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Volume V Issue III

Q3 SEPTEMBER 30, 2011 QUARTERLY FUND PROFILES / PRACTICE MANAGEMENT / OUTLOOK / OPINION

Invest Well

Team Canada’s new captain Suzann Pennington takes the lead on Canadian equities, including the new Renaissance Canadian All-Cap Equity Fund Back of the Napkin

Great expectations The five primary demands of the wealthy Live Better

Dashing through the snow One of Canada’s oldest sports is back and better than ever


Letter from the National Sales Director

What the world needs now We put this issue of The Renaissance Advisor together amid severe market volatility. With the Dow and the TSX making daily appearances in the headlines, we wanted to ensure that our magazine will assist you in guiding your clients through this challenging period. As much as the events of the past few months may have unsettled investment professionals, the impact felt by your clients was far more severe. Now more than ever, we need to be in contact with our clients. As Grant Shorten, our director of strategic insights, points out in his Back of the Napkin article, we have to offer them complete objectivity, full transparency and brilliant service. It’s times like these that clients need our input and guidance so they don’t make mistakes that will keep them from reaching their long-term investment goals. If you would like to put Grant’s insights to work for you, please ask your Renaissance partners for more information. As you prepare for RRSP season, you will also be interested in the latest articles from our tax expert Jamie Golombek and CIBC’s deputy chief economist Benjamin Tal. Jamie has excellent tips on helping clients make the most of both RRSP and TFSA contributions. Benjamin has some interesting thoughts on why Canadian companies are a sound investment as they look beyond the U.S. to the rest of the world for markets. Speaking of Canada, you’ll want to take a look at our main story on Suzann Pennington, the new head of Canadian equities at CIBC Global Asset Management and manager of the just-launched Renaissance Canadian All-Cap Equity Fund. Suzann has a dynamite team backing her up and the research they provide is truly groundbreaking. She also says now is a great time to be investing in Canadian stocks, with valuations some of the lowest she’s seen in 10 years. That sounds like a good note to leave you on. But just before I sign off, I’d like to thank everyone who came out to our road shows. I hope we succeeded in inspiring you and that you’re still benefiting from the after-effects. I know the team at Renaissance Investments really benefitted from meeting you.

Dave Wahl National Sales Director Renaissance Investments 416 943 6959


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Table of Contents Tax and Estate Registered savings

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Economic Outlook Canadian companies increasingly look beyond U.S.

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Back of the Napkin Great expectations: The five primary demands of the wealthy

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Thanks to Our Supporters The coach

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Invest Well Team Canada’s new captain

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Solution Highlight Portfolio staples

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Axiom Portfolios Profiles Portfolio Essentials Performance Essentials

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Renaissance Investments Fund Profiles New Funds Money Market Funds Fixed Income Funds Balanced Funds Equity Income Funds Canadian Equity Funds U.S. Equity Funds Global Equity Funds Specialty Funds Fund Essentials Performance Essentials

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Live Better Dashing through the snow

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Brain Calisthenics

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Tax and Estate

Managing Director, Tax & Estate Planning Jamie Golombek

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Registered savings Helping clients prioritize In a perfect world, you would encourage your client to maximize contributions to all registered plans; however, this is simply not feasible for most Canadians, who instead need to prioritize in order to take maximum advantage of all registered plans. Consider Joanne, who earns $ 80,000 annually, and her husband Kyle, who currently has no income. They have three young kids, and the youngest qualifies for the disability tax credit. The couple has the opportunity to save money in an RESP for all of their kids, contribute to an RDSP for their youngest, and save for retirement through an RRSP or TFSA. How should Joanne and Kyle allocate their registered savings? To start, I’ve always been a fan of “free money.” If the government is willing to give you money to help you save, why not take full advantage? My advice would be to begin by contributing to an RDSP for their disabled child, which allows investment of up to $200,000 in a tax-deferred manner. The most attractive

aspect of the RDSP, however, is the ability to supplement the plan with matching Canada Disability Savings Grants (CDSGs) and Canada Disability Savings Bonds (CDSBs).

TFSA contribution room), we have a total additional available registered savings opportunity of $24,400, after contributing to the RDSP and RESP.

Joanne and Kyle could also contribute to their children’s RESP to maximize the 2011 Canada Education Savings Grants (CESGs). By socking away $7,500 (3 x $2,500), the government will contribute $1,500 of CESGs and $150 of enhanced CESGs toward their children’s post-secondary education savings.

But clearly the couple, with three young kids, can scarcely afford to save nearly half of their remaining after-tax income of $54,500 in a registered plan, even taking into account the tax reduction by going the RRSP route. How, then, should they choose between socking any extra funds into an RRSP or TFSA?

So, where does that leave our couple? Well, if Joanne makes $ 80,000, pays about $16,000 in tax and puts $2,000 into an RDSP and $7,500 into an RESP, she and Kyle are left with $54,500 from which to pay all of the family’s other daily living expenses.

It comes down to comparing Joanne’s marginal effective tax rate (METR) today with what her or Kyle’s METR is expected to be upon retirement, provided the funds are left to grow tax-free for the long term in either plan. If the METR is expected to be lower, RRSPs may be a better choice, while TFSAs may be favourable with a higher expected retirement METR. Choosing a TFSA or RRSP is nearly always preferable to investing surplus funds in a non-registered account.

Considering Joanne’s RRSP contribution limit is $14,400 (18 percent of $80,000), and her TFSA limit is $5,000 for her and another $5,000 that she could gift to Kyle so he could make his own TFSA contribution (ignoring any carry forward of prior years’ unused

Jamie Golombek is Managing Director, Tax & Estate Planning with CIBC Private Wealth Management. He works closely with advisors to help them provide integrated financial planning solutions for their high-net-worth clients. Jamie is frequently quoted in the media as an expert on taxation.

www.renaissanceinvestments.ca/en/jamie_golombek/ Follow Jamie on Twitter @JamieGolombek.

Adapted with permission from an article that first appeared in FORUM Magazine, June/July 2011 edition. This information is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and should not be relied upon in that regard. The views expressed in the article are the personal views of Jamie Golombek and should not be taken as the views of CIBC Asset Management Inc. 2 renaissance investments

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Economic Outlook

Deputy Chief Economist, CIBC Benjamin Tal

Canadian companies increasingly look beyond U.S. Exports to U.S. expected to drop to 60 percent of Canadian trade by end of the decade Canadian companies are lessening their dependence on the U.S. as a trade partner with exports now 30 percent more diversified than a decade ago. The main catalyst is the surge in exports to emerging markets and the significant decline in exports to the U.S., which are back to the pre-NAFTA levels. At this rate, the U.S. share of total exports will fall to 60 percent by the end of the decade, with emerging markets picking up nearly 90 percent of the gain. Canadian companies are taking advantage of historically low interest rates to finance investments — some of which is being directed towards expanding export opportunities. Growth in business investment outperformed growth in exports to the U.S. for 30 out of the past 36 quarters — the longest duration of outperformance on record. While real exports to the U.S. hardly changed over the past decade, business investment managed to grow by an average annual rate of more than four percent — again a record performance gap. A strong Canadian dollar is not the reason for this surge in capital expenditures. Real imports of machinery and equipment are rising today at roughly the same rate as they did when the loonie was much weaker.

While targeting increased export markets requires extra investment, it also means an improved bottom line. Academic research on the link between export diversification and corporate profits show that the relationship is highly non-linear. Both extremes (too high or too low levels of diversification) act as a negative for profits with the main improvement seen in the move from the low to medium level of diversification.

Diversification comes by increasing the markets we trade with and increasing the products we sell. On the surface it appears while we’ve made progress on the market front, we’ve lagged behind in terms of the range of goods exported. The surge in the share of energy exports (in both volume and value) has resulted in a 10 point reduction in the diversification measure of Canadian exports by product.

“Canadian companies are taking advantage of historically low interest rates to finance investments — some of which is being directed towards expanding export opportunities. ” With exports to the U.S. still accounting for 75 percent of total exports, Canada is currently in the optimal stage of its diversification process, with any increase in diversification adding notably to the bottom line. Already, exports to the U.S. as a share of Canadian corporate sales are hovering around their lowest rate since the early 1990s — implying a notable reduction in the sensitivity of corporate profits to exports to the U.S. This sensitivity will continue to decline as Canadian exporters increase their exposure to alternative markets.

However, this broad measure masks a more promising trend in manufacturing and industrial products. In this space, when measured by volume, overall diversification has improved by more than 30 percent over the decade. Key here are sectors that contributed to both product and destination diversification such as wood and paper, chemicals, metals and minerals, agriculture food, machinery and equipment, and aerospace.

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A in o The increased diversification of exports by destination and product is not only necessary to maintain profitability, but is also required to hedge against the increased economic volatility that is likely to be an integral part of the economic landscape going forward. The past decade was characterized by reduced volatility in the economy, in general, and corporate profitability, in particular. The role of increased consumer borrowing was key in smoothing economic variability. Credit will likely play a lesser role in the new economic mix and the economy will lose its main shock absorber. The recent uptick in volatility will continue for the foreseeable future and corporate Canada will have to adapt by becoming more flexible and responsive.

“Key here are sectors that contributed to both product and destination diversification such as wood and paper, chemicals, metals and minerals, agriculture food, machinery and equipment, and aerospace.” These changes will be characterized by actions such as adapting variable hiring practices, more conservative finance practices, increased use of sales force to identify changes in the marketplace, increased ability to switch product type (which might require different capital equipment), and a higher capability to change the composition of sales during the cycle.

The post-Great Recession era, and the new mix of economic growth that will define it, could provide corporate Canada with a golden opportunity to restructure itself in a way that simultaneously reduces its dependence on the U.S. economy, and improves its bottom line. Key here will be continued deliberate attempts to diversify export activity by both destination and product with the realization that such an action is no longer a choice but a necessity.

This information is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and should not be relied upon in that regard. The views expressed are the personal views of Benjamin Tal and should not be taken as the views of CIBC Asset Management Inc. 4 renaissance investments

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Back of the Napkin

Director, Strategic Insights Grant Shorten

Great expectations The five primary demands of the wealthy According to industry researcher Investor Economics, the number of high-net-worth households in Canada is set to nearly double by 2018. It’s also expected that, by 2018, a whopping two-thirds of all personal wealth in Canada will be controlled by the affluent segment of the marketplace. The opportunities for the advice channel are staggering, but the competition for these assets will resemble a battleground with clear winners and losers. Investment advisors and financial planners will need to have more than just sophisticated product solutions at their disposal in order to effectively differentiate themselves and capture the attention of the affluent investor. They will first need to gain a deeper understanding of the psycho-emotional makeup of the high-net-worth mind. Unfortunately, there is still a measurable disconnect between what the advisory community assumes to be true and what the wealthy are actually thinking and experiencing on a day-to-day basis. High-net-worth investors bring with them a surprising set of fears, challenges, dreams, wants and desires. Ultimately, however, all of these internalized elements percolate to the surface and translate neatly into a set of expectations for their investment advisory team. In my experience, there are five primary ‘demands of the affluent’ that extend out to virtually all of their key business relationships.

Complete objectivity The affluent are leery of all things investment related — especially following the meltdown of 2008 — and are therefore seeking unbiased and conflict-free advice. When high-net-worth investors evaluate an advisor’s approach, they need to be absolutely certain that the decisions made with their hard-earned wealth will be driven solely by their best interests, unblemished by compromising influences. Remove any doubt around potential conflicts of interest by openly demonstrating your objective approach to financial planning, estate planning, portfolio construction, and all other aspects of your business practice. You can achieve this by strategically initiating a discussion on the importance of objectivity in your work with your trusted clients, and explaining exactly how your philosophy is implemented on a day-to-day basis.

Full transparency Investment advisors who successfully build and maintain deep, lifelong relationships with their high-net-worth clients do so by

operating with full transparency from the start of the relationship. Unconstrained openness is the best way to accelerate the rapport-building process, and establishes a free-flowing communication dynamic for many years to come. Wealthy investors understand things like fees, and will pay handsomely for perceived value, but they don’t appreciate hidden costs or unexpected surprises. Proactively display your ‘see-through’ business model by volunteering the details of your compensation structure, total fee to the investor, client service expectations, and all other potential sources of objection, cynicism or mistrust.

Competitive advantage More often than not, high-net-worth clients achieved their wealth by creating (or being exposed to) a series of competitive advantages along the way. This is no secret to the wealthy and as a result they are keenly aware of the presence (or absence) of competitive advantages within your business practice. They want to know what makes you special and the definitive edge you will be bringing to the relationship. renaissance investments 5


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B B th th a m sp c Confidently showcase your specific points of differentiation — those critical elements that separate you from the myriad of other professionals who claim to provide a similar service. As you deliver these points to the high-net-worth client or prospect, ensure that you directly and unapologetically address their unspoken question: ‘Why should I do business with you?’

Defined process The affluent are drawn to the stuff of structure and discipline. As a natural byproduct of their journey to wealth, the high-net-worth investor has come to value the critical importance of a defined process. The wealthy have little tolerance for flimsy, wishy-washy business models and will quickly lose faith in the presence of indecision. We can take strong cues from some of the largest institutional money managers and private wealth counselors, who have discovered the power of employing a stringent mechanical process in their work with wealthy clients. Become a master of a single-defined process. Instill massive clarity in the mind of your high-net-worth clients by articulating exactly how your process operates and what they can confidently expect at each stage along the way. 6 renaissance investments

Brilliant service

Putting it all together

Due to the complexity of their financial affairs, high-net-worth investors expect more attention from their advisory team than ever before. Virtually all key industry surveys tell us that the top two reasons an affluent investor leaves an advisory relationship is because of poor service and repeated mistakes.

As the affluent wave continues to gain momentum and the competition intensifies, there will be a select group of advisors who will stand out from the crowd. Those who understand the emotional needs of the wealthy investor, and actively align with their expectations, will enjoy unparalleled growth and long-term success.

In addition to the most fundamental expectations of regular contact and accuracy of work, today’s wealthy investor hungers for a relationship with a central go-to professional, and seeks holistic advice around more than just investments. The advisor who captures the majority of an affluent investor’s wealth does so by positioning himself as a true guardian of wealth and provider of exquisite client service.

This article first appeared in the Advisor.ca special report, HNW Report: What wealth wants., published in May 2011.

Deliver top-notch service to your elite clients by first discovering what they need and want from you and your advisory team. There are countless definitions of great service, but the only definition that matters to your high-net-worth client is their own. Start with a baseline suite of outstanding service offerings, and then supplement and tailor additional elements based on your client’s unique preferences.

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Thanks to Our Supporters

The coach What I love about the business I really enjoy coaching my clients. I used to manage the staff at a Vancity branch, but I definitely prefer managing my clients. It took me a while to figure it out, but that’s by far the number one thing I enjoy. Best tip for gaining new clients Build trust. Always give good advice. My clientele is older, so they want to invest conservatively and make sure the money they’ve saved their whole life is going to last. Most of my clients are very well-off, but they tend to be very careful with their money. So one of the important things I do is coach them on spending their money effectively, from day-to-day expenses to charitable interests and their future beneficiaries. The book I’m currently reading I’m reading The Race by Clive Cussler, and I’m racing through it. I’ve read every single one of his books and always read them as soon as they come out. Favourite vacation spot I love Hawaii, I’ve been to Africa many times, and we have a cottage about a three-hour drive from home.

Name: Pat Shellard Firm: Credential Securities Years in business: 12 Team members: 1

Without the support of advisors like you, Renaissance Investments would not enjoy the privilege of helping so many Canadians invest well and live better. Here is one of the outstanding professionals we are so very proud to work with.

Favourite hobby when I’m not at work I volunteer in a kindergarten class a couple of hours a week. I love teaching and coaching both kids and adults. I also have a keen interest in the environment. In a few months, I will be one of the first Canadian owners of the new Nissan Leaf, the world’s only mass produced all-electric car. What I offer to the local marketplace and to my clients Renaissance has some top-of-market conservative investment choices. The fund where I have the majority of my money is the Renaissance Corporate Bond Capital Yield Fund, an amazing lower-risk investment for retail clients and also business clients who don’t understand the capital dividend structure in business accounts. That fund, and the Renaissance Optimal Income Portfolio, are two solutions that give me and my clients tremendous peace of mind.

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Invest Well

Suzann Pennington discusses her successful value investing style and the newly launched Renaissance Canadian All-Cap Equity Fund

When CIBC Global Asset Management Inc. (CGAM) announced earlier this year it had hired Suzann Pennington, the Globe and Mail described it as a “coup.” An industry veteran with a proven track record of success spanning more than two decades, Pennington was excited to join forces with CGAM, first and foremost, because of the firm’s robust independent research capabilities. Pennington’s Canadian Equity group includes a team of experienced portfolio managers and a Canadian Equity Research team, headed up by Marilyn Brophy. This team of research specialists follows a very disciplined long-term approach to develop proprietary, in-house research. The portfolio managers and career research analysts work together to integrate very strict discipline with an environment where critical thinking is required and the challenging of ideas and assumptions is encouraged. Depth and quality of research is more important than ever to successful active management. A well-defined portfolio 8 renaissance investments

“I think the full life-cycle research we’re doing in the Canadian equities universe is groundbreaking...” construction process and stock selection discipline are critical to consistent investment results — that hasn’t changed. But Pennington believes it has become increasingly important for the portfolio management process to be supported by independent internal research. Explains Pennington, “Internal research capability has

become the key differentiating factor to drive superior performance going forward. We have developed a research modeling and analytics platform — what we call our Research ‘MAP’ — to put everything into a long-term context.” “We’re analyzing companies and industries through a full competitive lifecycle — not just a business cycle — but from growth stage to maturity to decline. The fast pace of information — and misinformation — that is the reality of our electronic world, requires that we have a long-term framework to evaluate those new pieces of information very quickly and determine whether they

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have a long-term impact on the value of a company, or are simply affecting a stock price in the short term. These long-term models and scenario analysis are instrumental to making good investment decisions.” Pennington believes research holds the key to investment success going forward. She says, “I think the full life-cycle research we’re doing in the Canadian equities universe is groundbreaking and will support our results over the next decade. A big part of successful long-term performance is avoiding minefields. At its most basic level our Research MAP goes a long way to reducing surprises.” The Renaissance Canadian All-Cap Equity Fund takes a long-term approach to stock selection, typically expecting to hold a position for at least four years. Pennington and the CGAM team put the Research MAP to constant use, seeking out stocks that trade at attractive valuations with enough “margin of safety” to warrant the risk. They run

“Internal research capability has become the key differentiating factor to drive superior performance going forward. We have developed a research modeling and analytics platform — what we call our Research ‘MAP’— to put everything into a long-term context.” sensitivity analysis, challenge and test assumptions, and evaluate potential downside risks. With its robust discounted cash flow (DCF) approach to evaluating companies, the Research MAP supports a range of valuation metrics including NAVs, EV/EBITDA, DCFbased intrinsic value and replacement value of assets. Pennington believes different tools are appropriate for different companies and has always considered the methods used by industry specialists.

While the research support is significantly enhanced, the criteria for making investment decisions remain pretty much the same for Pennington. “For 15 years,” she says, “I’ve been commenting to anyone who would listen that there are three key elements to successful investment management — portfolio construction, stock selection, and consistent adherence to discipline.” (For details, see page 10.) She is still using the same valuation tools and process that have served her well for the last couple of decades.

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“Flexibility within a framework” As the manager of the newly launched Renaissance Canadian All-Cap Equity Fund and the Canadian equity component of the Renaissance Canadian Balanced Fund, Suzann Pennington says there are three key elements to successful investment management: s Portfolio construction is simply the framework that gives a portfolio its

characteristics, its attributes, and more than anything else, it will define the risk level. s Stock selection describes the investment style — in this case value —

buy discipline and sell discipline. It’s what most people want to talk about. s Constant application of a discipline throughout the cycle means that

the discipline has to be well defined and simple enough to be repeated. Organizational support ensures discipline is followed.

Pennington typically aims to have about 40 to 60 holdings in a portfolio to avoid overconcentration and single company risk. As part of its investment discipline, the team identifies the risks associated with each company, including those arising from competitive threats, balance sheet issues, geographic location, commodity prices and economic conditions. “The point is that it is okay to take calculated risks within a portfolio,” she says. “But it is inexcusable to have unintended risks.” Given all this, how does Pennington assess the risks for Canadian equities after taking over management of the Canadian Equity component of the Renaissance Canadian Balanced Fund and launching the Renaissance Canadian All-Cap Equity Fund? In the short term, she sees opportunities provided by the third quarter’s “fear-driven” market. For the long term, she sees even more opportunities. According to Pennington, Canada’s advantages include: s political stability s a growing economy s a stable banking sector s the long-term potential for rising oil prices 10 renaissance investments

s exposure to the fast-growing BRIC (Brazil,

Russia, India, and China) economies through both exports and an environment in Canada of properly audited financial statements and ready access to management With their long-term perspective, and a sophisticated and invaluable Research MAP in place, Suzann Pennington and her team have the resources, commitment and flexible framework in place to help investors achieve long-term success. The benefit of the team’s well-grounded process is that they are able to spend the bulk of their time analyzing and visiting the companies they think can bring the most value to investors. Current markets have been challenging but Pennington is not at all deterred by the recent market volatility. “I think this is a great time to be launching a Canadian all-cap fund,” she says. “With the exception of the credit crisis in 2008, Canadian market valuations are at the lowest levels we’ve seen in 10 years. Canada is a great mix of a strong domestic financial system and exposure to the higher growth regions of the world.”

Find out more The Renaissance Canadian All-Cap Equity Fund offers: 1. A wider range of opportunities 2. Greater diversification 3. Focus on value Included with your magazine, you’ll find a copy of the fund’s Advisor Essentials. You can go online to access even more tools, including a video of Suzann Pennington, explaining her investment philosophy and process, and tools to introduce this new fund to investors. These include: sInvestor Essentials sManager Profile of Suzann Pennington


Fund launch: Fund launch : Renaissance Renaissance Canadian Canadian All-Cap A ll-Cap Equity Equit y Fund Fund Su uzann zann Pennington Pennington answers answers qquestions uestions about about Renaissance Investments’ newly n ewly launched launched Canadian Canadian all-cap all-cap fund f u nd . What’s W hat ’s the the appeal appeal of of all-cap? all-cap? The opportunity to consider small- and mid-cap stocks provides a broader depth of business sectors and earning streams than the large-cap Canadian market which is concentrated in companies within the energy, financials and materials sectors. Access to small and mid caps increases diversification opportunities and mitigates sector concentration risk. Large-cap companies are widely covered by analysts and portfolio managers, but many mid- and small-cap companies fly under the radar and can often be purchased at a significant discount to fair value. The “small-cap effect” describes companies that are under-researched and subject to more market inefficiencies. We try to take ntage of the mispricing that frequently results. lll-cap universe is simply bigger with hundreds more stocks to choose from find good value even if one part of the market is temporarily expensive. e long term, small/mid cap stocks have outperformed the large caps ty that can be associated with small-cap investing often prevents participating in that segment of the market. By holding small caps tex ext of a diversified all-cap portfolio volatility is typically reduced. Can you describe i the e portfolio’ss cconstruction onstruction fframework? r a m ewor k ? ork simple. I don’t believe I can time the market with the consistency necessary to add value so I don’t try. This means that the portfolio alw ways includes both stocks that are economically sensitive and stocks that are s inimized recognizing that equities outperform cash term. rm. The fu fund will be deeply diversified with respect to macro risk factors and maintains exposure e to a minimum of six sectors at all times. Risk controls are re built into int the framework (see main article). This leads to a portfolio that is often significantly different from the index. signific What W hat ccharacteristics haracteristics will will tthe he pportfolio or t folio hhave? av e ? Market cap exposure is dictated by bottom-up valuations and portfolio n objectives. Typically one-quarter to one-third of the fund would be e in mid caps. We cannot completely eliminate volatility, but I will be disappointed if the fund doesn’t have lower volatility than the index over a cycle for two reasons: 1. I believe it will be better diversified than the benchmark. 2. Buying stocks at a discount to fair market value provides a margin of safety against unforeseen circumstances. What’s W at s tthe he ddifference if ference between bet ween this this and and other other funds funds you’ve you’ve managed? m an ag e d ? I’ve followed essentially the same portfolio construction and stock selection process for the last 20 years. The difference is that, with a team of 15 Canadian equity professionals, and an industry-leading Research MAP we’ve added the additional support that will be so important to positive returns and consistency in the years to come. renaissance investments 11


P Looking for stability and income in volatile markets?

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The Renaissance Optimal Income Portfolio has proven success in volatile markets. It outperformed the market by over 3000 bps with 77% lower volatility during the 2008 correction.1 1st Quartile Performance Renaissance Optimal Income Portfolio 2 Quartile3

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Since Inception4

6.4%

7.7%

3.9%

2.9%

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2nd

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Pension-style portfolio builds wealth while generating income

1% annual trailer5 to recognize your valuable advice

Inflation Protection from infrastructure and real-return bond components

Competitive MERs of 1.90%6 on Class A with additional lower fee options

Visit www.renaissanceinvestments.ca/oip for more. 1

Source: Morningstar Direct; S&P/TSX Composite Index, period from June 18, 2008 (the market top) to March 9, 2009 (the market bottom). 2Performance as at August 31, 2011. 3Source: Morningstar, for the periods specified ending August 31, 2011 for Class A units of the Renaissance Optimal Income Portfolio. © 2011 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Quartile rankings are determined by Morningstar Research Inc., an independent research firm. Quartile rankings are comparisons of the performance of a fund to other funds in a particular category and are subject to change monthly. The quartile ranking reflects performance of Class A. The quartiles divide the data into four equal segments expressed in terms of rank (1, 2, 3 or 4). The top 25% of the funds in a category are in the first quartile and the next 25% are in the second quartile. This Fund is categorized as a Canadian Fixed Income Balanced fund. For each period, the quartile performance and the number of funds in this category are as follows: 1 year, 1st quartile, 192 funds; 2 years, 1st quartile, 166 funds; and 3 years, 2nd quartile, 147 funds. For more details, see www.morningstar.ca. 4Inception date: November 13, 2007. 5 Class A front-end load units. 6MER for Class A units of the Renaissance Optimal Income Portfolio annualized as at February 28, 2011 (as disclosed in each fund or portfolio’s interim management report of fund performance). Please read the Renaissance Investments family of funds Simplified Prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Renaissance Investments is offered by CIBC Asset Management Inc. ™Renaissance Investments and “invest well. live better.” are registered trademarks of CIBC Asset Management Inc.

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Solution Highlight

ALL DATA TO SEPTEMBER 30, 2011

Portfolio staples top performers PORTFOLIO STAPLES

&

Renaissance Corporate Bond Capital Yield Fund Renaissance Optimal Income Portfolio Renaissance Optimal Global Equity Portfolio Renaissance Global Infrastructure Fund

1 Mo. (%)

3 Mos. (%)

6 Mos. (%)

YTD (%)

1 Yr. (%)

3 Yrs. (%)

5 Yrs. (%)

Since Incep. (%)

Inception Date

0.6 (1.2) (6.0) (3.2)

1.8 (2.1) (11.4) (8.4)

3.3 (1.1) (11.7) (4.2)

3.8 1.4 (10.8) 0.1

3.5 3.0 (5.5) 1.8

– 5.4 2.3 3.3

– – (2.7) –

4.8 2.6 (4.2) (1.6)

11/18/09 11/13/07 02/16/00 11/13/07

TOP PERFORMING RENAISSANCE INVESTMENTS FUNDS – 1 YEAR

Renaissance Real Return Bond Fund Renaissance Millennium High Income Fund Renaissance Global Bond Fund Renaissance Global Health Care Fund Renaissance Canadian Bond Fund

1 Yr. (%) 8.6 6.1 5.9 5.6 5.0

Inception Date 06/02/03 02/13/97 10/21/92 11/02/96 01/01/73

TOP PERFORMING RENAISSANCE INVESTMENTS FUNDS – 3 YEARS

Renaissance Canadian Small-Cap Fund Renaissance Global Bond Fund Renaissance Global Resource Fund Renaissance Global Science & Technology Fund (USD) Renaissance Global Science & Technology Fund

3 Yrs. (%) 11.6 8.2 8.2 7.9 7.3

Inception Date 10/25/96 10/21/92 08/02/02 10/28/96 10/28/96

TOP PERFORMING RENAISSANCE INVESTMENTS FUNDS – 5 YEARS

Renaissance Real Return Bond Fund Renaissance Canadian Bond Fund Renaissance Global Resource Fund Renaissance Canadian Small-Cap Fund Renaissance Global Bond Fund

5 Yrs. (%) 4.9 4.8 4.8 4.6 4.6

Inception Date 06/02/03 01/01/73 08/02/02 10/25/96 10/21/92

New Funds & Premium Class Pricing LAUNCHED SEPTEMBER 26, 2011

s 2ENAISSANCE/PTIMAL)NmATION Opportunities Portfolio An optimal, all-in-one approach to manage inflation and capitalize on growth opportunities s 2ENAISSANCE#ANADIAN!LL #AP Equity Fund Capitalize on a broader spectrum of Canadian investment opportunities s 2ENAISSANCE#ANADIAN"OND Fund – Premium Class s 2ENAISSANCE3HORT 4ERM)NCOME Fund – Premium Class

renaissance investments 13


Axiom Portfolios

M

Axiom Portfolios

A p in

T

A

Axiom Portfolios provide the benefits and peace-of-mind of sophisticated portfolio management, while simplifying the administration, management and reporting of a portfolio.

A Wit ith h eig igh ht portfolios to choose from, in invvestin ing g in A xio iom m Portfolios provides: s Access to the accumulated knowledge and expertise of independent investment managers from across Canada and around the world s Risk management, through rigorous due diligence and built-in rebalancing

Axiom Portfolio Managers Axiom Portfolios have access to the accumulated knowledge and expertise of independent investment managers from across Canada and around the world.

anso Investment Counsel Ltd.

A

s Multiple levels of diversification s T-Class options available on all Axiom Portfolios, offering tax-efficient cash flow

A xio iom m Portfolios offer even more val alu ue at highe herr bal alan ancces thrrough the following th thrree classe th sess: Class A - $25,000 minimum investment ($5,000 minimum investment for TFSA only)

A

Select Class - $250,000 minimum investment Elite Class - $500,000 minimum investment

*T 14 renaissance investments


of

Multiple Levels of Diversification Axiom Portfolios have been designed to manage risk and solidify the potential for returns by ensuring portfolios are broadly diversified across multiple levels. Each portfolio is diversified across asset classes, investment styles, geographic regions and market capitalizations. There are eight portfolios available designed to meet the needs of various types of investors.

Axiom Balanced Income Portfolio* Equities 10.0% U.S. Equity 8.8% Canadian Equity 6.0% International Equity 3.0% Emerging Markets Equity Income Generation 12.2% Canadian Monthly Income Fixed Income 60.0% Canadian Fixed Income

Axiom Balanced Growth Portfolio* Equities 32.0% Canadian Equity 12.0% U.S. Equity 8.0% International Equity 5.0% Emerging Markets Equity Income Generation 8.0% Canadian Monthly Income Fixed Income 30.0% Canadian Fixed Income 5.0% Global Bond

Axiom Long-Term Growth Portfolio* Equities 40.0% Canadian Equity 10.0% U.S. Equity 8.0% International Equity 7.0% Emerging Markets Equity Income Generation 15.0% Canadian Monthly Income Fixed Income 15.0% Canadian Fixed Income 5.0% Global Bond

Axiom Foreign Growth Portfolio* Equities 43.0% U.S. Equity 33.0% International Equity 10.0% Emerging Markets Equity Fixed Income 14.0% Global Bond

Axiom Diversified Monthly Income Portfolio* Equities 18.4% Canadian Equity 5.0% U.S. Equity Income Generation 36.6% Canadian Monthly Income Fixed Income 40.0% Canadian Fixed Income

Axiom Canadian Growth Portfolio* Equities 56.0% Canadian Equity Income Generation 24.0% Canadian Monthly Income Fixed Income 20.0% Canadian Fixed Income

Axiom Global Growth Portfolio* Equities 29.0% U.S. Equity 21.0% International Equity 16.0% Canadian Equity 10.0% Emerging Markets Equity Income Generation 4.0% Canadian Monthly Income Fixed Income 10.0% Canadian Fixed Income 10.0% Global Bond

Axiom All Equity Portfolio* Equities 38.0% U.S. Equity 24.0% International Equity 18.0% Emerging Markets Equity 16.0% Canadian Equity Income Generation 4.0% Canadian Monthly Income

*Target asset class allocations renaissance investments 15


A XIOM PORTFOLIOS

Axiom Balanced Income Portfolio (Class A) Fund Category Canadian Fixed Income Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. Investing primarily in mutual funds, the goal is to achieve a mix of high current income and some long-term capital growth by investing primarily in a diversified blend of income and bond mutual funds, along with equity mutual funds.

Growth of $25,000 38 Fund

30 28 25 23

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

17.5% 02-28-2009 to 02-28-2010

-12.4% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL976 ATL975 ATL977 ATL981 ATL952 ATL950 ATL951 ATL928 ATL926 ATL927

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

35 33

Volatility Analysis

Low

Benchmark A Blended Benchmark

March 15, 2005 Dynamically +/- 2.5% 2.08% Annually $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Performance Quartile (within category over calendar year)

Total Assets ($mil)

3

2

3

3

1

4

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

11.1

47.5

85.1

84.3

116.5

154.4

162.6

— 3.8 1.2

— 0.3 -0.8

— 9.0 11.4

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

— 6.9 8.8

— 6.9 10.4

5.8 6.1 9.8

1.4 0.3 3.3

-9.8 -9.0 -8.6

11.5 14.0 12.8

7.8 6.6 9.2

-2.0 0.6 0.6

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-1.6 -0.9 -1.1

-2.7 -1.2 -1.2

-2.8 -0.7 -0.8

0.2 1.7 2.9

3.2 4.0 5.4

4.2 4.8 6.1

2.1 2.8 4.2

2.9 — —

Portfolio Analysis as of 09-30-2011 Target Composition

% Assets

Canadian Equity 8.8 U.S. Equity 10.0 International Equity 6.0 Emerging Markets 3.0 Equity Canadian Monthly 12.2 Income Canadian Fixed 60.0 Income Top 5 Global Equity Sectors

Financials Energy Materials Consumer Discretionary Information Technology

% Equity

21.3 16.4 13.0 9.8 9.4

Market Cap

Large Medium Small

%

76.0 19.0 5.0

Credit Quality

High Medium Low NR/NA

Top Holdings

%

77.5 14.2 1.5 6.8 % Assets

Frontiers Canadian Fixed Income Frontiers Canadian Monthly Income Frontiers U.S. Equity Frontiers Canadian Equity Frontiers International Equity

61.7 11.6 9.6 8.3 5.9

Frontiers Emerging Markets Equity

2.9

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

8 1,379 1,045 305

Investment Style

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.


A XIOM PORTFOLIOS

Axiom Balanced Income Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions. Manager Bios Management Team | 03-15-2005

anso Investment Counsel Ltd.

McLean Budden Ltd. Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 07-01-2009 Metropolitan West Capital Management LLC Management Team | 03-15-2005 Walter Scott & Partners Limited Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005

Investment Management Approach About the Portfolio A balanced approach for comfort throughout market cycles. This portfolio is designed for the conservative investor looking for a balance of income and long-term capital growth, with a focus on income. Use this portfolio as a single balanced income investment solution and benefit from its sophisticated portfolio management built upon proven investment principles. Key Points on the Process Axiom Balanced Income Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors.

Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 02-01-2006 Canso Investment Counsel Ltd. Management Team | 06-01-2006 Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too

heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Balanced Income Portfolio is ideal for a conservative investor looking for a balance of income and long-term capital growth, with a focus on income. Diversified with an approximate balance of 60% income assets for stability and 40% equity assets for growth, the portfolio is positioned to deliver lower volatility and potential for growth. This combination can provide protection from volatile markets while delivering the potential for long-term growth.

Manager Commentary Your portfolio’s broad diversification helped to moderate the downside effects of this quarter’s financial market volatility. The portfolio’s allocation to fixed income holdings, which benefited from an exceptionally strong bond market, partially mitigated weaker returns from global equity markets. Over the quarter, investors were focused on global macro-economic risks and slower growth expectations. This led equity markets into negative territory as investors sought the relative safety of bonds. As at September 30, 2011

MER is annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 62% DEX Bond Universe Index / 19% S&P/TSX Composite Index / 10% S&P 500 Index / 6% MSCI EAFE Index / 3% MSCI Emerging Markets Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

renaissance investments 17


A XIOM PORTFOLIOS

Axiom Diversified Monthly Income Portfolio (Class A) Fund Category Canadian Neutral Balanced

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. Investing primarily in mutual funds, the goal is to achieve a mix of high current income and some long-term capital growth by investing primarily in a diversified blend of income and bond mutual funds, along with equity mutual funds.

Growth of $25,000 38 Fund

30 28 25 23

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

24.4% 02-28-2009 to 02-28-2010

-18.5% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL985 ATL983 ATL984 ATL788 ATL955 ATL953 ATL954 ATL931 ATL929 ATL930

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

35 33

Volatility Analysis

Low

Benchmark A Blended Benchmark

March 15, 2005 Dynamically +/- 2.5% 2.23% Monthly $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Performance Quartile (within category over calendar year)

4

1

3

2

1

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

33.1

101.0

146.2

147.8

187.5

273.5

288.1

Fund Category Benchmark A

— -1.6 -2.4

— -5.8 -3.3

— 12.7 16.0

— 9.0 10.5

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-3.3 -2.8 -3.3

-5.6 -5.1 -3.9

-7.2 -6.1 -5.2

-1.1 0.0 1.7

4.0 3.5 5.6

3.9 3.4 5.6

1.9 2.0 4.4

3.2 — —

Total Assets ($mil) Calendar Year Returns %

Fund Category Benchmark A

— 12.9 14.6

5.0 9.4 11.0

3.8 2.3 6.0

-16.4 -15.9 -15.3

17.6 15.8 19.4

11.1 9.4 12.2

-5.1 -3.6 -2.7

Portfolio Analysis as of 09-30-2011 Target Composition

% Assets

Canadian Equity U.S. Equity Canadian Monthly Income Canadian Fixed Income

Top 5 Global Equity Sectors

Financials Energy Materials Consumer Discretionary Telecommunications Services

18.4 5.0 36.6

Market Cap

Large Medium Small

%

76.6 18.2 5.1

Credit Quality

High Medium Low NR/NA

%

71.7 17.4 1.5 9.5

40.0 Top Holdings

% Equity

27.5 20.9 15.6 7.9 7.7

% Assets

Frontiers Canadian Fixed Income Frontiers Canadian Monthly Income Frontiers Canadian Equity Frontiers U.S. Equity

41.9 36.1 17.4 5.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

6 999 666 305

Investment Style

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.


A XIOM PORTFOLIOS

Axiom Diversified Monthly Income Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions.

Manager Bios

anso Investment Counsel Ltd.

Management Team | 03-15-2005 McLean Budden Ltd. Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 07-01-2009

Investment Management Approach About the Portfolio A steady source of tax-efficient income. This portfolio is designed for the income investor who needs to generate income today and grow their investments over the long term. Use this portfolio as a single income investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Metropolitan West Capital Management LLC Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 02-01-2006 Canso Investment Counsel Ltd.

Key Points on the Process Axiom Diversified Monthly Income Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too

heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Diversified Monthly Income Portfolio is ideal for an investor seeking a reliable, tax-efficient source of income. The portfolio uses a diversified mix of income sources, including equities, fixed income and income trusts, providing an advantage over traditional dividend investments. The diversified income generation sources can provide protection from changing market conditions while delivering a reliable stream of income.

Manager Commentary Your portfolio’s broad diversification helped to moderate the downside effects of this quarter’s financial market volatility. The portfolio’s allocation to fixed income holdings, which benefited from an exceptionally strong bond market, partially mitigated weaker equity returns. Canadian equities were impacted as commodity prices reflected concerns over emerging market inflation and slowing growth. Over the quarter, investors were focused on global macro-economic risks and slower growth expectations. This led equities into negative territory, as investors sought the relative safety of bonds.

As at September 30, 2011 MER is annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 47% DEX Bond Universe Index / 48% S&P/TSX Composite Index / 5% S&P 500 Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

renaissance investments 19


A XIOM PORTFOLIOS

Axiom Balanced Growth Portfolio (Class A) Fund Category Canadian Equity Balanced

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. Investing primarily in mutual funds, the goal is to achieve a balance of income and long-term capital growth by investing in a diversified mix of equity, income and bond mutual funds.

Growth of $25,000 35 Fund

28 25 23 20

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

25.6% 02-28-2009 to 02-28-2010

-22.7% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL988 ATL986 ATL987 ATL789 ATL958 ATL956 ATL957 ATL934 ATL932 ATL933

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.38% Annually $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

33 30

Volatility Analysis

Low

Benchmark A Blended Benchmark

Performance Quartile (within category over calendar year)

3

3

2

4

3

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

56.7

221.0

408.3

359.3

462.7

520.7

473.1

Fund Category Benchmark A

— 0.5 -3.6

— -4.3 -5.8

— 13.3 14.9

— 10.1 10.1

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-4.2 -3.7 -3.3

-7.7 -6.2 -5.3

-9.9 -8.0 -6.4

-3.6 -0.4 0.2

1.4 3.1 4.2

2.4 3.0 4.7

0.5 1.4 3.3

2.1 — —

Total Assets ($mil) Calendar Year Returns %

Fund Category Benchmark A

— 12.3 13.3

10.1 10.4 13.7

1.4 0.3 3.8

-20.0 -22.3 -17.1

17.4 25.2 18.4

10.1 9.1 11.0

-8.2 -4.9 -4.0

Portfolio Analysis as of 09-30-2011 Target Composition

% Assets

Canadian Equity 32.0 U.S. Equity 12.0 International Equity 8.0 Emerging Markets 5.0 Equity Canadian Monthly 8.0 Income Canadian Fixed 30.0 Income Global Bond 5.0 Top 5 Global Equity Sectors

Financials Energy Materials Consumer Discretionary Information Technology

% Equity

23.2 18.5 14.8 9.7 8.6

Market Cap

Large Medium Small

%

76.8 17.4 5.8

Credit Quality

High Medium Low NR/NA

Top Holdings

%

72.2 17.4 1.3 9.1 % Assets

Frontiers Canadian Fixed Income Frontiers Canadian Equity Frontiers U.S. Equity Frontiers Canadian Monthly Income Frontiers International Equity

32.8 29.3 12.0 8.2 8.1

Frontiers Global Bond Frontiers Emerging Markets Equity

5.5 4.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

9 1,414 1,045 339

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.


A XIOM PORTFOLIOS

Axiom Balanced Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions.

anso Investment Counsel Ltd. Manager Bios Management Team | 03-15-2005 McLean Budden Ltd. Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 11-17-2006

Investment Management Approach About the Portfolio Growth balanced with income. This portfolio is designed for the investor looking for a balance of income and longterm capital growth, with a focus on stability. Use this portfolio as a single balanced growth investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Brandywine Global Investment Mgmt, LLC. Management Team | 07-01-2009 Metropolitan West Capital Management LLC Management Team | 03-15-2005 Walter Scott & Partners Limited Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 02-01-2006 Canso Investment Counsel Ltd. Management Team | 06-01-2006 Pictet International Management

Key Points on the Process Axiom Balanced Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too

heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Balanced Growth Portfolio is ideal for a conservative investor seeking a balance of income and long-term capital growth. An approximate 55% weighting in equities provides for long-term capital appreciation, balanced by a 45% fixed income component. The balanced combination of equities and income sources can provide protection from volatile markets while delivering the potential for long-term growth.

Management Team | 05-01-2011 del Rey Global Investors, LLC

Manager Commentary Your portfolio’s broad diversification helped to moderate the downside effects of this quarter’s financial market volatility. The portfolio’s allocation to global and Canadian fixed income holdings, which benefited from an exceptionally strong bond market, partially mitigated weaker returns from global equity markets. Over the quarter, investors were focused on global macroeconomic risks and slower growth expectations. This led equity markets into negative territory, as investors sought the relative safety of bonds. As at September 30, 2011

MER is annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 32% DEX Bond Universe Index / 38% S&P/TSX Composite Index / 12% S&P 500 Index / 8% MSCI EAFE Index / 5% MSCI Emerging Markets Index / 5% Citigroup World Government Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

renaissance investments 21


A XIOM PORTFOLIOS

Axiom Long-Term Growth Portfolio (Class A) Fund Category Canadian Equity Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. Investing primarily in mutual funds, the goal is to achieve longterm capital growth by investing primarily in equity mutual funds for higher growth potential, with some exposure to fixed income securities for diversification.

Growth of $25,000 35 Fund

28 25 23 20

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

30.9% 02-28-2009 to 02-28-2010

-28.1% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL994 ATL992 ATL993 ATL791 ATL961 ATL959 ATL960 ATL937 ATL935 ATL936

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

33 30

Volatility Analysis

Low

Benchmark A Blended Benchmark

March 15, 2005 Dynamically +/- 2.5% 2.63% Annually $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

Performance Quartile (within category over calendar year)

2

2

3

3

2

4

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

29.4

123.6

218.3

192.7

235.2

256.7

214.4

Fund Category Benchmark A

— 0.5 -6.3

— -4.3 -8.3

— 13.3 18.1

— 10.1 11.4

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

-5.8 -3.7 -5.0

-10.6 -6.2 -7.8

-13.7 -8.0 -9.9

-6.0 -0.4 -1.6

0.7 3.1 3.6

Total Assets ($mil) Calendar Year Returns %

Fund Category Benchmark A

— 12.3 16.3

11.5 10.4 15.9

2.3 0.3 5.3

-25.5 -22.3 -22.8

21.8 25.2 23.4

11.6 9.1 12.5

-11.6 -4.9 -6.9

3Yr

5Yr

Since Inception

1.5 3.0 4.1

-0.3 1.4 2.9

1.8 — —

Portfolio Analysis as of 09-30-2011 Target Composition

% Assets

Canadian Equity U.S. Equity International Equity Emerging Markets Equity Canadian Monthly Income Canadian Fixed Income Global Bond Top 5 Global Equity Sectors

Financials Energy Materials Consumer Discretionary Information Technology

40.0 10.0 8.0 7.0 15.0 15.0 5.0

% Equity

24.7 19.4 15.4 9.3 7.4

Market Cap

Large Medium Small

%

77.4 16.9 5.6

Credit Quality

High Medium Low NR/NA

Top Holdings

%

63.4 21.0 1.1 14.5 % Assets

Frontiers Canadian Equity Frontiers Canadian Fixed Income Frontiers Canadian Monthly Income Frontiers U.S. Equity Frontiers International Equity

38.5 15.8 15.7 10.4 8.5

Frontiers Emerging Markets Equity Frontiers Global Bond

6.6 5.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

9 1,414 1,045 339

Notes T-Class units are also available $5,000 TFSA minimum for Classes A & F ©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.


A XIOM PORTFOLIOS

Axiom Long-Term Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions.

anso Investment Counsel Ltd. Manager Bios Management Team | 03-15-2005 McLean Budden Ltd. Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 11-01-2006 Brandywine Global Investment Mgmt, LLC. Management Team | 07-01-2009 Metropolitan West Capital Management LLC Management Team | 03-15-2005 Walter Scott & Partners Limited Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee

Investment Management Approach About the Portfolio Diversified growth with a degree of stability for longterm gains. This Portfolio is designed for investors who can tolerate low-to-moderate investment risk and who are seeking the potential for long-term capital appreciation. Use this portfolio as a single growthoriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles. Key Points on the Process Axiom Long-Term Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors.

Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 02-01-2006 Canso Investment Counsel Ltd. Management Team | 03-15-2005 Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too

heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Long-Term Growth Portfolio is ideal for a higherrisk investor seeking long-term capital gains. The portfolio is strategically positioned to be effective over the long-term and provides long-term growth potential with stability, using an approximate 80% weighting in equities and a 20% weighting in income sources. The combination favouring equities yet including a measure of income provides the potential for long-term growth while offering a degree of protection from volatile markets.

Manager Commentary Your portfolio’s broad diversification helped to moderate the downside effects of this quarter’s market volatility. The portfolio’s allocation to global and Canadian fixed income holdings, which benefited from an exceptionally strong bond market, partially mitigated weaker returns from global equities. Over the quarter, investors were focused on global macro-economic risks and slower growth expectations. This led equity markets into negative territory, as investors sought the relative safety of bonds. As at September 30, 2011

MER is annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 18% DEX Bond Universe Index / 52% S&P/TSX Composite Index / 10% S&P 500 Index / 8% MSCI EAFE Index / 7% MSCI Emerging Markets Index / 5% Citigroup World Government Index

renaissance investments 23


A XIOM PORTFOLIOS

Axiom Canadian Growth Portfolio (Class A) Fund Category Canadian Equity Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

The Portfolio will seek to create a focused portfolio of investments across its Canadian asset classes. Investing primarily in mutual funds, the goal is to pursue long-term capital growth by investing primarily in Canadian equity mutual funds for higher growth potential, with some exposure to Canadian fixed income securities for diversification.

Growth of $25,000 35

Volatility Analysis

Low

Fund

Benchmark A Blended Benchmark

33 30 28 25 23 20

Performance Quartile (within category over calendar year) Medium

Worst 1 Year Return

32.6% 02-28-2009 to 02-28-2010

-28.2% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL991 ATL989 ATL990 ATL790 ATL964 ATL962 ATL963 ATL940 ATL938 ATL939

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.55% Annually $25,000

4

2

1

4

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

9.9

23.7

39.1

42.8

59.7

69.2

57.8

Fund Category Benchmark A

— 0.5 -7.3

— -4.3 -7.3

— 13.3 21.5

— 10.1 12.7

— 12.3 19.6

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

-6.9 -3.7 -6.0

-11.5 -6.2 -7.9

-15.4 -8.0 -10.9

-5.9 -0.4 -0.9

1.6 3.1 4.8

Total Assets ($mil)

Best 1 Year Return

1

2001

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

3

Calendar Year Returns %

Fund Category Benchmark A

9.4 10.4 13.9

5.6 0.3 8.4

-26.2 -22.3 -24.3

25.3 25.2 27.3

13.7 9.1 15.0

-12.5 -4.9 -7.2

3Yr

5Yr

Since Inception

1.7 3.0 4.4

0.5 1.4 3.8

2.6 — —

Portfolio Analysis as of 09-30-2011 Target Composition

% Assets

Canadian Equity Canadian Monthly Income Canadian Fixed Income

56.0 24.0

Market Cap

Large Medium Small

20.0

%

78.2 15.6 6.2

Credit Quality

High Medium Low NR/NA

Top Holdings

Top 5 Global Equity Sectors

Financials Energy Materials Consumer Discretionary Industrial

% Equity

29.5 23.4 18.2 8.0 6.0

%

67.1 18.1 1.4 13.3 % Assets

Frontiers Canadian Equity Frontiers Canadian Monthly Income Frontiers Canadian Fixed Income

55.5 24.8 20.5

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

5 531 201 305

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.


A XIOM PORTFOLIOS

Axiom Canadian Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions.

anso Investment Counsel Ltd.

Manager Bios Management Team | 03-15-2005 McLean Budden Ltd. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 02-01-2006

Investment Management Approach About the Portfolio Canadian-focused, yet well diversified for growth. This portfolio is suitable for investors who can tolerate lowto-moderate investment risk and who are seeking longterm capital appreciation. Use this portfolio as a single Canadian-focused, growth-oriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Canso Investment Counsel Ltd.

Key Points on the Process Axiom Canadian Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding a heavy

reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Canadian Growth Portfolio is ideal for the investor seeking a diversified Canadian portfolio, with long-term capital growth. The portfolio is a fully diversified Canadian solution and is ideal as a core component for long-term growth potential. The combination favouring Canadian equities, at approximately 77%, and including a measure of income, at approximately 23%, provides the potential for long-term growth while offering a degree of protection from volatile markets.

Manager Commentary Your portfolio’s diversification helped to moderate the downside effects of this quarter’s financial market volatility. The portfolio’s allocation to fixed income, which benefited from an exceptionally strong bond market, partially mitigated weaker returns from its largest asset class, Canadian equity. Over the quarter, investors were focused on global macro-economic risks, concerns over emerging market inflation and slowing growth. This led Canadian equity markets into negative territory, as investors sought the relative safety of bonds. As at September 30, 2011

MER is annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 25% DEX Bond Universe Index / 75% S&P/TSX Composite Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

renaissance investments 25


A XIOM PORTFOLIOS

Axiom Global Growth Portfolio (Class A) Fund Category Global Equity Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

The portfolio will seek to create a diversified portfolio of investments across several asset classes, and will emphasize global investment exposure. Investing primarily in mutual funds, the goal is to provide exposure to countries in North America, Europe, the Far East and Asia, and emerging market countries for higher growth potential, with some exposure to global fixed income securities for diversification.

Growth of $25,000 33

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

26.3% 02-28-2009 to 02-28-2010

-27.2% 11-30-2007 to 11-30-2008

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL997 ATL995 ATL996 ATL792 ATL967 ATL965 ATL966 ATL943 ATL941 ATL942

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

30 28 25 23 20 18

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A Blended Benchmark

March 15, 2005 Dynamically +/- 2.5% 2.77% No Set Frequency $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Total Assets ($mil)

3

4

3

4

3

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

8.3

62.5

128.8

90.9

95.3

87.2

70.3

— -10.4 -5.7

— -12.3 -10.8

— 12.3 12.2

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

— 7.2 8.8

— 8.4 10.2

12.5 12.9 17.4

-3.9 -2.8 -0.8

-23.6 -23.4 -19.7

14.2 17.6 15.3

8.6 8.6 8.7

-9.3 -8.8 -5.6

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-4.0 -4.6 -2.9

-8.7 -9.5 -7.1

-10.4 -10.9 -7.7

-5.2 -4.3 -1.5

-0.2 0.6 2.3

0.7 1.2 3.1

-2.0 -1.2 1.0

-0.5 — —

Portfolio Analysis as of 09-30-2011 Target Composition

% Assets

Canadian Equity U.S. Equity International Equity Emerging Markets Equity Canadian Monthly Income Canadian Fixed Income Global Bond Top 5 Global Equity Sectors

Financials Energy Information Technology Materials Consumer Discretionary

16.0 29.0 21.0 10.0 4.0 10.0 10.0

% Equity

17.3 13.7 13.0 11.4 11.1

Market Cap

Large Medium Small

%

75.6 19.4 5.1

Credit Quality

High Medium Low NR/NA

Top Holdings

Frontiers U.S. Equity Frontiers International Equity Frontiers Canadian Equity Frontiers Global Bond Frontiers Canadian Fixed Income Frontiers Emerging Markets Equity Frontiers Canadian Monthly Income Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

%

59.7 24.5 0.7 15.0 % Assets

29.7 22.0 15.1 10.3 10.2 9.5 4.1 9 1,414 1,045 339

Investment Style

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.


A XIOM PORTFOLIOS

Axiom Global Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions.

anso Investment Counsel Ltd. Manager Bios Management Team | 03-15-2005 McLean Budden Ltd. Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 11-17-2006

Investment Management Approach About the Portfolio Global diversification, positioned for growth. This portfolio is designed for the investor seeking long-term growth and global diversification. Use this portfolio as a single globally diversified, growth-oriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Brandywine Global Investment Mgmt, LLC. Management Team | 07-01-2009 Metropolitan West Capital Management LLC Management Team | 03-15-2005 Walter Scott & Partners Limited Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 02-01-2006 Canso Investment Counsel Ltd. Management Team | 06-01-2006 Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Key Points on the Process Axiom Global Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too heavy a reliance on any one individual security, fund, sector, geographical region, or management style.

Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Global Growth Portfolio is ideal for the investor seeking a globally diversified portfolio, with long-term capital growth. The portfolio is a globally diversified solution, investing in global, international and emerging market opportunities, making it ideal as a core component for long-term growth potential. The combination favouring equities, at approximately 80%, yet including a measure of income, at approximately 20%, has the ability to invest in different economic environments in a single global solution and provides the potential for long-term growth while offering a degree of protection from volatile markets.

Manager Commentary Your portfolio’s diversification helped moderate the downside effects of this quarter’s market volatility. The portfolio’s allocation to fixed income, which benefited from strong bond market, partially mitigated weaker returns from global equities. Over the quarter, investors were focused on global macro-economic risks and slower growth expectations. This led equity markets into negative territory, as investors sought the relative safety of bonds. The weakening of the Canadian dollar reduced declines in U.S. and international equity markets but deepened those in emerging markets. As at September 30, 2011

MER is annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 11% DEX Bond Universe Index / 19% S&P/TSX Composite Index / 29% S&P 500 Index / 21% MSCI EAFE Index / 10% MSCI Emerging Markets Index / 10% Citigroup World Government Index T-Class units are also available $5,000 TFSA minimum for Classes A & F renaissance investments 27


A XIOM PORTFOLIOS

Axiom Foreign Growth Portfolio (Class A) Fund Category Global Equity Balanced

Morningstar Rating Q

Investment Objective

Performance as of 09-30-2011

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. It will emphasize foreign investment exposure (which excludes Canada). Investing primarily in mutual funds, the goal is to achieve long-term capital growth by investing primarily in U.S. and international equity mutual funds that provide exposure to a number of industrialized countries outside of Canada. The overall fund objective can be considered aggressive.

Growth of $25,000 33

Volatility Analysis

Fund

Benchmark A Blended Benchmark

30 28 25 23 20 18

Performance Quartile (within category over calendar year)

Total Assets ($mil) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

24.5% 02-28-2009 to 02-28-2010

-29.1% 11-30-2007 to 11-30-2008

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL778 ATL998 ATL999 ATL794 ATL970 ATL968 ATL969 ATL946 ATL944 ATL945

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.75% Annually $25,000

2

4

3

4

4

2

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

2.1

13.7

21.0

12.6

11.9

9.3

6.5

— -10.4 -6.9

— -12.3 -13.9

— 12.3 8.6

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

— 7.2 7.1

— 8.4 6.2

13.8 12.9 19.2

-8.4 -2.8 -5.4

-23.9 -23.4 -19.2

9.8 17.6 10.1

6.9 8.6 6.2

-8.1 -8.8 -5.6

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-2.7 -4.6 -1.8

-7.8 -9.5 -7.5

-8.8 -10.9 -7.3

-4.8 -4.3 -1.9

-0.8 0.6 0.9

-0.2 1.2 1.8

-3.5 -1.2 -0.9

-2.0 — —

Portfolio Analysis as of 09-30-2011 Target Composition

% Assets

U.S. Equity International Equity Emerging Markets Equity Global Bond

43.0 33.0 10.0

Market Cap

Large Medium Small

%

74.6 20.8 4.7

Credit Quality

High Medium Low NR/NA

14.0 Top Holdings

Top 5 Global Equity Sectors

Information Technology Financials Consumer Discretionary Consumer Staples Energy

%

45.1 33.7 0.0 21.2

% Equity

15.8 13.1 12.1 11.3 10.5

% Assets

Frontiers U.S. Equity Frontiers International Equity Frontiers Global Bond Frontiers Emerging Markets Equity

42.8 34.3 14.3 9.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

6 898 856 34

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.


A XIOM PORTFOLIOS

Axiom Foreign Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions.

Manager Bios Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 11-17-2006 Brandywine Global Investment Mgmt, LLC. Management Team | 07-01-2009 Metropolitan West Capital Management LLC Management Team | 03-15-2005 Walter Scott & Partners Limited Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005

Investment Management Approach About the Portfolio Foreign diversification, positioned for growth. This portfolio is designed for the aggressive investor seeking maximum long-term capital growth by investing in U.S. and international equities. Use this portfolio as a single internationally diversified, growth-oriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

INTECH Investment Management LLC Management Team | 06-01-2006 Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Key Points on the Process Foreign Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio

is broadly diversified at multiple levels, avoiding too heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Foreign Growth Portfolio is ideal for investors seeking a diversified foreign portfolio, with strong growth potential and is a complement to a core Canadian strategy. The combination favouring foreign equities, at approximately 86%, yet including a measure of income, at approximately 14%, provides the potential for longterm growth while offering a degree of protection from volatile markets.

Manager Commentary Your portfolio’s diversification helped to moderate the downside effects of this quarter’s market volatility. The portfolio’s allocation to global fixed income holdings partially mitigated weaker returns from global equity markets. Over the period, investors were focused on global macro-economic risks and slower growth expectations. This led equity markets into negative territory, as investors sought the relative safety of bonds. The weakening of the Canadian dollar slightly reduced declines in U.S. and international equity markets however deepened losses in emerging markets. As at September 30, 2011

MER is annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 43% S&P 500 Index / 33% MSCI EAFE Index / 10% MSCI Emerging Markets Index / 14% Citigroup World Government Bond Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

renaissance investments 29


A XIOM PORTFOLIOS

Axiom All Equity Portfolio (Class A) Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

The Portfolio will seek to create a diversified portfolio focused on equity investments. Investing primarily in mutual funds, the goal is to achieve long-term capital growth by investing in a diversified mix of equity mutual funds for higher growth potential. The mutual funds may include some sector equity exposure, and the overall fund objective can be considered aggressive.

Growth of $25,000 45

Volatility Analysis

Low

Fund

Benchmark A Blended Benchmark

40 35 30 25 20 15

Performance Quartile (within category over calendar year) Medium

Worst 1 Year Return

32.8% 02-28-2009 to 02-28-2010

-34.8% 11-30-2007 to 11-30-2008

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL784 ATL782 ATL783 ATL796 ATL979 ATL971 ATL978 ATL949 ATL947 ATL948

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.75% Annually $25,000

3

2

2

4

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

4.0

25.9

43.4

30.1

34.5

31.0

23.1

Fund Category Benchmark A

— -5.2 -8.1

— -17.4 -16.4

— 10.6 15.4

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-5.8 -4.7 -4.6

-12.5 -12.2 -11.0

-14.9 -12.7 -12.2

-8.1 -5.7 -4.1

-1.7 -1.3 1.2

-1.1 -1.4 1.8

-3.7 -4.4 -0.5

-1.3 — —

Total Assets ($mil)

Best 1 Year Return

2

2001

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

3

Calendar Year Returns %

Fund Category Benchmark A

— 6.4 9.9

— 5.8 13.7

16.2 18.0 21.4

-3.8 -6.6 -0.3

-31.5 -29.3 -29.0

18.6 14.3 21.5

9.5 6.5 9.9

-13.5 -10.8 -9.7

Portfolio Analysis as of 09-30-2011 Target Composition

% Assets

Canadian Equity U.S. Equity International Equity Emerging Markets Equity Canadian Monthly Income Top 5 Global Equity Sectors

Financials Information Technology Energy Materials Consumer Discretionary

16.0 38.0 24.0 18.0 4.0

% Equity

17.1 13.6 13.4 11.2 11.2

Market Cap

Large Medium Small

%

75.5 19.5 5.0

Top Holdings

% Assets

Frontiers U.S. Equity Frontiers International Equity Frontiers Emerging Markets Equity Frontiers Canadian Equity Frontiers Canadian Monthly Income

38.6 25.1 17.4 15.4 4.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

7 1,223 1,045 160

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.


A XIOM PORTFOLIOS

Axiom All Equity Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions.

Manager Bios Management Team | 03-15-2005 McLean Budden Ltd. Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 07-01-2009 Metropolitan West Capital Management LLC Management Team | 03-15-2005 Walter Scott & Partners Limited

Investment Management Approach About the Portfolio Diversified equity, positioned for maximum growth. This portfolio is designed for the aggressive investor who is looking to maximize long-term growth by focusing on equity investments. Use this portfolio as a single diversified, growth-oriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 06-01-2006 Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Key Points on the Process Axiom All Equity Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio

is broadly diversified at multiple levels, avoiding too heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom All Equity Portfolio is ideal for the aggressive investor seeking a diversified equity portfolio, with maximum growth potential and is a complement to a fixed income strategy. The portfolio is a fully diversified all equity solution for long-term maximum growth potential. The portfolio is fully diversified to capture equity opportunities worldwide, and provides the potential for maximum capital appreciation.

Manager Commentary Four main themes dominated the quarter: U.S. economic growth, the European sovereign crisis, inflation in emerging market nations and volatility arising from the U.S. debt ceiling and the subsequent U.S. credit downgrade. This led equity markets into negative territory as investors sought the relative safety of bonds. The weakening of the Canadian dollar reduced declines in U.S. and international equity markets however deepened losses in emerging market equities. As at September 30, 2011

MER is annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Custom Benchmark: 20% S&P/TSX Composite Index / 38% S&P 500 Index / 24% MSCI EAFE Index / 18% MSCI Emerging Markets Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

renaissance investments 31


Axiom Portfolios

A

Portfolio Essentials

P

A

UND CODES

Axiom Balanced Income Portfolio

Axiom Diversified Monthly Income Portfolio

Axiom Balanced Growth Portfolio

Axiom Long-Term Growth Portfolio

Axiom Canadian Growth Portfolio

Axiom Global Growth Portfolio

Axiom Foreign Growth Portfolio

Axiom All Equity Portfolio

Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load

ATL975 ATL976 ATL977 ATL926 ATL928 ATL927 ATL950 ATL952 ATL951 ATL981 ATL2601 ATL2603 ATL2602 ATL2604 ATL2606 ATL2605 ATL2607 ATL2609 ATL2608 ATL2610 ATL2612 ATL2611 ATL2616 ATL2618 ATL2617 ATL2622 ATL2624 ATL2623 ATL2613 ATL2615 ATL2614 ATL2619 ATL2621 ATL2620 ATL2625 ATL2627 ATL2626

ATL983 ATL985 ATL984 ATL929 ATL931 ATL930 ATL953 ATL955 ATL954 ATL788 n/a n/a n/a ATL072 ATL074 ATL073 ATL081 ATL083 ATL082 n/a n/a n/a ATL075 ATL077 ATL076 ATL084 ATL086 ATL085 n/a n/a n/a ATL078 ATL080 ATL079 ATL087 ATL089 ATL088

ATL986 ATL988 ATL987 ATL932 ATL934 ATL933 ATL956 ATL958 ATL957 ATL789 ATL2628 ATL2630 ATL2629 ATL2631 ATL2633 ATL2632 ATL2634 ATL2636 ATL2635 ATL2637 ATL2639 ATL2638 ATL2643 ATL2645 ATL2644 ATL2649 ATL2651 ATL2650 ATL2640 ATL2642 ATL2641 ATL2646 ATL2648 ATL2647 ATL2652 ATL2654 ATL2653

ATL992 ATL994 ATL993 ATL935 ATL937 ATL936 ATL959 ATL961 ATL960 ATL791 ATL2655 ATL2657 ATL2656 ATL2658 ATL2660 ATL2659 ATL2661 ATL2663 ATL2662 ATL2664 ATL2666 ATL2665 ATL2670 ATL2672 ATL2671 ATL2676 ATL2678 ATL2677 ATL2667 ATL2669 ATL2668 ATL2673 ATL2675 ATL2674 ATL2679 ATL2681 ATL2680

ATL989 ATL991 ATL990 ATL938 ATL940 ATL939 ATL962 ATL964 ATL963 ATL790 ATL2682 ATL2684 ATL2683 ATL2685 ATL2687 ATL2686 ATL2688 ATL2690 ATL2689 ATL2691 ATL2693 ATL2692 ATL2697 ATL2699 ATL2698 ATL2703 ATL2705 ATL2704 ATL2694 ATL2696 ATL2695 ATL2700 ATL2702 ATL2701 ATL2706 ATL2708 ATL2707

ATL995 ATL997 ATL996 ATL941 ATL943 ATL942 ATL965 ATL967 ATL966 ATL792 ATL2736 ATL2738 ATL2737 ATL2739 ATL2741 ATL2740 ATL2742 ATL2744 ATL2743 ATL2745 ATL2747 ATL2746 ATL2751 ATL2753 ATL2752 ATL2757 ATL2759 ATL2758 ATL2748 ATL2750 ATL2749 ATL2754 ATL2756 ATL2755 ATL2760 ATL2762 ATL2761

ATL998 ATL778 ATL999 ATL944 ATL946 ATL945 ATL968 ATL970 ATL969 ATL794 ATL2709 ATL2711 ATL2710 ATL2712 ATL2714 ATL2713 ATL2715 ATL2717 ATL2716 ATL2718 ATL2720 ATL2719 ATL2724 ATL2726 ATL2725 ATL2730 ATL2732 ATL2731 ATL2721 ATL2723 ATL2722 ATL2727 ATL2729 ATL2728 ATL2733 ATL2735 ATL2734

ATL782 ATL784 ATL783 ATL947 ATL949 ATL948 ATL971 ATL979 ATL978 ATL796 ATL2763 ATL2765 ATL2764 ATL2766 ATL2768 ATL2767 ATL2769 ATL2771 ATL2770 ATL2772 ATL2774 ATL2773 ATL2778 ATL2780 ATL2779 ATL2784 ATL2786 ATL2785 ATL2775 ATL2777 ATL2776 ATL2781 ATL2783 ATL2782 ATL2787 ATL2789 ATL2788

Class A Select Class Elite Class Class F Class T4 Class T6 Class T8 Select-T4 Class Select-T6 Class Select-T8 Class Elite-T4 Class Elite-T6 Class Elite-T8 Class

2.08% 1.90% 1.40% 1.22% 2.00% 1.98% 1.93% 1.93%1 1.94% n/a n/a 1.46%1 n/a

2.23% 1.99% 1.46% 0.99% n/a 2.10% 2.11% n/a 2.03% 2.05% n/a 1.49% 1.46%

2.38% 2.16% 1.54% 0.98% 2.31% 2.27% 2.26% 2.21% n/a 2.21%1 n/a 1.57%1 n/a

2.63% 2.36% 1.67% 1.18% 2.40%1 2.78%1 2.50%1 n/a n/a n/a n/a 1.67%1 1.60%1

2.55% 2.18% 1.57% 1.14% 2.58%1 2.51%1 2.42%1 n/a n/a 2.28%1 n/a n/a n/a

2.77% 2.34% 1.64% 1.34% n/a 2.82%1 n/a n/a n/a n/a n/a n/a n/a

2.75% 2.25% 1.68% 1.33% n/a n/a n/a 2.30% n/a n/a n/a n/a n/a

2.75% 2.35% 1.68% 1.41% 2.82%1 n/a 2.64%1 n/a n/a n/a n/a n/a n/a

Front-End Load Back-End Load Low Load Front-End Load SELECT, SELECT-T4, Back-End Load SELECT-T6, SELECT-T8 CLASS Low Load Front-End Load ELITE, ELITE-T4, ELITE-T6, Back-End Load ELITE-T8 CLASS Low Load

0-5% 5.00% 3.00% 0-5% 4.00% 2.00% 0-5% 3.00% 1.00%

0-5% 5.00% 3.00% 0-5% 4.00% 2.00% 0-5% 3.00% 1.00%

0-5% 5.00% 3.00% 0-5% 4.00% 2.00% 0-5% 3.00% 1.00%

0-5% 5.00% 3.00% 0-5% 4.00% 2.00% 0-5% 3.00% 1.00%

0-5% 5.00% 3.00% 0-5% 4.00% 2.00% 0-5% 3.00% 1.00%

0-5% 5.00% 3.00% 0-5% 4.00% 2.00% 0-5% 3.00% 1.00%

0-5% 5.00% 3.00% 0-5% 4.00% 2.00% 0-5% 3.00% 1.00%

0-5% 5.00% 3.00% 0-5% 4.00% 2.00% 0-5% 3.00% 1.00%

1.00 0.50 1.00 0.50 1.00 0.70 0.40 0.70 0.40 0.70

1.00 0.50 1.00 0.50 1.00 0.70 0.40 0.70 0.40 0.70

1.10 0.50 1.10 0.50 1.10 0.80 0.40 0.80 0.40 0.80

1.25 0.50 1.25 0.50 1.25 0.90 0.40 0.90 0.40 0.90

1.25 0.50 1.25 0.50 1.25 0.90 0.40 0.90 0.40 0.90

1.25 0.50 1.25 0.50 1.25 0.90 0.40 0.90 0.40 0.90

1.25 0.50 1.25 0.50 1.25 0.90 0.40 0.90 0.40 0.90

1.25 0.50 1.25 0.50 1.25 0.90 0.40 0.90 0.40 0.90

ATL FUND CODES

CLASS A

SELECT CLASS

ELITE CLASS

Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load

CLASS F CLASS T4

CLASS T6

CLASS T8

SELECT-T4 CLASS

SELECT-T6 CLASS

SELECT-T8 CLASS

ELITE-T4 CLASS

ELITE-T6 CLASS

ELITE-T8 CLASS MERs1 (%)

COMMISSIONS

CLASS A, T4, T6, T8

3

TRAILERS (%)

CLASS A, T4, T6, T8 & SELECT, SELECT-T4, SELECT-T6, SELECT-T8 CLASS

ELITE, ELITE-T4, ELITE-T6, ELITE-T8 CLASS

Front-End Load Back-End Load 1-6 years2 Back-End Load 7+ years2 Low Load 1-3 years Low Load Thereafter Front-End Load Back-End Load 1-6 years2 Back-End Load 7+ years2 Low Load 1-3 years Low Load Thereafter

32 renaissance investments

A (C

A A A A A A A Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax

A

A A A A A A A A A A A A A A A A Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax Ax

Al 1A o i 2A o 3T

Se El su to su cla a


Axiom Portfolios

Performance Essentials As at September 30, 2011 Axiom Portfolios (Class A unless otherwise noted)

Assets ($ 000s)

NAV ($)

Distributions ($)

1 Mo. (%)

3 Mos. (%)

6 Mos. (%)

Axiom Balanced Income Portfolio Axiom Balanced Income Portfolio - Select Class Axiom Balanced Income Portfolio - Elite Class Axiom Diversified Monthly Income Portfolio Axiom Diversified Monthly Income Portfolio - Select Class Axiom Diversified Monthly Income Portfolio - Elite Class Axiom Balanced Growth Portfolio Axiom Balanced Growth Portfolio - Select Class Axiom Balanced Growth Portfolio - Elite Class Axiom Long-Term Growth Portfolio Axiom Long-Term Growth Portfolio - Select Class Axiom Long-Term Growth Portfolio - Elite Class Axiom Canadian Growth Portfolio Axiom Canadian Growth Portfolio - Select Class Axiom Canadian Growth Portfolio - Elite Class Axiom Global Growth Portfolio Axiom Global Growth Portfolio - Select Class Axiom Global Growth Portfolio - Elite Class Axiom Foreign Growth Portfolio Axiom Foreign Growth Portfolio - Select Class Axiom Foreign Growth Portfolio - Elite Class Axiom All Equity Portfolio Axiom All Equity Portfolio - Select Class Axiom All Equity Portfolio - Elite Class

162,607 – – 288,060 – – 473,135 – – 214,365 – – 57,816 – – 70,268 – – 6,474 – – 23,124 – –

10.87 10.33 10.39 9.47 8.91 9.18 10.92 10.02 10.10 10.92 9.69 9.84 11.16 9.69 8.83 9.69 8.96 9.24 8.73 8.24 7.81 9.17 8.63 7.82

– – – 0.0340 0.0320 0.0330 – – – – – – – – – – – – – – – – – –

(1.6) (1.6) (1.6) (3.3) (3.3) (3.2) (4.2) (4.2) (4.1) (5.8) (5.8) (5.8) (6.9) (6.8) (6.8) (4.0) (3.9) (3.9) (2.7) (2.7) (2.6) (5.8) (5.7) (5.7)

(2.7) (2.6) (2.5) (5.6) (5.6) (5.4) (7.7) (7.7) (7.5) (10.6) (10.6) (10.4) (11.5) (11.4) (11.3) (8.7) (8.6) (8.4) (7.8) (7.7) (7.5) (12.5) (12.0) (12.3)

(2.8) (2.7) (2.5) (7.2) (7.1) (6.8) (9.9) (9.8) (9.5) (13.7) (13.6) (13.3) (15.4) (15.2) (15.0) (10.5) (10.2) (9.9) (8.8) (8.6) (8.3) (14.9) (14.3) (14.5)

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

10.10 9.37 9.16 9.70 9.48 9.55 8.33 7.67 8.48 9.06 8.52 8.24 10.06 9.47 9.20 9.48 8.66 9.31 9.33 8.48 8.62 8.97 8.60 9.13 9.27 8.82 8.71 8.97 8.40 9.81 9.08 8.64 10.06

0.0350 0.0500 0.0660 0.0340 0.0510 0.0510 0.0460 0.0570 0.0470 0.0680 0.0470 0.0610 0.0380 0.0540 0.0710 0.0350 0.0670 0.0530 0.0360 0.0500 0.0690 0.0530 0.0690 0.0360 0.0550 0.0710 0.0700 0.0520 0.0670 – 0.0360 0.0710 –

(1.6) (1.6) (1.6) (1.6) (1.6) (1.6) (3.3) (3.3) (3.3) (3.3) (3.3) (3.2) (4.2) (4.2) (4.2) (4.3) (4.2) (4.1) (5.8) (5.8) (5.8) (5.8) (5.8) (6.9) (6.9) (6.8) (6.8) (4.0) (4.0) – (5.8) (5.8) –

(2.7) (2.7) (2.7) (2.7) (2.7) (2.5) (5.6) (5.6) (5.6) (5.6) (5.4) (5.4) (7.7) (7.7) (7.7) (7.8) (7.7) (7.5) (10.6) (10.6) (10.6) (10.4) (10.4) (11.5) (11.5) (11.5) (11.5) (8.7) (8.7) – (12.5) (12.5) –

(2.8) (2.8) (2.8) (2.8) (2.8) (2.5) (7.1) (7.1) (7.1) (7.1) (6.8) (6.8) (9.8) (9.8) (9.8) (9.9) (9.8) (9.5) (13.6) (13.6) (13.7) (13.3) (13.3) (15.4) (15.3) (15.3) (15.3) (10.4) (10.5) – (15.0) (14.9) –

YTD (%) (2.0) (1.9) (1.5) (5.1) (4.9) (4.6) (8.2) (8.0) (7.6) (11.6) (11.4) (10.9) (12.5) (12.3) (11.9) (9.3) (9.0) (8.5) (8.1) (7.8) (7.4) (13.5) (12.8) (12.8)

1 Yr. (%)

3 Yrs. (%)

5 Yrs. (%)

Since Incep. (%)

Inception Date

0.2 0.4 0.9 (1.1) (0.9) (0.4) (3.6) (3.4) (2.8) (6.0) (5.7) (5.1) (5.9) (5.5) (4.9) (5.2) (4.8) (4.1) (4.8) (4.3) (3.8) (8.1) (7.3) (7.2)

4.2 4.6 4.9 3.9 4.1 4.6 2.4 2.7 3.3 1.5 1.8 2.5 1.8 2.1 2.7 0.7 1.1 1.8 (0.2) 0.2 0.9 (1.1) (0.5) 0.0

2.1 2.4 – 1.9 2.1 – 0.5 0.7 1.3 (0.3) – 0.6 0.5 0.8 – (2.0) – – (3.5) – – (3.7) (3.2) –

2.9 2.5 2.7 3.2 2.2 2.7 2.1 0.9 1.4 1.8 0.1 0.7 2.6 1.0 (0.2) (0.5) (2.2) (1.6) (2.1) (3.8) (5.2) (1.3) (2.9) (5.9)

03/15/05 09/19/06 09/19/06 03/15/05 09/19/06 10/09/06 03/15/05 09/22/06 09/19/06 03/15/05 10/03/06 09/20/06 03/15/05 09/22/06 02/19/07 03/15/05 11/03/06 10/31/06 03/15/05 10/18/06 02/19/07 03/15/05 09/22/06 9/26/07

0.3 0.3 0.3 0.3 0.3 0.8 (1.0) (1.0) (0.9) (0.9) (0.4) (0.4) (3.6) (3.5) (3.6) (3.6) (3.5) (2.8) (5.8) – (5.9) (5.1) – (5.8) (5.8) (5.7) (5.6) (5.2) – – (8.2) (8.0) –

– – – – – – 4.0 4.0 4.1 – 4.6 4.6 – – – – – – – – – – – – – – – – – – – – –

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

5.9 4.5 5.5 2.8 5.0 3.9 1.5 1.5 1.4 8.7 1.4 1.8 4.7 4.1 4.8 0.6 1.3 1.8 0.8 (11.2) 0.1 (0.7) (7.2) (1.8) 3.1 2.6 1.7 (0.8) (11.1) – (2.1) 1.5 –

06/23/09 08/14/09 07/29/09 03/16/10 08/06/09 02/17/10 11/15/07 11/15/07 04/18/08 04/16/09 05/13/08 07/03/08 06/16/09 07/27/09 07/17/09 03/04/10 10/20/09 02/17/10 09/28/09 01/21/11 12/18/09 03/15/10 11/03/10 03/08/10 11/02/09 11/04/09 12/04/09 03/12/10 02/09/11 01/26/11 03/02/10 08/17/09 12/15/10

Axiom Portfolios (T-Class unless otherwise noted) Axiom Balanced Income Portfolio - Class T4 Axiom Balanced Income Portfolio - Class T6 Axiom Balanced Income Portfolio - Class T8 Axiom Balanced Income Portfolio - Select-T4 Class Axiom Balanced Income Portfolio - Select-T6 Class Axiom Balanced Income Portfolio - Elite-T6 Class Axiom Diversified Monthly Income Portfolio - Class T6 Axiom Diversified Monthly Income Portfolio - Class T8 Axiom Diversified Monthly Income Portfolio - Select-T6 Class Axiom Diversified Monthly Income Portfolio - Select-T8 Class Axiom Diversified Monthly Income Portfolio - Elite-T6 Class Axiom Diversified Monthly Income Portfolio - Elite-T8 Class Axiom Balanced Growth Portfolio - Class T4 Axiom Balanced Growth Portfolio - Class T6 Axiom Balanced Growth Portfolio - Class T8 Axiom Balanced Growth Portfolio - Select-T4 Class Axiom Balanced Growth Portfolio - Select-T8 Class Axiom Balanced Growth Portfolio - Elite-T6 Class Axiom Long-Term Growth Portfolio - Class T4 Axiom Long-Term Growth Portfolio - Class T6 Axiom Long-Term Growth Portfolio - Class T8 Axiom Long-Term Growth Portfolio - Elite-T6 Class Axiom Long-Term Growth Portfolio - Elite-T8 Class Axiom Canadian Growth Portfolio - Class T4 Axiom Canadian Growth Portfolio - Class T6 Axiom Canadian Growth Portfolio - Class T8 Axiom Canadian Growth Portfolio - Select-T8 Class Axiom Global Growth Portfolio - Class T6 Axiom Global Growth Portfolio - Class T8 Axiom Foreign Growth Portfolio - Select-T4 Class Axiom All Equity Portfolio - Class T4 Axiom All Equity Portfolio - Class T8 Axiom All Equity Portfolio - Elite-T8 Class

(2.0) (1.9) (1.9) (1.9) (1.9) (1.6) (5.0) (5.0) (5.0) (5.0) (4.6) (4.6) (8.1) (8.1) (8.1) (8.2) (8.1) (7.6) (11.4) 0.0 (11.6) (10.9) (10.9) (12.5) (12.5) (12.4) (12.3) (9.3) – – (13.6) (13.4) –

All MERs as at February 28, 2011. 1 Annualized MER for the period ending February 28, 2011 (as disclosed in each fund’s interim management report of fund performance. Renaissance Investments may have waived fees or absorbed expenses otherwise payable by a fund or portfolio, with the exception of any taxes or new fees introduced by regulators or governments. At the discretion of Renaissance Investments, this practice may continue indefinitely and can be terminated at any time. 2 All units held under the back-end load option on November 1, 2010 will maintain the trailing commission structure that was in place prior to November 1, 2010. Purchases of units under the back-end load option made after November 1, 2010 will be subject to the trailing commission structure detailed above. 3 Trailer fees may change at any time without prior notice. Select and Elite Class: There will be no automatic transfer into the Select Class (including Select-T4 Class, Select-T6 Class, or Select-T8 Class) or Elite Class (including Elite-T4 Class, Elite-T6 Class, or Elite-T8 Class) from other Axiom classes when the minimum investment of the Select classes or Elite classes has been reached. Conversions and switches into the Select classes or Elite classes will be subject to the minimum investment requirements governing each class. As a result, an investor must hold a minimum investment of $250,000 to convert or switch into the Select classes, and $500,000 to convert or switch into the Elite classes. Note: See the simplified prospectus for the tax treatment of conversions and switches. The information presented is accurate at the time of first printing, and is subject to change without notice. Management fees for Class A and Class F units are outlined in the Simplified Prospectus of the Portfolios. Management fees for the units of the Select classes and Elite classes will vary, but will not exceed the difference between the capped MER for that Class and the Portfolio’s operating expenses. No management fees are payable by the Portfolio that would duplicate a fee payable by the Underlying Pool(s) for the same service. renaissance investments 33


Renaissance Investments

Renaissance Investments family of funds

I

W In th a

Renaissance Investments’ comprehensive line-up of mutual funds can provide your clients with exposure to equity and fixed-income securities from markets around the world. These funds are ideal to build a portfolio or to add greater diversification and performance potential to your clients’ existing portfolios.

Fund Profiles Table of Contents NE W

NEW FUNDS

Renaissance Canadian All-Cap Equity Fund Renaissance Optimal Inflation Opportunities Portfolio Renaissance Short-Term Income Fund – Premium Class Renaissance Canadian Bond Fund – Premium Class MONEY MARKET FUNDS

Renaissance Money Market Fund Renaissance Money Market Fund – Premium Class Renaissance Canadian T-Bill Fund Renaissance U.S. Money Market Fund FIXED INCOME FUNDS

Renaissance Short-Term Income Fund Renaissance Canadian Bond Fund Renaissance Real Return Bond Fund Renaissance Corporate Bond Capital Yield Fund Renaissance Corporate Bond Capital Yield Fund – Premium Class Renaissance High-Yield Bond Fund Renaissance Global Bond Fund BAL ANCED FUNDS

Renaissance Canadian Balanced Fund Renaissance Optimal Income Portfolio

p 36

EQUIT Y INCOME FUNDS

p 38

Renaissance Canadian Dividend Fund Renaissance Canadian Monthly Income Fund Renaissance Diversified Income Fund Renaissance Millennium High Income Fund

p 40

CANADIAN EQUIT Y FUNDS

p 36 p 37

p 42

p 42 p 44 p 46 p 48 p 50

p 50 p 52 p 54

p 58 p 60 p 62 p 64

p 64 p 66

p 68

p 68 p 70 p 72 p 74 p 76

Renaissance Canadian Core Value Fund p 76 Renaissance Canadian Growth Fund p 78 Renaissance Canadian Small-Cap Fund p 80 U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Growth Fund Renaissance U.S. Equity Growth Currency Neutral Fund Renaissance U.S. Equity Fund GLOBAL EQUIT Y FUNDS

p 56

S

Renaissance International Dividend Fund Renaissance International Equity Fund Renaissance International Equity Currency Neutral Fund Renaissance Global Markets Fund Renaissance Optimal Global Equity Portfolio

p 82

p 82 p 84 p 86 p 88 p 90

p 90 p 92 p 94 p 96 p 98

Renaissance Optimal Global Equity Currency Neutral Portfolio Renaissance Global Value Fund Renaissance Global Growth Fund Renaissance Global Growth Currency Neutral Fund Renaissance Global Focus Fund Renaissance Global Focus Currency Neutral Fund Renaissance Global Small-Cap Fund Renaissance European Fund Renaissance Asian Fund Renaissance China Plus Fund Renaissance Emerging Markets Fund S P E C I A LT Y F U N D S

Renaissance Global Infrastructure Fund Renaissance Global Infrastructure Currency Neutral Fund Renaissance Global Real Estate Fund Renaissance Global Real Estate Currency Neutral Fund Renaissance Global Health Care Fund Renaissance Global Resource Fund Renaissance Global Science & Technology Fund

p 100 p 102 p 104 p 106 p 108 p 110 p 112 p 114 p 116 p 118 p 120 p 122

p 122 p 124 p 126 p 128 p 130 p 132 p 134

R o


0 2 4

Invest with Confidence When your clients invest with Renaissance Investments, they’re in good hands. We search the world for independent investment managers and put them to work on their behalf.

Universe of Investment Managers

Quantitative Filters

We begin with a universe of thousands of potential investment managers, and then apply in-depth quantitative and qualitative filters to identify those with a proven ability to successfully manage the mandates within our investment solutions. Our exacting approach to due diligence helps us optimize performance and manage risk for our clients.

Manager Candidates

Qualitative Six-Step Process

Once selected for Renaissance Investments, managers undergo continuous monitoring and assessment. In order to remain part of our clients’ portfolios, they must demonstrate consistency with their investment disciplines and the rigorous standards of our products.

Managers Selected for Renaissance Investments

Strength Behind Your Clients Renaissance Investments’ family of funds has access to the accumulated knowledge and expertise of independent investment managers from across Canada and around the world.

6 8

0 2 4 6 8 0

2

2

4 6

8 0 2

4

renaissance investments 35


NEW FUNDS

Renaissance Canadian All-Cap Equity Fund (Class A)

R

Fund Category Canadian Equity

Investment Management Overview

Fu Ta

Investment Objective

Investment Management Approach

To achieve long-term investment returns through capital growth, by investing primarily in equity securities of Canadian issuers.

The Fund benefits from the long-standing expertise and investment skill of Suzann Pennington, an all-cap Canadian equity manager with over 24 years of experience and an outstanding track record of analyzing and managing multi-cap equity and balanced portfolios.

Volatility Analysis

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1123 ATL1023 ATL2123 ATL068

Inception Date MER Minimum Investment Telephone Web Site

September 26, 2011 — $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

In

Suzann and her team employ a conservative, bottom-up value approach, which views risk on an absolute basis – an approach focusing on protecting the Fund from the risk of capital loss rather than the underperformance of an index. A well-defined process is geared to identifying holdings from all capitalization tranches. Suzann employs a fundamental approach to stock selection that results in an equity portfolio that is different from, and typically more diversified, on a sector basis than the benchmark index. The following are key elements of her investment process:

t&NQMPZTBWBSJFUZPGBOBMZUJDBMUPPMTUPFWBMVBUFBXJEF range of companies for her desired value characteristics. t'PDVTFTPOQPSUGPMJPDPOTUSVDUJPOCZVUJMJ[JOHB diversified, conservative approach to avoid overconcentration, and excessive single company risk thereby creating a diversified portfolio aimed at delivering lower volatility. t4FFLTUPBEEWBMVFCZQJDLJOHHPPETUPDLTBOECZ structuring the portfolio for the long term instead of trying to time the market. The result is a diversified portfolio of value-oriented stocks which avoids over- concentration in any one sector, capitalization tranche or holding and targets strong long-term performance. This fund is an excellent core Canadian holding for an investor.

To pr an se ex in

V

Vo lo of

Be

— —

F

Manager Bios

Cl

Suzann Pennington | 09-26-2011 CIBC Global Asset Management Inc

Suzann Pennington is Head of Canadian Equities at CIBC Global Asset Management Inc. Prior to joining CGAM, she was Senior Vice-President, Investments and Team Lead of the Saxon Funds at Mackenzie Financial Corp. Suzann began her career at OMERS, then managed portfolios at Prudential Assurance, and was Director of Canadian Equities at Mutual Group Insurance Co. before helping to build Synergy Mutual Funds. At Sceptre Investment Counsel, Suzann was Vice-President, Equities and head of international research. Suzann is a CFA charterholder. Other Assets Managed

Since

Renaissance Canadian Balanced Series A

08-11

Notes

A A A F El El El Se Se Se

In M Di M

Te W

In

Past performance information is currently unavailable as the fund was recently established.

N

Pa th

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between t fund and its benchmark.


NEW FUNDS

Renaissance Optimal Inflation Opportunities Portfolio (Class A) Fund Category Tatical Balanced

Investment Management Overview

Investment Objective

Investment Management Approach

To seek long term capital appreciation by investing primarily in units of global and/or Canadian mutual funds and securities (including equity securities, fixed income securities, and permitted commodities), which are expected to benefit from or to provide a hedge against inflation.

This portfolio benefits from the proven experience and extensive depth of CIBC Global Asset Management’s Global Tactical Asset Allocation and Currency Management team led by Luc de la Durantaye and comprised of 20 portfolio managers, analysts and traders. Based on an investment philosophy that capital markets can be inefficient, the team uses a tactical asset allocation strategy to take advantage of changing inflationary cycles around the world, actively adjusting the portfolio holdings to address inflation concerns and capitalize on opportunities.

Volatility Analysis

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

Fund Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL2454 ATL2452 ATL2453 ATL2455 ATL2471 ATL2469 ATL2470 ATL2468 ATL2466 ATL2467

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

September 26, 2011 — Annually $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

The investment process uses a fundamental discretionary approach supported by a blend of quantitative and qualitative inputs to actively manage the Portfolio’s asset mix. The investment approach takes the following steps: t&WBMVBUF$BOBEJBOBOEHMPCBMFDPOPNJDFOWJSPONFOU Map regions and countries based on the expected inflationary environment: -Inflationary Bust: Characterized by high and rising inflation, high real rates and below average economic growth. -Inflationary Boom: Characterized by relatively high inflation but above average economic growth. -Deflationary Bust: Characterized by very weak economic activity, rapidly falling inflation and too high real interest rates.

-Deflationary Boom: Characterized by strong productivity, solid economic growth but decelerating inflation. t%FUFSNJOFBTTFUDMBTTWBMVBUJPO1FSGPSNBTTFUDMBTT evaluation to determine expected return perspective. t"TTFTTRVBMJUBUJWFGBDUPST$POTJEFSVORVBOUJGJBCMF information that may have considerable impact on the inflation and growth outlook. Ranking and selection of asset classes. t1PSUGPMJPDPOTUSVDUJPOBOESJTLNBOBHFNFOU#BMBODF conviction of inflationary strategies with risk exposure. Review alignment of risk parameters to highest conviction strategies. Constant monitoring of risk exposure and adjust strategy based on anticipated change in environment. The result is an all-in-one actively managed inflationhedging strategy which can leverage non-traditional assets such as infrastructure, real estate, real return bonds, commodities and traditional asset classes, making it suitable for all inflationary environments. This Portfolio complements a traditional portfolio by providing an active asset allocation approach designed to capitalize on inflation related opportunities around the world.

Manager Bios Luc de la Durantaye | 09-26-2011 CIBC Global Asset Management Inc

Luc de la Durantaye joined CIBC Global Asset Management Inc. in December 2002. Mr. de la Durantaye is leader of the Global Asset Allocation team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Global Equity Renaissance Canadian Balanced Series A CIBC Balanced

01-03 10-09 10-09

Notes Past performance information is currently unavailable as the fund was recently established.

renaissance investments 37


NEW FUNDS

Renaissance Short-Term Income Fund - Premium Class Fund Category Canadian Short Term Fixed Income

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To obtain a high level of income consistent with security of capital through investments primarily in securities issued or guaranteed by the Government of Canada or one of the provinces thereof, municipal or school corporations in Canada and in first mortgages on properties situated in Canada, interest-bearing deposits of banks or trust companies, and high quality corporate bonds.

Growth of $10,000 15

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

Fund Details Load Structure

Currency

Fund Code

Prem A A A F

Front End Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD CAD

ATL1206 ATL1121 ATL1021 ATL2121 ATL1630

Telephone Web Site

13 12 11 10 9

Total Assets ($mil)

Fund Category Benchmark A Trailing Returns %

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

48.4

— 7.4 9.4

— 3.7 6.3

— 3.4 5.1

— 3.3 5.1

— 1.5 2.4

— 3.0 4.0

— 2.6 4.1

— 6.2 8.6

— 3.7 4.5

— 2.5 3.6

— 3.0 4.1

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— 0.5 0.6

— 1.7 2.3

— 2.9 3.9

— 2.8 3.9

— 2.9 4.1

— 4.1 5.5

— 3.7 5.1

— — —

Distributions as of 09-2011

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Distribution $

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

September 26, 2011 — No Set Frequency $100,000

888 888 FUND www.renaissanceinvestments.ca

Investment Style

2001

Calendar Year Returns %

Fund Category Benchmark A

Class

Inception Date MER Distribution Frequency Minimum Investment

14

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A DEX Short Term Bond Index

Top Ten Holdings

Canada Hsg Tr No 1 3.15% 15-06-2015 NHA Mtge Backed Secs 4.5% 01-11-2014 Canada Hsg Tr No 1 2.75% 15-09-2014 Bell Canada MTN Cds- 4.85% 30-06-2014 Canada Hsg Tr No 1 2.75% 15-06-2016

Notes Past performance information is currently unavailable as the fund was recently established.

0.0 0.0 0.0 91.9 5.8 1.5 0.8

% Assets

10.8 4.6 4.3 3.3 2.8

Bank Of Montreal 3.98% 08-07-2021 NHA Mortgage Backed Sec 4.37% 01-11-2012 Canada Hsg Tr No 1 4.55% 15-12-2012 National Bk Of Canada 3.147% 11-02-2015 Maple Leaf Sports&Entmt 7.59% 30-06-2013

2.5 2.5

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

77 77 0 72

Credit Quality

High Medium Low NR/NA

%

55.5 23.1 0.0 21.4

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

36.3 56.0 0.3 0.0 7.4 0.0

2.4 2.4 2.2

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


NEW FUNDS

Renaissance Short-Term Income Fund - Premium Class Investment Management Overview Manager Bios

Investment Management Approach

Jeffrey Waldman | 10-01-1999 CIBC Global Asset Management Inc

As First Vice-President, Fixed Income, CIBC Global Asset Management Inc., Jeffrey Waldman joined CIBC Global in 1998. Prior to that Mr. Waldman held position of Investment Planning Assistant and Fixed Income Consultant at Confederation Life Insurance from 1987 to 1993; fixed Income portfolio manager and Vice-President of Canadian bonds at ING Investment Management from 1993 to 1998. Other Assets Managed

Since

CIBC Short-Term Income Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

12-07 11-09 11-09

Steven Dubrovsky | 12-11-2007 CIBC Global Asset Management Inc

Steven Dubrovsky joined CIBC Global Asset Management in August 1992. Mr. Dubrovsky is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Money Market Premium Class Renaissance Money Market Renaissance Canadian T Bill Renaissance US Money Market U$

04-94 04-94 04-94 04-94 04-94 04-94 08-06 08-06 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Jeffrey Waldman along with the Fixed Income team. The team uses a bottom-up approach based on fundamental and quantitative analysis to deliver a high level of income with some potential for capital appreciation by investing primarily in shorter-term bonds of Canadian governments and companies. The team’s philosophy is that a core fixed income portfolio that combines multiple value added sources will lead to superior performance. The team combines four different strategies of producing added value from bonds – sector allocation, duration, term structure and security selection. The team begins with sector allocation by analyzing factors such as corporate profitability, fiscal balance of the provinces and municipalities and the historic spread relationship between the domestic sectors. The duration and term structure is determined through the team’s combined perspectives resulting from their technical and fundamental analysis. To do so, the team reviews

macroeconomic variables and uses technical interest rate analysis to draw conclusions about future economic growth and the direction of interest rates. For security selection, the team focuses on issuer-specific fundamentals, quantitative modeling of valuations and liquidity to determine securities for the portfolio. Once decisions are reached, the team implements a target price and execution strategy to build and maintain the portfolio. The Fund is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified conservative shorter-term bond portfolio with an average duration typically between three and five years, that is actively managed to deliver regular income and potential for capital growth. This Fund makes an excellent shorter-term bond portfolio for a more conservative investor or those with a shorter investment time horizon and can serve as a diversifying complement to an equity portfolio in order to manage risk.

Manager Commentary The Bank of Canada (BoC) kept its administered rate at one percent for the entire quarter. The BoC cited slowing global economic momentum and heightened financial uncertainty as reasons not to withdraw monetary policy stimulus. The uptick in inflation earlier this year – largely due to elevated prices for energy and commodities – is expected to subside as wage growth stays modest, productivity recovers, and inflation expectations remain well anchored. The difficulties faced by weak European sovereign bonds increased in the quarter, and added to the uncertainty stemming from the slowdown in North American

economic growth. As a result, yields in North American bond markets declined to multi-decade lows. The manager maintained the duration of the fund longer than the benchmark because of the expectation of stable monetary policy and weak economic growth. The fund has an overweight position in corporate bonds, which adds yield to the portfolio. The manager continues to favour Government of Canada guaranteed mortgagebacked securities and municipal bonds, rather than provincial bonds due to their risk-reward profile. As at September 30, 2011

renaissance investments 39


NEW FUNDS

Renaissance Canadian Bond Fund - Premium Class Fund Category Canadian Fixed Income

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To obtain a high level of current income consistent with preservation of capital through investment primarily in bonds, debentures, notes, and other debt instruments of Canadian governments, financial institutions and corporations.

Growth of $10,000 15 Fund

14 13 12 11 10

Volatility Analysis

Low

Benchmark A DEX Universe Bond Index

9

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

260.2

— 6.2 8.1

— 7.0 8.7

— 6.2 6.7

— 6.0 7.1

— 5.4 6.5

— 2.6 4.1

— 1.9 3.7

— 2.7 6.4

— 7.5 5.4

— 6.0 6.7

— 5.7 7.4

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

— —

— —

Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

Prem A A A F

Front End Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD CAD

ATL1204 ATL1122 ATL1022 ATL2122 ATL1631

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

Fund Category Benchmark A

September 26, 2011 — Annually $100,000

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— 1.3 1.8

— 3.8 5.1

— 5.9 7.7

— 4.8 6.7

— 5.8 7.0

— 7.2 8.1

— 4.8 6.1

— — —

Distributions as of 09-2011

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Distribution $

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Canada Hsg Tr No 1 2.75% 15-06-2016 Canada Govt 3.25% 01-06-2021 Canada Govt 5% 01-06-2037 Canada Housing Trust 1.85% Canada Hsg Tr No 1 FRN 15-09-2014 Notes Past performance information is currently unavailable as the fund was recently established.

0.0 0.0 0.0 96.1 0.1 3.8 0.0

% Assets

14.8 8.5 4.2 3.9 3.2

Municipal Fin Authority 4.45% 01-06-2020 BC (Prov Of) 4.7% 18-06-2037 New Brunswick F-M Proj 6.47% 30-11-2027 Municipal Fin Authority 4.8% 01-12-2017 Bank of Nova Scotia 6.65% 22-01-2021

2.6 2.0 1.5 1.4 1.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

130 130 0 126

Credit Quality

High Medium Low NR/NA

%

58.0 25.4 7.8 8.8

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

46.5 44.7 4.8 0.0 3.9 0.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


NEW FUNDS

Renaissance Canadian Bond Fund - Premium Class Investment Management Overview Manager Bios

Investment Management Approach

John Braive | 08-01-2005 CIBC Global Asset Management Inc

John Braive joined CIBC Asset Management in January 1983. Responsible for the management of the firm's fixed income assets for 18 years, John is a member of the Global Fixed Income team, the Investment and Strategy committees, and the Board of Directors. Other Assets Managed

Since

CIBC Canadian Bond CIBC Canadian Bond Premium Class CIBC Short-Term Income Renaissance Real Return Bond

04-94 04-94 12-99 04-08

Patrick O'Toole | 12-11-2007 CIBC Global Asset Management Inc

Patrick O'Toole joined CIBC Asset Management in May 2004. He is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. He holds a Diploma in Business Administration from Algonquin College (Ontario and is also a CFA charterholder and a Certified General Accountant. Other Assets Managed

Since

Renaissance Real Return Bond CIBC Canadian Bond Premium Class CIBC Canadian Bond Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

05-04 12-07 12-07 11-09 11-09

The Fund brings together the investment expertise of CIBC Global Asset Management’s John Braive and Patrick O'Toole, along with the Fixed Income team. The team uses a bottom-up approach based on fundamental and quantitative analysis to deliver a high level of income with some potential for capital appreciation by investing in bonds of Canadian governments and companies. The team’s philosophy is that a core fixed income portfolio that combines multiple value added sources will lead to superior performance. The team combines four different strategies of producing added value from bonds – sector allocation, duration, term structure and security selection. The team begins with sector allocation; analyzing factors such as corporate profitability, fiscal balance of the provinces and municipalities and historic spread relationship between the domestic sectors. The duration and term structure is determined through the team’s combined perspectives

resulting from their technical and fundamental analysis. To do so, the team reviews macroeconomic variables and uses technical interest rate analysis to draw conclusions about future economic growth and the direction of interest rates. For security selection, the team focuses on issuer-specific fundamentals, quantitative modeling of valuations and liquidity to determine securities for the portfolio. Once decisions are reached, the team implements a target price and execution strategy to build and maintain the portfolio. The Fund is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified conservative bond portfolio that is actively managed to deliver regular income and potential for capital growth. This Fund makes an excellent core bond portfolio for a conservative investor and can serve as a diversifying complement to an equity portfolio in order to manage risk.

Manager Commentary The Bank of Canada (BoC) kept its administered interest rate at one percent for the entire third quarter of 2011, citing the “slowing global economic momentum and the heightened financial uncertainty.” The uptick in inflation earlier this year, largely due to elevated prices for energy and commodities, is expected to subside as wage growth stays modest, productivity recovers, and inflation expectations remain well-anchored. The difficulties faced by weak European sovereign bonds increased during the quarter, and added to the uncertainty stemming from the slowdown in North American economic growth. As a result, yields in North American bond markets declined to multi-decade lows and credit spreads increased. The manager maintained the duration of the fund near to that of the benchmark as interest rates were near the lower end of the expected range.

The fund had overweight positions in corporate investment-grade and high yield holdings, and an underweight in government bonds during the quarter. The relative weights kept the yield greater than the benchmark’s yield to take advantage of the better prospective returns expected from corporate bonds over the long term. The manager continues to expect growth to remain constrained as headwinds moderate the economy. Deleveraging – the reduction of debt – remains the dominant economic theme, and the manager expects it to result in lower economic growth. It should also result in central banks moving more slowly to raise interest rates when growth does improve. As at September 30, 2011

renaissance investments 41


MONEY MARKET FUNDS

Renaissance Money Market Fund (Class A) Fund Category Canadian Money Market

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To obtain a high level of income consistent with preservation of capital and liquidity by investing primarily in high quality, short- term debt securities issued or guaranteed by the Government of Canada or any Canadian provincial government obligations of Canadian banks, trust companies, and corporations.

Growth of $10,000 15 Fund

Benchmark A DEX 91-Day T-Bill Index

14 13 12 11 10 9

Volatility Analysis

Performance Quartile (within category over calendar year) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

13.0% 11-30-1989 to 11-30-1990

0.2% 06-30-2009 to 06-30-2010

Fund Details Class

Load Structure

Currency

Fund Code

A A A Prem

Back End Charge Front End Charge Low Load Charge Front End Charge

CAD CAD CAD CAD

ATL1125 ATL1025 ATL2125 ATL1200

Inception Date MER Current Yield Current Yield Date Distribution Frequency Minimum Investment Telephone Web Site

January 2, 1987 0.46% — 10-17-2011 Monthly $500

3

3

3

3

3

3 2007

2

2

2

1

2001

2002

2003

2004

2005

2006

231.2

271.7

232.6

182.9

137.6

703.6

Fund Category Benchmark A

3.61 3.70 4.72

1.61 1.79 2.52

2.04 2.16 2.91

1.37 1.54 2.30

1.67 1.89 2.58

2.98 3.23 3.98

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.06 0.05 0.10

0.18 0.16 0.26

0.38 0.33 0.50

0.77 0.65 1.02

0.50 0.43 0.70

0.59 0.63 0.89

1.65 1.77 2.14

1.77 1.92 2.48

Total Assets ($mil)

2008

2009

2010

YTD

930.2 1257.7

526.3

313.1

251.2

0.37 0.53 0.63

0.38 0.31 0.54

0.58 0.50 0.78

Calendar Year Returns %

Fund Category Benchmark A Distributions as of 09-2011 Distribution $

Oct

Nov

Dec

Jan

Feb

Mar

3.58 3.82 4.43

Apr

2.57 2.84 3.33

May

Jun

Jul

Aug

Sep

0.0055 0.0066 0.0066 0.0067 0.0062 0.0067 0.0063 0.0070 0.0065 0.0059 0.0067 0.0059

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

3

Cash Breakdown

Corporate Cash Liquid Bonds Treasury Bills General Cash

0.0 0.0 0.0 0.0 10.9 89.1 0.0

Top Ten Holdings

% Assets

Cash & Cash Equivalents HSBC Finl Corp Ltd Mtn Cds- FRN (ST) Bank of Nova Scotia 20-04-2012 Bank of Montreal 01-02-2012

89.1 6.6 2.4 1.8

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

5 5 0 0

% Cash

0.0 10.9 0.0 89.1

Notes MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Steven Dubrovsky | 08-21-2006 CIBC Global Asset Management Inc

Steven Dubrovsky joined CIBC Global Asset Management in August 1992. Mr. Dubrovsky is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Short-Term Income Prm Cl Renaissance Canadian T Bill Renaissance US Money Market U$ Renaissance Short-Term Income

04-94 04-94 04-94 04-94 04-94 04-94 12-07 12-07 12-07 12-07

Stephanie Lessard | 04-09-2008 CIBC Global Asset Management Inc

Stéphanie Lessard joined CIBC Global Asset Management in April 2001. Ms. Lessard is a member of the Global Fixed Income team operating from within the firm's Investment Management Platform. Other Assets Managed

Since

Renaissance Canadian T Bill Renaissance US Money Market U$ CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A

10-04 10-04 12-07 12-07 12-07 12-07 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Stephanie Lessard along with the Global Fixed Income team. The team follows a fundamental analysis approach to deliver a high level of interest income while maintaining security of capital and liquidity, by investing primarily in high-quality debt. The team’s money market strategy follows a comprehensive investment process. The first two steps are to determine portfolio duration and sector allocation between Canadian, provincial and corporate notes. The team constructs and maintains the security buy list,

which plays a key role in the security selection process. The manager next determines the optimal term structure. The entire portfolio is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified portfolio of high quality securities including T-Bills, commercial papers and other short-term debt instruments. The Fund is an excellent conservative complement to diversify an equity portfolio, and can be used as a conservative short-term investment.

Manager Commentary The Bank of Canada (BoC) maintained the overnight rate, once again, at one percent at its September policy meeting. The overnight rate has remained unchanged since September 2010. The BoC noted that the global economic outlook had deteriorated, U.S. economic growth is slower than anticipated, and acute fiscal and financial strains emanating from Europe could lead to more severe dislocations in the global markets. On a positive note, the BoC expects the Canadian economy to accelerate in the second half of the year after stalling in the second quarter. The three-month Canadian T-Bill rate declined modestly to below the overnight rate. The one-year T-Bill rate experienced the biggest decline, driven in part by the significant rally in the bond market. With short-term TBill yields already trading below the overnight rate, the manager does not expect to see any significant move

down in yields from current levels, unless economic and financial conditions worsen materially forcing the BoC to ease. The manager is maintaining the term strategy around neutral, with some flexibility to extend the term if rates rise modestly, or to reduce the term if the credit curve inverts from the current flat level. The fund was overweight non-government paper to maintain a higher running yield. While the yield of corporate bonds have increased relative to Canada Government bonds due to deteriorating credit markets, there has been no real deterioration in commercial paper, major Canadian Bankers’ Acceptance or banksponsored asset-backed securities yield or market conditions. As at September 30, 2011

renaissance investments 43

MONEY MARKET FUNDS

Renaissance Money Market Fund (Class A)


MONEY MARKET FUNDS

Renaissance Money Market Fund - Premium Class Fund Category Canadian Money Market

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To obtain a high level of income consistent with preservation of capital and liquidity by investing primarily in high quality, short- term debt securities issued or guaranteed by the Government of Canada or any Canadian provincial government obligations of Canadian banks, trust companies, and corporations.

Growth of $10,000 15 Fund

Benchmark A DEX 91-Day T-Bill Index

14 13 12 11 10 9

Volatility Analysis

Performance Quartile (within category over calendar year) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

4.2% 03-31-2007 to 03-31-2008

0.2% 06-30-2009 to 06-30-2010

Fund Details Class

Load Structure

Currency

Fund Code

Prem A A A

Front End Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD

ATL1200 ATL1125 ATL1025 ATL2125

Inception Date MER Current Yield Current Yield Date Distribution Frequency Minimum Investment Telephone Web Site

August 21, 2006 0.36% — 10-17-2011 Monthly $25,000

1

1

1

1

2001

2002

2003

2004

2005

2006

231.2

271.7

232.6

182.9

137.6

703.6

Fund Category Benchmark A

— 3.70 4.72

— 1.79 2.52

— 2.16 2.91

— 1.54 2.30

— 1.89 2.58

— 3.23 3.98

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.07 0.05 0.10

0.22 0.16 0.26

0.45 0.33 0.50

0.89 0.65 1.02

0.59 0.43 0.70

0.80 0.63 0.89

2.02 1.77 2.14

2.06 — —

Total Assets ($mil)

2007

1 2008

2009

2010

YTD

930.2 1257.7

526.3

313.1

251.2

0.62 0.53 0.63

0.45 0.31 0.54

0.68 0.50 0.78

Calendar Year Returns %

Fund Category Benchmark A Distributions as of 09-2011 Distribution $

Oct

Nov

Dec

Jan

Feb

Mar

4.09 3.82 4.43

Apr

3.37 2.84 3.33

May

Jun

Jul

Aug

Sep

0.0062 0.0074 0.0074 0.0076 0.0072 0.0078 0.0073 0.0081 0.0076 0.0069 0.0078 0.0070

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

0.0 0.0 0.0 0.0 10.9 89.1 0.0

Investment Style Cash Breakdown

Corporate Cash Liquid Bonds Treasury Bills General Cash

Top Ten Holdings

% Assets

Cash & Cash Equivalents HSBC Finl Corp Ltd Mtn Cds- FRN (ST) Bank of Nova Scotia 20-04-2012 Bank of Montreal 01-02-2012

89.1 6.6 2.4 1.8

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

5 5 0 0

% Cash

0.0 10.9 0.0 89.1

Notes MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Steven Dubrovsky | 08-21-2006 CIBC Global Asset Management Inc

Steven Dubrovsky joined CIBC Global Asset Management in August 1992. Mr. Dubrovsky is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Short-Term Income Prm Cl Renaissance Canadian T Bill Renaissance US Money Market U$ Renaissance Short-Term Income

04-94 04-94 04-94 04-94 04-94 04-94 12-07 12-07 12-07 12-07

Stephanie Lessard | 04-09-2008 CIBC Global Asset Management Inc

Stéphanie Lessard joined CIBC Global Asset Management in April 2001. Ms. Lessard is a member of the Global Fixed Income team operating from within the firm's Investment Management Platform. Other Assets Managed

Since

Renaissance Canadian T Bill Renaissance US Money Market U$ CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A

10-04 10-04 12-07 12-07 12-07 12-07 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Stephanie Lessard along with the Global Fixed Income team. The team follows a fundamental analysis approach to deliver a high level of interest income while maintaining security of capital and liquidity, by investing primarily in high-quality debt. The team’s money market strategy follows a comprehensive investment process. The first two steps are to determine portfolio duration and sector allocation between Canadian, provincial and corporate notes. The team constructs and maintains the security buy list,

which plays a key role in the security selection process. The manager next determines the optimal term structure. The entire portfolio is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified portfolio of high quality securities including T-Bills, commercial papers and other short-term debt instruments. The Fund is an excellent conservative complement to diversify an equity portfolio, and can be used as a conservative short-term investment.

Manager Commentary The Bank of Canada (BoC) maintained the overnight rate, once again, at one percent at its September policy meeting. The overnight rate has remained unchanged since September 2010. The BoC noted that the global economic outlook had deteriorated, U.S. economic growth is slower than anticipated, and acute fiscal and financial strains emanating from Europe could lead to more severe dislocations in the global markets. On a positive note, the BoC expects the Canadian economy to accelerate in the second half of the year after stalling in the second quarter. The three-month Canadian T-Bill rate declined modestly to below the overnight rate. The one-year T-Bill rate experienced the biggest decline, driven in part by the significant rally in the bond market. With short-term TBill yields already trading below the overnight rate, the manager does not expect to see any significant move

down in yields from current levels, unless economic and financial conditions worsen materially forcing the BoC to ease. The manager is maintaining the term strategy around neutral, with some flexibility to extend the term if rates rise modestly, or to reduce the term if the credit curve inverts from the current flat level. The fund was overweight non-government paper to maintain a higher running yield. While the yield of corporate bonds have increased relative to Canada Government bonds due to deteriorating credit markets, there has been no real deterioration in commercial paper, major Canadian Bankers’ Acceptance or banksponsored asset-backed securities yield or market conditions. As at September 30, 2011

renaissance investments 45

MONEY MARKET FUNDS

Renaissance Money Market Fund - Premium Class


MONEY MARKET FUNDS

Renaissance Canadian T-Bill Fund (Class A) Fund Category Canadian Money Market

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

To maintain security of capital and liquidity by investing primarily in Canadian government debt instruments that mature in one year or less.

Growth of $10,000 15 Fund

Benchmark A DEX 91-Day T-Bill Index

14 13 12

Volatility Analysis

11 10 9

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Worst 1 Year Return

12.3% 11-30-1989 to 11-30-1990

0.1% 04-30-2009 to 04-30-2010

Fund Details

4

4

4

4

3

2

2

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

116.1

97.1

83.5

65.9

65.1

73.4

39.3

30.2

28.4

Fund Category Benchmark A

3.10 3.70 4.72

1.27 1.79 2.52

1.65 2.16 2.91

1.03 1.54 2.30

1.37 1.89 2.58

2.64 3.23 3.98

3.06 3.82 4.43

1.70 2.84 3.33

0.19 0.53 0.63

0.31 0.31 0.54

0.44 0.50 0.78

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.05 0.05 0.10

0.14 0.16 0.26

0.29 0.33 0.50

0.58 0.65 1.02

0.39 0.43 0.70

0.39 0.63 0.89

1.28 1.77 2.14

1.41 1.92 2.48

Calendar Year Returns %

Load Structure

Currency

Fund Code

Trailing Returns %

Back End Charge Front End Charge Low Load Charge

CAD CAD CAD

ATL643 ATL922 ATL681

Fund Category Benchmark A

Telephone Web Site

4

149.5

A A A

August 21, 1987 0.41% — 10-17-2011 Monthly $500

4

2001

Class

Inception Date MER Current Yield Current Yield Date Distribution Frequency Minimum Investment

4

177.0

Total Assets ($mil) Best 1 Year Return

4

Distributions as of 09-2011 Distribution $

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

0.0038 0.0048 0.0051 0.0051 0.0048 0.0053 0.0048 0.0054 0.0049 0.0046 0.0050 0.0045

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

0.0 0.0 0.0 1.5 0.0 98.5 0.0

Cash Breakdown

% Cash

Corporate Cash Liquid Bonds Treasury Bills General Cash

0.0 0.0 0.0 100.0

Top Ten Holdings

Cash & Cash Equivalents Alberta Cap Fin thority 09-10-2012

% Assets

98.6 1.5

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

Notes MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

3 3 0 1


Investment Management Overview Manager Bios

Investment Management Approach

Stephanie Lessard | 10-01-2004 CIBC Global Asset Management Inc

Stéphanie Lessard joined CIBC Global Asset Management in April 2001. Ms. Lessard is a member of the Global Fixed Income team operating from within the firm's Investment Management Platform. Other Assets Managed

Since

Renaissance US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ Renaissance Money Market Premium Class Renaissance Money Market

10-04 12-07 12-07 12-07 12-07 12-07 12-07 04-08 04-08

Steven Dubrovsky | 12-11-2007 CIBC Global Asset Management Inc

Steven Dubrovsky joined CIBC Global Asset Management in August 1992. Mr. Dubrovsky is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Money Market Premium Class Renaissance Money Market Renaissance US Money Market U$ Renaissance Short-Term Income

04-94 04-94 04-94 04-94 04-94 04-94 08-06 08-06 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Stéphanie Lessard, along with the Global Fixed Income team. The team follows a fundamental analysis approach to deliver a high level of interest income while maintaining security of capital and liquidity, by investing primarily in Canadian government debt instruments that mature in one year or less. The team’s money market strategy follows a comprehensive investment process. The first step determines the portfolio duration based on CIBC Global’s viewpoint on expected interest rate movements. The

team may opportunistically invest in high quality commercial papers in order to increase the level of income. The manager next determines the optimal term structure. The entire portfolio is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The end result is a well-diversified portfolio of high quality securities invested primarily in T-Bills. This Fund is an excellent conservative complement to diversify an equity portfolio, and can also be used as a very conservative short-term investment.

Manager Commentary The Bank of Canada (BoC) maintained the overnight rate, once again, at one percent at its September policy meeting. The overnight rate has remained unchanged since September 2010. BoC Governor Mark Carney backed away from any notion that a rate increase is likely in the near future. He stated that due to the slowing global economic momentum and heightened financial uncertainty, the need to withdraw monetary policy stimulus has diminished. The BoC noted that the global economic outlook had deteriorated, U.S. economic growth will be slower than anticipated, and acute fiscal and financial strains emanating from Europe could lead to more severe dislocations in the global markets. On a positive note, the BoC expects the Canadian economy to accelerate in the second half of the year after stalling in the second

quarter. The three-month Canadian T-Bill rate declined modestly to below the overnight rate. The one-year T-Bill rate experienced the biggest decline, driven in part by the significant rally in the bond market. With short-term TBill yields already trading below the overnight rate, the manager does not expect to see any significant move down in yields from current levels, unless economic and financial conditions worsen materially forcing the BoC to ease. At times, the fund held Canada T-Bills as well as provincial paper in order to provide some incremental yield in the current low interest rate environment. As at September 30, 2011

renaissance investments 47

MONEY MARKET FUNDS

Renaissance Canadian T-Bill Fund (Class A)


MONEY MARKET FUNDS

Renaissance U.S. Money Market Fund (Class A) Fund Category US Money Market

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To obtain a high level of interest income denominated in U.S. dollars, while maintaining a high level of security of capital and liquidity.

Growth of $10,000 15 Fund

Benchmark A Merrill Lynch 91-Day Treasury Bill Index

14 13 12

Volatility Analysis

11 10 9

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

8.1% 02-28-1989 to 02-28-1990

0.1% 05-31-2003 to 05-31-2004

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A

Back End Charge Front End Charge Low Load Charge

USD USD USD

ATL363 ATL974 ATL762

Fund Category Benchmark A

Telephone Web Site

March 30, 1987 0.17% — 10-17-2011 Monthly $500

2

3

4

2

2

2

2

2

2

2

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

57.6

75.4

36.6

34.6

24.6

20.3

27.8

21.9

20.1

30.7

42.9

0.83 0.18 0.78 0.20 0.73 -17.26

0.32 0.43 -6.05

2.29 2.38 0.48

4.09 4.21 4.43

4.48 4.59 -9.74

2.08 0.22 2.38 0.50 25.99 -14.90

0.13 0.10 -5.10

0.08 0.06 4.98

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.00 0.01 6.57

0.01 0.02 7.99

0.04 0.04 7.18

0.10 0.10 1.73

0.11 0.10 -1.33

0.24 0.38 -0.45

1.60 1.74 0.36

1.51 1.59 -2.14

Calendar Year Returns %

Class

Inception Date MER Current Yield Current Yield Date Distribution Frequency Minimum Investment

2

Distributions as of 09-2011 Distribution $

3.34 3.26 10.97

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

0.0009 0.0008 0.0008 0.0011 0.0011 0.0013 0.0011 0.0009 0.0006 0.0005 0.0005 0.0004

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity 0.0 U.S. Equity 0.0 International Equity 0.0 Fixed Income 0.0 Fixed Inc <1yr to mat 0.0 Cash 100.0 Other 0.0

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Cash Breakdown

% Cash

Corporate Cash Liquid Bonds Treasury Bills General Cash

0.0 0.0 0.0 100.0

Top Ten Holdings

Cash & Cash Equivalents

% Assets

100.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

Notes MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

2 2 0 0


Investment Management Overview Manager Bios

Investment Management Approach

Stephanie Lessard | 10-01-2004 CIBC Global Asset Management Inc

Stéphanie Lessard joined CIBC Global Asset Management in April 2001. Ms. Lessard is a member of the Global Fixed Income team operating from within the firm's Investment Management Platform. Other Assets Managed

Since

Renaissance Canadian T Bill CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ Renaissance Money Market Premium Class Renaissance Money Market

10-04 12-07 12-07 12-07 12-07 12-07 12-07 04-08 04-08

Steven Dubrovsky | 12-11-2007 CIBC Global Asset Management Inc

Steven Dubrovsky joined CIBC Global Asset Management in August 1992. Mr. Dubrovsky is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Money Market Premium Class Renaissance Money Market Renaissance Canadian T Bill Renaissance Short-Term Income

04-94 04-94 04-94 04-94 04-94 04-94 08-06 08-06 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Stephanie Lessard, along with the Global Fixed Income team. The team follows a fundamental analysis approach to deliver a high level of interest income while maintaining security of capital and liquidity, by investing primarily in high-quality debt issued in U.S. dollar denominated currency.

team constructs and maintains the security buy list,

The team’s money market strategy follows a comprehensive investment process. The first two steps determine portfolio duration and sector allocation. The

securities issued in U.S. dollar denominated currency.

which plays a key role in the security selection process. The manager next determines the optimal term structure. The entire Fund is continually subjected to management controls, and the team monitor and review the portfolio characteristics on a daily basis. The result is a well-diversified Fund of high quality debt This fund is an excellent conservative short-term investment for U.S. currency.

Manager Commentary U.S. GDP growth was revised lower in the first quarter of 2011, and economic conditions have remained sluggish throughout the year. European growth has declined while Germany, the engine of growth for Europe, has shown signs of slowing. The European sovereign debt crisis has worsened; worries over a possible Greek government default and challenging market conditions for Italian government bond refinancing continue to haunt the credit markets. European bank share prices have deteriorated significantly over fears about how much exposure the European banks carry to peripheral European countries, and the interbank lending market has reportedly ground to a halt.

for short-term interest rates and took the unprecedented step of maintaining the federal funds rate at current levels until mid-2013. The three-month U.S. T-Bill rate has hovered around zero with little volatility. The sixmonth U.S. T-Bill yields is between zero and five basis points.

The U.S. Federal Reserve maintained its record low level

As at September 30, 2011

The average term-to-maturity of the fund has declined given little yield pick up for extending into longer maturities. The manager maintains a higher position in corporate paper to maintain a higher running yield in an environment of extremely low government T-Bill yields.

renaissance investments 49

MONEY MARKET FUNDS

Renaissance U.S. Money Market Fund (Class A)


FIXED INCOME FUNDS

Renaissance Short-Term Income Fund (Class A) Fund Category Canadian Short Term Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To obtain a high level of income consistent with security of capital through investments primarily in securities issued or guaranteed by the Government of Canada or one of the provinces thereof, municipal or school corporations in Canada and in first mortgages on properties situated in Canada, interest-bearing deposits of banks or trust companies, and high quality corporate bonds.

Growth of $10,000 15 14 13 12 11 10 9 Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A DEX Short Term Bond Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

17.8% 04-30-1990 to 04-30-1991

-3.8% 01-31-1994 to 01-31-1995

Fund Details

Total Assets ($mil)

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Distributions as of 09-2011

A A A F Prem

Back End Charge Front End Charge Low Load Charge No Sales or Redem Front End Charge

CAD CAD CAD CAD CAD

ATL1121 ATL1021 ATL2121 ATL1630 ATL1206

Distribution $

Telephone Web Site

2

3

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

4

1

3

3

2

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

48.4

7.5 7.4 9.4

4.6 3.7 6.3

3.0 3.4 5.1

2.9 3.3 5.1

1.0 1.5 2.4

2.5 3.0 4.0

2.3 2.6 4.1

6.9 6.2 8.6

1.9 3.7 4.5

1.9 2.5 3.6

3.3 3.0 4.1

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.6 0.5 0.6

1.9 1.7 2.3

3.4 2.9 3.9

2.7 2.8 3.9

2.7 2.9 4.1

3.6 4.1 5.5

3.3 3.7 5.1

3.2 3.5 5.0

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

0.0267 0.0281 0.0146 0.0400 0.0252 0.0297 0.0271 0.0310 0.0266 0.0270 0.0301 0.0267

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

Class F MER: 0.91%

4

Portfolio Analysis as of 09-30-2011

888 888 FUND www.renaissanceinvestments.ca

Notes

4

2001

Composition

October 1, 1974 1.43% Monthly $500

Investment Style

4

Calendar Year Returns %

Class

Inception Date MER Distribution Frequency Minimum Investment

2

Canada Hsg Tr No 1 3.15% 15-06-2015 NHA Mtge Backed Secs 4.5% 01-11-2014 Canada Hsg Tr No 1 2.75% 15-09-2014 Bell Canada MTN Cds- 4.85% 30-06-2014 Canada Hsg Tr No 1 2.75% 15-06-2016

0.0 0.0 0.0 91.9 5.8 1.5 0.8

% Assets

10.8 4.6 4.3 3.3 2.8

Bank Of Montreal 3.98% 08-07-2021 NHA Mortgage Backed Sec 4.37% 01-11-2012 Canada Hsg Tr No 1 4.55% 15-12-2012 National Bk Of Canada 3.147% 11-02-2015 Maple Leaf Sports&Entmt 7.59% 30-06-2013

2.5 2.5

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

77 77 0 72

Credit Quality

High Medium Low NR/NA

%

55.5 23.1 0.0 21.4

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

36.3 56.0 0.3 0.0 7.4 0.0

2.4 2.4 2.2

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Jeffrey Waldman | 10-01-1999 CIBC Global Asset Management Inc

As First Vice-President, Fixed Income, CIBC Global Asset Management Inc., Jeffrey Waldman joined CIBC Global in 1998. Prior to that Mr. Waldman held position of Investment Planning Assistant and Fixed Income Consultant at Confederation Life Insurance from 1987 to 1993; fixed Income portfolio manager and Vice-President of Canadian bonds at ING Investment Management from 1993 to 1998. Other Assets Managed

Since

CIBC Short-Term Income Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

12-07 11-09 11-09

Steven Dubrovsky | 12-11-2007 CIBC Global Asset Management Inc

Steven Dubrovsky joined CIBC Global Asset Management in August 1992. Mr. Dubrovsky is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Money Market Premium Class Renaissance Money Market Renaissance Canadian T Bill Renaissance US Money Market U$

04-94 04-94 04-94 04-94 04-94 04-94 08-06 08-06 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Jeffrey Waldman along with the Fixed Income team. The team uses a bottom-up approach based on fundamental and quantitative analysis to deliver a high level of income with some potential for capital appreciation by investing primarily in shorter-term bonds of Canadian governments and companies. The team’s philosophy is that a core fixed income portfolio that combines multiple value added sources will lead to superior performance. The team combines four different strategies of producing added value from bonds – sector allocation, duration, term structure and security selection. The team begins with sector allocation by analyzing factors such as corporate profitability, fiscal balance of the provinces and municipalities and the historic spread relationship between the domestic sectors. The duration and term structure is determined through the team’s combined perspectives resulting from their technical and fundamental analysis. To do so, the team reviews

macroeconomic variables and uses technical interest rate analysis to draw conclusions about future economic growth and the direction of interest rates. For security selection, the team focuses on issuer-specific fundamentals, quantitative modeling of valuations and liquidity to determine securities for the portfolio. Once decisions are reached, the team implements a target price and execution strategy to build and maintain the portfolio. The Fund is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified conservative shorter-term bond portfolio with an average duration typically between three and five years, that is actively managed to deliver regular income and potential for capital growth. This Fund makes an excellent shorter-term bond portfolio for a more conservative investor or those with a shorter investment time horizon and can serve as a diversifying complement to an equity portfolio in order to manage risk.

Manager Commentary The Bank of Canada (BoC) kept its administered rate at one percent for the entire quarter. The BoC cited slowing global economic momentum and heightened financial uncertainty as reasons not to withdraw monetary policy stimulus. The uptick in inflation earlier this year – largely due to elevated prices for energy and commodities – is expected to subside as wage growth stays modest, productivity recovers, and inflation expectations remain well anchored. The difficulties faced by weak European sovereign bonds increased in the quarter, and added to the uncertainty stemming from the slowdown in North American

economic growth. As a result, yields in North American bond markets declined to multi-decade lows. The manager maintained the duration of the fund longer than the benchmark because of the expectation of stable monetary policy and weak economic growth. The fund has an overweight position in corporate bonds, which adds yield to the portfolio. The manager continues to favour Government of Canada guaranteed mortgagebacked securities and municipal bonds, rather than provincial bonds due to their risk-reward profile. As at September 30, 2011

renaissance investments 51

FIXED INCOME FUNDS

Renaissance Short-Term Income Fund (Class A)


FIXED INCOME FUNDS

Renaissance Canadian Bond Fund (Class A) Fund Category Canadian Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To obtain a high level of current income consistent with preservation of capital through investment primarily in bonds, debentures, notes, and other debt instruments of Canadian governments, financial institutions and corporations.

Growth of $10,000 20 Fund

18 16 14 12 10

Volatility Analysis

Low

Benchmark A DEX Universe Bond Index

8

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

3

3

3

4

4

3

3

4

2

1

2

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

260.2

6.3 6.2 8.1

6.3 7.0 8.7

4.8 6.2 6.7

4.7 6.0 7.1

3.9 5.4 6.5

2.9 2.6 4.1

1.7 1.9 3.7

1.2 2.7 6.4

8.0 7.5 5.4

6.6 6.0 6.7

6.2 5.7 7.4

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

21.0% 07-31-1991 to 07-31-1992

-8.0% 01-31-1994 to 01-31-1995

Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F Prem

Back End Charge Front End Charge Low Load Charge No Sales or Redem Front End Charge

CAD CAD CAD CAD CAD

ATL1122 ATL1022 ATL2122 ATL1631 ATL1204

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

Fund Category Benchmark A

January 1, 1973 1.55% Monthly $500

Fund Category Benchmark A Distributions as of 09-2011 Distribution $

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

1.5 1.3 1.8

4.1 3.8 5.1

6.3 5.9 7.7

5.0 4.8 6.7

6.3 5.8 7.0

7.1 7.2 8.1

4.8 4.8 6.1

4.7 5.3 6.5

Oct

Nov

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

Investment Style Top Ten Holdings

Canada Hsg Tr No 1 2.75% 15-06-2016 Canada Govt 3.25% 01-06-2021 Canada Govt 5% 01-06-2037 Canada Housing Trust 1.85% Canada Hsg Tr No 1 FRN 15-09-2014

Class F MER: 0.71% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Portfolio Analysis as of 09-30-2011 Composition

888 888 FUND www.renaissanceinvestments.ca

Notes

Dec

0.0249 0.0283 0.1818 0.0408 0.0264 0.0312 0.0279 0.0318 0.0301 0.0280 0.0320 0.0292

0.0 0.0 0.0 96.1 0.1 3.8 0.0

% Assets

14.8 8.5 4.2 3.9 3.2

Municipal Fin Authority 4.45% 01-06-2020 BC (Prov Of) 4.7% 18-06-2037 New Brunswick F-M Proj 6.47% 30-11-2027 Municipal Fin Authority 4.8% 01-12-2017 Bank of Nova Scotia 6.65% 22-01-2021

2.6 2.0 1.5 1.4 1.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

130 130 0 126

Credit Quality

High Medium Low NR/NA

%

58.0 25.4 7.8 8.8

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

46.5 44.7 4.8 0.0 3.9 0.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

John Braive | 08-01-2005 CIBC Global Asset Management Inc

John Braive joined CIBC Asset Management in January 1983. Responsible for the management of the firm's fixed income assets for 18 years, John is a member of the Global Fixed Income team, the Investment and Strategy committees, and the Board of Directors. Other Assets Managed

Since

CIBC Canadian Bond CIBC Canadian Bond Premium Class CIBC Short-Term Income Renaissance Real Return Bond

04-94 04-94 12-99 04-08

Patrick O'Toole | 12-11-2007 CIBC Global Asset Management Inc

Patrick O'Toole joined CIBC Asset Management in May 2004. He is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. He holds a Diploma in Business Administration from Algonquin College (Ontario and is also a CFA charterholder and a Certified General Accountant. Other Assets Managed

Since

Renaissance Real Return Bond CIBC Canadian Bond Premium Class CIBC Canadian Bond Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

05-04 12-07 12-07 11-09 11-09

The Fund brings together the investment expertise of CIBC Global Asset Management’s John Braive and Patrick O'Toole, along with the Fixed Income team. The team uses a bottom-up approach based on fundamental and quantitative analysis to deliver a high level of income with some potential for capital appreciation by investing in bonds of Canadian governments and companies. The team’s philosophy is that a core fixed income portfolio that combines multiple value added sources will lead to superior performance. The team combines four different strategies of producing added value from bonds – sector allocation, duration, term structure and security selection. The team begins with sector allocation; analyzing factors such as corporate profitability, fiscal balance of the provinces and municipalities and historic spread relationship between the domestic sectors. The duration and term structure is determined through the team’s combined perspectives

resulting from their technical and fundamental analysis. To do so, the team reviews macroeconomic variables and uses technical interest rate analysis to draw conclusions about future economic growth and the direction of interest rates. For security selection, the team focuses on issuer-specific fundamentals, quantitative modeling of valuations and liquidity to determine securities for the portfolio. Once decisions are reached, the team implements a target price and execution strategy to build and maintain the portfolio. The Fund is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified conservative bond portfolio that is actively managed to deliver regular income and potential for capital growth. This Fund makes an excellent core bond portfolio for a conservative investor and can serve as a diversifying complement to an equity portfolio in order to manage risk.

Manager Commentary The Bank of Canada (BoC) kept its administered interest rate at one percent for the entire third quarter of 2011, citing the “slowing global economic momentum and the heightened financial uncertainty.” The uptick in inflation earlier this year, largely due to elevated prices for energy and commodities, is expected to subside as wage growth stays modest, productivity recovers, and inflation expectations remain well-anchored. The difficulties faced by weak European sovereign bonds increased during the quarter, and added to the uncertainty stemming from the slowdown in North American economic growth. As a result, yields in North American bond markets declined to multi-decade lows and credit spreads increased. The manager maintained the duration of the fund near to that of the benchmark as interest rates were near the lower end of the expected range.

The fund had overweight positions in corporate investment-grade and high yield holdings, and an underweight in government bonds during the quarter. The relative weights kept the yield greater than the benchmark’s yield to take advantage of the better prospective returns expected from corporate bonds over the long term. The manager continues to expect growth to remain constrained as headwinds moderate the economy. Deleveraging – the reduction of debt – remains the dominant economic theme, and the manager expects it to result in lower economic growth. It should also result in central banks moving more slowly to raise interest rates when growth does improve. As at September 30, 2011

renaissance investments 53

FIXED INCOME FUNDS

Renaissance Canadian Bond Fund (Class A)


FIXED INCOME FUNDS

Renaissance Real Return Bond Fund (Class A) Fund Category Canadian Inflation Protected Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To generate a regular level of interest income that is hedged against inflation by investing primarily in government, government-guaranteed and corporate inflation-linked bonds from issuers located around the world.

Growth of $10,000 20 Fund

18 16 14 12 10

Volatility Analysis

Low

Benchmark A DEX Real Return Bond Index

8

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

3

2

3

3

2

3

4

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

4.7

21.5

60.1

87.9

58.5

60.8

122.0

182.2

200.6

Fund Category Benchmark A

— -1.1 0.6

— 12.9 15.2

— 10.3 13.3

10.2 14.0 17.5

11.1 11.0 15.2

-3.3 -3.5 -2.9

-0.1 0.7 1.6

-0.1 -1.1 0.4

10.3 13.0 14.5

7.9 8.4 11.2

8.6 8.1 9.9

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

1.4 1.4 1.6

4.7 4.3 5.0

8.3 7.8 9.3

8.6 9.1 11.6

9.6 10.1 13.0

8.4 9.6 11.7

4.9 5.3 7.0

5.6 — —

Total Assets ($mil) Calendar Year Returns %

Best 1 Year Return

Worst 1 Year Return

16.8% 11-30-2008 to 11-30-2009

-5.0% 08-31-2006 to 08-31-2007

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL291 ATL251 ATL267 ATL010

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

June 2, 2003 1.66% Quarterly $500

Fund Category Benchmark A Distributions as of 09-2011

Oct

Distribution $

% Assets

Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

Jan

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

Investment Style

Notes

Dec

— 0.0986

Feb

Mar

Apr

— 0.0279

May

Jun

Jul

Aug

Sep

— 0.2104

Portfolio Analysis as of 09-30-2011 Composition

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 0.89%

Nov

0.0 0.0 0.0 86.4 0.0 13.6 0.0

% Assets

Canada Govt 4.25% 01-12-2021 Canada Govt 4.25% 01-12-2026 Canada Govt 3% 01-12-2036 US Treasury Bond 2.5% 15-01-2029 Canada Govt 2% 01-12-2041

25.7 13.8 10.4 9.3 9.1

Quebec Prov Cda 3.3% 01-12-2013 Canada Govt 3.75% 01-06-2019 Canada Govt 1.5% US Treasury Note 1.25% 15-07-2020 Teranet Hldgs 3.27% 01-12-2031

4.4 3.1 3.1 2.1 1.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

16 16 0 14

Credit Quality

High Medium Low NR/NA

%

84.3 1.7 0.0 14.0

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

84.3 2.2 0.0 0.0 13.6 0.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Patrick O'Toole | 05-01-2004 CIBC Global Asset Management Inc

Patrick O'Toole joined CIBC Asset Management in May 2004. He is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. He holds a Diploma in Business Administration from Algonquin College (Ontario and is also a CFA charterholder and a Certified General Accountant. Other Assets Managed

Since

CIBC Canadian Bond Renaissance Canadian Bond CIBC Canadian Bond Premium Class Renaissance Canadian Bond Premium Class Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

12-07 12-07 12-07 12-07 11-09 11-09

John Braive | 04-09-2008

The Fund benefits from the expertise of John Braive and Patrick O’Toole, along with the Real Return Bond Committee from CIBC Global Asset Management Inc., who follow a bottom-up approach to offer some protection for investors against the reduction in purchasing power caused by inflation. The team follows a bottom-up approach based on fundamental and quantitative analysis. The team begins with a fundamental valuation of the level of expected interest rates by focusing on the outlook for inflation, economic growth and fiscal and monetary policy. In addition, the team monitors technical indicators to determine the relative value of the market versus the expected outlook. To add further value to the expected performance of the real return bonds, the team analyzes the relative attractiveness of both the foreign inflation-

linked bond markets (particularly the U.S. market), and the provincial bond market versus the Government of Canada bond market. The Fund’s foreign currencies exposure, if any, is typically hedged to manage currency risk. As part of the portfolio management process, the team meets on a regular basis to re-assess the market outlook and to uncover strategies to help maximize performance. The result is a well-diversified portfolio of primarily real return bonds, which seeks to provide a regular level of interest income that offers some protection against inflation. This Fund is an excellent conservative income solution. The lower correlation of this asset class with other types of fixed income makes it an excellent diversifier while also offering protection of purchasing power against inflation.

CIBC Global Asset Management Inc

John Braive joined CIBC Asset Management in January 1983. Responsible for the management of the firm's fixed income assets for 18 years, John is a member of the Global Fixed Income team, the Investment and Strategy committees, and the Board of Directors. Other Assets Managed

Since

CIBC Canadian Bond CIBC Canadian Bond Premium Class CIBC Short-Term Income Renaissance Canadian Bond Renaissance Canadian Bond Premium Class

04-94 04-94 12-99 08-05 08-05

Manager Commentary Real yields reached new lows. They followed nominal yields lower during the quarter, but declined at a lesser pace as inflation fears softened. The uptick in inflation earlier this year – largely due to elevated prices for energy and commodities – is expected to subside as wage growth stays modest, productivity recovers, and inflation expectations remain well anchored. The difference between nominal yields and real yields, known as the breakeven inflation rate, fell during the period to the lowest levels in almost a year, in reaction to those reduced inflation expectations. The Bank of Canada (BoC) kept its administered rate at one percent for the entire quarter, citing slowing global economic momentum and heightened financial uncertainty. The difficulties faced by weak European sovereign bonds increased, and added to the uncertainty stemming from the slowdown in North American economic growth. As a result, yields in North American

bond markets declined to multi-decade lows and credit spreads increased. Canadian real return bonds (RRBs) underperformed U.S. Treasury inflation-protected securities (TIPS) as investors favoured the higher yields on the U.S. inflation-linked bonds. The manager expects that inflation will move lower in coming quarters, reducing the appetite for inflationlinked bonds. Uneven economic growth should further alleviate concerns about rising inflation, resulting in higher real yields. At quarter-end, the fund was overweight cash, nominal bonds, and underweight U.S. TIPS. The duration of the fund was maintained shorter than that of the benchmark. As at September 30, 2011

renaissance investments 55

FIXED INCOME FUNDS

Renaissance Real Return Bond Fund (Class A)


FIXED INCOME FUNDS

Renaissance Corporate Bond Capital Yield Fund (Class A) Fund Category Canadian Fixed Income

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

Seeks to generate tax-efficient returns, primarily through exposure to a corporate bond fund that will invest primarily in bonds, debentures, notes, and other debt instruments of Canadian issuers (the Reference Securities ). The Fund may, however, also invest directly in the Reference Securities where the Fund considers it would be beneficial to unitholders to do so.

Growth of $10,000 15

Volatility Analysis

Low

Fund

Benchmark A DEX Corporate Bond Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year) Medium

High

Total Assets ($mil) Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

6.1% 12-31-2009 to 12-31-2010

3.5% 09-30-2010 to 09-30-2011

Fund Details Class

Load Structure

Currency

Fund Code

A A A Prem F

Back End Charge Front End Charge Low Load Charge Front End Charge No Sales or Redem

CAD CAD CAD CAD CAD

ATL1102 ATL1002 ATL2102 ATL1202 ATL016

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

2 2001

2002

2003

2004

2005

2006

2007

2008

2009

68.9

— 6.2 9.3

— 7.0 8.6

— 6.2 8.5

— 6.0 7.3

— 5.4 6.0

— 2.6 4.4

— 1.9 1.8

— 2.7 0.2

— 7.5 16.3

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A Distributions as of 09-2011 Distribution $

6.1 6.0 7.3

3.8 5.7 6.5

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.6 1.3 1.2

1.8 3.8 3.7

3.3 5.9 6.2

3.5 4.8 6.0

— 5.8 7.5

— 7.2 9.9

— 4.8 6.5

4.8 — —

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250

Portfolio Analysis as of 09-30-2011 % Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

0.0 0.0 0.0 88.2 2.7 9.0 0.0

Investment Style Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

YTD

1 Mth

Composition

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 0.82%

2010

930.9 1268.7

Calendar Year Returns %

November 18, 2009 1.63% Monthly $500

Notes

4

% Assets

Sun Life Assurance Co Of Cda FRN 30-06-2022 Manulife Fin FRN 31-12-2108 Scotiabank Cap Tr 6.282% 30-06-2053 NBC Asset Tr FRN 31-12-2049 BMO Cap Tr FRN 31-12-2014

1.7

RBC Cap Tr Ii 5.812% 31-12-2053 Toronto Dominion Bank Cds FRN 14-12-2105 Wells Fargo Finl Cda 3.97% 03-11-2014 British Columbia Tel 9.65% 08-04-2022 Loblaw Cos 6% 03-03-2014

1.3 1.3 1.3 1.2 1.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

204 204 0 195

1.6 1.5 1.4 1.3

Credit Quality

High Medium Low NR/NA

%

15.6 54.3 15.4 14.7

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

0.0 82.2 6.0 0.0 11.8 0.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Jeffrey Waldman | 11-20-2009 CIBC Global Asset Management Inc

As First Vice-President, Fixed Income, CIBC Global Asset Management Inc., Jeffrey Waldman joined CIBC Global in 1998. Prior to that Mr. Waldman held position of Investment Planning Assistant and Fixed Income Consultant at Confederation Life Insurance from 1987 to 1993; fixed Income portfolio manager and Vice-President of Canadian bonds at ING Investment Management from 1993 to 1998. Other Assets Managed

Since

Renaissance Short-Term Income Renaissance Short-Term Income Prm Cl CIBC Short-Term Income

10-99 10-99 12-07

Patrick O'Toole | 11-20-2009 CIBC Global Asset Management Inc

Patrick O'Toole joined CIBC Asset Management in May 2004. He is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. He holds a Diploma in Business Administration from Algonquin College (Ontario and is also a CFA charterholder and a Certified General Accountant. Other Assets Managed

Since

Renaissance Real Return Bond CIBC Canadian Bond Premium Class Renaissance Canadian Bond Premium Class CIBC Canadian Bond Renaissance Canadian Bond

05-04 12-07 12-07 12-07 12-07

The Renaissance Corporate Bond Capital Yield Fund provides exposure to a corporate bond fund, known as the Reference Fund. This Fund benefits from the research-driven approach of its highly experienced and stable portfolio management team. CIBC Global Asset Management’s Fixed Income Team starts with a focused universe of corporate bonds that have passed rigorous, internal credit analysis. The team then selects only the attractively priced, higher-yielding bonds which fit within their favourable-industry outlook. The fixed income team’s philosophy is to investigate before investing. In that light, a dedicated credit analysis team conducts rigorous research to identify suitable issuers for the buy list and the Credit Committee provides oversight to the proprietary risk measurement. The fixed income team combines four steps to delivering a high quality corporate bond portfolio: 1. Industry Analysis: An outlook is developed for the Canadian economy, global trends and industry sectors by exchanging macroeconomic perspectives with CGAM’s Asset Allocation and Quantitative team. The result is the identification of sectors that offer relative improvement for credit situations and the avoidance of sectors whose performance may deteriorate. 2. Company Analysis: The credit team actively manages a list of approved issuers by evaluating the

financial risk of each company and developing a deep understanding of each business and its competitive standing through in-depth analysis and face-to-face management meetings. 3. Security Selection: From the credit team’s approved issuer list, the fixed income team identifies value opportunities by analyzing factors including the option-adjusted spreads, comparable securities, similarly rated entities and historical valuations. 4. Portfolio Construction: The team ensures sector, issuer and credit quality diversification is applied, and measures holistic portfolio risk through a proprietary sector spread analysis. For further risk management, the Fund is continually subjected to management controls, monitoring and reviewing of the portfolio characteristics on a daily basis. The result is a diversified, high quality portfolio of corporate bonds that provide tax-efficient high yields while mitigating risk. The tax-efficient structure, which delivers distributions in the form of capital gains, the reliable distribution and the conservative approach to corporate bonds, makes this Fund an excellent diversifier to a fixed income or equity portfolio outside of a registered plan.

Manager Commentary The Bank of Canada (BoC) kept its administered rate at one percent for the entire quarter, citing slowing global economic momentum and heightened financial uncertainty. The uptick in inflation earlier this year – largely due to elevated prices for energy and commodities – is expected to subside as wage growth stays modest, productivity recovers, and inflation expectations remain well anchored. The difficulties faced by weak European sovereign bonds increased during the quarter and added to the uncertainty stemming from the slowdown in North American economic growth. As a result, yields in North American bond markets declined to multi-decade lows and credit spreads increased. High yield bonds were negatively affected by the concerns about the economy in the U.S. and Europe.

The manager continued to selectively add new corporate issues to the portfolio due to the relatively high investment-grade credit spreads, and remained underweight federal bonds to take advantage of the better prospective returns from corporate bonds. The manager continues to believe that corporate bond spreads are attractive in the medium and longer term and will remain fully invested in corporate bonds, despite the opportunity for the fund to invest up to 20 percent in government bonds. The manager believes government bonds will be more susceptible to rising interest rates as the economy recovers. As at September 30, 2011

renaissance investments 57

FIXED INCOME FUNDS

Renaissance Corporate Bond Capital Yield Fund (Class A)


FIXED INCOME FUNDS

Renaissance Corporate Bond Capital Yield Fund - Premium Class Fund Category Canadian Fixed Income

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

Seeks to generate tax-efficient returns, primarily through exposure to a corporate bond fund that will invest primarily in bonds, debentures, notes, and other debt instruments of Canadian issuers (the Reference Securities ). The Fund may, however, also invest directly in the Reference Securities where the Fund considers it would be beneficial to unitholders to do so.

Growth of $10,000 15

Volatility Analysis

Low

Fund

Benchmark A DEX Corporate Bond Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year) Medium

High

Total Assets ($mil) Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

6.8% 05-31-2010 to 05-31-2011

4.2% 09-30-2010 to 09-30-2011

Fund Details Class

Load Structure

Currency

Fund Code

Prem A A A F

Front End Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD CAD

ATL1202 ATL1102 ATL1002 ATL2102 ATL016

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

1 2001

2002

2003

2004

2005

2006

2007

2008

2009

68.9

— 6.2 9.3

— 7.0 8.6

— 6.2 8.5

— 6.0 7.3

— 5.4 6.0

— 2.6 4.4

— 1.9 1.8

— 2.7 0.2

— 7.5 16.3

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A Distributions as of 09-2011 Distribution $

YTD

6.7 6.0 7.3

4.4 5.7 6.5

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.7 1.3 1.2

2.0 3.8 3.7

3.7 5.9 6.2

4.2 4.8 6.0

— 5.8 7.5

— 7.2 9.9

— 4.8 6.5

5.5 — —

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

0.0 0.0 0.0 88.2 2.7 9.0 0.0

Investment Style Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

2010

930.9 1268.7

Calendar Year Returns %

November 18, 2009 0.93% Monthly $100,000

Notes

4

% Assets

Sun Life Assurance Co Of Cda FRN 30-06-2022 Manulife Fin FRN 31-12-2108 Scotiabank Cap Tr 6.282% 30-06-2053 NBC Asset Tr FRN 31-12-2049 BMO Cap Tr FRN 31-12-2014

1.7

RBC Cap Tr Ii 5.812% 31-12-2053 Toronto Dominion Bank Cds FRN 14-12-2105 Wells Fargo Finl Cda 3.97% 03-11-2014 British Columbia Tel 9.65% 08-04-2022 Loblaw Cos 6% 03-03-2014

1.3 1.3 1.3 1.2 1.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

204 204 0 195

1.6 1.5 1.4 1.3

Credit Quality

High Medium Low NR/NA

%

15.6 54.3 15.4 14.7

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

0.0 82.2 6.0 0.0 11.8 0.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Jeffrey Waldman | 11-20-2009 CIBC Global Asset Management Inc

As First Vice-President, Fixed Income, CIBC Global Asset Management Inc., Jeffrey Waldman joined CIBC Global in 1998. Prior to that Mr. Waldman held position of Investment Planning Assistant and Fixed Income Consultant at Confederation Life Insurance from 1987 to 1993; fixed Income portfolio manager and Vice-President of Canadian bonds at ING Investment Management from 1993 to 1998. Other Assets Managed

Since

Renaissance Short-Term Income Renaissance Short-Term Income Prm Cl CIBC Short-Term Income

10-99 10-99 12-07

Patrick O'Toole | 11-20-2009 CIBC Global Asset Management Inc

Patrick O'Toole joined CIBC Asset Management in May 2004. He is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. He holds a Diploma in Business Administration from Algonquin College (Ontario and is also a CFA charterholder and a Certified General Accountant. Other Assets Managed

Since

Renaissance Real Return Bond CIBC Canadian Bond Premium Class Renaissance Canadian Bond Premium Class CIBC Canadian Bond Renaissance Canadian Bond

05-04 12-07 12-07 12-07 12-07

The Renaissance Corporate Bond Capital Yield Fund provides exposure to a corporate bond fund, known as the Reference Fund. This Fund benefits from the research-driven approach of its highly experienced and stable portfolio management team. CIBC Global Asset Management’s Fixed Income Team starts with a focused universe of corporate bonds that have passed rigorous, internal credit analysis. The team then selects only the attractively priced, higher-yielding bonds which fit within their favourable-industry outlook. The fixed income team’s philosophy is to investigate before investing. In that light, a dedicated credit analysis team conducts rigorous research to identify suitable issuers for the buy list and the Credit Committee provides oversight to the proprietary risk measurement. The fixed income team combines four steps to delivering a high quality corporate bond portfolio: 1. Industry Analysis: An outlook is developed for the Canadian economy, global trends and industry sectors by exchanging macroeconomic perspectives with CGAM’s Asset Allocation and Quantitative team. The result is the identification of sectors that offer relative improvement for credit situations and the avoidance of sectors whose performance may deteriorate. 2. Company Analysis: The credit team actively manages a list of approved issuers by evaluating the

financial risk of each company and developing a deep understanding of each business and its competitive standing through in-depth analysis and face-to-face management meetings. 3. Security Selection: From the credit team’s approved issuer list, the fixed income team identifies value opportunities by analyzing factors including the option-adjusted spreads, comparable securities, similarly rated entities and historical valuations. 4. Portfolio Construction: The team ensures sector, issuer and credit quality diversification is applied, and measures holistic portfolio risk through a proprietary sector spread analysis. For further risk management, the Fund is continually subjected to management controls, monitoring and reviewing of the portfolio characteristics on a daily basis. The result is a diversified, high quality portfolio of corporate bonds that provide tax-efficient high yields while mitigating risk. The tax-efficient structure, which delivers distributions in the form of capital gains, the reliable distribution and the conservative approach to corporate bonds, makes this Fund an excellent diversifier to a fixed income or equity portfolio outside of a registered plan.

Manager Commentary The Bank of Canada (BoC) kept its administered rate at one percent for the entire quarter, citing slowing global economic momentum and heightened financial uncertainty. The uptick in inflation earlier this year – largely due to elevated prices for energy and commodities – is expected to subside as wage growth stays modest, productivity recovers, and inflation expectations remain well anchored. The difficulties faced by weak European sovereign bonds increased during the quarter and added to the uncertainty stemming from the slowdown in North American economic growth. As a result, yields in North American bond markets declined to multi-decade lows and credit spreads increased. High yield bonds were negatively affected by the concerns about the economy in the U.S. and Europe.

The manager continued to selectively add new corporate issues to the portfolio due to the relatively high investment-grade credit spreads, and remained underweight federal bonds to take advantage of the better prospective returns from corporate bonds. The manager continues to believe that corporate bond spreads are attractive in the medium and longer term and will remain fully invested in corporate bonds, despite the opportunity for the fund to invest up to 20 percent in government bonds. The manager believes government bonds will be more susceptible to rising interest rates as the economy recovers. As at September 30, 2011

renaissance investments 59

FIXED INCOME FUNDS

Renaissance Corporate Bond Capital Yield Fund - Premium Class


FIXED INCOME FUNDS

Renaissance High-Yield Bond Fund (Class A) Fund Category High Yield Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To generate a high level of current income, primarily through investment in high-yield corporate bonds from issuers around the world and, where consistent with this objective, the Fund will also seek capital appreciation.

Growth of $10,000 20 Fund

Benchmark A DEX High Yield Index

18 16 14 12

Volatility Analysis

10 8

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

36.8% 01-31-2009 to 01-31-2010

-22.8% 01-31-2008 to 01-31-2009

Fund Details Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL823 ATL908 ATL667 ATL015

Telephone Web Site

Total Assets ($mil)

September 23, 1994 2.01% Monthly $500

4

3

1

Fund Category Benchmark A

Fund Category Benchmark A Distributions as of 09-2011 Distribution $

1

3

2

3

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

113.7

121.3

124.7

108.5

115.0

199.9

150.0

309.9

397.5

420.7

2.2 4.9 7.3

3.7 3.3 12.8

18.3 13.1 14.8

10.6 7.6 9.6

-2.4 1.0 3.0

9.4 7.7 9.4

2.3 -1.3 5.1

-22.6 -21.3 4.2

31.9 33.3 11.4

9.5 10.6 15.1

-1.6 -0.6 -4.7

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-1.5 -2.4 -7.2

-4.0 -3.9 -8.3

-3.7 -3.2 -7.5

0.1 1.2 -1.8

5.8 6.5 6.8

5.1 6.8 8.0

3.0 3.2 6.4

5.8 5.0 8.0

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

0.0351 0.0407 0.0193 0.0558 0.0348 0.0478 0.0314 0.0496 0.0399 0.0333 0.0512 0.0518

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

The MER quoted in the Fund Details section is for Class A units. Both MERs are annualized as at February 28, 2011. These will be reviewed annually by the Manager.

1

Portfolio Analysis as of 09-30-2011

Investment Style

Notes

4

133.5

Composition

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.14%

1

Calendar Year Returns %

Trailing Returns %

Class

Inception Date MER Distribution Frequency Minimum Investment

Performance Quartile (within category over calendar year)

0.0 0.0 0.0 96.2 0.5 3.3 0.0

% Assets

Seven Seas Cruises 144A 9.125% 15-05-2019 Axcan Inter Hldgs 12.75% 01-03-2016 Cara Operations 9.125% 01-12-2015 Mercer Intl 9.5% 01-12-2017 Bombardier 7.35% 22-12-2026

2.6 2.4 2.4 2.4 2.2

CHC Helicopter 144A 9.25% 15-10-2020 Ceridian Corp New 11.25% 15-11-2015 Cdn Satellite Radio Hldg 9.75% 21-06-2018 Radnet 10.375% 01-04-2018 Trader 144A 9.875% 15-08-2018

2.0 2.0 2.0 1.9 1.9

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

132 132 1 126

Credit Quality

High Medium Low NR/NA

%

0.0 2.9 89.6 7.5

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

0.0 69.9 26.3 0.0 3.8 0.0

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Mark Kanar | 01-01-2003 CIBC Global Asset Management Inc

Mark Kanar joined CIBC Global Asset Management in 2002 and is leader of the High Yield Bond Team within the Global Fixed Income Group.

Investment Management Approach The Fund benefits from the expertise of Mark Kanar and Bryce Eng along with the High Yield Bond team from CIBC Global Asset Management, who focus their bottomup value investment style primarily towards Canadian, but also foreign, corporate bond issuers that have higher yield opportunities.

Bryce Eng | 12-13-2007 CIBC Global Asset Management Inc

Bryce Eng joined CIBC Global Asset Management in March 1997. Mr Eng is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Mr Eng has a Bachelor of Commerce from the University of Toronto (Toronto) and is also a CFA charterholder.

The High Yield Bond team’s approach follows a bottomup value philosophy, seeking to add value through all market cycles. Philosophically, the team embraces the high yield market’s inherent volatility due to the opportunity the volatility creates for their fundamental value style. The team makes an intensive fundamental evaluation of each company to assess its financial health and risk of default. Through this process, they identify the most attractive individual bonds with strong prospects for consistent income and growth, which can be purchased at a discount to their intrinsic value. The team’s fundamental value process is a combination of industry and bottom-up credit analysis to identify

securities that are undervalued, and those that should be sold to reinvest in better opportunities. The process includes an in-depth understanding of each company and its environment by analyzing 1) competitive threats; 2) terms and conditions of each bond; 3) pricing alternatives from companies within the same sector and from different industries with comparable credit ratings. With a thorough understanding of each bond, the manager moves opportunistically between bonds to capture the best scenario for delivering yield. Risk is managed through analysis of each security’s leverage, liquidity and interest coverage, and the Fund may hedge foreign exposure back to the Canadian dollar. The result is a well-diversified portfolio of higheryielding securities to deliver a higher level of current income with some potential for capital appreciation. This Fund is an excellent addition to a diversified portfolio seeking a higher level of income from its bond allocation.

Manager Commentary High yield bonds were down in August – the worst showing since November of 2008 – as fears of a doubledip recession renewed on weaker economic data. The European sovereign debt issues, the U.S. debt ceiling debate, and the Standard & Poor’s (S&P) downgrading of the U.S. government debt caused a flight away from risky assets to safer havens. High yield bonds current risk premium broke above the longer term average and remains attractive as S&P forecasts defaults will continue to decline.

New issuance activity in U.S. and Canada was fairly dormant in July and August; however, they are still at a record pace year-to-date. The manager added new holdings in: tissue paper manufacturer, Kruger Products LP; U.S. sports retailer, Academy Ltd.; and automotive marketing company, Trader Corp. The manager sold some of the fund’s "richer" holdings in August to bolster the fund’s cash cushion. As at September 30, 2011

renaissance investments 61

FIXED INCOME FUNDS

Renaissance High-Yield Bond Fund (Class A)


FIXED INCOME FUNDS

Renaissance Global Bond Fund (Class A) Fund Category Global Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To preserve capital and to provide income and long-term growth primarily through investment in debt securities denominated in foreign currencies issued by Canadian or non-Canadian governments, corporations, and financial institutions.

Growth of $10,000 15 Fund

14 13 12 11 10

Volatility Analysis

Low

Benchmark A Citigroup World Government Bond Index

9

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

1

1

3

4

4

2

4

3

2

2

1

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

72.7

88.9

76.2

79.1

30.6

19.0

14.4

11.7

20.8

46.3

71.0

7.1 4.5 5.2

18.5 13.9 18.3

-2.7 -2.4 -6.0

-2.1 1.6 2.3

-10.7 -6.5 -9.2

3.2 3.0 5.7

-7.6 -3.2 -5.9

9.9 17.3 38.7

0.5 -3.0 -12.9

4.6 2.5 -0.3

11.3 4.7 11.7

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

18.5% 12-31-2001 to 12-31-2002

-16.1% 04-30-2005 to 04-30-2006

Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1872 ATL1028 ATL2872 ATL1646

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

Fund Category Benchmark A

October 21, 1992 2.02% Quarterly $500

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

4.4 0.8 4.5

10.4 3.8 10.5

12.0 5.8 13.3

5.9 1.3 6.3

6.7 2.5 3.3

8.2 5.6 7.0

4.6 4.2 6.1

2.1 2.5 3.1

Distributions as of 09-2011

Oct

Distribution $

Nov

Dec

Jan

— 0.0263

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

Investment Style

Top Ten Holdings

Notes

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

Mar

Apr

— 0.0283

May

Jun

Jul

— 0.0244

Aug

Sep

— 0.0265

Portfolio Analysis as of 09-30-2011 Composition

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.23%

Feb

0.0 0.0 0.0 79.8 5.2 13.9 1.2

% Assets

US Treasury Bond 4.25% 15-11-2040 United Mexican States 8.5% 31-05-2029 New Sth Wales Tsy 6% 01-04-2016 United Kingdom (Govt Of) 4.25% 07-12-2040 Poland(Rep Of) 5.75% 23-09-2022

14.4 5.2 4.8 4.4 4.2

Norway(Kingdom Of) 6.5% 15-05-2013 United Kingdom (Govt Of) 4.5% 07-03-2013 Korea(Republic Of) 5.75% 10-09-2018 Sth Africa(Rep Of) 6.75% 31-03-2021 US Treasury Bond 3.875% 15-08-2040

3.6 3.0 2.6 2.5 2.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

63 63 0 59

Credit Quality

High Medium Low NR/NA

%

46.1 35.0 3.7 15.2

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

67.9 11.9 0.0 0.9 19.3 0.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Stephen S. Smith | 11-01-2006 Brandywine Global Investment Mgmt, LLC

Stephen Smith is Managing Director and co-lead Portfolio Manager for Brandywine’s Fixed Income and Balanced portfolios and contributes his extensive knowledge of global markets and currencies to support the research efforts for the International/Global Value Equity strategies. Prior to joining Brandywine in 1991, he was Managing Director of Taxable Fixed Income (1988-1991) at Mitchell Hutchins Asset Management, Inc.; Senior Vice President of Taxable Fixed Income (1984-1988) at Provident Capital Management, Inc. He holds a B.S. in Economics and Business Administration from Xavier University.

Investment Management Approach The Fund benefits from the global fixed income expertise of Brandywine Global Investment Management, who manage the Fund with a top-down, value approach with a focus on real yield, to preserve capital, generate principal growth and earn interest income. Since their founding in 1986, Brandywine Global has pursued a value approach to investing, with a belief that regardless of asset class or region, value investing can provide excellent returns over the long term. By applying a top-down, value-driven process, Brandywine Global invests in bonds offering the highest real (inflationadjusted) yields, while considering currency valuation, inflation, monetary trends, political risks, the business cycle and liquidity measures. Efficient duration

management and country rotation (driven primarily by currency considerations) add incremental value. Investments are typically concentrated in 8-16 countries deemed to have the best total return potential. Subsequently, risk is managed by investing in undervalued securities with the potential for higher returns. The result is a globally diversified portfolio of bonds including sovereign debt and currencies of countries from around the world. This Fund makes an excellent core global bond portfolio and can serve as a diversifying complement to an equity portfolio and/or a Canadian bond portfolio in order to manage risk.

David F. Hoffman | 11-01-2006 Brandywine Global Investment Mgmt, LLC

David Hoffman is a Managing Director and co-lead Portfolio Manager for Brandywine's Global Fixed Income and related strategies. He has been employed at Brandywine Global since 1995. Prior to joining the firm, David was President of Hoffman Capital, a global financial futures investment firm (1991-1995); Head of Fixed Income Investments at Columbus Circle Investors (1983-1990) and Senior Vice President and Portfolio Manager at INA Capital Management (1979-1982). David is a CFA charterholder and earned a B.A. in Art History from Williams College.

Manager Commentary During the quarter, the array of rising risks facing the global economy and financial markets created a tremendous amount of volatility in most asset classes. Corporate bonds were hit hard in August along with virtually every other so-called “risk asset”. The European Central Bank was forced to become lender of last resort for peripheral European Monetary Union borrowers; this somewhat perversely made Ireland, Portugal, and Spain the three best-performing markets in the global bond universe in August.

August and the best of these included the United States,

Safe-haven markets also performed very strongly in

As at September 30, 2011

Australia, and Germany. The best-performing major currencies included: the Norwegian krone, Japanese yen, and U.S. dollar. The worst-performing currencies were: the Mexican peso, South African rand, New Zealand dollar, and Australian dollar. These worst performers were all linked to commodity prices, which came under pressure. Emerging market (EM) currencies were mixed in August, but EM bonds generally rallied.

renaissance investments 63

FIXED INCOME FUNDS

Renaissance Global Bond Fund (Class A)


BAL ANCED FUNDS

Renaissance Canadian Balanced Fund (Class A) (formerly Renaissance Canadian Balanced Value Fund) Fund Category Canadian Equity Balanced

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To achieve long-term investment return through a combination of income and capital growth by investing primarily in a diversified portfolio of Canadian equity securities, investment grade bonds, and money market instruments.

Growth of $10,000 20 Fund

18 16 14 12 10

Volatility Analysis

Low

Benchmark A Blended Benchmark

8

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

1

2

3

3

3

4

3

1

4

3

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

114.1

180.3

225.9

316.0

420.5

534.5

486.0

341.7

345.8

667.1

536.1

Fund Category Benchmark A

7.0 0.5 -6.1

1.4 -4.3 -8.0

13.0 13.3 17.1

8.1 10.1 10.8

13.0 12.3 15.3

7.6 10.4 13.9

-0.7 0.3 4.6

-15.8 -22.3 -20.7

14.2 25.2 21.1

10.4 9.1 12.3

-8.2 -4.9 -5.4

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-5.1 -3.7 -4.3

-9.5 -6.2 -6.6

-11.6 -8.0 -8.4

-3.6 -0.4 -0.1

1.7 3.1 4.2

2.2 3.0 4.1

0.4 1.4 2.9

4.5 4.8 6.2

Total Assets ($mil) Calendar Year Returns %

Best 1 Year Return

Worst 1 Year Return

21.5% 03-31-2003 to 03-31-2004

-18.5% 02-28-2008 to 02-28-2009

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL507 ATL508 ATL517 ATL019

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

March 10, 1999 2.30% Quarterly $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 0.91% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 30% DEX Bond Universe Index / 50% S&P/TSX Composite Index / 20% MSCI World Index

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

48.9 8.8 14.5 21.0 0.1 5.7 1.1

% Assets

Canadian Imperial Bank of Commerce Royal Bank of Canada The Toronto-Dominion Bank Canada Hsg Tr No 1 2.75% 15-06-2016 Bank of Nova Scotia

3.0 2.7 2.6 2.5 2.2

BCE Inc Suncor Energy Inc Barrick Gold Corporation Canadian Natural Resources Ltd United States Nasdaq 100 Mini Index Fut

2.1 2.1 1.8 1.7 1.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

235 1,164 1,011 122

Market Cap

Large Medium Small

%

86.4 13.6 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

Credit Quality

High Medium Low NR/NA

%

37.4 25.9 10.6 26.1 % Equity

1.2 20.0 27.4 14.2 6.4 6.2 6.2 7.6 5.1 5.5 0.0 % Fixed Income

27.1 44.9 6.5 0.0 21.6 0.0

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Manager Bios

Investment Management Approach

Luc de la Durantaye | 10-27-2009 CIBC Global Asset Management Inc

Luc de la Durantaye joined CIBC Global Asset Management Inc. in December 2002. Mr. de la Durantaye is leader of the Global Asset Allocation team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Global Equity CIBC Balanced Renaissance Optimal Infl Opps Port Cl A

01-03 10-09 09-11

Colum McKinley | 06-01-2010 CIBC Global Asset Management Inc

Colum McKinley joined CIBC Global Asset Management in May 2010, assuming a lead role as Portfolio Manager on the Investment Management Team. He holds a Bachelor of Arts in Economics from the University of Western Ontario (London); and is a CFA charterholder. Prior to joining CIBC Global Asset Management, he was a Portfolio Manager at Sionna Investment Managers, 2005 to 2010, and Vice President and Director, Portfolio Manager at TD Asset Management (Toronto), 1999 to 2005. Other Assets Managed

Since

Renaissance Canadian Core Value CIBC Canadian Equity Value

06-10 06-10

Suzann Pennington | 08-02-2011 CIBC Global Asset Management Inc

Suzann Pennington is Head of Canadian Equities at CIBC Global Asset Management Inc. Prior to joining CGAM, she was Senior Vice-President, Investments and Team Lead of the Saxon Funds at Mackenzie Financial Corp. Suzann began her career at OMERS, then managed portfolios at Prudential Assurance, and was Director of Canadian Equities at Mutual Group Insurance Co. before helping to build Synergy Mutual Funds. At Sceptre Investment Counsel, Suzann was Vice-President, Equities and head of international research. Suzann is a CFA charterholder. Other Assets Managed

Since

Renaissance Canadian All-Cap Equity Cl A

09-11

The Fund combines the investment skill of several distinguished investment management teams, who will provide their expertise in management of Canadian, U.S. and EAFE equity and Canadian fixed income. Luc de la Durantaye of CIBC Global Asset Management (CGAM) will determine the overall strategic asset allocation of the fund. For the Canadian equity component, Suzann Pennington and her team employ a conservative, bottom-up value approach, which views risk on an absolute basis – an approach focusing on protecting the Fund from the risk of capital loss rather than the underperformance of an index. A well-defined process is geared to identifying holdings from all capitalization tranches. The team’s approach results in a diversified portfolio of stocks which avoids over-concentration in any one sector, capitalization tranche or holding and targets strong long-

term performance. The Canadian fixed income team follows a bottom-up approach based on fundamental and quantitative analysis. The team focus combines four different sources of adding value to fixed income investing: duration strategy, term structure strategy, sector allocation strategy and individual security selection. The foreign equity component is managed by CGAM’s EAFE equity team employing a bottom-up stock selection approach. The result is a diversified, value-oriented balanced portfolio designed to protect existing capital and achieve long-term capital appreciation. This fund is an excellent option as a conservative, core holding for an investor.

Manager Commentary The third quarter was characterized by the re-emergence of European sovereign debt concerns pushing interest rates of the peripheral countries higher and triggering a sharp correction in equity markets. The world economy also disappointed most forecasters with surprising weakness, only partly attributable to temporary factors such as the production disruption from Japan’s earthquake and the spike in oil prices earlier this year. Nevertheless, the long-term debt deleveraging necessary to reduce government and consumer debt burdens continues to weigh on economic activity. In response to the weaker cyclical data and rising growth risks, the manager expects continued volatility as policy makers shift their policies to address the risk of recession and sovereign debt problems. However, the timing and effectiveness of such interventions are still uncertain at this point. The portfolio’s sector allocation

will be tilted towards more defensive sectors to help protect against the risk of continued unexpected economic weakness. The Canadian equities holdings were modestly rebalanced in the quarter while maintaining the portfolio’s deeply diversified structure. In the energy sector, Arc Energy Ltd. and Canadian Oil Sands Ltd. were eliminated. Introduced to the portfolio were: fertilizer producer PotashCorp, coal terminal company Westshore Terminals Investment Corp., and waste management company Progressive Waste Solutions Ltd. Manulife Financial Corp. was reduced and IGM Financial Inc. was eliminated in favour of increased exposure to Bank of Nova Scotia, which was trading at the low end of its historic valuation range and has less economic sensitivity. As at September 30, 2011

renaissance investments 65

BAL ANCED FUNDS

Renaissance Canadian Balanced Fund (Class A) (formerly Renaissance Canadian Balanced Value Fund) Investment Management Overview


BAL ANCED FUNDS

Renaissance Optimal Income Portfolio Fund Category Canadian Fixed Income Balanced

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To generate income with some potential for capital appreciation by investing primarily in units of Canadian and global mutual funds.

Growth of $10,000 14 Fund

Benchmark A Blended Benchmark

13 12 11

Volatility Analysis

10 9 8

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

17.8% 02-28-2009 to 02-28-2010

-14.2% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A Elite Elite Elite F Sel Sel Sel

Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL050 ATL048 ATL049 ATL2406 ATL2404 ATL2405 ATL051 ATL2403 ATL2401 ATL2402

Inception Date MER Minimum Investment Telephone Web Site

Investment Style

2

1

2

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

3.9

28.3

133.4

384.9

600.5

— 3.8 0.1

— 0.3 -1.3

— 9.0 12.0

— 6.9 9.0

— 6.9 10.9

— 6.1 9.7

— 0.3 3.6

-12.3 -9.0 -9.5

13.3 14.0 13.5

9.0 6.6 9.6

1.4 0.6 0.2

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-1.2 -0.9 -1.5

-2.1 -1.2 -1.6

-1.1 -0.7 -1.5

3.0 1.7 2.9

6.0 4.0 5.4

5.4 4.8 5.9

— 2.8 4.2

2.6 — —

Portfolio Analysis as of 09-30-2011 Actual Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

November 13, 2007 1.90% $500

888 888 FUND www.renaissanceinvestments.ca

4

Top 5 Global Equity Sectors

Financials Industrial Utilities Energy Materials

22.7 3.3 10.1 55.6 0.6 6.8 0.8

% Equity

22.5 21.1 19.6 16.8 8.4

Market Cap

Large Medium Small

%

68.7 31.2 0.1

Credit Quality

High Medium Low NR/NA

Top Holdings

Renaissance Canadian Bond Renaissance Canadian Dividend Renaissance Global Infrastructure Renaissance High-Yield Bond Renaissance Global Bond

%

41.5 18.5 25.6 14.4 % Assets

29.6 24.6 15.0 14.7 10.4

Renaissance Real Return Bond

5.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

8 457 108 314

Notes Class F MER: 0.88% T-Class units are also available. MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 60% DEX Bond Universe Index / 25% S&P/TSX Composite Index / 15% MSCI World Index

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


BAL ANCED FUNDS

Renaissance Optimal Income Portfolio Investment Management Overview Investment Managers Management Team | 11-13-2007 Brandywine Global Investment Mgmt, LLC. Management Team | 11-13-2007 RARE Infrastructure Limited Management Team | 11-13-2007

Investment Management Approach This diversified Portfolio delivers an all-in-one income generation solution through a carefully aligned collection of asset classes and investment managers to capture the market’s best income opportunities, while carefully managing risk.

CIBC Global Asset Management Inc

This Portfolio optimizes the unique contributions from a group of carefully selected managers and asset classes to achieve the desired characteristics of an income generating investment product. A high degree of income generation is achieved primarily through a combination of CIBC Global Asset Management’s (CGAM) Canadian Bond and High Yield Bond approaches alongside RARE’s Global Infrastructure approach. The potential for capital growth is accomplished primarily through a combination of CGAMs Canadian Dividend Income approach with additional contributions from RARE’s Global

Infrastructure and Brandywine Global’s Global Bond approaches. Volatility is carefully managed to the lower end of the spectrum through the careful combination of each manager’s approach and asset class. A measure of inflation protection is attained primarily through a combination of RARE’s Global Infrastructure and CGAMs Real Return Bond approaches. The result is a diversified income generating portfolio that offers income generation, a measure of inflation protection and the opportunity for capital appreciation combined with capital preservation and low volatility. This portfolio makes an excellent all-in-one income solution because it offers investors the ability to tailor their cash flow needs through three stable monthly payout options and to potentially defer tax on return of capital distributions.

renaissance investments 67


EQUIT Y INCOME FUNDS

Renaissance Canadian Dividend Fund (Class A) (formerly Renaissance Canadian Dividend Income Fund) Fund Category Canadian Dividend & Income Equity

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

To generate a high level of income and long-term capital growth by investing primarily in income producing securities including common shares, preferred shares, income trusts, and fixed income securities.

Growth of $10,000 20 Fund

Benchmark A S&P/TSX Composite Index

18 16 14 12

Volatility Analysis

10 8

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

28.5% 03-31-2003 to 03-31-2004

-29.9% 02-28-2008 to 02-28-2009

Fund Details Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL211 ATL294 ATL266 ATL014

Telephone Web Site

Total Assets ($mil)

November 8, 2002 2.46% $500

2

Fund Category Benchmark A

Fund Category Benchmark A

2

3

4

2

3

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

15.4

67.3

113.1

178.7

236.5

226.3

132.1

159.6

300.4

315.7

— 1.7 -12.6

— -5.0 -12.4

21.0 20.8 26.7

16.1 14.0 14.5

18.2 17.4 24.1

8.2 13.6 17.3

4.6 1.3 9.8

-28.9 -28.4 -33.0

18.4 28.3 35.1

14.5 11.1 17.6

-7.5 -5.4 -11.9

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-5.9 -4.5 -8.7

-10.6 -9.0 -12.0

-13.1 -10.9 -16.5

-0.6 -0.1 -3.6

4.1 3.9 3.7

1.4 2.3 2.7

-0.1 1.1 2.6

6.2 — —

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

4

Portfolio Analysis as of 09-30-2011

Investment Style

Notes

3

2001

Composition

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.12%

3

Calendar Year Returns %

Trailing Returns %

Class

Inception Date MER Minimum Investment

Performance Quartile (within category over calendar year)

88.0 0.0 0.0 0.4 0.0 10.2 1.4

% Assets

The Toronto-Dominion Bank Royal Bank of Canada Canadian Imperial Bank of Commerce Bank of Nova Scotia Bank of Montreal

5.7 4.5 4.1 4.1 3.4

Canadian National Railway Co Canadian Natural Resources Ltd Enbridge, Inc. BCE Inc Labrador Iron Ore Royalty Corp

3.1 2.6 2.5 2.5 2.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

101 101 67 5

Market Cap

Large Medium Small

%

80.4 19.6 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada

% Equity

2.1 22.3 37.5 14.0 4.7 3.5 6.8 7.4 0.8 0.9 0.0 % Assets

100.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Manager Bios

Investment Management Approach

Domenic Monteferrante | 10-27-2009 CIBC Global Asset Management Inc

Dominic joined CIBC Asset Management in February 1998. Domenic is a member of the Global Equity group operating from within the firm's Investment Management Platform, and is responsible for the Canadian equity product. Domenic is also responsible for the management of socially responsible and dividend portfolio mandates. Other Assets Managed

Since

CIBC Financial Companies CIBC Canadian Equity CIBC Dividend Growth CIBC Dividend Income CIBC Balanced

11-04 08-05 12-07 10-09 10-09

The Fund benefits from the expertise of Domenic Monteferrante and the Canadian Equity team from CIBC Global Asset Management, who focus their investment expertise towards high income-generating equity securities. The Canadian Equity team focus their approach toward selecting income-generating equity securities that are mis-priced through fundamental analysis. The teamâ&#x20AC;&#x2122;s approach follows a rigorous process to select mis-priced securities, with the goal of achieving above-average, risk-adjusted returns over the long term. The initial screening is performed using proprietary internally generated buy-sell stock targets based on bottom-up analysis. This fundamental analysis includes a review of the business model, management assessment, and

evaluation of key ratios, which differ based on sector. A peer review is then conducted to scrutinize internal stock recommendations to focus on the best opportunities. The initial screening, combined with the deep fundamental analysis, leads to buy/hold/sell recommendations that are validated at the portfolio construction level through the guiding principals of the teamâ&#x20AC;&#x2122;s philosophy. The result is a conservative, diversified portfolio of primarily Canadian income-generating securities including higher dividend and increasing dividend-paying stocks, selected with a disciplined approach. This Fund is an excellent option for the equity-oriented incomegeneration portion of a portfolio.

Manager Commentary All of the following have had a negative impact on equity investor confidence: lingering European sovereign debt concerns, continued economic tightening policies in China, weak U.S. economic data, and the low expectation for the successful implementation of any further U.S. fiscal and monetary stimulus policies. With the outlook for an extended period of low economic growth, and the expectation of choppy equity markets ahead, the manager continues to be cautious. While corporate balance sheets remain solid and interest rates in the developed economies are expected to remain accommodative, there is the growing possibility that the rate of corporate earnings growth will decline and limit equity performance. However, when compared to bond valuations, on a relative basis, equities appear more attractive over the long term. As a result, over the near

term, the fund will remain focused on defensive stocks, but the manager will selectively increase exposure to cyclical stocks should reasonable valuations arise. The manager established a position in Pembina Pipeline Corp. and added to existing positions in high-dividend yielding CIBC and AltaGas Ltd. The manager also added to Quadra FNX Mining Ltd. on its attractive discount to its estimated net asset value. The manager reduced exposure to: Nexen Inc., on disappointing quarterly results; and Valeant Pharmaceuticals International, Inc., on profit-taking. The manager eliminated the position in Loblaw Companies Ltd. and invested some of the proceeds in Metro Inc., due to better relative valuation and earnings growth outlook. As at September 30, 2011

renaissance investments 69

EQUIT Y INCOME FUNDS

Renaissance Canadian Dividend Fund (Class A) (formerly Renaissance Canadian Dividend Income Fund) Investment Management Overview


EQUIT Y INCOME FUNDS

Renaissance Canadian Monthly Income Fund (Class A) Fund Category Canadian Equity Balanced

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To generate a high level of current cash flow by investing primarily in income producing securities including income trusts, preferred shares, common shares, and fixed income securities.

Growth of $10,000 30 Fund

Benchmark A Blended Benchmark

26 22 18 14

Volatility Analysis

10 6

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

49.5% 02-28-2000 to 02-28-2001

-24.2% 12-31-2007 to 12-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL859 ATL910 ATL668 ATL155

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

October 30, 1997 1.91% Monthly $500

Performance Quartile (within category over calendar year)

1

1

1

1

Benchmark Blend: 50% S&P/TSX Composite Index / 50% DEX Bond Universe Index

3

4

2

2

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

622.1

709.5

734.1

731.6

515.6

432.0

286.4

291.4

261.8

210.0

Fund Category Benchmark A

23.2 0.5 23.5

8.9 -4.3 13.5

25.0 13.3 38.3

23.0 10.1 28.2

23.5 12.3 29.4

0.3 10.4 -2.2

13.6 0.3 7.0

-24.2 -22.3 -27.1

17.0 25.2 43.7

11.4 9.1 24.3

-6.4 -4.9 -2.5

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-4.0 -3.7 -3.4

-7.3 -6.2 -3.7

-10.2 -8.0 -5.0

-1.3 -0.4 7.2

3.5 3.1 15.3

1.0 3.0 8.0

-0.1 1.4 5.2

9.2 4.8 14.3

Calendar Year Returns %

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

1

2001

57.9 0.0 0.0 28.6 0.0 13.5 0.0

Investment Style

Notes

4

437.9

Total Assets ($mil)

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 0.98%

1

% Assets

Canada Hsg Tr No 1 2.75% 15-06-2016 The Toronto-Dominion Bank Royal Bank of Canada BCE Inc Barrick Gold Corporation

6.6 6.4 3.9 3.6 3.4

Suncor Energy Inc Canadian Imperial Bank of Commerce TELUS Corp Crescent Point Energy Corporation Canada Govt 3.25% 01-06-2021

2.9 2.7 2.2 2.1 1.9

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

153 153 48 96

Market Cap

Large Medium Small

%

80.7 18.5 0.8

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

Credit Quality

High Medium Low NR/NA

%

48.0 17.2 0.0 34.8 % Equity

1.3 25.8 32.8 16.9 5.4 0.0 11.9 5.1 0.0 0.9 0.0 % Fixed Income

37.1 29.4 1.3 0.0 32.1 0.0

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

David Graham | 10-27-2009 CIBC Global Asset Management Inc

David Graham joined CIBC Global Asset Management in July 2002 and has over 35 years of financial industry and investment management experience. David is a member of the Global Equity group, operating from within the CIBC’s Investment Management Platform. David holds a Masters in Business Administration from York University (Toronto); Bachelor of Arts from the University of Western Ontario (London) and is also a CFA charterholder. Other Assets Managed

Since

CIBC Monthly Income CIBC Global Monthly Income Renaissance Diversified Income Renaissance Canadian Core Value CIBC Canadian Equity Value

12-07 12-07 10-09 10-09 10-09

The Fund benefits from the expertise of David Graham and the Canadian Equity team from CIBC Global Asset Management, who focus their value investment style toward a diversified mix of income-generating securities. The manager opportunistically moves between different types of securities to take advantage of changing business cycles and market conditions to capture the best scenario for delivering conservative, high quality income and paying a fixed monthly distribution. The Canadian Equity team focus their approach toward income-generating securities. The team’s approach follows a rigorous process to select undervalued securities, with the goal of achieving above-average, risk-adjusted returns over the long term. The team uses a combination of quantitative and fundamental analysis, emphasizing primarily a bottom-up fundamental analysis, but combined with a top-down macro-economic perspective. The initial screening is performed using a

proprietary quantitative model to find the intrinsic value of a security. The stocks are then ranked in order of expected return and ‘value traps’ are avoided by further screening. The promising companies undergo qualitative analysis to evaluate financial risk and to fully understand the business and industry in which the company operates. The initial screening, combined with the deep fundamental analysis, leads to buy/hold/sell recommendations that are validated at the portfolio construction level through the guiding principals of the team’s value philosophy. The result is a conservative, diversified value portfolio of primarily Canadian income-generating securities including income trusts, higher-dividend stocks, and opportunistically including fixed income. This Fund is an excellent option for the income-generation portion of a portfolio.

Manager Commentary Capital markets around the world, including Canada, remain exceedingly volatile in the midst of continued global uncertainties and the rising threat of another recession. Financials and telecommunications are both overweight sectors in the portfolio and contributed positively to performance. The fund remains underweight the materials sector, but the gap has narrowed as the manager increased the weight in fertilizer companies and select gold producers. The manager still prefers base metals and fertilizers to gold because of the expected demand for these commodities from Asia. However, gold producers, like the commodity itself, could act as a hedge if the global recovery takes a turn for the worse. While the manager still believes equities will outperform

bonds over the intermediate term, in order to mitigate risk the fund’s equity exposure was reduced during the period. The fund now has about 12 percent cash to help protect against any downside risk, but also to redeploy if equity markets weaken further or signs of renewed growth emerge. Positions in Research In Motion Ltd. (RIM) and Enbridge Inc. were eliminated. RIM is cheap on a price-to-earnings basis but the manager still sees execution risk as the company moves to a QNX real-time platform. While Enbridge offers attractive dividend growth, it is trading around 19 times forward earnings. The manager initiated a position in Kinross Gold Corp. for its commodity exposure. As at September 30, 2011

renaissance investments 71

EQUIT Y INCOME FUNDS

Renaissance Canadian Monthly Income Fund (Class A)


EQUIT Y INCOME FUNDS

Renaissance Diversified Income Fund (Class A) Fund Category Canadian Equity Balanced

Morningstar Rating Q

Investment Objective

Performance as of 09-30-2011

To generate a high level of current cash flow by investing primarily in income producing securities, including income trusts, preferred shares, common shares, and fixed income securities.

Growth of $10,000 20 Fund

Benchmark A Blended Benchmark

18 16 14 12

Volatility Analysis

10 8

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

35.5% 07-31-2004 to 07-31-2005

-28.2% 12-31-2007 to 12-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL271 ATL247 ATL204 ATL017

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

February 4, 2003 2.50% Monthly $500

Performance Quartile (within category over calendar year)

1

Benchmark Blend: 80% S&P/TSX Composite Index / 20% DEX Bond Universe Index

4

3

2

3

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

112.3

208.5

322.1

332.3

272.2

154.9

151.3

132.2

98.4

Fund Category Benchmark A

— 0.5 23.5

— -4.3 13.5

— 13.3 38.3

20.8 10.1 28.2

20.8 12.3 29.4

-0.1 10.4 -2.2

11.4 0.3 7.0

-28.2 -22.3 -27.1

21.0 25.2 43.7

11.8 9.1 24.3

-8.7 -4.9 -8.2

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-5.6 -3.7 -6.6

-9.4 -6.2 -8.7

-12.3 -8.0 -12.1

-3.9 -0.4 0.9

3.3 3.1 11.8

0.3 3.0 5.8

-1.3 1.4 3.9

6.6 — —

Calendar Year Returns %

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

1

Investment Style

Class F MER: 1.26%

4

2001

Total Assets ($mil)

888 888 FUND www.renaissanceinvestments.ca

Notes

1

74.9 0.0 0.0 18.8 0.0 6.4 0.0

% Assets

The Toronto-Dominion Bank Royal Bank of Canada BCE Inc Canadian Imperial Bank of Commerce Barrick Gold Corporation

7.2 5.9 4.4 4.2 4.0

Suncor Energy Inc Canada Hsg Tr No 1 2.75% 15-06-2016 TELUS Corp Crescent Point Energy Corporation Canadian Natural Resources Ltd

3.8 3.6 2.8 2.6 2.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

137 137 48 80

Market Cap

Large Medium Small

%

81.1 18.1 0.9

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

Credit Quality

High Medium Low NR/NA

%

51.0 19.5 0.0 29.5 % Equity

1.2 26.2 33.8 16.7 5.6 0.0 11.0 4.4 0.0 1.1 0.0 % Fixed Income

38.6 34.5 1.6 0.0 25.3 0.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

David Graham | 10-27-2009 CIBC Global Asset Management Inc

David Graham joined CIBC Global Asset Management in July 2002 and has over 35 years of financial industry and investment management experience. David is a member of the Global Equity group, operating from within the CIBC’s Investment Management Platform. David holds a Masters in Business Administration from York University (Toronto); Bachelor of Arts from the University of Western Ontario (London) and is also a CFA charterholder. Other Assets Managed

Since

CIBC Monthly Income CIBC Global Monthly Income Renaissance Canadian Core Value Renaissance Canadian Monthly Income CIBC Canadian Equity Value

12-07 12-07 10-09 10-09 10-09

The Fund benefits from the expertise of David Graham and the Canadian Equity team from CIBC Global Asset Management Inc., who focus their value investment style towards a diversified mix of income-generating securities. The manager opportunistically moves between different types of securities to take advantage of changing business cycles and market conditions to capture the best scenario for delivering conservative, high quality income and paying a fixed monthly distribution. The Canadian Equity team focus their approach toward income-generating securities. The team’s approach follows a rigorous process to select undervalued securities, with the goal of achieving above-average, risk-adjusted returns over the long term. The team uses a combination of quantitative and fundamental analysis, emphasizing primarily a bottom-up fundamental analysis, but combined with a top-down macro-economic perspective. The initial screening is performed using a

proprietary quantitative model to find the intrinsic value of a security. The stocks are then ranked in order of expected return and ‘value traps’ are avoided by further screening. The promising companies undergo qualitative analysis to evaluate financial risk and to fully understand the business and industry in which the company operates. The initial screening, combined with the deep fundamental analysis, leads to buy/hold/sell recommendations that are validated at the portfolio construction level through the guiding principals of the team’s value philosophy. The result is a conservative, diversified value portfolio of primarily Canadian income-generating securities including income trusts, higher-dividend stocks, and opportunistically including fixed income. This Fund is an excellent option for the income-generation portion of a portfolio.

Manager Commentary Capital markets around the world, including Canada, remain exceedingly volatile in the midst of continued global uncertainties and the rising threat of another recession. Financials and telecommunications are both overweight sectors in the fund and contributed positively to performance. The fund remains underweight the materials sector, but the gap has narrowed as the manager increased the weight in fertilizer companies and select gold producers. The manager still prefers base metals and fertilizers to gold because of the expected demand for these commodities from Asia. However gold producers, like the commodity itself, might act as a hedge if the global recovery takes a turn for the worse. The manager eliminated positions in Research In Motion

(RIM) and Enbridge. RIM is cheap on a price-to-earnings basis but the manager still sees execution risk as the company moves to a QNX real time platform. While Enbridge offers attractive dividend growth, it is trading around 19 times forward earnings. The manager initiated a position in Kinross Gold for its commodity exposure. Many public companies are in much better financial shape relative to where they were prior to the financial crisis in 2008, and as a result, continue to raise their dividends. However, there are concerns that earnings forecasts are too optimistic and fiscal policy in the U.S. and Europe could become a drag on economic activity in Canada. As at September 30, 2011

renaissance investments 73

EQUIT Y INCOME FUNDS

Renaissance Diversified Income Fund (Class A)


EQUIT Y INCOME FUNDS

Renaissance Millennium High Income Fund (Class A) Fund Category Canadian Dividend & Income Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To achieve the highest possible return that is consistent with a conservative fundamental investment philosophy through investment primarily in a balanced and diversified portfolio of Canadian income securities.

Growth of $10,000 25 Fund

Benchmark A S&P/TSX Composite Index

22 19 16 13

Volatility Analysis

10 7

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

37.6% 02-28-2000 to 02-28-2001

-33.7% 02-28-2008 to 02-28-2009

Fund Details Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1880 ATL1879 ATL2880 ATL1650

Telephone Web Site

Total Assets ($mil)

February 13, 1997 2.52% $500

1

1

Fund Category Benchmark A

Fund Category Benchmark A

2001

2002

61.3

275.4

19.4 1.7 -12.6

10.7 -5.0 -12.4

2004

4

2005

2006

2

4

3

1

1

2007

2008

2009

2010

YTD

690.3 1095.6 1550.7 1534.7 1168.8

563.1

533.4

494.1

426.8

-31.5 -28.4 -33.0

21.9 28.3 35.1

16.5 11.1 17.6

0.0 -5.4 -11.9

18.1 20.8 26.7

16.6 14.0 14.5

24.6 17.4 24.1

2.9 13.6 17.3

5.3 1.3 9.8

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-3.1 -4.5 -8.7

-5.2 -9.0 -12.0

-5.9 -10.9 -16.5

6.1 -0.1 -3.6

11.7 3.9 3.7

3.6 2.3 2.7

0.4 1.1 2.6

8.1 6.2 8.0

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

2003

1

1 Mth

Composition

Investment Style

Class F MER: 1.62%

2

Portfolio Analysis as of 09-30-2011

888 888 FUND www.renaissanceinvestments.ca

Notes

3

Calendar Year Returns %

Trailing Returns %

Class

Inception Date MER Minimum Investment

Performance Quartile (within category over calendar year)

93.1 0.0 0.0 0.0 0.0 3.8 3.1

% Assets

Northland Power Inc BDC Pembina Pipeline Corp Vermilion Energy, Inc. Dundee Real Estate Investment Trust Canadian Real Estate Investment Trust

5.9 5.1 4.9 4.2 3.9

Calloway Real Estate Investment Trust Allied Ppty Real Est Investment Tr Unit Medical Facs Morneau Shepell, Inc. Keyera Corp

3.8 3.6 3.6 3.6 3.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

45 45 42 0

Market Cap

Large Medium Small

%

30.4 59.5 10.1

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada

% Equity

10.9 27.3 44.4 0.0 2.0 2.3 5.5 3.8 3.9 0.0 0.0 % Assets

100.0

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Barry A. Morrison | 02-13-1997 Morrison Williams Investment Management

As Chairman and CEO, Barry A. Morrison founded Morrison Williams Investment Management in 1992. Prior to that, Mr. Morrison was the Senior Vice-President and Director at BGH Central Investment management from 1981 to 1991, a Portfolio manager at MICC Investments from 1973 to 1978 and a Portfolio manager, fixed Income and equity investments, at United Funds Management from 1971 to 1973. Between 1968 to 1971, Mr. Morrison was a Security Analyst at Dominion Life Assurance. Jeffrey Wong | 11-01-2003

Jeffrey Wong joined Morrison Williams Investment Management in 2006. Primary responsibilities include management of equities for all portfolios, developing strategies, analyzing financial statements and stock valuation models that will contribute to the overall portfolio decision process. David Kunselman | 06-01-2006

David Kunselman joined Morrison Williams Investment Management in 2003. Primary responsibilities include analyzing financial statements, stock valuation models, and developing portfolio strategies to better manage portfolios. Provide in depth analysis of sectors, industries, and company data that will contribute to the overall portfolio decision process.

Investment Management Approach The Fund benefits from the award winning investment expertise of Barry Morrison, Chairman and CEO of Morrison Williams Investment Management Ltd. Morrison and his team combine a top-down and bottomup disciplined investment approach to deliver a balanced and diversified portfolio of primarily Canadian incomegenerating securities. The Morrison Williams approach begins with determining the appropriate asset allocation for the portfolio as part of their three-stage disciplined investment process. First, the firm conducts a top-down, fundamental economic-cycle analysis to determine monetary, economic, social and geopolitical trends and risks, and to identify cyclical and secular trends that shape capital markets. Second, they use technical analysis as a collaborative tool to supplement the

fundamental analysis. Quantitative measures are used to determine which asset classes and securities are likely to be the outperformers. Third, focusing on incomegenerating securities, they conduct a thorough security analysis to select a buy list that fits their criteria, which includes attributes such as stable, dependable businesses, good margins, good prospects for growth, strong balance sheets, clean accounting and seasoned, honest management. The result is a flexible, diversified and balanced portfolio of income-generating securities designed to achieve the highest possible risk-adjusted returns consistent with the conservative fundamental investment philosophy of its portfolio manager. The Fund is an excellent solution for the income-generating component of a portfolio.

Manager Commentary The fund continued to generate positive performance to the end of August 2011, due to its focus on high-quality securities with a bent towards generating equity income. Positive relative performance was achieved by an overweight to energy-related, infrastructure and real estate stocks. The fundâ&#x20AC;&#x2122;s foreign investment weight remains at zero, as the manager believes that Canada represents the best area in which to invest given its:

strong financial system, solid currency, stable politics and responsible fiscal and monetary policies. The manager expects that in the next 12 months the fund will enjoy another good year, as equity income-oriented investments will continue to outperform the low interest rates and returns of fixed income securities. As at September 30, 2011

renaissance investments 75

EQUIT Y INCOME FUNDS

Renaissance Millennium High Income Fund (Class A)


CANADIAN EQUIT Y FUNDS

Renaissance Canadian Core Value Fund (Class A) Fund Category Canadian Focused Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To achieve long-term investment returns through capital growth by investing in senior issuers that are primarily medium to large Canadian companies.

Growth of $10,000 20 Fund

Benchmark A S&P/TSX Composite Index

18 16 14

Volatility Analysis

12 10 8

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

60.4% 02-28-1999 to 02-29-2000

-28.0% 02-28-2008 to 02-28-2009

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL853 ATL901 ATL671 ATL020

Fund Category Benchmark A

Telephone Web Site

September 23, 1994 2.58% $500

1

4

3

1

4

2

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

313.1

389.6

483.5

577.5

653.2

607.5

393.5

431.8

414.4

320.2

8.3 -2.1 -12.6

-0.5 -11.5 -12.4

19.2 17.9 26.7

10.5 11.9 14.5

18.0 16.4 24.1

9.3 14.9 17.3

0.7 1.6 9.8

-24.0 -32.6 -33.0

18.0 29.6 35.1

12.4 11.9 17.6

-14.9 -13.9 -11.9

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-8.3 -7.6 -8.7

-14.3 -13.7 -12.0

-18.6 -17.5 -16.5

-8.0 -6.4 -3.6

-1.2 -0.3 3.7

-0.4 -0.1 2.7

-1.3 -1.3 2.6

4.8 4.0 8.0

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

2

249.0

Composition

Investment Style

Notes

3

Portfolio Analysis as of 09-30-2011

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.05%

3

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

1

83.7 3.1 8.2 0.0 0.0 5.1 0.0

% Assets

Royal Bank of Canada The Toronto-Dominion Bank Barrick Gold Corporation Suncor Energy Inc Canadian Imperial Bank of Commerce

6.4 6.2 4.8 4.5 4.4

Canadian Natural Resources Ltd BCE Inc Bank of Montreal Manulife Financial Corporation Magna International A

4.1 3.4 3.0 2.9 2.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

74 74 71 0

Market Cap

Large Medium Small

%

88.6 10.8 0.6

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada United States Switzerland United Kingdom Hong Kong

% Equity

1.0 21.5 32.3 17.6 7.7 4.9 6.2 5.6 0.0 3.2 0.0 % Assets

88.7 3.2 2.9 2.2 1.6

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios David Graham | 10-27-2009 CIBC Global Asset Management Inc

David Graham joined CIBC Global Asset Management in July 2002 and has over 35 years of financial industry and investment management experience. David is a member of the Global Equity group, operating from within the CIBC’s Investment Management Platform. David holds a Masters in Business Administration from York University (Toronto); Bachelor of Arts from the University of Western Ontario (London) and is also a CFA charterholder. Colum McKinley | 06-01-2010 CIBC Global Asset Management Inc

Colum McKinley joined CIBC Global Asset Management in May 2010, assuming a lead role as Portfolio Manager on the Investment Management Team. He holds a Bachelor of Arts in Economics from the University of Western Ontario (London); and is a CFA charterholder. Prior to joining CIBC Global Asset Management, he was a Portfolio Manager at Sionna Investment Managers, 2005 to 2010, and Vice President and Director, Portfolio Manager at TD Asset Management (Toronto), 1999 to 2005. David J. Winters | 09-01-2011 Wintergreen Advisers, LLC

David Winters is the managing member of Wintergreen Advisers. Prior to forming Wintergreen Advisers in May 2005, he held various positions with Franklin Mutual Advisers, LLC, including, president, chief executive officer and chief investment officer, and he was a research analyst for Heine Securities Corporation, the former investment manager for the Franklin Mutual Series Fund. Winters holds the Chartered Financial Analyst designation.

Investment Management Approach The Fund benefits from the investment expertise of David Graham, Colum McKinley and the Canadian Equity team of CIBC Global Asset Management who are responsible for the Canadian equity component and the overall strategic asset allocation of the Fund, while Wintergreen Advisers, LLC is responsible for the global equity component. The Canadian Equity team approach follows a rigorous process in selecting undervalued securities, with the goal of achieving above-average, risk-adjusted returns over the long term. The team uses a combination of quantitative and fundamental analysis, emphasizing primarily a bottom-up fundamental analysis, but combined with a top-down macro-economic perspective. The initial screening is performed using a proprietary quantitative model to find the intrinsic value of a security. The stocks are then ranked in order of expected return and ‘value traps’ are avoided by further screening. The promising companies undergo qualitative analysis to evaluate financial risk and to fully understand the business and industry in which the company operates. The initial screening, combined with the deep fundamental analysis, leads to buy/hold/sell

recommendations that are validated at the portfolio construction level through the guiding principals of the team’s value philosophy. For the global equity component, CIBC Global Asset Management will leverage the global deep-value expertise of Wintergreen Advisers to add diversification and value through investments in companies currently out of favour with the broader market; in particular, undervalued or distressed companies along with arbitrage opportunities that are showing signs for a significant return on investment. CIBC Global Asset Management will continue to determine the % of foreign content within the overall fund. The result is a lower-turnover, diversified portfolio of Canadian value companies and some exposure to global markets, which exhibit lower price-to-book and price-toearnings characteristics compared to their respective markets. This Fund is an excellent complement to a growth-oriented portfolio of Canadian or international equity holdings.

Manager Commentary During the quarter, the outlook for the global economy darkened. In addition, equity investors reacted to growing concerns about the fiscal positions of the U.S. and Europe. These factors contributed to heightened volatility in financial markets around the world. While clear signs exist that economic growth has slowed, it is expected to remain positive, although sluggish. Volatility and uncertainty is likely to persist until investors become more confident in the global economy’s continued improvement and the ongoing deleveraging progress. Despite the macro uncertainty, stock valuations are becoming more attractive. Over the last quarter the manager took advantage of stock price weakness by adding to the fund’s existing positions in Suncor, Talisman, and CIBC. These businesses are high-quality, defendable franchises with

good management and strong balance sheets. The manager has been able to take advantage of the decline in energy stocks to repurchase positions sold at higher levels. The fund is now overweight the oil and gas producers sub-sector. In addition, the manager initiated a new position in Power Corp. of Canada. Power Corp. is a diversified financials holding company with direct and indirect investments in Power Financial, Great-West Life, IGM Financial, and Putnam Investments. The company currently trades at a meaningful discount to its net asset value and pays a dividend yielding in excess of five percent. As at September 30, 2011

renaissance investments 77

CANADIAN EQUIT Y FUNDS

Renaissance Canadian Core Value Fund (Class A)


CANADIAN EQUIT Y FUNDS

Renaissance Canadian Growth Fund (Class A) Fund Category Canadian Focused Equity

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

To achieve long-term investment returns through capital growth, primarily in equity securities of large to mediumsized Canadian issuers.

Growth of $10,000 18 Fund

Benchmark A S&P/TSX Composite Index

16 14 12

Volatility Analysis

10 8 6

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

47.4% 07-31-1996 to 07-31-1997

-38.6% 02-28-2008 to 02-28-2009

Fund Details

4

4

2

4

3

2

2

4

2

3

4

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

418.0

284.1

276.7

242.4

219.6

216.8

304.3

163.8

188.3

175.5

122.4

-9.4 -2.1 -12.6

-17.5 -11.5 -12.4

20.2 17.9 26.7

8.5 11.9 14.5

15.4 16.4 24.1

18.7 14.9 17.3

4.8 1.6 9.8

-35.7 -32.6 -33.0

28.4 29.6 35.1

9.6 11.9 17.6

-21.3 -13.9 -11.9

Calendar Year Returns %

Fund Category Benchmark A

Class

Load Structure

Currency

Fund Code

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL843 ATL902 ATL669 ATL022

Fund Category Benchmark A

-10.1 -7.6 -8.7

-18.8 -13.7 -12.0

-24.3 -17.5 -16.5

-13.9 -6.4 -3.6

-5.7 -0.3 3.7

-4.4 -0.1 2.7

-3.4 -1.3 2.6

2.1 4.0 8.0

Inception Date MER Minimum Investment Telephone Web Site

October 30, 1985 2.63% $500

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.04% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

72.6 13.4 12.9 0.0 0.0 0.6 0.6

% Assets

The Toronto-Dominion Bank Royal Bank of Canada Suncor Energy Inc Canadian Natural Resources Ltd Research in Motion Ltd

5.7 5.7 4.4 3.9 3.4

Cenovus Energy, Inc. Magna International A Bank of Nova Scotia Teck Resources Ltd Sub Voting Share Talisman Energy Inc

3.3 3.3 3.2 3.0 2.9

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

137 137 135 0

Market Cap

Large Medium Small

%

89.1 10.3 0.6

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada United States United Kingdom Japan Germany

% Equity

1.1 22.0 23.9 12.5 12.7 4.1 2.9 8.8 3.4 8.4 0.0 % Assets

73.8 13.4 3.1 2.0 1.5

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Alan Daxner | 06-01-2002 McLean Budden Limited.

Alan Daxner joined McLean Budden in 1998, specializing in portfolio management, marketing and client service. He is a voting member of the Canadian Equity Value team and a product specialist for the U.S. Equity team. His previous experience includes 3 years as a senior financial analyst for the Regional Municipality of Peel, 2 years as a financial analyst at SEI Financial Services and one year as a Vice President and Consultant at Ernst & Young Investment Advisors. Brad Hicks | 06-01-2002 McLean Budden Limited.

Bradley Hicks joined McLean Budden in 2003, specializing in marketing and client service. Currently, Bradley is a product specialist for the Canadian Equity Value and the Global Equity Value Team and a voting member of the Canadian Equity (Core) product. Prior to joining McLean Budden, Mr. Hicks spent two years at Edinburgh Fund Managers marketing global and international equity portfolios. Bradley has an Honours B. A., Richard Ivey School of Business, University of Western Ontario.

Investment Management Approach The Fund benefits from the distinguished and proven investment expertise of McLean Budden Limited, one of Canada’s oldest investment counselling firms. McLean Budden provides a conservative, team approach to growth investing, with a focus on delivering long-term investment returns through investment in large and medium-sized Canadian companies with some global equity exposure. McLean Budden’s growth team stresses fundamental research as the primary method of adding value. The research team is responsible for performing original research, evaluating external research, attending industry meetings and interviewing management. The key criteria for investment are earnings growth, management quality, financial strength, business potential, earnings stability and return on equity. Price targets are established for each of the approximately 125 Canadian companies closely followed, resulting in a rate

of return expectation for each stock, taking into account its current price. McLean Budden’s commitment to specific securities and industry sectors depends on the earnings potential of the particular companies they follow. In addition to each stock’s return potential, they also evaluate the likelihood of price appreciation as well as the security’s trading liquidity. In addition, the fund manager will typically seek opportunities to maximize foreign equity exposure to enhance shareholder value. McLean Budden’s foreign equity team, which employs a similar philosophy, selects the foreign equity component. The result is a diversified portfolio of Canadian growth companies with some exposure to global markets, selected through a team approach that emphasizes strong fundamental research and focus on delivering long-term results. This Fund is an excellent complement to a value-oriented portfolio of Canadian or international equity holdings.

Manager Commentary On a year-to-date basis, the market has been driven by defensive, higher yielding names such as Enbridge, BCE, TransCanada and the gold sub-sector; traditional growth names, however, have lagged significantly. The manager maintains the fund’s higher weight in the technology, consumer discretionary and industrials sectors, and recently added a position in Finning International. Weights were also recently increased in Research In Motion, Gildan Activewear and Magna International. The fund continues to be underweight the materials sector, with the manager favouring growth names within the agriculture/fertilizer space, as well as the mining sector, at the expense of gold names. Holdings in Goldcorp were reduced given the relative strong recent

performance. Within the energy sector, the focus is on companies that enjoy incremental low costs of production. The fund’s relative underweight to the financials sector was maintained, with higher exposure to banks with the best-in-class retail operations, namely TD Bank and Royal Bank. The fund currently trades at a lower earnings multiple than the S&P/TSX Composite Index, while at the same time commanding a higher ROE. The focus remains on companies that are positioned for earnings growth while enjoying a competitive advantage within their respective industries. As at September 30, 2011

renaissance investments 79

CANADIAN EQUIT Y FUNDS

Renaissance Canadian Growth Fund (Class A)


CANADIAN EQUIT Y FUNDS

Renaissance Canadian Small-Cap Fund (Class A) Fund Category Canadian Small/Mid Cap Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To seek above-average, long-term growth of capital by investing primarily in a diversified portfolio of equity securities of small- to medium-sized Canadian issuers.

Growth of $10,000 60 Fund

Benchmark A BMO Nesbitt Burns Small Cap Index (Weighted)

50 40 30

Volatility Analysis

20 10 0

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Worst 1 Year Return

69.0% 02-28-2009 to 02-28-2010

-40.0% 10-31-2007 to 10-31-2008

Fund Details

2

4

2

1

2

3

2

2

1

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

91.1

85.8

88.2

88.5

101.9

122.3

266.2

141.9

200.9

354.5

292.3

Fund Category Benchmark A

20.5 -0.4 3.4

3.7 -7.0 -0.9

20.5 25.7 42.7

20.8 15.2 14.1

29.6 20.0 19.7

18.8 12.5 16.6

5.1 6.6 2.0

-36.9 -43.1 -46.6

54.0 54.8 75.1

36.1 26.2 38.5

-18.9 -14.9 -18.4

Total Assets ($mil) Best 1 Year Return

2

Calendar Year Returns %

Class

Load Structure

Currency

Fund Code

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL852 ATL905 ATL670 ATL023

Fund Category Benchmark A

-11.8 -9.3 -11.4

-16.1 -13.8 -14.9

-21.3 -18.9 -21.3

-5.0 -2.6 -2.3

11.6 9.2 13.2

11.6 8.0 12.6

4.6 2.0 3.3

12.3 7.9 11.1

Inception Date MER Minimum Investment Telephone Web Site

October 25, 1996 2.59% $500

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.06% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

81.5 0.0 4.7 0.0 0.0 13.6 0.2

% Assets

Cineplex Inc Glentel Inc. Canadian Western Bank Empire Company Limited Non Voting Share Canadian Energy Services & Tech Corp

3.2 3.2 2.8 2.7 2.7

Killam Properties Inc. Alacer Gold Corp Open Text Corporation Great Canadian Gaming Corporation Cogeco Cable Sub Vtg

2.6 2.6 2.1 2.0 2.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

82 82 72 0

Market Cap

Large Medium Small

%

0.0 44.9 55.1

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada Australia Guyana

% Equity

1.0 19.7 15.2 29.4 14.2 3.1 0.0 8.5 0.9 7.3 0.6 % Assets

95.3 4.1 0.6

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Jennifer Law | 11-12-2007 CIBC Global Asset Management Inc

Jennifer Law joined CIBC Global Asset Management Inc. in May 2003. Ms. Law is a member of the Global Equity group, operating from within the firms Investment Management Platform, and is responsible for the Canadian equity small cap growth product. She is also a CFA charterholder. Other Assets Managed

Since

CIBC Canadian Small-Cap

05-03

Shanthu David | 11-12-2007 CIBC Global Asset Management Inc

Shanthu David joined CIBC Asset Management in September 2007. Mr. David is a member of the Global Equity group, operating from within the firm's Investment Management Platform, and is a member of the Canadian equity small cap team. Mr. David has an MBA in Business Administration from the University of Western Ontario (London) and is also a CFA Charterholder. Other Assets Managed

Since

CIBC Canadian Small-Cap

08-09

The Fund benefits from the extensive experience of Shanthu David, Jennifer Law and the Canadian Equity Small Cap team at CIBC Global Asset Management, who take a growth-at-a-reasonable-price approach with a value tilt to selecting Canadian small-cap companies. The Canadian Equity Small Cap team’s investment philosophy is driven by the understanding that market inefficiencies create opportunities for investing in Canadian small caps because investors tend to linearly extrapolate recent earnings trends when the actual long run determinant of stock prices is earnings growth. Therefore, Mr. David and his team aim to identify companies with above-average growth prospects trading at attractive valuations. To do so, they take an analytical, bottom-up approach combining internal-driven quantitative and qualitative analysis. The quantitative analysis focuses on companies with strong free cash flow and predictable earnings growth, as well as a track

record of growth. The focus is placed on companies that have proven that they can grow consistently. To support the analysis, the team uses detailed forensic accounting reports and internally reproduces the income statements to enable the team to estimate key fundamentals such as free cash flow and various measures of earnings to arrive at an intrinsic valuation for each company. The team’s qualitative analysis places significant emphasis on each company’s management team, their track record, vision and strategy. The investment process is monitored on an ongoing basis to ensure consistency and to manage risk. The result is a diversified, lower-turnover portfolio of growing small to mid-sized Canadian companies, whose stock is purchased at a reasonable valuation. This Fund’s lower than average market capitalization makes it an excellent complement to an investor’s Canadian largecap equity portfolio.

Manager Commentary The manager remains cautious about equity markets as the U.S. economy faces many challenges and developing countries are struggling with higher-than-expected inflation levels. With employment growth stalling, and an unhealthy political climate, the manager expects minimal fiscal or monetary effort to boost the U.S. into a growth mode in the near future. Europe continues to be a concern with ongoing sovereign debt issues in Greece. More recently, Spanish and Italian bond yields have been rising, showing increased market concern with the fiscal situation in these two large European economies. Energy and base metal equities have sold off with the “risk off” trade. As the economic uncertainty persists,

copper and oil prices may decline and put further pressure on resource companies. The manager remains positive about oil and copper demand in developing countries over the longer term, and a further sell off may represent an attractive opportunity. The physical gold price has reached record levels at $1,900 per ounce. With European sovereign debt problems and the high levels of public debt in the U.S. and around the world, the manager continues to see positive near-term conditions for gold. Additionally, gold’s appeal as a storehouse of value is reinforced by investor demand for physical gold, which is increasing significantly in China. As at September 30, 2011

renaissance investments 81

CANADIAN EQUIT Y FUNDS

Renaissance Canadian Small-Cap Fund (Class A)


U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Value Fund (Class A) Fund Category US Equity

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth and to provide income by investing in a diversified portfolio consisting primarily of equity securities of issuers located in the United States and worldwide.

Growth of $10,000 16 Fund

Benchmark A S&P 500 Index

14 12 10 8

Volatility Analysis

6 4

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

29.9% 02-28-2003 to 02-29-2004

-37.3% 01-31-2008 to 01-31-2009

Fund Details Load Structure

Currency

Fund Code

A A A F F A A A

Back End Charge Front End Charge Low Load Charge No Sales or Redem No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD USD USD USD USD

ATL501 ATL502 ATL515 ATL024 ATL025 ATL742 ATL743 ATL744

Telephone Web Site

Total Assets ($mil)

Fund Category Benchmark A

Fund Category Benchmark A

Investment Style

Notes Class F MER: 1.06% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

1

2

3

4

1

4

3

4

2

2

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

84.9

69.6

98.9

90.2

66.3

97.0

90.1

26.1

20.4

18.4

16.5

4.2 -10.5 -6.4

-20.1 -22.5 -22.7

7.7 6.4 5.2

1.0 2.5 3.3

-2.5 2.0 1.6

16.6 12.2 15.7

-16.8 -10.8 -10.5

-30.4 -28.5 -21.9

0.6 10.9 8.1

10.2 10.6 9.3

-7.6 -8.1 -4.6

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-1.5 -3.6 -1.3

-9.8 -11.2 -7.2

-10.9 -11.8 -7.8

-2.4 -0.2 2.0

2.0 2.7 3.9

-5.9 -0.9 0.6

-7.9 -4.5 -2.6

-3.8 -2.5 -1.4

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

December 17, 1998 2.73% $500

888 888 FUND www.renaissanceinvestments.ca

1

Calendar Year Returns %

Trailing Returns %

Class

Inception Date MER Minimum Investment

Performance Quartile (within category over calendar year)

Top Ten Holdings

0.0 87.5 9.9 0.0 0.0 2.6 0.0

% Assets

International Business Machines Corp Oracle Corporation Hess Corp eBay Inc EMC Corporation

4.1 3.3 3.2 3.1 2.9

The Hershey Company Home Depot, Inc. Abbott Laboratories Nordstrom, Inc. Time Warner Inc

2.9 2.9 2.8 2.8 2.8

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

46 46 44 0

Market Cap

Large Medium Small

%

80.2 18.9 0.8

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States United Kingdom Canada Spain Netherlands

% Equity

4.4 5.4 16.2 1.9 11.0 11.7 2.6 10.5 12.3 24.0 0.0 % Assets

88.0 4.9 2.1 2.0 2.0

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Gary W. Lisenbee | 07-01-2009 Metropolitan West Capital Management LLC

Gary Lisenbee is President and serves as portfolio manager at Metropolitan West Capital Management (MetWest). He co-founded MetWest in 1997. Mr. Lisenbee has been working in the investment management field since 1973. He holds a BA in Accounting and MA in Economics from California State University.

Investment Management Approach MWCM’s approach is driven by fundamental company research from a global perspective, utilizing a long-term focus that takes advantage of opportunities presented by short-term anomalies in high-quality businesses. What distinguishes MWCM’s approach to value investing is that it looks at quality first and valuation second. The investment team concentrates on selecting unique individual investments utilizing a low-risk, value-oriented methodology. The investment process consists of the following five steps: 1.Identifying quality companies: From an initial universe of companies with a market capitalization in excess of $1 billion USD, MWCM seeks companies that have exhibited financial strength, a capable, proven and motivated management team, attractive business fundamentals, as well as high and/or consistently improving market position, return on invested capital and operating margins. 2.Appraising value of businesses: After identifying quality, MWCM considers various valuation metrics to determine the company’s discount to its intrinsic value.

3.Identifying catalysts: MWCM then identifies one or more catalysts with high probabilities to unlock real value. Some catalysts may include productive use of free cash flow, change in management or control, innovative and/or competitively superior products, positive acquisitions or divestitures, amongst others. 4.Constructing and maintaining a diversified portfolio: While MWCM follows a bottom-up stock selection process, the team applies a risk management overlay, ensuring that the resulting portfolio is well-diversified along several lines including sectors and industries, as well as by exposure to economic factors such as cyclicality and interest rate sensitivity. The portfolio consists of approximately 40 high-quality and attractively-valued companies with identifiable catalysts that should lead to a higher stock price within a three- to five-year investment horizon. 5.Continually reviewing holdings and adhering to the sell discipline: The investment team devotes the majority of its time and resources to the on-going research and review of existing portfolio holdings. The investment team establishes a sell target when a security is purchased, based on the company’s intrinsic value.

Manager Commentary Despite considerable market volatility, the manager continues to employs a long-term, bottom-up stock selection process. As a result of a few trades and stock price movements, the positioning of the fund relative to the S&P 500 Index shifted moderately during the quarter. A new investment in CIGNA Corp. augmented the fund’s exposure to the health care, moving it from an underweight to an equal weight in that sector, relative to the S&P 500 Index. The sale of ConocoPhillips increased the fund’s energy underweight, while an addition to the Charles Schwab Corporation position within financials added to the fund’s overweight in the sector. All portfolio sector weights are the result of individual stock selection rather than tactical allocation decisions.

Over the long term, the manager expects to continue to add value for clients by staying true to their investment philosophy of investing in high-quality companies that trade at a discount to intrinsic value and possess catalysts to narrow the valuation gap over the next three to five years. The manager believes that the sluggish growth environment the United States currently faces favours its research-intensive approach as the firm seeks to identify superior companies with sustainable competitive advantages within each sector. As at September 30, 2011

renaissance investments 83

U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Value Fund (Class A)


U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Growth Fund (Class A) Fund Category North American Equity

Morningstar Rating Q

Investment Objective

Performance as of 09-30-2011

To achieve long-term returns through capital growth by investing primarily in common stocks, or investments that can be converted into common stocks, of large companies listed on major U.S. exchanges and that are located in the United States.

Growth of $10,000 14 Fund

12 10 8 6 4

Volatility Analysis

Low

Benchmark A S&P 500 Index

2

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

4

4

4

4

3

4

4

4

4

2

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

57.8

35.2

27.7

18.8

13.4

10.8

8.4

5.6

6.6

9.7

26.7

-11.4 0.9 -6.4

-30.2 -16.9 -22.7

3.2 8.5 5.2

-3.0 5.4 3.3

2.0 7.4 1.6

2.3 9.7 15.7

-9.5 -3.7 -10.5

-37.8 -27.2 -21.9

10.1 18.9 8.1

13.9 11.0 9.3

-14.1 -9.9 -4.6

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

45.3% 07-31-1996 to 07-31-1997

-41.3% 11-30-2007 to 11-30-2008

Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F F A A A

Back End Charge Front End Charge Low Load Charge No Sales or Redem No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD USD USD USD USD

ATL833 ATL913 ATL661 ATL026 ATL027 ATL733 ATL973 ATL761

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

Fund Category Benchmark A

Investment Style

Notes Class F MER: 1.35% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-7.6 -3.8 -1.3

-11.7 -9.9 -7.2

-14.8 -13.0 -7.8

-5.8 -2.5 2.0

-1.9 1.9 3.9

-4.1 0.1 0.6

-7.7 -2.0 -2.6

-7.0 0.5 -1.4

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

October 30, 1985 2.73% $500

888 888 FUND www.renaissanceinvestments.ca

1 Mth

Top Ten Holdings

13.0 79.9 0.8 0.0 0.0 1.8 4.4

% Assets

International Business Machines Corp The Coca-Cola Co Exxon Mobil Corporation McDonald's Corporation Barrick Gold Corporation

4.0 3.8 3.5 3.3 3.3

Newmont Mining Corporation Canadian Natural Resources Ltd The Boeing Co eBay Inc Freeport-McMoRan Copper & Gold B

3.2 3.2 2.7 2.7 2.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

66 66 61 0

Market Cap

Large Medium Small

%

69.3 17.5 13.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada United Kingdom

% Equity

0.0 19.6 4.1 17.8 13.6 8.5 0.9 10.9 8.0 16.6 0.0 % Assets

81.6 15.3 3.0

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Peter J. Eichler Jr. | 06-19-2008 Aletheia Research and Management, Inc.

Peter J. Eichler Jr. is the Chairman and Chief Executive Officer of Aletheia Research and Management, Inc. which he founded in 1997. Prior to this, Mr. Eichler spent twelve years at Bear, Stearns & Co. as Managing Director. While at Bear Stearns, Mr. Eichler founded the Special Accounts Money Management Division and created the Bear Stearns Insiders Fund. Mr. Eichler has been managing money professionally since 1990. Mr. Eichler is a Registered Investment Advisor and a General Securities Principal. David Bunzel | 06-19-2008 Aletheia Research and Management, Inc.

Mr. Bunzel is Senior Managing Director and Co-Portfolio Manager. Mr. Bunzel is a founding investor in Aletheia and had been involved with the company since its inception in 1997 before joining Aletheia as a coportfolio manager in 2008. He has known and worked with Peter J. Eichler Jr. since Mr. Bunzel started in the business in 1986. He began his career with EF Hutton Asset Management as a portfolio manager and research analyst. Mr. Bunzel managed 3 different funds for the firm, including its flagship growth fund. Mark Scalzo | 06-19-2008 Aletheia Research and Management, Inc.

Mr. Scalzo is Senior Managing Director and Co-Portfolio Manager. Mr. Scalzo joined Aletheia Research and Management, Inc. in 2008 after working for Ken Fisher at Fisher Investments as a Group Vice President and Head of Mergers & Acquisitions. Prior to December 2006, Mr. Scalzo was a Regional Manager / Managing Director with Putnam Lovell NBF Securities where he spent over 15 years advising public and private companies on mergers & acquisitions in the financial services and real estate industries.

Investment Management Approach The fund delivers the time-tested investment methodologies of Aletheia Research and Management Inc. Aletheia, the classic Greek word for “truth and disclosure” signifies the importance the firm places on proprietary research, which has led to their recognition as one of the top growth managers in the United States. Aletheia takes a bottom-up growth approach to investing in the U.S. large cap equity market. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. 1. Aletheia will invest primarily in common stocks that represent diversified industry sectors and broad market capitalization. 2. The firm employs hard data – primarily insider and corporate actions – forensic analysis of balance sheets

and cash flows, and non-biased industry research to guide its investments. 3. Using a bottom-up approach, Aletheia’s research process identifies securities with significant growth in earnings and cash flow. This process also uncovers opportunities in securities that have declined significantly in price or that are misunderstood or mispriced by the market. 4. The investment team screens an initial universe consisting of all publicly traded companies, with a preference given to larger market cap. From this universe, stocks are screened by identifying companies that demonstrate aberrational insider buying by corporate officers and employees, focusing on consensus buying by insiders, absolute dollar amounts of buying by insiders, option exercise behaviour, and forward sales. The result is a diversified portfolio of large cap U.S. growth companies seeking to deliver superior long-term performance. This fund is an excellent addition to a Canadian or global portfolio that seeks exposure to large cap U.S. equities.

Manager Commentary During the last several months, most of the portfolio companies have continued to generate outstanding operating results – whether it be the gold miners with increasing production and rising prices, the growing oil companies, or any of the dominant world-class companies in the fund like Coca-Cola, IBM and McDonald’s. Still, the market’s focus recently has been squarely on Europe’s sovereign debt crisis and the historic Standard & Poor’s downgrade of the U.S. credit rating. This has impaired equities generally, and the manager believes mistakenly so, as it relates to individual companies. The market volatility has taken already high-quality, growing and very cheap businesses

to even lower valuations. As further illustration of the opportunities the manager believes currently exist, during one of the most volatile multi-week periods in stock market history in early August, insiders embarked on one of the biggest waves of insider buying across broad market sectors since 1998. The manager’s investment process is demonstrating that the “economies” of individual investments within the fund are actually very strong. The manager thinks this is the best leading indicator of future performance. As at September 30, 2011

renaissance investments 85

U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Growth Fund (Class A)


U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Growth Currency Neutral Fund (Class A) Fund Category North American Equity

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To achieve long-term returns through capital growth by investing primarily in common stocks, or investments that can be converted into common stocks, of large companies listed on major U.S. exchanges and that are located in the United States. The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15 Fund

Benchmark A S&P 500 Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year)

Volatility Analysis

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

Fund Category Benchmark A

— 0.9 -6.4

— -16.9 -22.7

— 8.5 5.2

— 5.4 3.3

— 7.4 1.6

— 9.7 15.7

— -3.7 -10.5

— -27.2 -21.9

— 18.9 8.1

— 11.0 9.3

— -9.9 -4.6

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -3.8 -1.3

— -9.9 -7.2

— -13.0 -7.8

— -2.5 2.0

— 1.9 3.9

— 0.1 0.6

— -2.0 -2.6

— — —

Total Assets ($mil) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1252 ATL1250 ATL1251 ATL1253

Telephone Web Site

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011

Fund Details Class

Inception Date MER Minimum Investment

Calendar Year Returns %

Composition

October 20, 2010 2.19% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Past performance information is currently unavailable as the fund was recently established.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

12.6 77.2 0.8 0.0 0.0 9.4 0.0

% Assets

International Business Machines Corp The Coca-Cola Co Exxon Mobil Corporation McDonald's Corporation Barrick Gold Corporation

3.9 3.7 3.4 3.3 3.2

Newmont Mining Corporation Canadian Natural Resources Ltd The Boeing Co eBay Inc Freeport-McMoRan Copper & Gold B

3.1 3.1 2.6 2.6 2.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 66 61 0

Market Cap

Large Medium Small

%

68.9 19.0 12.1

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada United Kingdom

% Equity

0.0 19.6 4.1 17.8 13.6 8.5 0.9 10.9 8.0 16.6 0.0 % Assets

79.9 17.1 3.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Peter J. Eichler Jr. | 10-20-2010 Aletheia Research and Management, Inc.

Peter J. Eichler Jr. is the Chairman and Chief Executive Officer of Aletheia Research and Management, Inc. which he founded in 1997. Prior to this, Mr. Eichler spent twelve years at Bear, Stearns & Co. as Managing Director. While at Bear Stearns, Mr. Eichler founded the Special Accounts Money Management Division and created the Bear Stearns Insiders Fund. Mr. Eichler has been managing money professionally since 1990. Mr. Eichler is a Registered Investment Advisor and a General Securities Principal. David Bunzel | 10-20-2010

Investment Management Approach The Renaissance U.S. Equity Growth Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Aletheia Research and Management Inc. is the investment manager of the underlying fund, the Renaissance U.S. Equity Growth Fund. The underlying fund delivers the time-tested investment methodologies of Aletheia Research and Management Inc. Aletheia, the classic Greek word for “truth and disclosure” signifies the importance the firm places on proprietary research, which has led to their recognition as one of the top growth managers in the United States. Aletheia takes a bottom-up growth approach to investing in the U.S. large cap equity market.

Aletheia Research and Management, Inc.

Mr. Bunzel is Senior Managing Director and Co-Portfolio Manager. Mr. Bunzel is a founding investor in Aletheia and had been involved with the company since its inception in 1997 before joining Aletheia as a coportfolio manager in 2008. He has known and worked with Peter J. Eichler Jr. since Mr. Bunzel started in the business in 1986. He began his career with EF Hutton Asset Management as a portfolio manager and research analyst. Mr. Bunzel managed 3 different funds for the firm, including its flagship growth fund.

Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully.

Mark Scalzo | 10-20-2010

1. Aletheia will invest primarily in common stocks that

represent diversified industry sectors and broad market capitalization. 2. The firm employs hard data – primarily insider and corporate actions – forensic analysis of balance sheets and cash flows, and non-biased industry research to guide its investments. 3. Using a bottom-up approach, Aletheia’s research process identifies securities with significant growth in earnings and cash flow. This process also uncovers opportunities in securities that have declined significantly in price or that are misunderstood or mispriced by the market. 4. The investment team screens an initial universe consisting of all publicly traded companies, with a preference given to larger market cap. From this universe, stocks are screened by identifying companies that demonstrate aberrational insider buying by corporate officers and employees, focusing on consensus buying by insiders, absolute dollar amounts of buying by insiders, option exercise behaviour, and forward sales. The result is a diversified portfolio of large cap U.S. growth companies seeking to deliver superior long-term performance, while managing exchange rate fluctuations. This fund is an excellent addition to a Canadian or global portfolio that seeks exposure to large cap U.S. equities.

Aletheia Research and Management, Inc.

Mr. Scalzo is Senior Managing Director and Co-Portfolio Manager. Mr. Scalzo joined Aletheia Research and Management, Inc. in 2008 after working for Ken Fisher at Fisher Investments as a Group Vice President and Head of Mergers & Acquisitions. Prior to December 2006, Mr. Scalzo was a Regional Manager / Managing Director with Putnam Lovell NBF Securities where he spent over 15 years advising public and private companies on mergers & acquisitions in the financial services and real estate industries.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund.

already high-quality, growing and very cheap businesses to even lower valuations.

During the last several months, most of the portfolio companies have continued to generate outstanding operating results – whether it be the gold miners with increasing production and rising prices, the growing oil companies, or any of the dominant world-class companies in the fund like Coca-Cola, IBM and McDonald’s. Still, the market’s focus recently has been squarely on Europe’s sovereign debt crisis and the historic Standard & Poor’s downgrade of the U.S. credit rating. This has impaired equities generally, and the manager believes mistakenly so, as it relates to individual companies. The market volatility has taken

As further illustration of the opportunities the manager believes currently exist, during one of the most volatile multi-week periods in stock market history in early August, insiders embarked on one of the biggest waves of insider buying across broad market sectors since 1998. The manager’s investment process is demonstrating that the “economies” of individual investments within the fund are actually very strong. The manager thinks this is the best leading indicator of future performance. As at September 30, 2011

renaissance investments 87

U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Growth Currency Neutral Fund (Class A)


U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Fund (Class A) Fund Category US Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth by investing primarily in equity securities of companies listed on major U.S. exchanges and/or domiciled primarily in the United States.

Growth of $10,000 16 Fund

Benchmark A S&P 500 Index

14 12 10 8

Volatility Analysis

6 4

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

43.1% 08-31-1998 to 08-31-1999

-33.5% 05-31-2008 to 05-31-2009

Fund Details Load Structure

Currency

Fund Code

A A A F F A A A

Back End Charge Front End Charge Low Load Charge No Sales or Redem No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD USD USD USD USD

ATL855 ATL911 ATL662 ATL028 ATL097 ATL799 ATL797 ATL798

Telephone Web Site

Total Assets ($mil)

Fund Category Benchmark A

Fund Category Benchmark A

Investment Style

Notes Class F MER: 0.60% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

3

2

2

3

3

3

3

4

3

1

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

220.8

128.4

105.4

77.3

47.8

35.3

22.3

12.9

11.8

10.5

9.7

-14.3 -10.5 -6.4

-24.3 -22.5 -22.7

5.7 6.4 5.2

2.1 2.5 3.3

1.2 2.0 1.6

11.3 12.2 15.7

-11.5 -10.8 -10.5

-27.4 -28.5 -21.9

4.3 10.9 8.1

7.4 10.6 9.3

-2.4 -8.1 -4.6

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.6 -3.6 -1.3

-6.6 -11.2 -7.2

-6.0 -11.8 -7.8

3.3 -0.2 2.0

4.1 2.7 3.9

-2.6 -0.9 0.6

-4.9 -4.5 -2.6

-3.0 -2.5 -1.4

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

October 25, 1996 1.92% $500

888 888 FUND www.renaissanceinvestments.ca

3

Calendar Year Returns %

Trailing Returns %

Class

Inception Date MER Minimum Investment

Performance Quartile (within category over calendar year)

Top Ten Holdings

0.0 99.8 0.2 0.0 0.0 0.0 0.0

% Assets

International Business Machines Corp Apple, Inc. Exxon Mobil Corporation Google, Inc. Directv

3.0 2.9 1.7 1.7 1.6

TJX Companies Cognizant Technology Solutions Cl A Amazon.com Inc Starbucks Corporation Caterpillar Inc

1.5 1.3 1.2 1.1 1.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

373 373 371 0

Market Cap

Large Medium Small

%

72.1 27.6 0.3

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada Ireland Switzerland

% Equity

6.4 8.6 12.1 4.0 14.4 13.6 2.6 10.9 11.9 15.5 0.0 % Assets

100.1 -0.3 0.1 0.1

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

E. Robert Fernholz | 12-01-2008 INTECH Investment Management LLC

E. Robert Fernholz, Ph.D., Co-Chief Investment Officer and Chairman of the Investment Committee, founded INTECH in 1987. In 1982, Dr. Fernholz published a paper titled “Stochastic Portfolio Theory and Stock Market Equilibrium,” which became the basis for the INTECH portfolio process. Dr. Fernholz received his Ph.D. in Mathematics from Columbia University and holds an A.B. in Mathematics from Princeton University. Other Assets Managed

Since

CIBC Disciplined International Equity CIBC Disciplined US Equity

09-06 10-06

Joseph Runnels | 12-01-2008 INTECH Investment Management LLC

Joseph Runnels, CFA, is Vice President, Portfolio Management of INTECH. Mr. Runnels joined INTECH in June of 1998 from QED Information Systems, a software development company providing portfolio management and investment accounting systems. Mr. Runnels spent six years prior to that in portfolio management for the Tennessee Consolidated Retirement System in their fixed income investment division. Mr. Runnels holds a B.S. in Business Administration from Murray State University and has earned the right to use the Chartered Financial Analyst designation. Adrian Banner | 12-01-2008 INTECH Investment Management LLC

Adrian Banner, Ph.D., joined INTECH in August of 2002 and since that time has been an integral part of the firm’s Princeton-based research team. Dr. Banner, who was appointed co-chief investment officer at INTECH in 2009, has extensive knowledge of INTECH’s trading systems, optimization programs and research initiatives, both on an operational and theoretical basis, and has held various roles as part of INTECH’s Princeton team prior to being named co-CIO.

This Fund benefits from the exceptional discipline and risk management of INTECH Investment Management, LLC (INTECH), who use a proprietary mathematical model to capitalize on the market’s volatility. INTECH’s quantitative strategy captures excess returns from the U. S. equity markets, while eliminating subjective or emotional investment decisions. INTECH employs a mathematical model to capitalize on equity market growth while carefully managing risk. Their strategy seeks to generate excess returns by using the natural volatility and correlation of stocks while carefully managing risk. For this Fund, INTECH invests primarily in common stocks from the S&P 500 Index, selected for their potential contribution to long-term growth of capital. The goal of this process is to build a portfolio of stocks in a more efficient version than the

index. The process seeks to capitalize on the natural volatility of the market by searching for stocks within the index that have high relative volatility (providing the potential for excess returns) but that essentially move in opposite directions or have low correlation to each other (providing the potential for lower relative risk). By constructing the portfolio in this manner and continually rebalancing the portfolio to maintain "efficient" weightings, the mathematical process seeks to create a portfolio that produces returns in excess of its respective benchmark with an equal or lesser amount of risk. The result is a Fund that allows investors to participate in the growth of U.S. equities, one of the world’s largest economies, while managing risk through a highly disciplined investment process. This Fund serves as an excellent U.S. core component of a diversified portfolio.

Manager Commentary The manager has not made any changes to its investment process. The manager offers equity investors highly disciplined, risk-managed mathematical investment strategies that attempt to achieve a longterm target return in excess of a benchmark, while reducing the risk of significant underperformance relative to the benchmark. The manager’s investment process does not involve predicting individual stock prices or stock alphas. Instead, the manager uses the volatility and correlation characteristics of stocks to build portfolios with the potential to produce returns in excess of the benchmark, at benchmark-like risk and with high information ratios over the long term. As such, the firm has no economic, market, or fundamental outlook.

The manager will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of the investment process. The firm’s highly disciplined investment process is focused on the long term and incorporates a level of risk management that allows for consistent management in varying environments. While the portfolio may experience short periods of underperformance, the manager expects to exceed the benchmark over a threeto five-year time horizon. As the manager’s ongoing research efforts yield modest improvements, it will continue implementing changes it believes are likely to improve the long-term results for clients. As at September 30, 2011

renaissance investments 89

U.S. EQUIT Y FUNDS

Renaissance U.S. Equity Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance International Dividend Fund (Class A) Fund Category International Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth and income generation by investing primarily in a diversified portfolio of equity securities of foreign companies located in Europe, the Far East and the Pacific Rim.

Growth of $10,000 16 Fund

Benchmark A MSCI EAFE Index

14 12 10 8

Volatility Analysis

6 4

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

39.5% 02-28-2003 to 02-29-2004

-39.4% 11-30-2007 to 11-30-2008

Fund Details Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL856 ATL914 ATL677 ATL032

Telephone Web Site

Total Assets ($mil)

October 25, 1996 2.36% $500

4

3

1

2

2

4

4

2

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

79.5

73.0

57.7

41.4

36.7

27.5

14.7

13.6

10.7

7.6

Fund Category Benchmark A

-19.9 -15.7 -16.3

-18.7 -22.6 -16.5

14.0 12.4 13.8

7.0 9.5 11.9

7.3 11.3 11.2

26.0 23.1 26.4

-1.9 -6.6 -5.3

-32.0 -34.5 -28.8

7.1 13.2 12.5

-0.7 2.6 2.6

-11.8 -13.6 -10.5

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-4.3 -4.9 -3.6

-12.9 -14.8 -12.5

-12.4 -14.5 -11.6

-11.2 -10.5 -7.5

-6.8 -5.9 -4.2

-5.5 -4.0 -1.3

-6.4 -7.0 -4.3

-0.7 -1.4 1.2

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity 0.0 U.S. Equity 0.0 International Equity 100.0 Fixed Income 0.0 Fixed Inc <1yr to mat 0.0 Cash 0.0 Other 0.0 Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

3

2001

Investment Style

Class F MER: 1.24%

3

123.3

888 888 FUND www.renaissanceinvestments.ca

Notes

2

Calendar Year Returns %

Trailing Returns %

Class

Inception Date MER Minimum Investment

Performance Quartile (within category over calendar year)

% Assets

Basf SE RSA Insurance Group PLC British American Tobacco PLC Boliden AB Ricoh, Ltd.

3.3 3.3 2.7 2.7 2.2

Orion Oyj Belgacom SA Banco Santander SA Statoil ASA Eni SpA

2.2 2.1 2.1 2.1 2.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

121 121 119 0

Market Cap

Large Medium Small

%

73.3 26.7 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Japan United Kingdom Australia France Germany

% Equity

5.2 7.6 25.4 10.4 8.6 9.8 6.7 12.9 9.7 3.7 0.0 % Assets

22.4 14.0 11.6 9.1 8.6

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Tom Mermuys | 12-01-2008 Kleinwort Benson Investors Intl Ltd.

Tom Mermuys joined the Dublin office of Kleinwort Benson (formerly KBCAM) in September 2003, having worked as a portfolio manager at Kleinwort Benson (formerly KBCAM) in Brussels since 2002. He graduated in Business Economics from the VLEKHO School of Economics, Brussels in 1999 followed by a Degree in Portfolio Management at EHSAL School of Economics, Brussels in 2002. He has also completed the CEFA (Certified European Financial Analyst) qualification. David Hogarty | 12-01-2008 Kleinwort Benson Investors Intl Ltd.

David Hogarty joined UBIM (now KBCAM) in 1994 as a Client Servicing Manager, moved into Business Development in 1998 and took up his current role as Product Specialist following the launch of the Dividend Plus Strategy in 2003. He previously worked as a private client investment advisor in a private brokerage firm. Mr. Hogarty graduated from University College Dublin with a B.A. in Economics and Politics in 1989.

Investment Management Approach The Fund benefits from the structured, quantitative investment management expertise of Kleinwort Benson Investors to construct a well diversified portfolio of international stocks with high dividend characteristics. Kleinwort Benson Investors follow a highly disciplined quantitative investment strategy to select companies that have a commitment to high levels of income payments. Kleinwort Benson Investors' belief that high dividend yielding companies offer better performance with lower risk drives their investment philosophy. The firm's investment approach considers all stocks, irrespective or mark capitalization, to maximize the size of the opportunity. They primarily select companies that generate high levels of cash and have chosen to pay a

high proportion of it to their shareholders, while avoiding deep value stocks. They also check for dividend sustainability, to avoid stocks that are overpaying relative to their financial strength. Kleinwort Benson Investors invest on a regional and sector-neutral basis relative to the MSCI EAFE Index, allowing them to reduce the risks of industry and regional traps. The result is a well diversified international equity portfolio that provides capital appreciation as well as downside protection. This Fund is an excellent option for investors seeks a conservative approach to investing in international equity markets.

Manager Commentary Over recent months the dividend strategy employed by the manager has remained unchanged. During a period of heightened market volatility and nervous sentiment, the companies within the fund have continued to deliver on the following expectations: above-average profit surprises, increased dividend payouts, low volatility and aggressive use of balance sheets. The managerâ&#x20AC;&#x2122;s outlook is for market volatility to persist over the short term. The manager believes economic growth will be weak but importantly, positive. The manager does not share the exaggerated economic pessimism currently dominating financial markets, and would furthermore highlight the financial health of the

corporate sector which should provide strong support to current share price valuations. The manager strives to deliver lower volatility than the benchmark, as well as strong diversity in stock, industry and regional exposures. The manager will continue to only invest in high-quality companies with strong balance sheets, low levels of debt, and that are cash rich. The fund should benefit from exposure to companies actively putting their cash to work through acquisition activity, increased dividend payments and share buyback programs. As at September 30, 2011

renaissance investments 91

GLOBAL EQUIT Y FUNDS

Renaissance International Dividend Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance International Equity Fund (Class A) Fund Category International Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To provide long-term capital growth through capital appreciation by investing primarily in a diversified portfolio of equity securities of foreign companies located in Europe, the Far East and the Pacific Rim.

Growth of $10,000 16 Fund

Benchmark A MSCI EAFE Index

14 12 10 8

Volatility Analysis

6 4

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

37.6% 03-31-2003 to 03-31-2004

-35.4% 03-31-2002 to 03-31-2003

Fund Details Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1869 ATL1868 ATL2869 ATL1644

Telephone Web Site

Total Assets ($mil)

4

January 2, 2001 2.80% $500

3

2

1

4

2

1

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

57.0

61.7

53.2

54.7

80.7

40.5

55.4

67.2

62.4

— -15.7 -16.3

-23.0 -22.6 -16.5

12.6 12.4 13.8

5.8 9.5 11.9

13.0 11.3 11.2

22.7 23.1 26.4

-2.4 -6.6 -5.3

-15.4 -34.5 -28.8

7.6 13.2 12.5

4.7 2.6 2.6

-8.9 -13.6 -10.5

Calendar Year Returns %

Fund Category Benchmark A

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-4.1 -4.9 -3.6

-9.0 -14.8 -12.5

-7.1 -14.5 -11.6

-6.9 -10.5 -7.5

-2.5 -5.9 -4.2

-0.3 -4.0 -1.3

-0.5 -7.0 -4.3

1.9 -1.4 1.2

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

1

53.1

Investment Style

Class F MER: 1.43%

4

2001

888 888 FUND www.renaissanceinvestments.ca

Notes

3

69.9

Trailing Returns %

Class

Inception Date MER Minimum Investment

Performance Quartile (within category over calendar year)

0.0 0.0 98.3 0.0 0.0 1.7 0.0

% Assets

Novo Nordisk A/S CLP Holdings Limited BG Group PLC Fanuc Corp Canon, Inc.

2.8 2.5 2.5 2.4 2.4

China Mobile Ltd. Reckitt Benckiser Group PLC Novartis AG Keyence Corp. Essilor International

2.4 2.4 2.4 2.3 2.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

57 57 55 0

Market Cap

Large Medium Small

%

94.9 5.1 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Japan United Kingdom Switzerland France Australia

% Equity

6.0 13.5 13.2 2.3 12.8 14.6 2.4 7.7 16.2 11.3 0.0 % Assets

29.9 18.1 8.1 7.1 6.2

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Roy Leckie | 05-01-2004 Walter Scott & Partners Limited

Roy is a director of Walter Scott and, along with Charlie Macquaker, leads the investment management group. He began his career at Walter Scott joining the firm in 1995 and holds a BSc (hons) in Statistics from the University of Glasgow. Other Assets Managed

Since

Renaissance Global Growth Renaissance Glbl Growth Ccy Netrl Cl A Renaissance International Eq Ccy Netrl A

05-04 10-10 10-10

Charles Macquaker | 05-01-2004 Walter Scott & Partners Limited

Charlie is a director of Walter Scott and co-heads the investment management group. He is also currently head of the North American research team. Charlie began his investment career at the Walter Scott joining the firm in 1991. He holds a BSc (hons) in European Studies from Buckingham University. Other Assets Managed

Since

Renaissance Global Growth Renaissance Glbl Growth Ccy Netrl Cl A Renaissance International Eq Ccy Netrl A

05-04 10-10 10-10

The Fund benefits from the conservative and patient, bottom-up growth style of Walter Scott & Partners Limited, a firm that takes a fundamental, long-term investment approach to international equities. Walter Scott invests in high-quality companies with a high return on equity, in industries enjoying aboveaverage, sustainable growth. Their buy and hold approach is focused on stock selection based almost entirely on internal research because of their focus on long-term results. Walter Scott screens more than 3000 companies with proprietary financial analysis tools and narrows the field to approximately 300 companies on which they complete intensive analysis and their seven

proprietary qualitative screens. A stock is selected only after it has received unanimous support of the investment team and typically begins with a 2% weighting in the portfolio. The portfolioâ&#x20AC;&#x2122;s country allocation is determined as a result of the stock and sector decisions. The result is a buy and hold, lower volatility portfolio of conservative international growth stocks selected using an in-depth bottom-up approach. The Fund is an excellent complement to a domestic portfolio, and as a growth offset for a value-oriented portfolio.

Manager Commentary There can be no escape from unstinting question marks over numerous eurozone countries and many European banks; continued turmoil in the Middle East; and at best, slow and fragile economic growth in most major economies. These factors combine to present a picture that has been in many ways unchanged for most of this year, with the only more recent change being marked volatility in equity markets. In such uncertain and increasingly volatile circumstances, the manager remains committed and focused on its investment process, the identification of companies with the financial strength and strategic vision to grow over the medium to long term. The manager is keeping a very close eye on all of the companies in the fund to ensure that, fundamentally,

each is performing as expected. The superior quality of these companies should provide a degree of defensiveness. This has certainly been the case in the past and the manager believes that there is little merit in being whip-sawed into portfolio activity during times of heightened volatility. The manager believes the fund is aligned to companies that are 'long-term compounders', each possessing the ability to manoeuvre through these challenging times. Over the period the sale of Hirose was completed. Holdings in KONE and Taiwan Semiconductor were increased and positions in Industria De Diseno Textil and NestlĂŠ were reduced. As at September 30, 2011

renaissance investments 93

GLOBAL EQUIT Y FUNDS

Renaissance International Equity Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance International Equity Currency Neutral Fund (Class A) Fund Category International Equity

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To provide long-term capital growth through capital appreciation by investing primarily in a diversified portfolio of equity securities of foreign companies located in Europe, the Far East and the Pacific Rim.The Fund will attempt to reduce its currency exposure to nonCanadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15

Volatility Analysis

Fund

Benchmark A MSCI EAFE Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year) 2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

— -15.7 -16.3

— -22.6 -16.5

— 12.4 13.8

— 9.5 11.9

— 11.3 11.2

— 23.1 26.4

— -6.6 -5.3

— -34.5 -28.8

— 13.2 12.5

— 2.6 2.6

— -13.6 -10.5

Total Assets ($mil) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -4.9 -3.6

— -14.8 -12.5

— -14.5 -11.6

— -10.5 -7.5

— -5.9 -4.2

— -4.0 -1.3

— -7.0 -4.3

— — —

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1242 ATL1240 ATL1241 ATL1243

Inception Date MER Minimum Investment Telephone Web Site

Portfolio Analysis as of 09-30-2011 Composition

October 20, 2010 2.10% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Past performance information is currently unavailable as the fund was recently established.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

0.0 0.0 94.6 0.0 0.0 5.4 0.0

% Assets

Novo Nordisk A/S CLP Holdings Limited BG Group PLC Fanuc Corp Canon, Inc.

2.8 2.5 2.5 2.4 2.4

China Mobile Ltd. Reckitt Benckiser Group PLC Novartis AG Keyence Corp. Essilor International

2.4 2.4 2.4 2.4 2.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 57 55 0

Market Cap

Large Medium Small

%

96.1 3.9 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Japan United Kingdom Switzerland France Australia

% Equity

6.0 13.5 13.2 2.3 12.8 14.6 2.4 7.7 16.2 11.3 0.0 % Assets

30.2 18.3 8.2 7.2 6.2

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Roy Leckie | 10-20-2010 Walter Scott & Partners Limited

Roy is a director of Walter Scott and, along with Charlie Macquaker, leads the investment management group. He began his career at Walter Scott joining the firm in 1995 and holds a BSc (hons) in Statistics from the University of Glasgow. Other Assets Managed

Since

Renaissance Global Growth Renaissance International Equity Renaissance Glbl Growth Ccy Netrl Cl A

05-04 05-04 10-10

Charles Macquaker | 10-20-2010 Walter Scott & Partners Limited

Charlie is a director of Walter Scott and co-heads the investment management group. He is also currently head of the North American research team. Charlie began his investment career at the Walter Scott joining the firm in 1991. He holds a BSc (hons) in European Studies from Buckingham University. Other Assets Managed

Since

Renaissance Global Growth Renaissance International Equity Renaissance Glbl Growth Ccy Netrl Cl A

05-04 05-04 10-10

The Renaissance International Equity Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Walter Scott & Partners Limited is the investment manager of the underlying fund, the Renaissance International Equity Fund. The underlying fund benefits from the conservative and patient, bottom-up growth style of Walter Scott & Partners Limited, a firm that takes a fundamental, longterm investment approach to international equities. Walter Scott invests in high-quality companies with a high return on equity, in industries enjoying aboveaverage, sustainable growth. Their buy and hold approach is focused on stock selection based almost entirely on internal research because of their focus on long-term results. Walter Scott screens more than 5000

companies with proprietary financial analysis tools and narrows the field to approximately 500 companies on which they complete intensive analysis and their seven proprietary qualitative screens. A stock is selected only after it has received unanimous support of the investment team and typically begins with a 2% weighting in the portfolio. The portfolioâ&#x20AC;&#x2122;s country and sector allocation is a result of those individual stock decisions. The result is a buy and hold strategy selecting portfolio of conservative international growth stocks through an in-depth bottom-up approach. This Fund is an excellent complement to a domestic portfolio, and as a growth offset for a value-oriented portfolio.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund. There can be no escape from unstinting question marks over numerous eurozone countries and many European banks; continued turmoil in the Middle East; and at best, slow and fragile economic growth in most major economies. These factors combine to present a picture that has been in many ways unchanged for most of this year, with the only more recent change being marked volatility in equity markets. In such uncertain and increasingly volatile circumstances, the manager remains committed and focused on its investment process, the identification of companies with the financial strength and strategic vision to grow over the medium to long term. The manager is keeping a very close eye on all of the

companies in the fund to ensure that, fundamentally, each is performing as expected. The superior quality of these companies should provide a degree of defensiveness. This has certainly been the case in the past and the manager believes that there is little merit in being whip-sawed into portfolio activity during times of heightened volatility. The manager believes the fund is aligned to companies that are 'long-term compounders', each possessing the ability to manoeuvre through these challenging times. Over the period the sale of Hirose was completed. Holdings in KONE and Taiwan Semiconductor were increased and positions in Industria De Diseno Textil and NestlĂŠ were reduced. As at September 30, 2011

renaissance investments 95

GLOBAL EQUIT Y FUNDS

Renaissance International Equity Currency Neutral Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Global Markets Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To obtain long-term growth of capital and income by investing primarily in equity and debt securities on a worldwide basis.

Growth of $10,000 11 Fund

Benchmark A MSCI World Index

10 9 8

Volatility Analysis

7 6 5

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

33.9% 03-31-1997 to 03-31-1998

-40.0% 02-28-2008 to 02-28-2009

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1873 ATL1029 ATL2873 ATL1647

Fund Category Benchmark A

Telephone Web Site

January 11, 1993 2.76% $500

3

4

1

4

3

1

1

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

95.1

78.8

58.0

37.4

44.7

231.0

172.9

186.1

196.9

186.9

-14.1 -5.2 -11.3

-20.8 -17.4 -20.4

6.9 10.6 9.4

2.3 6.4 6.9

4.3 5.8 7.3

14.5 18.0 20.2

5.9 -6.6 -7.1

-34.9 -29.3 -25.4

14.5 14.3 11.1

16.8 6.5 6.5

-6.6 -10.8 -7.5

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-6.8 -4.7 -2.6

-10.1 -12.2 -9.9

-7.6 -12.7 -10.0

-1.3 -5.7 -2.3

5.9 -1.3 0.1

0.9 -1.4 -0.2

-1.0 -4.4 -3.0

-0.3 -0.3 0.0

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

3

153.6

Composition

Investment Style

Notes

4

Portfolio Analysis as of 07-31-2011

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.14%

3

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

3

9.1 21.8 57.4 0.0 0.0 11.2 0.5

% Assets

Jardine Matheson Holdings Ltd. The Swatch Group AG British American Tobacco PLC Schindler Holding AG Compagnie Financiere Richemont SA

9.8 6.3 5.2 4.8 4.6

Imperial Tobacco Group PLC Nestle SA Anglo American PLC Genting Malaysia Bhd Canadian Natural Resources Ltd

4.5 4.1 3.9 3.8 3.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

40 40 37 0

Market Cap

Large Medium Small

%

86.6 9.7 3.7

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada Switzerland United Kingdom Hong Kong

% Equity

0.0 8.2 15.3 4.8 23.3 26.5 0.0 18.4 0.0 3.5 0.0 % Assets

22.1 20.4 19.9 13.6 12.4

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

David J. Winters | 10-01-2006 Wintergreen Advisers, LLC

David Winters is the managing member of Wintergreen Advisers. Prior to forming Wintergreen Advisers in May 2005, he held various positions with Franklin Mutual Advisers, LLC, including, president, chief executive officer and chief investment officer, and he was a research analyst for Heine Securities Corporation, the former investment manager for the Franklin Mutual Series Fund. Winters holds the Chartered Financial Analyst designation. Other Assets Managed

Since

Renaissance Optimal Global Equity Port Renaissance Optimal Glbl Eq Pt Elite T4 Renaissance Optimal Glbl Eq Pt Elite T6 Renaissance Optimal Glbl Eq Pt Elite T8 Renaissance Optimal Glbl Eq Pt Elite Cl Renaissance Optimal Glbl Eq Pt Sel T4 Cl Renaissance Optimal Glbl Eq Pt Sel T6 Cl Renaissance Optimal Glbl Eq Pt Sel T8 Cl Renaissance Optimal Glbl Eq Port Sel Cl Renaissance Optimal Glbl Eq Port T4 Cl

10-06 10-06 10-06 10-06 10-06 10-06 10-06 10-06 10-06 10-06

The Fund benefits from the highly successful, deep value investment approach to global equity of David J. Winters, exclusively available in Canada through Renaissance Investments. David J. Winters of Wintergreen Advisers employs a deep-value style to managing equities by investing in undervalued and distressed companies that are currently out of favour with the broader market, but whose solid prospects demonstrate signs for a significant return on investment. In picking stocks for the Fund, he favours a tight portfolio of companies where senior management often act like long-term owners of the business. Mr. Winters’ stock selection is based on the strength of his conviction, where he carefully follows companies waiting for their prices to fall to a level where he

believes they are seriously undervalued. In order to provide consistent returns over the long term, flexibility is key. As a result, Mr. Winters has the ability to invest in companies of any size, in any geographic region or sector. He may also take advantage of arbitrage opportunities and distressed securities in the global market. The result is a flexible, high conviction, go-anywhere deep value global portfolio that is less correlated to market returns than typical active managers, has low turnover and is focused on providing consistent returns over time. The Fund’s lower correlation with major markets makes it an excellent diversifying complement to a portfolio.

Manager Commentary With positions in industries ranging from oil to railroads to watches, spanning geographies from Canada to Hong Kong to Switzerland - the unifying factor among the fund’s holdings is neither their industry nor location. The fund is characterized by the high quality of its underlying businesses, their strength of management, and the difference between the price of these companies’ shares in the public market and what the manager believes are these companies’ intrinsic values. These three traits are what the manager refers to as the “trifecta”. By looking at the world through the lens of the “trifecta” – and not limiting the selection to companies within certain sectors, geographies, or sizes – the manager deploys shareholder capital among the companies which it believes to provide the best

opportunity for outsized returns over the long run. A significant portion of the fund’s holdings remain outside of Canada, with a continued focus on emerging markets – both via direct and indirect ownership. The manager has engaged in currency hedging during the year, which had a positive effect on the fund’s returns. The fund’s recent performance is partially attributed to the flexibility under which the manager can select investments. The manager has the ability to invest the fund in various types of securities, located anywhere in the world. The manager expects that this investment approach will continue to serve shareholders well. As at September 30, 2011

renaissance investments 97

GLOBAL EQUIT Y FUNDS

Renaissance Global Markets Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Optimal Global Equity Portfolio (Class A) Fund Category Global Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To seek long-term capital appreciation by investing primarily in units of global and/or Canadian mutual funds.

Growth of $10,000 11 Fund

Benchmark A MSCI World Index

10 9 8

Volatility Analysis

7 6 5

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

36.9% 02-28-2003 to 02-29-2004

-37.8% 09-30-2000 to 09-30-2001

Portfolio Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A Sel Sel Sel Elite Elite Elite F

Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL1903 ATL1902 ATL2903 ATL2421 ATL2419 ATL2420 ATL2424 ATL2422 ATL2423 ATL1652

Fund Category Benchmark A

Telephone Web Site

Investment Style

2

4

3

4

4

1

3

1

2

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

80.1

53.4

50.8

39.4

100.1

80.2

52.6

31.8

30.7

27.3

22.2

-16.6 -5.2 -11.3

-28.6 -17.4 -20.4

14.1 10.6 9.4

2.4 6.4 6.9

5.1 5.8 7.3

14.1 18.0 20.2

-11.7 -6.6 -7.1

-21.1 -29.3 -25.4

14.8 14.3 11.1

10.5 6.5 6.5

-10.8 -10.8 -7.5

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-6.0 -4.7 -2.6

-11.4 -12.2 -9.9

-11.7 -12.7 -10.0

-5.5 -5.7 -2.3

-0.2 -1.3 0.1

2.3 -1.4 -0.2

-2.7 -4.4 -3.0

-0.8 -0.3 0.0

Portfolio Analysis as of 09-30-2011 Actual Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

February 16, 2000 2.73% $500

888 888 FUND www.renaissanceinvestments.ca

4

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

4

Top 5 Global Equity Sectors

Industrial Consumer Discretionary Financials Energy Consumer Staples

10.0 30.9 53.4 0.1 0.0 4.6 1.0

% Equity

17.3 14.8 12.2 10.6 10.4

Market Cap

Large Medium Small

%

70.5 20.8 8.7

Top Holdings

% Assets

Renaissance Global Value Renaissance Global Markets Fund, Class 'O' Renaissance Global Focus Fund, Class 'O' Renaissance Global Infrastructure Fund, Class 'O' Renaissance Global Small Cap

25.8 24.9 24.1 15.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

7 559 543 0

10.1

Notes T-class units also available. Class F MER: 1.41% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Investment Managers David J. Winters | 10-01-2006 Wintergreen Advisers, LLC Management Team | 06-01-2009 Aletheia Research and Management, Inc. Management Team | 05-01-2005 NWQ Investment Management Co LLC Management Team | 02-01-2000

Investment Management Approach The Fund combines the investment expertise of five world-class management teams to deliver a welldiversified, automatically rebalanced, multi manager approach to global equities. The strategic mix of some of Renaissance Investments’ top global funds creates the potential to generate higher returns in all types of economic cycles.

Wellington Management Company, LLP Management Team | 08-20-2007 RARE Infrastructure Limited

Aletheia Research & Management, Inc. manages 25% of the portfolio. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. NWQ Investment Management Company, LLC manages 25% of the portfolio using their fundamental, long-term approach to global equity. The firm employs a bottom-up value approach to stock selection, actively seeking out undervalued companies with catalysts to improve profitability or unlock value. In a market fuelled by emotion, NWQ strips away the subjectivity to search for objective value and has maintained an unwavering commitment to value investing since the firm’s founding in 1982. Discipline, collaboration and accountability remain the cornerstones of their culture. RARE Infrastructure Limited manages 15% of the portfolio bringing one of the world’s most experienced global infrastructure investment teams with more than

70 years combined expertise. The firm applies a combination of quantitative and qualitative assessments to select a concentrated portfolio of stocks from more than 40,000 global listed securities. For the 10% global small-cap component, the Fund draws upon Wellington Management, LLP. Wellington’s global small cap philosophy is based on their core belief that the small-cap market is inefficient. Using intensive fundamental research with a global perspective, they aim to exploit these inefficiencies. Wintergreen Advisers, LLC manages the final 25% of the fund utilizing the highly successful opportunistic investment approach to global equity of David J. Winters. Mr. Winters uses an opportunistic style to managing equities by investing in undervalued and distressed companies that are currently out of favour with the broader market, but whose solid prospects demonstrate signs for a significant return on investment. In picking stocks for the Fund, he favours a tight portfolio of companies where senior management often acts like long-term owners of the business. Mr. Winters’ stock selection is based on the strength of his conviction, where he carefully follows companies waiting for their prices to fall to a level where he believes they are seriously undervalued. The end result is an optimal mix of Renaissance funds which will provide investors with exposure to a broad range of investment managers, asset classes and regions designed to capture the best global market opportunities.

renaissance investments 99

GLOBAL EQUIT Y FUNDS

Renaissance Optimal Global Equity Portfolio (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Optimal Global Equity Currency Neutral Portfolio (Class A) Fund Category Global Equity

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To seek long-term capital appreciation by investing primarily in units of global and/or Canadian mutual funds. The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15 14 Fund

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

12 11 10 9

Portfolio Details Load Structure

Currency

Fund Code

A A A Elite Elite Elite F Sel Sel Sel

Defer Sales Charge Front End Charge Low Load Charge Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem Defer Sales Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL1267 ATL1265 ATL1266 ATL1275 ATL1273 ATL1274 ATL1268 ATL1272 ATL1270 ATL1271

Inception Date MER Minimum Investment

Total Assets ($mil)

October 20, 2010 2.38% $500

888 888 FUND www.renaissanceinvestments.ca

4 2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

0.6 —

0.9 —

— -5.2 -11.3

— -17.4 -20.4

— 10.6 9.4

— 6.4 6.9

— 5.8 7.3

— 18.0 20.2

— -6.6 -7.1

— -29.3 -25.4

— 14.3 11.1

— 6.5 6.5

— -10.8 -7.5

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

Class

Telephone Web Site

13

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Benchmark A MSCI World Index

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -4.7 -2.6

— -12.2 -9.9

— -12.7 -10.0

— -5.7 -2.3

— -1.3 0.1

— -1.4 -0.2

— -4.4 -3.0

— — —

Portfolio Analysis as of 09-30-2011 Actual Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top 5 Global Equity Sectors

Industrial Consumer Discretionary Financials Energy Consumer Staples

9.8 30.1 51.9 0.1 0.0 8.2 0.0

% Equity

17.3 14.9 12.2 10.7 10.4

Market Cap

Large Medium Small

%

70.5 20.8 8.7

Top Holdings

% Assets

Renaissance Global Value Renaissance Global Markets Fund, Class 'O' Renaissance Global Focus Fund, Class 'O' Renaissance Global Infrastructure Renaissance Global Small Cap

25.7 24.9 24.9 15.4 10.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

7 559 543 0

Investment Style

Notes T-Class units also available. Past performance information is currently unavailable as the fund was recently established. ©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Investment Managers David J. Winters | 10-20-2010 Wintergreen Advisers, LLC Management Team Aletheia Research and Management, Inc. Management Team NWQ Investment Management Co LLC Management Team Wellington Management Company, LLP

Investment Management Approach The Renaissance Optimal Global Equity Currency Neutral Portfolio is managed by CIBC Global Asset Management Inc. Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, RARE Infrastructure Limited, Wellington Management Company, LLP, Wintergreen Advisers, LLC are the investment managers of the funds within the underlying portfolio.

RARE Infrastructure Limited manages 15% of the portfolio bringing one of the world’s most experienced global infrastructure investment teams with more than 70 years combined expertise. The firm applies a combination of quantitative and qualitative assessments to select a concentrated portfolio of stocks from more than 40,000 global listed securities.

Management Team RARE Infrastructure Limited

The underlying portfolio combines the investment expertise of five world-class management teams to deliver a well-diversified, automatically rebalanced, multi manager approach to global equities. The strategic mix of some of Renaissance Investments’ top global funds creates the potential to generate higher returns in all types of economic cycles. Aletheia Research & Management, Inc. manages 25% of the portfolio. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. NWQ Investment Management Company, LLC manages 25% of the portfolio using their fundamental, long-term approach to global equity. The firm employs a bottom-up value approach to stock selection, actively seeking out undervalued companies with catalysts to improve profitability or unlock value. In a market fuelled by emotion, NWQ strips away the subjectivity to search for objective value and has maintained an unwavering commitment to value investing since the firm’s founding in 1982. Discipline, collaboration and accountability remain the cornerstones of their culture.

For the 10% global small-cap component, the Fund draws upon Wellington Management, LLP. Wellington’s global small cap philosophy is based on their core belief that the small-cap market is inefficient. Using intensive fundamental research with a global perspective, they aim to exploit these inefficiencies. Wintergreen Advisers, LLC manages the final 25% of the fund utilizing the highly successful opportunistic investment approach to global equity of David J. Winters. Mr. Winters uses an opportunistic style to managing equities by investing in undervalued and distressed companies that are currently out of favour with the broader market, but whose solid prospects demonstrate signs for a significant return on investment. In picking stocks for the Fund, he favours a tight portfolio of companies where senior management often acts like long-term owners of the business. Mr. Winters’ stock selection is based on the strength of his conviction, where he carefully follows companies waiting for their prices to fall to a level where he believes they are seriously undervalued. The end result is an optimal mix of Renaissance funds which will provide investors with exposure to a broad range of investment managers, asset classes and regions designed to capture the best global market opportunities, while managing exchange rate fluctuations.

renaissance investments 101

GLOBAL EQUIT Y FUNDS

Renaissance Optimal Global Equity Currency Neutral Portfolio (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Global Value Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To seek long-term growth through capital appreciation consistent with preservation of capital through investment primarily in a diversified portfolio of common shares of larger, more established companies in developed markets around the world. The Fund may also invest in larger, more established companies in less developed markets around the world, and may invest in companies that are suppliers or clients of larger companies.

Growth of $10,000 11

Volatility Analysis

Fund

Benchmark A MSCI World Index

10 9 8 7 6 5

Performance Quartile (within category over calendar year)

Total Assets ($mil) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

32.9% 02-28-2003 to 02-29-2004

-33.5% 03-31-2002 to 03-31-2003

Fund Details Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1031 ATL1030 ATL2031 ATL1625

Telephone Web Site

3

2

4

4

2

4

1

4

3

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

189.1

122.6

112.1

86.0

65.5

83.8

77.8

52.0

41.0

33.4

24.1

-6.3 -5.2 -11.3

-23.4 -17.4 -20.4

10.7 10.6 9.4

0.0 6.4 6.9

3.5 5.8 7.3

18.2 18.0 20.2

-11.7 -6.6 -7.1

-19.4 -29.3 -25.4

4.0 14.3 11.1

6.3 6.5 6.5

-12.5 -10.8 -7.5

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-3.2 -4.7 -2.6

-9.5 -12.2 -9.9

-12.8 -12.7 -10.0

-9.3 -5.7 -2.3

-5.0 -1.3 0.1

-2.0 -1.4 -0.2

-5.0 -4.4 -3.0

-1.9 -0.3 0.0

Portfolio Analysis as of 09-30-2011

Class

Inception Date MER Minimum Investment

1

Composition

May 1, 1998 2.80% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 1.40% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

6.2 40.3 52.6 0.0 0.0 0.9 0.0

% Assets

Nippon Telegraph and Telephone ADR CA, Inc. AstraZeneca PLC Pfizer Inc Sanofi

3.1 2.5 2.5 2.5 2.3

Amgen Inc Barrick Gold Corporation Shiseido Company, Ltd. Viacom, Inc. B Dai Nippon Printing

2.3 2.1 2.0 2.0 1.8

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

75 75 73 0

Market Cap

Large Medium Small

%

83.5 16.5 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan Canada France United Kingdom

% Equity

3.4 10.3 13.5 11.2 11.1 8.7 8.9 11.5 10.9 10.6 0.0 % Assets

40.3 21.6 7.0 6.0 4.4

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Peter L. Boardman | 05-01-2005 NWQ Investment Management Co LLC

Prior to joining NWQ Investment Management Company in 2003, Mr. Boardman held the position of Senior Analyst with USAA Investment Management where he was in charge of managing the Japanese portion of its International Fund as well as covering a number of global sectors such as automobiles, pharmaceuticals, and semiconductors. Prior to that he spent 8 years with UBS Warburg as a sell-side analyst following the automobile, auto parts, and tire industry in North America, Japan, and Asia. Mark A. Morris | 05-01-2005 NWQ Investment Management Co LLC

Morris is a senior vice president with NWQ Investment Management, his employer since 2001. Prior to this, he was a director and portfolio manager with Merrill Lynch Investment Managers. Previously, Morris worked as a senior vice president and analyst at Trust Company of the West and as vice president and technology analyst at Hanifen Imhoff. Gregg S. Tenser | 05-01-2005 NWQ Investment Management Co LLC

Gregg S. Tenser joined NWQ as Vice President and Analyst in 2001, became Senior Vice President in 2003 and was named Managing Director in 2005. Mr. Tenser holds the Chartered Financial Analyst designation.

Investment Management Approach The Fund benefits from the bottom-up value investment expertise of NWQ Investment Management, a firm that takes a fundamental, long-term approach to global equity. Los Angeles-based NWQ employs a bottom-up value approach to stock selection, actively seeking out undervalued companies with catalysts to improve profitability or unlock value. In a market fuelled by emotion, NWQ strips away the subjectivity to search for objective value and has maintained an unwavering commitment to value investing since the firmâ&#x20AC;&#x2122;s founding in 1982. Discipline, collaboration and accountability remain the cornerstones of their culture. Based on three critical factors, NWQâ&#x20AC;&#x2122;s investment process is disciplined, yet opportunistic. Firstly, they seek attractive valuation, applying a corporate finance perspective that

emphasizes absolute valuation in addition to cash flow and balance sheet analysis. Secondly, they seek favourable risk/reward and downside protection, as they believe the loss of capital should be limited. Lastly, but perhaps most critical, they seek inflection points, or catalysts that serve to improve profitability or unlock value before such changes become evident to other investors. The result is a globally diversified portfolio of undervalued companies with catalysts to improve profitability or unlock value. The Fund is an excellent complement to a domestic portfolio, and as a value offset for a growth-oriented portfolio.

Manager Commentary The manager continues to focus on bottom-up fundamental analysis when constructing its portfolios. Sector and regional weightings in the fund are a byproduct of the managerâ&#x20AC;&#x2122;s disciplined investment process. From a sector perspective, the fund retains an underweight to financials, relative its benchmark, with a focus on well-capitalized, insurance-related companies and global banking franchises. Telecommunications remains one of the largest overweighted sectors in the fund. The manager continues to remain attracted to oligopolistic, strongly franchised telecom companies in markets with limited telecom penetration. The fund also maintains an overweight to the materials and processing sector, relative to its benchmark, with a concentrated exposure to gold-related holdings.

Over the last few years, the manager has located many quality companies with strong market shares and solid balance sheets, domiciled in Japan. The fund continues to be overweight Japanese names and believe that risk/ reward profiles of these holdings remain attractive. The manager continues to focus on companies with attractive valuations, favourable risk/reward, and unrecognized catalysts which should, over time, lead to the recognition of value. The manager believes the fund is well positioned for the current market environment. As at September 30, 2011

renaissance investments 103

GLOBAL EQUIT Y FUNDS

Renaissance Global Value Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Global Growth Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth by investing in a diversified portfolio consisting primarily of equity securities of companies located anywhere in the world.

Growth of $10,000 10 Fund

Benchmark A MSCI World Index

9 8 7

Volatility Analysis

6 5 4

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

42.5% 02-28-1999 to 02-29-2000

-36.6% 03-31-2002 to 03-31-2003

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL503 ATL504 ATL516 ATL034

Fund Category Benchmark A

Telephone Web Site

December 17, 1998 2.82% $500

4

4

3

1

4

4

1

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

34.2

16.4

13.2

19.0

50.9

50.7

45.9

55.2

68.0

102.3

-21.3 -5.2 -11.3

-29.8 -17.4 -20.4

9.6 10.6 9.4

1.5 6.4 6.9

14.3 5.8 7.3

12.5 18.0 20.2

-7.7 -6.6 -7.1

-14.2 -29.3 -25.4

10.3 14.3 11.1

3.5 6.5 6.5

-6.5 -10.8 -7.5

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-1.2 -4.7 -2.6

-6.4 -12.2 -9.9

-5.5 -12.7 -10.0

-3.1 -5.7 -2.3

-0.7 -1.3 0.1

0.5 -1.4 -0.2

-1.4 -4.4 -3.0

-1.2 -0.3 0.0

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

1

60.8

Composition

Investment Style

Notes

4

Portfolio Analysis as of 09-30-2011

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.50%

3

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

4

1.7 44.2 52.4 0.0 0.0 1.7 0.0

% Assets

Industria de Diseño Textil,S.A."inditex" Colgate-Palmolive Company TJX Companies Nike, Inc. B Abbott Laboratories

2.4 2.4 2.3 2.3 2.3

Precision Castparts Corp. Gilead Sciences Inc Johnson & Johnson Hennes & Mauritz AB Intel Corp

2.3 2.3 2.3 2.2 2.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

58 58 56 0

Market Cap

Large Medium Small

%

93.7 6.3 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan United Kingdom Australia China

% Equity

2.4 13.6 7.7 2.2 13.3 14.8 1.1 8.8 13.3 22.7 0.0 % Assets

44.2 16.1 11.1 4.0 3.8

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Roy Leckie | 05-01-2004 Walter Scott & Partners Limited

Roy is a director of Walter Scott and, along with Charlie Macquaker, leads the investment management group. He began his career at Walter Scott joining the firm in 1995 and holds a BSc (hons) in Statistics from the University of Glasgow. Other Assets Managed

Since

Renaissance International Equity Renaissance Glbl Growth Ccy Netrl Cl A Renaissance International Eq Ccy Netrl A

05-04 10-10 10-10

Charles Macquaker | 05-01-2004

The Fund benefits from the conservative and patient, bottom-up growth style of Walter Scott & Partners Limited, a firm that takes a fundamental, long-term investment approach to international equities. Walter Scott invests in high-quality companies with a high return on equity, in industries enjoying aboveaverage, sustainable growth. Their buy and hold approach is focused on stock selection based almost entirely on internal research because of their focus on long-term results. Walter Scott screens more than 5000 companies with proprietary financial analysis tools and narrows the field to approximately 500 companies on

which they complete intensive analysis and their seven proprietary qualitative screens. A stock is selected only after it has received unanimous support of the investment team and typically begins with a 2% weighting in the portfolio. The portfolioâ&#x20AC;&#x2122;s country and sector allocation is a result of those individual stock decisions. The result is a buy and hold strategy selecting portfolio of conservative international growth stocks through an in-depth bottom-up approach. This Fund is an excellent complement to a domestic portfolio, and as a growth offset for a value-oriented portfolio.

Walter Scott & Partners Limited

Charlie is a director of Walter Scott and co-heads the investment management group. He is also currently head of the North American research team. Charlie began his investment career at the Walter Scott joining the firm in 1991. He holds a BSc (hons) in European Studies from Buckingham University. Other Assets Managed

Since

Renaissance International Equity Renaissance Glbl Growth Ccy Netrl Cl A Renaissance International Eq Ccy Netrl A

05-04 10-10 10-10

Manager Commentary There can be no escape from unstinting question marks over numerous eurozone countries and many European banks; continued turmoil in the Middle East; and at best, slow and fragile economic growth in most major economies. These factors combine to present a picture that has been in many ways unchanged for most of this year, with the only more recent change being marked volatility in equity markets. In such uncertain and increasingly volatile circumstances, the manager remains committed and focused on its investment process, the identification of companies with the financial strength and strategic vision to grow over the medium to long term. The manager is keeping a very close eye on all of the companies in the fund to ensure that, fundamentally,

each is performing as expected. The superior quality of these companies should provide a degree of defensiveness. This has certainly been the case in the past and the manager believes that there is little merit in being whip-sawed into portfolio activity during times of heightened volatility. The manager believes the fund is aligned to companies that are 'long-term compounders', each possessing the ability to manoeuvre through these challenging times. Over the period MSC Industrial Direct was added to the fund. In addition, a number of holdings were increased, while positions in CNOOC and Industria De Diseno Textil were reduced. As at September 30, 2011

renaissance investments 105

GLOBAL EQUIT Y FUNDS

Renaissance Global Growth Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Global Growth Currency Neutral Fund - Class A Fund Category Global Equity

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth by investing in a diversified portfolio consisting primarily of equity securities of companies located anywhere in the world. The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

Fund Details Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1237 ATL1235 ATL1236 ATL1238

Telephone Web Site

13 12 11 10 9

Total Assets ($mil)

2 2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

0.2 —

0.3 —

— -5.2 -11.3

— -17.4 -20.4

— 10.6 9.4

— 6.4 6.9

— 5.8 7.3

— 18.0 20.2

— -6.6 -7.1

— -29.3 -25.4

— 14.3 11.1

— 6.5 6.5

— -10.8 -7.5

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

Class

Inception Date MER Minimum Investment

14

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A MSCI World Index

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -4.7 -2.6

— -12.2 -9.9

— -12.7 -10.0

— -5.7 -2.3

— -1.3 0.1

— -1.4 -0.2

— -4.4 -3.0

— — —

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

October 20, 2010 2.08% $500

888 888 FUND www.renaissanceinvestments.ca Top Ten Holdings

Investment Style

Notes Past performance information is currently unavailable as the fund was recently established.

1.6 42.3 50.1 0.0 0.0 6.0 0.0

% Assets

Industria de Diseño Textil,S.A."inditex" Colgate-Palmolive Company TJX Companies Nike, Inc. B Abbott Laboratories

2.4 2.4 2.4 2.3 2.3

Precision Castparts Corp. Gilead Sciences Inc Johnson & Johnson Hennes & Mauritz AB Intel Corp

2.3 2.3 2.3 2.3 2.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 58 56 0

Market Cap

Large Medium Small

%

93.7 6.3 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan United Kingdom Australia China

% Equity

2.4 13.6 7.7 2.2 13.3 14.8 1.1 8.8 13.3 22.7 0.0 % Assets

44.9 16.3 11.2 4.1 3.9

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Roy Leckie | 10-20-2010 Walter Scott & Partners Limited

Roy is a director of Walter Scott and, along with Charlie Macquaker, leads the investment management group. He began his career at Walter Scott joining the firm in 1995 and holds a BSc (hons) in Statistics from the University of Glasgow. Other Assets Managed

Since

Renaissance Global Growth Renaissance International Equity Renaissance International Eq Ccy Netrl A

05-04 05-04 10-10

Charles Macquaker | 10-20-2010 Walter Scott & Partners Limited

Charlie is a director of Walter Scott and co-heads the investment management group. He is also currently head of the North American research team. Charlie began his investment career at the Walter Scott joining the firm in 1991. He holds a BSc (hons) in European Studies from Buckingham University. Other Assets Managed

Since

Renaissance Global Growth Renaissance International Equity Renaissance International Eq Ccy Netrl A

05-04 05-04 10-10

The Renaissance Global Growth Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Walter Scott & Partners Limited is the investment manager of the underlying fund, the Renaissance Global Growth Fund. The underlying fund benefits from the conservative and patient, bottom-up growth style of Walter Scott & Partners Limited, a firm that takes a fundamental, longterm investment approach to international equities. Walter Scott invests in high-quality companies with a high return on equity, in industries enjoying aboveaverage, sustainable growth. Their buy and hold approach is focused on stock selection based almost entirely on internal research because of their focus on long-term results. Walter Scott screens more than 5000

companies with proprietary financial analysis tools and narrows the field to approximately 500 companies on which they complete intensive analysis and their seven proprietary qualitative screens. A stock is selected only after it has received unanimous support of the investment team and typically begins with a 2% weighting in the portfolio. The portfolioâ&#x20AC;&#x2122;s country and sector allocation is a result of those individual stock decisions. The result is a buy and hold strategy selecting portfolio of conservative international growth stocks through an in-depth bottom-up approach. This Fund is an excellent complement to a domestic portfolio, and as a growth offset for a value-oriented portfolio.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund. There can be no escape from unstinting question marks over numerous eurozone countries and many European banks; continued turmoil in the Middle East; and at best, slow and fragile economic growth in most major economies. These factors combine to present a picture that has been in many ways unchanged for most of this year, with the only more recent change being marked volatility in equity markets. In such uncertain and increasingly volatile circumstances, the manager remains committed and focused on its investment process, the identification of companies with the financial strength and strategic vision to grow over the medium to long term. The manager is keeping a very close eye on all of the

companies in the fund to ensure that, fundamentally, each is performing as expected. The superior quality of these companies should provide a degree of defensiveness. This has certainly been the case in the past and the manager believes that there is little merit in being whip-sawed into portfolio activity during times of heightened volatility. The manager believes the fund is aligned to companies that are 'long-term compounders', each possessing the ability to manoeuvre through these challenging times. Over the period MSC Industrial Direct was added to the fund. In addition, a number of holdings were increased, while positions in CNOOC and Industria De Diseno Textil were reduced. As at September 30, 2011

renaissance investments 107

GLOBAL EQUIT Y FUNDS

Renaissance Global Growth Currency Neutral Fund - Class A


GLOBAL EQUIT Y FUNDS

Renaissance Global Focus Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth by investing primarily in equity securities (including common shares, preferred shares, and warrants to acquire such securities) of companies throughout the world in the sector categories determined by the portfolio sub-advisor.

Growth of $10,000 16 Fund

14 12 10 8 6

Volatility Analysis

Low

Benchmark A MSCI World Index

4

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

4

4

1

1

1

4

1

3

3

1

4

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

46.1

24.2

73.2

16.9

47.7

40.9

53.2

49.6

62.0

60.4

54.3

-24.4 -5.2 -11.3

-27.1 -17.4 -20.4

21.1 10.6 9.4

10.3 6.4 6.9

14.7 5.8 7.3

14.2 18.0 20.2

16.3 -6.6 -7.1

-31.3 -29.3 -25.4

12.1 14.3 11.1

9.9 6.5 6.5

-18.2 -10.8 -7.5

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

41.3% 02-28-2003 to 02-29-2004

-43.4% 09-30-2000 to 09-30-2001

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL509 ATL510 ATL511 ATL036

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

Fund Category Benchmark A

-10.3 -4.7 -2.6

-16.0 -12.2 -9.9

-18.1 -12.7 -10.0

-11.0 -5.7 -2.3

-4.2 -1.3 0.1

-3.7 -1.4 -0.2

-1.8 -4.4 -3.0

2.0 -0.3 0.0

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

September 6, 1999 2.85% $500

888 888 FUND www.renaissanceinvestments.ca

19.3 29.3 44.0 0.0 0.0 2.7 4.8

Investment Style Top Ten Holdings

Notes Class F MER: 1.46% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Barrick Gold Corporation Canadian Natural Resources Ltd International Business Machines Corp The Coca-Cola Co Newmont Mining Corporation

3.6 2.7 2.7 2.5 2.5

Volkswagen AG ADR Novagold Resources, Inc. Adidas AG ADR Physical Gold Bullion Caterpillar Inc

2.4 2.3 2.2 2.1 2.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

79 181 174 0

Market Cap

Large Medium Small

%

81.5 12.0 6.6

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada United Kingdom Brazil China

% Equity

2.4 16.2 14.1 21.8 16.9 6.2 4.3 5.3 5.6 7.4 0.0 % Assets

31.4 22.0 11.2 6.7 5.8

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Peter J. Eichler Jr. | 06-01-2009 Aletheia Research and Management, Inc.

Peter J. Eichler Jr. is the Chairman and Chief Executive Officer of Aletheia Research and Management, Inc. which he founded in 1997. Prior to this, Mr. Eichler spent twelve years at Bear, Stearns & Co. as Managing Director. While at Bear Stearns, Mr. Eichler founded the Special Accounts Money Management Division and created the Bear Stearns Insiders Fund. Mr. Eichler has been managing money professionally since 1990. Mr. Eichler is a Registered Investment Advisor and a General Securities Principal. David Bunzel | 06-01-2009 Aletheia Research and Management, Inc.

Mr. Bunzel is Senior Managing Director and Co-Portfolio Manager. Mr. Bunzel is a founding investor in Aletheia and had been involved with the company since its inception in 1997 before joining Aletheia as a coportfolio manager in 2008. He has known and worked with Peter J. Eichler Jr. since Mr. Bunzel started in the business in 1986. He began his career with EF Hutton Asset Management as a portfolio manager and research analyst. Mr. Bunzel managed 3 different funds for the firm, including its flagship growth fund. Mark Scalzo | 06-01-2009 Aletheia Research and Management, Inc.

Mr. Scalzo is Senior Managing Director and Co-Portfolio Manager. Mr. Scalzo joined Aletheia Research and Management, Inc. in 2008 after working for Ken Fisher at Fisher Investments as a Group Vice President and Head of Mergers & Acquisitions. Prior to December 2006, Mr. Scalzo was a Regional Manager / Managing Director with Putnam Lovell NBF Securities where he spent over 15 years advising public and private companies on mergers & acquisitions in the financial services and real estate industries.

Investment Management Approach The fund delivers the time-tested investment methodologies of Aletheia Research and Management Inc. Aletheia, the classic Greek word for “truth and disclosure” signifies the importance the firm places on proprietary research, which has led to their recognition as one of the top growth managers in the United States. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. 1. Aletheia will invest primarily in common stocks that represent diversified industry sectors and predominantly large market capitalization. 2. The firm employs hard data – primarily insider and corporate actions – forensic analysis of balance sheets and cash flows, and non-biased industry research to

guide its investments. 3. Using a bottom-up approach, Aletheia’s research process identifies securities with significant growth in earnings and cash flow. This process also uncovers opportunities in securities that have declined significantly in price or that are misunderstood or mispriced by the market. 4. The investment team screens an initial universe consisting of all publicly traded companies, with a preference given to larger market cap. From this universe, stocks are screened by identifying companies that demonstrate aberrational insider buying by corporate officers and employees, focusing on consensus buying by insiders, absolute dollar amounts of buying by insiders, option exercise behaviour, and forward sales. The result is a diversified portfolio of large cap international growth companies seeking to deliver superior long-term performance. This fund is an excellent addition to a diversified portfolio that seeks exposure to large cap global equities.

Manager Commentary During the last several months, most of the fund’s holdings have continued to generate outstanding results – whether it is the fund’s exposure to gold companies with increasing production and rising prices, or holdings in global oil companies, or any of the dominant world-class companies in the portfolio like Adidas, Coca-Cola, Louis-Vuitton or IBM. Still, the market’s focus recently has been squarely on Europe’s sovereign debt crisis and the historic Standard & Poor’s downgrade of the U.S. credit rating. This has impaired equities generally, and the manager believes mistakenly so, as it relates to individual companies. The market volatility has taken already high-quality, growing and

very cheap businesses to even lower valuations. As further illustration of the opportunities the manager believes currently exist, during one of the most volatile multi-week periods in stock market history in early August, insiders embarked on one of the biggest waves of insider buying across broad market sectors since 1998. The manager’s investment process is demonstrating that the “economies” of individual investments within the fund are actually very strong. The manager believes this is the best leading indicator of future performance. As at September 30, 2011

renaissance investments 109

GLOBAL EQUIT Y FUNDS

Renaissance Global Focus Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Global Focus Currency Neutral Fund (Class A) Fund Category Global Equity

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth by investing primarily in equity securities (including common shares, preferred shares, and warrants to acquire such securities) of companies throughout the world in the sector categories determined by the portfolio sub-advisor.The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from nonCanadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15 Fund

Benchmark A MSCI World Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year)

Volatility Analysis Total Assets ($mil) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

A A A F

Load Structure

Currency

Fund Code

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1247 ATL1245 ATL1246 ATL1248

Inception Date MER Minimum Investment Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

— -5.2 -11.3

— -17.4 -20.4

— 10.6 9.4

— 6.4 6.9

— 5.8 7.3

— 18.0 20.2

— -6.6 -7.1

— -29.3 -25.4

— 14.3 11.1

— 6.5 6.5

— -10.8 -7.5

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -4.7 -2.6

— -12.2 -9.9

— -12.7 -10.0

— -5.7 -2.3

— -1.3 0.1

— -1.4 -0.2

— -4.4 -3.0

— — —

Portfolio Analysis as of 09-30-2011

Fund Details Class

2001

Composition

October 20, 2010 2.36% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Past performance information is currently unavailable as the fund was recently established.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

18.9 28.7 43.2 0.0 0.0 9.2 0.0

% Assets

Barrick Gold Corporation Canadian Natural Resources Ltd International Business Machines Corp The Coca-Cola Co Newmont Mining Corporation

3.6 2.7 2.7 2.5 2.5

Volkswagen AG ADR Novagold Resources, Inc. Adidas AG ADR Physical Gold Bullion Caterpillar Inc

2.4 2.3 2.2 2.1 2.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 181 174 0

Market Cap

Large Medium Small

%

80.0 13.3 6.7

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada United Kingdom Brazil China

% Equity

2.4 16.2 14.1 21.8 16.9 6.2 4.3 5.3 5.6 7.4 0.0 % Assets

31.3 22.1 11.2 6.7 5.7

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Peter J. Eichler Jr. | 10-20-2010 Aletheia Research and Management, Inc.

Peter J. Eichler Jr. is the Chairman and Chief Executive Officer of Aletheia Research and Management, Inc. which he founded in 1997. Prior to this, Mr. Eichler spent twelve years at Bear, Stearns & Co. as Managing Director. While at Bear Stearns, Mr. Eichler founded the Special Accounts Money Management Division and created the Bear Stearns Insiders Fund. Mr. Eichler has been managing money professionally since 1990. Mr. Eichler is a Registered Investment Advisor and a General Securities Principal. David Bunzel | 10-20-2010 Aletheia Research and Management, Inc.

Mr. Bunzel is Senior Managing Director and Co-Portfolio Manager. Mr. Bunzel is a founding investor in Aletheia and had been involved with the company since its inception in 1997 before joining Aletheia as a coportfolio manager in 2008. He has known and worked with Peter J. Eichler Jr. since Mr. Bunzel started in the business in 1986. He began his career with EF Hutton Asset Management as a portfolio manager and research analyst. Mr. Bunzel managed 3 different funds for the firm, including its flagship growth fund. Mark Scalzo | 10-20-2010

Investment Management Approach The Renaissance Global Focus Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Aletheia Research and Management, Inc. is the investment manager of the underlying fund, the Renaissance Global Focus Fund. The underlying fund delivers the time-tested investment methodologies of Aletheia Research and Management Inc. Aletheia, the classic Greek word for “truth and disclosure” signifies the importance the firm places on proprietary research, which has led to their recognition as one of the top growth managers in the United States. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. 1. Aletheia will invest primarily in common stocks that represent diversified industry sectors and predominantly large market capitalization.

Aletheia Research and Management, Inc.

Mr. Scalzo is Senior Managing Director and Co-Portfolio Manager. Mr. Scalzo joined Aletheia Research and Management, Inc. in 2008 after working for Ken Fisher at Fisher Investments as a Group Vice President and Head of Mergers & Acquisitions. Prior to December 2006, Mr. Scalzo was a Regional Manager / Managing Director with Putnam Lovell NBF Securities where he spent over 15 years advising public and private companies on mergers & acquisitions in the financial services and real estate industries.

2. The firm employs hard data – primarily insider and corporate actions – forensic analysis of balance sheets and cash flows, and non-biased industry research to guide its investments. 3. Using a bottom-up approach, Aletheia’s research process identifies securities with significant growth in earnings and cash flow. This process also uncovers opportunities in securities that have declined significantly in price or that are misunderstood or mispriced by the market. 4. The investment team screens an initial universe consisting of all publicly traded companies, with a preference given to larger market cap. From this universe, stocks are screened by identifying companies that demonstrate aberrational insider buying by corporate officers and employees, focusing on consensus buying by insiders, absolute dollar amounts of buying by insiders, option exercise behaviour, and forward sales. The result is a diversified portfolio of large cap international growth companies seeking to deliver superior long-term performance while managing exchange rate fluctuations. This fund is an excellent addition to a diversified portfolio that seeks exposure to large cap global equities.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund.

volatility has taken already high-quality, growing and very cheap businesses to even lower valuations.

During the last several months, most of the fund’s holdings have continued to generate outstanding results – whether it is the fund’s exposure to gold companies with increasing production and rising prices, or holdings in global oil companies, or any of the dominant world-class companies in the portfolio like Adidas, Coca-Cola, Louis-Vuitton or IBM. Still, the market’s focus recently has been squarely on Europe’s sovereign debt crisis and the historic Standard & Poor’s downgrade of the U.S. credit rating. This has impaired equities generally, and the manager believes mistakenly so, as it relates to individual companies. The market

As further illustration of the opportunities the manager believes currently exist, during one of the most volatile multi-week periods in stock market history in early August, insiders embarked on one of the biggest waves of insider buying across broad market sectors since 1998. The manager’s investment process is demonstrating that the “economies” of individual investments within the fund are actually very strong. The manager believes this is the best leading indicator of future performance. As at September 30, 2011

renaissance investments 111

GLOBAL EQUIT Y FUNDS

Renaissance Global Focus Currency Neutral Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Global Small-Cap Fund (Class A) Fund Category Global Small/Mid Cap Equity

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

To seek long-term growth through capital appreciation consistent with preservation of capital though investment primarily in the common shares of smaller, less established companies in developed markets around the world. The Fund may also invest in smaller, less established companies in less developed markets around the world, and may invest in companies that are suppliers or clients of smaller companies.

Growth of $10,000 10

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

210.0% 02-28-1999 to 02-29-2000

-42.1% 09-30-2000 to 09-30-2001

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1041 ATL1040 ATL2041 ATL1626

Inception Date MER Minimum Investment Telephone Web Site

9 8 7 6 5 4

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A

Total Assets ($mil)

4

Investment Style

Notes Class F MER: 1.90% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

3

3

3

4

3

2

3

3

2

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

131.7

86.2

88.4

81.0

59.9

52.9

35.4

15.1

12.0

10.5

8.0

-19.3 -22.8 7.6

-29.9 -22.7 -16.6

20.5 22.0 29.6

12.9 11.2 15.7

7.2 5.3 13.2

15.5 21.3 17.1

-12.7 -4.9 -14.2

-33.4 -40.8 -27.0

19.8 36.2 22.9

12.6 18.3 20.0

-14.2 -15.6 -11.6

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-4.7 -6.8 -5.4

-12.5 -15.1 -14.0

-13.9 -16.3 -15.1

-4.5 -8.0 -2.1

-2.0 0.4 3.2

0.4 2.4 4.4

-5.5 -2.6 -1.3

-1.1 1.7 4.8

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

February 2, 1998 3.02% $500

888 888 FUND www.renaissanceinvestments.ca

4

Top Ten Holdings

3.8 45.7 45.0 1.0 0.0 3.8 0.7

% Assets

C&J Energy Services Inc. Babcock International Group PLC Rentech Cv 4% 15-04-2013 MTU Aero Engines Holding AG Exedy Corp.

1.1 1.0 0.9 0.9 0.8

Hino Motors NRW Holdings Limited Chemring Group PLC Dufry AG Domino's Pizza UK & IRL PLC

0.8 0.8 0.7 0.7 0.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

241 241 230 0

Market Cap

Large Medium Small

%

1.2 32.6 66.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan United Kingdom Canada Australia

% Equity

2.9 7.3 16.0 8.2 17.9 3.9 0.8 20.6 9.4 11.7 1.4 % Assets

47.5 16.6 8.3 7.5 2.7

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Simon H. Thomas | 05-01-2003 Wellington Management Company, LLP

Simon H. Thomas is ultimately responsible for stock section in the non-North America segment of the Fund. Simon spent eight years as a Manager with Arthur Andersen (1992-2000). Simon received his MBA from the University of Chicago Graduate School of Business in 2002. Thomas is a director and equity portfolio manager of Wellington Management International Ltd. Jamie A. Rome | 05-01-2003 Wellington Management Company, LLP

Rome, senior vice president and equity portfolio manager of Wellington Management, has served as portfolio manager of the portion of the Small Cap Fund's assets allocated to Wellington Management since 2002. Mr. Rome joined Wellington Management as an investment professional in 1994 Rome holds the Chartered Financial Analyst designation.

Investment Management Approach The Fund benefits from the extensive investment expertise of Wellington Management, who leverage their global and regional research teams to deliver a bottom-up focused approach to selecting both growth and special situation small-cap companies around the world. Wellington’s global small-cap philosophy is based on their core belief that the small-cap market is inefficient. Using intensive fundamental research with a global perspective, they aim to exploit these inefficiencies. Typically, they find that their greatest value added comes at the stock and industry level, and their research and contrarian investment style can discover great small-cap companies at reasonable prices. The focus is on using the best research techniques for small-company stocks around the world. As such, Wellington takes a “localregional” approach to research and stock selection. This approach is built off of their successful North America,

Europe, Japan and Asia Pacific ex-Japan research teams, with members of those teams recommending investment ideas for the small-cap portfolio. The global industry and regional analysts are each responsible for research and buy and sell recommendations on securities within their areas of coverage. Simon Thomas, Co-Portfolio Manager, is ultimately responsible for stock selection in the nonNorth America segment of the Portfolio, and works closely with Equity Research Analyst, Dan Maguire, to understand the risk and return expectations of their recommendations and the current holdings in the Portfolio. The North America component is run by CoPortfolio Manager, Jamie Rome. The result is a diversified global portfolio of great smallcap companies purchased at a reasonable price. The Fund is an excellent complement for a globally diversified, primarily large-cap portfolio.

Manager Commentary Global small-cap equities have declined in recent months, underperforming their larger-cap global peers. Triggering a rise in risk aversion were: political uncertainty around the U.S. debt ceiling, fears of a slowdown in global economic growth, and continued concerns about sovereign debt risks in Europe. As well, Standard & Poor’s downgrade of the U.S. government’s long-term credit rating from AAA to AA+ unleashed a spike in volatility. Despite macroeconomic uncertainties, the manager continues to find a number of attractive opportunities across the broad investment universe. Fund holdings represent a diversified mixture of relatively inexpensive companies with above-average growth. The manager is

focused on companies that possess strong market positions, skilled management teams, and solid balance sheets. The manager believes these holdings are well positioned to perform across a number of different economic scenarios. At a sector level, the fund is overweight energy, consumer discretionary, and industrials, and underweight materials, and financials. At a regional level, the fund is an overweight to Europe and emerging markets through select positions in Brazil and China, and an underweight to Asia Pacific ex-Japan. As at September 30, 2011

renaissance investments 113

GLOBAL EQUIT Y FUNDS

Renaissance Global Small-Cap Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance European Fund (Class A) Fund Category European Equity

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

To achieve superior long-term investment returns through capital growth and, to a lesser extent, income through investments in securities primarily of issuers located in (or that conduct a significant amount of their business in) Europe.

Growth of $10,000 18 Fund

16 14 12 10 8

Volatility Analysis

Low

Benchmark A MSCI Europe Index

6

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2

2

3

3

3

3

3

1

2

4

4

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

51.3

37.9

34.1

29.3

23.9

26.2

37.1

19.6

18.0

12.8

9.1

-12.7 -14.1 -14.6

-15.2 -19.2 -18.9

9.5 12.6 13.8

8.7 11.8 12.5

5.1 6.9 7.2

30.4 33.6 33.8

-5.5 -5.0 -3.0

-31.4 -35.1 -32.6

12.1 13.6 16.2

-5.4 -5.2 -1.0

-15.6 -12.4 -11.0

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

41.4% 05-31-1997 to 05-31-1998

-39.0% 02-28-2008 to 02-28-2009

Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL163 ATL917 ATL673 ATL030

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-6.6 -4.4 -5.1

-20.2 -16.2 -16.4

-19.0 -14.4 -14.7

-15.6 -12.8 -9.9

-12.1 -9.1 -5.7

-6.8 -6.3 -2.8

-7.8 -7.6 -4.9

-1.3 -0.4 1.1

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

November 24, 1993 2.80% $500

888 888 FUND www.renaissanceinvestments.ca

0.0 0.0 98.4 0.0 0.0 1.6 0.0

Investment Style Top Ten Holdings

Notes MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Fresenius SE & Co KGaA Nestle SA Total SA Kingfisher PLC Tesco PLC

3.6 3.4 2.9 2.9 2.9

Smith & Nephew PLC Synthes Inc. Aryzta AG Experian PLC Allianz SE

2.8 2.8 2.7 2.7 2.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

56 56 53 0

Market Cap

Large Medium Small

%

84.1 15.9 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

France United Kingdom Switzerland Germany Netherlands

% Equity

1.6 4.2 10.8 5.0 15.4 24.7 0.0 11.9 22.5 3.9 0.0 % Assets

25.8 25.0 19.1 11.8 4.0

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Ian Scullion | 09-01-2011 CIBC Global Asset Management Inc

Joined CIBC Asset Management in September 2002. Ian is a member of the Global Equity group, operating from within the firm's Investment Management Platform, and is co-leader of the EAFE Equity team.Bachelor of Business Administration from Laval University (Quebec); Ian is also a CFA charterholder.Portfolio Manager, International Large Cap Equities at Jarislowsky Fraser Ltd. (Montreal) from 1999 to 2002; Director, International Portfolio Management at Cogesfonds (Quebec) from 1995 to 1999. Other Assets Managed

Since

CIBC European Equity CIBC Global Equity CIBC Asia Pacific

10-07 12-07 12-07

Mark Lin | 09-01-2011 CIBC Global Asset Management Inc

Joined CIBC Asset Management in September 2002. Mark is a member of the Global Equity group, operating from within the firm's Investment Management Platform and is part of the EAFE Equity team. Masters in Business Administration from McGill University (Montreal); Bachelor of Arts from York University (Toronto); Mark is also a CFA charterholder. Portfolio Manager at Jarislowsky Fraser Ltd. (Montreal) in 2002; Equity Analyst at Standard Life (Montreal) from 2000 to 2001; Associate Analyst at UBS Warburg (Montreal) from 1998 to 2000. Other Assets Managed

Since

CIBC Asia Pacific CIBC European Equity CIBC Global Technology Renaissance Global Science & Tech

01-02 04-08 10-09 10-09

The Renaissance European Fund equity strategy follows an investment process based on a bottom-up approach to security selection.

investment criteria that guide the process: industry growth, barriers to entry, company management and fundamental valuation.

The initial filter process narrows the universe down to between 150 and 200 securities that will exhibit high stability, strong liquidity and a proven track record.

A consensus decision for all trades leads to an incremental buying and selling process where changes to any of the four investment criteria must be validated prior to selling a position. Holdings are analyzed on an ongoing basis for risk control and adherence to style.

The fundamental analysis that follows is based on four Manager Commentary European sovereign debt is still a major cause for concern for the European financial system, which creates additional liquidity issues. At the same time, the U.S. economy is flirting with extremely anemic economic and employment numbers. The manager uses volatile periods like these to improve the risk/return profile of the fund. This is done by increasing weights in those holdings where the manager

sees the largest disconnect between operational performance and valuation. CIBC Global Asset Management took over management of the fund during the quarter. As a result, a number of the fundâ&#x20AC;&#x2122;s positions have changed, which also led to a change in country and sector exposures. As at September 30, 2011

renaissance investments 115

GLOBAL EQUIT Y FUNDS

Renaissance European Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Asian Fund (Class A) Fund Category Asia Pacific Equity

Morningstar Rating Q

Investment Objective

Performance as of 09-30-2011

To seek long-term growth through capital appreciation by investing primarily in a diversified portfolio of equity securities or securities convertible to equity securities of companies in the Asian and Pacific regions.

Growth of $10,000 18 Fund

Benchmark A MSCI All Country Asia Pacific Index

16 14 12 10

Volatility Analysis

8 6

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

117.0% 12-31-1992 to 12-31-1993

-51.2% 10-31-2007 to 10-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1519 ATL1512 ATL2519 ATL1639

Inception Date MER Minimum Investment Telephone Web Site

January 2, 1990 3.35% $500

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2

3

1

Fund Category Benchmark A

1

4

1

4

3

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

21.3

15.0

16.6

15.3

14.7

13.4

13.7

6.6

8.5

6.9

4.7

-12.6 -14.6 -15.8

-15.0 -13.4 -9.3

24.0 18.0 15.3

1.0 4.2 10.0

21.0 18.1 20.7

7.8 13.1 16.4

15.0 0.0 -2.8

-43.3 -29.7 -27.0

42.1 18.6 17.1

-1.9 12.2 11.1

-19.8 -14.9 -11.6

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

Fund Category Benchmark A

-11.8 -6.5 -3.0

-18.4 -10.8 -8.5

-19.2 -11.9 -9.2

-15.5 -11.1 -6.4

-11.5 -1.4 -0.9

1.3 2.0 3.9

-3.7 -2.0 -1.4

1.3 1.9 3.3

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

4

Trailing Returns %

Investment Style

Class F MER: 2.25%

2

Calendar Year Returns %

888 888 FUND www.renaissanceinvestments.ca

Notes

4

0.0 1.4 93.4 0.0 0.0 5.3 0.0

% Assets

Tamron Co., Ltd. Exedy Corp. Fanuc Corp Korea Kumho Petrochemical Co Ltd China Steel Chemical Co.,

5.9 5.7 5.2 4.3 4.0

Hyundai Home Shopping Network Corp Zeon Corporation Sumitomo Realty & Development Co., Ltd. Sinopharm Group Co., Ltd. China Telecom Corp Ltd

3.7 3.1 3.0 2.8 2.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

47 47 44 0

Market Cap

Large Medium Small

%

46.4 45.6 8.1

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Japan South Korea China Taiwan Thailand

% Equity

0.0 2.1 11.4 17.8 26.7 2.0 6.5 15.2 4.6 13.7 0.0 % Assets

28.3 18.9 18.1 14.7 8.3

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Hugh Simon | 05-02-2007 Hamon Asset Management (Cayman) Limited

Hugh Simon established Hamon in 1989 and currently is the Chief Executive of Hamon. Formerly the Managing Director and President respectively of Lazard’s Hong Kong and Japan and a director of Lazard Investors in London, he was responsible for establishing Lazard’s offices in the Far East and in charge of overall investment and marketing for the Asian region. Prior to joining Lazards in 1984, he worked for Schroders in London, Australia and Hong Kong for five years. Other Assets Managed

Since

Renaissance China Plus

05-07

Eric Ritter | 05-17-2011 Hamon Asset Management Ltd

This Fund benefits from the specialized experience of Hamon Investment Group, an Asian-specific investment management company, which manages the Fund with a bottom-up core approach, leveraging Hamon’s on-theground fundamental research expertise. To determine where the Fund will invest, the team at Hamon analyzes many factors including economic and political trends in Asia, the current financial condition and future prospects of individual companies and sectors in the region and the valuation of one market or company relative to another. The team at Hamon focuses on opportunities in different industries across the Asian countries. Generally, the companies in which the Fund invests are leaders in their respective industries, with strong recognition. Hamon’s focus on bottom-up stock

selection generates added value by identifying companies in their early phase of earnings acceleration and for which they have identified a catalyst. The team’s valuation methodology is governed by assessing the long-term relationship between the price-to book ratio and return on equity. They do not constrain themselves to only growth or value styles or market capitalization, as they believe no single investment style consistently outperforms in Asia. The result is a high-conviction, diversified portfolio of companies that are principally traded in the Asian Pacific region. The lower correlation of this specialty product to other developed markets makes it an excellent diversifying component within a portfolio.

Manager Commentary

Raymond Chan | 05-17-2011 RCM Asia Pacific Limited

Raymond is Chief Investment Officer, Asia, reporting to the Global CIO in London. Raymond is responsible for all investment professionals in Asia ex-Japan and is the Chairman of the Hong Kong Balanced Investment Committee in Hong Kong. Raymond has overall responsibility for the investment process and performance and is a full member of the Global Equity Team. He is a Chartered Financial Analyst and holds an M.A. in Finance and Investment from the University of Exeter and a B.A. (Hons.) in Economics from the University of Durham, UK. Other Assets Managed

Since

Renaissance China Plus

05-11

Asian equity markets fell sharply over the third quarter, as concerns of slower global growth and increased risk of recession in developed markets dragged stocks down. Over the period, the manager consolidated some of the fund’s positions, trimming select U.S.-listed Chinese companies, particularly department stores and software companies, as investors lacked confidence in the entire sector. Select telecommunication stocks were also added, given the growing market penetration in Asia. Japanese stocks make up the fund’s top positions, as market visibility on domestic demand has improved

following early year disruptions. The impact of the worsening European debt crisis on the global economy still remains the biggest concern for investors; however, the manager maintains a positive view for Asian equities. Earnings growth forecasts continue to look achievable, as headwinds from the first half of the year have abated. As at September 30, 2011

renaissance investments 117

GLOBAL EQUIT Y FUNDS

Renaissance Asian Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance China Plus Fund (Class A) Fund Category Greater China Equity

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

To seek long-term growth through capital appreciation by investing primarily in equity securities of companies based in China and Taiwan. The Fund may also invest in companies not based in China or Taiwan, but that conduct a majority of their commercial activities in either one or all of these countries.

Growth of $10,000 30 Fund

Benchmark A MSCI Zhong Hua Index

26 22 18 14 10 6

Volatility Analysis

Performance Quartile (within category over calendar year) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

335.8% 03-31-1999 to 03-31-2000

-57.6% 10-31-2007 to 10-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1051 ATL1050 ATL2051 ATL1627

Inception Date MER Minimum Investment Telephone Web Site

Total Assets ($mil)

Fund Category Benchmark A

Class F MER: 1.85% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

3

1

4

4

4

1

1

2

4

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

30.4

26.0

76.1

133.8

103.4

140.7

166.5

89.3

197.9

190.5

103.4

4.0 6.0 -15.2

-21.7 -17.9 -17.6

40.5 50.2 24.6

-5.0 -7.2 7.5

-3.2 2.9 10.0

51.8 62.6 53.4

28.6 30.0 31.7

-37.0 -41.1 -38.5

71.3 37.0 37.6

3.4 0.2 4.3

-38.9 -22.5 -19.6

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

Fund Category Benchmark A

-17.5 -13.1 -11.2

-29.9 -20.5 -17.4

-36.1 -22.1 -19.3

-36.6 -23.6 -20.5

-16.0 -8.7 -6.1

6.0 2.1 5.0

2.5 1.8 4.1

5.5 6.6 7.8

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Notes

3

Calendar Year Returns %

February 2, 1998 3.30% $500

Investment Style

3

Top Ten Holdings

1.7 0.3 96.7 0.0 0.0 1.4 0.0

% Assets

China Foods China Unicom (Hong Kong) Ltd Belle International Holdings Ltd. China Shenhua Energy Company Limited AviChina Industry & Technology Co., Ltd.

4.2 4.2 4.1 3.4 3.2

Kunlun Energy Company Ltd Hengan International Group Co., Ltd. Shimao Property Holdings Ltd. Hunan Nonferrous Metals Corporation Ltd. China Petrochemical Development Corp

2.8 2.8 2.8 2.7 2.5

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

55 55 49 0

Market Cap

Large Medium Small

%

41.0 37.1 22.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

China Hong Kong Taiwan Canada United States

% Equity

0.0 10.1 12.3 11.7 20.2 12.7 6.3 12.0 3.6 11.0 0.0 % Assets

72.9 15.2 9.6 2.0 0.3

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Hugh Simon | 05-02-2007 Hamon Asset Management (Cayman) Limited

Hugh Simon established Hamon in 1989 and currently is the Chief Executive of Hamon. Formerly the Managing Director and President respectively of Lazard’s Hong Kong and Japan and a director of Lazard Investors in London, he was responsible for establishing Lazard’s offices in the Far East and in charge of overall investment and marketing for the Asian region. Prior to joining Lazards in 1984, he worked for Schroders in London, Australia and Hong Kong for five years. Other Assets Managed

Since

Renaissance Asian

05-07

William Liu | 02-28-2011 Hamon Asset Management Ltd

William Liu is a Fund Manager at Hamon Investment Group focusing on management and research on the Chinese markets. William started his career in HK with UBS Investment Bank, handling the distribution of US treasurers, agency bonds and other structured products. He then joined CLSA and worked for 5 years, progressing to Head of China Research and was responsible to run a Greater China fund for an institutional client. Prior to joining Hamon, he was the Executive Director for BNP Paribas Securities Asia, heading research and strategy, and assisting BNP to develop China domestic QDII business. Raymond Chan | 05-17-2011

The Fund benefits from the specialized experience of Hamon Investment Management, an Asian-specific investment management company, which manages the Fund with a bottom-up core approach, leveraging Hamon’s on-the-ground fundamental research expertise. To determine where the Fund will invest, the team at Hamon analyzes many factors including economic and political trends in Greater China, the current financial condition and future prospects of individual companies and sectors in the region, and the valuation of one market or company relative to another. The team at Hamon focuses on opportunities in different industries across Greater China. Hamon’s focus on bottom-up stock selection generates added value by identifying companies in their early phase of earnings acceleration

and for which they have identified a catalyst. The team’s valuation methodology is governed by assessing the long-term relationship between the price-to-book ratio and return on equity. They do not constrain themselves to only growth or value styles or market capitalization, as they believe no single investment style consistently outperforms in Asia. The result is a high-conviction, diversified portfolio of companies that are principally traded in China, Hong Kong or Taiwan (Greater China), and typically either derive a significant portion of their revenues from Greater China or hold a significant portion of their asset or assets in the region. The lower correlation of this specialty product to other developed markets makes it an excellent diversifying component within a portfolio.

Manager Commentary Amid concerns regarding the possible slowdown of the global economy, world equity markets have encountered heavy selling pressure as investors look to reduce risk exposure. Over the third quarter, the manager focused more on domestic cyclical stocks to weather against market headwinds, adding telecommunication and pharmaceutical stocks to the fund. The manager also continues to trim select U.S.-listed Chinese stocks, particularly software and advanced engineering names, as investors lack confidence in the entire sector. A telecom company was added and performed well during

the period. While news from the eurozone continues to weigh on investor sentiment, the Chinese economy should remain resilient given the continuing migration towards the strengthening of its domestic market. Inflation rates may have peaked during the summer months, and may moderate for the rest of the year, precipitating less monetary tightening pressure. As at September 30, 2011

RCM Asia Pacific Limited

Raymond is Chief Investment Officer, Asia, reporting to the Global CIO in London. Raymond is responsible for all investment professionals in Asia ex-Japan and is the Chairman of the Hong Kong Balanced Investment Committee in Hong Kong. Raymond has overall responsibility for the investment process and performance and is a full member of the Global Equity Team. He is a Chartered Financial Analyst and holds an M.A. in Finance and Investment from the University of Exeter and a B.A. (Hons.) in Economics from the University of Durham, UK. Other Assets Managed

Since

Renaissance Asian

05-11

renaissance investments 119

GLOBAL EQUIT Y FUNDS

Renaissance China Plus Fund (Class A)


GLOBAL EQUIT Y FUNDS

Renaissance Emerging Markets Fund (Class A) Fund Category Emerging Markets Equity

Morningstar Rating QQ

Investment Objective

Performance as of 09-30-2011

To seek long-term capital appreciation by investing in securities, principally equities, of issuers in countries having smaller capital markets.

Growth of $10,000 30 Fund

Benchmark A MSCI Emerging Markets Index

26 22 18

Volatility Analysis

14 10 6

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Worst 1 Year Return

84.5% 02-28-1999 to 02-29-2000

-47.3% 02-28-2008 to 02-28-2009

Fund Details

3

3

3

2

4

3

3

4

4

4

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

26.1

18.9

19.8

19.1

20.7

23.3

26.6

13.8

19.4

20.5

14.9

Fund Category Benchmark A

1.3 -3.5 3.8

-12.0 -8.8 -7.0

25.1 25.9 27.8

14.3 12.8 16.8

29.7 26.7 31.2

24.5 31.5 32.1

15.9 16.8 18.5

-44.7 -45.5 -41.4

46.2 54.1 52.0

9.6 13.3 13.0

-23.7 -20.4 -17.8

Total Assets ($mil) Best 1 Year Return

1

Calendar Year Returns %

Class

Load Structure

Currency

Fund Code

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL858 ATL920 ATL675 ATL029

Fund Category Benchmark A

-12.0 -10.4 -9.0

-20.4 -16.7 -16.3

-22.9 -18.4 -17.8

-20.1 -17.5 -14.6

-5.8 -1.6 -0.8

-0.4 3.3 5.9

-1.5 1.5 3.7

7.4 8.5 11.7

Inception Date MER Minimum Investment Telephone Web Site

October 25, 1996 3.05% $500

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.65% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

0.0 0.4 97.0 0.0 0.0 1.5 1.1

% Assets

Samsung Electronics Co Ltd Vale S.A. Pfd Shs -AChina Mobile Ltd. Taiwan Semiconductor Manufacturing Hyundai Motor Co Ltd

3.9 3.1 2.7 2.3 2.0

Bank Of China Ltd. Industrial And Commercial Bk Of China Sberbank of Russia OJSC OAO Gazprom ADR Petroleo Brasileiro SA Petrobras ADR

1.9 1.7 1.7 1.7 1.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

147 147 144 0

Market Cap

Large Medium Small

%

84.3 14.5 1.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

China South Korea Brazil Taiwan Russian Federation

% Equity

1.4 14.9 24.8 13.1 9.2 4.0 12.0 5.4 0.6 14.6 0.0 % Assets

16.7 16.7 15.3 9.1 7.2

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios Klaus Bockstaller | 11-01-2008 Pictet Asset Management Ltd

Klaus Bockstaller joined Pictet in 2009 following 5 years at Fleming Capital Management. Prior to joining FCM, Mr. Bockstaller was Head of Emerging Europe, Middle East, and Africa since September 2000 at Baring Asset Management. He managed the Baring Emerging Europe Trust and the Baring Eastern Europe Fund. Previously he was with UBS Brinson, where he was a portfolio manager for Eastern Europe funds and focused on all emerging markets within the European time-zone. He graduated in economics from the University of Freiburg in 1993. Nidhi Mahurkar | 11-01-2008 Pictet Asset Management Ltd

Nidhi Mahurkar is Co-Head of the Global Emerging Markets Equities team in charge of investment in Asian Emerging Markets and has responsibility for regional Asian mandates. She joined Pictet Asset Management in 2001 with five years of previous experience managing Asian equities at Lazard Asset Management, where she was industry leader for technology for Lazard’s global emerging markets product. Before joining Lazard, she worked with American Express in London. Nidhi holds a BA (Hons) in Economics and an MBA from the Indian Institute of Management in Bangalore.

Investment Management Approach The Fund benefits from the international investment expertise of Pictet Asset Management Limited (PAM), one of the premier asset managers in Europe, to deliver a disciplined approach to investing in the emerging equity markets. Investment Process: t PAM’s investment strategy is based primarily on a bottom-up approach with a value bias. t PAM defines value principally in terms of productive assets -- they believe that value can consistently be added by identifying and investing in companies selling at less than the replacement value of their productive assets. t Emerging markets are prone to exaggerated market cycles; market inefficiencies abound. PAM employs an active value-based methodology to identify and buy mispriced stocks. t The centre of this investment process is a

proprietary database which helps to identify these mispriced companies. t For financials and intellectual property/service companies, PAM employs a modified, value-based approach based on adjusted book value and implied growth respectively t Country and sector weights are driven by stock selection and subject only to a negative test. t This focused process and execution is backed by separate risk control overlay The result is a diversified portfolio of emerging market stocks. The low correlation of this asset class to domestic markets makes this Fund an excellent complement to an investors' portfolio seeking further diversification through exposure to emerging markets companies.

Manager Commentary The downgrading of U.S. debt by Standard & Poor’s, coupled with fears over the European banking sector and the general health of the global economy, led to a very difficult environment for “risk” assets over the period. At a global emerging sector level, the cyclical information technology, energy and industrial sectors recorded the largest falls; consumer staples and telecoms proved the most resilient. The fund underperformed the benchmark over the period. At a country allocation level, there was a negative contribution to relative performance from the overweight to Russia and underweights to South Africa and Mexico. The overweight to Peru and underweights to India and Turkey made a small positive contribution to relative returns. At a sector level, the fund’s financials holdings contributed positively to performance, while materials and consumer staples detracted.

The long-term growth and balance sheet fundamentals of emerging markets continue to compare well with developed markets. However, the near-term performance of emerging equities remains closely linked to the global appetite for risk. The manager remains committed to its investment approach of identifying cheap companies on an objective asset value basis, with positive fundamental drivers. The results of the bottom-up investment process result in country overweights to China, Indonesia, Peru and Thailand; key underweights are Chile, Mexico, South Africa, Taiwan and India. At a sector level, consumer discretionary, financials and telecoms are weighted above the index; underweight positions include materials, consumer staples and utilities. As at September 30, 2011

renaissance investments 121

GLOBAL EQUIT Y FUNDS

Renaissance Emerging Markets Fund (Class A)


S P E C I A LT Y F U N D S

Renaissance Global Infrastructure Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQQQ

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth and income by investing primarily in equity securities (including common shares, preferred shares, and warrants to acquire such securities) of companies throughout the world that are involved in, or that indirectly benefit from, the development, maintenance, servicing, and management of infrastructures.

Growth of $10,000 13

Volatility Analysis

Low

Fund

Benchmark A S&P Global Infrastructure Index

12 11 10 9 8 7

Performance Quartile (within category over calendar year) Medium

Worst 1 Year Return

29.3% 05-31-2010 to 05-31-2011

-25.2% 04-30-2008 to 04-30-2009

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL061 ATL059 ATL060 ATL062

Inception Date MER Minimum Investment Telephone Web Site

2003

2004

2005

2006

2007

2008

2009

2010

YTD

9.0

72.9

163.9

220.8

375.2

Fund Category Benchmark A

— -5.2 —

— -17.4 —

— 10.6 10.5

— 6.4 15.9

— 5.8 7.1

— 18.0 34.5

— -6.6 1.6

-17.6 -29.3 -27.0

6.9 14.3 7.6

5.6 6.5 0.5

0.0 -10.8 -1.4

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-3.2 -4.7 0.6

-8.4 -12.2 -6.3

-4.2 -12.7 -3.9

1.8 -5.7 -0.1

5.1 -1.3 1.4

3.3 -1.4 0.3

— -4.4 -1.5

-1.6 — —

Calendar Year Returns %

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

Class F MER: 1.33% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Notes

1

2002

November 13, 2007 2.62% $500

Investment Style

3

Total Assets ($mil)

Best 1 Year Return

4

2001

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

1

Top Ten Holdings

7.0 21.9 67.3 0.0 0.0 3.7 0.1

% Assets

MAp Group TransCanada Corp Transurban Group Vinci Abertis Infraestructuras SA

5.5 5.1 4.5 4.3 4.2

Southern Co National Grid PLC SES SA American Water Works Co Inc Spark Infrastructure Group

4.0 4.0 3.6 3.4 3.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

44 44 42 0

Market Cap

Large Medium Small

%

54.4 45.6 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Australia Canada United Kingdom France

% Equity

45.9 8.6 0.0 0.0 3.7 0.0 0.0 41.8 0.0 0.0 0.0 % Assets

21.9 18.8 10.8 8.3 8.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


S P E C I A LT Y F U N D S

Renaissance Global Infrastructure Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Richard Elmslie | 11-13-2007 RARE Infrastructure Limited

Richard Elmslie co-founded RARE Infrastructure with Nick Langley in 2006. Mr. Elmslie has worked for numerous infrastructure companies in Australia, New Zealand, the U.K., U.S., Canada, Asia and Japan, in global infrastructure sectors, including gas, electricity, water, telecoms, communications and airports. Prior to founding RARE, he was the Head of Power and Joint Head of Infrastructure at UBS Investment Bank in Sydney (2000-2004), and Head of Power at BZW/ABN AMRO first in London, then Wellington, New Zealand and in Sydney (1990-1999). Other Assets Managed

Since

Renaissance Glbl Infras Ccy Netrl Cl A

10-10

Nick Langley | 11-13-2007 RARE Infrastructure Limited

Nick Langley co-founded RARE Infrastructure with Richard Elmslie in 2006. Mr. Langley has great experience in global infrastructure investment, across a range of global infrastructure sectors, including gas, electricity, telecoms, rail, airports, toll roads and social infrastructure such as hospitals. Mr. Langley has worked for some of the world’s leading financial institutions including AMP Capital, where he spent four years on the funds management team (2002-2006); UBS Investment Bank in New York (2000-2001) and BZW/ ABN AMRO in Sydney (1998-2000). Other Assets Managed

Since

Renaissance Glbl Infras Ccy Netrl Cl A

10-10

This Fund benefits from one of the world’s most experienced global infrastructure investment teams with more than 70 years combined expertise, Sydney-based RARE Infrastructure (Risk Adjusted Returns to Equity), whose combined quantitative and qualitative approach to this growing asset class delivers the potential for long-term consistent returns and attractive yields. RARE applies a combination of quantitative and qualitative assessments to select a concentrated portfolio of stocks from more than 40,000 global listed securities. 1. Screening Analysis: The initial screening process is a combination of automated and manual screens designed to reduce the global universe of stocks to a select Focus List. This includes, sector screens, market capitalization, financial, valuation and peer group assessments.

2. Individual Security Assessment: The Focus List is taken through research checks to ensure attributes of a security are aligned with the fund’s overall objectives. This research covers both quantitative and qualitative attributes. 3. Portfolio Construction Parameters: RARE’s portfolio construction is the result of security specific research and portfolio construction techniques that results in a balanced portfolio of attractive yielding infrastructure stocks. The result is a lower volatility portfolio of global infrastructure securities designed to provide investors with exposure to an asset class known to offer regular and predictable income. The defensive, inflation-hedged nature of this asset class, which has a lower correlation to traditional asset classes, makes it an ideal complement to any component of a portfolio.

Manager Commentary At the beginning of the quarter, the manager’s view was that the market had reached a difficult juncture with significant short-term volatility and macro-economic and political risks, which could result in a material change in the outlook. Finding a long-term resolution to the sovereign debt concerns plaguing the European periphery is a concern. Another concern is the U.S. debt ceiling. Brinkmanship aside, the outcome of the discussions surrounding the U. S. debt ceiling could set a longer-term path for U.S. austerity and tax measures, and influence the public’s view of the major parties/factions heading into the 2012 election cycle. In addition, it remains to be determined whether the current slow patch in U.S. economic data is

merely a hangover from the Japanese earthquake and consequent disruption to global supply chains, or whether the U.S. economy reaching a stall speed. The manager is concerned that the world has had a material change in economic outlook and the manager gradually brought risk into the fund over the quarter. In essence, this reduced exposure to European infrastructure and, in some cases, European utility exposure where there has been heighten regulatory risk. To execute this strategy, the manager has been investing in U.K. water, Australian utilities and infrastructure, and U.S. utilities. As at September 30, 2011

renaissance investments 123


S P E C I A LT Y F U N D S

Renaissance Global Infrastructure Currency Neutral Fund (Class A) Fund Category Global Equity

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth and income by investing primarily in equity securities (including common shares, preferred shares, and warrants to acquire such securities) of companies throughout the world that are involved in, or that indirectly benefit from, the development, maintenance, servicing, and management of infrastructures. The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15 Fund

Benchmark A S&P Global Infrastructure Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year)

Total Assets ($mil)

Fund Details

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

— -17.4 —

— 10.6 10.5

— 6.4 15.9

— 5.8 7.1

— 18.0 34.5

— -6.6 1.6

— -29.3 -27.0

— 14.3 7.6

— 6.5 0.5

— -10.8 -1.4

Class

Load Structure

Currency

Fund Code

Calendar Year Returns %

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1232 ATL1230 ATL1231 ATL1233

Fund Category Benchmark A

— -5.2 —

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -4.7 0.6

— -12.2 -6.3

— -12.7 -3.9

— -5.7 -0.1

— -1.3 1.4

— -1.4 0.3

— -4.4 -1.5

— — —

Inception Date MER Minimum Investment Telephone Web Site

October 20, 2010 2.41% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Past performance information is currently unavailable as the fund was recently established.

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

6.9 21.6 66.3 0.0 0.0 5.2 0.0

% Assets

MAp Group TransCanada Corp Transurban Group Vinci Abertis Infraestructuras SA

5.5 5.1 4.6 4.4 4.2

Southern Co National Grid PLC SES SA American Water Works Co Inc Spark Infrastructure Group

4.1 4.1 3.6 3.5 3.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 44 42 0

Market Cap

Large Medium Small

%

49.7 50.3 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Australia Canada United Kingdom France

% Equity

45.9 8.6 0.0 0.0 3.7 0.0 0.0 41.8 0.0 0.0 0.0 % Assets

22.1 18.9 10.2 8.4 8.1

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


Investment Management Overview Manager Bios

Investment Management Approach

Richard Elmslie | 10-20-2010 RARE Infrastructure Limited

Richard Elmslie co-founded RARE Infrastructure with Nick Langley in 2006. Mr. Elmslie has worked for numerous infrastructure companies in Australia, New Zealand, the U.K., U.S., Canada, Asia and Japan, in global infrastructure sectors, including gas, electricity, water, telecoms, communications and airports. Prior to founding RARE, he was the Head of Power and Joint Head of Infrastructure at UBS Investment Bank in Sydney (2000-2004), and Head of Power at BZW/ABN AMRO first in London, then Wellington, New Zealand and in Sydney (1990-1999). Other Assets Managed

Since

Renaissance Global Infrastructure

11-07

Nick Langley | 10-20-2010 RARE Infrastructure Limited

Nick Langley co-founded RARE Infrastructure with Richard Elmslie in 2006. Mr. Langley has great experience in global infrastructure investment, across a range of global infrastructure sectors, including gas, electricity, telecoms, rail, airports, toll roads and social infrastructure such as hospitals. Mr. Langley has worked for some of the world’s leading financial institutions including AMP Capital, where he spent four years on the funds management team (2002-2006); UBS Investment Bank in New York (2000-2001) and BZW/ ABN AMRO in Sydney (1998-2000). Other Assets Managed

Since

Renaissance Global Infrastructure

11-07

The Renaissance Global Infrastructure Currency Neutral Fund is managed by CIBC Global Asset Management Inc. RARE Infrastructure Limited is the investment manager of the underlying fund, the Renaissance Global Infrastructure Fund. The underlying Fund benefits from one of the world’s most experienced global infrastructure investment teams with more than 70 years combined expertise, Sydneybased RARE Infrastructure (Risk Adjusted Returns to Equity), whose combined quantitative and qualitative approach to this growing asset class delivers the potential for long-term consistent returns and attractive yields. RARE applies a combination of quantitative and qualitative assessments to select a concentrated portfolio of stocks from more than 40,000 global listed securities. 1. Screening Analysis: The initial screening process is a combination of automated and manual screens designed to reduce the global universe of stocks to a select Focus

List. This includes, sector screens, market capitalization, financial, valuation and peer group assessments. 2. Individual Security Assessment: The Focus List is taken through research checks to ensure attributes of a security are aligned with the fund’s overall objectives. This research covers both quantitative and qualitative attributes. 3. Portfolio Construction Parameters: RARE’s portfolio construction is the result of security specific research and portfolio construction techniques that results in a balanced portfolio of attractive yielding infrastructure stocks. The result is a lower volatility portfolio of global infrastructure securities designed to provide investors with exposure to an asset class known to offer regular and predictable income, while managing exchange rate fluctuations. The defensive, inflation-hedged nature of this asset class, which has a lower correlation to traditional asset classes, makes it an ideal complement to any component of a portfolio.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund. At the beginning of the quarter, the manager’s view was that the market had reached a difficult juncture with significant short-term volatility and macro-economic and political risks, which could result in a material change in the outlook. Finding a long-term resolution to the sovereign debt concerns plaguing the European periphery is a concern. Another concern is the U.S. debt ceiling. Brinkmanship aside, the outcome of the discussions surrounding the U. S. debt ceiling could set a longer-term path for U.S. austerity and tax measures, and influence the public’s view of the major parties/factions heading into the 2012 election cycle. In addition, it remains to be determined

whether the current slow patch in U.S. economic data is merely a hangover from the Japanese earthquake and consequent disruption to global supply chains, or whether the U.S. economy reaching a stall speed. The manager is concerned that the world has had a material change in economic outlook and the manager gradually brought risk into the fund over the quarter. In essence, this reduced exposure to European infrastructure and, in some cases, European utility exposure where there has been heighten regulatory risk. To execute this strategy, the manager has been investing in U.K. water, Australian utilities and infrastructure, and U.S. utilities. As at September 30, 2011

renaissance investments 125

S P E C I A LT Y F U N D S

Renaissance Global Infrastructure Currency Neutral Fund (Class A)


S P E C I A LT Y F U N D S

Renaissance Global Real Estate Fund (Class A) Fund Category Real Estate Equity

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth primarily through exposure to a global real estate fund that invests in equity securities of companies throughout the world that are involved in, or that indirectly benefit from, management companies, commercial, industrial, and residential properties, or other investment in the real estate sector.

Growth of $10,000 15

Volatility Analysis

Low

Fund

Benchmark A FTSE EPRA/NAREIT Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year) Medium

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

Fund Category Benchmark A

— 14.8 -2.1

— 1.1 -3.4

— 22.5 9.2

— 21.5 22.4

— 15.6 7.9

— 30.5 37.0

— -24.0 -23.7

— -35.3 -37.7

— 30.3 11.9

— 17.7 9.8

— 6.1 -10.6

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -1.4 -7.0

— -3.1 -11.5

— -2.3 -10.7

— 6.4 -8.9

— 14.7 -0.4

— 6.3 -5.3

— -2.0 -9.2

— — —

High

Total Assets ($mil) Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

— —

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1257 ATL1255 ATL1256 ATL1258

Inception Date MER Minimum Investment Telephone Web Site

Calendar Year Returns %

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

October 20, 2010 1.86% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Past performance information is currently unavailable as the fund was recently established.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

5.0 44.0 49.6 0.0 0.0 1.0 0.5

% Assets

Simon Property Group Inc Sun Hung Kai Properties, Ltd. HCP Inc Unibail-Rodamco SE Vornado Realty Trust Shs of Benef Int

6.1 4.1 4.0 3.8 3.3

Equity Residential Mitsui Fudosan Co., Ltd. Ventas Inc Nippon Building Fund Inc Hongkong Land Holdings Ltd.

2.5 2.5 2.1 2.1 2.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

93 93 90 0

Market Cap

Large Medium Small

%

60.5 29.8 9.6

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Hong Kong Australia Japan Canada

% Equity

0.0 0.0 98.8 0.0 1.2 0.0 0.0 0.0 0.0 0.0 0.0 % Assets

44.0 9.4 8.9 8.8 6.0

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


S P E C I A LT Y F U N D S

Renaissance Global Real Estate Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Joseph M. Harvey | 10-20-2010 Cohen & Steers

Joseph Harvey is a senior portfolio manager for real estate securities portfolios. Prior to joining the Cohen & Steers in 1992, Mr. Harvey was a vice president with Robert A. Stanger Co. for five years, where he was an analyst specializing in real estate and related securities for the firm’s research and consulting activities. Mr. Harvey has a BSE degree from Princeton University. Other Assets Managed

Since

Renaissance Glbl Real Estate Ccy Netrl A

10-10

Scott Crowe | 10-20-2010 Cohen & Steers

"Scott Crowe, senior vice president, is a global portfolio manager for real estate securities portfolios and oversees the global research process for real estate securities. He has 14 years of experience. Prior to joining the firm in 2007, Mr. Crowe was an executive director at UBS and served as global head of real estate. He also worked at UBS Warburg as a real estate analyst. Mr. Crowe has a Bachelor of Commerce degree from the University of New South Wales and graduated with honors with a finance degree from the University of Technology, Sydney. He is based in New York. " Other Assets Managed

Since

Renaissance Glbl Real Estate Ccy Netrl A

10-10

Chip McKinley | 10-20-2010 Cohen & Steers

Chip McKinley is a portfolio manager for global real estate securities portfolios. Prior to joining Cohen & Steers in 2007, Mr. McKinley was a portfolio manager and REIT analyst at Franklin Templeton Real Estate Advisors. Previously, he was with Fidelity Investments and Cayuga Fund. Mr. McKinley has a BA degree from Southern Methodist University and an MBA degree from Cornell University. Other Assets Managed

Since

Renaissance Glbl Real Estate Ccy Netrl A

10-10

The Fund benefits from the expertise of Cohen & Steers, a leading investment manager of global real estate portfolios. Cohen & Steers employs a disciplined, valuation-driven approach that utilizes a team effort consisting of managers who are experts in their respective property sectors and countries. Collectively, they cover over 400 global companies.

valuation metrics include price-to-net asset value and multiple-to-growth ratio. The team then uses a proprietary valuation model to determine the optimal security weights to help construct the portfolio, and will take active positions against the benchmark. Risk is managed through the utilization of the valuation model to diversify the portfolio by region and property sector.

The research process involves both a top-down and bottom-up approach to build and maintain the portfolio. The top-down analysis focuses on key real estate themes that Cohen & Steers believe provide strong fundamental value creation opportunities. The top-down themes are supported with a bottom-up valuation discipline. The team analyzes specific property companies based on multiple factors, such as balance sheet, management, structure and real estate portfolio. Some of the primary

The result is a well diversified currency neutral portfolio, that is selected using a standardized, bottom-up approach to company research and valuation, along with a top-down view of the economy. With global real estate playing an increasingly important part of many pension portfolios, this Fund makes an excellent complement to a domestic portfolio and complements global infrastructure holdings.

Manager Commentary Global real estate stocks were highly volatile in the third quarter, a turbulent period for stocks broadly amid reduced global growth expectations. The quarter also saw an intensification of European sovereign debt concerns, and investors feared fiscal contagion from Greece would impact larger regional economies. Across the Asian-Pacific region, landlords outperformed developers as risk-averse investors sought companies with more stable cash flows. In the U.S., apartment real estate investment trusts (REITs) held up relatively well due to good fundamentals and low leverage, while hotel and industrial stocks had sizable declines. The manager continues to monitor macro conditions carefully, and during the quarter, increased allocations to

companies that are more able to maintain cash flows in a challenging economic environment. In the U.S., the manager added to health care holdings, while trimming allocations to the hotel and industrial sectors. The manager favours apartment REITs and high-quality regional mall owners. The manager’s focus in Europe is on more stable companies with good balance sheets, trading at the most attractive valuations. In Hong Kong and Singapore, the manager favours office and retail owners, which it believes are well positioned to benefit from solid economic growth and low unemployment. The manager has become somewhat more cautious toward Japan’s property developers. As at September 30, 2011

renaissance investments 127


S P E C I A LT Y F U N D S

Renaissance Global Real Estate Currency Neutral Fund (Class A) Fund Category Real Estate Equity

Morningstar Rating N/A

Investment Objective

Performance as of 09-30-2011

To seek long-term capital growth primarily through exposure to a global real estate fund that invests in equity securities of companies throughout the world that are involved in, or that indirectly benefit from, management companies, commercial, industrial, and residential properties, or other investment in the real estate sector (the Underlying Fund). The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from nonCanadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15 Fund

Benchmark A FTSE EPRA/NAREIT Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year) 2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

— 1.1 -3.4

— 22.5 9.2

— 21.5 22.4

— 15.6 7.9

— 30.5 37.0

— -24.0 -23.7

— -35.3 -37.7

— 30.3 11.9

— 17.7 9.8

— 6.1 -10.6

Total Assets ($mil)

Fund Details Class

Load Structure

Currency

Fund Code

Calendar Year Returns %

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1262 ATL1260 ATL1261 ATL1263

Fund Category Benchmark A

— 14.8 -2.1

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -1.4 -7.0

— -3.1 -11.5

— -2.3 -10.7

— 6.4 -8.9

— 14.7 -0.4

— 6.3 -5.3

— -2.0 -9.2

— — —

Inception Date MER Minimum Investment Telephone Web Site

October 20, 2010 2.01% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Past performance information is currently unavailable as the fund was recently established.

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

4.7 41.9 47.3 0.0 0.0 6.1 0.0

% Assets

Simon Property Group Inc Sun Hung Kai Properties, Ltd. HCP Inc Unibail-Rodamco SE Vornado Realty Trust Shs of Benef Int

6.6 4.4 4.2 4.0 3.6

Equity Residential Mitsui Fudosan Co., Ltd. Ventas Inc Nippon Building Fund Inc Hongkong Land Holdings Ltd.

2.7 2.6 2.3 2.2 2.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 93 90 0

Market Cap

Large Medium Small

%

60.3 29.0 10.7

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Hong Kong Australia Japan United Kingdom

% Equity

0.0 0.0 98.8 0.0 1.2 0.0 0.0 0.0 0.0 0.0 0.0 % Assets

47.0 10.1 9.5 9.5 5.1

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


S P E C I A LT Y F U N D S

Renaissance Global Real Estate Currency Neutral Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Joseph M. Harvey | 10-20-2010 Cohen & Steers

Joseph Harvey is a senior portfolio manager for real estate securities portfolios. Prior to joining the Cohen & Steers in 1992, Mr. Harvey was a vice president with Robert A. Stanger Co. for five years, where he was an analyst specializing in real estate and related securities for the firmâ&#x20AC;&#x2122;s research and consulting activities. Mr. Harvey has a BSE degree from Princeton University. Other Assets Managed

Since

Renaissance Global Real Estate Cl A

10-10

Scott Crowe | 10-20-2010 Cohen & Steers

"Scott Crowe, senior vice president, is a global portfolio manager for real estate securities portfolios and oversees the global research process for real estate securities. He has 14 years of experience. Prior to joining the firm in 2007, Mr. Crowe was an executive director at UBS and served as global head of real estate. He also worked at UBS Warburg as a real estate analyst. Mr. Crowe has a Bachelor of Commerce degree from the University of New South Wales and graduated with honors with a finance degree from the University of Technology, Sydney. He is based in New York. " Other Assets Managed

Since

Renaissance Global Real Estate Cl A

10-10

Chip McKinley | 10-20-2010 Cohen & Steers

Chip McKinley is a portfolio manager for global real estate securities portfolios. Prior to joining Cohen & Steers in 2007, Mr. McKinley was a portfolio manager and REIT analyst at Franklin Templeton Real Estate Advisors. Previously, he was with Fidelity Investments and Cayuga Fund. Mr. McKinley has a BA degree from Southern Methodist University and an MBA degree from Cornell University. Other Assets Managed

Since

Renaissance Global Real Estate Cl A

10-10

The Renaissance Real Estate Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Cohen & Steers is the investment manager of the underlying fund, the Renaissance Real Estate Fund. The underlying fund benefits from the expertise of Cohen & Steers, a leading investment manager of global real estate portfolios. Cohen & Steers employs a disciplined, valuation-driven approach that utilizes a team effort consisting of managers who are experts in their respective property sectors and countries. Collectively, they cover over 400 global companies. The research process involves both a top-down and bottom-up approach to build and maintain the portfolio. The top-down analysis focuses on key real estate themes that Cohen & Steers believe provide strong fundamental value creation opportunities. The top-down themes are supported with a bottom-up valuation discipline. The

team analyzes specific property companies based on multiple factors, such as balance sheet, management, structure and real estate portfolio. Some of the primary valuation metrics include price-to-net asset value and multiple-to-growth ratio. The team then uses a proprietary valuation model to determine the optimal security weights to help construct the portfolio, and will take active positions against the benchmark. Risk is managed through the utilization of the valuation model to diversify the portfolio by region and property sector. The result is a well diversified portfolio that is selected using a standardized, bottom-up approach to company research and valuation, along with a top-down view of the economy. With global real estate playing an increasingly important part of many pension portfolios, this Fund makes an excellent complement to a domestic portfolio and complements global infrastructure holdings, while managing exchange rate fluctuations.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund. Global real estate stocks were highly volatile in the third quarter, a turbulent period for stocks broadly amid reduced global growth expectations. The quarter also saw an intensification of European sovereign debt concerns, and investors feared fiscal contagion from Greece would impact larger regional economies. Across the Asian-Pacific region, landlords outperformed developers as risk-averse investors sought companies with more stable cash flows. In the U.S., apartment real estate investment trusts (REITs) held up relatively well due to good fundamentals and low leverage, while hotel and industrial stocks had sizable declines.

carefully, and during the quarter, increased allocations to companies that are more able to maintain cash flows in a challenging economic environment. In the U.S., the manager added to health care holdings, while trimming allocations to the hotel and industrial sectors. The manager favours apartment REITs and high-quality regional mall owners. The managerâ&#x20AC;&#x2122;s focus in Europe is on more stable companies with good balance sheets, trading at the most attractive valuations. In Hong Kong and Singapore, the manager favours office and retail owners, which it believes are well positioned to benefit from solid economic growth and low unemployment. The manager has become somewhat more cautious toward Japanâ&#x20AC;&#x2122;s property developers.

The manager continues to monitor macro conditions

As at September 30, 2011

renaissance investments 129


S P E C I A LT Y F U N D S

Renaissance Global Health Care Fund (Class A) Fund Category Health Care Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To obtain long-term capital appreciation by investing primarily in U.S. companies and global companies with U.S. operations or exposure to U.S. markets or whose securities are traded on a U.S. exchange, which are engaged in the design, development, manufacturing, and distribution of products or services in the health care sectors. The Fund will invest in a diversified portfolio, which will mainly include securities in the medical technology, biotechnology, health care, and pharmaceutical sectors.

Growth of $10,000 14 Fund

Benchmark A MSCI World Health Care Index

13 12 11 10 9 8

Performance Quartile (within category over calendar year)

Volatility Analysis

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

116.3% 09-30-1999 to 09-30-2000

-27.6% 03-31-2002 to 03-31-2003

1

1

1

2003

2004

1

1

2005

4

1

4

3

2

2001

2002

721.8

834.3

Fund Category Benchmark A

8.8 -7.2 -7.5

-13.6 -28.7 -18.5

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.8 0.3 1.4

-6.0 -6.9 -3.0

0.4 -2.0 4.1

5.6 6.3 7.1

3.6 3.8 4.7

1.8 2.8 3.2

-1.2 -0.2 -0.3

1.2 -0.7 -1.5

Total Assets ($mil) Low

1

2006

2007

2008

2009

2010

YTD

942.5 1040.5 1057.8 1132.7

871.4

654.3

526.0

387.2

322.4

-12.9 -10.9 -11.5

-4.3 -8.1 -1.3

2.1 6.7 1.6

-0.7 2.5 -2.3

3.8 2.0 6.9

Calendar Year Returns %

Fund Category Benchmark A

8.9 8.4 -1.9

5.2 2.2 -1.4

9.2 6.5 6.7

11.5 9.5 10.5

Portfolio Analysis as of 09-30-2011 Fund Details

Composition

Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1162 ATL1161 ATL2162 ATL1635

Inception Date MER Minimum Investment Telephone Web Site

November 2, 1996 3.28% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 2.02%

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

0.4 70.0 27.3 0.0 0.0 2.4 0.0

% Assets

Merck & Co Inc Shionogi & Co., Ltd. UnitedHealth Group Inc Cubist Pharmaceuticals, Inc. Amgen Inc

5.0 3.8 3.6 2.9 2.8

Forest Laboratories, Inc. Abbott Laboratories Coventry Health Care, Inc. Medtronic, Inc. Alkermes PLC

2.8 2.7 2.5 2.4 2.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

97 97 95 0

Market Cap

Large Medium Small

%

59.9 20.4 19.7

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan Ireland Belgium Canada

% Equity

0.0 0.0 0.3 0.0 0.0 1.4 0.0 0.5 97.4 0.3 0.0 % Assets

70.4 12.9 3.4 2.3 2.2

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


S P E C I A LT Y F U N D S

Renaissance Global Health Care Fund (Class A) Investment Management Overview Manager Bios Edward P. Owens | 12-01-1996 Wellington Management Company, LLP

Mr. Owens is portfolio manager for the Health Care sector and analyst for Pharmaceuticals and Biotechnology sectors at Wellington Management Company, LLP. Jean M. Hynes | 12-01-1996 Wellington Management Company, LLP

Jean M. Hynes is a Senior Vice President of Wellington Management. She joined the firm in 1991 and has been an investment professional since 1993. Ms. Hynes holds the Chartered Financial Analyst designation.

Investment Management Approach The Fund benefits from the award-winning investment expertise of Edward P. Owens of Wellington Management, who employs a research-intensive, bottom-up approach that emphasizes finding value opportunities within the health care sector. Wellingtonâ&#x20AC;&#x2122;s research-oriented approach toward the health care sector is based on the view that scientific research and development is central to the fundamental performance of pharmaceutical and medical products companies, while the fortunes of service-oriented health care companies are largely the result of management skill. Key factors for their bottom-up security analysis are

company business prospects, strong existing product and new product outlook, corporate strategy and competitive position. These factors, as well a companyâ&#x20AC;&#x2122;s valuation relative to its peers, and the anticipation of aboveaverage earnings growth not yet reflected in the current price, influence both the buy and sell decisions. The result is a well-diversified, lower-turnover global portfolio of undervalued health care companies that operate within an industry benefiting from long-term demographic trends. This Fund is an excellent complement to a well-diversified portfolio for investors looking for specific exposure to the health care sector.

Manager Commentary Global equities fell in recent months, as fears of a slowdown in global economic growth and concerns about sovereign debt risks triggered increased risk aversion. However, global health care stocks outperformed broader market indices, as many modifications made to the Patent Protection and Affordable Care Act (PPAC) have been favourable for the industry, with President Obamaâ&#x20AC;&#x2122;s administration adopting a more centrist policy. The manager continues to expect additional dilutions to PPAC and delays in implementation which should be positive for the sector. These benefits will be somewhat offset by increased pressure on reimbursement rates from Medicare and Medicaid, as the government seeks to reign in spending and reduce the deficit.

The fund remains fairly balanced across pharmaceuticals, health care services, medical technology, and biotechnology. The manager feels HMOs offer the greatest upside. In addition to benefiting from clarity on reform, the commercial underwriting cycle has bottomed, setting 2011 up to be a strong year. The manager also favours drug distributors and drug stores, which are poised to benefit from resurgences in pharmaceutical spending and the pending wave of generic conversions. The manager sees catalysts ahead for pharmaceutical and biotech stocks, including a rebound in cost-cutting measures, emerging markets growth, and robust product pipelines. As at September 30, 2011

renaissance investments 131


S P E C I A LT Y F U N D S

Renaissance Global Resource Fund (Class A) Fund Category Natural Resources Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To seek long-term growth through capital appreciation consistent with preservation of capital by investing primarily in a diversified portfolio of equity securities or securities convertible to equity securities of companies around the world involved in or indirectly dependent on the resource industry.

Growth of $10,000 60 Fund

Benchmark A S&P/TSX Composite Index

50 40 30 20 10 0

Volatility Analysis

Performance Quartile (within category over calendar year) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

76.5% 02-28-2009 to 02-28-2010

-52.1% 10-31-2007 to 10-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1861 ATL1860 ATL2861 ATL1666

Inception Date MER Minimum Investment Telephone Web Site

Total Assets ($mil)

3

4

3

2

1

4

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

5.5

6.8

8.6

18.1

20.1

27.0

14.1

29.4

50.9

48.5

— 4.7 -12.6

— 16.3 -12.4

28.2 31.9 26.7

10.5 23.2 14.5

51.3 37.8 24.1

16.0 16.8 17.3

18.8 13.1 9.8

-46.0 -44.9 -33.0

65.5 53.4 35.1

50.4 31.5 17.6

-33.9 -22.2 -11.9

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

Fund Category Benchmark A

-18.4 -15.3 -8.7

-21.9 -17.4 -12.0

-32.0 -25.5 -16.5

-14.4 -5.7 -3.6

3.7 5.3 3.7

8.2 3.9 2.7

4.8 2.1 2.6

11.9 — —

Portfolio Analysis as of 09-30-2011 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

58.7 14.0 25.7 0.3 0.0 1.1 0.3

Investment Style Top Ten Holdings

MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

2

888 888 FUND www.renaissanceinvestments.ca

Notes

3

2001

August 2, 2002 3.35% $500

Class F MER: 1.97%

1

% Assets

Newmont Mining Corporation Allied Nevada Gold Corp Athabasca Oil Sands Corp Randgold Resources, Ltd. ADR MEG Energy Corp

3.1 3.1 2.9 2.7 2.6

Tiger Resources Limited BHP Billiton Ltd ADR Arcan Resources, Ltd. Precision Drilling Corp Alacer Gold Corp

2.5 2.4 2.3 2.2 2.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

112 112 99 0

Market Cap

Large Medium Small

%

31.1 24.2 44.7

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada United States Australia Peru Mali

% Equity

0.0 35.4 0.0 61.7 0.0 0.0 0.0 1.1 0.0 0.0 1.8 % Assets

60.3 14.0 10.6 2.7 2.7

©2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


S P E C I A LT Y F U N D S

Renaissance Global Resource Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Craig Porter | 08-01-2005 Front Street Capital

Craig Porter has been a Portfolio Manager and resource specialist at Front Street since 2005. Prior to joining he was Portfolio Manager at Natcan Investment Management from 1992 to 2005. He has 17 years' investment experience and had managed Altamira mutual funds since 1992. Other Assets Managed

Since

CIBC Energy CIBC Canadian Resources CIBC Precious Metals

06-01 11-05 10-06

The Fund benefits from the investment expertise of Front Street Capital, one of the most successful resource sector investment managers in Canadian history. Front Street uses a mix of top-down industry analysis and bottom-up stock selection to structure a natural resources equity portfolio. Front Street uses a unique combination of expertise and experience to invest in global stocks within the materials and energy sectors that can be expected to outperform over the short and long-term period. Their primary focus is given to the oil and gas, paper and forest products, metals and minerals, and precious metals and minerals industries. From a top-down perspective, the team

assesses industry fundamentals such as commodity supply and demand levels to determine where the greatest opportunity lies. At the security level, the process centres on accessing the underlying value of the assets, the strength of management and the firmâ&#x20AC;&#x2122;s future growth prospects. The Fund may invest in small, medium and large-capitalization companies. The result is a well-diversified, higher-turnover global portfolio of resource companies that operate in a sector that should benefit from global commodity demand. The Fund is an excellent complement to a well-diversified portfolio for investors looking for specific exposure to the global resource sector.

Manager Commentary The price of West Texas oil spent most of the quarter trading between US$85 and $95 per barrel. Although there are great fears in the market of a global slowdown, the supply/demand balance for oil remains quite tight. It appears that global oil demand will reach an all-time high this year, with little ability for producing countries to bring on spare capacity. Continuing turmoil in the Middle East will likely keep oil trading at elevated levels. Gold reached an all-time high during the quarter, trading at over US$1,900 per ounce. Fears of a European Central Bank default, worries about the U.S. debt ceiling, and political unrest all conspired to drive the price higher. Fears of a slowdown in China and some of the other high-growth emerging markets hurt share prices of base metal and bulk commodity producers. Chinaâ&#x20AC;&#x2122;s GDP

growth still remains near 10 percent, and there appears to be little slowing in their infrastructure build out. Inflation, however, remains a concern in this sector as the capital costs to build projects are starting to escalate again. Although share prices are not reflecting it, many companies are in quite strong shape with exceptional earnings. Commodity prices such as copper, gold and oil still remain at elevated levels helping to enhance corporate profitability. The manager expects this will lead to increased merger and acquisition activity this year and next, as cash-rich senior companies look to take over asset-rich junior companies, to fuel their future growth. As at September 30, 2011

renaissance investments 133


S P E C I A LT Y F U N D S

Renaissance Global Science & Technology Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 09-30-2011

To obtain long-term capital appreciation by investing in a diversified portfolio of global companies involved mainly in telecommunications, biotechnology, computer hardware and software, and medical services and other scientific and technology based companies.

Growth of $10,000 12 Fund

10 8 6 4 2

Volatility Analysis

Low

Benchmark A NASDAQ 100 Index

0

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

4

4

1

4

4

4

4

2

1

2

1

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

198.3

102.8

116.1

78.8

52.8

42.2

28.1

16.3

12.5

11.3

9.5

-51.3 -5.2 -28.5

-49.4 -17.4 -38.1

21.2 10.6 22.0

-5.4 6.4 2.8

2.1 5.8 -1.7

6.6 18.0 6.7

-9.9 -6.6 0.6

-28.0 -29.3 -28.0

36.3 14.3 31.2

7.8 6.5 13.3

-7.1 -10.8 0.7

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

258.8% 02-28-1999 to 02-29-2000

-77.8% 09-30-2000 to 09-30-2001

Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F F A A A

Back End Charge Front End Charge Low Load Charge No Sales or Redem No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD USD USD USD USD

ATL1871 ATL1027 ATL2871 ATL1645 ATL1637 ATL1371 ATL1227 ATL2371

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-2.2 -4.7 1.4

-7.2 -12.2 -0.9

-10.8 -12.7 -2.2

-5.6 -5.7 8.0

3.0 -1.3 9.8

7.3 -1.4 9.6

-0.6 -4.4 3.8

-2.5 -0.3 1.9

Fund Category Benchmark A

Portfolio Analysis as of 09-30-2011 Composition

October 28, 1996 3.00% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 1.96% MER annualized as at February 28, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

4.9 65.1 27.6 0.0 0.0 2.0 0.4

% Assets

Apple, Inc. Priceline.com, Inc. Cognizant Technology Solutions Cl A Check Point Software Technologies, Ltd. Oracle Corporation

9.3 7.5 5.8 5.5 5.5

Tencent Holdings Ltd. eBay Inc Visa, Inc. Radialpoint Inc Cl B Varian Medical Systems, Inc.

5.2 5.1 5.1 4.9 4.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

27 27 24 0

Market Cap

Large Medium Small

%

81.8 18.2 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States China Canada Israel Denmark

% Equity

0.0 0.0 0.0 0.0 7.6 0.0 0.0 0.0 13.6 73.8 5.0 % Assets

65.1 13.1 7.3 5.5 3.6

Š2011. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.


S P E C I A LT Y F U N D S

Renaissance Global Science & Technology Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Mark Lin | 10-01-2009 CIBC Global Asset Management Inc

Joined CIBC Asset Management in September 2002. Mark is a member of the Global Equity group, operating from within the firm's Investment Management Platform and is part of the EAFE Equity team. Masters in Business Administration from McGill University (Montreal); Bachelor of Arts from York University (Toronto); Mark is also a CFA charterholder. Portfolio Manager at Jarislowsky Fraser Ltd. (Montreal) in 2002; Equity Analyst at Standard Life (Montreal) from 2000 to 2001; Associate Analyst at UBS Warburg (Montreal) from 1998 to 2000. Other Assets Managed

Since

CIBC Asia Pacific CIBC European Equity CIBC Global Technology Renaissance European

01-02 04-08 10-09 09-11

The Fund benefits from the investment expertise of Mark Lin and his team from CIBC Global Asset Management, who use a bottom-up growth approach to investing in a diversified portfolio of global scientific and technology based companies. The team seek to capture long-term capital appreciation by buying into the growth of the technology and sciencebased industries. Analysis is carried out on a bottom-up basis with a focus on identifying growth potential. The ability to generate above-average rates of growth is based on: 1) superior product features, extraordinary distribution capability; 2) a unique business model, or other sustainable competitive advantages. Typical

criteria that enter into the decision making process are the following: strong management, unique/marketable technology, access to capital, and participation in high growth areas of these sectors. This results in a well-diversified, higher turnover global portfolio of companies involved mainly in telecommunications, biotechnology, computer hardware and software, and medical services and other scientific and technology based companies. The Fund is an excellent complement to a well div portfolio for investors looking for specific exposure to the science and technology sector.

Manager Commentary The Standard & Poor’s downgrade of U.S. sovereign debt, and the concern over the potential impact of Greek sovereign debt on European financial institutions, triggered a selloff in worldwide equity markets beginning in August. In addition, economic data suggested that U. S. GDP growth has started to decelerate, increasing the chance of a recession. The information technology (IT) sector has corrected in response to investors’ concerns.

the manager to reduce exposure to the area. The manager exited Chinese IT service companies Camelot and VanceInfo, and trimmed the U.S.-based Cognizant Technology. The manager also reduced Priceline, the fund’s largest position, due to its rising valuation; Apple has become the fund’s top holding.

The manager’s strategy is to continue to hold companies in the highly profitable software and fast-growing Internet sectors, as well as those companies that have the ability to generate consistent profit growth.

The manager reestablished positions in Visa and MasterCard, as the proposed new regulations protecting credit card users appeared to be less onerous than expected. The manager initiated a position in Baxter International, a leading U.S. medical device company.

Rising labour costs in the IT services industry prompted

As at September 30, 2011

renaissance investments 135


Renaissance Investments

R

Fund Essentials

F ATL FUND CODES

MERs

COMMISSIONS

TRAILERS4 (%)

INVESTMENT MANAGERS

Front-End Load

Back-End Load

Low Load

Class F

Class A (%)

Front-End Back-End Low Load Load Load

Back-End Back-End Load Front-End Load Low Load Low Load 1–6 years2 7+ years2 1–3 years 3 4+ years3 Load

CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc.

ATL1025 ATL1200 ATL922 ATL974

ATL1125 n/a ATL643 ATL363

ATL2125 n/a ATL681 ATL762

n/a n/a n/a n/a

0.46% 0.36% 0.41% 0.17%

0-5% 0-5% 0-5% 0-5%

5.00% n/a 5.00% 5.00%

3.00% n/a 3.00% 3.00%

0.10 0.15 0.10 0.05

0.10 n/a 0.10 0.05

0.10 n/a 0.10 0.05

0.10 n/a 0.10 0.05

0.10 n/a 0.10 0.05

Re

CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. Brandywine Global Investment Management, LLC

ATL1021 ATL1206 ATL1022 ATL1204 ATL251 ATL1002 ATL1202 ATL908 ATL1028

ATL1121 n/a ATL1122 n/a ATL291 ATL1102 n/a ATL823 ATL1872

ATL2121 n/a ATL2122 n/a ATL267 ATL2102 n/a ATL667 ATL2872

ATL1630 n/a ATL1631 n/a ATL010 ATL016 n/a ATL015 ATL1646

1.43% n/a5 1.55% n/a5 1.66% 1.63%1 0.93%1 2.01% 2.02%

0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5%

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% n/a 5.00% 5.00%

3.00% 3.00% 3.00% 3.00% 3.00% 3.00% n/a 3.00% 3.00%

0.50 0.50 0.50 0.50 0.75 0.75 0.50 0.75 0.75

0.25 n/a 0.25 n/a 0.25 0.25 n/a 0.25 0.25

0.50 n/a 0.50 n/a 0.75 0.75 n/a 0.75 0.75

0.25 n/a 0.25 n/a 0.25 0.25 n/a 0.25 0.25

0.50 n/a 0.50 n/a 0.75 0.75 n/a 0.75 0.75

Re Cu

CIBC Global Asset Management Inc.

ATL508

ATL507

ATL517

ATL019

2.30%

0-5%

5.00%

3.00%

1.10

0.50

1.10

0.50

1.10

Re Cu

ATL050 ATL2403 ATL2406 ATL055 ATL2409 ATL2412 ATL058 ATL2415 ATL2418

ATL049 ATL2402 ATL2405 ATL054 ATL2408 ATL2411 ATL057 ATL2414 ATL2417

ATL051 n/a n/a n/a n/a n/a n/a n/a n/a

1.90% 1.66%1 1.31%1 1.90% 1.63%1 1.23%1 1.91% 1.63%1 n/a

0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5%

5.00% 4.00% 3.00% 5.00% 4.00% 3.00% 5.00% 4.00% 3.00%

3.00% 2.00% 1.00% 3.00% 2.00% 1.00% 3.00% 2.00% 1.00%

1.00 1.00 0.75 1.00 1.00 0.75 1.00 1.00 0.75

0.50 0.50 0.25 0.50 0.50 0.25 0.50 0.50 0.25

1.00 1.00 0.75 1.00 1.00 0.75 1.00 1.00 0.75

0.35 0.35 0.25 0.35 0.35 0.25 0.35 0.35 0.25

1.00 1.00 0.75 1.00 1.00 0.75 1.00 1.00 0.75

Re Cu

Brandywine Global Investment Management, LLC, CIBC Global Asset Management Inc., RARE Infrastructure Limited

ATL048 ATL2401 ATL2404 ATL053 ATL2407 ATL2410 ATL056 ATL2413 ATL2416

MONEY MARKET FUNDS

Renaissance Money Market Fund Renaissance Money Market Fund – Premium Class Renaissance Canadian T-Bill Fund Renaissance U.S. Money Market Fund (US$)

G

FIXED INCOME FUNDS

Renaissance Short-Term Income Fund Renaissance Short-Term Income Fund – Premium Class Renaissance Canadian Bond Fund Renaissance Canadian Bond Fund – Premium Class Renaissance Real Return Bond Fund Renaissance Corporate Bond Capital Yield Fund Renaissance Corporate Bond Capital Yield Fund – Premium Class Renaissance High-Yield Bond Fund Renaissance Global Bond Fund BALANCED FUNDS

Renaissance Canadian Balanced Fund (formerly Renaissance Canadian Balanced Value Fund) Renaissance Optimal Income Portfolio Renaissance Optimal Income Portfolio – Select Class Renaissance Optimal Income Portfolio – Elite Class Renaissance Optimal Income Portfolio – Class T6 Renaissance Optimal Income Portfolio – Select-T6 Class Renaissance Optimal Income Portfolio – Elite-T6 Class Renaissance Optimal Income Portfolio – Class T8 Renaissance Optimal Income Portfolio – Select-T8 Class Renaissance Optimal Income Portfolio – Elite-T8 Class EQUITY INCOME FUNDS

Re Cu

Re Cu

Re Cu

Re Cu

Re Cu

Re Cu

Re Cu

Re Cu

Re Re

Re

Renaissance Canadian Dividend Fund (formerly Renaissance Canadian Dividend Income Fund)

CIBC Global Asset Management Inc.

ATL294

ATL211

ATL266

ATL014

1.91%

0-5%

5.00%

3.00%

1.25

0.25

0.75

0.50

1.25

Renaissance Canadian Monthly Income Fund Renaissance Diversified Income Fund Renaissance Millennium High Income Fund

CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. Morrison Williams Investment Management Ltd.

ATL910 ATL247 ATL1879

ATL859 ATL271 ATL1880

ATL668 ATL204 ATL2880

ATL155 ATL017 ATL1650

2.50% 2.52% 2.58%

0-5% 0-5% 0-5%

5.00% 5.00% 5.00%

3.00% 3.00% 3.00%

0.75 1.10 0.75

0.35 0.25 0.50

1.10 0.75 1.25

0.25 0.35 0.25

0.75 1.10 0.75

Renaissance Canadian Core Value Fund

CIBC Global Asset Management Inc., Wintergreen Advisers, LLC

ATL901

ATL853

ATL671

ATL020

2.58%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Canadian Growth Fund Renaissance Canadian All-Cap Equity Fund Renaissance Canadian Small-Cap Fund

McLean Budden Limited CIBC Global Asset Management Inc. CIBC Global Asset Management Inc.

ATL902 ATL1023 ATL905

ATL843 ATL1123 ATL852

ATL669 ATL2123 ATL670

ATL022 ATL068 ATL023

2.63% n/a5 2.59%

0-5% 0-5% 0-5%

5.00% 5.00% 5.00%

3.00% 3.00% 3.00%

1.25 1.25 1.25

0.50 0.50 0.50

1.25 1.25 1.25

0.50 0.50 0.50

1.25 1.25 1.25

Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Value Fund (US$) Renaissance U.S. Equity Growth Fund Renaissance U.S. Equity Growth Fund (US$)

Metropolitan West Capital Management, LLC Metropolitan West Capital Management, LLC Aletheia Research and Management, Inc. Aletheia Research and Management, Inc.

ATL502 ATL743 ATL913 ATL973

ATL501 ATL742 ATL833 ATL733

ATL515 ATL744 ATL661 ATL761

ATL024 ATL025 ATL026 ATL027

2.73% 2.73% 2.73% 2.73%

0-5% 0-5% 0-5% 0-5%

5.00% 5.00% 5.00% 5.00%

3.00% 3.00% 3.00% 3.00%

1.25 1.25 1.25 1.25

0.50 0.50 0.50 0.50

1.25 1.25 1.25 1.25

0.50 0.50 0.50 0.50

1.25 1.25 1.25 1.25

Renaissance U.S. Equity Growth Currency Neutral Fund

CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc. is the investment manager of the underlying fund)

ATL1250

ATL1252

ATL1251

ATL1253

2.19%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance U.S. Equity Fund

INTECH Investment Management LLC

ATL911

ATL855

ATL662

ATL028

1.92%

0-5%

5.00%

3.00%

0.75

0.25

0.75

0.25

0.75

Re

Renaissance U.S. Equity Fund (US$)

INTECH Investment Management LLC

ATL797

ATL799

ATL798

ATL097

1.86%

0-5%

5.00%

3.00%

0.75

0.25

0.75

0.25

0.75

Re

Renaissance International Dividend Fund Renaissance International Equity Fund

Kleinwort Benson Investors Walter Scott & Partners Limited

ATL914 ATL1868

ATL856 ATL1869

ATL677 ATL2869

ATL032 ATL1644

2.36% 2.80%

0-5% 0-5%

5.00% 5.00%

3.00% 3.00%

0.75 1.25

0.25 0.50

0.75 1.25

0.25 0.50

0.75 1.25

Renaissance International Equity Currency Neutral Fund

CIBC Global Asset Management Inc. (Walter Scott & Partners Limited is the investment ATL1240 manager of the underlying fund)

ATL1242

ATL1241

ATL1243

2.10%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Global Markets Fund

Wintergreen Advisers, LLC

Re

CANADIAN EQUITY FUNDS

U.S. EQUITY FUNDS

GLOBAL EQUITY FUNDS

ATL1029

ATL1873

ATL2873

ATL1647

2.76%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Portfolio (formerly Renaissance Global Multi Management Fund)

ATL1902

ATL1903

ATL2903

ATL1652

2.73%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Portfolio – Select Class Renaissance Optimal Global Equity Portfolio – Elite Class Renaissance Optimal Global Equity Portfolio – Class T4 Renaissance Optimal Global Equity Portfolio – Select-T4 Class Renaissance Optimal Global Equity Portfolio – Elite-T4 Class Renaissance Optimal Global Equity Portfolio – Class T6 Renaissance Optimal Global Equity Portfolio – Select-T6 Class Renaissance Optimal Global Equity Portfolio – Elite-T6 Class Renaissance Optimal Global Equity Portfolio – Class T8 Renaissance Optimal Global Equity Portfolio – Select-T8 Class Renaissance Optimal Global Equity Portfolio – Elite-T8 Class

ATL2419 ATL2422 ATL2425 ATL2434 ATL2437 ATL2428 ATL2440 ATL2443 ATL2431 ATL2446 ATL2449

ATL2421 ATL2424 ATL2427 ATL2436 ATL2439 ATL2430 ATL2442 ATL2445 ATL2433 ATL2448 ATL2451

ATL2420 ATL2423 ATL2426 ATL2435 ATL2438 ATL2429 ATL2441 ATL2444 ATL2432 ATL2447 ATL2450

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 2.85%1 n/a n/a n/a 2.24% n/a n/a n/a n/a

0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5%

4.00% 3.00% 5.00% 4.00% 3.00% 5.00% 4.00% 3.00% 5.00% 4.00% 3.00%

2.00% 1.00% 3.00% 2.00% 1.00% 3.00% 2.00% 1.00% 3.00% 2.00% 1.00%

1.25 0.90 1.25 1.25 0.90 1.25 1.25 0.90 1.25 1.25 0.90

0.50 0.40 0.50 0.50 0.40 0.50 0.50 0.40 0.50 0.50 0.40

1.25 0.90 1.25 1.25 0.90 1.25 1.25 0.90 1.25 1.25 0.90

0.50 0.40 0.50 0.50 0.40 0.50 0.50 0.40 0.50 0.50 0.40

1.25 0.90 1.25 1.25 0.90 1.25 1.25 0.90 1.25 1.25 0.90

136 renaissance investments

Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, RARE Infrastructure Limited, Wellington Management Company, Wintergreen Advisers, LLC

R

R R R R R

S

Re Re Se Re El Re

Re

Re Re Re Re

Se or or an co an Al 1 A o in 2 A o 3 A a 4 T 5 F


Renaissance Investments

Fund Essentials MERs

COMMISSIONS

TRAILERS4 (%)

Front-End Load

Back-End Load

Low Load

Class F

Class A (%)

Front-End Back-End Low Load Load Load

Back-End Back-End Low Load Load 1–3 Front-End Load 1–6 years2 7+ years2 years 3 Load

Low Load 4+ years3

Renaissance Optimal Global Equity Currency Neutral Portfolio

ATL1265

ATL1267

ATL1266

ATL1268

2.38%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Select Class

ATL1270

ATL1272

ATL1271

n/a

n/a

0-5%

4.00%

2.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio - Elite Class

ATL1273

ATL1275

ATL1274

n/a

n/a

0-5%

3.00%

1.00%

0.90

0.40

0.90

0.40

0.90

ATL1276 CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, ATL1285 RARE Infrastructure Limited, Wellington Management Company and Wintergreen Advisers, LLC are the ATL1294 investment managers of the underlying funds)

ATL1278

ATL1277

n/a

n/a

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

ATL1287

ATL1286

n/a

n/a

0-5%

4.00%

2.00%

1.25

0.50

1.25

0.50

1.25

ATL1296

ATL1295

n/a

n/a

0-5%

3.00%

1.00%

0.90

0.40

0.90

0.40

0.90

Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T6

ATL1279

ATL1281

ATL1280

n/a

n/a

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T6 Class

ATL1288

ATL1290

ATL1289

n/a

n/a

0-5%

4.00%

2.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T6 Class

ATL1297

ATL1299

ATL1298

n/a

1.71%

0-5%

3.00%

1.00%

0.90

0.40

0.90

0.40

0.90

Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T8

ATL1282

ATL1284

ATL1283

n/a

n/a

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T8 Class

ATL1291

ATL1293

ATL1292

n/a

n/a

0-5%

4.00%

2.00%

1.25

0.50

1.25

0.50

1.25

ATL1300

ATL FUND CODES

d

3

INVESTMENT MANAGERS

GLOBAL EQUITY FUNDS (continued)

Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T4 Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T4 Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T4 Class

Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T8 Class

ATL1302

ATL1301

n/a

n/a

0-5%

3.00%

1.00%

0.90

0.40

0.90

0.40

0.90

Renaissance Global Value Fund Renaissance Global Growth Fund

NWQ Investment Management Company, LLC Walter Scott & Partners Limited

ATL1030 ATL504

ATL1031 ATL503

ATL2031 ATL516

ATL1625 ATL034

2.80% 2.82%

0-5% 0-5%

5.00% 5.00%

3.00% 3.00%

1.25 1.25

0.50 0.50

1.25 1.25

0.50 0.50

1.25 1.25

Renaissance Global Growth Currency Neutral Fund

CIBC Global Asset Management Inc. (Walter Scott & Partners Limited is the investment ATL1235 manager of the underlying fund)

ATL1237

ATL1236

ATL1238

2.08%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Global Focus Fund

Aletheia Research and Management, Inc.

ATL510

ATL509

ATL511

ATL036

2.85%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Global Focus Currency Neutral Fund

CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc. is the investment manager of the underlying fund)

ATL1245

ATL1247

ATL1246

ATL1248

2.36%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Global Small-Cap Fund Renaissance European Fund Renaissance Asian Fund Renaissance China Plus Fund Renaissance Emerging Markets Fund

Wellington Management Company, LLP CIBC Global Asset Management Inc. Hamon Investment Management Limited Hamon Investment Management Limited Pictet Asset Management Limited

ATL1040 ATL917 ATL1512 ATL1050 ATL920

ATL1041 ATL163 ATL1519 ATL1051 ATL858

ATL2041 ATL673 ATL2519 ATL2051 ATL675

ATL1626 ATL030 ATL1639 ATL1627 ATL029

3.02% 2.80% 3.35% 3.30% 3.05%

0-5% 0-5% 0-5% 0-5% 0-5%

5.00% 5.00% 5.00% 5.00% 5.00%

3.00% 3.00% 3.00% 3.00% 3.00%

1.25 1.25 1.25 1.25 1.25

0.50 0.50 0.50 0.50 0.50

1.25 1.25 1.25 1.25 1.25

0.50 0.50 0.50 0.50 0.50

1.25 1.25 1.25 1.25 1.25

CIBC Global Asset Management Inc.

ATL2452

ATL2454

ATL2453

ATL2455

n/a5

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

CIBC Global Asset Management Inc.

ATL2466

ATL2468

ATL2467

n/a

n/a5

0-5%

4.00%

2.00%

1.25

0.50

1.25

0.50

1.25

5

SPECIALTY FUNDS

Renaissance Optimal Inflation Opportunities Portfolio Renaissance Optimal Inflation Opportunities Portfolio – Select Class Renaissance Optimal Inflation Opportunities Portfolio – Elite Class Renaissance Global Infrastructure Fund

CIBC Global Asset Management Inc.

RARE Infrastructure Limited CIBC Global Asset Management Inc. Renaissance Global Infrastructure Currency Neutral Fund (RARE Infrastructure Limited is the investment manager of the underlying fund) Renaissance Global Real Estate Fund Cohen & Steers Capital Management Inc.

ATL2469

ATL2471

ATL2470

n/a

n/a

0-5%

3.00%

1.00%

0.90

0.40

0.90

0.40

0.90

ATL059

ATL061

ATL060

ATL062

2.62%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

ATL1230

ATL1232

ATL1231

ATL1233

2.41%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

ATL1255

ATL1257

ATL1256

ATL1258

1.86%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Global Real Estate Currency Neutral Fund

CIBC Global Asset Management Inc. (Cohen & Steers Capital Management Inc. is the investment manager of the underlying fund)

ATL1260

ATL1262

ATL1261

ATL1263

2.01%

0-5%

5.00%

3.00%

1.25

0.50

1.25

0.50

1.25

Renaissance Global Health Care Fund Renaissance Global Resource Fund Renaissance Global Science & Technology Fund Renaissance Global Science & Technology Fund (US$)

Wellington Management Company, LLP Front Street Investment Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc.

ATL1161 ATL1860 ATL1027 ATL1227

ATL1162 ATL1861 ATL1871 ATL1371

ATL2162 ATL2861 ATL2871 ATL2371

ATL1635 ATL1666 ATL1645 ATL1637

3.28% 3.35% 3.00% 3.00%

0-5% 0-5% 0-5% 0-5%

5.00% 5.00% 5.00% 5.00%

3.00% 3.00% 3.00% 3.00%

1.00 1.25 1.25 1.25

0.50 0.50 0.50 0.50

1.00 1.25 1.25 1.25

0.50 0.50 0.50 0.50

1.00 1.25 1.25 1.25

Select and Elite Class: There will be no automatic transfer into the Select Class (including Select-T6 Class or Select-T8 Class within the Renaissance Optimal Income Portfolio or Select-T4 Class, Select-T6 or Select-T8 Class within the Renaissance Optimal Global Equity Portfolio) or Elite Class (including Elite-T6 Class or Elite-T8 Class within the Renaissance Optimal Income Portfolio or Elite-T4 Class, Elite-T6 or Select-T8 Class within the Renaissance Optimal Global Equity Portfolio) from other Renaissance classes when the minimum investment of the Select classes or Elite classes has been reached. Conversions and switches into the Select classes or Elite classes will be subject to the minimum investment requirements governing each class. As a result, an investor must hold a minimum investment of $250,000 to convert or switch into the Select classes, and $500,000 to convert or switch into the Elite classes. Note: See the Renaissance Investments family of funds Simplified Prospectus for the tax treatment of conversions and switches. All MERs as at February 28, 2011. 1 Annualized MER for the period ending February 28, 2011 (as disclosed in each fund’s interim management report of fund performance. Renaissance Investments may have waived fees or absorbed expenses otherwise payable by a fund or portfolio, with the exception of any taxes or new fees introduced by regulators or governments. At the discretion of Renaissance Investments, this practice may continue indefinitely and can be terminated at any time. 2 All units held under the back-end load option on November 1, 2010 will maintain the trailing commission structure that was in place prior to November 1, 2010. Purchases of units under the back-end load option made after November 1, 2010 will be subject to the trailing commission structure detailed above. 3 All units held under the low load option on December 1, 2009 will maintain the trailing commission structure that was in place prior to December 1, 2009. Purchases of units under the low load option made after December 1, 2009 will be subject to the trailing commission structure detailed above. 4 Trailer fees may change at any time without prior notice. 5 Fund/Class launched September 26, 2011. renaissance investments 137


Renaissance Investments

Performance Essentials As at September 30, 2011 Renaissance Investments family of funds (Class A unless otherwise noted)

Assets ($ 000s)

Since Incep. (%)

Incep. Date

1.77

4.60

01/02/87

2.02

2.06

08/21/06

0.39

1.28

1.41

3.95

08/21/87

0.24

1.61

1.51

3.45

03/30/87

2.7 – 5.0 – 8.6 3.5 4.2 0.1 5.9

3.6 – 7.1 – 8.4 – – 5.1 8.2

3.3 – 4.8 – 4.9 – – 3.0 4.6

3.2 – 4.8 – – – – 5.8 2.1

7.5 – 8.3 – 5.6 4.8 5.5 5.4 4.0

10/01/74 09/29/11 01/01/73

(8.2) 1.4 1.4 1.4

(3.6) 3.0 3.0 3.0

2.2 5.4 5.4 5.4

0.4 – – –

4.5 – – –

5.1 2.6 2.5 2.6

03/10/99 11/13/07 11/15/07 11/15/07

(13.1) (10.2) (12.3) (5.9)

(7.5) (6.4) (8.7) 0.0

(0.6) (1.3) (3.9) 6.1

1.4 1.0 0.3 3.6

(0.1) (0.1) (1.3) 0.4

– 9.2 – 8.1

6.2 7.5 6.6 8.0

11/08/02 10/30/97 02/04/03 02/13/97

(14.3) (18.8) – (16.1)

(18.6) (24.3) – (21.3)

(14.9) (21.3) – (18.9)

(8.0) (13.9) – (5.0)

(0.4) (4.4) – 11.6

(1.3) (3.5) – 4.6

4.8 2.1 – 12.3

7.1 4.7 – 8.3

09/23/94 10/30/85 – 10/25/96

(1.5) (7.8) (7.6) (13.4) – (0.6) (6.9)

(9.8) (16.8) (11.7) (18.5) – (6.6) (13.9)

(10.9) (17.4) (14.8) (21.1) – (6.0) (12.9)

(7.6) (12.0) (14.1) (18.1) – (2.4) (6.9)

(2.4) (4.0) (5.8) (7.3) – 3.3 1.6

(5.9) (5.4) (4.1) (3.6) – (2.6) –

(7.9) (6.7) (7.7) (6.5) – (4.9) –

(3.8) 0.3 (7.0) (3.1) – (3.0) –

(2.6) (0.7) 2.2 0.7 – 0.0 13.4

12/17/98 12/01/00 10/30/85 11/01/95 10/20/10 10/25/96 04/13/09

– – – – – – – – – – – – – – – –

(4.3) (4.1) – (6.8) (6.0) – (3.2) (1.2) – (10.3) – (4.7) (6.6) (11.8) (17.5) (12.0)

(12.9) (9.0) – (10.1) (11.4) – (9.5) (6.4) – (16.0) – (12.5) (20.2) (18.4) (29.9) (20.4)

(12.4) (7.1) – (7.6) (11.7) – (12.8) (5.5) – (18.1) – (13.9) (19.0) (19.2) (36.1) (22.9)

(11.8) (8.9) – (6.6) (10.8) – (12.5) (6.5) – (18.2) – (14.2) (15.6) (19.8) (38.9) (23.7)

(11.2) (6.9) – (1.3) (5.5) – (9.3) (3.1) – (11.0) – (4.5) (15.6) (15.5) (36.6) (20.1)

(5.5) (0.3) – 0.9 2.3 – (2.0) 0.5 – (3.8) – 0.4 (6.8) 1.3 6.0 (0.4)

(6.4) (0.5) – (1.0) (2.7) – (5.0) (1.4) – (1.8) – (5.5) (7.8) (3.7) 2.5 (1.5)

(0.7) 1.9 – (0.3) (0.8) – (1.9) (1.2) – 2.0 – (1.1) (1.3) 1.3 5.5 7.4

0.8 (0.9) – 2.5 (4.2) – (2.8) (1.9) – (0.8) – 4.4 3.0 1.8 9.1 5.5

10/25/96 01/02/01 10/20/10 01/11/93 02/16/00 10/20/10 05/01/98 12/17/98 10/20/10 09/06/99 10/20/10 02/02/98 11/24/93 01/02/90 02/02/98 10/25/96

– 0.1243 0.0299 – – – – – –

– (3.2) – – – 0.9 (18.4) (2.2) (8.4)

– (8.4) – – – (6.0) (22.0) (7.2) (14.4)

– (4.2) – – – 0.4 (32.0) (10.8) (17.3)

– 0.1 – – – 3.8 (33.9) (7.2) (11.5)

– 1.8 – – – 5.6 (14.4) (5.6) (7.2)

– 3.3 – – – 1.8 8.2 7.3 7.9

– – – – – (1.2) 4.8 (0.6) 0.7

– – – – – 1.3 (2.5) 1.6

– (1.6) – – – 10.6 11.9 2.2 3.9

09/29/11 11/13/07 10/20/10 10/20/10 10/20/10 11/02/96 08/02/02 10/28/96 10/28/96

NAV ($)

Distributions ($)

1 Mo. (%)

3 Mos (%)

6 Mos. (%)

YTD (%)

1 Yr. (%)

3 Yrs. (%)

5 Yrs. (%)

10 Yrs. (%)

251,243

10.00

0.0059

0.06

0.18

0.38

0.58

0.77

0.59

1.65

10.00

0.0070

0.07

0.22

0.45

0.68

0.89

0.80

28,382

10.00

0.0045

0.04

0.14

0.29

0.44

0.58

41,205

10.00

0.0004

0.00

0.01

0.04

0.08

0.10

48,415 – 260,238 – 200,563 1,268,709 – 420,743 71,038

11.79 10.01 12.99 – 12.78 10.31 10.44 7.19 4.58

0.0267 – 0.0292 – – 0.0250 0.0250 0.0518 0.0265

0.6 – 1.5 – 1.4 0.6 0.7 (1.5) 4.4

1.9 – 4.2 – 4.7 1.8 2.0 (4.0) 10.4

3.4 – 6.3 – 8.3 3.3 3.7 (3.7) 12.0

3.3 – 6.2 – 8.6 3.8 4.4 (1.7) 11.3

536,061 600,517 – –

14.53 9.32 8.61 7.94

– 0.0320 0.0440 0.0550

(5.1) (1.2) (1.2) (1.2)

(9.5) (2.1) (2.1) (2.1)

(11.6) (1.1) (1.1) (1.1)

315,672 209,962 98,353 426,847

12.28 6.86 10.04 10.37

0.0330 0.0400 0.0600 0.0600

(5.9) (4.0) (5.6) (3.1)

(10.6) (7.3) (9.4) (5.2)

320,159 122,371 – 292,298

28.33 24.29 – 22.17

– – – –

(8.3) (10.1) – (11.8)

16,510 – 26,703 – 7,108 9,696 –

5.96 5.71 16.26 15.56 9.05 6.54 6.26

– – – – – – –

7,592 62,444 637 186,937 22,157 913 24,114 102,349 267 54,291 3,523 8,010 9,107 4,701 103,407 14,910

7.86 4.53 8.92 4.53 6.11 9.05 3.39 7.69 9.31 8.93 8.53 8.67 13.31 14.35 12.57 12.59

305 375,179 108,401 2,068 607 322,430 48,490 9,452 –

10.06 8.86 9.49 8.47 8.17 16.30 14.04 22.10 21.14

MONEY MARKET FUNDS

Renaissance Money Market Fund Current Yield: 0.72%† Renaissance Money Market Fund – Premium Class Current Yield: 0.85%† Renaissance Canadian T-Bill Fund Current Yield: 0.54%† Renaissance U.S. Money Market Fund (US$) Current Yield: 0.06%† FIXED INCOME FUNDS

Renaissance Short-Term Income Fund Renaissance Short-Term Income Fund - Premium Class Renaissance Canadian Bond Fund Renaissance Canadian Bond Fund - Premium Class Renaissance Real Return Bond Fund Renaissance Corporate Bond Capital Yield Fund Renaissance Corporate Bond Capital Yield Fund - Premium Class Renaissance High-Yield Bond Fund Renaissance Global Bond Fund

06/02/03 11/18/09 11/18/09 09/23/94 10/21/92

BALANCED FUNDS

Renaissance Canadian Balanced Fund Renaissance Optimal Income Portfolio Renaissance Optimal Income Portfolio - T6 Class Renaissance Optimal Income Portfolio - T8 Class EQUITY INCOME FUNDS

Renaissance Canadian Dividend Fund Renaissance Canadian Monthly Income Portfolio Renaissance Diversified Income Fund Renaissance Millennium High Income Fund CANADIAN EQUITY FUNDS

Renaissance Canadian Core Value Fund Renaissance Canadian Growth Fund Renaissance Canadian All-Cap Equity Fund Renaissance Canadian Small-Cap Fund U.S. EQUITY FUNDS

Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Value Fund (US$) Renaissance U.S. Equity Growth Fund Renaissance U.S. Equity Growth Fund (US$) Renaissance U.S. Equity Growth Currency Neutral Fund Renaissance U.S. Equity Fund Renaissance U.S. Equity Fund (US$) GLOBAL EQUITY FUNDS

Renaissance International Dividend Fund Renaissance International Equity Fund Renaissance International Equity Currency Neutral Fund Renaissance Global Markets Fund Renaissance Optimal Global Equity Portfolio Renaissance Optimal Global Equity Currency Neutral Portfolio Renaissance Global Value Fund Renaissance Global Growth Fund Renaissance Global Growth Currency Neutral Fund Renaissance Global Focus Fund Renaissance Global Focus Currency Neutral Fund Renaissance Global Small-Cap Fund Renaissance European Fund Renaissance Asian Fund Renaissance China Plus Fund Renaissance Emerging Markets Fund SPECIALTY FUNDS

Renaissance Optimal Inflation Opportunities Portfolio Renaissance Global Infrastructure Fund Renaissance Global Infrastructure Currency Neutral Fund Renaissance Global Real Estate Fund Renaissance Global Real Estate Currency Neutral Fund Renaissance Global Health Care Fund Renaissance Global Resource Fund Renaissance Global Science & Technology Fund Renaissance Global Science & Technology Fund (US$)

† Current yield is an annualized historical yield based on the seven-day period ended on September 30, 2011 and does not represent an actual one-year return.

138 renaissance investments

t

S a c to li


Live Better

Dashing through

the snow

Snowshoeing, one of Canada’s oldest sports, has gotten a makeover. The snowshoes of yesteryear — heavy, clunky and surprisingly fragile — have been relegated to decoration over the fireplace, replaced by sleek, light weight, high-tech designs that look, well…fun!

renaissance investments 139


Madtrapper organizer Mike Caldwell stresses “There are about 25 percent serious runners and the rest are just here for the fun. There are usually about 12 people vying for last place! We have prizes and it’s very social, fun for the whole family.” At last year’s Yeti race, there were 250 participants, ranging from serious athletes to teams dressed in costumes, some sporting pink wigs, not to mention the big, shaggy abominable snow man himself.

Equipment — what you need If you’re a real snowshoe fanatic, planning to tackle a variety of terrain, you’ll probably have multiple pairs of snowshoes. Bouchard has a smaller pair for steeper climbing or moving at a faster pace, a large, 40” pair to spread his weight more when there’s deep snow or when he’ll be carrying a heavy backpack on overnight excursions, and an in-between size for everyday outings.

No need to hibernate this winter — the fastest growing winter sport doesn’t require abs or nerves of steel. It’s easy, low impact and available wherever there’s snow, which could be right outside your backdoor. Used as basic transportation for native people and animal trappers for centuries, snowshoeing is as Canadian as maple syrup. But after enjoying raging popularity a hundred years ago, snowshoeing was all but abandoned when a new sport called ice hockey entered the scene. Now, snowshoeing is making a comeback as the winter sport of choice among outdoor enthusiasts who want to avoid the steep learning curve for skiing and snowboarding, or the punishing cardio required for crosscountry skiing.

Something for everyone Snowshoeing can be a scenic walk in the woods, a great workout, a fun family activity or a multi-day back country adventure, says Ken Bouchard, Director of Trails for the Gatineau Outdoor Centre, north of Ottawa. “You can enjoy groomed trails at a ski resort, letting a guide teach you about local wildlife, or you can backpack to a ‘yurt’— a basic shelter for winter camping at a national park, or simply explore the public parks and ravines in your own backyard.” You want a hard workout or excitement? Head to the mountains for deep snow and steep terrain. If that kind of workout isn’t enough, there are always snowshoe races. The annual Madtrapper snowshoe race near Ottawa and the Yeti snowshoe race on Vancouver Island are two ways to mix snow and fun.

140 renaissance investments

“An investment in snowshoes doesn’t cost much — around $200 — and will last you 20 years or more. The new ones are virtually indestructible. Before buying, you can decide to rent a pair for a day or weekend at a resort or trail system. Some outdoor stores will apply the rental price towards the purchase price if you decide to buy.” You can even add some ski poles for extra stability or if you want an upper body workout.

S o

Yo sn

Ta ri J tr o yo an as Tr H

O re th tr fa w cr so

“W fr yo th be


ell nt or le ’s

50 es me g,

ng ly rd or to ep vy an

st ou ly an nd or he an or

Showshoe vacations — off the beaten track You don’t need to go anywhere special to snowshoe, but you can if you want to. Take a guided snowshoe tour along the rim of spectacular Maligne Canyon in Jasper National Park. Or a moonlight trek under giant snow-covered Douglas firs on Vancouver’s Cypress Mountain where you’ll stop at a cabin for cheese fondue and hot apple cider. Watch for moose as you snowshoe the Blow Me Down Trails in Newfoundland’s picturesque Humber Valley. Or simply follow the crowds to the big resorts like Mont Tremblant or Whistler, then join a trek or explore solo the gorgeous trail systems devoted to snowshoers. For families or groups, resorts are a great way to please everyone — with downhill, cross-country and snowshoeing, there is something for every taste and skill level. “What snowshoeing offers is really freedom,” says Bouchard. “You can go at your own pace, and you don’t need to stay on the trail. And I’ve found that sometimes the best things in life are off the beaten track.”

Ken Bouchard has been trailblazing in the Gatineau Hills outside of Ottawa since he was five years old. He was Director of the Carman Trails Outdoor Centre for 12 years, where he developed a snowshoe trail system over 100 acres and continues to lead snowshoe excursions for visitors. He monitors the TransCanada Trail for the Wakefield region, is a member of Friends of the Gatineau Park Heritage Committee and the Gatineau Valley Historical Society.

Learn how to snowshoe in 15 minutes or less “Everyone can snowshoe,” says expert Ken Bouchard. Over the years, he has taught countless novices to snowshoe — even foreign visitors to Canada’s Capital who wanted a taste of Canadian culture. Dignitaries from the southern United States were treated to a snowshoe trek across the grounds at Government House. He even taught a group of diplomats from Africa to walk on snow. “The best thing is to pay no attention to what’s on your feet,” says Bouchard. He claims he can teach you the basic technique for traversing flat, uphill and downhill terrain in about 15 minutes, and you’ll be on your way.

Here are five helpful tips for your snowshoe adventure: 1. Take snacks and water and stay hydrated. 2. Wear sunscreen and sunglasses to protect you from reflections off the snow. 3. Wear layers of clothes and adjust them as you heat up. Underarm zips are helpful. 4. Wear moisture-wicking thermal underwear; not cotton, which will trap moisture next to your skin and make you cold. 5. Wear knee-high gaitors to keep snow out of your boots.

renaissance investments 141


Brain Calisthenics

Word scramble

Sudoku

Unscramble the following letters to spell words from the Invest Well article on page 8:

Complete the Sudoku puzzle so that each and every row, column and 3x3 box contains the numbers one through nine only once.

1. srhrceea 2. ftoooplir

4

3. dsclpiieni

3

5 8

7 8

8

1

4 3 11

7. azygnnila

2 5

8

8. anouastivl

10. nooupytiprt

3

5

5

5. lbifteyixil

9. seuxreop

1

1

4. ncidaaan

6. afkrweomr

7

2

7 2

9 9

4

4 2

7

3 8

Source: 4puz.com

Spot the difference: Snowshoeing Can you spot the ďŹ ve differences between the pictures below?

Check your answers at www.renaissanceinvestments.ca/braincalisthenics 142 renaissance investments


m

To learn more about how Renaissance Investments can help you and your clients invest well and live better, visit www.renaissanceinvestments.ca or call 1 888 888 FUND (3863). FOR DEALER USE ONLY Renaissance Investments and the Axiom Portfolios are offered by CIBC Asset Management Inc. This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal or tax advice. The material and/or its contents may not be reproduced or distributed without the express written consent of CIBC Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The indicated rates of return are the historical annual compounded total returns for the class A units unless otherwise noted, including changes in unit value and reinvestment of all distributions, but do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. For money market funds, the performance data provided assumes reinvestment of distributions only but does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, nor are they guaranteed. There can be no assurance that a money market fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment will be returned to you. The values of many mutual funds change frequently. Past performance may not be repeated. †Current yield is an annualized historical yield based on the seven-day period ended on September 30, 2011 and does not represent an actual one-year return. ™ Axiom, Axiom Portfolios, Renaissance Investments and “invest well. live better.” are registered trademarks of CIBC Asset Management Inc.

Printed in Canada on 25% Post Consumer Recycled Paper


When the choice is optimal

Renaissance Optimal Inflation Opportunities Portfolio s Protects against inflation in Canada s Capitalizes on global inflation opportunities s Complements a balanced portfolio

Go to www.renaissanceinvestments.ca/oiop This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal, or tax advice. Renaissance Investments is offered by CIBC Asset Management Inc. TMRenaissance Investments and “invest well. live better.” are registered trademarks of CIBC Asset Management Inc.

/TheRenaissanceAdviser-2011Q3  

http://www.renaissanceinvestments.ca/en/rep/downloads/marketing/renaissance/misc/mktg_ri_ramagazine_2011q3_e.pdf