC Balanced Index Fund .................................... 160 CIBC Canadian Index Fund.....................................163 CIBC U.S. Broad Market Index Fund................... 166 CIBC U.S. Index Fund .............................................. 169 CIBC International Index Fund ..............................172 CIBC European Index Fund .................................... 175 CIBC Emerging Markets Index Fund....................178 CIBC Asia Pacific Index Fund ................................ 181 CIBC Nasdaq Index Fund....................................... 184 CIBC Sustainable Canadian Core Plus Bond Fund ....................................................................................... 187 CIBC Sustainable Canadian Equity Fund ........... 190 CIBC Sustainable Global Equity Fund..................193 CIBC Sustainable Conservative Balanced Solution ...................................................................................... 196 CIBC Sustainable Balanced Solution .................. 199 CIBC Sustainable Balanced Growth Solution ...202 CIBC Smart Income Solution ................................205 CIBC Smart Balanced Income Solution............. 209 CIBC Smart Balanced Solution..............................213 CIBC Smart Balanced Growth Solution...............217 CIBC Smart Growth Solution.................................221 CIBC Managed Income Portfolio......................... 225 CIBC Managed Income Plus Portfolio................228

Page 4 of 267 CIBC Mutual Funds and CIBC Family of Portfolios ? Simplified Prospectus

CIBC Managed Balanced Portfolio ...................... 231 CIBC Managed Monthly Income Balanced Portfolio ..................................................................... 234 CIBC Managed Balanced Growth Portfolio.......237 CIBC Managed Growth Portfolio ........................240 CIBC Managed Aggressive Growth Portfolio .. 243 CIBC U.S. Dollar Managed Income Portfolio ... 246 CIBC U.S. Dollar Managed Balanced Portfolio 250 CIBC U.S. Dollar Managed Growth Portfolio ... 254 CIBC Conservative Passive Portfolio.................. 258 CIBC Balanced Passive Portfolio .......................... 261 CIBC Balanced Growth Passive Portfolio.......... 264

Page 5 of 267 CIBC Mutual Funds and CIBC Family of Portfolios ? Simplified Prospectus

Introduction

In this document, we, us, our, and the Manager refer to Canadian Imperial Bank of Commerce (referred to as CIBC).

In this document:

? a Fund or Funds is any or all of the mutual funds listed on the front cover;

? a Mutual Fund or Mutual Funds is any or all of the CIBC Mutual Funds listed on the front cover;

? a Portfolio or Portfolios is any or all of the CIBC Family of Portfolios listed on the front cover;

? a Sustainable Investment Strategy or Sustainable Investment Strategies is any or all of the Sustainable Investment Strategies listed on the front cover;

? a Smart Investment Solution or Smart Investment Solutions is any or all of the Smart Investment Solutions listed on the front cover;

? a Managed Portfolio or Managed Portfolios is any or all of the Managed Portfolios listed on the front cover;

? a U.S. Dollar Managed Portfolio or U.S. Dollar Managed Portfolios is any or all of the U.S. Dollar Managed Portfolios listed on the front cover;

? a Passive Portfolio or Passive Portfolios is any or all of the Passive Portfolios listed on the front cover;

? Mutual Fund Series refers to Class A, Premium Class, Class T4, Class T6, Class T8, Class D, Class F, Class F-Premium, Class FT4, Class FT6, Class FT8, Class O, Series A, Series T5, Series F, Series FT5, Series S, Series ST5 and Series O units of a Fund; and

? ETF Series refers to the exchange-traded series units of a Sustainable Investment Strategy.

The Portfolios and certain Mutual Funds invest in units of other mutual funds (including exchange-traded funds), which may be managed by us or our affiliates, and are referred to individually as an Underlying Fund and collectively as Underlying Funds. In this document, mutual funds in general are referred to as a fund or funds.

This document contains selected important information to help you make an informed investment decision and to help you understand your rights as an investor.

This document is divided into two parts. The first part (pages 5 to 63) contains general information applicable to all of the Funds. The second part (pages 64 to 266) contains specific information about each of the Funds described in this document.

No designated broker or dealer in respect of the ETF Series units, including CIBC World Markets Inc., has reviewed or been involved in the preparation of this document. A registered dealer that has entered into a designated broker agreement with the Manager on behalf of a Fund and has agreed to perform certain duties in relation to ETF Series units of the Fund is referred to as the Designated Broker in this document. A registered dealer (that may or may not be a Designated Broker), including CIBC World Markets Inc., that has entered or will enter into a continuous distribution dealer agreement with the Manager, on behalf of a Fund, and that subscribes for and purchases ETF Series units from a Fund is referred to as a dealer in this document.

Additional information about each Fund is available in the Annual Information Form, the most recently filed Fund Facts or ETF Facts, the most recently filed audited annual financial statements and any subsequent interim financial reports filed after those annual financial statements, the most recently filed annual management reports of fund performance and any subsequent interim management reports of fund

Page 6 of 267 CIBC Mutual Funds and CIBC Family of Portfolios ? Simplified Prospectus

performance filed after that annual management report of fund performance. These documents are incorporated by reference into this document, which means that they legally form part of it as if they were printed as a part of this document.

You can request copies of the above-mentioned documents at no cost:

? from your dealer;

? by calling us toll-free at 1-800-465-3863; or

? by visiting the CIBC website at mutualfunds.

These documents, including this Simplified Prospectus, and other information about the Funds are also available at .

General Information

What is a Mutual Fund and What are the Risks of Investing in a Mutual Fund?

What is a Mutual Fund?

A mutual fund is a pool of investments managed by professional money managers. People with similar investment goals contribute money to the mutual fund to become a unitholder of the mutual fund and share in the mutual fund's income, expenses, gains, and losses in proportion to their interests in the mutual fund.

The benefits of investing in mutual funds include the following:

? Convenience ? Various types of portfolios with different investment objectives requiring only a minimum amount of capital investment are available to satisfy the needs of investors.

? Professional Management ? Experts with the requisite knowledge and resources are engaged to manage the portfolios of the mutual funds.

? Diversification ? Mutual funds invest in a wide variety of securities and industries and sometimes in different countries. This leads to reduced risk exposure and helps in the effort to achieve capital appreciation.

? Liquidity ? Investors are generally able to redeem their investments at any time.

? Administration ? Recordkeeping, custody of assets, reporting to investors, income tax information, and the reinvestment of distributions are among the administrative matters that are handled, or arranged for, by the investment fund manager.

All of the Funds are trusts organized under the laws of Ontario and governed by an amended and restated master declaration of trust dated June 17, 2021, as amended (referred to as the Declaration of Trust). This means a company, called a trustee, holds the actual title to the investments on behalf of you and other mutual fund investors.

The Funds are sold in units. Each unit represents an equal interest in the property the mutual fund owns. There is no limit to the number of units a Fund can issue and such units may be issued in an unlimited number of classes, including an unlimited number of series of such classes. A Fund can also issue fractions of units. You must pay the full price for the units when you buy them. For more information about pricing, refer to How We Calculate Net Asset Value per Unit under Purchases, Switches and Redemptions.

You can purchase or redeem Mutual Fund Series units through CIBC Securities Inc., the Principal Distributor, as defined in this document, or other dealers. You may not transfer your units to someone else, except upon death of a unitholder at the Manager's discretion, or by operation of law, or as approved by the

Page 7 of 267 CIBC Mutual Funds and CIBC Family of Portfolios ? Simplified Prospectus

Manager. For example, a father could transfer units of a Fund to his daughter by the terms of his will. In certain circumstances, you may use your units as collateral for a loan, but not if they are held in a registered plan.

What is an ETF Series?

The ETF Series are exchange-traded series of units offered by the Sustainable Investment Strategies. ETF Series units of the Sustainable Investment Strategies will be issued and sold on a continuous basis. There is no maximum number of ETF Series units that may be issued.

The ETF Series units have been conditionally approved for listing on the NEO Exchange Inc. (referred to as the NEO Exchange). Subject to satisfying the NEO Exchange's original listing requirements, the ETF Series units will be listed on the NEO Exchange and investors will be able to buy or sell such ETF Series units on the NEO Exchange through registered brokers and dealers in the province or territory where the investor resides. Investors may incur customary brokerage commissions in buying or selling ETF Series units. No fees are paid by investors to us or the Sustainable Investment Strategies in connection with buying or selling of ETF Series units on the NEO Exchange.

The Risks of Investing in Mutual Funds

Mutual funds own different types of investments, depending on their investment objectives. The value of the investments a mutual fund owns will vary from day to day, notably reflecting changes in interest rates, economic or market conditions and company news. As a result, the value of a mutual fund's units may go up and down, and the value of your investment in a mutual fund may be more or less when you redeem it than when you purchased it.

Your investment in a mutual fund is not guaranteed. Unlike bank accounts or guaranteed investment certificates (referred to as GICs), mutual fund units are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. Under exceptional circumstances, a mutual fund may suspend redemptions. We describe these circumstances under Redemptions ? When You May Not be Allowed to Redeem Your Units or Exchange ETF Series Units.

Different investments have different types and levels of risk. Mutual funds also have different types and levels of risk, depending on the nature of the securities they own.

Risk tolerance will differ among individuals. You need to take into account your own comfort level with risk and the amount of risk suitable for your personal circumstances and investment goals. You should decide whether or not to invest in any of the Funds after careful consideration with your advisor as to the suitability of any of the Funds given your investment objectives and the information set out in this Simplified Prospectus. The Manager does not make any recommendation to an investor as to the suitability of the Funds for investment.

Types of Investment Risks

The most common risks that can affect the value of your investment in a Fund are described below. Refer to What are the Risks of Investing in the Fund? under Fund Details for the principal risks associated with each Fund as at the date of this document. The Portfolios and certain Mutual Funds which invest in any Underlying Fund(s) will also be subject to the risks of those Underlying Fund(s). The Underlying Funds may change from time to time. A list of the Underlying Funds is available by calling us toll-free at 1-800-4653863.

Absence of an Active Market for the ETF Series Units and Lack of Operating History

Although ETF Series units may be listed on the NEO Exchange (or another exchange or marketplace), there is no assurance that the NEO Exchange will approve the listing application or that an active public market

Page 8 of 267 CIBC Mutual Funds and CIBC Family of Portfolios ? Simplified Prospectus

for the ETF Series units will develop or be sustained. The ETF Series units are newly organized, with no previous operating history.

Asset-Backed and Mortgage-Backed Securities Risk

Asset-backed securities are debt obligations that are based on a pool of underlying assets. These asset pools can be made up of any type of receivable such as consumer, student, or business loans, credit card payments, or residential mortgages. Asset-backed securities are primarily serviced by the cash flows of the pool of underlying assets that, by their terms, convert into cash within a finite period. Some asset-backed securities are short-term debt obligations with maturities of one year or less, called asset-backed commercial paper (referred to as ABCP). Mortgage-backed securities (referred to as MBS) are a type of asset-backed security that is based on a pool of mortgages on commercial or residential real estate.

If there are changes in the market perception of the issuers of these types of securities, or in the creditworthiness of the parties involved, or if the market value of the underlying assets is reduced, the value of the securities may be affected. In addition, there is a risk that there may be a mismatch in timing between the cash flow of the underlying assets backing the securities and the repayment obligation of the security upon maturity.

Concerns about the ABCP market may also cause investors who are risk averse to seek other short-term, cash equivalent investments. This means that the issuers will not be able to sell new ABCP upon the maturity of existing ABCP ("roll" their ABCP), as they will have no investors to buy their new issues. This may result in the issuer being unable to pay the interest and principal of the ABCP when due.

In the case of MBS, there is also a risk that there may be a drop in the interest rate charged on the mortgages, a mortgagor may default on its obligation under a mortgage, or there may be a drop in the value of the commercial or residential real estate secured by the mortgage.

Capital Depreciation Risk

Some Funds aim to generate or maximize income while attempting to preserve capital. In certain situations, such as periods of declining markets or changes in interest rates, a Fund's net asset value could be reduced such that it is unable to preserve capital. In these circumstances, the Fund's distributions may include a return of capital, and the total amount of any returns of capital made by the Fund in any year may exceed the amount of the net unrealized appreciation in the Fund's assets for the year and may exceed any return of capital received by the Fund from the underlying investments. This may reduce the Fund's net asset value and affect the mutual fund's ability to generate future income.

Cease Trading of ETF Series Units

If the securities included in a Fund's portfolio (referred to as Constituent Securities), are cease-traded at any time by a Canadian securities regulatory authority responsible for administering the Canadian Securities Legislation in force in such province or territory or other relevant regulator or stock exchange, the Manager may suspend the exchange or redemption of ETF Series units of the applicable Fund until such time as the transfer of the securities is permitted as described under Redemptions ? When You May Not be Allowed to Redeem Your Units or Exchange ETF Series Units.

Cease Trading of Securities Risk

A Fund's ETF Series units bear the risk of cease-trading orders against all issuers whose securities are included in the Fund's portfolio attributable to the ETF Series units, not just one. If securities attributable to the ETF Series units held in the Fund are cease-traded by order of a Canadian securities regulatory authority, if normal trading of such securities is suspended on the relevant exchange, or if for any reason it is likely there will be no closing bid price for such securities, the Fund may halt trading in its ETF Series units

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download