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Renaissance Canadian Core Value Fund

Annual Financial Statementsfor the financial year ended August 31, 2007

Statement of Investment Portfolio As at August 31, 2007

Number of Shares/ Average Cost Current Value Number of Shares/ Average Cost Current ValuePar Value ($) ($) Par Value ($) ($)

Canadian Equities 41,000 NovaGold Resources Inc. 731,822 609,37461,400 PRT Forest Regeneration Income Fund 649,736 485,060

73,900 Canadian Tire Corp. Ltd., Class ‘A’ 3,649,014 5,735,379 162,400 Teck Cominco Ltd., Class ‘B’ 2,869,221 7,308,000531,125 CanWest Global Communications Corp. 5,317,021 4,195,888482,100 Linamar Corp. 7,337,889 12,370,686 Materials (12.43%) 64,029,467 84,338,608192,700 Magna International Inc., Class ‘A’ 15,109,526 18,271,814

564,260 BCE Inc. 19,430,799 22,790,461327,500 North West Company Fund 5,027,411 6,844,750133,200 Manitoba Telecom Services Inc. 6,198,646 6,580,080156,900 Quebecor Inc., Class ‘B’ 4,596,372 5,709,591199,300 TELUS Corp., NV 12,127,383 10,903,703254,400 RONA Inc. 5,751,608 5,472,144

140,500 Thomson Corp. (The) 6,709,654 6,280,350 Telecommunication Services (5.94%) 37,756,828 40,274,244186,500 Torstar Corp., Class ‘B’ 3,618,273 3,692,700

153,700 ATCO Ltd., Class ‘I’ 4,110,145 8,630,255Consumer Discretionary (10.10%) 57,116,768 68,573,302

Utilities (1.27%) 4,110,145 8,630,255295,510 Empire Co. Ltd., Class ‘A’ 10,182,323 14,663,206

Total of Canadian Equities (82.96%) 436,063,776 562,903,19192,850 George Weston Ltd. 6,854,970 6,648,060320,200 Metro Inc., Class ‘A’ 9,074,247 11,187,788

International Equities436,929 Rothmans Inc. 6,903,115 9,839,641112,500 Saputo Inc. 4,116,374 5,709,375 88,400 Alumina Ltd. 534,748 527,983

318,700 Dyno Nobel Ltd. 712,921 685,694Consumer Staples (7.08%) 37,131,029 48,048,070 242,900 Lihir Gold Ltd. 521,638 641,76231,250 Newcrest Mining Ltd. 514,819 658,907204,400 Canadian Natural Resources Ltd. 7,192,635 14,755,636

446,758 EnCana Corp. 20,875,950 27,649,853 Australia (0.37%) 2,284,126 2,514,346348,800 Imperial Oil Ltd. 9,720,483 16,118,048289,800 Nexen Inc. 10,092,387 8,557,794 15,100 Belgacom SA 586,216 700,313

4,300 Petro-Canada 211,350 232,214Belgium (0.10%) 586,216 700,313272,800 Petro-Canada 11,708,014 14,693,008

5,200 Suncor Energy Inc. 441,442 491,718 8,800 Ingersoll-Rand Co. Ltd., Class ‘A’ 383,149 483,421345,000 TransCanada Corp. 10,803,499 12,696,000

Bermuda (0.07%) 383,149 483,421Energy (14.03%) 71,045,760 95,194,271

43,082 Centrais Eletricas Brasileiras SA 562,329 592,749219,290 Bank of Montreal 10,119,125 14,242,886495,060 Bank of Nova Scotia 15,908,443 25,861,934 Brazil (0.09%) 562,329 592,749195,000 Canadian Imperial Bank of Commerce† 19,515,345 18,661,500

82,550 Alcatel SA, Series ‘A’ 1,068,683 955,94333,400 Dundee REIT 1,340,805 1,243,482590 Areva SA 421,669 624,564754,730 Manulife Financial Corp. 25,182,290 30,868,457

7,200 Technip SA 434,653 608,353360,800 Northbridge Financial Corp. 11,850,934 12,375,440318,100 Power Corp. of Canada 7,374,125 12,883,050 France (0.32%) 1,925,005 2,188,860187,200 Power Financial Corp. 3,977,190 7,671,456

43,350 Premiere AG, Registered 826,946 1,004,626545,300 Royal Bank of Canada 16,598,889 29,631,602117,200 Sun Life Financial Inc. 5,587,773 5,952,588 Germany (0.15%) 826,946 1,004,626190,110 Toronto-Dominion Bank (The) 9,147,923 13,735,448

569,900 Telecom Italia SPA, RNC 1,562,302 1,346,208Financials (25.51%) 126,602,842 173,127,843Italy (0.20%) 1,562,302 1,346,20849,100 BFI Canada Income Fund 1,429,583 1,343,376

219,480 Canadian National Railway Co. 7,680,247 12,225,036 23,300 Coca-Cola West Japan Co. Ltd. 577,860 545,41671,970 Canadian Pacific Railway Ltd. 5,818,517 5,340,174 88,000 Dai Nippon Printing Co. Ltd. 1,466,347 1,358,034

115,080 Contrans Income Fund 1,478,727 1,133,538 24,000 DAIICHI SANKYO CO. LTD. 669,819 692,122161,070 Superior Plus Income Fund 2,275,216 2,043,978 22,500 Fuji Photo Film Co. Ltd. 903,730 1,034,898

44,000 Kirin Brewery Co. Ltd. 657,704 579,433Industrials (3.26%) 18,682,290 22,086,102 10,900 NEC Electronics Corp. 432,093 317,32368,000 Nippon Oil Corp. 522,382 606,301214,300 Aastra Technologies Ltd. 4,374,266 7,753,37458,400 Nippon Telegraph and Telephone Corp.,761,800 Celestica Inc. 8,400,781 4,791,722

ADR 1,504,927 1,427,082862,000 CGI Group Inc., Class ‘A’ 6,813,600 10,085,40040,700 Sega Sammy Holdings Inc. 916,220 654,091

Information Technology (3.34%) 19,588,647 22,630,496 23,000 Shiseido Co. Ltd. 489,691 506,90842,550 Takefuji Corp. 2,200,782 1,207,659387,675 Alcan Inc. 22,758,064 40,415,11954,000 Wacoal Corp. 807,170 716,05138,750 Barrick Gold Corp. 1,349,635 1,333,050

688,200 Cascades Inc. 7,702,625 6,930,174 Japan (1.42%) 11,148,725 9,645,318439,700 Goldcorp Inc. 12,571,709 10,961,721

39,400 Gemalto NV 1,032,187 1,069,907456,090 Intertape Polymer Group Inc. 3,410,621 1,468,610461,260 Intertape Polymer Group Inc., Rights, Netherlands (0.16%) 1,032,187 1,069,9072007/09/17 — 54,198

42,100 Ivanhoe Mines Ltd. 560,142 497,461 22,390 AngloGold Ashanti Ltd., ADR 1,184,889 924,436273,585 Labrador Iron Ore Royalty Income Fund 6,139,042 9,761,513 42,720 Gold Fields Ltd. 776,079 689,920190,800 Methanex Corp. 5,286,850 4,514,328 20,650 Impala Platinum Holdings Ltd. 564,303 645,973

South Africa (0.33%) 2,525,271 2,260,329

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


Number of Shares/ Average Cost Current Value Number of Shares/ Average Cost Current ValuePar Value ($) ($) Par Value ($) ($)

26,200 Korea Electric Power Corp., ADR 635,704 624,434 6,700 Lockheed Martin Corp. 558,128 702,66450,800 KT Corp., ADR 1,251,383 1,280,058 17,300 Pitney Bowes Inc. 869,250 817,49711,100 SK Telecom Co. Ltd., ADR 300,930 321,382 12,100 Raytheon Co. 591,751 785,151

6,500 Union Pacific Corp. 662,432 767,158South Korea (0.33%) 2,188,017 2,225,874

Industrials (0.45%) 2,681,561 3,072,47075,405 Chunghwa Telecom Co. Ltd., ADR 1,423,457 1,397,521

12,400 Agilent Technologies Inc. 467,089 477,471Taiwan (0.21%) 1,423,457 1,397,521 68,350 CA Inc. 1,922,670 1,821,339

31,800 Microsoft Corp. 1,025,739 966,46679,700 BP PLC 984,895 948,07854,610 Motorola Inc. 1,250,603 979,1889,320 Rio Tinto PLC, Registered 555,665 682,104

11,500 Royal Dutch Shell PLC, ADR, Class ‘B’ 911,007 946,580 Information Technology (0.63%) 4,666,101 4,244,464300,500 Vodafone Group PLC 853,044 1,024,618

24,550 Apex Silver Mines Ltd. 469,580 450,324United Kingdom (0.53%) 3,304,611 3,601,380 20,000 International Paper Co. 873,436 742,822

21,200 Newmont Mining Corp. Holding Co. 1,064,911 947,741United States3,800 United States Steel Corp. 257,033 379,794

18,800 CBS Corp., Class ‘B’ 605,311 626,658Materials (0.37%) 2,664,960 2,520,68113,150 Clear Channel Communications Inc. 466,120 518,314

22,750 Comcast Corp., Special, Class ‘A’ 626,549 622,349 16,534 AT&T Inc. 599,611 697,34614,300 Liberty Media Holding Corp. — 29,600 Sprint Nextel Corp. 702,875 592,430

Interactive, Series ‘A’ 337,103 286,96431,800 Viacom Inc., Class ‘B’ 1,447,131 1,327,420 Telecommunication Services (0.19%) 1,302,486 1,289,776

Consumer Discretionary (0.50%) 3,482,214 3,381,705 Total of United States (4.53%) 32,750,213 30,740,055

12,600 Altria Group Inc. 1,106,942 925,160 Total of International Equities (8.81%) 62,502,554 59,770,90714,700 Kimberly-Clark Corp. 1,092,011 1,068,157

Total of Investments before Short-Term9,770 Kraft Foods Inc., Class ‘A’ 348,401 331,346Investments (91.77%) 498,566,330 622,674,098

Consumer Staples (0.34%) 2,547,354 2,324,663Short-Term Investments

14,000 Apache Corp. 1,061,759 1,145,990Government of Canada10,200 Hess Corp. 647,535 662,187

20,575,000 Treasury Bill, 4.36%, 2007/09/20 20,337,154 20,529,05619,600 Noble Energy Inc. 1,050,276 1,245,48421,675,000 Treasury Bill, 4.50%, 2007/11/01 21,439,458 21,512,473

Energy (0.45%) 2,759,570 3,053,661 625,000 Treasury Bill, 4.33%, 2007/11/15 617,799 619,18712,000,000 Treasury Bill, 4.10%, 2007/11/29 11,872,200 11,883,937

16,100 Aon Corp. 632,247 737,80031,796 Citigroup Inc. 1,809,508 1,576,827 Short-Term Investments — CAD 54,266,611 54,544,65331,000 Countrywide Financial Corp. 1,211,284 650,948

Mellon Bank NA Deposit Trust Reserve25,200 Fannie Mae 1,660,955 1,749,0201,903,800 Variable Rate 1,991,359 2,017,41328,900 Genworth Financial Inc. 1,098,884 885,973

13,100 Hartford Financial Services Group Inc. Short-Term Investments — USD 1,991,359 2,017,413(The) 1,275,692 1,232,100

Total of Short-Term Investments (8.34%) 56,257,970 56,562,06625,183 JPMorgan Chase & Co. 1,227,392 1,186,0068,800 MGIC Investment Corp. 613,355 280,762

Total of Investments (100.11%) 554,824,300 679,236,16412,600 Radian Group Inc. 809,177 235,12232,400 Wells Fargo & Co. 1,218,034 1,252,384 Other Assets, less Liabilities (–0.11%) (732,566)

Financials (1.44%) 11,556,528 9,786,942 Total Net Assets (100.00%) 678,503,598

9,650 Aetna Inc. 481,695 519,702 †This security is issued by a related party of the Fund.10,300 Amgen Inc. 607,744 545,991

Health Care (0.16%) 1,089,439 1,065,693



Statements of Net Assets Statements of Changes in Net Assets (continued)(in 000s, except per unit amounts) Class O Units 2007 2006 2005

As at August 31, 2007, August 31, 2006, and December 31, 2005 (note 1) Increase (Decrease) in Net Assets fromOperations $ 6,075 $ 1,650 $ 4,692

2007 2006 2005

Distributions Paid or Payable to UnitholdersAssetsFrom net investment income (128) — —Investments at current value (notes 2 and 3) $ 679,236 $ 625,943 $ 617,852From net realized capital gains (6,609) — (722)Cash including foreign currency holdings, at current

value — 38 51 (6,737) — (722)Accrued interest and dividends receivable 1,058 990 1,689

Changes Due to Unitholder TransactionsReceivable for portfolio securities sold 20 1,914 1Amount received from the issuance of units 8,050 13,234 24,796Receivable for units issued 721 970 1,200Amount received from reinvestment of distributions 6,737 — 722Other receivables 57 — —Amount paid on redemptions of units (28,821) (4,518) (2,239)

Total Assets 681,092 629,855 620,793(14,034) 8,716 23,279

LiabilitiesIncrease (Decrease) in Net Assets for the Period (14,696) 10,366 27,249Payable for portfolio securities purchased 238 549 1,719Net Assets at Beginning of Period 48,938 38,572 11,323Payable for units redeemed 1,171 1,609 902

Management fees payable 1,052 1,041 1,001Net Assets at End of Period $ 34,242 $ 48,938 $ 38,572Other accrued expenses 127 135 130

Total Liabilities 2,588 3,334 3,752

Total Net Assets $ 678,504 $ 626,521 $ 617,041

Total Net Assets per ClassClass A $ 641,089 $ 575,903 $ 577,545Class F $ 3,173 $ 1,680 $ 924Class O $ 34,242 $ 48,938 $ 38,572

Net Asset Value per Unit (note 4)Class A $ 36.08 $ 34.58 $ 33.78Class F $ 10.93 $ 10.48 $ 10.15Class O $ 14.73 $ 14.80 $ 14.22

Statements of Changes in Net Assets(in 000s)For the periods ended August 31, 2007, August 31, 2006, andDecember 31, 2005 (note 1)

Class A Units 2007 2006 2005

Increase (Decrease) in Net Assets fromOperations $ 63,991 $ 13,550 $ 87,745

Distributions Paid or Payable to UnitholdersFrom net investment income (30) — —From net realized capital gains (35,852) — (835)Return of capital — (34) (4)

(35,882) (34) (839)

Changes Due to Unitholder TransactionsAmount received from the issuance of units (note 4) 132,181 61,608 112,768Amount received from reinvestment of distributions 35,346 34 832Amount paid on redemptions of units (130,450) (76,800) (95,129)

37,077 (15,158) 18,471

Increase (Decrease) in Net Assets for the Period 65,186 (1,642) 105,377Net Assets at Beginning of Period 575,903 577,545 472,168

Net Assets at End of Period $ 641,089 $ 575,903 $ 577,545

Class F Units 2007 2006 2005

Increase (Decrease) in Net Assets fromOperations $ 228 $ 33 $ 21

Distributions Paid or Payable to UnitholdersFrom net investment income (17) — —From net realized capital gains (151) — (5)

(168) — (5)

Changes Due to Unitholder TransactionsAmount received from the issuance of units (note 4) 1,539 782 922Amount received from reinvestment of distributions 167 — 5Amount paid on redemptions of units (273) (59) (19)

1,433 723 908

Increase (Decrease) in Net Assets for the Period 1,493 756 924Net Assets at Beginning of Period 1,680 924 —

Net Assets at End of Period $ 3,173 $ 1,680 $ 924



Statements of Operations(in 000s, except per unit amounts)For the periods ended August 31, 2007, August 31, 2006, andDecember 31, 2005 (note 1)

2007 2006 2005

IncomeInterest revenue $ 2,386 $ 2,131 $ 2,326Dividend revenue 11,833 7,404 16,748Securities lending revenue 70 156 181Other income — 1 —

14,289 9,692 19,255

Expenses (notes 5 and 8)Management fees 12,338 8,348 11,170Audit fees 20 11 12Custodial fees 151 97 196Independent review committee fees 11 3 3Legal fees 33 35 87Regulatory fees 28 18 20Unitholder reporting costs 1,160 1,086 1,077Other expenses 74 18 —

13,815 9,616 12,565

Expenses waived/absorbed by the Manager (13) (185) (151)

13,802 9,431 12,414

Net Investment Income (Loss) 487 261 6,841

Realized and Unrealized Gain (Loss) onInvestments

Net realized gain (loss) on sale of investments1 78,339 46,164 30,669Net realized gain (loss) on foreign currency

(notes 2c and d) (719) (179) (228)Increase (decrease) in unrealized appreciation

(depreciation) of investments (7,813) (31,013) 55,176

Net Gain (Loss) on Investments 69,807 14,972 85,617

Increase (Decrease) in Net Assets fromOperations $ 70,294 $ 15,233 $ 92,458

Increase (Decrease) in Net Assets fromOperations per Class

Class A $ 63,991 $ 13,550 $ 87,745Class F $ 228 $ 33 $ 21Class O $ 6,075 $ 1,650 $ 4,692

Increase (Decrease) in Net Assets fromOperations per Unit

Class A $ 3.92 $ 0.80 $ 5.17Class F $ 1.11 $ 0.25 $ 0.28Class O $ 1.75 $ 0.54 $ 2.65

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

2007 2006 2005

Cost of Investments Held at Beginning ofPeriod $ 412,866 $ 428,947 $ 339,881

Purchases 337,835 227,026 195,453

750,701 655,973 535,334Cost of Investments Held at End of Period 498,566 412,866 428,947

Cost of Investments Sold or Matured 252,135 243,107 106,387Proceeds from sales or maturities 330,474 289,271 137,056

Net Realized Gain (Loss) on Sale ofInvestments $ 78,339 $ 46,164 $ 30,669


Notes to Financial Statements

August 31, 2007, August 31, 2006, and December 31, 2005

1. Renaissance Investments family of funds — Organization of the Funds and Financial Premium Class units are available to investors with a minimum initial investment of $25,000Reporting Periods on a load basis. Investors do pay a sales commission when purchasing units of the Funds, and

Each of the Renaissance Funds (individually, a ‘‘Fund’’, and collectively, the ‘‘Funds’’) is, or can be charged a redemption fee if they redeem their units. They may have to pay a short-expects to be, a mutual fund trust organized under the laws of Ontario and governed by a term trading fee, if applicable.declaration of trust (‘‘Declaration of Trust’’). Class O units are only available to selected investors who have been approved by and have

The Funds are managed by CIBC Asset Management Inc. (the ‘‘Manager’’). The Manager is entered into a Class O account agreement with the Manager. These investors are typicallyalso the trustee, registrar, and transfer agent of the Funds. financial services companies, including the Manager, that will use units of the Funds to

Each Fund may issue an unlimited number of Classes of units and unlimited number of facilitate offering other products to investors. No management fees or operating expenses areunits of each class. Class A, F, and O units of each of the Funds are available for sale (except charged to the Funds in respect of Class O units; instead, a negotiated management fee isRenaissance Canadian T-Bill Fund and Renaissance U.S. Money Market Fund, which only has charged by the Manager directly, or as directed by, Class O unitholders.Class A units, and Renaissance Money Market Fund, which has Class A, O, and Premium During the 2006 financial year, the year-end of the Funds was changed from December 31Class units available for sale). Each class may charge a different management fee, and to August 31. Financial statements and other reported information relating to 2005 isoperating expenses can either be common or class specific. Class specific expenses are presented to comply with securities regulations applicable to changes in year ends for mutualallocated on a class-by-class basis. As a result, a separate net asset value per unit is calculated funds.for each class. The Statement of Investment Portfolio of each Fund is as at August 31, 2007. The

Class A units are available to all investors on a load basis. Investors may pay a sales Statements of Net Assets are as at August 31, 2007, August 31, 2006, and December 31,commission when purchasing units of the Funds, and may be charged a redemption fee if 2005 and the Statements of Operations and Statement of Changes in Net Assets are for thethey redeem their units. They may have to pay a short-term trading fee, if applicable. periods ended August 31, 2007, August 31, 2006, and December 31, 2005, except for Funds

Class F units are available to investors participating in programs that do not require the or classes established during either period, in which case the information presented is frompayment of sales charges by investors and do not require the payment of service or trailing the Date Established or the Inception Date to August 31, 2007, August 31, 2006, orcommissions to dealers. For these investors, the Manager ‘‘unbundles’’ the typical distribution December 31, 2005.costs and charges a lower management fee. Potential investors include clients of ‘‘fee-for- ‘‘Date Established’’ is the date on which a Fund was established by Declaration of Trust.service’’ investment advisors, dealer-sponsored ‘‘wrap accounts’’, and others who pay an ‘‘Inception Date’’ is the date upon which a class of units of a Fund were first sold to theannual fee to their dealer instead of transactional sales charges and where the dealer does not public.receive service fees or trailing commissions from the Manager.

Inception Date Inception Date Inception Date Inception Date

Name Date Established Class A Units Class F Units Class O Units Premium Class Units

Renaissance Money Market Fund1 February 10, 1986 January 2, 1987 n/a July 20, 2007 August 21, 2006Renaissance Canadian T-Bill Fund August 21, 1987 August 21, 1987 n/a n/a n/aRenaissance U.S. Money Market Fund March 30, 1987 March 30, 1987 n/a n/a n/aRenaissance Canadian Income Fund2 April 24, 1974 October 1, 1974 February 21, 2002 June 1, 2001 n/aRenaissance Canadian Bond Fund3 June 21, 1972 January 1, 1973 August 10, 2004 July 14, 2005 n/aRenaissance Canadian Real Return Bond Fund November 8, 2002 June 2, 2003 September 27, 2005 March 15, 2005 n/aRenaissance Canadian High Yield Bond Fund September 23, 1994 September 23, 1994 October 11, 2005 July 12, 2005 n/aRenaissance Global Bond Fund4 October 6, 1992 October 21, 1992 August 22, 2007 July 13, 2005 n/aRenaissance Canadian Balanced Fund December 10, 1984 December 10, 1984 November 23, 2005 November 17, 2003 n/aRenaissance Canadian Balanced Value Fund January 19, 1999 March 10, 1999 October 7, 2005 March 15, 2005 n/aRenaissance Canadian Asset Allocation Fund5 February 10, 1986 February 10, 1986 September 28, 2001 June 1, 2001 n/aRenaissance Global Asset Allocation Fund6 October 8, 1987 October 8, 1987 September 25, 2001 n/a n/aRenaissance Canadian Monthly Income Fund October 30, 1997 October 30, 1997 June 13, 2007 n/a n/aRenaissance Diversified Income Fund November 8, 2002 February 4, 2003 October 14, 2005 July 12, 2005 n/aRenaissance Millennium High Income Fund7 January 6, 1997 February 13, 1997 September 6, 2001 April 18, 2002 n/aRenaissance Canadian Dividend Income Fund November 8, 2002 November 8, 2002 October 19, 2005 August 11, 2005 n/aRenaissance Dividend Fund8 August 25, 1995 September 12, 1995 December 18, 2001 n/a n/aRenaissance Canadian Core Value Fund September 23, 1994 September 23, 1994 September 26, 2005 November 17, 2003 n/aRenaissance Canadian Growth Fund October 30, 1985 October 30, 1985 November 24, 2005 July 12, 2005 n/aRenaissance Canadian Small-Cap Fund9 October 22, 1996 October 25, 1996 November 3, 2005 July 12, 2005 n/aRenaissance Millennium Next Generation Fund10 August 13, 1993 January 19, 1999 February 14, 2001 January 2, 2001 n/aRenaissance U.S. Equity Value Fund November 24, 1998 December 17, 1998 November 3, 2005 November 17, 2003 n/aRenaissance U.S. Equity Growth Fund October 30, 1985 October 30, 1985 November 3, 2005 July 12, 2005 n/aRenaissance U.S. Index Fund October 22, 1996 October 25, 1996 November 23, 2005 n/a n/aRenaissance International Index Fund October 22, 1996 October 25, 1996 September 28, 2005 n/a n/aRenaissance International Equity Fund11 November 6, 2000 January 2, 2001 May 16, 2006 January 2, 2001 n/aRenaissance Global Markets Fund12 October 6, 1992 January 11, 1993 October 19, 2001 November 24, 2006 n/aRenaissance Global Multi Management Fund13 February 4, 2000 February 16, 2000 May 9, 2001 April 18, 2002 n/aRenaissance Global Value Fund14 January 21, 1998 May 1, 1998 February 22, 2002 January 2, 2001 n/aRenaissance Global Growth Fund November 24, 1998 December 17, 1998 September 26, 2005 May 31, 2006 n/aRenaissance Global Focus Fund15 September 3, 1999 September 6, 1999 April 5, 2007 May 31, 2006 n/aRenaissance Global Small-Cap Fund16 January 21, 1998 February 2, 1998 January 31, 2001 January 2, 2001 n/aRenaissance European Fund17 November 24, 1993 November 24, 1993 February 14, 2002 n/a n/aRenaissance Asian Fund18 October 6, 1989 January 2, 1990 May 17, 2002 n/a n/aRenaissance China Plus Fund19 January 21, 1998 February 2, 1998 May 10, 2001 January 2, 2001 n/aRenaissance Emerging Markets Fund20 October 22, 1996 October 25, 1996 May 25, 2007 July 12, 2005 n/aRenaissance Global Technology Fund March 31, 2000 April 6, 2000 n/a n/a n/aRenaissance Global Health Care Fund21 October 2, 1996 November 2, 1996 December 12, 2000 January 2, 2001 n/aRenaissance Global Resource Fund22 July 30, 2002 August 2, 2002 November 27, 2003 January 11, 2007 n/aRenaissance Global Science & Technology

Fund23 October 2, 1996 October 28, 1996 December 14, 2000 January 2, 2001 n/a1Formerly Talvest Money Market Fund 13Formerly Talvest Global Multi Management Fund2Formerly Talvest Income Fund 14Formerly Talvest Global Equity Fund3Formerly Talvest Bond Fund 15Formerly Renaissance Global Sectors Fund4Formerly Talvest Global Bond Fund 16Formerly Talvest Global Small Cap Fund5Formerly Talvest Cdn. Asset Allocation Fund 17Formerly Renaissance Euro Fund6Formerly Talvest Global Asset Allocation Fund 18Formerly Talvest Asian Fund7Formerly Talvest Millennium High Income Fund 19Formerly Talvest China Plus Fund8Formerly Talvest Dividend Fund 20Formerly Renaissance Developing Capital Markets Fund9Formerly Renaissance Canadian Small Cap Fund 21Formerly Talvest Global Health Care Fund

10Formerly Talvest Millennium Next Generation Fund 22Formerly Talvest Global Resource Fund11Formerly Talvest International Equity Fund 23Formerly Talvest Global Science & Technology Fund12Formerly Talvest Global Markets Fund


2. Summary of Significant Accounting Policies recorded as an Increase (decrease) in unrealized appreciation (depreciation) of investmentsThese financial statements, prepared in accordance with Canadian generally accepted during the applicable period on the Statements of Operations.accounting principles (‘‘GAAP’’), include estimates and assumptions by management that The gain or loss arising from the difference between the value of the original forwardaffect the reported amounts of assets, liabilities, income, and expenses during the reporting foreign currency contract and the contract at close or delivery is realized and recorded as Netperiods. Actual results may differ from such estimates. realized gain (loss) on foreign currency for Funds that use the forward foreign currency

contracts for hedging, or as Income (loss) from forward foreign currency contracts for FundsFuture adoption of new accounting standards that do not use the forward foreign currency contracts for hedging.The requirements of CICA Handbook Section 3855, Financial Instruments — Recognition andMeasurement (’’CICA 3855’’), became effective for fiscal years beginning on or after e) Futures ContractsOctober 1, 2006. CICA 3855 prescribes specific guidance for establishing fair values under The margin deposits with brokers relating to futures contracts are included in Margin on theGAAP, including the use of bid prices for long positions and ask prices for short positions for Statements of Net Assets. Any change in the margin requirement is settled daily, and isinvestments quoted in active markets. Where active markets do not exist, fair values are included in Receivable for portfolio securities sold or Payable for portfolio securities purchasedestablished using a fair valuation technique. Prior to the adoption of CICA 3855, fair values on the Statements of Net Assets.were based on last traded or closing prices or based on management’s best estimate where Any difference between the settlement value at the close of business on each valuationmarket quotations were not reliable or available. date and the settlement value at the close of business on the previous valuation date is

CICA 3855 also requires that transaction costs (such as brokerage commissions) incurred on recorded as Income (loss) from futures contracts on the Statements of Operations.portfolio transactions be recognized immediately in net income and presented as a separate

f) Optionsexpense item in the financial statements. Prior to CICA 3855, transaction costs were includedPremiums paid for purchased call and put options are included in Investments at current valuein the average cost of investments or as a reduction in the proceeds on the disposition ofon the Statements of Net Assets. When a purchased option expires, the Fund will realize ainvestments. Transaction costs were recognized immediately in net assets and results ofloss in the amount of the cost of the option. For a closing transaction, the Fund will realize aoperations, but were not presented as a separate line item.gain or loss depending on whether the proceeds are greater or less than the premium paid atIn accordance with the transitional provisions, CICA 3855 will be adopted by the Fundsthe time of purchase. When a purchased call option is exercised, the cost of the securityretroactively on September 1, 2007, without restatement of prior period financial statements.purchased is increased by the premium paid at the time of purchase.As a result of the change in accounting policy for the valuation of investments, Net Assets at

Premiums received from writing options are included in Investments at current value on theBeginning of Period for each Fund or class, as applicable, will be adjusted to reflect the use ofStatements of Net Assets as initial reductions in the value of investments. Premiums receivedbid-ask pricing will be disclosed on the Statements of Changes in Net Assets. There is nofrom writing options that expire unexercised are recorded as Income on the Statements ofimpact in the 2007 annual financial statements. There will be no impact to the net assets orOperations. For a closing transaction, if the cost of closing the transaction exceeds theresults of operations as a result of the change in accounting policy for transaction costs.premium received, the Funds will record a realized loss, or if the premium received at the

a) Investment Transactions, Income Recognition, and Recognition of Realized and time the option was written is greater than the amount paid, the Funds will record a realizedUnrealized Gains and Losses gain. If a written put option is exercised, the cost for the security delivered is reduced by thei) Each transaction of purchase or sale of a portfolio asset by a Fund is reflected in the premiums received at the time the option was written.

net asset value no later than the first computation of net asset value made after theg) Securities Lendingdate on which the transaction becomes binding upon the Fund.The Funds may lend portfolio securities in order to earn additional revenue, which is disclosedii) Interest income is recorded on the accrual basis.on the Statements of Operations. The loaned assets of any one Fund are not permitted toiii) Dividend income is recorded on the ex-dividend date.exceed 50% of the current value of the assets of that Fund (excluding collateral debt for theiv) The valuation of securities and other assets is accounted for on a ‘‘fair value basis’’.loaned securities). The minimum allowable collateral is 102% of the current value of theThis means that the value of the securities and assets is adjusted on each valuationloaned securities as per the requirements of National Instrument 81-102. Collateral can consistdate to reflect fair values (‘‘current value’’).of the following:v) Realized gains and losses on investments and unrealized appreciation or depreciation

i) Cash.of investments are calculated using the average cost of the related investments.ii) An evidence of indebtedness that is issued or fully and unconditionally guaranteed asvi) Other income is the sum of income other than that which is separately classified on

to the principal and interest by: a) the government of Canada, or a province or territorythe Statements of Operations.of Canada; b) the government of the United States of America or the government of

b) Portfolio Securities one of the states of the United States of America; c) the government of anotherThe cost of securities of the Fund is determined in the following manner. Securities are sovereign state, or a permitted supranational agency, if, in each case, the evidence ofpurchased and sold at a market-traded price to arrive at a value for the position traded. The indebtedness has an approved credit rating; or d) a Canadian financial institution or atotal purchased value represents the total cost of the security to the Fund. When additional financial institution that is not incorporated or organized under the laws of Canada orunits of the same security are purchased, the cost of those additional units is added to the of a province or territory of Canada, if, in either case, evidences of indebtedness oftotal security cost. When units of the same security are sold, the proportionate cost of the that issuer or guarantor that are rated as short-term debt by an approved credit ratingunits of the security sold is deducted from the total security cost. If there is a return of capital organization have an approved credit rating.paid by a security, the amount of this return of capital is deducted from the total security cost. iii) Irrevocable letters of credit issued by a Canadian financial institution, if evidences ofThis method of tracking security cost is known as ‘‘average cost’’ and the current total for any indebtedness of the Canadian financial institution that are rated as short-term debt byone security is referred to as the adjusted cost base or ‘‘ACB’’ of the security. an approved credit rating organization have an approved credit rating.

The difference between the current value of securities and their average cost represents iv) Securities that are immediately convertible into securities of the same issuer, class, orthe unrealized appreciation (depreciation) in value of the portfolio investments. The applicable type, and the same term, as the securities loaned.period change in unrealized appreciation (depreciation) of investments is included on the v) Commercial paper with a term to maturity of 365 days or less with an approved creditStatements of Operations. rating and that was issued by a company other than a government or permitted

Short-term investments on the Statement of Investment Portfolio include accrued interest. supranational agency.Accrued interest for bonds is disclosed separately on the Statements of Net Assets. The market value of the loaned securities is determined on the close of any valuation date,

and any additional required collateral is delivered to the Funds on the next business day. Thec) Foreign Exchange securities on loan continue to be included on the Statements of Investment Portfolio, and areThe value of investments and other assets and liabilities denominated in foreign currencies is included in the total value on the Statements of Net Assets in Investments at current value.translated into Canadian dollars (except for Renaissance U.S. Money Market Fund, which isvalued in USD) at the rates prevailing on each valuation date. h) Multi-Class Structured Funds

Purchases and sales of investments, income, and expenses are translated into Canadian Each Fund may issue an unlimited number of classes of units. The realized and unrealizeddollars at the foreign exchange rates prevailing on the dates of such transactions. Foreign capital gains or losses, income, and common expenses (other than class specific operatingcurrency translation gains (losses) on investments and income transactions are included in Net expenses and management fees) of the Fund are allocated on each valuation date to therealized gain (loss) on foreign currency and in Income, respectively, on the Statements of unitholders in proportion to the respective prior day’s net asset value, which includesOperations. unitholder trades dated for that day, of each class at the date of which the allocation is made.

All class-specific operating expenses and management fees are class-specific, and do notd) Forward Foreign Currency Contracts require allocation. All class-specific operating expenses are paid by the Manager and areFunds may enter into forward foreign currency contracts for either hedging or non-hedging collected from the Funds on a recoverable basis.purposes where such activity is consistent with their investment objectives and as permittedby the Canadian securities regulatory authorities.

Changes in the value of forward foreign currency contracts are recorded as Unrealized gain(loss) on forward foreign currency contracts on the Statements of Net Assets, and are


i) Other Assets and Liabilities Margin paid or deposited in respect of futures contracts and forward contracts will beOther assets and liabilities are recorded at cost, which approximates their current value. reflected as an account receivable and margin consisting of assets other than cash will be

noted as held as collateral.j) Legend for Abbreviations Other derivatives and margin are valued in a manner that the Manager determines toThe following is a list of abbreviations (foreign currency translation and others) that may be represent their fair value.used in the Statements of Investment Portfolio:

e) Restricted SecuritiesCurrency Abbreviations Restricted securities purchased by any Fund will be valued in a manner that the Manager

determines to represent their fair market value.AUD – Australian Dollar ITL – Italian LiraBEF – Belgium Franc JPY – Japanese Yen

f) Other SecuritiesCAD – Canadian Dollar KRW – South Korean WonAll other assets of the Funds will be valued in accordance with the laws of the CanadianCHF – Swiss Franc MXN – Mexican Pesosecurities regulatory authorities, where applicable, and in a manner that most accuratelyCNY – Chinese Renminbi MYR – Malaysian Ringgit

CZK – Czech Koruna NLG – Netherlands Guilder reflects their fair value as determined by the Manager.DEM – Deutsche Mark NOK – Norwegian Krone The value of any security or other property of a Fund for which a market quotation is notDKK – Danish Krone NZD – New Zealand Dollar readily available or where the market quotations do not properly reflect the fair value of suchESP – Spanish Peseta PHP – Philippine Peso securities will be determined by the Manager by valuing the securities at their fair value.EUR – Euro PLN – Polish ZlotyFRF – French Franc SEK – Swedish Krona 4. Units Issued and OutstandingGBP – British Pound SGD – Singapore Dollar Unitholders have the right to require the Fund to repurchase their units at the net asset valueGRD – Greek Drachma THB – Thai Baht

next determined. Changes in issued and outstanding units for the periods ended August 31,HKD – Hong Kong Dollar TRY – New Turkish Lira2007, August 31, 2006, and December 31, 2005 are summarized as follows:HUF – Hungarian Forint TWD – Taiwan Dollar

IDR – Indonesian Rupiah USD – United States DollarRenaissance Money Market Fund — Class A unitsINR – Indian Rupee ZAR – South African Rand

2007 2006 2005Other AbbreviationsBalance — beginning of period 11,782,229 13,751,396 18,302,621

ADR – American Depository Receipt LEPOs – Low Exercise Price Options Units issued for cash and assets (note 12) 20,480,485 13,248,258 20,069,498ADC – Austrian Depository Receipt MSCI – Morgan Stanley Capital International Units issued on reinvestment ofCVO – Contingent Value Obligations NVDR – Non-Voting Depository Receipt distributions 301,620 239,364 265,193ETF – Exchange Traded Fund OPaLS – Optimized Portfolios as Listed SecuritiesGDR – Global Depository Receipt PERLES – Performance Linked to Equity Securities 32,564,334 27,239,018 38,637,312iShares – index Shares SDR – Swedish Depository Receipt Units redeemed (13,450,470) (15,456,789) (24,885,916)IPN – International Participation iUnits – Index Units

Balance — end of period 19,113,864 11,782,229 13,751,396Note

3. Valuation of InvestmentsRenaissance Money Market Fund — Class O units

The valuation date (‘‘Valuation Date’’) for a Fund is any day the Toronto Stock Exchange isopen for business. The trustee may, at its discretion, establish other Valuation Dates. 2007

The value of the investments or assets of a Fund is determined as follows: Balance — beginning of period —Units issued for cash 5,405

a) Cash and Cash Equivalents Units issued on reinvestment ofCash, accounts receivable, dividends receivable, distributions receivable, and accrued interest distributions 28are valued at their recorded cost, plus or minus any foreign exchange between recognition of

5,433the asset by the Fund and the current Valuation Date, which approximates current value.Units redeemed (159)Short-term investments (money market instruments) are valued at cost plus accrued

interest, which approximates current value for all Funds. Balance — end of period 5,274

b) Bonds, Debentures, and Other Debt ObligationsRenaissance Money Market Fund — Premium Class unitsBonds, debentures, and other debt obligations are valued by taking the average of the bid and

ask prices provided by a recognized vendor upon the close of trading on a Valuation Date. 2007 2006Bonds held in money market funds are valued at cost and plus or minus amortization,

Balance — beginning of period 7,045,119 —including foreign currency translation, if applicable, which approximates market value.Units issued for cash 184,793,801 7,146,530Units issued on reinvestment ofc) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities

distributions 2,228,763 3,246Any security that is listed or dealt with on a securities exchange is valued at the closing saleprice or, if there is no closing sale price on that exchange, and in the case of securities traded 194,067,683 7,149,776

Units redeemed (123,202,410) (104,657)on an over-the-counter (‘‘OTC’’) market, at the average of the closing ask price and the closingbid price unless it is determined by the Manager that these are inappropriate as a basis for Balance — end of period 70,865,273 7,045,119valuation. In such situations, a fair value will be determined by the Manager. If any securitiesare inter-listed or traded on more than one exchange or market, the Manager will use the

Renaissance Canadian T-Bill Fund — Class A unitsprincipal exchange or market for valuing such securities.Unlisted securities are valued at the average of the most recent bid and ask prices quoted

2007 2006 2005by a recognized dealer, or the Manager may determine a price that more accurately reflects

Balance — beginning of period 7,116,861 8,381,429 9,712,950the fair value of these securities.Units issued for cash 8,222,928 5,497,393 9,382,730Fair value pricing is designed to avoid stale prices and to provide a more accurate net asset Units issued on reinvestment ofvalue, and may assist in the deterrence of harmful short-term or excessive trading in the distributions 180,466 123,023 118,661

Funds. When securities listed or traded on markets or exchanges that close prior to North15,520,255 14,001,845 19,214,341American markets or exchanges are valued by the Manager at their fair market value, instead

Units redeemed (8,276,233) (6,884,984) (10,832,912)of using quoted or published prices, the prices of such securities used to calculate the Fund’snet asset value may differ from quoted or published prices of such securities. Balance — end of period 7,244,022 7,116,861 8,381,429

d) DerivativesRenaissance U.S. Money Market Fund — Class A unitsLong positions in options, debt-like securities, and listed warrants are valued at the closing

value as established on either their principal trading exchange or by a recognized dealer in2007 2006 2005

such securities. The credit rating of each counterparty (as rated by Standard & Poor’s, aBalance — beginning of period 2,383,411 2,467,432 2,888,226division of The McGraw-Hill Companies, Inc.) meets or exceeds the minimum approved creditUnits issued for cash 2,764,236 1,877,701 2,383,826rating.Units issued on reinvestment ofWhen any option is written by any Fund, the premium received by the Fund will be distributions 94,794 58,312 59,687

reflected as a liability that will be valued at an amount equal to the current market value of the5,242,441 4,403,445 5,331,739option that would have the effect of closing the position. Any difference resulting from

Units redeemed (3,156,396) (2,020,034) (2,864,307)revaluation shall be treated as an unrealized gain or loss on investment; the liability shall bededucted in arriving at the net asset value of the Fund. The securities, if any, that are the Balance — end of period 2,086,045 2,383,411 2,467,432subject of a written option will be valued in the manner described above for listed securities.

Futures contracts, forward contracts, or swaps will be valued at the gain or loss, if any, thatwould be realized on the Valuation Date if the position in the futures contracts, forwardcontracts, or swaps were to be closed out.


Renaissance Canadian Income Fund — Class A units Renaissance Canadian Real Return Bond Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 4,524,841 6,027,930 7,252,115 Balance — beginning of period 31,823 22,100 —Units issued for cash 322,387 335,396 1,389,163 Units issued for cash and assets (note 12) 54,533 31,191 22,075Units issued on reinvestment of Units issued on reinvestment of

distributions 95,838 91,895 161,542 distributions 908 547 25

4,943,066 6,455,221 8,802,820 87,264 53,838 22,100Units redeemed (1,940,188) (1,930,380) (2,774,890) Units redeemed (26,585) (22,015) —

Balance — end of period 3,002,878 4,524,841 6,027,930 Balance — end of period 60,679 31,823 22,100

Renaissance Canadian Income Fund — Class F units Renaissance Canadian Real Return Bond Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 82,686 95,777 12,825 Balance — beginning of period 859,354 569,892 —Units issued for cash 21,453 23,871 106,922 Units issued for cash 107,765 353,205 571,061Units issued on reinvestment of Units issued on reinvestment of

distributions 2,509 2,055 504 distributions 34,646 17,082 23,603

106,648 121,703 120,251 1,001,765 940,179 594,664Units redeemed (51,140) (39,017) (24,474) Units redeemed (964,079) (80,825) (24,772)

Balance — end of period 55,508 82,686 95,777 Balance — end of period 37,686 859,354 569,892

Renaissance Canadian Income Fund — Class O units Renaissance Canadian High Yield Bond Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 2,662,814 3,025,135 3,269,838 Balance — beginning of period 12,081,769 12,340,881 12,950,788Units issued for cash 158,690 106,806 344,613 Units issued for cash and assets (note 12) 12,983,837 1,782,971 3,263,021Units issued on reinvestment of Units issued on reinvestment of

distributions 104,634 86,636 134,707 distributions 775,732 501,320 768,654

2,926,138 3,218,577 3,749,158 25,841,338 14,625,172 16,982,463Units redeemed (833,983) (555,763) (724,023) Units redeemed (3,250,413) (2,543,403) (4,641,582)

Balance — end of period 2,092,155 2,662,814 3,025,135 Balance — end of period 22,590,925 12,081,769 12,340,881

Renaissance Canadian Bond Fund — Class A units Renaissance Canadian High Yield Bond Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 5,609,436 6,208,822 6,690,194 Balance — beginning of period 51,482 36,687 —Units issued for cash and assets (note 12) 4,659,047 646,531 1,336,460 Units issued for cash and assets (note 12) 199,780 18,305 36,426Units issued on reinvestment of Units issued on reinvestment of

distributions 176,378 136,798 183,074 distributions 5,201 2,000 261


Balance — end of period 8,348,663 5,609,436 6,208,822 Balance— end of period 246,673 51,482 36,687

Renaissance Canadian Bond Fund — Class F units Renaissance Canadian High Yield Bond Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 308 656 65 Balance — beginning of period 12,698 5,362 —Units issued for cash and assets (note 12) 7,181 566 2,813 Units issued for cash 4,075 7,676 5,269Units issued on reinvestment of Units issued on reinvestment of

distributions 176 20 68 distributions 1,027 594 159

7,665 1,242 2,946 17,800 13,632 5,428Units redeemed (318) (934) (2,290) Units redeemed (17,800) (934) (66)

Balance — end of period 7,347 308 656 Balance — end of period — 12,698 5,362

Renaissance Canadian Bond Fund — Class O units Renaissance Global Bond Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 136,314 60,642 — Balance — beginning of period 5,390,171 6,893,182 15,872,503Units issued for cash and assets (note 12) 152,338 75,913 60,520 Units issued for cash 462,501 953,428 992,945Units issued on reinvestment of Units issued on reinvestment of


296,819 140,154 61,487 5,971,519 7,892,212 16,976,112Units redeemed (15,626) (3,840) (845) Units redeemed (2,426,712) (2,502,041) (10,082,930)

Balance — end of period 281,193 136,314 60,642 Balance — end of period 3,544,807 5,390,171 6,893,182

Renaissance Canadian Real Return Bond Fund — Class A units Renaissance Global Bond Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 6,579,615 5,005,569 1,947,697 Balance — beginning of period 306 239 4,961Units issued for cash and assets (note 12) 1,662,116 2,370,426 3,540,487 Units issued for cash 859 64 237Units issued on reinvestment of Units issued on reinvestment of

distributions 192,046 83,771 65,073 distributions 3 3 63

8,433,777 7,459,766 5,553,257 1,168 306 5,261Units redeemed (2,299,763) (880,151) (547,688) Units redeemed (309) — (5,022)

Balance — end of period 6,134,014 6,579,615 5,005,569 Balance — end of period 859 306 239


Renaissance Global Bond Fund — Class O units Renaissance Canadian Asset Allocation Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 96,776 36,725 — Balance — beginning of period 28,437,508 33,366,395 44,138,478Units issued for cash 45,916 64,340 36,934 Units issued for cash 1,670,350 1,345,509 2,278,196Units issued on reinvestment of Units issued on reinvestment of

distributions 4,466 1,136 168 distributions 882,028 252 1,314,434

147,158 102,201 37,102 30,989,886 34,712,156 47,731,108Units redeemed (11,945) (5,425) (377) Units redeemed (8,248,586) (6,274,648) (14,364,713)


Renaissance Canadian Balanced Fund — Class A units Renaissance Canadian Asset Allocation Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 21,878,821 23,881,748 25,994,429 Balance — beginning of period 675 572 1,487Units issued for cash and assets (note 12) 2,648,220 1,255,638 2,514,481 Units issued for cash 2,963 313 333Units issued on reinvestment of Units issued on reinvestment of

distributions 492,383 142,171 294,757 distributions 23 — 31

25,019,424 25,279,557 28,803,667 3,661 885 1,851Units redeemed (4,648,208) (3,400,736) (4,921,919) Units redeemed (214) (210) (1,279)

Balance — end of period 20,371,216 21,878,821 23,881,748 Balance — end of period 3,447 675 572

Renaissance Canadian Balanced Fund — Class F units Renaissance Canadian Asset Allocation Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 13,436 15 — Balance — beginning of period 7,796,302 8,986,896 11,413,716Units issued for cash and assets (note 12) 43,875 13,504 15 Units issued for cash 32,176 45,084 61,377Units issued on reinvestment of Units issued on reinvestment of

distributions 741 59 — distributions 460,311 — 607,778

58,052 13,578 15 8,288,789 9,031,980 12,082,871Units redeemed (6,311) (142) — Units redeemed (1,877,250) (1,235,678) (3,095,975)

Balance — end of period 51,741 13,436 15 Balance — end of period 6,411,539 7,796,302 8,986,896

Renaissance Canadian Balanced Fund — Class O units Renaissance Global Asset Allocation Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 6,445,396 6,586,136 4,712,161 Balance — beginning of period 2,120,321 2,701,317 3,537,375Units issued for cash 566,805 551,555 2,347,661 Units issued for cash and assets (note 12) 1,257,961 144,542 342,125Units issued on reinvestment of Units issued on reinvestment of

distributions 300,656 119,238 173,157 distributions 6,453 12,291 22,584

7,312,857 7,256,929 7,232,979 3,384,735 2,858,150 3,902,084Units redeemed (3,328,795) (811,533) (646,843) Units redeemed (1,376,605) (737,829) (1,200,767)


Renaissance Canadian Balanced Value Fund — Class A units Renaissance Global Asset Allocation Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 28,857,469 26,550,381 22,050,251 Balance — beginning of period 66 66 122Units issued for cash and assets (note 12) 7,044,981 5,475,193 8,427,783 Units issued for cash — — —Units issued on reinvestment of Units issued on reinvestment of

distributions 1,128,732 224,477 528,391 distributions — — —

37,031,182 32,250,051 31,006,425 66 66 122Units redeemed (6,396,183) (3,392,582) (4,456,044) Units redeemed — — (56)


Renaissance Canadian Balanced Value Fund — Class F units Renaissance Canadian Monthly Income Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 156,749 38,609 — Balance — beginning of period 53,321,459 58,530,498 67,905,163Units issued for cash and assets (note 12) 154,650 130,558 38,335 Units issued for cash 1,404,580 651,322 1,633,014Units issued on reinvestment of Units issued on reinvestment of

distributions 7,225 1,216 274 distributions 6,652,695 1,273,684 2,439,454

318,624 170,383 38,609 61,378,734 60,455,504 71,977,631Units redeemed (86,434) (13,634) — Units redeemed (18,335,819) (7,134,045) (13,447,133)


Renaissance Canadian Balanced Value Fund — Class O units Renaissance Canadian Monthly Income Fund — Class F units

2007 2006 2005 2007

Balance — beginning of period 3,925,456 2,784,020 — Balance — beginning of period —Units issued for cash 806,699 1,223,475 2,741,869 Units issued for cash 6,549Units issued on reinvestment of Units issued on reinvestment of

distributions 256,885 66,473 75,661 distributions 99

4,989,040 4,073,968 2,817,530 6,648Units redeemed (4,567,391) (148,512) (33,510) Units redeemed —

Balance — end of period 421,649 3,925,456 2,784,020 Balance — end of period 6,648


Renaissance Diversified Income Fund — Class A units Renaissance Canadian Dividend Income Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 22,919,104 21,945,902 16,278,642 Balance — beginning of period 69,200 48,246 —Units issued for cash 1,387,832 3,233,200 9,037,257 Units issued for cash 31,599 45,084 48,039Units issued on reinvestment of Units issued on reinvestment of

distributions 837,173 554,503 816,904 distributions 796 1,235 207



Renaissance Diversified Income Fund — Class F units Renaissance Canadian Dividend Income Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 55,163 15,089 — Balance — beginning of period 3,570,000 3,570,000 —Units issued for cash 162,097 47,349 15,066 Units issued for cash 18,616 — 3,570,000Units issued on reinvestment of Units issued on reinvestment of

distributions 3,029 976 23 distributions 593 — —

220,289 63,414 15,089 3,589,209 3,570,000 3,570,000Units redeemed (36,550) (8,251) — Units redeemed (1,052,489) — —


Renaissance Diversified Income Fund — Class O units Renaissance Dividend Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 3,494,474 3,482,311 — Balance — beginning of period 8,612,498 8,760,044 8,346,008Units issued for cash 21,918 13,389 3,482,164 Units issued for cash 2,138,846 1,074,650 2,460,060Units issued on reinvestment of Units issued on reinvestment of


3,518,194 3,496,773 3,482,419 10,940,863 9,967,567 11,011,216Units redeemed (1,063,656) (2,299) (108) Units redeemed (2,351,622) (1,355,069) (2,251,172)


Renaissance Millennium High Income Fund — Class A units Renaissance Dividend Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 113,462,575 107,091,340 89,778,487 Balance — beginning of period 16,482 8,970 6,708Units issued for cash and assets (note 12) 7,050,671 15,380,123 32,093,409 Units issued for cash 4,192 10,078 7,308Units issued on reinvestment of Units issued on reinvestment of

distributions 4,169,163 2,994,224 4,634,412 distributions 385 257 177

124,682,409 125,465,687 126,506,308 21,059 19,305 14,193Units redeemed (35,878,764) (12,003,112) (19,414,968) Units redeemed (3,335) (2,823) (5,223)


Renaissance Millennium High Income Fund — Class F units Renaissance Canadian Core Value Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 1,162,146 1,083,754 890,186 Balance — beginning of period 16,651,816 17,097,212 16,472,120Units issued for cash 237,047 284,144 457,476 Units issued for cash and assets (note 12) 3,731,568 1,777,013 3,684,396Units issued on reinvestment of Units issued on reinvestment of

distributions 37,782 25,174 33,819 distributions 1,022,712 971 23,565

1,436,975 1,393,072 1,381,481 21,406,096 18,875,196 20,180,081Units redeemed (472,181) (230,926) (297,727) Units redeemed (3,638,950) (2,223,380) (3,082,869)

Balance — end of period 964,794 1,162,146 1,083,754 Balance — end of period 17,767,146 16,651,816 17,097,212

Renaissance Millennium High Income Fund — Class O units Renaissance Canadian Core Value Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 1,881,429 1,338,932 614,666 Balance — beginning of period 160,260 91,070 —Units issued for cash 263,191 548,914 685,160 Units issued for cash and assets (note 12) 138,909 74,821 92,478Units issued on reinvestment of Units issued on reinvestment of

distributions 88,196 52,415 51,693 distributions 15,864 — 454

2,232,816 1,940,261 1,351,519 315,033 165,891 92,932Units redeemed (1,658,508) (58,832) (12,587) Units redeemed (24,717) (5,631) (1,862)

Balance — end of period 574,308 1,881,429 1,338,932 Balance — end of period 290,316 160,260 91,070

Renaissance Canadian Dividend Income Fund — Class A units Renaissance Canadian Core Value Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 12,628,949 11,702,851 8,507,057 Balance — beginning of period 3,307,409 2,712,255 943,470Units issued for cash 1,954,094 2,192,666 4,581,926 Units issued for cash 531,644 903,836 1,882,460Units issued on reinvestment of Units issued on reinvestment of

distributions 258,569 185,594 251,736 distributions 471,472 — 51,502

14,841,612 14,081,111 13,340,719 4,310,525 3,616,091 2,877,432Units redeemed (2,632,619) (1,452,162) (1,637,868) Units redeemed (1,986,071) (308,682) (165,177)



Renaissance Canadian Growth Fund — Class A units Renaissance Millennium Next Generation Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 6,762,458 7,695,231 9,730,569 Balance — beginning of period 60,961 70,649 53,449Units issued for cash and assets (note 12) 3,517,759 206,636 374,565 Units issued for cash 42,015 22,394 39,946Units issued on reinvestment of Units issued on reinvestment of

distributions 35,523 — 56,014 distributions 4,483 — —



Renaissance Canadian Growth Fund — Class F units Renaissance Millennium Next Generation Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 3,475 229 — Balance — beginning of period 29,170 41,879 62,929Units issued for cash and assets (note 12) 24,230 7,934 228 Units issued for cash 1,019 843 611Units issued on reinvestment of Units issued on reinvestment of

distributions 83 — 1 distributions 2,765 — 1,156

27,788 8,163 229 32,954 42,722 64,696Units redeemed (748) (4,688) — Units redeemed (32,954) (13,552) (22,817)

Balance — end of period 27,040 3,475 229 Balance — end of period — 29,170 41,879

Renaissance Canadian Growth Fund — Class O units Renaissance U.S. Equity Value Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 34,319 16,136 — Balance — beginning of period 4,029,866 4,831,223 6,167,587Units issued for cash and assets (note 12) 6,526,370 20,497 15,725 Units issued for cash and assets (note 12) 3,280,115 228,173 571,201Units issued on reinvestment of Units issued on reinvestment of

distributions 1,512 — 571 distributions 19,514 1,188 —

6,562,201 36,633 16,296 7,329,495 5,060,584 6,738,788Units redeemed (110,773) (2,314) (160) Units redeemed (1,008,457) (1,030,718) (1,907,565)

Balance — end of period 6,451,428 34,319 16,136 Balance — end of period 6,321,038 4,029,866 4,831,223

Renaissance Canadian Small-Cap Fund — Class A units Renaissance U.S. Equity Value Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 4,682,243 5,000,281 4,778,463 Balance — beginning of period 460 376 —Units issued for cash and assets (note 12) 7,624,041 750,294 501,608 Units issued for cash and assets (note 12) 17,346 84 376Units issued on reinvestment of Units issued on reinvestment of

distributions 779,144 2,057 750,783 distributions 23 — —

13,085,428 5,752,632 6,030,854 17,829 460 376Units redeemed (1,003,584) (1,070,389) (1,030,573) Units redeemed (457) — —

Balance — end of period 12,081,844 4,682,243 5,000,281 Balance — end of period 17,372 460 376

Renaissance Canadian Small-Cap Fund — Class F units Renaissance U.S. Equity Value Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 3,694 2,799 — Balance — beginning of period 4,870,625 2,163,993 3,038,029Units issued for cash and assets (note 12) 75,615 1,039 2,770 Units issued for cash 425,445 3,894,105 83,972Units issued on reinvestment of Units issued on reinvestment of

distributions 726 — 62 distributions 196,432 — 26,216

80,035 3,838 2,832 5,492,502 6,058,098 3,148,217Units redeemed (19,530) (144) (33) Units redeemed (1,469,335) (1,187,473) (984,224)


Renaissance Canadian Small-Cap Fund — Class O units Renaissance U.S. Equity Growth Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 669,344 5,586 — Balance — beginning of period 414,021 511,392 733,463Units issued for cash and assets (note 12) 175,338 706,556 5,145 Units issued for cash 20,804 17,910 25,262Units issued on reinvestment of Units issued on reinvestment of

distributions 115,045 — 491 distributions — — —

959,727 712,142 5,636 434,825 529,302 758,725Units redeemed (160,961) (42,798) (50) Units redeemed (99,355) (115,281) (247,333)


Renaissance Millennium Next Generation Fund — Class A units Renaissance U.S. Equity Growth Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 3,770,783 3,601,458 3,348,311 Balance — beginning of period 91 91 —Units issued for cash and assets (note 12) 504,169 616,107 984,750 Units issued for cash — — 91Units issued on reinvestment of Units issued on reinvestment of

distributions 201,110 38 7,283 distributions — — —

4,476,062 4,217,603 4,340,344 91 91 91Units redeemed (885,300) (446,820) (738,886) Units redeemed (91) — —

Balance — end of period 3,590,762 3,770,783 3,601,458 Balance — end of period — 91 91


Renaissance U.S. Equity Growth Fund — Class O units Renaissance International Equity Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 37,430 14,837 — Balance — beginning of period 35,232 17,644 369,616Units issued for cash 78,340 24,012 14,971 Units issued for cash 72,441 21,393 126,352Units issued on reinvestment of Units issued on reinvestment of

distributions — — — distributions — — —

115,770 38,849 14,971 107,673 39,037 495,968Units redeemed (49,633) (1,419) (134) Units redeemed (6,990) (3,805) (478,324)


Renaissance U.S. Index Fund — Class A units Renaissance Global Markets Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 4,183,826 5,701,941 9,341,388 Balance — beginning of period 5,977,427 8,104,601 13,112,506Units issued for cash 65,170 69,661 116,483 Units issued for cash and assets (note 12) 32,261,133 87,919 156,962Units issued on reinvestment of Units issued on reinvestment of

distributions — — — distributions 5 11 17

4,248,996 5,771,602 9,457,871 38,238,565 8,192,531 13,269,485Units redeemed (1,281,535) (1,587,776) (3,755,930) Units redeemed (2,536,361) (2,215,104) (5,164,884)


Renaissance U.S. Index Fund — Class F units Renaissance Global Markets Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 160 61 — Balance — beginning of period 173 166 224Units issued for cash — 99 2,065 Units issued for cash and assets (note 12) 422,248 18 6Units issued on reinvestment of Units issued on reinvestment of

distributions — — — distributions 239 — —

160 160 2,065 422,660 184 230Units redeemed (160) — (2,004) Units redeemed (4,218) (11) (64)

Balance — end of period — 160 61 Balance — end of period 418,442 173 166

Renaissance International Index Fund — Class A units Renaissance Global Markets Fund — Class O units

2007 2006 2005 2007

Balance — beginning of period 3,164,824 4,152,747 6,212,483 Balance — beginning of period —Units issued for cash 142,982 61,813 84,402 Units issued for cash 105,000Units issued on reinvestment of Units issued on reinvestment of

distributions — — — distributions —

3,307,806 4,214,560 6,296,885 105,000Units redeemed (906,412) (1,049,736) (2,144,138) Units redeemed —

Balance — end of period 2,401,394 3,164,824 4,152,747 Balance — end of period 105,000

Renaissance International Index Fund — Class F units Renaissance Global Multi Management Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 157 64 — Balance — beginning of period 11,464,964 14,683,540 6,049,611Units issued for cash — 269 64 Units issued for cash 377,690 308,822 12,170,709Units issued on reinvestment of Units issued on reinvestment of

distributions — — — distributions 1,763 1,922 906

157 333 64 11,844,417 14,994,284 18,221,226Units redeemed (157) (176) — Units redeemed (3,491,063) (3,529,320) (3,537,686)

Balance — end of period — 157 64 Balance — end of period 8,353,354 11,464,964 14,683,540

Renaissance International Equity Fund — Class A units Renaissance Global Multi Management Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 10,152,164 12,149,029 15,588,353 Balance — beginning of period 6,833 8,042 8,503Units issued for cash and assets (note 12) 9,977,452 5,698,128 2,045,841 Units issued for cash 222 — 3,164Units issued on reinvestment of Units issued on reinvestment of

distributions 63 103 106 distributions — — —



Renaissance International Equity Fund — Class F units Renaissance Global Multi Management Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 13,120 — 111 Balance — beginning of period 10,866 33,231 33,686Units issued for cash and assets (note 12) 43,806 13,120 — Units issued for cash 20,779 — —Units issued on reinvestment of Units issued on reinvestment of


56,926 13,120 111 31,645 33,231 33,686Units redeemed (2,215) — (111) Units redeemed (379) (22,365) (455)

Balance — end of period 54,711 13,120 — Balance — end of period 31,266 10,866 33,231


Renaissance Global Value Fund — Class A units Renaissance Global Focus Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 8,657,681 5,982,230 4,968,753 Balance — beginning of period 73 73 —Units issued for cash 7,622,703 4,083,152 3,067,906 Units issued for cash 3,356 — 73Units issued on reinvestment of Units issued on reinvestment of

distributions 7,182 5,061 9,491 distributions — — —

16,287,566 10,070,443 8,046,150 3,429 73 73Units redeemed (2,951,683) (1,412,762) (2,063,920) Units redeemed (73) — —

Balance — end of period 13,335,883 8,657,681 5,982,230 Balance— end of period 3,356 73 73

Renaissance Global Value Fund — Class F units Renaissance Global Focus Fund — Class O units

2007 2006 2005 2007 2006

Balance — beginning of period 33,647 10,608 66 Balance — beginning of period 1,200 —Units issued for cash 58,505 27,317 10,608 Units issued for cash 3,623 1,505Units issued on reinvestment of Units issued on reinvestment of

distributions 324 — — distributions — —

92,476 37,925 10,674 4,823 1,505Units redeemed (4,605) (4,278) (66) Units redeemed (1,438) (305)

Balance — end of period 87,871 33,647 10,608 Balance — end of period 3,385 1,200

Renaissance Global Value Fund — Class O units Renaissance Global Small-Cap Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 6,426,057 8,643,239 14,750,836 Balance — beginning of period 3,045,762 3,528,068 3,861,977Units issued for cash 121,890 13,759 15,670,019 Units issued for cash 212,063 312,950 948,856Units issued on reinvestment of Units issued on reinvestment of

distributions 173,755 — 206,721 distributions 146 252 476

6,721,702 8,656,998 30,627,576 3,257,971 3,841,270 4,811,309Units redeemed (1,808,269) (2,230,941) (21,984,337) Units redeemed (833,115) (795,508) (1,283,241)


Renaissance Global Growth Fund — Class A units Renaissance Global Small-Cap Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 4,284,363 2,346,298 2,222,451 Balance — beginning of period 11,611 26,935 29,729Units issued for cash 2,304,347 2,506,828 1,364,869 Units issued for cash 1,746 1,333 5,797Units issued on reinvestment of Units issued on reinvestment of

distributions — 1,207 — distributions — — —

6,588,710 4,854,333 3,587,320 13,357 28,268 35,526Units redeemed (1,101,391) (569,970) (1,241,022) Units redeemed (3,860) (16,657) (8,591)


Renaissance Global Growth Fund — Class F units Renaissance Global Small-Cap Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 309,318 144,797 — Balance — beginning of period 1,192,262 1,556,176 3,450,251Units issued for cash 233,964 182,682 145,790 Units issued for cash 3,831 9,192 3,129,872Units issued on reinvestment of Units issued on reinvestment of


543,282 327,479 145,790 1,196,093 1,565,368 6,580,123Units redeemed (68,298) (18,161) (993) Units redeemed (372,555) (373,106) (5,023,947)

Balance — end of period 474,984 309,318 144,797 Balance — end of period 823,538 1,192,262 1,556,176

Renaissance Global Growth Fund — Class O units Renaissance European Fund — Class A units

2007 2006 2007 2006 2005

Balance — beginning of period 149,176 — Balance — beginning of period 1,118,247 1,300,156 1,673,466Units issued for cash 42,877 151,264 Units issued for cash and assets (note 12) 911,339 83,788 44,055Units issued on reinvestment of Units issued on reinvestment of

distributions — — distributions 17,261 — 4,439

192,053 151,264 2,046,847 1,383,944 1,721,960Units redeemed (26,596) (2,088) Units redeemed (251,453) (265,697) (421,804)

Balance — end of period 165,457 149,176 Balance — end of period 1,795,394 1,118,247 1,300,156

Renaissance Global Focus Fund — Class A units Renaissance European Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 3,992,145 4,901,094 6,880,967 Balance — beginning of period 45 45 —Units issued for cash 404,692 177,104 4,833,292 Units issued for cash and assets (note 12) 206 — 45Units issued on reinvestment of Units issued on reinvestment of

distributions — 6 — distributions — — —

4,396,837 5,078,204 11,714,259 251 45 45Units redeemed (1,024,144) (1,086,059) (6,813,165) Units redeemed (45) — —



Renaissance Asian Fund — Class A units Renaissance Emerging Markets Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 765,817 800,694 1,010,646 Balance — beginning of period 1,661 835 —Units issued for cash 49,005 109,545 143,031 Units issued for cash 629 1,036 793Units issued on reinvestment of Units issued on reinvestment of

distributions 144 254 514 distributions 290 — 49

814,966 910,493 1,154,191 2,580 1,871 842Units redeemed (221,197) (144,676) (353,497) Units redeemed (2,580) (210) (7)

Balance — end of period 593,769 765,817 800,694 Balance — end of period — 1,661 835

Renaissance Asian Fund — Class F units Renaissance Global Technology Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 690 3,308 2,437 Balance — beginning of period 964,754 1,167,304 1,537,703Units issued for cash 788 1,959 2,618 Units issued for cash 66,641 82,625 1,115,752Units issued on reinvestment of Units issued on reinvestment of

distributions — — — distributions 2,571 — —

1,478 5,267 5,055 1,033,966 1,249,929 2,653,455Units redeemed — (4,577) (1,747) Units redeemed (284,006) (285,175) (1,486,151)

Balance— end of period 1,478 690 3,308 Balance — end of period 749,960 964,754 1,167,304

Renaissance China Plus Fund — Class A units Renaissance Global Health Care Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 7,767,889 8,714,618 8,798,706 Balance — beginning of period 56,424,924 59,318,472 46,308,362Units issued for cash and assets (note 12) 1,877,018 537,966 2,814,154 Units issued for cash and assets (note 12) 8,172,954 5,163,567 23,036,495Units issued on reinvestment of Units issued on reinvestment of

distributions 763,890 762 1,301 distributions 9,771 5,420 5,633

10,408,797 9,253,346 11,614,161 64,607,649 64,487,459 69,350,490Units redeemed (2,426,100) (1,485,457) (2,899,543) Units redeemed (10,819,492) (8,062,535) (10,032,018)


Renaissance China Plus Fund — Class F units Renaissance Global Health Care Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 188,714 210,707 260,196 Balance — beginning of period 2,195,441 1,859,883 1,442,246Units issued for cash 41,004 21,085 66,859 Units issued for cash and assets (note 12) 944,431 637,469 850,181Units issued on reinvestment of Units issued on reinvestment of

distributions 19,864 — — distributions 114 67 112

249,582 231,792 327,055 3,139,986 2,497,419 2,292,539Units redeemed (98,004) (43,078) (116,348) Units redeemed (635,753) (301,978) (432,656)


Renaissance China Plus Fund — Class O units Renaissance Global Health Care Fund — Class O units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 124,251 101,734 2,042,149 Balance — beginning of period 2,945,922 2,528,641 19,739,391Units issued for cash 216,612 36,244 256,462 Units issued for cash 588,752 776,460 4,247,617Units issued on reinvestment of Units issued on reinvestment of

distributions 39,455 — 24,168 distributions — — —

380,318 137,978 2,322,779 3,534,674 3,305,101 23,987,008Units redeemed (278,256) (13,727) (2,221,045) Units redeemed (1,621,449) (359,179) (21,458,367)


Renaissance Emerging Markets Fund — Class A units Renaissance Global Resource Fund — Class A units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 1,056,683 1,118,070 1,165,316 Balance — beginning of period 1,679,325 1,571,690 1,125,743Units issued for cash 110,417 91,171 82,107 Units issued for cash 648,413 508,325 997,495Units issued on reinvestment of Units issued on reinvestment of

distributions 146,660 — 141,661 distributions 70 115 —

1,313,760 1,209,241 1,389,084 2,327,808 2,080,130 2,123,238Units redeemed (220,320) (152,558) (271,014) Units redeemed (817,006) (400,805) (551,548)


Renaissance Emerging Markets Fund — Class F units Renaissance Global Resource Fund — Class F units

2007 2006 2005 2007 2006 2005

Balance — beginning of period 221 104 — Balance — beginning of period 3,871 1,762 5,466Units issued for cash 544 159 103 Units issued for cash 897 2,463 2,948Units issued on reinvestment of Units issued on reinvestment of

distributions 31 — 1 distributions — — —

796 263 104 4,768 4,225 8,414Units redeemed (252) (42) — Units redeemed (1,360) (354) (6,652)

Balance — end of period 544 221 104 Balance — end of period 3,408 3,871 1,762


Renaissance Global Resource Fund — Class O units The maximum management fee expressed as a percentage of the average net assets thatcan be charged by a class is as follows:

2007

Balance — beginning of period — Maximum Chargeable Management FeeUnits issued for cash 21,866 PremiumUnits issued on reinvestment of Name Class A Class F Class O Class

distributions —

Renaissance Money Market Fund1 0.75% n/a 0.00% 0.50%21,866

Renaissance Canadian T-Bill Fund 1.00% n/a n/a n/aUnits redeemed —Renaissance U.S. Money Market Fund 1.00% n/a n/a n/a

Balance — end of period 21,866 Renaissance Canadian Income Fund2 1.20% 0.70% 0.00% n/aRenaissance Canadian Bond Fund3 1.50% 0.75% 0.00% n/aRenaissance Canadian Real ReturnRenaissance Global Science & Technology Fund — Class A units

Bond Fund 1.50% 0.75% 0.00% n/a2007 2006 2005 Renaissance Canadian High Yield Bond

Fund 1.50% 0.75% 0.00% n/aBalance — beginning of period 1,117,846 1,389,993 1,663,205Units issued for cash 78,416 46,636 394,659 Renaissance Global Bond Fund4 1.75% 1.00% 0.00% n/aUnits issued on reinvestment of Renaissance Canadian Balanced Fund 1.75% 0.65% 0.00% n/a

distributions 3 6 3 Renaissance Canadian Balanced ValueFund 1.75% 0.65% 0.00% n/a1,196,265 1,436,635 2,057,867

Renaissance Canadian Asset AllocationUnits redeemed (351,707) (318,789) (667,874)Fund5 2.00% 1.00% 0.00% n/a

Balance — end of period 844,558 1,117,846 1,389,993 Renaissance Global Asset AllocationFund6 2.00% 1.00% 0.00% n/a

Renaissance Global Science & Technology Fund — Class F units Renaissance Canadian Monthly IncomeFund 1.50% 0.75% 0.00% n/a

2007 2006 2005 Renaissance Diversified Income Fund 2.00% 0.90% 0.00% n/aBalance — beginning of period 12,366 11,204 15,044 Renaissance Millennium High IncomeUnits issued for cash 1,179 1,208 1,112 Fund7 2.00% 1.25% 0.00% n/aUnits issued on reinvestment of Renaissance Canadian Dividend Income

distributions — — — Fund 2.00% 1.00% 0.00% n/aRenaissance Dividend Fund8 2.00% 1.00% 0.00% n/a13,545 12,412 16,156

Units redeemed (1,659) (46) (4,952) Renaissance Canadian Core Value Fund 2.00% 0.75% 0.00% n/aRenaissance Canadian Growth Fund 2.00% 0.75% 0.00% n/aBalance — end of period 11,886 12,366 11,204Renaissance Canadian Small-Cap Fund9 2.00% 0.75% 0.00% n/aRenaissance Millennium Next

Renaissance Global Science & Technology Fund — Class O units Generation Fund10 2.00% 0.75% 0.00% n/aRenaissance U.S. Equity Value Fund 2.00% 0.75% 0.00% n/a

2007 2006 2005Renaissance U.S. Equity Growth Fund 2.00% 0.75% 0.00% n/a

Balance — beginning of period 623,452 753,945 1,592,285 Renaissance U.S. Index Fund 1.50% 0.75% 0.00% n/aUnits issued for cash 1,300 9,359 2,225,341 Renaissance International Index Fund 2.00% 1.00% 0.00% n/aUnits issued on reinvestment of Renaissance International Equity Fund11 2.25% 1.00% 0.00% n/adistributions — — —

Renaissance Global Markets Fund12 2.00% 0.75% 0.00% n/a624,752 763,304 3,817,626 Renaissance Global Multi Management

Units redeemed (204,142) (139,852) (3,063,681) Fund13 2.50% 1.25% 0.00% n/aRenaissance Global Value Fund14 2.50% 1.25% 0.00% n/aBalance — end of period 420,610 623,452 753,945Renaissance Global Growth Fund 2.25% 1.00% 0.00% n/aRenaissance Global Focus Fund15 2.25% 1.00% 0.00% n/a

5. Management Fees and Operating Expenses Renaissance Global Small-Cap Fund16 2.50% 1.50% 0.00% n/aManagement fees are based on the net assets of the Funds and are calculated daily. Renaissance European Fund17 2.00% 0.75% 0.00% n/aManagement fees are paid to the Manager in consideration for providing, or arranging for the Renaissance Asian Fund18 2.50% 1.50% 0.00% n/aprovision of, management, distribution, and portfolio advisory services. Renaissance China Plus Fund19 2.50% 1.50% 0.00% n/a

In addition to the management fees, the Funds are responsible for all expenses relating to Renaissance Emerging Markets Fund20 2.00% 0.75% 0.00% n/athe operation and conduct of the business of the Funds, including interest, operating, and Renaissance Global Technology Fund 2.00% 0.75% 0.00% n/aadministrative costs (other than advertising and promotional expenses, which are the Renaissance Global Health Care Fund21 2.50% 1.50% 0.00% n/aresponsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, a Renaissance Global Resource Fund22 2.50% 1.50% 0.00% n/aportion of the fees paid to members of the Independent Review Committee, taxes, audit and Renaissance Global Science &legal fees and expenses, safekeeping and custodial fees, investor servicing costs, and costs of Technology Fund23 2.25% 1.25% 0.00% n/aunitholder reports, prospectuses, and other reports. All class-specific operating expenses are

1Formerly Talvest Money Market Fundpaid by the Manager and recovered from the Funds. The Funds do not pay a fee to the2Formerly Talvest Income FundTrustee.3Formerly Talvest Bond FundThe Manager may recover from a Fund less than the actual class-specific operating4Formerly Talvest Global Bond Fundexpenses paid by the Manager, resulting in the Manager absorbing class-specific expenses.5Formerly Talvest Cdn. Asset Allocation FundThe Manager may also charge less than the maximum management fee noted in the following6Formerly Talvest Global Asset Allocation Fundtable resulting in the Manager waiving management fees.7Formerly Talvest Millennium High Income FundAt its sole discretion, the Manager may stop absorbing class-specific operating expenses8Formerly Talvest Dividend Fundand/or waiving management fees at any time. Class-specific operating expenses absorbed9Formerly Renaissance Canadian Small Cap Fundand/or management fees waived by the Manager are disclosed on the Statements of

10Formerly Talvest Millennium Next Generation FundOperations.11Formerly Talvest International Equity FundIn some cases, the Manager may charge management fees to an investor that are less than12Formerly Talvest Global Markets Fundthe management fees the Manager is entitled to charge for certain investors in a Fund. The13Formerly Talvest Global Multi Management Funddifference in the amount of the management fees will be paid out by the Fund to the14Formerly Talvest Global Equity Fundapplicable investors as a distribution of additional units of the Fund (‘‘Management Fee15Formerly Renaissance Global Sectors FundDistributions’’). Management Fee Distributions are negotiable between the Manager and the16Formerly Talvest Global Small Cap Fundinvestor and are dependent primarily on the size of the investor’s investment in the Fund.17Formerly Renaissance Euro FundManagement Fee Distributions paid to qualified investors do not adversely impact the Fund or18Formerly Talvest Asian Fundany of the Fund’s other investors. The Manager may increase or decrease the amount of19Formerly Talvest China Plus FundManagement Fee Distributions to certain investors from time to time.20Formerly Renaissance Developing Capital Markets FundFunds may invest in units of other Funds (the ‘‘Underlying Funds’’). Where a Fund invests in21Formerly Talvest Global Health Care Fundunits of another Fund, the Fund does not pay duplicate management fees on the portion of its22Formerly Talvest Global Resource Fundassets that it invests in units of the Underlying Fund. In addition, the Fund will not pay23Formerly Talvest Global Science & Technology Fundduplicate sales fees or redemption fees with respect to the purchase or redemption by it of

units of the Underlying Fund. Some of the Underlying Funds held by the Funds may offer6. Income TaxesManagement Fee Distributions. Such Management Fee Distributions of an Underlying FundThe Funds qualify or intend to qualify as mutual fund trusts under the Income Tax Actwill be paid out as required for taxable distribution payments by a Fund. The manager of an(Canada). No income tax is payable by the Funds on net income and/or net realized capitalUnderlying Fund may, in some cases, waive a portion of an Underlying Fund’s managementgains that are distributed to unitholders. In addition, income taxes payable on undistributed netfee and/or absorb a portion of an Underlying Fund’s operating expenses.realized capital gains are refundable on a formula basis when units of the Funds are


redeemed. Sufficient net income and realized capital gains of the Funds have been, or will be, among the Funds based on transaction activity or some other fair basis as determined by thedistributed to the unitholders such that no tax is payable by the Funds and, accordingly, no sub-advisors.provision for income taxes has been made in the financial statements. Occasionally, a Fund The dollar amounts of all commissions and other fees, in addition to soft dollar payments,may pay distributions in excess of net income and net realized capital gains of the Fund. This for the periods ended August 31, 2007, August 31, 2006, and December 31, 2005 are asexcess distribution is called a return of capital and is non-taxable to the unitholder. However, a follows:return of capital reduces the average cost of the unitholder’s units for tax purposes.

Brokerage Commissions and Fees Soft DollarsRenaissance U.S. Money Market Fund may realize net foreign currency gains and losses onName 2007 2006 2005 2007 2006 2005the translation of the net realized capital gains to Canadian dollars for tax purposes. These

gains will be distributed to investors annually, unless the Fund elects to retain them with the Renaissance Canadian High Yieldresult that the tax would be payable by the Fund. Bond Fund $ — $ — $ 50 $ — $ — $ —

Non-capital losses that arose in taxation years before 2004 are available to be carried Renaissance Global Bond Fund 1 9,905 — — — — —forward for seven years and applied against future taxable income. Non-capital losses that Renaissance Canadian Balancedarose in 2004 and 2005 are available to be carried forward for ten years. Non-capital losses Fund 98,433 51,946 73,157 879 684 941that arose in 2006 and after are available to be carried forward for twenty years. Renaissance Canadian Balanced

Capital losses for income tax purposes may be carried forward indefinitely and applied Value Fund 319,162 266,783 180,259 34,559 19,791 15,846against capital gains realized in future years. Renaissance Canadian Asset

Renaissance Money Market Fund, Renaissance Canadian T-Bill Fund, Renaissance Allocation Fund 2 64,220 294,425 563,237 17,473 38,334 74,318U.S. Money Market Fund, and Renaissance Global Multi Management Fund have taxation Renaissance Global Asset Allocationyear-ends of December 31. All other Funds have a taxation year-end of December 15. As at Fund 3 1,936 199 6,829 — — —the December 2006 taxation year-end, the following Funds have available non-capital and Renaissance Canadian Monthlycapital losses for income tax purposes available to be carried forward as follows: Income Fund 1,025,583 561,443 549,871 100,014 12,782 25,586

Renaissance Diversified IncomeTotal Total Non-Capital Losses that Expire in: Fund 562,062 358,041 326,251 67,696 15,561 14,842

Capital Non-Capital 2009 and Renaissance Millennium HighName Losses Losses 2007 2008 Thereafter Income Fund 4 1,107,708 913,715 1,071,891 — — —

Renaissance Canadian DividendRenaissance U.S. MoneyIncome Fund 161,778 94,856 147,015 31,190 11,040 6,268Market Fund $ 21,330,152 $ — $ — $ — $ —

Renaissance Dividend Fund 5 119,693 62,580 120,022 26,288 3,979 —Renaissance Canadian IncomeRenaissance Canadian Core ValueFund1 1,756,130 — — — —

Fund 706,703 662,788 440,592 72,760 44,541 12,513Renaissance Global Bond Fund2 16,547,868 770,802 — — 770,802Renaissance Canadian Growth Fund 203,629 114,976 203,369 8,484 12,596 15,535Renaissance Canadian AssetRenaissance Canadian Small-CapAllocation Fund3 53,944,359 — — — —

Fund 6 538,438 263,224 325,251 38,367 14,655 21,788Renaissance Dividend Fund4 2,663,126 — — — —Renaissance Millennium NextRenaissance U.S. Equity Growth

Generation Fund 7 283,292 145,896 122,339 — — —Fund 11,144,312 2,592,962 — 847,004 1,745,958Renaissance U.S. Equity Value Fund 44,798 131,921 138,114 28,983 3,245 —Renaissance U.S. Index Fund 4,260,571 106,065,264 24,330,908 44,285,125 37,449,231Renaissance U.S. Equity GrowthRenaissance International Index

Fund 11,330 12,782 28,243 — — —Fund 183,287 43,731,128 — 27,878,810 15,852,318Renaissance International EquityRenaissance Global Multi

Fund 8 159,614 35,455 89,841 4,050 4,951 13,733Management Fund5 14,101,736 5,552,521 — — 5,552,521Renaissance Global Markets Fund 9 153,829 8,386 29,025 — — —Renaissance Global Value Fund6 49,691,193 — — — —Renaissance Global Value Fund 10 83,738 38,435 270,218 — — —Renaissance Global GrowthRenaissance Global Growth Fund 34,608 23,600 6,907 — — —Fund 31,960,885 1,163,948 — 299,424 864,524Renaissance Global Focus Fund 11 85,798 40,609 57,227 — — —Renaissance Global Focus Fund7 95,325,506 6,960,566 — 4,095,562 2,865,004Renaissance Global Small-CapRenaissance Global Small-Cap

Fund 12 103,750 77,902 163,981 3,563 3,639 8,735Fund8 60,413,261 4,125,997 316,702 2,637,920 1,171,375Renaissance European Fund 13 50,224 33,802 70,076 — — —Renaissance Asian Fund9 7,812,327 568,098 — 568,098 —Renaissance Asian Fund 14 103,159 35,729 105,417 2,428 — —Renaissance Global TechnologyRenaissance China Plus Fund 15 1,190,335 342,408 1,276,456 27,918 — —Fund 23,127,561 949,499 327,653 369,579 252,267Renaissance Emerging MarketsRenaissance Global Resource

Fund 16 108,060 54,553 74,868 — — —Fund10 110,834 100,698 — — 100,698Renaissance Global Technology Fund 7,369 7,998 13,072 455 724 886Renaissance Global Science &Renaissance Global Health CareTechnology Fund11 300,964,302 5,157,279 — 1,566,244 3,591,035

Fund 17 451,311 326,781 678,696 16,566 18,560 31,7041Formerly Talvest Income Fund Renaissance Global Resource2Formerly Talvest Global Bond Fund Fund 18 52,080 26,327 37,751 — — —3Formerly Talvest Cdn. Asset Allocation Fund Renaissance Global Science &4Formerly Talvest Dividend Fund Technology Fund 19 156,627 165,896 326,740 7,114 13,759 22,2725Formerly Talvest Global Multi Management Fund1formerly Talvest Global Bond Fund6Formerly Talvest Global Equity Fund2formerly Talvest Cdn. Asset Allocation Fund7Formerly Renaissance Global Sectors Fund3formerly Talvest Global Asset Allocation Fund8Formerly Talvest Global Small Cap Fund4formerly Talvest Millennium High Income Fund9Formerly Talvest Asian Fund5formerly Talvest Dividend Fund10Formerly Talvest Global Resource Fund6formerly Renaissance Canadian Small Cap Fund11Formerly Talvest Global Science & Technology Fund7formerly Talvest Millennium Next Generation Fund

7. Brokerage Commissions and Fees 8formerly Talvest International Equity FundBrokerage commissions for portfolio transactions are included in the cost of portfolio 9formerly Talvest Global Markets Fundinvestments purchased or as a reduction of the proceeds received upon the sale of portfolio 10formerly Talvest Global Equity Fundinvestments. In allocating brokerage business, consideration may be given by the sub-advisors 11formerly Renaissance Global Sectors Fundof the Funds to dealers that furnish research, statistical, and other services to sub-advisors 12formerly Talvest Global Small Cap Fundthat process trades through such dealers (referred to in the industry as ‘‘soft dollar’’ 13formerly Renaissance Euro Fundarrangements). These services are paid for with a portion of brokerage commissions and 14formerly Talvest Asian Fundassist the sub-advisors with their investment decision-making services to the Funds. They are 15formerly Talvest China Plus Fundsupplied by the dealer executing the trade or by a third party and paid for by that dealer. In 16formerly Renaissance Developing Capital Markets Fundaddition, the Manager may enter into commission recapture arrangements with certain dealers 17formerly Talvest Global Health Care Fundwith respect to the Fund. Any commission recaptured will be paid to the applicable Fund. 18formerly Talvest Global Resource Fund

Fixed income and certain other securities are transacted in an over-the-counter market, 19formerly Talvest Global Science & Technology Fundwhere participants are dealing as principals. Such securities are generally traded on a net basis

8. Related Party Transactionsand do not normally involve brokerage commissions, but will typically include a ‘‘spread’’Canadian Imperial Bank of Commerce (‘‘CIBC’’) and its affiliates have the following roles and(being the difference between the bid and the offer prices on the security of the applicableresponsibilities with respect to the Funds, and receive the fees described below in connectionmarketplace).with their roles and responsibilities.Spreads associated with fixed income securities trading are not ascertainable, and for that

reason are not included in the dollar amounts below. In addition, the soft dollar amountsManager, Trustee, and Portfolio Advisor of the Fundsbelow only include the value of research and other services supplied by a third party to theCIBC Asset Management Inc., a wholly-owned subsidiary of CIBC, is the Manager, trustee,sub-advisors, as the value of the services supplied to the sub-advisors by the dealer are notand portfolio advisor of each of the Funds. The Funds may hold securities of CIBC. Theseascertainable. When these services benefit more than one Fund, the costs are allocated


holdings are indicated by a footnote on the Statement of Investment Portfolio as issued by a third party and paid for by that dealer. As per the terms of the sub-advisory agreements, suchrelated party. CIBC may also be involved in underwriting or lending to issuers that may be soft dollar arrangements are in compliance with applicable laws. In addition, the Manager mayheld by the Funds. enter into commission recapture arrangements with certain dealers with respect to the Funds.

The Manager also arranges for Fund administrative services (other than advertising and Any commission recaptured will be paid to the relevant Fund.promotional, which are the responsibility of the Manager), legal, investor servicing, and costs Spreads associated with fixed income securities trading are not ascertainable, and for thatof unitholder reports, prospectus, and other reports. The Manager is the registrar and transfer reason are not included in the dollar values below. In addition, the soft dollar amounts belowagent for the Funds and provides, or arranges for the provision of, all other administrative only include the value of research and other services supplied by a third party to the portfolioservices required by the Funds. The dollar amount (including GST) of all of these expenses sub-advisors, as the value of the services supplied to the portfolio sub-advisors by the dealer(net of absorptions) that the Manager recovers from the Funds, for the periods ended are not ascertainable. When these services benefit more than one Fund, the costs areAugust 31, 2007, August 31, 2006, and December 31, 2005, are as follows: allocated among the Funds based on transaction activity or some other fair basis as

determined by the portfolio sub-advisors. The dollar amounts of all commissions and otherAdministrative and Other Fund fees, in addition to soft dollar payments, paid to CIBC World Markets Inc. and CIBC World

Operating Costs Markets Corp. for the periods ended August 31, 2007, August 31, 2006, and December 31,Name 2007 2006 2005 2005 are disclosed in the following tables:Renaissance Money Market Fund1 $ 206,547 $ 147,561 $ 306,010

Soft dollars paid to:Renaissance Canadian T-Bill Fund 93,020 60,406 119,355CIBC World Markets Inc.Renaissance U.S. Money Market Fund (U.S.$) 13,285 7,090 10,283

Renaissance Canadian Income Fund2 100,838 81,052 191,964 and CIBC WorldCommissions and other fees paid to:Renaissance Canadian Bond Fund3 36,442 37,444 262,786 CIBC World Markets Inc. CIBC World Markets Corp. Markets Corp.Renaissance Canadian Real Return Bond Fund 1,868 7,199 35,326 Name 2007 2006 2005 2007 2006 2005 2007 2006 2005Renaissance Canadian High Yield Bond Fund 238,920 106,891 200,631

Renaissance CanadianRenaissance Global Bond Fund4 12,328 22,072 100,213Balanced Fund $ 2,791 $ 1,031 $ 2,789 $ 1,661 $ — $ — $ 777 $ 684 $ 484Renaissance Canadian Balanced Fund 925,364 525,268 822,485 Renaissance CanadianRenaissance Canadian Balanced Value Fund 861,587 454,348 570,634 Balanced Value Fund 30,443 36,438 24,328 — — — 5,363 4,766 865Renaissance Canadian Asset Allocation Fund5 766,820 554,921 1,184,261 Renaissance Canadian

Renaissance Global Asset Allocation Fund6 16,024 14,403 35,575 Asset AllocationRenaissance Canadian Monthly Income Fund 530,478 389,145 615,373 Fund1 2,368 35,856 61,576 — — — 998 9,669 19,994Renaissance Diversified Income Fund 466,615 283,730 377,593 Renaissance GlobalRenaissance Millennium High Income Fund7 3,160,104 2,319,525 3,719,788 Asset AllocationRenaissance Canadian Dividend Income Fund 306,849 162,880 207,427 Fund2 — — 1,291 — — — — — —

Renaissance CanadianRenaissance Dividend Fund8 492,754 267,357 398,412Monthly Income Fund 87,126 38,334 60,355 — — — 10,452 1,265 1,550Renaissance Canadian Core Value Fund 1,072,736 662,140 910,362

Renaissance DiversifiedRenaissance Canadian Growth Fund 543,495 293,402 481,189Income Fund 45,238 23,921 43,688 — — — 8,801 1,830 725Renaissance Canadian Small-Cap Fund9 279,468 150,853 212,788

Renaissance MillenniumRenaissance Millennium Next Generation Fund10 471,043 287,025 409,797High Income Fund3 197,115 198,858 205,305 — — — — — —Renaissance U.S. Equity Value Fund 99,904 54,189 81,567 Renaissance CanadianRenaissance U.S. Equity Growth Fund 17,866 13,643 40,970 Dividend IncomeRenaissance U.S. Index Fund 38,345 26,416 57,480 Fund 13,262 14,995 27,663 — — — 3,476 2,139 4,737

Renaissance International Index Fund 29,004 15,083 29,643 Renaissance DividendRenaissance International Equity Fund11 6,877 3,488 29,966 Fund4 9,040 11,346 17,263 — — — 2,379 1,618 —Renaissance Global Markets Fund12 200,084 64,668 147,231 Renaissance CanadianRenaissance Global Multi Management Fund13 156,557 108,093 133,750 Core Value Fund 55,068 72,086 44,429 — 2,562 — 9,749 8,036 1,585Renaissance Global Value Fund14 8,673 5,762 37,902 Renaissance Canadian

Growth Fund 7,436 9,238 11,849 3,500 — — 3,840 504 1,436Renaissance Global Growth Fund 66,620 19,074 18,880Renaissance CanadianRenaissance Global Focus Fund15 48,798 31,529 39,448

Small-Cap Fund5 18,530 5,383 22,642 — — — 2,095 667 4,013Renaissance Global Small-Cap Fund16 36,380 20,917 59,230Renaissance MillenniumRenaissance European Fund17 61,795 35,821 79,862

Next GenerationRenaissance Asian Fund18 20,297 13,254 22,587Fund6 38,327 21,915 18,060 — — — — — —Renaissance China Plus Fund19 492,462 205,716 328,694 Renaissance U.S. EquityRenaissance Emerging Markets Fund20 39,425 26,095 32,785 Value Fund — — — 218 — — — — —Renaissance Global Technology Fund 2,463 1,722 1,282 Renaissance Global

Renaissance Global Health Care Fund21 4,062,124 2,206,642 3,018,693 Markets Fund7 19,480 — 1,959 62 — — — — —Renaissance Global Resource Fund22 56,142 29,024 21,267 Renaissance GlobalRenaissance Global Science & Technology Fund23 82,791 53,041 112,944 Value Fund8 — — 239 217 — 1,013 — — —

Renaissance Global1formerly Talvest Money Market Fund Small-Cap Fund9 390 — — 259 1,863 2,141 — — —Renaissance Emerging2formerly Talvest Income Fund

Markets Fund10 — — — 190 564 196 — — —3formerly Talvest Bond FundRenaissance Global4formerly Talvest Global Bond Fund Technology Fund — — — — — — 11 — —5formerly Talvest Cdn. Asset Allocation Fund Renaissance Global

6formerly Talvest Global Asset Allocation Fund Health Care Fund11 — — — 2,174 — 2,636 — — —Renaissance Global7formerly Talvest Millennium High Income Fund

Resource Fund12 — 204 2,357 — — — — — —8formerly Talvest Dividend Fund Renaissance Global9formerly Renaissance Canadian Small Cap Fund Science & Technology10formerly Talvest Millennium Next Generation Fund Fund13 — — — — — — 229 — —11formerly Talvest International Equity Fund 1formerly Talvest Cdn. Asset Allocation Fund12formerly Talvest Global Markets Fund 2formerly Talvest Global Asset Allocation Fund13formerly Talvest Global Multi Management Fund 3formerly Talvest Millennium High Income Fund14formerly Talvest Global Equity Fund 4formerly Talvest Dividend Fund15formerly Renaissance Global Sectors Fund 5formerly Renaissance Canadian Small Cap Fund16formerly Talvest Global Small Cap Fund 6formerly Talvest Millennium Next Generation Fund17formerly Renaissance Euro Fund 7formerly Talvest Global Markets Fund18formerly Talvest Asian Fund 8formerly Talvest Global Equity Fund19formerly Talvest China Plus Fund 9formerly Talvest Global Small Cap Fund20formerly Renaissance Developing Capital Markets Fund 10formerly Renaissance Developing Capital Markets Fund21formerly Talvest Global Health Care Fund 11formerly Talvest Global Health Care Fund22formerly Talvest Global Resource Fund 12formerly Talvest Global Resource Fund23formerly Talvest Global Science & Technology Fund 13formerly Talvest Global Science & Technology FundBrokerage Arrangements and Soft Dollars

CustodianPortfolio sub-advisors make decisions, including the selection of markets and dealers and theThe custodian holds all cash and securities for the Funds and ensures that those assets arenegotiation of commissions, with respect to the purchase and sale of portfolio securities andkept separate from any other cash or securities that they might be holding (the ‘‘Custodian’’).the execution of portfolio transactions. Brokerage business may be allocated by portfolio sub-The Custodian may hire sub-custodians for the Funds. The fees for the services of theadvisors, including CIBC Global Asset Management Inc. (‘‘CIBC Global’’), to CIBC WorldCustodian are borne as an operating expense by the Funds. CIBC is the Custodian of theMarkets Inc. and CIBC World Markets Corp., each a subsidiary of CIBC.Funds.CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the sale

of fixed income and other securities to the Funds. Dealers, including CIBC World Markets Inc. Service Providerand CIBC World Markets Corp., may furnish research, statistical, and other services to CIBC Mellon Global Securities Services Company (‘‘CIBC GSS’’) provides certain services toportfolio sub-advisors, including CIBC Global, that process trades through them (referred to in the Funds, including securities lending, fund accounting and reporting, and portfolio valuation.the industry as ‘‘soft-dollar’’ arrangements). These services are paid for with a portion of CIBC indirectly owns approximately one-half of CIBC GSS.brokerage commissions and assist the portfolio sub-advisors with their investment decision-making services to the Funds. They are supplied by the dealer executing the trade or by a


The amounts paid by the Funds (including GST) to CIBC GSS for custodial fees, fund Accrued expenses payable to the Manager, as at August 31, 2007, August 31, 2006, andaccounting and reporting, and portfolio valuation (all net of absorptions) and also securities December 31, 2005, are as follows:lending for the periods ended August 31, 2007, August 31, 2006, and December 31, 2005 are

Accrued Expenses Payable toas follows:CIBC Asset Management Inc.

Name 2007 2006 2005Custodial Fees, Fund Accounting and

Reporting, Securities Lending, and Renaissance Money Market Fund1 $ 79,535 $ 24,611 $ 27,113Portfolio Valuation Fees: Renaissance Canadian T-Bill Fund 10,090 11,507 14,700

Name 2007 2006 2005 Renaissance U.S. Money Market Fund (U.S.$) 1,782 1,967 1,972Renaissance Canadian Income Fund2 9,032 14,313 19,428Renaissance Money Market Fund1 $ 13,731 $ 16,351 $ 5,201Renaissance Canadian Bond Fund3 4,263 3,834 29,117Renaissance Canadian T-Bill Fund 22,228 14,414 24,750Renaissance Canadian Real Return Bond Fund 191 237 10,237Renaissance U.S. Money Market Fund (U.S.$) 7,960 5,780 9,291Renaissance Canadian High Yield Bond Fund 33,576 21,839 22,298Renaissance Canadian Income Fund2 29,410 22,398 4,457Renaissance Global Bond Fund4 893 7,099 12,050Renaissance Canadian Bond Fund3 8,382 9,024 4,639Renaissance Canadian Balanced Fund 82,685 93,264 82,156Renaissance Canadian Real Return Bond Fund 2,593 4,550 42,283Renaissance Canadian Balanced Value Fund 76,972 77,035 69,333Renaissance Canadian High Yield Bond Fund 129,938 139,044 174,966Renaissance Canadian Asset Allocation Fund5 65,441 100,423 109,348Renaissance Global Bond Fund4 14,358 33,753 5,818Renaissance Global Asset Allocation Fund6 3,705 5,801 8,983Renaissance Canadian Balanced Fund 150,941 134,180 108,035Renaissance Canadian Monthly Income Fund 43,100 65,316 72,661Renaissance Canadian Balanced Value Fund 105,137 58,854 143,731Renaissance Diversified Income Fund 39,237 52,534 48,435Renaissance Canadian Asset Allocation Fund5 134,039 148,083 54,500Renaissance Millennium High Income Fund7 280,373 497,667 396,602Renaissance Global Asset Allocation Fund6 29,240 32,621 2,735Renaissance Canadian Dividend Income Fund 31,468 31,394 30,459Renaissance Canadian Monthly Income Fund 302,996 303,925 497,508Renaissance Dividend Fund8 47,214 44,836 44,978Renaissance Diversified Income Fund 195,803 43,280 64,756Renaissance Canadian Core Value Fund 102,638 106,083 100,852Renaissance Millennium High Income Fund7 773,267 720,380 638,009Renaissance Canadian Growth Fund 62,206 49,926 48,368Renaissance Canadian Dividend Income Fund 63,958 39,447 60,853Renaissance Canadian Small-Cap Fund9 43,071 28,696 27,080Renaissance Dividend Fund8 56,695 38,198 26,870Renaissance Millennium Next Generation Fund10 55,164 81,867 47,842Renaissance Canadian Core Value Fund 155,632 106,317 202,623Renaissance U.S. Equity Value Fund 14,397 11,710 9,200Renaissance Canadian Growth Fund 78,096 44,844 62,607Renaissance U.S. Equity Growth Fund 2,489 2,920 5,384Renaissance Canadian Small-Cap Fund9 102,983 73,816 67,888Renaissance U.S. Index Fund 3,600 4,945 5,531Renaissance Millennium Next Generation Fund10 107,335 77,730 37,541Renaissance International Index Fund 2,965 3,876 3,086Renaissance U.S. Equity Value Fund 40,609 23,201 30,218Renaissance International Equity Fund11 13,191 862 9,535Renaissance U.S. Equity Growth Fund 16,048 9,214 22,203Renaissance Global Markets Fund12 44,473 14,431 15,091Renaissance U.S. Index Fund 15,849 11,784 17,540Renaissance Global Multi Management Fund13 11,305 14,515 30,848Renaissance International Index Fund 11,395 13,668 9,525Renaissance Global Value Fund14 1,024 627 8,004Renaissance International Equity Fund11 27,979 23,812 1,199Renaissance Global Growth Fund 9,463 6,735 4,515Renaissance Global Markets Fund12 88,429 49,460 7,036Renaissance Global Focus Fund15 6,272 6,501 6,721Renaissance Global Multi Management Fund13 4,421 3,719 2,072Renaissance Global Small-Cap Fund16 5,808 7,043 12,281Renaissance Global Value Fund14 25,097 15,183 11,300Renaissance European Fund17 11,381 9,148 11,340Renaissance Global Growth Fund 47,198 20,236 25,338Renaissance Asian Fund18 4,808 5,560 5,243Renaissance Global Focus Fund15 31,837 17,630 43,329Renaissance China Plus Fund19 58,797 42,920 40,473Renaissance Global Small-Cap Fund16 66,540 55,112 25,564Renaissance Emerging Markets Fund20 12,416 11,201 9,436Renaissance European Fund17 69,975 41,822 74,792Renaissance Global Technology Fund 600 823 603Renaissance Asian Fund18 42,157 32,058 40,730Renaissance Global Health Care Fund21 328,863 352,421 359,936Renaissance China Plus Fund19 144,076 105,592 3,668Renaissance Global Resource Fund22 7,929 7,260 5,720Renaissance Emerging Markets Fund20 106,776 59,620 71,121Renaissance Global Science & Technology Fund23 7,199 8,419 12,758Renaissance Global Technology Fund 5,867 4,791 6,389

Renaissance Global Health Care Fund21 246,644 189,350 146,028 1formerly Talvest Money Market FundRenaissance Global Resource Fund22 34,840 17,081 1,925 2formerly Talvest Income FundRenaissance Global Science & Technology Fund23 21,517 14,154 4,415 3formerly Talvest Bond Fund1formerly Talvest Money Market Fund 4formerly Talvest Global Bond Fund2formerly Talvest Income Fund 5formerly Talvest Cdn. Asset Allocation Fund3formerly Talvest Bond Fund 6formerly Talvest Global Asset Allocation Fund4formerly Talvest Global Bond Fund 7formerly Talvest Millennium High Income Fund5formerly Talvest Cdn. Asset Allocation Fund 8formerly Talvest Dividend Fund6formerly Talvest Global Asset Allocation Fund 9formerly Renaissance Canadian Small Cap Fund7formerly Talvest Millennium High Income Fund 10formerly Talvest Millennium Next Generation Fund8formerly Talvest Dividend Fund 11formerly Talvest International Equity Fund9formerly Renaissance Canadian Small Cap Fund 12formerly Talvest Global Markets Fund

10formerly Talvest Millennium Next Generation Fund 13formerly Talvest Global Multi Management Fund11formerly Talvest International Equity Fund 14formerly Talvest Global Equity Fund12formerly Talvest Global Markets Fund 15formerly Renaissance Global Sectors Fund13formerly Talvest Global Multi Management Fund 16formerly Talvest Global Small Cap Fund14formerly Talvest Global Equity Fund 17formerly Renaissance Euro Fund15formerly Renaissance Global Sectors Fund 18formerly Talvest Asian Fund16formerly Talvest Global Small Cap Fund 19formerly Talvest China Plus Fund17formerly Renaissance Euro Fund 20formerly Renaissance Developing Capital Markets Fund18formerly Talvest Asian Fund 21formerly Talvest Global Health Care Fund19formerly Talvest China Plus Fund 22formerly Talvest Global Resource Fund20formerly Renaissance Developing Capital Markets Fund 23formerly Talvest Global Science & Technology Fund21formerly Talvest Global Health Care Fund

9. Securities Lending22formerly Talvest Global Resource FundThe following Funds have assets involved in securities lending transactions outstanding as at23formerly Talvest Global Science & Technology FundAugust 31, 2007:

Securities Collateral

on Loan for Loan

Renaissance Canadian T-Bill Fund $ 15,770,785 $ 16,909,007Renaissance Canadian Income Fund2 1,238,025 1,327,377Renaissance Canadian Bond Fund3 12,381,224 13,274,812Renaissance Canadian Real Return Bond Fund 3,901,773 4,183,375Renaissance Canadian High Yield Bond Fund 25,351,561 27,181,254Renaissance Global Bond Fund4 1,844,484 1,977,605Renaissance Canadian Balanced Fund 36,464,989 39,096,769Renaissance Canadian Balanced Value Fund 74,634,553 80,021,135Renaissance Canadian Asset Allocation Fund5 43,394,191 46,526,071Renaissance Canadian Monthly Income Fund 54,229,030 58,142,890Renaissance Diversified Income Fund 40,949,703 43,905,157Renaissance Millennium High Income Fund7 198,363,854 212,680,325Renaissance Canadian Dividend Income Fund 19,206,669 20,592,867Renaissance Dividend Fund8 14,810,562 15,879,482Renaissance Canadian Core Value Fund 82,917,182 88,901,546Renaissance Canadian Growth Fund 21,865,787 23,443,901


Securities Collateral Collateral Type* i ii iii iv v

on Loan for Loan Renaissance International IndexFund $ — $ 158,014 $ — $ 1,766 $ 673Renaissance Canadian Small-Cap Fund9 $ 33,118,545 $ 35,508,803

Renaissance Global MarketsRenaissance Millennium Next Generation Fund10 22,609,322 24,241,100Fund9 — 22,521,584 — 251,692 95,866Renaissance U.S. Equity Value Fund 788,144 845,026

Renaissance Global ValueRenaissance U.S. Equity Growth Fund 196,165 210,322Fund10 — 5,110,162 — 57,109 21,752Renaissance International Index Fund 149,652 160,453

Renaissance Global GrowthRenaissance Global Markets Fund12 21,329,717 22,869,142Fund — 3,435,529 — 38,394 14,624Renaissance Global Value Fund14 4,839,727 5,189,023

Renaissance Global FocusRenaissance Global Growth Fund 3,253,717 3,488,547Fund11 — 1,725,099 — 19,279 7,343Renaissance Global Focus Fund15 1,633,805 1,751,721

Renaissance Global Small-CapRenaissance Global Small-Cap Fund16 7,547,168 8,091,869Fund12 — 7,968,891 — 89,057 33,921Renaissance European Fund17 1,428,908 1,532,036

Renaissance European Fund13 — 1,508,753 — 16,861 6,422Renaissance Asian Fund18 722,199 774,323Renaissance Asian Fund14 — 762,555 — 8,522 3,246Renaissance Emerging Markets Fund20 656,604 703,993Renaissance Emerging MarketsRenaissance Global Technology Fund 125,253 134,293

Fund15 — 693,294 — 7,748 2,951Renaissance Global Health Care Fund21 89,002,981 95,426,574Renaissance Global TechnologyRenaissance Global Resource Fund22 2,402,971 2,576,400

Fund — 132,252 — 1,478 563Renaissance Global Science & Technology Fund23 2,673,127 2,866,054Renaissance Global Health

Care Fund16 — 93,976,313 — 1,050,239 400,022Collateral Type* i ii iii iv v Renaissance Global Resource

Fund17 — 2,537,245 — 28,355 10,800Renaissance Canadian T-Bill Renaissance Global Science &Fund $ — $ 16,652,030 $ — $ 186,096 $ 70,881 Technology Fund18 — 2,822,497 — 31,543 12,014Renaissance Canadian IncomeFund1 — 1,307,204 — 14,609 5,564 * Definitions are in note 2g

Renaissance Canadian Bond 1Formerly Talvest Income FundFund2 — 13,073,066 — 146,099 55,647 2Formerly Talvest Bond FundRenaissance Canadian Real 3Formerly Talvest Global Bond FundReturn Bond Fund — 4,119,798 — 46,041 17,5364Formerly Talvest Cdn. Asset Allocation FundRenaissance Canadian High

Yield Bond Fund — 26,768,162 — 299,150 113,942 5Formerly Talvest Millennium High Income FundRenaissance Global Bond Fund3 — 1,947,550 — 21,765 8,290 6Formerly Talvest Dividend FundRenaissance Canadian 7Formerly Renaissance Canadian Small Cap Fund

Balanced Fund — 38,502,589 — 430,289 163,891 8Formerly Talvest Millennium Next Generation FundRenaissance Canadian 9Formerly Talvest Global Markets FundBalanced Value Fund — 78,805,001 — 880,691 335,443 10Formerly Talvest Global Equity FundRenaissance Canadian Asset11Formerly Renaissance Global Sectors FundAllocation Fund4 — 45,818,983 — 512,054 195,034

Renaissance Canadian Monthly 12Formerly Talvest Global Small Cap FundIncome Fund — 57,259,254 — 639,905 243,731 13Formerly Renaissance Euro Fund

Renaissance Diversified Income 14Formerly Talvest Asian FundFund — 43,237,901 — 483,208 184,048 15Formerly Renaissance Developing Capital Markets FundRenaissance Millennium High 16Formerly Talvest Global Health Care FundIncome Fund5 — 209,448,080 — 2,340,703 891,542 17Formerly Talvest Global Resource FundRenaissance Canadian Dividend

18Formerly Talvest Global Science & Technology FundIncome Fund — 20,279,903 — 226,640 86,324Renaissance Dividend Fund6 — 15,638,151 — 174,765 66,566

10. HedgingRenaissance Canadian CoreValue Fund — 87,550,449 — 978,427 372,670 Certain foreign currency denominated positions have been hedged, or partially hedged, by

Renaissance Canadian Growth forward foreign currency contracts as part of the investment strategies of the Funds. TheseFund — 23,087,609 — 258,017 98,275 hedges are indicated by a hedging reference number on the Statement of Investment

Renaissance Canadian Small- Portfolio, and a corresponding hedging reference number on the Forward Foreign CurrencyCap Fund7 — 34,969,152 — 390,800 148,851 Contracts Schedule for the Funds.Renaissance Millennium NextGeneration Fund8 — 23,872,692 — 266,791 101,617

11. Collateral on Specified DerivativesRenaissance U.S. Equity ValueShort-term investments may be used as collateral for futures contracts outstanding withFund — 832,184 — 9,300 3,542brokers.Renaissance U.S. Equity

Growth Fund — 207,125 — 2,315 882

12. Fund Re-organizations

Fund DiscontinuationAs of the close of business on August 10, 2007, the assets of Talvest Cdn. MultiManagement Fund, which consist of Underlying Funds, were distributed in kind to itsunitholders as per the following table:

Class A

Net Assets Units

Underlying Funds Distributed of Distributed of

Discontinued Fund Underlying Funds New Names Underlying Fund Underlying Fund

Talvest Cdn. Multi Management Fund Talvest Cdn. Equity Value Fund Renaissance Canadian Core Value Fund $ 4,195,213 237,824Talvest Cdn. Multi Management Fund Talvest Cdn. Equity Growth Fund Renaissance Canadian Growth Fund 4,195,213 487,487Talvest Cdn. Multi Management Fund Talvest Small Cap Cdn. Equity Fund Renaissance Canadian Small-Cap Fund 1,048,803 36,858Talvest Cdn. Multi Management Fund Talvest Millennium Next Generation Fund Renaissance Millennium Next Generation Fund 1,048,803 25,939

Under the tax reorganization rules in the Income Tax Act (Canada), the discontinuation was Any unutilized capital and non-capital loss carry forwards of the Discontinued Fund expiredcarried out on a taxable basis, which means that effectively all unrealized gains and losses of upon the discontinuation. None of the costs related to the discontinuation have been chargedthe Discontinued Fund units were realized. to the Funds.


Fund Mergers — Units Issued for Terminated Fund UnitsAs of the close of business on August 17, 2007, the following Fund mergers took place:

Class A Class F Class O

Net Assets Units Issued by Net Assets Units Issued by Net Assets Units Issued by

Acquired by Continuing Acquired by Continuing Acquired by Continuing

Terminating Fund Continuing Fund Post-Merger Fund Name Continuing Fund Fund Continuing Fund Fund Continuing Fund Fund

Renaissance Canadian Money Talvest Money Market Fund Renaissance Money Market Fund $ 110,068,221 11,006,822 $ — — $ — —Market Fund

Renaissance Canadian Bond Fund Talvest Bond Fund Renaissance Canadian Bond Fund 43,378,604 3,643,485 27,251 2,591 697,183 71,949Renaissance Global Opportunities Talvest Global Markets Fund Renaissance Global Markets Fund 108,844,831 20,558,871 165,691 14,057 — —

FundRenaissance International Growth Talvest International Equity Fund Renaissance International Equity 34,043,933 6,647,388 416,339 40,877 — —

Fund FundRenaissance Tactical Allocation Talvest Global Asset Allocation Renaissance Global Asset

Fund Fund Allocation Fund 6,497,464 984,927 — — — —Talvest European Fund Renaissance Euro Fund Renaissance European Fund 16,229,880 743,324 2,364 206 — —Talvest Small Cap Cdn. Equity Renaissance Canadian Small Cap Renaissance Canadian Small-Cap

Fund Fund Fund 140,779,707 6,658,423 705,042 71,764 2,540 208Talvest U.S. Equity Fund Renaissance U.S. Equity Value Renaissance U.S. Equity Value

Fund Fund 18,022,769 1,889,140 174,632 15,827 — —Talvest High Yield Bond Fund Renaissance Canadian High Yield Renaissance Canadian High Yield

Bond Fund Bond Fund 54,723,114 6,331,056 1,011,056 103,753 — —Talvest Cdn. Equity Growth Fund Renaissance Canadian Growth Renaissance Canadian Growth

Fund Fund 98,302,484 2,869,475 72,267 5,871 82,268,521 6,463,383Talvest Cdn. Equity Value Fund Renaissance Canadian Core Value Renaissance Canadian Core Value

Fund Fund 51,289,520 1,476,578 97,319 9,254 — —

Under the tax reorganization rules in the Income Tax Act (Canada) the mergers were carried The Funds involved with the mergers had a deemed year-end for tax purposes. Allout on a non-taxable basis, which means that unitholders of the Terminating Funds received unrealized losses of the Terminating Funds were realized and, where possible, unrealized gainsunits of the Continuing Fund with the same adjusted cost base as the Terminating Fund. were elected to be realized allowing an offset to the realized losses. Unrealized gains were

Each Continuing Fund identified above acquired all of the assets and assumed all the also elected to be realized in order to utilize expiring capital and non-capital losses in theliabilities of the applicable Terminating Fund at fair market value, in return for the issuance by Funds. Any unutilized capital and non-capital loss carry forwards of the Funds expired upon thethe Continuing Fund of units equal in value to the net assets acquired from the Terminating merger. After the mergers, each Terminating Fund was wound up. None of the costs relatedFund. As a result, the unitholders of each Terminating Fund became unitholders of the to the mergers have been charged to the Funds.applicable Continuing Fund.

Fund Mergers — Units Issued for Distributed Assets of Terminated FundAs of the close of business on August 17, 2007, the following mergers took place:

Class A Class F

Net Assets Units Issued by Net Assets Units Issued by

Invested In Continuing Invested In Continuing

Terminating Fund Continuing Fund Post-Merger Fund Name Continuing Fund Fund Continuing Fund Fund

Renaissance Talvest Global Health Care Fund Talvest Global Health Care Fund Renaissance Global Health Care Fund $ 23,089,306 1,348,210 $ 35,291 2,687Renaissance Talvest China Plus Fund Talvest China Plus Fund Renaissance China Plus Fund 3,513,774 197,037 — —Renaissance Talvest Millennium High Income Talvest Millennium High Income Fund Renaissance Millennium High Income Fund 16,769,099 1,255,510 — —

FundTalvest Renaissance Canadian Real Return Renaissance Canadian Real Return Bond Renaissance Canadian Real Return Bond

Bond Fund Fund Fund 5,621,557 516,777 356,012 38,205Talvest Renaissance Canadian Balanced Fund Renaissance Canadian Balanced Fund Renaissance Canadian Balanced Fund 24,831,822 1,122,119 143,660 13,597Talvest Renaissance Canadian Balanced Value Renaissance Canadian Balanced Value Fund Renaissance Canadian Balanced Value Fund 45,550,302 2,817,539 725,089 68,338

FundTalvest Renaissance Canadian Core Value Renaissance Canadian Core Value Fund Renaissance Canadian Core Value Fund 19,069,881 549,004 96,145 9,143

FundTalvest Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Value Fund 2,660,623 278,886 — —

Under the tax reorganization rules in the Income Tax Act (Canada), the mergers were carried The Funds involved with the mergers had a deemed year-end for tax purposes. Allout on a non-taxable basis, which means that unitholders of the Terminating Funds received unrealized losses of the Terminating Funds were realized and, where possible, unrealized gainsunits of the Continuing Fund with the same adjusted cost base as the Terminating Fund. were elected to be realized allowing an offset to the realized losses. Unrealized gains were

The units issued by the Continuing Funds were for cash and assets received from also elected to be realized in order to utilize expiring capital and non-capital losses in theunitholders of the Terminating Funds. The cash and assets used for the issuance of units of Funds. Any unutilized capital and non-capital loss carry forwards of the Funds expired upon thethe Continuing Funds were the result of the distribution of the Terminating Funds assets, and merger. After the mergers, each Terminating Fund was wound up. None of the costs relatedsubsequent delivery of those assets to the Continuing Fund. As a result, the unitholders of to the mergers have been charged to the Funds.each Terminating Fund became unitholders of the applicable Continuing Fund.

Auditors’ Report

To the Unitholders of

Renaissance Money Market Fund Renaissance Millennium Next Generation FundRenaissance Canadian T-Bill Fund Renaissance U.S. Equity Value FundRenaissance U.S. Money Market Fund Renaissance U.S. Equity Growth FundRenaissance Canadian Income Fund Renaissance U.S. Index FundRenaissance Canadian Bond Fund Renaissance International Index FundRenaissance Canadian Real Return Bond Fund Renaissance International Equity FundRenaissance Canadian High Yield Bond Fund Renaissance Global Markets FundRenaissance Global Bond Fund Renaissance Global Multi Management FundRenaissance Canadian Balanced Fund Renaissance Global Value FundRenaissance Canadian Balanced Value Fund Renaissance Global Growth FundRenaissance Canadian Asset Allocation Fund Renaissance Global Focus FundRenaissance Global Asset Allocation Fund Renaissance Global Small-Cap FundRenaissance Canadian Monthly Income Fund Renaissance European FundRenaissance Diversified Income Fund Renaissance Asian FundRenaissance Millennium High Income Fund Renaissance China Plus FundRenaissance Canadian Dividend Income Fund Renaissance Emerging Markets FundRenaissance Dividend Fund Renaissance Global Technology FundRenaissance Canadian Core Value Fund Renaissance Global Health Care FundRenaissance Canadian Growth Fund Renaissance Global Resource FundRenaissance Canadian Small-Cap Fund Renaissance Global Science & Technology Fund

(collectively, the ‘‘Funds’’)

We have audited the statements of net assets of the Funds as at August 31, 2007 and 2006, and December 31, 2005, the statement of investment portfolio as at August 31, 2007, and thestatements of operations and changes in net assets for the periods then ended. These financial statements are the responsibility of the Funds’ management. Our responsibility is to express anopinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurancewhether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the financial position of the Funds as at August 31, 2007 and 2006, and December 31, 2005, and the results oftheir operations and the changes in their net assets for the periods then ended in accordance with Canadian generally accepted accounting principles.

Toronto, Canada, Chartered AccountantsOctober 19, 2007. Licensed Public Accountants

Renaissance Investments

1500 University Street, Suite 800Montreal, Quebec

H3A 3S6

1-888-888-FUND (3863)

Website

www.renaissanceinvestments.ca

CIBC Asset Management Inc., the manager and trustee of the Renaissance Investments family of funds, is a wholly-owned subsidiary of Canadian Imperial Bankof Commerce (CIBC ). Commissions, trailing commissions, management fees, and expenses all may be associated with an investment in the RenaissanceInvestments family of funds. Please read the Renaissance Investments family of funds simplified prospectus before investing. Mutual funds are not guaranteed, theirvalues change frequently, and past performance may not be repeated.

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

NJ02025E (200711)

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