interim financial statements (unaudited) · 2010-04-16 · renaissance international dividend fund...

Renaissance International Dividend Fund

Interim Financial Statements (unaudited)for the period ended February 28, 2010

Statement of Investment Portfolio (unaudited) As at February 28, 2010

Number of SharesAverage Cost

($)Current Value

($)

International Equities

7,142 AGL Energy Ltd. 90,677 96,9995,724 Amcor Ltd. 27,888 32,0991,570 Australia and New Zealand Banking Group Ltd. 33,669 34,3163,142 Australian Stock Exchange Ltd. 78,951 108,3214,606 BHP Billiton Ltd. 119,755 178,3923,736 Billabong International Ltd. 39,514 35,896

707 Commonwealth Bank of Australia 26,506 35,98930,660 Foster’s Group Ltd. 160,761 156,105

7,842 National Australia Bank Ltd. 208,631 188,7123,095 Orica Ltd. 68,456 73,0572,208 QBE Insurance Group Ltd. 48,850 44,6497,886 Westpac Banking Corp. Ltd. 135,260 194,6962,395 WorleyParsons Ltd. 57,482 55,692

Australia (9.85%) 1,096,400 1,234,923

4,954 Belgacom SA 221,682 196,539

Belgium (1.57%) 221,682 196,539

1,623 Fortum OYJ 46,655 43,829706 Kesko OYJ, Series ‘B’ 24,749 27,098

5,600 Orion OYJ, Class ‘B’ 101,452 131,6261,450 Rautaruukki OYJ Group PLC, Series ‘K’ 26,491 28,9441,089 SanomaWSOY OYJ 25,746 23,057

Finland (2.03%) 225,093 254,554

2,134 Bouygues SA 122,225 103,733745 Carrefour SA 33,315 36,393378 Établissements Économiques du Casino

Guichard Perrachon SA 27,256 32,171771 Foncière des Régions 84,729 81,440662 Foncière des Régions, Warrants, 2010/12/31 307 469

8,241 France Télécom SA 246,151 204,223432 Gecina 54,750 47,378302 LVMH Moët Hennessy-Louis Vuitton SA 21,455 34,651578 Neopost SA 58,288 49,625

4,844 PagesJaunes Groupe SA 57,413 57,5061,385 Sanofi-Aventis SA 99,645 107,0761,641 Schneider Electric SA 189,620 185,7184,044 TOTAL SA 239,037 238,709

324 Vallourec SA 39,494 65,413565 Vinci SA 35,746 31,292

5,846 Vivendi SA 184,187 155,818

France (11.42%) 1,493,618 1,431,615

8,133 BASF SE 394,109 482,5831,238 Deutsche Boerse AG 112,218 90,8641,023 K&S AG 64,586 65,7244,364 RWE AG, Class ‘A’ 427,686 391,627

912 Volkswagen AG, Preferred 53,374 78,739

Germany (8.85%) 1,051,973 1,109,537

1,642 OPAP SA 55,619 35,876

Greece (0.29%) 55,619 35,876

3,663 Esprit Holdings Ltd. 26,750 27,5856,300 Hang Seng Bank Ltd. 97,930 97,324

Hong Kong (1.00%) 124,680 124,909

12,166 Enel SPA 82,248 69,92412,563 ENI SPA 348,321 300,353

5,239 UBI Banca — Unione di Banche Italiane SCPA,Warrants, 2011/06/30 818 249

Italy (2.96%) 431,387 370,526

5,700 AEON Credit Service Co. Ltd. 65,525 61,5666 Central Japan Railway Co. 45,998 47,993

5,000 Daicel Chemical Industries Ltd. 31,695 35,2964,000 Daihatsu Motor Co. Ltd. 40,895 40,326

700 East Japan Railway Co. 52,179 50,9371,200 Eisai Co. Ltd. 47,925 49,4202,400 Hikari Tsushin Inc. 55,900 44,3015,400 Honda Motor Co. Ltd. 157,656 197,372

11,000 ITOCHU Corp. 74,207 93,521


($)Current Value

($)

53 Japan Prime Realty Investment Corp. 138,314 123,47564 Japan Retail Fund Investment Corp. 83,965 80,121

1,700 Kansai Electric Power Co. Inc. 60,508 42,5814,500 Konica Minolta Holdings Inc. 46,276 49,0631,500 Kyushu Electric Power Co. Inc. 48,585 35,6441,900 Lawson Inc. 105,672 87,746

15,000 Mazda Motor Corp. 33,104 41,5032,400 Mitsubishi Corp. 37,972 63,2616,600 Mitsubishi UFJ Financial Group Inc. 35,685 35,524

37,800 Mizuho Financial Group Inc. 80,523 77,5033,200 Namco Bandai Holdings Inc. 36,107 31,334

400 Nintendo Co. Ltd. 132,832 115,1246,000 Nippon Oil Corp. 36,332 33,9191,200 Nippon Telegraph & Telephone Corp. 68,601 55,2994,000 Nissan Chemical Industries Ltd. 62,562 56,672

23 Nomura Real Estate Office Fund Inc. 161,481 142,62835 NTT DoCoMo Inc. 67,364 57,118

17,000 Ricoh Co. Ltd. 259,374 248,3021,300 Sankyo Co. Ltd., Gunma 73,824 66,2632,100 Shiseido Co. Ltd. 40,515 49,185

86,000 Sojitz Corp. 191,135 161,09318,000 Sompo Japan Insurance Inc. 128,163 131,584

3,900 Stanley Electric Co. Ltd. 80,905 75,5234,500 Sumitomo Corp. 50,295 51,694

800 Sumitomo Mitsui Financial Group Inc. 26,652 27,15510,000 Taisei Corp. 21,474 21,860

3,300 Takeda Pharmaceutical Co. Ltd. 173,604 157,971900 Toyota Motor Corp. 34,008 35,599

1,700 Yamato Kogyo Co. Ltd. 54,852 56,720

Japan (22.59%) 2,942,664 2,832,196

1,487 Koninklijke DSM NV 65,646 65,7882,112 Koninklijke Philips Electronics NV 48,220 65,4193,030 Unilever NV 83,058 96,491

Netherlands (1.82%) 196,924 227,698

10,408 Auckland International Airport Ltd. 14,025 14,2617,552 Fletcher Building Ltd. 47,808 44,113

20,642 Sky City Entertainment Group Ltd. 47,102 48,676

New Zealand (0.85%) 108,935 107,050

2,400 DNB NOR ASA 27,574 27,569

Norway (0.22%) 27,574 27,569

2,879 Portugal Telecom SGPS SA, Registered 33,699 32,184

Portugal (0.26%) 33,699 32,184

1,000 Jardine Cycle & Carriage Ltd. 19,583 18,23774,000 Singapore Post Ltd. 46,612 58,363

Singapore (0.61%) 66,195 76,600

14,720 Banco de Sabadell SA 110,628 75,40330,160 Banco Santander Central Hispano SA,

Registered 366,389 415,3762,272 Fomento de Construcciones y Contratas SA 97,095 80,6491,215 Gas Natural SDG SA 27,817 23,601

Spain (4.75%) 601,929 595,029

4,600 Atlas Copco AB, Series ‘A’ 42,487 68,980387 Getinge AB, Series ‘B’ 8,904 9,455

1,000 Hennes & Mauritz AB, Series ‘B’ 44,592 64,2782,272 Holmen AB, Series ‘B’ 66,321 59,742

17,901 Nordea Bank AB 183,789 185,0582,137 Svenska Handelsbanken, Series ‘A’ 61,008 61,796

Sweden (3.58%) 407,101 449,309

408 Crédit Suisse Group AG 18,808 19,22517,472 GAM Holding Ltd. 224,997 201,637

2,451 Nestlé SA, Registered, Series ‘B’ 115,907 129,1342,933 Novartis AG, Registered 158,516 172,003

244 Zurich Financial Services AG 61,777 62,292

Switzerland (4.66%) 580,005 584,291

The accompanying notes are an integral part of these financial statements.

S 27 E


($)Current Value

($)

7,587 Aviva PLC 46,539 47,69329,794 BBA Aviation PLC 42,591 80,00228,387 BP PLC 265,492 263,941

8,663 British American Tobacco PLC 280,373 310,8335,087 Diageo PLC 83,643 87,479

17,897 FirstGroup PLC 115,763 102,49017,761 GlaxoSmithKline PLC 385,862 346,51967,269 Hays PLC 94,932 113,00411,005 Home Retail Group 56,747 45,19325,576 HSBC Holdings PLC 300,124 296,08816,321 ICAP PLC 102,096 85,648

8,998 Marks & Spencer Group PLC 48,421 47,81825,722 Premier Farnell PLC 59,768 75,849

186 Reckitt Benckiser Group PLC 10,409 10,3337,984 Royal Dutch Shell PLC, Class ‘B’ 245,690 220,705

146,429 RSA Insurance Group PLC 321,741 305,6286,123 SEGRO PLC 41,642 31,4373,439 Severn Trent PLC 61,252 64,4601,504 Standard Chartered PLC 18,807 37,828

24,049 Standard Life PLC 85,345 75,6171,501 Unilever PLC 44,889 46,578

110,886 Vodafone Group PLC 261,841 252,855

United Kingdom (23.51%) 2,973,967 2,947,998

Total of International Equities (100.82%) 12,639,445 12,638,403

Less: Transaction costs included in average cost (15,207)

Total of Investments (100.82%) 12,624,238 12,638,403

Other Assets, less Liabilities (�0.82%) (102,596)

Total Net Assets (100.00%) 12,535,807



Supplemental Schedule to Statement of Investment Portfolio

Risk ManagementInvestment Objective: Renaissance International Dividend Fund (the Fund ) seeks to achieve long-term capital growth and income generation by investing in a diversifiedportfolio of equity securities of foreign companies located in Europe, the Far East, and the Pacific Rim.

Investment Strategies: The Fund will create an investment universe of companies with sustainable, above-average dividend characteristics, which is built up on aregional industry group basis, and will be diversified, with all-cap exposure, and will typically invest in each of the 24 industry sub-classifications and the majorgeographic regions of Europe, Pacific Basin ex. Japan, and Japan.

The Statement of Investment Portfolio presents the securities held by the Fund as at February 28, 2010 and groups the securities by asset type, industry sector,geographic region, or currency exposure. Significant risks that are relevant to the Fund are discussed below. General information on risk management and specificdiscussion on credit, currency, interest rate, liquidity, and other price/market risk can be found in note 2 of the financial statements.

Summary of Investment Portfolio as at August 31, 2009The following chart presents the investment sectors held by the Fund as at August 31, 2009 and groups the securities by asset type, industry sector, geographic region,or currency exposure:

Sector % of Net Assets

International EquitiesAustralia 8.40Belgium 0.87Bermuda 0.20Finland 1.40France 10.89Germany 5.98Greece 0.94Hong Kong 2.49Italy 3.33Japan 22.35Luxembourg 0.56Netherlands 2.93New Zealand 0.46Portugal 0.43

Sector % of Net Assets

Singapore 0.85Spain 4.44Sweden 3.25Switzerland 4.86United Kingdom 25.20Other Portfolio AssetsOther Assets, less Liabilities 0.17

Total 100.00

Credit RiskAs at February 28, 2010 and August 31, 2009, the Fund had no significant investments in fixed income securities or short-term investments.

Currency RiskThe tables below indicate the currencies to which the Fund had significant exposure as at February 28, 2010 and August 31, 2009, based on the market value of theFund’s financial instruments (including cash and cash equivalents) and the underlying principal amounts of forward foreign currency contracts, as applicable.

February 28, 2010

Holdings Exposed toCurrency Risk

(including derivatives)* ($)Forward Foreign

Currency Contracts ($)Total

Exposure ($)% of

Net Assets

Euro 4,253,580 — 4,253,580 33.93British Pound 2,948,517 — 2,948,517 23.52Japanese Yen 2,832,822 — 2,832,822 22.60

*Amounts include monetary and non-monetary items.

August 31, 2009

Holdings Exposed toCurrency Risk

(including derivatives)* ($)Forward Foreign

Currency Contracts ($)Total

Exposure ($)% of

Net Assets

Euro 4,867,617 — 4,867,617 33.76British Pound 3,346,839 — 3,346,839 23.21Japanese Yen 3,223,784 — 3,223,784 22.36Australian Dollar 1,216,164 — 1,216,164 8.43

*Amounts include monetary and non-monetary items.

As at February 28, 2010, if the Canadian dollar had strengthened or weakened by 1% in relation to all currencies, net assets would have decreased or increased,respectively, by approximately $126,416 as compared to $144,036 as at August 31, 2009. This analysis assumes that all other variables remained unchanged. Inpractice, the actual results may differ from this analysis and the difference could be material.

Interest Rate RiskAs at February 28, 2010 and August 31, 2009, the majority of the Fund’s financial assets and liabilities are non-interest bearing and short-term in nature; accordingly, theFund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

Liquidity RiskThe Fund is exposed to daily cash redemptions of redeemable units. The Fund retains sufficient cash and cash equivalent positions to maintain adequate liquidity.

Other Price/Market RiskThe table below indicates the change in net assets had the value of the Fund’s benchmark(s) increased or decreased by 1%, as at February 28, 2010 and August 31,2009. This change is estimated based on the historical correlation between the return of Class A units of the Fund as compared to the return of the Fund’sbenchmark(s), using 36 monthly data points, as available, based on the monthly net returns of the Fund.

Benchmark February 28, 2010 August 31, 2009Impact on Net Assets ($)

MSCI EAFE Index 135,863 154,868

This analysis assumes that all other variables remained unchanged. The historical correlation may not be representative of the future correlation and, accordingly, theimpact on net assets could be materially different.



Fair Value of Financial InstrumentsThe following is a summary of the inputs used as of February 28, 2010 in valuing the Fund’s financial assets and financial liabilities, carried at fair value:

Classification Level 1 (i) Level 2 (ii) Level 3 (iii) Total

Financial AssetsEquities $— $12,638,403 $— $12,638,403

Total Financial Assets $— $12,638,403 $— $12,638,403

(i) Quoted prices in active markets for identical assets(ii) Significant other observable inputs(iii) Significant unobservable inputs

Transfers of assets between Level 1 and Level 2Financial assets and liabilities transferred from Level 1 to Level 2 are the result of the securities no longer being traded in an active market. The value of the financialassets and liabilities transferred from Level 1 to Level 2 is $94,613 for the current period. Financial assets and liabilities transferred from Level 2 to Level 1 are theresult of the securities now being traded in an active market. There were no transfers of financial assets and liabilities from Level 2 to Level 1 in the current period.

Reconciliation of financial asset and liability movement — Level 3The Fund did not hold any Level 3 investments at the beginning of, during, or at the end of the period.



Statements of Net Assets (unaudited)(in 000s, except per unit amounts)As at February 28, 2010 and August 31, 2009 (note 1)

2010 2009

AssetsInvestments at current value (notes 2 and 3) $ 12,638 $ 14,393Cash including foreign currency holdings, at current value — 5Accrued interest and dividends receivable 35 56Receivable for units issued 5 3

Total Assets 12,678 14,457

LiabilitiesBank overdraft 53 —Payable for units redeemed 67 13Management fees payable 20 25Other accrued expenses 2 2

Total Liabilities 142 40

Total Net Assets $ 12,536 $ 14,417

Net Assets per ClassClass A $ 12,536 $ 14,417

Net Assets per Unit (notes 4 and 12)Class A $ 8.61 $ 8.94

Statements of Changes in Net Assets (unaudited)(in 000s)For the periods ended February 28, 2010 and 2009 (note 1)

Class A Units 2010 2009

Increase (Decrease) in Net Assets from Operations $ (482) $ (7,237)

Changes Due to Unitholder TransactionsAmount received from the issuance of units 248 231Amount paid on redemptions of units (1,647) (1,332)

(1,399) (1,101)

Increase (Decrease) in Net Assets for the Period (1,881) (8,338)Net Assets at Beginning of Period 14,417 19,947

Net Assets at End of Period $ 12,536 $ 11,609

Statements of Operations (unaudited)(in 000s, except per unit amounts)For the periods ended February 28, 2010 and 2009 (note 1)

2010 2009

IncomeInterest revenue $ — $ 94Dividend revenue 163 70Income (loss) from futures contracts — (6,787)Securities lending revenue 3 1

166 (6,622)

Expenses (notes 5 and 8)Management fees 144 151Audit fees 10 7Custodial fees 31 26Regulatory fees 9 7Unitholder reporting costs 56 60Other expenses 4 6

254 257

Expenses waived/absorbed by the Manager (99) (94)

155 163

Net Investment Income (Loss) 11 (6,785)

Realized and Unrealized Gain (Loss) on InvestmentsNet realized gain (loss) on sale of investments1 1,258 935Net realized gain (loss) on foreign currency (notes 2d and e) (7) (364)Transaction costs (15) (40)Increase (decrease) in unrealized appreciation (depreciation) of

investments (1,729) (983)

Net Gain (Loss) on Investments (493) (452)

Increase (Decrease) in Net Assets from Operations $ (482) $ (7,237)

Increase (Decrease) in Net Assets from Operations per ClassClass A $ (482) $ (7,237)

Increase (Decrease) in Net Assets from Operations per UnitClass A $ (0.31) $ (4.07)

1 Net Realized Gain (Loss) on Sale of Investments(excluding short-term investments) (in 000s)

2010 2009

Cost of Investments Held at Beginning of Period $ 12,650 $ —Purchases 9,743 28,489

22,393 28,489Cost of Investments Held at End of Period 12,624 12,910

Cost of Investments Sold or Matured 9,769 15,579Proceeds from sales or maturities 11,027 16,514

Net Realized Gain (Loss) on Sale of Investments $ 1,258 $ 935



Notes to Financial Statements

February 28, 2010 and 2009 and August 31, 2009 (unaudited)

1. Renaissance Investments family of funds — Organization of the Funds and Financial Reporting PeriodsEach of the funds in the Renaissance Investments family of funds (individually, a “Fund”, and collectively, the “Funds”) is a mutual fund trust organized under the laws of Ontario and governed bya declaration of trust (“Declaration of Trust”).

The Funds are managed by CIBC Asset Management Inc. (the “Manager”). The Manager is also the trustee, registrar, and transfer agent of the Funds.Each Fund may issue an unlimited number of classes of units and unlimited number of units of each class. Class A, Class F, and Class O units of each of the Funds are available for sale (except

Renaissance Canadian T-Bill Fund and Renaissance U.S. Money Market Fund, which offer only Class A and Class O units; Renaissance Money Market Fund, which offers only Class A, Class O,and Premium Class units; Renaissance Corporate Bond Capital Yield Fund, which offers Class A, Class F, Premium Class, and Class O units; Renaissance Optimal Income Portfolio, which offersClass A, Class T6, Class T8, Select Class, Select-T6 Class, Select-T8 Class, Elite Class, Elite-T6 Class, Elite-T8 Class, Class F, and Class O units; Renaissance Optimal Global Equity Portfolio, whichoffers Class A, Class T4, Class T6, Class T8, Select Class, Select-T4 Class, Select-T6 Class, Select-T8 Class, Elite Class, Elite-T4 Class, Elite-T6 Class, Elite-T8 Class, Class F, and Class O units; andRenaissance Corporate Bond Fund, which offers only Class O units). Each class may charge a different management fee and operating expenses can either be common or class-specific.Class-specific expenses are allocated on a class-by-class basis. As a result, a separate net asset value per unit is calculated for each class of units.

Class A units are available to all investors on a load basis. Investors may pay a sales commission when purchasing Class A units of the Funds and may be charged a redemption fee if theyredeem their Class A units. They may have to pay a short-term trading fee, if applicable.

Class T6, Class T8, Select-T4 Class, Select-T6 Class, Select-T8 Class, Elite-T4 Class, Elite-T6 Class, and Elite-T8 Class units have the same characteristics as Class A units, except that they eachintend to pay a unique fixed distribution amount per unit, which also results in a separate net asset value per unit.

Select Class, Select-T4 Class, Select-T6 Class, and Select-T8 Class units are available to all investors on a load basis. Investors may pay a sales commission when purchasing Select Class,Select-T4 Class, Select-T6 Class, and Select-T8 Class units of the Funds and may be charged a redemption fee if they redeem their Select Class, Select-T4 Class, Select-T6 Class, and Select-T8Class units. They may have to pay a short-term trading fee, if applicable. Select Class, Select-T4 Class, Select-T6 Class, and Select-T8 Class units have a lower management expense ratio thanClass A, Class T4, Class T6, and Class T8 units. Select Class, Select-T4 Class, Select-T6 Class, and Select-T8 Class units have a minimum investment of $250,000.

Elite Class, Elite-T4 Class, Elite-T6 Class, and Elite-T8 Class units are available to all investors on a load basis. Investors may pay a sales commission when purchasing Elite Class, Elite-T4 Class,Elite-T6 Class, and Elite-T8 Class units of the Funds and may be charged a redemption fee if they redeem their Elite Class, Elite-T4 Class, Elite-T6 Class, and Elite-T8 Class units. They may have topay a short-term trading fee, if applicable. Elite Class, Elite-T4 Class, Elite-T6 Class, and Elite-T8 Class units have a lower management expense ratio than Class A, Class T4, Class T6, Class T8,Select Class, Select-T4 Class, Select-T6 Class, and Select-T8 Class units. Elite Class, Elite-T4 Class, Elite-T6 Class, and Elite-T8 Class units have a minimum investment of $500,000. Investors mayhave to pay a short-term trading fee, if applicable.

Class F units are available to investors participating in programs that do not require the payment of sales charges by investors and do not require the payment of service or trailing commissionsto dealers. For these investors, the Manager “unbundles” the typical distribution costs and charges a lower management fee. Potential investors include clients of “fee-for-service” investmentadvisors, dealer-sponsored “wrap accounts”, and others who pay an annual fee to their dealer instead of transactional sales charges and where the dealer does not receive service fees or trailingcommissions from the Manager.

Premium Class units are available to investors with a minimum initial investment of $25,000 on a load basis for Renaissance Money Market Fund and a minimum initial investment of $100,000on a load basis for Renaissance Corporate Bond Capital Yield Fund. Investors pay a sales commission when purchasing Premium Class units of the Funds and may be charged a redemption fee ifthey redeem their Premium Class units.

Class O units are only available to selected investors who have been approved by and have entered into a Class O account agreement with the Manager. These investors are typically financialservices companies, including the Manager, that use Class O units of the Funds to facilitate offering other products to investors. No management fees or operating expenses are charged to theFunds in respect of Class O units; instead, a negotiated management fee is charged by the Manager directly to or as directed by, Class O unitholders.

The Statement of Investment Portfolio of each Fund is as at February 28, 2010. The Statements of Net Assets are as at February 28, 2010 and August 31, 2009 and the Statements ofOperations and Statements of Changes in Net Assets are for the six-month periods ended February 28, 2010 and 2009, except for Funds or classes established during either period, in which casethe information presented is from the Date Established or the Inception Date to February 28, 2010 or February 28, 2009.

“Date Established” is the date on which a Fund was established by Declaration of Trust. “Inception Date” is the date upon which a class of units of a Fund were first sold to the public.

Fund Date Established Class A Units Class T4 Units Class T6 Units Class T8 Units Select Class Units

Inception Date

Renaissance Money Market Fund February 10, 1986 January 2, 1987 n/a n/a n/a n/aRenaissance Canadian T-Bill Fund August 21, 1987 August 21, 1987 n/a n/a n/a n/aRenaissance U.S. Money Market Fund (U.S.$) March 30, 1987 March 30, 1987 n/a n/a n/a n/aRenaissance Short-Term Income Fund April 24, 1974 October 1, 1974 n/a n/a n/a n/aRenaissance Canadian Bond Fund June 21, 1972 January 1, 1973 n/a n/a n/a n/aRenaissance Real Return Bond Fund November 8, 2002 June 2, 2003 n/a n/a n/a n/aRenaissance Corporate Bond Fund October 7, 2009 n/a n/a n/a n/a n/aRenaissance Corporate Bond Capital Yield Fund October 7, 2009 November 18, 2009 n/a n/a n/a n/aRenaissance High-Yield Bond Fund September 23, 1994 September 23, 1994 n/a n/a n/a n/aRenaissance Global Bond Fund October 6, 1992 October 21, 1992 n/a n/a n/a n/aRenaissance Canadian Balanced Fund December 10, 1984 December 10, 1984 n/a n/a n/a n/aRenaissance Canadian Balanced Value Fund January 19, 1999 March 10, 1999 n/a n/a n/a n/aRenaissance Canadian Asset Allocation Fund February 10, 1986 February 10, 1986 n/a n/a n/a n/aRenaissance Optimal Income Portfolio August 20, 2007 November 13, 2007 n/a November 15, 2007 November 15, 2007 January 5, 2010Renaissance Canadian Dividend Income Fund November 8, 2002 November 8, 2002 n/a n/a n/a n/aRenaissance Canadian Monthly Income Fund October 30, 1997 October 30, 1997 n/a n/a n/a n/aRenaissance Diversified Income Fund November 8, 2002 February 4, 2003 n/a n/a n/a n/aRenaissance Dividend Fund August 25, 1995 September 12, 1995 n/a n/a n/a n/aRenaissance Millennium High Income Fund January 6, 1997 February 13, 1997 n/a n/a n/a n/aRenaissance Canadian Core Value Fund September 23, 1994 September 23, 1994 n/a n/a n/a n/aRenaissance Canadian Growth Fund October 30, 1985 October 30, 1985 n/a n/a n/a n/aRenaissance Canadian Small-Cap Fund October 22, 1996 October 25, 1996 n/a n/a n/a n/aRenaissance Millennium Next Generation Fund August 13, 1993 January 19, 1999 n/a n/a n/a n/aRenaissance U.S. Equity Value Fund November 24, 1998 December 17, 1998 n/a n/a n/a n/aRenaissance U.S. Equity Growth Fund October 30, 1985 October 30, 1985 n/a n/a n/a n/aRenaissance U.S. Equity Fund October 22, 1996 October 25, 1996 n/a n/a n/a n/aRenaissance International Dividend Fund October 22, 1996 October 25, 1996 n/a n/a n/a n/aRenaissance International Equity Fund November 6, 2000 January 2, 2001 n/a n/a n/a n/aRenaissance Global Markets Fund October 6, 1992 January 11, 1993 n/a n/a n/a n/aRenaissance Optimal Global Equity Portfolio February 4, 2000 February 16, 2000 January 8, 2010 n/a n/a n/aRenaissance Global Value Fund January 21, 1998 May 1, 1998 n/a n/a n/a n/aRenaissance Global Growth Fund November 24, 1998 December 17, 1998 n/a n/a n/a n/aRenaissance Global Focus Fund September 3, 1999 September 6, 1999 n/a n/a n/a n/aRenaissance Global Small-Cap Fund January 21, 1998 February 2, 1998 n/a n/a n/a n/aRenaissance European Fund November 24, 1993 November 24, 1993 n/a n/a n/a n/aRenaissance Asian Fund October 6, 1989 January 2, 1990 n/a n/a n/a n/aRenaissance China Plus Fund January 21, 1998 February 2, 1998 n/a n/a n/a n/aRenaissance Emerging Markets Fund October 22, 1996 October 25, 1996 n/a n/a n/a n/aRenaissance Global Infrastructure Fund August 15, 2007 November 13, 2007 n/a n/a n/a n/aRenaissance Global Health Care Fund October 2, 1996 November 2, 1996 n/a n/a n/a n/aRenaissance Global Resource Fund July 30, 2002 August 2, 2002 n/a n/a n/a n/aRenaissance Global Science & Technology Fund October 2, 1996 October 28, 1996 n/a n/a n/a n/a

Fund Date Established Select-T4 Class Units Select-T6 Class Units Select-T8 Class Units Elite Class Units Elite-T4 Class Units

Inception Date

Renaissance Money Market Fund February 10, 1986 n/a n/a n/a n/a n/aRenaissance Canadian T-Bill Fund August 21, 1987 n/a n/a n/a n/a n/aRenaissance U.S. Money Market Fund (U.S.$) March 30, 1987 n/a n/a n/a n/a n/aRenaissance Short-Term Income Fund April 24, 1974 n/a n/a n/a n/a n/aRenaissance Canadian Bond Fund June 21, 1972 n/a n/a n/a n/a n/aRenaissance Real Return Bond Fund November 8, 2002 n/a n/a n/a n/a n/aRenaissance Corporate Bond Fund October 7, 2009 n/a n/a n/a n/a n/aRenaissance Corporate Bond Capital Yield Fund October 7, 2009 n/a n/a n/a n/a n/aRenaissance High-Yield Bond Fund September 23, 1994 n/a n/a n/a n/a n/aRenaissance Global Bond Fund October 6, 1992 n/a n/a n/a n/a n/aRenaissance Canadian Balanced Fund December 10, 1984 n/a n/a n/a n/a n/aRenaissance Canadian Balanced Value Fund January 19, 1999 n/a n/a n/a n/a n/aRenaissance Canadian Asset Allocation Fund February 10, 1986 n/a n/a n/a n/a n/aRenaissance Optimal Income Portfolio August 20, 2007 n/a January 26, 2010 n/a January 5, 2010 n/aRenaissance Canadian Dividend Income Fund November 8, 2002 n/a n/a n/a n/a n/aRenaissance Canadian Monthly Income Fund October 30, 1997 n/a n/a n/a n/a n/aRenaissance Diversified Income Fund November 8, 2002 n/a n/a n/a n/a n/aRenaissance Dividend Fund August 25, 1995 n/a n/a n/a n/a n/aRenaissance Millennium High Income Fund January 6, 1997 n/a n/a n/a n/a n/aRenaissance Canadian Core Value Fund September 23, 1994 n/a n/a n/a n/a n/aRenaissance Canadian Growth Fund October 30, 1985 n/a n/a n/a n/a n/aRenaissance Canadian Small-Cap Fund October 22, 1996 n/a n/a n/a n/a n/aRenaissance Millennium Next Generation Fund August 13, 1993 n/a n/a n/a n/a n/aRenaissance U.S. Equity Value Fund November 24, 1998 n/a n/a n/a n/a n/aRenaissance U.S. Equity Growth Fund October 30, 1985 n/a n/a n/a n/a n/aRenaissance U.S. Equity Fund October 22, 1996 n/a n/a n/a n/a n/aRenaissance International Dividend Fund October 22, 1996 n/a n/a n/a n/a n/aRenaissance International Equity Fund November 6, 2000 n/a n/a n/a n/a n/aRenaissance Global Markets Fund October 6, 1992 n/a n/a n/a n/a n/aRenaissance Optimal Global Equity Portfolio February 4, 2000 n/a n/a n/a n/a n/aRenaissance Global Value Fund January 21, 1998 n/a n/a n/a n/a n/aRenaissance Global Growth Fund November 24, 1998 n/a n/a n/a n/a n/aRenaissance Global Focus Fund September 3, 1999 n/a n/a n/a n/a n/aRenaissance Global Small-Cap Fund January 21, 1998 n/a n/a n/a n/a n/aRenaissance European Fund November 24, 1993 n/a n/a n/a n/a n/aRenaissance Asian Fund October 6, 1989 n/a n/a n/a n/a n/aRenaissance China Plus Fund January 21, 1998 n/a n/a n/a n/a n/aRenaissance Emerging Markets Fund October 22, 1996 n/a n/a n/a n/a n/aRenaissance Global Infrastructure Fund August 15, 2007 n/a n/a n/a n/a n/aRenaissance Global Health Care Fund October 2, 1996 n/a n/a n/a n/a n/aRenaissance Global Resource Fund July 30, 2002 n/a n/a n/a n/a n/aRenaissance Global Science & Technology Fund October 2, 1996 n/a n/a n/a n/a n/a

Fund Date Established Elite-T6 Class Units Elite-T8 Class Units Class F Units Premium Class Units Class O Units

Inception Date

Renaissance Money Market Fund February 10, 1986 n/a n/a n/a August 21, 2006 n/aRenaissance Canadian T-Bill Fund August 21, 1987 n/a n/a n/a n/a n/aRenaissance U.S. Money Market Fund (U.S.$) March 30, 1987 n/a n/a n/a n/a May 1, 2009Renaissance Short-Term Income Fund April 24, 1974 n/a n/a February 21, 2002 n/a June 1, 2001Renaissance Canadian Bond Fund June 21, 1972 n/a n/a August 10, 2004 n/a July 14, 2005Renaissance Real Return Bond Fund November 8, 2002 n/a n/a September 27, 2005 n/a March 15, 2005Renaissance Corporate Bond Fund October 7, 2009 n/a n/a n/a n/a November 18, 2009Renaissance Corporate Bond Capital Yield Fund October 7, 2009 n/a n/a November 18, 2009 November 18, 2009 December 1, 2009Renaissance High-Yield Bond Fund September 23, 1994 n/a n/a October 11, 2005 n/a November 14, 2007Renaissance Global Bond Fund October 6, 1992 n/a n/a August 22, 2007 n/a July 13, 2005Renaissance Canadian Balanced Fund December 10, 1984 n/a n/a November 23, 2005 n/a November 17, 2003Renaissance Canadian Balanced Value Fund January 19, 1999 n/a n/a October 7, 2005 n/a March 15, 2005Renaissance Canadian Asset Allocation Fund February 10, 1986 n/a n/a September 28, 2001 n/a June 1, 2001Renaissance Optimal Income Portfolio August 20, 2007 February 23, 2010 n/a December 4, 2007 n/a n/aRenaissance Canadian Dividend Income Fund November 8, 2002 n/a n/a October 19, 2005 n/a August 11, 2005Renaissance Canadian Monthly Income Fund October 30, 1997 n/a n/a June 13, 2007 n/a n/aRenaissance Diversified Income Fund November 8, 2002 n/a n/a October 14, 2005 n/a July 12, 2005Renaissance Dividend Fund August 25, 1995 n/a n/a December 18, 2001 n/a n/aRenaissance Millennium High Income Fund January 6, 1997 n/a n/a September 6, 2001 n/a April 18, 2002Renaissance Canadian Core Value Fund September 23, 1994 n/a n/a September 26, 2005 n/a November 17, 2003Renaissance Canadian Growth Fund October 30, 1985 n/a n/a November 24, 2005 n/a July 12, 2005Renaissance Canadian Small-Cap Fund October 22, 1996 n/a n/a November 3, 2005 n/a July 12, 2005Renaissance Millennium Next Generation Fund August 13, 1993 n/a n/a February 14, 2001 n/a n/aRenaissance U.S. Equity Value Fund November 24, 1998 n/a n/a November 3, 2005 n/a November 17, 2003Renaissance U.S. Equity Growth Fund October 30, 1985 n/a n/a August 20, 2008 n/a July 12, 2005Renaissance U.S. Equity Fund October 22, 1996 n/a n/a November 23, 2005 n/a n/aRenaissance International Dividend Fund October 22, 1996 n/a n/a September 28, 2005 n/a n/aRenaissance International Equity Fund November 6, 2000 n/a n/a May 16, 2006 n/a n/aRenaissance Global Markets Fund October 6, 1992 n/a n/a October 19, 2001 n/a November 24, 2006Renaissance Optimal Global Equity Portfolio February 4, 2000 n/a n/a May 9, 2001 n/a April 18, 2002Renaissance Global Value Fund January 21, 1998 n/a n/a February 22, 2002 n/a January 2, 2001Renaissance Global Growth Fund November 24, 1998 n/a n/a September 26, 2005 n/a May 31, 2006Renaissance Global Focus Fund September 3, 1999 n/a n/a April 5, 2007 n/a May 31, 2006Renaissance Global Small-Cap Fund January 21, 1998 n/a n/a January 31, 2001 n/a January 2, 2001Renaissance European Fund November 24, 1993 n/a n/a August 17, 2007 n/a n/aRenaissance Asian Fund October 6, 1989 n/a n/a May 17, 2002 n/a n/aRenaissance China Plus Fund January 21, 1998 n/a n/a May 10, 2001 n/a January 2, 2001


Fund Date Established Elite-T6 Class Units Elite-T8 Class Units Class F Units Premium Class Units Class O Units

Inception Date

Renaissance Emerging Markets Fund October 22, 1996 n/a n/a May 25, 2007 n/a n/aRenaissance Global Infrastructure Fund August 15, 2007 n/a n/a November 19, 2007 n/a November 19, 2007Renaissance Global Health Care Fund October 2, 1996 n/a n/a December 12, 2000 n/a January 2, 2001Renaissance Global Resource Fund July 30, 2002 n/a n/a November 27, 2003 n/a January 11, 2007Renaissance Global Science & Technology Fund October 2, 1996 n/a n/a December 14, 2000 n/a January 2, 2001

2. Summary of Significant Accounting PoliciesThese financial statements, prepared in accordance with Canadian generally accepted accounting principles (“GAAP”), include estimates and assumptions made by management that affect thereported amounts of assets, liabilities, income, and expenses during the reporting periods. Actual results may differ from such estimates.

Adoption of New Accounting Standards or Amendment to Existing Standards

Amendments to CICA Handbook Section 3862, Financial Instruments — DisclosuresThe Canadian Institute of Chartered Accountants (“CICA”) issued CICA Handbook Section 3862, Financial Instruments — Disclosures (“CICA 3862”) and CICA Handbook Section 3863, FinancialInstruments — Presentation (“CICA 3863”), effective for interim and annual financial statements relating to fiscal years beginning on or after October 1, 2007. These standards providecomprehensive disclosure and presentation requirements for financial instruments, and introduce new requirements for specific qualitative and quantitative disclosure about risks. This includes therequirement to quantify exposures for certain risks and provide sensitivity analysis for some risks. The main objective of this new standard is to enable investors to evaluate the significance offinancial instruments, the nature and extent of risks involved, and how these risks are managed. These CICA 3862 requirements were adopted since the prior fiscal year.

During 2009, the Accounting Standards Board issued amendments to CICA 3862 that are effective for annual financial statements relating to fiscal years ending after September 30, 2009. Theseamendments are designed to enhance the existing disclosure around fair value and liquidity risk. This is accomplished by classifying the Funds’ financial assets and financial liabilities into levelsbased on the input used to value the Funds’ investments:

Level 1 — for unadjusted quoted prices in active markets for identical assets or liabilities;Level 2 — for inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); andLevel 3 — for inputs that are based on unobservable market data.

As part of the disclosure requirements, significant transfers between Level 1 and Level 2 investments are disclosed in the Supplemental Schedule to Statement of Investment Portfolio, RiskManagement section.

The adoption of these amendments did not have an impact on net assets, increase (decrease) in net assets from operations, or increase (decrease) in net assets from operations per unit of theFunds. Please refer to each Fund’s Supplemental Schedule to Statement of Investment Portfolio, Risk Management, for further details on Fair Value of Financial Instruments.

a) Risk ManagementThe Funds’ overall risk management approach includes formal guidelines that govern the extent of exposure to various types of risk, including diversification within asset classes and limits on theexposure to individual investments and counterparties. In addition, derivative financial instruments may be used to manage certain risk exposures. The Manager also has various internal controls tooversee the Funds’ investment activities, including monitoring compliance with the investment objectives and strategies, internal guidelines, and securities regulations. Please refer to each Fund’sSupplemental Schedule to Statement of Investment Portfolio for specific risk disclosures.

Fair value of financial instruments by using valuation techniquesThe process of valuing investments for which no quoted market exists is inevitably based on inherent uncertainties and the resulting values may differ from values that would have been used hadan active market existed for these investments. The valuation of such securities can be based on various valuation techniques that could include mathematical models, comparable valuationmodels, fundamental valuation models, or other techniques that would reflect the specific business situation or market the security operates within. The models would use observable market dataas inputs where possible. However, in some instances, certain investments are fair valued based on assumptions that may not be supported by observable inputs. Securities without observablemarket value inputs in their valuation require judgment in establishing their fair value. Changes in any of these assumptions could affect the reported fair value of financial assets or financialliabilities. For Funds that hold Level 3 investments, a reconciliation from the beginning balances to ending balances is included in the Supplemental Schedule to Statement of Investment Portfolio,Risk Management section. In addition, the impact of using reasonable alternative assumptions for valuing Level 3 investments is disclosed.

Credit riskCredit risk is the risk that a counterparty to a financial instrument, such as a fixed income security or a derivative contract, will fail to discharge an obligation or commitment that it has entered intowith the Funds. The value of fixed income securities and derivatives as presented on the Statement of Investment Portfolio includes consideration of the creditworthiness of the issuer and,accordingly, represents the maximum credit risk exposure of the Funds. Certain Funds may invest in short-term fixed income securities issued or guaranteed primarily by the Government ofCanada or any Canadian provincial government, obligations of chartered Canadian banks or trust companies, and commercial paper with approved credit ratings. The risk of default on these short-term fixed income securities is considered low and these securities primarily have credit ratings of ’A-1 (Low)’ or higher (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies,Inc., or equivalent rating from another rating service).

Currency riskCurrency risk is the risk that the value of an investment will fluctuate due to changes in foreign exchange rates. This is because mutual funds may invest in securities denominated or traded incurrencies other than the Fund’s reporting currency.

Interest rate riskPrices of fixed income securities generally increase when interest rates decline and decrease when interest rates rise. This risk is known as interest rate risk. Prices of longer-term fixed income securitieswill generally fluctuate more in response to interest rate changes than would shorter-term securities. Due to the nature of short-term fixed income securities with a remaining term-to-maturity of lessthan one year, these investments are not generally exposed to a significant risk that their value will fluctuate in response to changes in the prevailing levels of market interest rates.

Liquidity riskThe Funds are exposed to daily cash redemptions of redeemable units. The Funds retain sufficient cash and cash equivalent positions to maintain adequate liquidity. In accordance with securitiesregulations, Funds are restricted from purchasing additional illiquid assets if, immediately after the purchase, more than 10% of their assets, based on market value at time of purchase, wouldconsist of illiquid assets.

Other price/market risk

Other price/market risk is the risk that the value of investments will fluctuate as a result of changes in market conditions. Several factors can influence market trends, such as economicdevelopments, changes in interest rates, political changes, and catastrophic events. All investments are exposed to other price/market risk.

b) Investment Transactions, Income Recognition, and Recognition of Realized and Unrealized Gains and Lossesi) Each transaction of purchase or sale of a portfolio asset by a Fund is reflected in the net assets no later than the first computation of net assets made after the date on which the

transaction becomes binding upon the Fund.ii) Interest income is recorded on the accrual basis.iii) Dividend income is recorded on the ex-dividend date.iv) Securities that are exchange-traded are recorded at current value, established by the closing bid price.v) Realized gains and losses on investments and unrealized appreciation or depreciation of investments are calculated using the average cost, excluding transaction cost, of the related

investments.vi) Other income is the sum of income, excluding transaction costs, other than that which is separately classified on the Statements of Operations.

c) Portfolio SecuritiesThe cost of securities of the Fund is determined in the following manner. Securities are purchased and sold at a market-traded price to arrive at a value for the position traded. The total purchasedvalue represents the total cost of the security to the Fund. When additional units of the same security are purchased, the cost of those additional units is added to the total security cost. Whenunits of the same security are sold, the proportionate cost of the units of the security sold is deducted from the total security cost. If there is a return of capital paid by a security, the amount ofthis return of capital is deducted from the total security cost. This method of tracking security cost is known as “average cost” and the current total for any one security is referred to as the“adjusted cost base” or “ACB” of the security. Transaction costs incurred in portfolio transactions are excluded from the average cost of investments and are recognized immediately in net incomeand are presented as a separate expense item in the financial statements.


The difference between the current value of securities and their average cost, excluding transaction costs, represents the unrealized appreciation (depreciation) in value of the portfolioinvestments. The applicable period change in unrealized appreciation (depreciation) of investments is included on the Statements of Operations.

Short-term investments on the Statement of Investment Portfolio are presented at their current value. Accrued interest for bonds is disclosed separately on the Statements of Net Assets.

d) Foreign ExchangeThe value of investments and other assets and liabilities denominated in foreign currencies is translated into Canadian dollars (except for Renaissance U.S. Money Market Fund, which is valued inU.S. dollars) at the current rates prevailing on each valuation date.

Purchases and sales of investments, income, and expenses are translated into Canadian dollars (with the exception of Renaissance U.S. Money Market Fund, which is valued in U.S. dollars) atthe foreign exchange rates prevailing on the dates of such transactions. Foreign currency translation gains (losses) on investments and income transactions are included in Net realized gain (loss)on foreign currency and in Income, respectively, on the Statements of Operations.

e) Forward Foreign Currency ContractsThe Funds may enter into forward foreign currency contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by theCanadian securities regulatory authorities.

Changes in the value of forward foreign currency contracts are recorded as Unrealized gain (loss) on forward foreign currency contracts on the Statements of Net Assets, and are recorded asIncrease (decrease) in unrealized appreciation (depreciation) of investments during the applicable period on the Statements of Operations.

The gain or loss arising from the difference between the value of the original forward foreign currency contract and the contract at close or delivery is realized and recorded as Net realized gain(loss) on foreign currency for Funds that use the forward foreign currency contracts for hedging, or as Income (loss) from forward foreign currency contracts for Funds that do not use the forwardforeign currency contracts for hedging.

f) Forward Agreement — Renaissance Corporate Bond Capital Yield FundThe Renaissance Corporate Bond Capital Yield Fund (the Fund within note 2(f)) has entered into a forward agreement in order to earn the economic return of the Renaissance Corporate Bond Fundwhich is consistent with the Fund’s investment objective. The Fund has entered into the forward agreement with a Canadian bank with an Approved Credit Rating. The forward agreement resultsin the Fund having credit exposure to the counterparty.

The Fund has pledged its portfolio of equity securities, which underlies the Forward Agreement, to the counterparty, as security for the Fund’s obligation under the forward agreement.In order to permit the Fund to satisfy any requirements to pay expenses, fees, distributions, or redemptions, the terms of the forward agreement allows for partial settlement of the forward

agreement prior to its maturity of the forward agreement.The amount to be received (or paid) on the forward agreement is recognized as an unrealized gain (loss) on forward agreement on the Statements of Net Assets over the life of the agreements.

Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statements of Net Assets. A realized gain or loss is recorded upon early or partial termination andmaturity of the forward agreement and is recorded as Net realized gain (loss) on forward agreement. Changes in the amount to be received (or paid) on the forward agreement are recorded as anincrease (decrease) in unrealized appreciation (depreciation) of forward agreement on the Statements of Operations.

g) Futures ContractsThe margin deposits with brokers relating to futures contracts are included in Margin on the Statements of Net Assets. Any change in the margin requirement is settled daily, and is included inReceivable for portfolio securities sold or Payable for portfolio securities purchased on the Statements of Net Assets.

Any difference between the settlement value at the close of business on each valuation date and the settlement value at the close of business on the previous valuation date is recorded asIncome (loss) from futures contracts on the Statements of Operations.

h) Bond Forward ContractsChanges in the value of bond forward contracts are recorded as Unrealized gain (loss) on bond forward contracts on the Statements of Net Assets, and are recorded as Increase (decrease) inunrealized appreciation (depreciation) of investments during the applicable period on the Statements of Operations.

i) Securities Lending

The Funds may lend portfolio securities in order to earn additional revenue, which is disclosed on the Statements of Operations. The loaned assets of any one Fund are not permitted to exceed50% of the current value of the assets of that Fund (excluding collateral debt for the loaned securities). The minimum allowable collateral is 102% of the current value of the loaned securities asper the requirements of National Instrument 81-102 Mutual Funds. Collateral can consist of the following:

i) Cash.ii) An evidence of indebtedness that is issued or fully and unconditionally guaranteed as to the principal and interest by: a) the government of Canada, or a province or territory of Canada; b)

the government of the United States of America or the government of one of the states of the United States of America; c) the government of another sovereign state, or a permittedsupranational agency, if, in each case, the evidence of indebtedness has an approved credit rating; or d) a Canadian financial institution or a financial institution that is not incorporated ororganized under the laws of Canada or of a province or territory of Canada, if, in either case, evidences of indebtedness of that issuer or guarantor that are rated as short-term debt by anapproved credit rating organization have an approved credit rating.

iii) Irrevocable letters of credit issued by a Canadian financial institution, if evidences of indebtedness of the Canadian financial institution that are rated as short-term debt by an approvedcredit rating organization have an approved credit rating.

iv) Securities that are immediately convertible into securities of the same issuer, class, or type, and the same term, as the securities loaned.v) Commercial paper with a term to maturity of 365 days or less with an approved credit rating and that was issued by a company other than a government or permitted supranational agency.

The market value of the loaned securities is determined on the close of any valuation date and any additional required collateral is delivered to the Funds on the next business day. The securitieson loan continue to be included on the Statement of Investment Portfolio and are included in the total value on the Statements of Net Assets in Investments at current value.

j) Multi-Class Structured FundsEach Fund may issue an unlimited number of classes of units. The realized and unrealized capital gains or losses, income, and common expenses (other than class-specific operating expenses andmanagement fees) of the Fund are allocated on each valuation date to the unitholders in proportion to the respective prior day’s net asset value, which includes unitholder trade(s) dated for thatday, of each class at the date of which the allocation is made. All class-specific operating expenses and management fees do not require allocation. All class-specific operating expenses are paid bythe Manager and are collected from the Funds on a recoverable basis.

k) Other Assets and LiabilitiesOther assets and liabilities are recorded at cost, which approximates their current value.

l) Legend for AbbreviationsThe following is a list of abbreviations (foreign currency translation and others) that may be used on the Statements of Investment Portfolio:

Currency AbbreviationsAUD – Australian DollarBRL – Brazilian RealCAD – Canadian DollarCHF – Swiss FrancCNY – Chinese RenminbiCZK – Czech KorunaDKK – Danish KroneEUR – EuroGBP – British PoundHKD – Hong Kong DollarHUF – Hungarian ForintIDR – Indonesian RupiahINR – Indian RupeeJPY – Japanese Yen

KRW – South Korean WonMXN – Mexican PesoMYR – Malaysian RinggitNOK – Norwegian KroneNZD – New Zealand DollarPHP – Philippine PesoPLN – Polish ZlotySEK – Swedish KronaSGD – Singapore DollarTHB – Thai BahtTRY – New Turkish LiraTWD – Taiwan DollarUSD – United States DollarZAR – South African Rand


Other Abbreviations

ADR – American Depository ReceiptADC – Austrian Depository ReceiptCVO – Contingent Value ObligationsETF – Exchange Traded FundFDR – Finnish Depository ReceiptGDR – Global Depository ReceiptiShares – Index SharesIPN – International Participation Note

LEPOs – Low Exercise Price OptionsMSCI – Morgan Stanley Capital InternationalNVDR – Non-Voting Depository ReceiptOPaLS – Optimized Portfolios as Listed SecuritiesPERLES – Performance Linked to Equity SecuritiesSDR – Swedish Depository ReceiptiUnits – Index Units

m) International Financial Reporting StandardsAt February 28, 2010, the Manager has developed a changeover plan to meet the timetable published by the CICA for changeover to International Financial Reporting Standards (“IFRS”). The keyelements of the plan include continuing the diagnostic assessment that began in 2008, solutions development throughout 2009 and 2010, implementation by the end of 2011, and the preparationof the 2012 financial statements in accordance with IFRS.

The potential qualitative impact of the changeover to IFRS is currently expected to include Statements of Cashflows (prepared using the indirect method), starting with the 2012 annual financialstatements with comparatives for 2011. There will also be additional changes to the Statement of Net Assets around the disclosure of unitholders’ equity, and also the potential to consolidatefinancial statements where one fund holds a controlling position of another fund. Additional note disclosure as required will be added to support the new statement and equity presentation/consolidation.

Disclosures of the quantitative impact, if any, will be in the 2011 annual financial statements. Based on the Manager’s current understanding of the differences between Canadian GAAP andIFRS, the Manager does not expect an impact to net assets or net assets per unit from the changeover to IFRS.

3. Valuation of InvestmentsThe valuation date (“Valuation Date”) for a Fund is any day the Toronto Stock Exchange is open for business. The trustee may, at its discretion, establish other Valuation Dates.

The value of the investments or assets of a Fund is determined as follows:

a) Cash and Other AssetsCash, accounts receivable, dividends receivable, distributions receivable, and accrued interest are valued at current value or at their recorded cost, plus or minus any foreign exchange betweenrecognition of the asset by the Fund and the current Valuation Date, which approximates current value.

Short-term investments (money market instruments) are valued at current value.

b) Bonds, Debentures, and Other Debt Obligations

Bonds, debentures, and other debt obligations are valued at current value using the bid price provided by a recognized vendor upon the close of trading on a Valuation Date.

c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign SecuritiesAny security that is listed or traded with on a securities exchange is valued at current value using the closing bid price (with the exception of Renaissance Corporate Bond Capital Yield Fund,securities pledged under the Forward Agreement are valued at closing market prices) or, if there is no closing bid price on that exchange, and in the case of securities traded on an “over-the-counter” market, at the current value as determined by the Manager as an appropriate basis for valuation. In such situations, a fair value will be determined by the Manager to establish currentvalue. If any securities are inter-listed, or traded on more than one exchange or market, the Manager will use the principal exchange or market for the current value of such securities. RenaissanceCorporate Bond Capital Yield Fund uses closing prices to correctly offset the value of the forward contact which provides for the return of Renaissance Corporate Bond Fund.

Units of each mutual fund in which a Fund invests will be valued at current value using the most recent net asset value quoted by the trustee or manager of the mutual fund on the ValuationDate.

Unlisted securities are valued at current value using the bid price quoted by a recognized dealer, or the Manager may determine a price that more accurately reflects the fair value of thesesecurities if the Manager feels the bid price does not reflect current value.

Fair value pricing is designed to avoid stale prices and to provide a more accurate current value, and may assist in the deterrence of harmful short-term or excessive trading in the Funds. Whensecurities listed or traded on markets or exchanges that close prior to North or South American markets or exchanges are valued by the Manager at their fair market value, instead of using quotedor published prices, the prices of such securities used to calculate the Fund’s net assets or net asset value may differ from quoted or published prices of such securities.

d) DerivativesLong positions in options, debt-like securities, and listed warrants are valued at current value using the closing bid price as established on either their principal trading exchange or by a recognizeddealer in such securities. The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) meets or exceeds the minimum approved creditrating.

When any option is written by any Fund, the premium received by the Fund will be reflected as a liability that will be valued at an amount equal to the current value of the option that would havethe effect of closing the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment; the liability shall be deducted in arriving at the net assets ofthe Fund. The securities that are the subject of a written options, if any, will be valued in the manner described above for listed securities.

Futures contracts, forward contracts, or swaps will be valued at current value of the gain or loss, if any, that would be realized on the Valuation Date if the position in the futures contracts,forward contracts, or swaps were to be closed out.

Margin paid or deposited in respect of futures contracts and forward contracts will be reflected as an account receivable and margin consisting of assets other than cash will be noted as held ascollateral.

Other derivatives and margin are valued at current value in a manner that the Manager determines to represent their current value.

e) Restricted SecuritiesRestricted securities purchased by any Fund will be valued at current value in a manner that the Manager determines to represent their current value.

f) Other SecuritiesAll other investments of the Funds will be valued at current value in accordance with the laws of the Canadian securities regulatory authorities, where applicable.

The value of any security or other property of a Fund for which a market quotation is not readily available or where the market quotations do not properly reflect the current value of suchsecurities will be determined by the Manager by valuing the securities at their current value. In such situations, current value will be determined using fair valuation techniques that most accuratelyreflect their fair value as established by the Manager.

4. Units Issued and OutstandingEach Fund has an unlimited number of classes of units and may issue an unlimited number of units of each class. The outstanding units represent the capital of the Funds. Each unit has no parvalue, and the value of each unit is the net asset value next determined. Settlement of the cost for units issued is completed as per security regulations in place at the time of issue. Distributionsmade by the Funds and reinvested by unitholders in additional units also constitute issued capital of the Funds.

Units are redeemed at the net asset value per unit of the Fund. A right to redeem units of a Fund may be suspended with the approval of the Canadian securities regulatory authorities or whennormal trading is suspended on a stock, options, or futures exchange in Canada or outside Canada on which securities or derivatives that make up more than 50% of the value or underlyingexposure of the total assets of the Fund, not including any liabilities of the Fund, are traded, and when those securities or derivatives are not traded on any other exchange that represents areasonably practical alternative for the Fund. The Funds are not subject to any externally imposed capital requirements.

The capital received by a Fund is utilized within the respective investment mandate of a Fund. This includes, for all Funds, the ability to make liquidity available to satisfy unitholder unitredemption requirements upon unitholder request.


The activity for units on a dollar basis can be found on the Statements of Changes in Net Assets. Changes in issued and outstanding units for the periods ended February 28, 2010 andAugust 31, 2009 are summarized as follows:

Renaissance Money Market Fund

2010 2009 2010 2009

Class A Units Premium Class Units

Balance — beginning of period 17,493,763 20,880,507 49,127,054 110,096,960Units issued for cash 3,802,936 14,859,830 8,132,266 80,963,926Units issued on reinvestment of distributions 10,830 198,205 44,025 1,461,394

21,307,529 35,938,542 57,303,345 192,522,280Units redeemed (6,225,115) (18,444,779) (25,582,599) (143,395,226)

Balance — end of period 15,082,414 17,493,763 31,720,746 49,127,054

Renaissance Canadian T-Bill Fund

2010 2009

Class A Units

Balance — beginning of period 4,559,409 6,075,457Units issued for cash 418,201 5,517,787Units issued on reinvestment of distributions 2,641 32,098

4,980,251 11,625,342Units redeemed (1,288,716) (7,065,933)

Balance — end of period 3,691,535 4,559,409

Renaissance U.S. Money Market Fund

2010 2009 2010 2009

Class A Units Class O Units

Balance — beginning of period 2,065,019 3,406,367 251,065 —Units issued for cash 1,142,116 2,455,126 225,200 250,607Units issued on reinvestment of distributions 1,079 16,126 242 458

3,208,214 5,877,619 476,507 251,065Units redeemed (884,802) (3,812,600) (446,675) —

Balance — end of period 2,323,412 2,065,019 29,832 251,065

Renaissance Short-Term Income Fund

2010 2009 2010 2009

Class A Units Class F Units

Balance — beginning of period 3,938,415 2,668,959 85,659 17,820Units issued for cash 3,206,295 2,325,208 135,868 89,232Units issued on reinvestment of distributions 52,887 78,586 1,854 802

7,197,597 5,072,753 223,381 107,854Units redeemed (1,033,176) (1,134,338) (71,338) (22,195)


Renaissance Canadian Bond Fund

2010 2009 2010 2009 2010 2009

Class A Units Class F Units Class O Units

Balance — beginning of period 7,110,424 7,579,960 34,651 8,573 2,371,354 923,388Units issued for cash 573,498 1,158,941 9,029 35,552 2,748,070 1,442,635Units issued on reinvestment of distributions 97,780 262,996 652 760 81,237 69,490

7,781,702 9,001,897 44,332 44,885 5,200,661 2,435,513Units redeemed (998,881) (1,891,473) (9,924) (10,234) (691) (64,159)

Balance — end of period 6,782,821 7,110,424 34,408 34,651 5,199,970 2,371,354

Renaissance Real Return Bond Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 7,423,496 5,506,667 50,271 55,711 946,810 129,892Units issued for cash 4,085,248 2,930,560 36,968 15,498 651,508 817,035Units issued on reinvestment of distributions 571 267,014 — 2,695 — 16,593

11,509,315 8,704,241 87,239 73,904 1,598,318 963,520Units redeemed (748,967) (1,280,745) (2,679) (23,633) (54,641) (16,710)

Balance — end of period 10,760,348 7,423,496 84,560 50,271 1,543,677 946,810


Renaissance Corporate Bond Fund

2010

Class O

Units

Balance — beginning of period 15,000Units issued for cash 16,866,760Units issued on reinvestment of distributions —

16,881,760Units redeemed (3,646)

Balance — end of period 16,878,114

Renaissance Corporate Bond Capital Yield Fund

2010 2010 2010 2010

Class A

Units

Class F

Units

Premium

Class Units

Class O

Units

Balance — beginning of period 15,000 — — —

Units issued for cash 3,076,251 182,255 4,649,805 10,163,224Units issued on reinvestment of distributions 15,670 721 25,279 48,080

3,106,921 182,976 4,675,084 10,211,304Units redeemed (99,723) (1,024) (339,095) (114,070)

Balance — end of period 3,007,198 181,952 4,335,989 10,097,234

Renaissance High-Yield Bond Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 26,528,275 22,506,310 292,748 239,323 7,992,574 586,046Units issued for cash 5,665,478 7,863,682 67,535 86,268 3,966,249 7,516,306Units issued on reinvestment of distributions 699,437 1,574,282 7,821 18,255 365,943 363,531

32,893,190 31,944,274 368,104 343,846 12,324,766 8,465,883Units redeemed (3,118,486) (5,415,999) (39,052) (51,098) (888,182) (473,309)


Renaissance Global Bond Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 1,885,084 2,053,977 974 947 1,718,692 651,506Units issued for cash 150,911 277,670 13,108 6,813 2,164,253 1,179,641Units issued on reinvestment of distributions 43,507 62,459 20 27 80,591 43,480

2,079,502 2,394,106 14,102 7,787 3,963,536 1,874,627Units redeemed (241,761) (509,022) — (6,813) — (155,935)

Balance — end of period 1,837,741 1,885,084 14,102 974 3,963,536 1,718,692

Renaissance Canadian Balanced Fund

2010 2009 2010 2009


Balance — beginning of period 16,236,667 17,275,614 175,192 153,315Units issued for cash 500,612 903,424 12,090 29,698Units issued on reinvestment of distributions 86,264 1,042,679 594 9,727

16,823,543 19,221,717 187,876 192,740Units redeemed (1,657,736) (2,985,050) (5,198) (17,548)


Renaissance Canadian Balanced Value Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 23,897,332 26,732,211 208,417 196,553 565,798 527,839Units issued for cash 1,132,717 1,906,069 19,575 68,170 64,709 81,545Units issued on reinvestment of distributions 121,248 458,346 2,034 5,676 8,921 22,418

25,151,297 29,096,626 230,026 270,399 639,428 631,802Units redeemed (3,009,528) (5,199,294) (49,549) (61,982) (34,858) (66,004)

Balance — end of period 22,141,769 23,897,332 180,477 208,417 604,570 565,798

Renaissance Canadian Asset Allocation Fund

2010 2009 2010 2009


Balance — beginning of period 14,219,005 17,100,266 1,854 2,076Units issued for cash 470,614 801,354 — 6,444Units issued on reinvestment of distributions — — — —

14,689,619 17,901,620 1,854 8,520Units redeemed (1,925,996) (3,682,615) — (6,666)



Renaissance Optimal Income Portfolio

2010 2009 2010 2009 2010 2009 2010

Class A Units Class T6 Units Class T8 Units

Select

Class Units

Balance — beginning of period 7,314,017 2,324,371 839,059 343,074 526,298 293,939 —Units issued for cash 9,820,924 5,603,990 1,005,848 582,324 424,994 299,448 134,178Units issued on reinvestment of distributions 194,834 145,880 14,223 13,829 12,320 12,298 469

17,329,775 8,074,241 1,859,130 939,227 963,612 605,685 134,647Units redeemed (939,052) (760,224) (68,119) (100,168) (47,590) (79,387) —

Balance — end of period 16,390,723 7,314,017 1,791,011 839,059 916,022 526,298 134,647

Renaissance Optimal Income Portfolio

2010 2010 2010 2010 2009

Select-T6

Class Units

Elite

Class Units

Elite-T6

Class Units Class F Units

Balance — beginning of period — — — 143,803 22,400Units issued for cash 32,655 135,697 10,000 358,571 134,224Units issued on reinvestment of distributions 330 629 — 3,943 1,768

32,985 136,326 10,000 506,317 158,392Units redeemed — (996) — (40,266) (14,589)

Balance — end of period 32,985 135,330 10,000 466,051 143,803

Renaissance Canadian Dividend Income Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 10,844,162 12,295,524 89,092 62,224 2,426,268 1,310,842Units issued for cash 486,484 1,367,837 35,585 74,333 2,793,849 1,646,051Units issued on reinvestment of distributions 151,960 358,410 670 1,509 65,480 55,324

11,482,606 14,021,771 125,347 138,066 5,285,597 3,012,217Units redeemed (1,687,166) (3,177,609) (44,455) (48,974) (11,263) (585,949)


Renaissance Canadian Monthly Income Fund

2010 2009 2010 2009


Balance — beginning of period 39,516,796 43,492,065 474,285 75,533Units issued for cash 2,063,519 4,348,939 175,184 425,466Units issued on reinvestment of distributions 1,061,055 2,460,675 7,931 8,423

42,641,370 50,301,679 657,400 509,422Units redeemed (5,266,722) (10,784,883) (151,000) (35,137)


Renaissance Diversified Income Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 14,655,783 16,513,366 95,409 130,090 15,718 546,569Units issued for cash 284,650 788,833 3,603 65,942 — —Units issued on reinvestment of distributions 362,734 856,870 1,883 4,810 535 1,898

15,303,167 18,159,069 100,895 200,842 16,253 548,467Units redeemed (2,240,114) (3,503,286) (37,103) (105,433) — (532,749)


Renaissance Dividend Fund

2010 2009 2010 2009


Balance — beginning of period 6,649,568 7,855,526 15,896 15,514Units issued for cash 318,181 586,319 6,213 5,051Units issued on reinvestment of distributions 92,419 227,443 246 432

7,060,168 8,669,288 22,355 20,997Units redeemed (1,071,937) (2,019,720) (2,412) (5,101)


Renaissance Millennium High Income Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 55,838,617 67,650,915 472,476 631,157 448,844 5,526,329Units issued for cash 1,637,372 2,258,425 38,162 101,419 — 2,805Units issued on reinvestment of distributions 1,576,709 3,835,018 9,211 25,670 13,624 86,244

59,052,698 73,744,358 519,849 758,246 462,468 5,615,378Units redeemed (8,660,676) (17,905,741) (103,632) (285,770) (54,085) (5,166,534)



Renaissance Canadian Core Value Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 14,911,644 15,535,671 416,726 292,047 399,611 337,919Units issued for cash 688,379 1,545,383 41,402 226,800 24,239 61,657Units issued on reinvestment of distributions — 432,927 — 27,492 — 34,856

15,600,023 17,513,981 458,128 546,339 423,850 434,432Units redeemed (1,730,871) (2,602,337) (195,646) (129,613) (40,577) (34,821)


Renaissance Canadian Growth Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 6,950,748 7,802,970 49,633 43,912 2,664 2,687Units issued for cash 266,213 369,655 28,552 18,991 — —Units issued on reinvestment of distributions — — — — — —

7,216,961 8,172,625 78,185 62,903 2,664 2,687Units redeemed (680,466) (1,221,877) (6,518) (13,270) (11) (23)


Renaissance Canadian Small-Cap Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 9,361,997 10,881,000 58,664 99,299 1,082,013 869,493Units issued for cash 507,513 588,814 29,968 26,703 423,611 219,701Units issued on reinvestment of distributions 27,698 36,946 1,129 — 32,432 86,493

9,897,208 11,506,760 89,761 126,002 1,538,056 1,175,687Units redeemed (928,151) (2,144,763) (23,634) (67,338) (49,868) (93,674)


Renaissance Millennium Next Generation Fund

2010 2009 2010 2009


Balance — beginning of period 2,819,703 3,513,577 92,758 97,173Units issued for cash 75,550 165,957 7,860 12,851Units issued on reinvestment of distributions — — — —

2,895,253 3,679,534 100,618 110,024Units redeemed (436,579) (859,831) (8,780) (17,266)


Renaissance U.S. Equity Value Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 3,662,530 4,406,155 9,445 6,276 193,276 2,970,309Units issued for cash 40,736 175,321 97 3,496 28,084 122,359Units issued on reinvestment of distributions — 102,417 — 225 — 9,944

3,703,266 4,683,893 9,542 9,997 221,360 3,102,612Units redeemed (642,230) (1,021,363) (450) (552) (18,862) (2,909,336)


Renaissance U.S. Equity Growth Fund

2010 2009 2010 2009


Balance — beginning of period 381,624 329,303 5,660 370Units issued for cash 57,771 107,720 15,310 5,698Units issued on reinvestment of distributions — — — —

439,395 437,023 20,970 6,068Units redeemed (37,895) (55,399) (5,939) (408)

Balance — end of period 401,500 381,624 15,031 5,660

Renaissance U.S. Equity Fund

2010 2009 2010

Class A Units

Class F

Units

Balance — beginning of period 2,026,489 2,244,689 —Units issued for cash 54,943 117,642 57

Units issued on reinvestment of distributions — — —

2,081,432 2,362,331 57

Units redeemed (250,615) (335,842) —

Balance — end of period 1,830,817 2,026,489 57



2010 2009

Class A Units

Balance — beginning of period 1,613,276 1,843,276Units issued for cash 27,487 62,499Units issued on reinvestment of distributions — —

1,640,763 1,905,775Units redeemed (185,281) (292,499)

Balance — end of period 1,455,482 1,613,276

Renaissance International Equity Fund

2010 2009 2010 2009


Balance — beginning of period 9,666,079 8,702,355 489,931 57,512Units issued for cash 2,443,873 2,787,061 290,988 500,246Units issued on reinvestment of distributions — — 381 275

12,109,952 11,489,416 781,300 558,033Units redeemed (1,165,261) (1,823,337) (20,668) (68,102)


Renaissance Global Markets Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 40,856,072 45,441,481 603,650 726,539 2,386,512 561,417Units issued for cash 1,610,514 5,811,644 45,430 165,255 338,391 2,032,860Units issued on reinvestment of distributions — — 70 153 — —

42,466,586 51,253,125 649,150 891,947 2,724,903 2,594,277Units redeemed (5,074,837) (10,397,053) (84,783) (288,297) (456,777) (207,765)


Renaissance Optimal Global Equity Portfolio

2010 2009 2010 2010 2009 2010 2009

Class A Units

Class T4

Units Class F Units Class O Units

Balance — beginning of period 5,166,684 6,188,651 — 10,977 4,904 30,354 30,808Units issued for cash 292,897 262,072 1,500 1 7,538 — —Units issued on reinvestment of distributions — — — — — — —

5,459,581 6,450,723 1,500 10,978 12,442 30,354 30,808Units redeemed (734,371) (1,284,039) — (1,511) (1,465) (223) (454)

Balance — end of period 4,725,210 5,166,684 1,500 9,467 10,977 30,131 30,354

Renaissance Global Value Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 9,312,913 10,923,597 85,089 99,184 2,219,066 3,698,962Units issued for cash 204,010 1,006,879 671 43,503 10,672 219,164Units issued on reinvestment of distributions — 51,862 — 2,701 31,361 150,135

9,516,923 11,982,338 85,760 145,388 2,261,099 4,068,261Units redeemed (1,345,797) (2,669,425) (16,148) (60,299) (194,226) (1,849,195)


Renaissance Global Growth Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 5,235,695 5,001,195 460,642 417,630 646,536 703,009Units issued for cash 792,136 1,058,499 90,715 137,393 39,189 130,319Units issued on reinvestment of distributions — — — — — —

6,027,831 6,059,694 551,357 555,023 685,725 833,328Units redeemed (429,701) (823,999) (55,411) (94,381) (76,293) (186,792)


Renaissance Global Focus Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 5,548,677 5,522,704 6,014 15,650 744,034 13,752Units issued for cash 424,219 1,112,759 15,972 2,599 26,811 767,815Units issued on reinvestment of distributions — — — — — —

5,972,896 6,635,463 21,986 18,249 770,845 781,567Units redeemed (589,073) (1,086,786) (1,423) (12,235) (88,094) (37,533)



Renaissance Global Small-Cap Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 1,048,766 1,290,922 6,150 22,557 278,888 634,952Units issued for cash 27,146 89,172 201 1,216 3,454 18,957Units issued on reinvestment of distributions — — — — — —

1,075,912 1,380,094 6,351 23,773 282,342 653,909Units redeemed (145,373) (331,328) (328) (17,623) (22,850) (375,021)

Balance — end of period 930,539 1,048,766 6,023 6,150 259,492 278,888

Renaissance European Fund

2010 2009 2010 2009


Balance — beginning of period 1,159,261 1,384,779 788 1,303Units issued for cash 16,251 31,786 1,587 86Units issued on reinvestment of distributions 13,838 11,524 77 —

1,189,350 1,428,089 2,452 1,389Units redeemed (173,853) (268,828) (2,452) (601)

Balance — end of period 1,015,497 1,159,261 — 788

Renaissance Asian Fund

2010 2009 2010 2009


Balance — beginning of period 487,611 564,447 2,337 4,423Units issued for cash 40,066 37,936 547 1,611Units issued on reinvestment of distributions — — — —

527,677 602,383 2,884 6,034Units redeemed (68,959) (114,772) (75) (3,697)

Balance — end of period 458,718 487,611 2,809 2,337

Renaissance China Plus Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 8,758,024 8,023,011 154,770 141,217 142,508 142,936Units issued for cash 2,178,804 2,521,492 323,810 131,386 994 14,361Units issued on reinvestment of distributions 280 282 — — — —

10,937,108 10,544,785 478,580 272,603 143,502 157,297Units redeemed (1,321,052) (1,786,761) (35,171) (117,833) (3,990) (14,789)


Renaissance Emerging Markets Fund

2010 2009 2010 2009


Balance — beginning of period 1,268,191 1,389,181 15,402 9,647Units issued for cash 152,777 132,448 7,463 10,091Units issued on reinvestment of distributions — — — —

1,420,968 1,521,629 22,865 19,738Units redeemed (134,856) (253,438) (3,308) (4,336)


Renaissance Global Infrastructure Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 9,920,666 4,572,013 763,366 163,687 6,086,846 675,986Units issued for cash 2,792,779 6,423,682 351,640 675,603 2,223,588 5,895,356Units issued on reinvestment of distributions 52,747 89,018 9,446 7,331 100,822 102,888

12,766,192 11,084,713 1,124,452 846,621 8,411,256 6,674,230Units redeemed (1,074,783) (1,164,047) (68,197) (83,255) (884,159) (587,384)

Balance — end of period 11,691,409 9,920,666 1,056,255 763,366 7,527,097 6,086,846

Renaissance Global Health Care Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 34,431,018 42,198,725 1,623,692 1,922,863 975,194 1,533,523Units issued for cash 763,368 1,766,818 103,414 274,691 10,675 66,231Units issued on reinvestment of distributions 460 4,137 — — — 40,491

35,194,846 43,969,680 1,727,106 2,197,554 985,869 1,640,245Units redeemed (5,794,678) (9,538,662) (341,115) (573,862) (104,037) (665,051)

Balance — end of period 29,400,168 34,431,018 1,385,991 1,623,692 881,832 975,194


Renaissance Global Resource Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 1,657,266 1,852,238 8,248 6,763 175,214 74,955Units issued for cash 466,439 383,953 2,246 5,277 391,079 164,006Units issued on reinvestment of distributions — — — — — —

2,123,705 2,236,191 10,494 12,040 566,293 238,961Units redeemed (233,706) (578,925) (2,143) (3,792) (45,596) (63,747)


Renaissance Global Science & Technology Fund

2010 2009 2010 2009 2010 2009


Balance — beginning of period 592,219 677,483 9,913 15,600 6,811 319,012Units issued for cash 15,504 42,366 741 1,259 — 1,511Units issued on reinvestment of distributions — — — — — —

607,723 719,849 10,654 16,859 6,811 320,523Units redeemed (67,224) (127,630) (383) (6,946) (32) (313,712)

Balance — end of period 540,499 592,219 10,271 9,913 6,779 6,811

5. Management Fees and Operating ExpensesManagement fees are based on the net asset value of the Funds and are calculated daily. Management fees are paid to the Manager in consideration for providing, or arranging for the provision of,management, distribution, and portfolio advisory services.

In addition to the management fees, the Funds are responsible for all expenses relating to the operation and conduct of the business of the Funds, including interest, operating, andadministrative costs (other than advertising and promotional expenses, which are the responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, Independent ReviewCommittee fees, taxes, audit and legal fees and expenses, safekeeping and custodial fees, investor servicing costs, and costs of unitholder reports, prospectuses, and other reports. Allclass-specific operating expenses are paid by the Manager and recovered from the Funds. The Funds do not pay a fee to the Trustee.

The Manager may recover less than the actual class-specific operating expenses paid by the Manager from a Fund, resulting in the Manager absorbing class-specific expenses. The Manager mayalso charge less than the maximum management fee noted in the table below, resulting in the Manager waiving management fees.

At its sole discretion, the Manager may stop absorbing class-specific operating expenses and/or waiving management fees at any time. Class-specific operating expenses absorbed and/ormanagement fees waived by the Manager are disclosed on the Statements of Operations.

In some cases, the Manager may charge management fees to an investor that are less than the management fees the Manager is entitled to charge in respect of certain investors in a Fund.The difference in the amount of the management fees will be paid out by the Fund to the applicable investors as a distribution of additional units of the Fund (“Management Fee Distributions”).Management Fee Distributions are negotiable between the Manager and the investor and are dependent primarily on the size of the investor’s investment in the Fund. Management FeeDistributions paid to qualified investors do not adversely impact the Fund or any of the Fund’s other investors. The Manager may increase or decrease the amount of Management FeeDistributions to certain investors from time to time.

Funds may invest in units of other Funds (the “Underlying Funds”). Where a Fund invests in units of an Underlying Fund, the Fund does not pay duplicate management fees on the portion of itsassets that it invests in units of the Underlying Fund. In addition, the Fund will not pay duplicate sales fees or redemption fees with respect to the purchase or redemption by it of units of theUnderlying Fund. Some of the Underlying Funds held by the Funds may offer Management Fee Distributions. Such Management Fee Distributions of an Underlying Fund will be paid out asrequired for taxable distribution payments by a Fund. The manager of an Underlying Fund may, in some cases, waive a portion of an Underlying Fund’s management fee and/or absorb a portion ofan Underlying Fund’s operating expenses.

The maximum annual management fee, expressed as a percentage, of the average net asset value that can be charged by a class of units of a Fund is as follows:

Fund Class A Class T4 Class T6 Class T8SelectClass

Select T4Class

Select T6Class

Select T8Class

EliteClass

Elite T4Class

Elite T6Class

Elite T8Class Class F

PremiumClass Class O

Maximum Chargeable Management Fee (%)

Renaissance Money Market Fund 0.75 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.50 0.00Renaissance Canadian T-Bill Fund 1.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.00Renaissance U.S. Money Market Fund 1.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.00Renaissance Short-Term Income Fund 1.20 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.70 n/a 0.00Renaissance Canadian Bond Fund 1.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Real Return Bond Fund 1.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Corporate Bond Fund n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.00Renaissance Corporate Bond Capital Yield Fund 1.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 1.00 0.00Renaissance High-Yield Bond Fund 1.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Global Bond Fund 1.75 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.00 n/a 0.00Renaissance Canadian Balanced Fund 1.75 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.65 n/a 0.00Renaissance Canadian Balanced Value Fund 1.75 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.65 n/a 0.00Renaissance Canadian Asset Allocation Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.00 n/a 0.00Renaissance Optimal Income Portfolio 1.75 n/a 1.75 1.75 1.65 n/a 1.65 1.65 1.45 n/a 1.45 1.45 0.75 n/a 0.00Renaissance Canadian Dividend Income Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.00 n/a 0.00Renaissance Canadian Monthly Income Fund 1.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Diversified Income Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.90 n/a 0.00Renaissance Dividend Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.00 n/a 0.00Renaissance Millennium High Income Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.25 n/a 0.00Renaissance Canadian Core Value Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Canadian Growth Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Canadian Small-Cap Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Millennium Next Generation Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance U.S. Equity Value Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance U.S. Equity Growth Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance U.S. Equity Fund 1.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance International Dividend Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.00 n/a 0.00Renaissance International Equity Fund 2.25 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.00 n/a 0.00Renaissance Global Markets Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Optimal Global Equity Portfolio 2.50 2.50 2.50 2.50 2.25 2.25 2.25 2.25 2.00 2.00 2.00 2.00 1.25 n/a 0.00Renaissance Global Value Fund 2.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.25 n/a 0.00Renaissance Global Growth Fund 2.25 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.00 n/a 0.00Renaissance Global Focus Fund 2.25 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.00 n/a 0.00Renaissance Global Small-Cap Fund 2.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.50 n/a 0.00Renaissance European Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00Renaissance Asian Fund 2.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.50 n/a 0.00Renaissance China Plus Fund 2.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.50 n/a 0.00Renaissance Emerging Markets Fund 2.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.75 n/a 0.00


Fund Class A Class T4 Class T6 Class T8SelectClass

Select T4Class

Select T6Class

Select T8Class

EliteClass

Elite T4Class

Elite T6Class

Elite T8Class Class F

PremiumClass Class O

Maximum Chargeable Management Fee (%)

Renaissance Global Infrastructure Fund 2.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.25 n/a 0.00Renaissance Global Health Care Fund 2.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.50 n/a 0.00Renaissance Global Resource Fund 2.50 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.50 n/a 0.00Renaissance Global Science & Technology Fund 2.25 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.25 n/a 0.00

6. Income TaxesThe Funds qualify as mutual fund trusts (except Renaissance Corporate Bond Fund, which is a unit trust) under the Income Tax Act (Canada). No income tax is payable by the Funds on net incomeand/or net realized capital gains that are distributed to unitholders. In addition, income taxes payable on undistributed net realized capital gains are refundable on a formula basis when units of theFunds are redeemed. Sufficient net income and realized capital gains of the Funds have been, or will be, distributed to the unitholders such that no tax is payable by the Funds and, accordingly, noprovision for income taxes has been made in the financial statements. Occasionally, a Fund may pay distributions in excess of net income and net realized capital gains of the Fund. This excessdistribution is called a return of capital and is non-taxable to the unitholder. However, a return of capital reduces the average cost of the unitholder’s units for tax purposes.

Renaissance U.S. Money Market Fund may realize net foreign currency gains and losses on the translation of the net realized capital gains to Canadian dollars for tax purposes. These gains willbe distributed to investors annually, unless the Fund elects to retain them with the result that the tax would be payable by the Fund.

Non-capital losses that arose in taxation years before 2004 are available to be carried forward for seven years and applied against future taxable income. Non-capital losses that arose in 2004 and2005 are available to be carried forward for ten years. Non-capital losses that arose in 2006 and after are available to be carried forward for twenty years.

Capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized in future years.Renaissance Money Market Fund, Renaissance Canadian T-Bill Fund, Renaissance U.S. Money Market Fund, Renaissance Optimal Global Equity Portfolio, and Renaissance Optimal Income

Portfolio have taxation year-ends of December 31. All other Funds have a taxation year-end of December 15. As at the December 2009 taxation year-end, the following Funds have available non-capital and capital losses for income tax purposes available to be carried forward as follows:

Fund

Total

Capital

Losses

Total

Non-Capital

Losses 2010 2011 to 2013 2014 to 2018 2019 to 2029

Non-Capital Losses that Expire in:

Renaissance U.S. Money Market Fund $28,154,649 $ — $ — $— $ — $ —Renaissance Short-Term Income Fund 2,290,627 — — — — —Renaissance Canadian Bond Fund 407,138 — — — — —Renaissance Real Return Bond Fund 11,129 123,097 — — — 123,097Renaissance Corporate Bond Fund — 416,523 — — — 416,523Renaissance Corporate Bond Capital Yield Fund 1,504,913 42,681 — — — 42,681Renaissance High-Yield Bond Fund 15,288,355 — — — — —Renaissance Global Bond Fund 15,346,985 — — — — —Renaissance Canadian Balanced Fund 2,883,840 — — — — —Renaissance Canadian Balanced Value Fund 20,486,755 — — — — —Renaissance Canadian Asset Allocation Fund 61,011,840 8,607,096 — — — 8,607,096Renaissance Optimal Income Portfolio 15,572 — — — — —Renaissance Canadian Dividend Income Fund 15,466,161 — — — — —Renaissance Canadian Monthly Income Fund 5,264,323 — — — — —Renaissance Diversified Income Fund 30,302,198 — — — — —Renaissance Dividend Fund 7,193,635 — — — — —Renaissance Millennium High Income Fund 105,519,375 — — — — —Renaissance Canadian Core Value Fund 17,493,073 — — — — —Renaissance Canadian Growth Fund 17,069,824 — — — — —Renaissance Canadian Small-Cap Fund 2,153,594 — — — — —Renaissance Millennium Next Generation Fund 6,369,872 286,796 — — — 286,796Renaissance U.S. Equity Value Fund 35,322,333 61,371 — — — 61,371Renaissance U.S. Equity Growth Fund 12,843,751 1,036,621 504,526 — 311,317 220,778Renaissance U.S. Equity Fund 5,029,926 8,265,008 484,062 — — 7,780,946Renaissance International Dividend Fund 183,287 8,000,070 — — — 8,000,070Renaissance International Equity Fund 2,406,747 443,901 — — — 443,901Renaissance Global Markets Fund 33,999,903 3,577,491 — — — 3,577,491Renaissance Optimal Global Equity Portfolio 17,355,897 5,559,499 1,466,500 — 1,532,420 2,560,579Renaissance Global Value Fund 55,187,554 — — — — —Renaissance Global Growth Fund 34,932,709 648,852 — — 90,352 558,500Renaissance Global Focus Fund 98,519,689 676,750 231,645 — — 445,105Renaissance Global Small-Cap Fund 66,623,904 30,833 — — — 30,833Renaissance European Fund 7,701,897 — — — — —Renaissance Asian Fund 8,156,241 325,077 — — — 325,077Renaissance China Plus Fund 23,380,217 — — — — —Renaissance Emerging Markets Fund 5,951,756 210,436 — — — 210,436Renaissance Global Infrastructure Fund 6,448,545 — — — — —Renaissance Global Health Care Fund 23,515,484 5,198,059 — — — 5,198,059Renaissance Global Resource Fund 3,459,739 1,008,828 67,136 — — 941,692Renaissance Global Science & Technology Fund 305,738,617 2,560,529 863,803 — 1,313,504 383,222

7. Brokerage Commissions and FeesThe total commissions paid by the Funds to brokers in connection with portfolio transactions are disclosed on the Statements of Operations of each Fund. In allocating brokerage business,consideration may be given by the portfolio sub-advisors of the Funds to dealers that furnish research, statistical, and other services to portfolio sub-advisors that process trades through suchdealers (referred to in the industry as “soft dollar” arrangements). These services are paid for with a portion of brokerage commissions and assist the portfolio sub-advisors with their investmentdecision-making services to the Funds. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Fund. Any commission recaptured willbe paid to the applicable Fund.

Fixed income, other securities, and certain derivative products (including forwards) are transacted in an over-the-counter market, where participants are dealing as principals. Such securities aregenerally traded on a net basis and do not normally involve brokerage commissions, but will typically include a “spread” (being the difference between the bid and the offer prices on the securityof the applicable marketplace).

Spreads associated with fixed income securities trading and certain derivative products (including forwards) are not ascertainable, and for that reason are not included in the dollar amountsbelow. In addition, the soft dollar amounts below only include the value of research and other services supplied by a third party to the portfolio sub-advisors, as the value of the services supplied tothe portfolio sub-advisors by the dealer is not ascertainable. When these services benefit more than one Fund, the costs are allocated among the Funds based on transaction activity or some otherfair basis as determined by the portfolio sub-advisors.


The dollar amounts of all commissions and other fees, in addition to soft dollar payments, for the periods ended February 28, 2010 and 2009 are as follows:

Fund 2010 2009 2010 2009

Brokerage Commissions

and Fees Soft Dollars

Renaissance Corporate Bond Capital Yield Fund $ 22,068 n/a $ — n/aRenaissance Canadian Balanced Fund 13,088 $ 41,789 927 $ 715Renaissance Canadian Balanced Value Fund 88,785 153,288 8,550 14,842Renaissance Canadian Asset Allocation Fund 16,724 67,937 1,125 18,845Renaissance Canadian Dividend Income Fund 157,735 110,035 15,351 10,544Renaissance Canadian Monthly Income Fund 183,332 104,201 13,301 12,555Renaissance Diversified Income Fund 104,756 62,852 4,981 7,326Renaissance Dividend Fund 78,796 71,892 424 5,487Renaissance Millennium High Income Fund 215,896 660,265 — —Renaissance Canadian Core Value Fund 187,899 390,054 12,376 36,675Renaissance Canadian Growth Fund 54,153 70,336 3,528 2,530Renaissance Canadian Small-Cap Fund 296,170 326,194 7,942 17,451Renaissance Millennium Next Generation Fund 118,681 79,179 — —Renaissance U.S. Equity Value Fund 9,488 67,765 — 27,007Renaissance U.S. Equity Growth Fund 4,775 5,850 — —Renaissance U.S. Equity Fund 4,542 12,433 — —Renaissance International Dividend Fund 5,912 22,491 — —Renaissance International Equity Fund 16,038 7,676 — —Renaissance Global Markets Fund 26,749 56,265 — —Renaissance Global Value Fund 17,996 18,564 — —Renaissance Global Growth Fund 12,122 7,559 — —Renaissance Global Focus Fund 50,739 23,957 — —Renaissance Global Small-Cap Fund 12,378 30,723 576 844Renaissance European Fund 44,390 35,550 — —Renaissance Asian Fund 10,672 16,083 3,073 5,895Renaissance China Plus Fund 393,629 576,920 67,679 73,784Renaissance Emerging Markets Fund 24,532 49,751 — —Renaissance Global Infrastructure Fund 223,636 128,919 — —Renaissance Global Health Care Fund 151,776 284,945 6,310 9,003Renaissance Global Resource Fund 19,697 22,074 — —Renaissance Global Science & Technology Fund 10,198 43,308 — 1,834

8. Related Party TransactionsCanadian Imperial Bank of Commerce (“CIBC”) and its affiliates have the following roles and responsibilities with respect to the Funds and receive the fees described below in connection withtheir roles and responsibilities. The Funds may hold securities of CIBC.

Manager, Trustee, and Portfolio Advisor of the FundsCIBC Asset Management Inc., a wholly-owned subsidiary of CIBC, is the Manager, trustee, and portfolio advisor of each of the Funds. CIBC may also be involved in underwriting or lending toissuers that may be held by the Funds and may have been involved as a counterparty to derivative transactions.

The Manager also arranges for fund administrative services (other than advertising and promotional, which are the responsibility of the Manager), legal, investor servicing, and costs of unitholderreports, prospectus, and other reports. The Manager is the registrar and transfer agent for the Funds and provides, or arranges for the provision of, all other administrative services required by theFunds. The dollar amount (including all applicable taxes) of all of these expenses (net of absorptions) that the Manager recovered from the Funds for the periods ended February 28, 2010 and 2009are as follows:

Fund 2010 2009

Administrative and

Other Fund

Operating Costs

Renaissance Money Market Fund $ 441,560 $ 941,149Renaissance Canadian T-Bill Fund 19,592 62,106Renaissance U.S. Money Market Fund ($U.S.) 6,137 8,770Renaissance Short-Term Income Fund 57,769 26,844Renaissance Canadian Bond Fund 37,865 34,079Renaissance Real Return Bond Fund 4,912 2,770Renaissance Corporate Bond Capital Yield Fund 7,868 n/aRenaissance High-Yield Bond Fund 282,331 186,311Renaissance Global Bond Fund 1,174 1,367Renaissance Canadian Balanced Fund 469,385 388,360Renaissance Canadian Balanced Value Fund 478,031 390,368Renaissance Canadian Asset Allocation Fund 167,767 174,960Renaissance Optimal Income Portfolio 74,264 12,786Renaissance Canadian Dividend Income Fund 122,565 115,485Renaissance Canadian Monthly Income Fund 276,176 220,963Renaissance Diversified Income Fund 152,738 155,426Renaissance Dividend Fund 123,254 137,544Renaissance Millennium High Income Fund 686,225 658,675Renaissance Canadian Core Value Fund 631,752 451,147Renaissance Canadian Growth Fund 302,360 266,709Renaissance Canadian Small-Cap Fund 283,895 212,447Renaissance Millennium Next Generation Fund 124,561 132,512Renaissance U.S. Equity Value Fund 27,495 42,016Renaissance U.S. Equity Growth Fund 6,911 5,473Renaissance U.S. Equity Fund 7,850 9,760Renaissance International Dividend Fund 5,383 6,354Renaissance International Equity Fund 52,215 31,610Renaissance Global Markets Fund 331,964 260,738Renaissance Optimal Global Equity Portfolio 29,896 31,652Renaissance Global Value Fund 4,131 4,729Renaissance Global Growth Fund 42,349 36,684Renaissance Global Focus Fund 50,962 40,600Renaissance Global Small-Cap Fund 3,340 3,646Renaissance European Fund 27,008 31,354Renaissance Asian Fund 6,366 4,085


Fund 2010 2009

Administrative and

Other Fund

Operating Costs

Renaissance China Plus Fund $ 319,044 $ 131,515Renaissance Emerging Markets Fund 22,891 17,813Renaissance Global Infrastructure Fund 93,210 41,186Renaissance Global Health Care Fund 1,134,399 1,292,553Renaissance Global Resource Fund 37,215 23,125Renaissance Global Science & Technology Fund 18,112 17,261

Brokerage Arrangements and Soft DollarsPortfolio sub-advisors make decisions, including the selection of markets and dealers and the negotiation of commissions, with respect to the purchase and sale of portfolio securities, certainderivative products (including futures), and the execution of portfolio transactions. Brokerage business may be allocated by portfolio sub-advisors, including CIBC Global Asset Management Inc.(“CIBC Global”), to CIBC World Markets Inc. and CIBC World Markets Corp., each a subsidiary of CIBC.

CIBC World Markets Inc. and CIBC World Markets Corp.may also earn spreads on the sale of fixed income, other securities, and certain derivative products (including forwards) to the Funds.Dealers, including CIBC World Markets Inc. and CIBC World Markets Corp., may furnish research, statistical, and other services to portfolio sub-advisors, including CIBC Global, that process tradesthrough them (referred to in the industry as “soft-dollar” arrangements). These services are paid for with a portion of brokerage commissions and assist the portfolio sub-advisors with theirinvestment decision-making services to the Funds. They are supplied by the dealer executing the trade or by a third party and paid for by that dealer. As per the terms of the sub-advisoryagreements, such soft dollar arrangements are in compliance with applicable laws. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect tothe Funds. Any commission recaptured will be paid to the relevant Fund.

Spreads associated with fixed income securities trading and certain derivative products (including forwards) are not ascertainable and, for that reason, are not included in the dollar values below.In addition, the soft dollar amounts below only include the value of research and other services supplied by a third party to the portfolio sub-advisors, as the value of the services supplied to theportfolio sub-advisors by the dealer are not ascertainable. When these services benefit more than one Fund, the costs are allocated among the Funds based on transaction activity or some otherfair basis as determined by the portfolio sub-advisors. The dollar amounts of all commissions and other fees, in addition to soft dollar payments, paid to CIBC World Markets Inc. and CIBC WorldMarkets Corp. for the periods ended February 28, 2010 and 2009 are disclosed in the following tables:

Fund 2010 2009 2010 2009 2010 2009

CIBC World

Markets Inc.

CIBC World

Markets Corp.

Soft dollars paid to:

CIBC World Markets Inc.

and CIBC World

Markets Corp.

Commissions and other fees paid to:

Renaissance Canadian Balanced Fund $ 382 $ 2,683 $ 128 $ — $ 312 $ 259Renaissance Canadian Balanced Value Fund 13,610 19,881 1,643 — 2,298 2,131Renaissance Canadian Asset Allocation Fund 580 2,485 — — — 600Renaissance Canadian Dividend Income Fund 8,641 12,231 — — — 982Renaissance Canadian Monthly Income Fund 14,994 12,961 — — — —Renaissance Diversified Income Fund 6,247 9,858 — — — —Renaissance Dividend Fund 3,234 7,845 — — — 738Renaissance Millennium High Income Fund 29,677 99,718 — — — —Renaissance Canadian Core Value Fund 16,432 25,390 — 76 1,524 2,650Renaissance Canadian Growth Fund 495 3,046 — 106 — —Renaissance Canadian Small-Cap Fund 33,208 19,763 — — — 540Renaissance Millennium Next Generation Fund 12,681 7,306 — — — —Renaissance Global Small-Cap Fund — — — 35 — —Renaissance Global Resource Fund — 268 88 — — —

CustodianThe custodian holds all cash and securities for the Funds and ensures that those assets are kept separate from any other cash or securities that the custodian might be holding. CIBC is theCustodian of the Funds (the “Custodian”). The Custodian may hire sub-custodians for the Funds. The fees for the services of the Custodian are borne as an operating expense by the Funds.

Service ProviderCIBC Mellon Global Securities Services Company (“CIBC GSS”) provides certain services to the Funds, including securities lending, fund accounting and reporting, and portfolio valuation. CIBCindirectly owns a fifty percent interest in CIBC GSS. The amounts paid by the Funds (including all applicable taxes) to CIBC GSS for custodial fees, fund accounting and reporting, and portfoliovaluation (all net of absorptions) and also securities lending for the periods ended February 28, 2010 and 2009 are as follows:

Fund 2010 2009

Custodial Fees,

Fund Accounting and

Reporting, Securities

Lending, and Portfolio

Valuation Fees:

Renaissance Money Market Fund $ 30,422 $ 27,651Renaissance Canadian T-Bill Fund 5,660 16,946Renaissance U.S. Money Market Fund ($U.S.) 4,173 6,156Renaissance Short-Term Income Fund 16,506 12,563Renaissance Canadian Bond Fund 9,408 5,134Renaissance Real Return Bond Fund 3,499 5,264Renaissance Corporate Bond Capital Yield Fund 8,655 n/aRenaissance High-Yield Bond Fund 43,966 35,232Renaissance Global Bond Fund 2,259 2,735Renaissance Canadian Balanced Fund 71,070 67,207Renaissance Canadian Balanced Value Fund 90,022 70,387Renaissance Canadian Asset Allocation Fund 33,121 50,725Renaissance Optimal Income Portfolio 6,015 4,280Renaissance Canadian Dividend Income Fund 25,355 29,109Renaissance Canadian Monthly Income Fund 48,057 116,471Renaissance Diversified Income Fund 34,190 57,084Renaissance Dividend Fund 21,983 21,729Renaissance Millennium High Income Fund 71,428 30,883Renaissance Canadian Core Value Fund 66,677 64,477Renaissance Canadian Growth Fund 37,330 45,560Renaissance Canadian Small-Cap Fund 41,067 45,863Renaissance Millennium Next Generation Fund 21,938 17,433Renaissance U.S. Equity Value Fund 16,230 14,630Renaissance U.S. Equity Growth Fund 6,506 8,135


Fund 2010 2009

Custodial Fees,

Fund Accounting and

Reporting, Securities

Lending, and Portfolio

Valuation Fees:

Renaissance U.S. Equity Fund $ 6,662 $ 5,790Renaissance International Dividend Fund 5,818 4,462Renaissance International Equity Fund 19,190 28,019Renaissance Global Markets Fund 68,388 50,312Renaissance Optimal Global Equity Portfolio 2,167 2,254Renaissance Global Value Fund 2,930 2,114Renaissance Global Growth Fund 18,726 21,166Renaissance Global Focus Fund 30,768 22,667Renaissance Global Small-Cap Fund 13,494 13,713Renaissance European Fund 24,799 22,422Renaissance Asian Fund 15,591 17,409Renaissance China Plus Fund 156,525 124,594Renaissance Emerging Markets Fund 66,007 50,993Renaissance Global Infrastructure Fund 47,727 11,307Renaissance Global Health Care Fund 81,362 87,206Renaissance Global Resource Fund 16,940 10,641Renaissance Global Science & Technology Fund 7,182 6,864

Accrued expenses payable to the Manager as at February 28, 2010 and August 31, 2009 are as follows:

Fund 2010 2009

Accrued Expenses

Payable to CIBC

Asset Management Inc.

Renaissance Money Market Fund $ 29,312 $ 99,446Renaissance Canadian T-Bill Fund 3,686 4,673Renaissance U.S. Money Market Fund ($U.S.) 1,737 1,819Renaissance Short-Term Income Fund 12,635 8,908Renaissance Canadian Bond Fund 6,667 7,470Renaissance Real Return Bond Fund 1,113 799Renaissance Corporate Bond Capital Yield Fund 2,304 n/aRenaissance High-Yield Bond Fund 58,120 52,182Renaissance Global Bond Fund 442 516Renaissance Canadian Balanced Fund 76,895 88,002Renaissance Canadian Balanced Value Fund 81,031 92,549Renaissance Canadian Asset Allocation Fund 28,297 34,460Renaissance Optimal Income Portfolio 14,646 7,196Renaissance Canadian Dividend Income Fund 20,439 24,322Renaissance Canadian Monthly Income Fund 44,537 51,669Renaissance Diversified Income Fund 25,000 29,562Renaissance Dividend Fund 20,632 24,405Renaissance Millennium High Income Fund 107,400 123,047Renaissance Canadian Core Value Fund 100,490 113,226Renaissance Canadian Growth Fund 49,633 55,170Renaissance Canadian Small-Cap Fund 51,204 45,503Renaissance Millennium Next Generation Fund 20,636 22,812Renaissance U.S. Equity Value Fund 5,578 7,024Renaissance U.S. Equity Growth Fund 1,739 1,844Renaissance U.S. Equity Fund 1,860 2,107Renaissance International Dividend Fund 1,204 1,425Renaissance International Equity Fund 9,744 10,408Renaissance Global Markets Fund 55,926 63,930Renaissance Optimal Global Equity Portfolio 4,703 5,426Renaissance Global Value Fund 795 983Renaissance Global Growth Fund 8,020 7,911Renaissance Global Focus Fund 9,720 10,747Renaissance Global Small-Cap Fund 1,515 1,800Renaissance European Fund 5,812 7,473Renaissance Asian Fund 2,502 3,089Renaissance China Plus Fund 67,856 67,186Renaissance Emerging Markets Fund 9,250 9,016Renaissance Global Infrastructure Fund 17,790 16,460Renaissance Global Health Care Fund 171,691 211,401Renaissance Global Resource Fund 8,541 6,666Renaissance Global Science & Technology Fund 3,607 4,129

9. Securities LendingThe following Funds have assets involved in securities lending transactions outstanding as at February 28, 2010:

Aggregate Value of

Securities on Loan

Aggregate Value of

Collateral for Loan

Renaissance Canadian T-Bill Fund $ 5,527,969 $ 5,814,501Renaissance Short-Term Income Fund 16,467,988 17,068,341Renaissance Canadian Bond Fund 52,408,272 54,388,129Renaissance Real Return Bond Fund 7,868,813 8,153,441Renaissance High-Yield Bond Fund 7,298,778 7,677,097Renaissance Global Bond Fund 2,364,277 2,486,825Renaissance Canadian Balanced Fund 31,767,220 32,790,168Renaissance Canadian Balanced Value Fund 43,045,554 44,857,456Renaissance Canadian Asset Allocation Fund 4,908,738 5,085,006


Aggregate Value of

Securities on Loan

Aggregate Value of

Collateral for Loan

Renaissance Canadian Dividend Income Fund $15,808,578 $16,406,275Renaissance Canadian Monthly Income Fund 48,972,303 50,488,479Renaissance Diversified Income Fund 23,727,105 24,405,342Renaissance Dividend Fund 2,884,339 3,033,843Renaissance Millennium High Income Fund 71,065,703 74,744,028Renaissance Canadian Core Value Fund 21,434,937 22,545,978Renaissance Canadian Growth Fund 7,857,072 8,264,329Renaissance Canadian Small-Cap Fund 11,878,519 12,446,188Renaissance Millennium Next Generation Fund 11,700,041 12,226,434Renaissance U.S. Equity Value Fund 3,019,909 3,176,440Renaissance U.S. Equity Growth Fund 903,135 949,947Renaissance U.S. Equity Fund 723,417 760,914Renaissance International Dividend Fund 302,254 317,921Renaissance Global Markets Fund 9,542,767 10,037,399Renaissance Global Value Fund 1,349,431 1,419,377Renaissance Global Growth Fund 3,541,267 3,724,822Renaissance Global Focus Fund 6,445,738 6,779,842Renaissance Global Small-Cap Fund 1,742,445 1,832,762Renaissance European Fund 654,489 688,413Renaissance Asian Fund 152,236 160,127Renaissance China Plus Fund 3,402,658 3,579,029Renaissance Emerging Markets Fund 355,525 373,953Renaissance Global Infrastructure Fund 5,284,580 5,558,497Renaissance Global Health Care Fund 40,690,438 42,799,553Renaissance Global Resource Fund 1,779,363 1,871,593Renaissance Global Science & Technology Fund 1,002,502 1,054,465

Collateral Type* i ii iii iv v

Renaissance Canadian T-Bill Fund $ — $ 5,784,871 $— $— $ 29,630Renaissance Short-Term Income Fund 8,105,340 8,917,327 — — 45,674Renaissance Canadian Bond Fund 23,458,805 30,771,713 — — 157,611Renaissance Real Return Bond Fund 3,940,425 4,191,547 — — 21,469Renaissance High-Yield Bond Fund — 7,637,976 — — 39,121Renaissance Global Bond Fund — 2,474,153 — — 12,672Renaissance Canadian Balanced Fund 19,874,031 12,850,318 — — 65,819Renaissance Canadian Balanced Value Fund 13,323,409 31,373,355 — — 160,692Renaissance Canadian Asset Allocation Fund 2,489,400 2,582,379 — — 13,227Renaissance Canadian Dividend Income Fund 7,101,427 9,257,432 — — 47,416Renaissance Canadian Monthly Income Fund 32,605,368 17,791,982 — — 91,129Renaissance Diversified Income Fund 17,594,217 6,776,417 — — 34,708Renaissance Dividend Fund — 3,018,383 — — 15,460Renaissance Millennium High Income Fund 654,000 73,712,477 — — 377,551Renaissance Canadian Core Value Fund — 22,431,087 — — 114,891Renaissance Canadian Growth Fund — 8,222,215 — — 42,114Renaissance Canadian Small-Cap Fund 1,539,068 10,851,539 — — 55,581Renaissance Millennium Next Generation Fund 2,678,530 9,499,249 — — 48,655Renaissance U.S. Equity Value Fund — 3,160,253 — — 16,187Renaissance U.S. Equity Growth Fund — 945,106 — — 4,841Renaissance U.S. Equity Fund — 757,037 — — 3,877Renaissance International Dividend Fund — 316,301 — — 1,620Renaissance Global Markets Fund — 9,986,250 — — 51,149Renaissance Global Value Fund — 1,412,144 — — 7,233Renaissance Global Growth Fund — 3,705,841 — — 18,981Renaissance Global Focus Fund — 6,745,293 — — 34,549Renaissance Global Small-Cap Fund — 1,823,423 — — 9,339Renaissance European Fund — 684,905 — — 3,508Renaissance Asian Fund — 159,311 — — 816Renaissance China Plus Fund — 3,560,791 — — 18,238Renaissance Emerging Markets Fund — 372,047 — — 1,906Renaissance Global Infrastructure Fund — 5,530,172 — — 28,325Renaissance Global Health Care Fund — 42,581,454 — — 218,099Renaissance Global Resource Fund — 1,862,056 — — 9,537Renaissance Global Science & Technology Fund — 1,049,092 — — 5,373

*Definitions are in note 2i

10. HedgingCertain foreign currency denominated positions have been hedged, or partially hedged, by forward foreign currency contracts as part of the investment strategies of certain Funds. These hedgesare indicated by a hedging reference number on the Statement of Investment Portfolio, and a corresponding hedging reference number on the Forward Foreign Currency Contracts Schedule forthose Funds.

11. Collateral on Specified Derivatives

Short-term investments may be used as collateral for futures contracts outstanding with brokers.

12. Reconciliation of Net Assets Per Unit and Net Asset Value Per UnitThe adoption of CICA Handbook Section 3855 — Financial Instruments — Recognition and Measurement may result in a different value of securities held by a Fund for financial reporting purposes(defined as Net Assets when referring to a Fund or Net Assets per Unit when on a per unit basis) than the value used for pricing unitholder transactions (defined as Net Asset Value when referringto a Fund or Net Asset Value per Unit when on a per unit basis). The following table presents a reconciliation of the Net Assets per Unit and Net Asset Value per Unit for all the Funds and classes,where applicable, as at Febuary 28, 2010:


Class A Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855

Valuation Difference

per Unit

Net Asset

Value

per Unit

Renaissance Money Market Fund $10.00 $ — $10.00Renaissance Canadian T-Bill Fund 10.00 — 10.00Renaissance U.S. Money Market Fund ($U.S.) 10.00 — 10.00Renaissance Short-Term Income Fund 11.82 0.01 11.83Renaissance Canadian Bond Fund 12.40 0.01 12.41Renaissance Real Return Bond Fund 11.30 0.01 11.31Renaissance Corporate Bond Capital Yield Fund 9.99 — 9.99Renaissance High-Yield Bond Fund 7.48 0.03 7.51Renaissance Global Bond Fund 4.18 — 4.18Renaissance Canadian Balanced Fund 19.36 0.03 19.39Renaissance Canadian Balanced Value Fund 14.76 0.02 14.78Renaissance Canadian Asset Allocation Fund 7.71 — 7.71Renaissance Optimal Income Portfolio 9.02 — 9.02Renaissance Canadian Dividend Income Fund 12.12 0.02 12.14Renaissance Canadian Monthly Income Fund 7.33 0.01 7.34Renaissance Diversified Income Fund 10.93 0.01 10.94Renaissance Dividend Fund 14.89 0.02 14.91Renaissance Millennium High Income Fund 10.00 0.03 10.03Renaissance Canadian Core Value Fund 29.40 0.04 29.44Renaissance Canadian Growth Fund 27.84 0.03 27.87Renaissance Canadian Small-Cap Fund 21.04 0.09 21.13Renaissance Millennium Next Generation Fund 29.64 0.08 29.72Renaissance U.S. Equity Value Fund 5.98 — 5.98Renaissance U.S. Equity Growth Fund 16.05 0.01 16.06Renaissance U.S. Equity Fund 6.22 — 6.22Renaissance International Dividend Fund 8.61 — 8.61Renaissance International Equity Fund 4.68 — 4.68Renaissance Global Markets Fund 4.13 0.01 4.14Renaissance Optimal Global Equity Portfolio 6.08 — 6.08Renaissance Global Value Fund 3.66 — 3.66Renaissance Global Growth Fund 7.87 — 7.87Renaissance Global Focus Fund 9.46 0.02 9.48Renaissance Global Small-Cap Fund 8.69 0.02 8.71Renaissance European Fund 15.24 — 15.24Renaissance Asian Fund 16.62 — 16.62Renaissance China Plus Fund 18.83 — 18.83Renaissance Emerging Markets Fund 14.19 0.02 14.21Renaissance Global Infrastructure Fund 8.44 0.01 8.45Renaissance Global Health Care Fund 16.03 0.01 16.04Renaissance Global Resource Fund 14.38 0.07 14.45Renaissance Global Science & Technology Fund 21.70 0.02 21.72

Class T4 Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit

Renaissance Optimal Global Equity Portfolio $9.57 $— $9.57

Class T6 Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit

Renaissance Optimal Income Portfolio $8.60 $— $8.60

Class T8 Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit


Select Class Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit


Select T6 Class Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit



Elite Class Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit


Elite T6 Class Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit


Class F Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit

Renaissance Short-Term Income Fund $ 9.93 $0.01 $ 9.94Renaissance Canadian Bond Fund 10.95 0.01 10.96Renaissance Real Return Bond Fund 9.74 0.02 9.76Renaissance Corporate Bond Capital Yield Fund 10.00 — 10.00Renaissance High-Yield Bond Fund 8.44 0.03 8.47Renaissance Global Bond Fund 9.27 0.01 9.28Renaissance Canadian Balanced Fund 9.26 0.01 9.27Renaissance Canadian Balanced Value Fund 9.71 0.01 9.72Renaissance Canadian Asset Allocation Fund 9.66 0.01 9.67Renaissance Optimal Income Portfolio 8.87 — 8.87Renaissance Canadian Dividend Income Fund 9.09 0.01 9.10Renaissance Canadian Monthly Income Fund 7.52 0.01 7.53Renaissance Diversified Income Fund 8.54 0.01 8.55Renaissance Dividend Fund 10.06 0.02 10.08Renaissance Millennium High Income Fund 11.66 0.03 11.69Renaissance Canadian Core Value Fund 8.73 0.01 8.74Renaissance Canadian Growth Fund 10.26 0.02 10.28Renaissance Canadian Small-Cap Fund 10.01 0.04 10.05Renaissance Millennium Next Generation Fund 15.00 0.04 15.04Renaissance U.S. Equity Value Fund 7.10 0.01 7.11Renaissance U.S. Equity Growth Fund 8.06 — 8.06Renaissance U.S. Equity Fund 9.90 — 9.90Renaissance International Equity Fund 9.64 — 9.64Renaissance Global Markets Fund 9.51 0.02 9.53Renaissance Optimal Global Equity Portfolio 7.88 — 7.88Renaissance Global Value Fund 8.85 0.01 8.86Renaissance Global Growth Fund 10.84 — 10.84Renaissance Global Focus Fund 9.23 0.02 9.25Renaissance Global Small-Cap Fund 7.12 0.02 7.14Renaissance Asian Fund 12.02 — 12.02Renaissance China Plus Fund 17.36 — 17.36Renaissance Emerging Markets Fund 8.23 0.01 8.24Renaissance Global Infrastructure Fund 8.54 0.01 8.55Renaissance Global Health Care Fund 12.68 0.01 12.69Renaissance Global Resource Fund 24.07 0.09 24.16Renaissance Global Science & Technology Fund 2.59 — 2.59

Premium Class Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit

Renaissance Money Market Fund $10.00 $— $10.00Renaissance Corporate Bond Capital Yield Fund 10.00 $— 10.00

Class O Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit

Renaissance U.S. Money Market Fund ($U.S.) $10.00 $ — $10.00Renaissance Canadian Bond Fund 10.10 0.01 10.11Renaissance Real Return Bond Fund 10.32 0.02 10.34Renaissance Corporate Bond Fund 10.13 0.02 10.15Renaissance Corporate Bond Capital Yield Fund 10.04 — 10.04Renaissance High-Yield Bond Fund 8.69 0.03 8.72Renaissance Global Bond Fund 4.34 — 4.34Renaissance Canadian Balanced Value Fund 10.12 0.01 10.13Renaissance Canadian Dividend Income Fund 8.19 0.01 8.20Renaissance Diversified Income Fund 8.08 0.01 8.09Renaissance Millennium High Income Fund 12.26 0.03 12.29Renaissance Canadian Core Value Fund 11.70 0.01 11.71Renaissance Canadian Growth Fund 10.83 0.01 10.84Renaissance Canadian Small-Cap Fund 11.53 0.05 11.58Renaissance U.S. Equity Value Fund 7.50 — 7.50Renaissance Global Markets Fund 8.83 0.01 8.84Renaissance Optimal Global Equity Portfolio 7.77 — 7.77Renaissance Global Value Fund 4.09 0.01 4.10Renaissance Global Growth Fund 10.71 0.01 10.72Renaissance Global Focus Fund 10.99 0.03 11.02


Class O Units

Fund

Net Assets

per Unit

Adjustment for

CICA 3855


per Unit

Net Asset

Value

per Unit

Renaissance Global Small-Cap Fund $11.40 $0.03 $11.43Renaissance China Plus Fund 18.15 0.01 18.16Renaissance Global Infrastructure Fund 8.64 — 8.64Renaissance Global Health Care Fund 19.32 0.01 19.33Renaissance Global Resource Fund 8.75 0.04 8.79Renaissance Global Science & Technology Fund 27.99 0.03 28.02

13. Comparative FiguresTo conform to the presentation adopted in the current period, certain amounts from the prior period have been reclassified.


Renaissance Investments

1500 University Street, Suite 800Montreal, Quebec

H3A 3S6

1-888-888-FUND (3863)

Website

www.renaissanceinvestments.ca

CIBC Asset Management Inc., the manager and trustee of the Renaissance Investments family of funds, is a wholly-owned subsidiary of Canadian Imperial Bank of Commerce(CIBC ). Please read the Renaissance Investments family of funds simplified prospectus before investing. To obtain a copy of the simplified prospectus, call 1-888-888-FUND(3863) or ask your advisor.

TMRenaissance Investments is a registered trademark of and is offered by CIBC Asset Management Inc.

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interim financial statements (unaudited) · 2010-04-16 · renaissance international dividend fund...

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