Dividend Distributions - Renaissance Investments

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Typically, mutual funds distribute capital gains, interest and/or dividends to their shareholders. Specifically, they may earn income from interest on bond holdings and dividends on company shares. They may also earn capital gains when fund managers sell securities within the portfolio for more than they paid for them.

When a mutual fund earns income or capital gains, it passes these earnings to the investor by making what is called a distribution.

Investors may choose to directly deposit distributions into their bank account or have them reinvested in additional fund units without charge. Distributions in registered plans are always reinvested.

Depending on the fund, distributions may be paid monthly, quarterly, semi-annually or annually.

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Renaissance Investments family of funds the Axiom Portfolios, the CIBC Private Pools, the CIBC Fixed Income Pools, the CIBC Fixed Income Funds, the CIBC Alternative Funds and the CIBC ETFs are managed by CIBC Asset Management Inc., a subsidiary of Canadian Imperial Bank of Commerce. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.

Please read the simplified prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, nor are they guaranteed. There can be no assurance that a money market fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment will be returned to you. Their values change frequently and past performance may not be repeated. ^®Renaissance Investments, ^®Axiom and ^®Axiom Portfolios are registered trademarks of CIBC Asset Management Inc. Renaissance Investments is offered by CIBC Asset Management Inc.