CIBC: Renaissance Corporate Bond Fund available for sale Aug. 26

By Toni Weeks

San Luis Obispo, Calif., Aug. 16 - CIBC Asset Management will offer the Renaissance Corporate Bond Fund for sale as of Aug. 26, according to a press release.

The fund has been the underlying reference fund since 2009 for the Renaissance Corporate Bond Capital Yield Fund, which is closing to new purchases and transfers as of Aug. 23 due to a proposed extension by the Department of Finance of the transition period in respect to forward contracts that convert ordinary income to capital gains for tax purposes. The March 2013 federal budget proposed changes to eliminate "character conversion transactions" that use forward contracts to convert ordinary income to capital gains for tax purposes.

The fund invests 80% of its assets in investment-grade corporate bonds.

CIBC Asset Management Inc. is the fund's investment adviser and has offices in Montreal and Toronto.

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