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

Renaissance Millennium High IncomeFund

Interim Financial Report (unaudited)for the period ended February 28, 2015

Statements of Financial Position (unaudited)(in 000s, except per unit amounts)

As at February 28, 2015, August 31, 2014 and September 1, 2013 (note 1)

February 28, 2015 August 31, 2014 September 1, 2013x

x

Assetsxxx

Current assetsx

Investments (non-derivative financial assets) † (notes 2, 3 and 12) $ 515,811 $ 622,012 $ 532,987x

Cash including foreign currency holdings, at fair value 6,931 4,059 –x

Interest receivable 2,034 1,883 1,152x

Dividends receivable 1,483 1,705 1,692x

Receivable for portfolio securities sold – 5,623 627x

Receivable for units issued 839 1,106 631x

Other receivables – 1 –x

Derivative assets 693 443 –xxx

Total Assets 527,791 636,832 537,089xxx

Liabilitiesxxx

Current liabilitiesx

Bank overdraft – – 250x

Payable for portfolio securities purchased 3,460 – 2,206x

Payable for units redeemed 2,187 620 831x

Management fees payable 1 – –x

Other accrued expenses 10 – –xxx

Total Liabilities 5,658 620 3,287xxx

Net Assets Attributable to Holders of Redeemable Units †† (notes 5 and 12) $ 522,133 $ 636,212 $ 533,802xxx

Net Assets Attributable to Holders of Redeemable Units per Class (note 12)x

Class A $ 487,703 $ 598,986 $ 512,711x

Class F $ 23,222 $ 24,174 $ 11,193x

Class O $ 11,208 $ 13,052 $ 9,898xxx

Net Assets Attributable to Holders of Redeemable Units per Unit (notes 5 and 12)x

Class A $ 10.92 $ 12.82 $ 11.04x

Class F $ 13.82 $ 16.00 $ 13.52x

Class O $ 16.01 $ 18.44 $ 15.34xx

Footnotes for the Statements of Financial Position can be found on the following page.

1


Renaissance Millennium High Income Fund

† Securities LendingThe tables that follow indicate the Fund had assets involved in securities lending transactionsoutstanding as at February 28, 2015, August 31, 2014, and September 1, 2013:

Aggregate Valueof Securities

on Loan($000s)

AggregateValue

of Collateralfor Loan

($000s)x

x

February 28, 2015 127,783 133,976x

August 31, 2014 91,614 96,588x

September 1, 2013 124,661 131,582x

Collateral Type* ($000s)i ii iii iv

xx

February 28, 2015 12,587 121,389 – –x

August 31, 2014 – 96,588 – –x

September 1, 2013 – 131,411 – 171,276x

x

* See note 2j for Collateral Type definitions.

†† Reconciliation of Equity and Comprehensive Income as PreviouslyReported Under Canadian GAAP to IFRS (note 12)

Equity

As at August 31,2014

($000s)

As at February 28,2014

($000s)

As at September 1,2013

($000s)x

x

Equity as reported under Canadian GAAP 635,135 572,459 532,549x

Revaluation of investments at FVTPL 1,077 1,092 1,253xxx

Net Assets Attributable to Holders ofRedeemable Units under IFRS 636,212 573,551 533,802

xxx

x

Comprehensive Income for the PeriodEnded

August 31, 2014($000s)

February 28,2014

($000s)x

Comprehensive income as reported underCanadian GAAP 123,700 61,414

x

Revaluation of investments at FVTPL (176) (161)xxx

Increase (Decrease) in Net AssetsAttributable to Holders ofRedeemable Units under IFRS 123,524 61,253

xx

Organization of the Fund (note 1)The Fund was established on January 6, 1997 (Date Established).

Inception Datexx

Class A February 13, 1997x

Class F September 6, 2001x

Class O April 18, 2002xx

2



Statements of Comprehensive Income (unaudited)(in 000s, except per unit amounts)

For the periods ended February 28, 2015 and 2014 (note 1)

February 28, 2015 February 28, 2014x

x

Net Gain (loss) on Financial Instrumentsx

Interest for distribution purposes $ 4,195 $ 3,801x

Dividend revenue 10,468 9,500x

Other changes in fair value of investments andderivatives

x

Net realized gain (loss) on sale of investments andderivatives 10,210 29,963

x

Net realized gain (loss) on foreign currency (notes 2fand g) (9,659) (1,048)

x

Net change in unrealized appreciation (depreciation)of investments and derivatives (77,411) 26,065

xxx

Net Gain (loss) on Financial Instruments ±±± (62,197) 68,281xx

x

Other Incomex

Foreign exchange gain (loss) on cash 1,501 90x

Securities lending revenue 156 158xxx

1,657 248xx

x

Expenses (notes 6 and 12)x

Management fees ± 5,866 5,934x

Audit fees 6 5x

Custodial fees 33 55x

Independent review committee fees 2 2x

Legal fees 3 12x

Regulatory fees 11 8x

Transaction costs ±± 269 613x

Unitholder reporting costs 561 536x

Withholding taxes (note 7) 167 115x

Other expenses 49 10xxx

6,967 7,290xx

x

Expenses waived/absorbed by the Manager (128) (14)xx

x

6,839 7,276xx

x

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units (excludingdistributions) (67,379) 61,253

xx

x

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units per Class(excluding distributions)

x

Class A $ (63,681) $ 58,575x

Class F $ (2,442) $ 1,407x

Class O $ (1,256) $ 1,271xxx

Average Number of Units Outstanding for theperiod per Class

x

Class A 46,320 45,980x

Class F 1,602 852x

Class O 710 642xxx

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units per Unit(excluding distributions)

x

Class A $ (1.37) $ 1.27x

Class F $ (1.52) $ 1.65x

Class O $ (1.77) $ 1.98x

x

±±± Net gain (loss) on Financial InstrumentsNet gain (loss)

Category February 28, 2015 February 28, 2014x..

Financial assets at FVTPL:..

Held for Trading $ (9,257) $ (3,776)..

Designated at Inception (52,940) 72,057......

Total financial assets at FVTPL $ (62,197) $ 68,281..

± Maximum Chargeable Management Fee Rates (note 6)xx

Class A 2.00%x

Class F 0.90%x

Class O 0.00%xx

±± Brokerage Commissions and Fees (notes 8 and 9)

2015 2014x

x

Brokerage commissions and other fees ($000s)x

Total Paid 268 613x

Paid to CIBC World Markets Inc. 33 103x

Paid to CIBC World Markets Corp. – –x

Soft dollars ($000s)x

Total Paid – –x

Paid to CIBC World Markets Inc. and CIBC World Markets Corp. – –xx

Administrative and Other Fund Operating Expenses (note 9)

2015 2014x

x

($000s) 462 504xx

Service Provider (note 9)The amounts paid by the Fund (including all applicable taxes) to CIBC Mellon Trust Company forcustodial fees, and to CIBC Mellon Global Securities Services Company (CIBC GSS) for securitieslending, fund accounting and reporting, and portfolio valuation (all net of absorptions) for the periodsended February 28, 2015 and 2014 were as follows:

2015 2014x

x

($000s) 95 101xx

3


Renaissance Millennium High Income Fundx

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (unaudited)(in 000s)For the periods ended February 28, 2015 and 2014 (note 1)

Class A Units Class F Units Class O Units

February 28,2015

February 28,2014

February 28,2015

February 28,2014

February 28,2015

February 28,2014

xx.

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units (excludingdistributions) $ (63,681) $ 58,575 $ (2,442) $ 1,407 $ (1,256) $ 1,271

xxx.

Distributions Paid or Payable to Holders ofRedeemable Units

x.

From net investment income (16,544) (8,141) (651) (224) (294) (211)x.

From net realized capital gains (9,385) (10,522) (317) (174) (195) (122)x.xx

(25,929) (18,663) (968) (398) (489) (333)xxx.

Redeemable Unit Transactionsx.

Amount received from the issuance of units 53,765 51,017 4,882 1,878 284 –x.

Amount received from reinvestment of distributions 20,834 15,070 618 161 427 286x.

Amount paid on redemptions of units (96,272) (68,619) (3,042) (1,439) (810) (464)x.xx

(21,673) (2,532) 2,458 600 (99) (178)xxx.

Increase (Decrease) in Net Assets Attributable toHolders of Redeemable Units (111,283) 37,380 (952) 1,609 (1,844) 760

x.

Net Assets Attributable to Holders of Redeemable Unitsat Beginning of Period 598,986 512,711 24,174 11,193 13,052 9,898

x.xx

Net Assets Attributable to Holders of Redeemable Unitsat End of Period $ 487,703 $ 550,091 $ 23,222 $ 12,802 $ 11,208 $ 10,658

xxx.

Redeemable Units Issued and Outstanding (note 5)x.

As at February 28, 2015 and 2014x.

Balance - beginning of period 46,710 46,451 1,511 828 708 645x.

Redeemable units issued 4,715 4,392 344 132 17 –x.

Redeemable units issued on reinvestments 1,921 1,299 45 11 27 18x.xx

53,346 52,142 1,900 971 752 663x.

Redeemable units redeemed (8,665) (5,932) (219) (101) (52) (28)x.xx

Balance - end of period 44,681 46,210 1,681 870 700 635xx

x

4


Renaissance Millennium High Income Fundx

x

Statements of Cash Flows (unaudited)(in 000s)For the periods ended February 28, 2015 and 2014 (notes 1 and 12)

February 28, 2015 February 28, 2014xx.

Cash Flows from Operating Activitiesx.

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations (excluding distributions) $ (67,379) $ 61,253x.

Adjustments for:x.

Foreign exchange loss (gain) on cash (1,501) (90)x.

Net realized (gain) loss on sale of investments and derivatives (10,210) (29,963)x.

Net change in unrealized (appreciation) depreciation of investments and derivatives 77,411 (26,065)x.

Purchase of investments (210,791) (563,021)x.

Proceeds from the sale of investments 258,624 580,581x.

Interest receivable (151) (245)x.

Dividends receivable 222 (11)x.

Other receivables 1 (108)x.

Other liabilities 11 –x.xx

46,237 22,331xxx.

Cash Flows from Financing Activitiesx.

Amount received from the issuance of units 59,198 51,252x.

Amount paid on redemptions of units (98,557) (69,387)x.

Distributions paid to unitholders (5,507) (3,302)x.xx

(44,866) (21,437)xxx.

Increase (Decrease) in Cash during the Period 1,371 894xxx.

Foreign Exchange Loss (Gain) on Cash 1,501 90xxx.

Cash (Bank Overdraft) at Beginning of Period 4,059 (250)xxx.

Cash (Bank Overdraft) at End of Period $ 6,931 $ 734x

x.

Interest received $ 4,044 $ 3,556x.

Dividends received, net of withholding taxes $ 10,523 $ 9,374

5



x

Schedule of Investment Portfolio (unaudited) As at February 28, 2015

SecurityNumber

of Shares

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assets

CANADIAN EQUITIESx

Consumer Discretionary..

Park Lawn Corp. 363,700 3,296 4,455..

....

3,296 4,455 0.9%..x

Consumer Staples..

Liquor Stores NA Ltd. 1,273,461 18,188 18,402..

....

18,188 18,402 3.5%..x

Energy..

AltaGas Ltd. 262,200 12,222 11,796..

Cardinal Energy Ltd. 570,800 8,228 8,259..

Inter Pipeline Ltd. 189,600 6,087 6,295..

Parallel Energy Trust 4,553,811 25,292 3,598..

Parkland Fuel Corp. 192,800 4,115 4,517..

Pembina Pipeline Corp. 277,200 12,485 11,082..

Pengrowth Energy Corp. 3,333,200 23,792 13,799..

PrairieSky Royalty Ltd. 530,600 15,915 16,778..

Surge Energy Inc. 2,975,500 20,992 9,343..

TORC Oil & Gas Ltd. 1,074,700 11,520 9,726..

Veresen Inc. 1,236,600 21,296 19,241..

Vermilion Energy Inc. 265,700 9,178 14,938..

Whitecap Resources Inc. 593,600 7,327 8,014..

....

178,449 137,386 26.2%..x

Financials..

American Hotel Income Properties REIT L.P. 1,120,900 10,929 12,610..

Bank of Montreal 142,600 9,726 11,046..

Bank of Nova Scotia 168,500 9,563 11,257..

Canadian Imperial Bank of Commerce 112,600 9,724 10,772..

Dream Global REIT 142,600 1,212 1,355..

Inovalis REIT 216,800 2,009 1,969..

Plaza Retail REIT 1,512,200 6,470 6,881..

Pure Industrial Real Estate Trust 1,370,100 6,103 6,946..

Pure Multi-Family REIT L.P., Class 'A' 471,700 2,384 2,830..

Retrocom REIT 1,474,000 6,443 5,984..

Royal Bank of Canada 143,000 9,129 11,198..

Toronto-Dominion Bank (The) 207,400 9,155 11,366..

WPT Industrial REIT 547,700 6,704 8,202..

....

89,551 102,416 19.5%..x

Health Care..

Medical Facilities Corp. 1,550,700 18,901 29,851..

....

18,901 29,851 5.7%..x

Industrials..

Morneau Shepell Inc. 1,265,500 14,080 21,729..

....

14,080 21,729 4.2%..x

Information Technology..

DH Corp. 448,400 14,449 18,017..

....

14,449 18,017 3.5%..x

Materials..

Capstone Mining Corp. 2,312,400 6,143 3,284..

First Quantum Minerals Ltd. 960,400 18,762 15,222..

Hudbay Minerals Inc. 899,200 7,641 9,801..

Teck Resources Ltd., Class 'B' 1,181,800 30,483 23,732..

....

63,029 52,039 10.0%..x

Utilities..

Northland Power Inc. 2,109,800 29,411 35,972..

....

29,411 35,972 6.9%..

..

TOTAL CANADIAN EQUITIES 429,354 420,267 80.4%..

x

INTERNATIONAL EQUITIESx

Ireland..

Green REIT PLC 1,127,684 2,107 2,398..

....

2,107 2,398 0.5%..

x1United States (note 10)..

Freeport-McMoRan Inc., Class 'B' 331,100 11,873 8,953..

....

11,873 8,953 1.7%..

..

TOTAL INTERNATIONAL EQUITIES 13,980 11,351 2.2%..

..

TOTAL EQUITIES 443,334 431,618 82.6%..

6



Schedule of Investment Portfolio (unaudited) As at February 28, 2015 (cont'd)

SecurityCoupon

Rate (%)Maturity

Date Additional Details Par Value

AverageCost

($000s)

FairValue

($000s)

% ofNet

Assetsx1CANADIAN BONDS (note 10)

..

Air Canada 8.75% 2020/04/01 Callable, USD 3,900,000 4,021 5,418..

Air Canada 7.75% 2021/04/15 USD 1,500,000 1,654 2,006..

Athabasca Oil Corp. 7.50% 2017/11/19 Callable 785,000 728 689..

Essar Steel Algoma Inc. 9.50% 2019/11/15 Callable, USD 2,000,000 2,460 2,350..

First Quantum Minerals Ltd. 7.25% 2019/10/15 Callable, USD 1,000,000 990 1,169..

Golf Town Canada Inc. / Golfsmith International Holdings Inc. 10.50% 2018/07/24 Callable 2,000,000 2,028 1,740..

Mattamy Group Corp. 6.88% 2020/11/15 Callable 1,000,000 1,000 1,035..

Mood Media Corp. 9.25% 2020/10/15 Callable, USD 3,000,000 3,091 3,193..

Perpetual Energy Inc. 8.75% 2019/07/23 Restricted, Callable 1,700,000 1,711 1,521..

Tervita Corp. 9.00% 2018/11/15 Callable 2,000,000 1,890 1,716..

..

..

TOTAL CANADIAN BONDS 19,573 20,837 4.0%..

..

INTERNATIONAL BONDSx1Australia (note 10)

..

Emeco Pty. Ltd. 9.88% 2019/03/15 Callable, USD 2,000,000 2,295 1,848..

..

..

2,295 1,848 0.4%..

x1Greece (note 10)..

Eletson Holding Inc. 9.62% 2022/01/15 Callable, USD 2,500,000 2,740 3,063..

..

..

2,740 3,063 0.6%..x

United Kingdom..

CEVA Group PLC 9.00% 2021/09/01 Callable, USD 2,600,000 2,093 2,883..

..

..

2,093 2,883 0.6%..

x1United States (note 10)..

24 Hour Holdings III LLC 8.00% 2022/06/01 Callable, USD 2,000,000 2,182 2,156..

BioScrip Inc. 8.88% 2021/02/15 Callable, USD 1,500,000 1,660 1,685..

Caesars Growth Properties Holdings LLC / Caesars GrowthProperties Finance Inc.

9.38% 2022/05/01 Callable, USD2,000,000 2,232 2,063

..

Century Aluminum Co. 7.50% 2021/06/01 Callable, USD 2,361,000 2,454 3,143..

DFC Finance Corp. 10.50% 2020/06/15 Callable, USD 1,750,000 1,913 1,816..

Enova International Inc. 9.75% 2021/06/01 Callable, USD 3,300,000 3,537 4,002..

Gibson Brands Inc. 8.88% 2018/08/01 Callable, USD 2,245,000 2,418 2,771..

Greektown Holdings LLC / Greektown Mothership Corp. 8.88% 2019/03/15 Callable, USD 3,000,000 3,637 4,022..

Harbinger Group Inc. 7.75% 2022/01/15 Callable, USD 1,500,000 1,640 1,908..

Hunt Cos. Inc. 9.63% 2021/03/01 Callable, USD 3,250,000 3,602 4,154..

Jefferies Finance LLC / JFIN 7.38% 2020/04/01 Callable, USD 2,500,000 2,685 3,110..

Jefferies LoanCore LLC / JLC Finance Corp. 6.88% 2020/06/01 Callable, USD 2,500,000 2,599 2,938..

Legacy Reserves L.P. 8.00% 2020/12/01 Callable, USD 1,000,000 975 1,088..

Michael Baker International LLC / CDL Acquisition Co. Inc. 8.25% 2018/10/15 Callable, USD 1,000,000 1,036 1,225..

NGL Energy Partners L.P. / NGL Energy Finance Corp. 6.88% 2021/10/15 Callable, USD 2,000,000 2,066 2,525..

Patriot Merger Corp. 9.00% 2021/07/15 Callable, USD 1,500,000 1,544 1,960..

Prospect Holding Co. LLC / Prospect Holding Finance Co. 10.25% 2018/10/01 Callable, USD 2,612,000 2,639 2,514..

Ruby Tuesday Inc. 7.63% 2020/05/15 Callable, USD 2,413,000 2,473 3,092..

..

..

41,292 46,172 8.8%..

..

TOTAL INTERNATIONAL BONDS 48,420 53,966 10.4%..

..

TOTAL BONDS 67,993 74,803 14.4%..

..

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS 511,327 506,421 97.0%..x

Short-Term Investments..

Government of Canada 0.59% 2015/05/07 Treasury Bill 9,400,000 9,385 9,390..

..

..

TOTAL SHORT-TERM INVESTMENTS 9,385 9,390 1.8%..

..

Less: Transaction costs included in average cost (404).

..

..

TOTAL INVESTMENTS 520,308 515,811 98.8%..

..

Derivative assets 693 0.1%..

Other Assets, less Liabilities 5,629 1.1%..

..

..

TOTAL NET ASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE UNITS 522,133 100.0%

.

...

1Hedging reference number. Refers to a corresponding number on the Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts.x

x

Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts (note 10)

Hedging Ref.No.** Counterparty

Credit Rating forCounterparty*

SettlementDate

CurrencyBuys Par Value

CurrencySells Par Value Forward Rate Current Rate

Unrealized Gain(Loss) ($000s)

x..

1 Canadian Imperial Bank of Commerce A-1 2015/04/02 CAD 73,357,060 USD 58,100,000 0.792 0.800 693......

693..

..

* The credit rating of each counterparty (as rated by Standard & Poor's, a division of McGraw-Hill Financial Inc.) of the forward foreign currency contracts held by the Fund meets or exceeds the minimum approvedcredit rating.

..

** See corresponding reference number on the Schedule of Investment Portfolio.

7



Supplemental Schedule to Schedule of Investment Portfolio (unaudited)

Offsetting Arrangements (note 2d)

The Fund may enter into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allowfor the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of the contracts.

The following table reconciles the net amount of “Over-The-Counter“ derivatives presented in the Statements of Financial Position, as at February 28, 2015 and August 31, 2014, to:

l The gross amount before offsetting required under IFRS; and

l The net amount after offsetting under the terms of master netting arrangements or other similar arrangements, but which do not meet the criteria for offsetting under IFRS.

As at September 1, 2013, the Fund did not enter into any arrangements which were eligible for offset.

x

Financial Assets and Liabilities Amounts Offset Amounts Not Offset Net

Gross Assets(Liabilities)

Amounts Offset UnderIFRS

Net AmountsPresented onStatements of

Financial PositionMaster NettingArrangements

Cash CollateralReceived

x..

As at February 28, 2015..

OTC Derivative Assets $ 693 $ – $ 693 $ – $ – $ 693..

OTC Derivative Liabilities – – – – – –......

Total 693 – 693 – – 693..

..

As at August 31, 2014..

OTC Derivative Assets $ 443 $ – $ 443 $ – $ – $ 443..

OTC Derivative Liabilities – – – – – –......

Total 443 – 443 – – 443..

Interest in Underlying Funds (note 4)

As at February 28, 2015, August 31, 2014, and September 1, 2013, the Fund had no significant investments in underlying funds.

8



Financial Instrument RisksInvestment Objective: Renaissance Millennium High Income Fund (the Fund) seeks toachieve the highest possible return that is consistent with a conservative fundamentalinvestment philosophy through investment primarily in a balanced and diversifiedportfolio of Canadian income securities.

Investment Strategies: The Fund intends to invest mainly in Canadian fixed incomesecurities, income trusts, and common shares, with varying exposures to these areasdepending on their relative attractiveness.

Significant risks that are relevant to the Fund are discussed here. General information onrisk management and specific discussion on concentration, credit, currency, interest rate,liquidity, and other price/market risk can be found in note 2 of the financial statements.

In the following risk tables, Net Assets is defined as meaning “Net assets attributable toholders of redeemable units".

Concentration Risk as at February 28, 2015, August 31, 2014, and September 1,2013The Schedule of Investment Portfolio presents the securities held by the Fund as atFebruary 28, 2015.The following tables present the investment sectors held by the Fund as at August 31,2014 and September 1, 2013, and group the securities by asset type, industry sector,geographic region, or currency exposure:

As at August 31, 2014

Portfolio Breakdown% of

Net Assetsx

x

Canadian Equitiesx

Consumer Discretionary 0.5x

Consumer Staples 2.3x

Energy 20.6x

Financials 16.4x

Health Care 4.1x

Industrials 3.4x

Information Technology 2.3x

Materials 21.2x

Utilities 6.4x

International Equitiesx

Ireland 0.3x

United States 5.9x

Canadian Bondsx

Corporate 3.8x

International Bondsx

Australia 0.3x

Greece 0.4x

Jersey, Channel Islands 0.2x

Panama 0.3x

United Kingdom 0.6x

United States 6.3x

Short-Term Investments 2.4x

Derivative Assets (Liabilities) 0.1x

Other Assets, less Liabilities 2.2xxx

Total 100.0xx

As at September 1, 2013

Portfolio Breakdown% of

Net Assetsx

x

Canadian Equitiesx

Consumer Discretionary 0.5x

Consumer Staples 1.8x

Energy 21.5x

Financials 32.3x

Health Care 5.5x

Industrials 3.3x

Materials 9.4x

Utilities 9.0x

International Equitiesx

United States 4.4x

Canadian Bondsx

Corporate 2.5x

International Bondsx

Luxembourg 0.5x

United Kingdom 0.8x

United States 6.6x

Short-Term Investments 1.7x

Other Assets, less Liabilities 0.2xxx

Total 100.0xx

Credit RiskCredit ratings represent a consolidation of the ratings provided by various outside serviceproviders and are subject to change, which could be material.

See the Schedule of Investment Portfolio for counterparty from over-the-counterderivative contracts, where applicable.

As at February 28, 2015, August 31, 2014, and September 1, 2013, the Fund invested indebt securities with the following credit ratings:

.

% of Net Assets

Debt Securities by Credit Rating February 28, 2015 August 31, 2014 September 1, 2013x

x

'AAA' 1.8 2.3 1.7x

Below 'BBB' 13.6 11.4 9.9x

Unrated 0.8 0.6 0.5xxx

Total 16.2 14.3 12.1xx

Currency RiskThe tables that follow indicate the currencies to which the Fund had significant exposureas at February 28, 2015, August 31, 2014, and September 1, 2013, based on the marketvalue of the Fund's financial instruments (including cash and cash equivalents) and theunderlying principal amounts of forward foreign currency contracts, as applicable.

As at February 28, 2015

Currency (note 2m)Total Currency

Exposure* ($000s)% of

Net Assetsx

x

USD 25,245 4.8xxx

* Amounts reflect the carrying value of monetary and non-monetary items (including the notionalamount of forward foreign currency contracts, if any).

As at August 31, 2014



Net Assetsx

x

USD 50,956 8.0xxx


As at September 1, 2013



Net Assetsx

x

USD 79,401 14.9xxx


The table that follows indicates how net assets as at February 28, 2015, August 31, 2014,and September 1, 2013 would have decreased or increased had the Canadian dollarstrengthened or weakened by 1% in relation to all foreign currencies. This analysisassumes that all other variables remain unchanged. In practice, the actual results maydiffer from this analysis and the difference could be material.


x

Impact on Net Assets ($000s) 277 530 794xx

Interest Rate RiskThe Fund’s short-term assets and liabilities were not subject to significant amounts of riskdue to fluctuations in the prevailing level of market interest rates.

The table that follows indicates the Fund’s exposure to fixed income securities byremaining term-to-maturity.

.

February 28, 2015 August 31, 2014 September 1, 2013Remaining Term-to-Maturity ($000s) ($000s) ($000s)

xx

1-3 years 689 – 6,107x

3-5 years 20,877 19,268 17,063x

> 5 years 53,237 56,734 32,708xxx

Total 74,803 76,002 55,878xx

9



The table that follows indicates how net assets as at February 28, 2015, August 31, 2014,and September 1, 2013 would have increased or decreased had the interest ratedecreased or increased by 25 basis points and assuming a parallel shift in the yield curve.This change is estimated using the weighted average duration of the fixed incomeportfolio. This analysis assumes that all other variables remain unchanged. In practice,actual results may differ from this analysis and the difference could be material..


x

Impact on Net Assets ($000s) 795 867 604xx

Liquidity RiskLiquidity risk is the risk that the Fund will encounter difficulty in meeting obligationsassociated with financial liabilities. The Fund is exposed to daily cash redemptions ofredeemable units. The Fund maintains sufficient cash on hand to fund anticipatedredemptions.

With the exception of derivative contracts, where applicable, all of the Fund’s financialliabilities are short-term liabilities maturing within 90 days after the period end.

For funds that hold derivative contracts with a term-to-maturity that exceeds 90 days fromthe period end, further information related to those contracts can be referenced in thederivative schedules following the Schedule of Investment Portfolio.

Other Price/Market RiskThe table that follows indicates how net assets as at February 28, 2015, August 31, 2014,and September 1, 2013 would have increased or decreased had the value of the Fund’sbenchmark(s) increased or decreased by 1%. This change is estimated based on thehistorical correlation between the return of Class A units of the Fund as compared to thereturn of the Fund’s benchmark(s), using 36 monthly data points, as available, based onthe monthly net returns of the Fund. This analysis assumes that all other variables remainunchanged. The historical correlation may not be representative of the future correlationand, accordingly, the impact on net assets could be materially different..

Impact on Net Assets ($000s)

Benchmark February 28, 2015 August 31, 2014 September 1, 2013x

x

S&P/TSX Composite Index 3,945 3,105 2,828xxx

65% S&P/TSX Composite Index15% S&P/TSX Capped REIT Index10% FTSE TMX Canada All

Corporate Bond Index10% Merrill Lynch U.S. High Yield

Cash Pay Index (100% hedgedin CAD)

5,343 4,745 n/a

xxx

65% S&P/TSX Composite DividendIndex

15% S&P/TSX Capped REIT Index10% FTSE TMX Canada All

Corporate Bond Index10% Merrill Lynch U.S. High Yield

Cash Pay Index (100% hedgedin CAD)

n/a n/a 5,249

xx

Fair Value Measurement of Financial InstrumentsThe following is a summary of the inputs used as at February 28, 2015, August 31, 2014,and September 1, 2013 in valuing the Fund’s financial assets and financial liabilities,carried at fair value:

As at February 28, 2015Level 1 (i) Level 2 (ii) Level 3 (iii) Total

Classification ($000s) ($000s) ($000s) ($000s)xx

Financial Assetsx

Fixed Income Securities – 74,803 – 74,803x

Short-Term Investments – 9,390 – 9,390x

Equities 431,618 – – 431,618x

Derivative assets – 73,357 – 73,357xxx

Total Financial Assets 431,618 157,550 – 589,168xx

x

Financial Liabilitiesx

Derivative liabilities – (72,664) – (72,664)xxx

Total Financial Liabilities – (72,664) – (72,664)xx

x

Total Financial Assets and Liabilities 431,618 84,886 – 516,504xx

x

(i) Quoted prices in active markets for identical assetsx

(ii) Significant other observable inputsx

(iii) Significant unobservable inputs

As at August 31, 2014Level 1 (i) Level 2 (ii) Level 3 (iii) Total


Financial Assetsx



Equities 528,928 2,142 – 531,070x

Derivative assets – 63,625 – 63,625xxx


x

Financial Liabilitiesx

Derivative liabilities – (63,182) – (63,182)xxx

Total Financial Liabilities – (63,182) – (63,182)xx

x

Total Financial Assets and Liabilities 528,928 93,527 – 622,455xx

x




As at September 1, 2013Level 1 (i) Level 2 (ii) Level 3 (iii) Total


Financial Assetsx



Equities 467,934 – – 467,934xxx


x




Transfer of assets between Level 1 and Level 2Financial assets and liabilities transferred from Level 1 to Level 2 are the result ofsecurities no longer being traded in an active market.

For the periods ended February 28, 2015 and August 31, 2014, there were no transfers offinancial assets and liabilities from Level 1 to Level 2.

Financial assets and liabilities transferred from Level 2 to Level 1 are the result ofsecurities now being traded in an active market..

February 28, 2015 August 31, 2014x

x

Fair value of assets transferred from Level 2 toLevel 1 during the period ($000s) 1,969 –

x

x

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

10

Notes to Financial Statements (unaudited)

x

As at and for the periods as disclosed in the financial statements (see note 1)

1. Organization of the Funds and Financial Reporting Periods

Each of the funds in the Renaissance Investments family of funds (individually, a Fund, and collectively, the Funds) is a mutual fund trust organized under the laws of Ontario and governed by a declaration of trust(Declaration of Trust). The address of the Funds’ registered office is 18 York Street, Suite 1300, Toronto, Ontario.

The manager of the Funds is CIBC Asset Management Inc. (the Manager). The Manager is also the trustee, registrar, and transfer agent of the Funds.

Each Fund may issue an unlimited number of classes of units and an unlimited number of units of each class. In the future, the offering of any classes of a Fund may be terminated or additional classes may be offered.The following table indicates the classes of units offered for sale for each of the Funds:x

Funds Class A Class T6 Class T8 Class F Premium Class F-Premium Class Ox..

Renaissance Money Market Fund ü ü ü..

Renaissance Canadian T-Bill Fund ü ü..

Renaissance U.S. Money Market Fund ü ü..

Renaissance Short-Term Income Fund ü ü ü ü ü..

Renaissance Canadian Bond Fund ü ü ü ü ü..

Renaissance Real Return Bond Fund ü ü ü ü ü..

Renaissance Corporate Bond Fund (formerly RenaissanceCorporate Bond Capital Yield Fund) ü ü ü ü ü

..

Renaissance U.S. Dollar Corporate Bond Fund ü ü ü ü ü..

Renaissance High-Yield Bond Fund ü ü ü ü ü..

Renaissance Floating Rate Income Fund(also offers Class H, Class H-Premium, Class FH, ClassFH-Premium, and Class OH units) ü ü ü ü ü

..

Renaissance Global Bond Fund ü ü ü ü ü..

Renaissance Canadian Balanced Fund ü ü ü..

Renaissance U.S. Dollar Diversified Income Fund ü ü ü ü ü..

Renaissance Optimal Conservative Income Portfolio(also offers Class T4, Select Class, Select-T4 Class, Select-T6Class, Elite Class, Elite-T4 Class, and Elite-T6 Class units) ü ü ü ü

..

Renaissance Optimal Income Portfolio(also offers Select Class, Select-T6 Class, Select-T8 Class, EliteClass, Elite-T6 Class, and Elite-T8 Class units) ü ü ü ü ü

..

Renaissance Optimal Growth & Income Portfolio(also offers Class T4, Select Class, Select-T4 Class, Select-T6Class, Select-T8 Class, Elite Class, Elite-T4 Class, Elite-T6 Classand Elite-T8 Class units) ü ü ü ü ü

..

Renaissance Canadian Dividend Fund ü ü ü..

Renaissance Canadian Monthly Income Fund ü ü ü..

Renaissance Diversified Income Fund ü ü ü..

Renaissance Millennium High Income Fund ü ü ü..

Renaissance Canadian Core Value Fund ü ü ü..

Renaissance Canadian Growth Fund ü ü ü..

Renaissance Canadian All-Cap Equity Fund ü ü ü..

Renaissance Canadian Small-Cap Fund ü ü ü..

Renaissance U.S. Equity Income Fund ü ü ü ü..

Renaissance U.S. Equity Value Fund ü ü ü..

Renaissance U.S. Equity Growth Fund ü ü ü..

Renaissance U.S. Equity Growth Currency Neutral Fund ü ü ü..

Renaissance U.S. Equity Fund ü ü ü..

Renaissance International Dividend Fund ü ü ü..

Renaissance International Equity Fund ü ü ü..

Renaissance International Equity Currency Neutral Fund ü ü ü..

Renaissance Global Markets Fund ü ü ü..

Renaissance Optimal Global Equity Portfolio(also offers Class T4, Select Class, Select-T4 Class, Select-T6Class, Select-T8 Class, Elite Class, Elite-T4 Class, Elite-T6 Class,and Elite-T8 Class units) ü ü ü ü ü

..

Renaissance Optimal Global Equity Currency Neutral Portfolio(also offers Class T4, Select Class, Select-T4 Class, Select-T6Class, Select-T8 Class, Elite Class, Elite-T4 Class, Elite-T6 Class,and Elite-T8 Class units) ü ü ü ü ü

..

Renaissance Global Value Fund ü ü ü..

Renaissance Global Growth Fund ü ü ü..

Renaissance Global Growth Currency Neutral Fund ü ü ü..

Renaissance Global Focus Fund ü ü ü..

Renaissance Global Focus Currency Neutral Fund ü ü ü..

11

p / 2 Notes to Financial Statements (unaudited)

Renaissance Global Small-Cap Fund ü ü ü..

Renaissance European Fund ü ü ü..

Renaissance Asian Fund ü ü ü..

Renaissance China Plus Fund ü ü ü..

Renaissance Emerging Markets Fund ü ü ü..

Renaissance Optimal Inflation Opportunities Portfolio(also offers Select Class and Elite Class units) ü ü ü

..

Renaissance Global Infrastructure Fund ü ü ü..

Renaissance Global Infrastructure Currency Neutral Fund ü ü ü..

Renaissance Global Real Estate Fund ü ü ü..

Renaissance Global Real Estate Currency Neutral Fund ü ü ü..

Renaissance Global Health Care Fund ü ü ü..

Renaissance Global Resource Fund ü ü ü..

Renaissance Global Science & Technology Fund ü ü üx

Each class of units may charge a different management fee and operating expenses can either be common or class-specific. Class-specific expenses are allocated on a class-by-class basis. As a result, a separate netasset value per unit is calculated for each class of units.

Class A, T4, T6, and T8 units are available to all investors on a load basis. Investors may pay a sales commission when purchasing Class A, T4, T6, and T8 units of the Funds and may pay a deferred sales charge if theyredeem their Class A, T4, T6, and T8 units. They may have to pay a short-term trading fee, if applicable.

Select, Select-T4, Select-T6, and Select-T8 Class units are available to all investors on a load basis. Investors may pay a sales commission when purchasing Select, Select-T4, Select-T6, and Select-T8 Class units ofthe Funds and may pay a deferred sales charge if they redeem their Select, Select-T4, Select-T6, and Select-T8 Class units. They may have to pay a short-term trading fee, if applicable. Select, Select-T4, Select-T6,and Select-T8 Class units have a lower management expense ratio than Class A, T4, T6, and T8 units. Select, Select-T4, Select-T6, and Select-T8 Class units have a minimum investment requirement of $250,000. Elite,Elite-T4, Elite-T6, and Elite-T8 Class units are available to all investors on a load basis. Investors may pay a sales commission when purchasing Elite, Elite-T4, Elite-T6, and Elite-T8 Class units of the Funds and may paya deferred sales charge if they redeem their Elite, Elite-T4, Elite-T6, and Elite-T8 Class units. They may have to pay a short-term trading fee, if applicable. Elite, Elite-T4, Elite-T6, and Elite-T8 Class units have a lowermanagement expense ratio than Class A, T4, T6, T8, Select, Select-T4, Select-T6, and Select-T8 units. Elite, Elite-T4, Elite-T6, and Elite-T8 Class units have a minimum investment requirement of $500,000.

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

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

Premium Class units of Renaissance MoneyMarket Fund are available to investors with a minimum initial investment of $25,000 on a load basis. Premium Class units of Renaissance Short-Term Income Fund,Renaissance Canadian Bond Fund, Renaissance Real Return Bond Fund, Renaissance Corporate Bond Fund, Renaissance U.S. Dollar Corporate Bond Fund, Renaissance High-Yield Bond Fund, Renaissance FloatingRate Income Fund, Renaissance Global Bond Fund, and Renaissance U.S. Dollar Diversified Income Fund are available to investors with a minimum initial investment of $100,000 on a load basis. Investors pay a salescommission when purchasing Premium Class units of the Funds and may pay a deferred sales charge if they redeem their Premium Class units. They may have to pay a short-term trading fee, if applicable.

Class O units are only available to select investors who have been approved by and have entered into a Class O unit account agreement with the Manager or whose dealer or discretionary manager offers separatelymanaged accounts or similar programs and has entered into a Class O unit account agreement with the Manager. These investors are typically financial services companies, including the Manager, that use Class Ounits of a Fund to facilitate offering other products to investors. No management fees or operating expenses are charged to a Fund in respect of Class O units; instead, a negotiated management fee is charged by theManager directly to, or as directed by, Class O unitholders.

Class H, Class FH, Class FH-Premium, Class H-Premium, and Class OH units (individually a Hedge Class) have the same characteristics of Class A, Class F, Class F-Premium, Premium Class, and Class O units,respectively, except that they each use derivative instruments such as forward foreign currency contracts to hedge foreign currency exposure of the Hedge Class of certain Funds.

The date upon which each Fund was established by Declaration of Trust (Date Established) and the date upon which each class of units of each Fund was first sold to the public (Inception Date) are reported in footnoteOrganization of the Fund on the Statements of Financial Position.

The Schedule of Investment Portfolio of each of the Funds is as at February 28, 2015. The Statements of Financial Position are as at February 28, 2015, August 31, 2014 and September 1, 2013, except for the Fundsestablished during either period, which are as at February 28, 2015, August 31, 2014, and each respective Inception Date. The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributableto Holders of Redeemable Units and the Statements of Cash Flows are for the six month periods ended February 28, 2015 and 2014 except for Funds or classes established during either period, in which case theinformation presented is from the Date Established or the Inception Date to February 28, 2015 or 2014.

These financial statements were approved for issuance by the Manager on April 20, 2015.

2. Summary of Significant Accounting Policies

These financial statements have been prepared in accordance with International Accounting Standard Interim Financial Reporting (“IAS 34”) as published by the International Accounting Standards Board (IASB). TheFunds adopted International Financial Reporting Standards (“IFRS”) in 2014 as required by Canadian securities legislation and the Canadian Accounting Standards Board. Previously, the Funds prepared their financialstatements in accordance with Canadian generally accepted accounting principles (GAAP) as defined in Part V of the CPA Canada Handbook. The Funds have consistently applied the accounting policies used in thepreparation of their opening IFRS statements of financial position at September 1, 2013 and throughout all periods presented, as if these policies had always been in effect.

Note 12 discloses the impact of the transition to IFRS on the Funds’ reported financial position, financial performance and cash flows, including the nature and effect of significant changes in accounting policies fromthose used in the Funds’ financial statements for the year ended August 31, 2014 prepared under Canadian GAAP.

The financial statements have been prepared on a going concern basis using the historical-cost convention. However, each Fund is an investment entity and primarily all financial assets and financial liabilities aremeasured at fair value in accordance with IFRS. Accordingly, the Funds’ accounting policies for measuring the fair value of investments and derivatives are consistent with those used in measuring the Net Asset Valuefor transactions with unitholders. In applying IFRS, these financial statements include estimates and assumptions made by management that affect the reported amounts of assets, liabilities, income, and expensesduring the reporting periods. However, existing circumstances and assumptions may change due to market changes or circumstances arising beyond the control of the Funds. Such changes are reflected in theassumptions when they occur.

These financial statements have been presented in Canadian dollars, which is the Funds’ functional currency (unless otherwise noted).

a) Financial Instruments

Classification and recognition of financial instruments

In accordance with IAS 39 Financial Instruments: Recognition and Measurement, financial assets and financial liabilities are classified at initial recognition into the following categories:

Financial assets and liabilities at fair value through profit or loss (“FVTPL”)

This category is sub-divided into:

12

Notes to Financial Statements (unaudited) p / 3

l Financial instruments classified as Held For Trading: Financial assets and liabilities are classified as Held For Trading if they are acquired for the purpose of selling and/or repurchasing in the near term, andare acquired principally for the purpose of generating a profit from short-term fluctuations in price. Derivatives and securities sold short held by the Funds are classified as Held For Trading and do not meetthe definition of effective hedging instruments as defined by IAS 39.

l Financial instruments designated as FVTPL through inception: All investments held by the Funds, excluding those classified as Held For Trading (discussed above), are designated as fair value through profitor loss upon initial recognition. These financial assets are designated upon initial recognition on the basis that they are part of a group of financial assets that are managed and have their performanceevaluated on a fair value basis, in accordance with risk management and investment strategies of the Funds, as set out in the Funds’ prospectus.

Loans and receivables

The Funds include in this category receivable balances relating to portfolio investments and other short-term receivables such as receivable for units issued.

Other financial liabilities

This category includes all financial liabilities, other than those classified as fair value through profit or loss. The Funds include in this category amounts relating to payables relating to payables for portfolio securitiespurchased and other accrued liabilities such as payable for units redeemed and distributions payable to holders of redeemable units.

All Funds have contractual obligations to distribute cash to the unitholders. As a result, the Funds’ obligation for net assets attributable to holders of redeembable units represents a financial liability and is presentedat the redemption amount.

b) Risk management

The Funds’ overall risk management approach includes formal guidelines that govern the extent of exposure to various types of risk, including diversification within asset classes and limits on the exposure to individualinvestments and counterparties. In addition, derivative financial instruments may be used to manage certain risk exposures. The Manager also has various internal controls to oversee the Funds’ investment activities,including monitoring compliance with the investment objectives and strategies, internal guidelines, and securities regulations. Please refer to each Fund’s Supplemental Schedule to Schedule of Investment Portfoliofor specific risk disclosures.

Fair value of financial instruments

Financial Instruments are valued at their fair value which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at themeasurement date. Refer to note 3a to 3f for valuation of each specific type of financial instruments held by the Funds.The fair value of financial assets and liabilities traded in active markets are based on quotedmarket prices at the close of trading on the reporting date. The Funds use the last traded market price for both financial assets and financial liabilities where the last traded price falls within that day’s bid-ask spread.In circumstances where the last traded price is not within the bid-ask spread, the Manager determines the point within the bid-ask spread that is most representative of fair value based on the specific facts andcircumstances.

For financial assets and financial liabilities that are not traded in an active market, fair value is determined using valuation techniques.

The Funds classify fair value measurement within a hierarchy which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority tounobservable inputs (Level 3). The three levels of the fair value hierarchy are:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Inputs are unobservable for the asset or liability.

If inputs are used to measure an asset’s or liability’s fair value, the classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. Each Fund’s fair value hierarchyclassification of its assets and liabilities is included in the Supplemental Schedule to Schedule of Investment Portfolio.

The carrying values of all non-investment assets and liabilities approximate their fair values due to their short-term nature. Fair values are classified as Level 1 when the related security or derivative is actively tradedand a quoted price is available. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2, unless themeasurement of its fair value requires the use of significant unobservable inputs, in which case it is classified as Level 3.

The Manager is responsible for performing the fair value measurements included in the financial statements of a Fund, including the Level 3 measurements. The Manager obtains pricing from third-party pricingvendors and the pricing is reviewed daily. At each financial reporting date, the Manager reviews and approves all Level 3 fair value measurements. The Funds also have a Valuation Committee which meets quarterly toperform detailed reviews of the valuations of investments held by the Funds which includes discussion on Level 3 measurements.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument, such as a fixed income security or a derivative contract, will fail to discharge an obligation or commitment that it has entered into with the Funds. Thevalue of fixed income securities and derivatives as presented on the Schedule of Investment Portfolio includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit riskexposure of the Funds.

Certain Funds may invest in short-term fixed income securities issued or guaranteed primarily by the Government of Canada or any Canadian provincial government, obligations of Canadian chartered banks or trustcompanies, and commercial paper with approved credit ratings. The risk of default on these short-term fixed income securities is considered low and these securities primarily have credit ratings of ‘A-1 (Low)’ or higher(as rated by Standard & Poor’s, a division of The McGraw-Hill Financial, Inc., or equivalent rating from another rating service).

The Funds may engage in securities lending transactions. The credit risk related to securities lending transactions is limited by the fact that the value of cash or securities held as collateral by the Funds in connectionwith these transactions is at least 102% of the fair value of the securities loaned. The collateral and loaned securities are marked to market on each business day. Further information regarding the collateral andsecurities on loan can be found in the footnotes to the Statements of Financial Position and in note 2j.

Currency risk

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

Interest rate risk

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

Liquidity risk

The Funds are exposed to daily cash redemptions of redeemable units. Generally, the Funds retain sufficient cash and cash equivalent positions to maintain adequate liquidity. However, liquidity risk also involves theability to sell an asset for cash easily and at a fair price. Some securities are illiquid due to legal restrictions on their resale, the nature of the investment, or simply a lack of interested buyers for a particular security orsecurity type. Certain securities may become less liquid due to changes in market conditions, such as interest rate changes or market volatility, which could impair the ability of a Fund to sell such securities quickly or ata fair price. Difficulty in selling securities could result in a loss or lower return for a Fund.

Other price/market risk

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

13


c) Investment Transactions, Income Recognition, and Recognition of Realized and Unrealized Gains and Losses

i) Each transaction of purchase or sale of a portfolio asset by a Fund is reflected in the net assets no later than the first computation of net assets made after the date on which the transaction becomesbinding upon the Fund.

ii) Interest for distribution purposes shown on the Statements of Comprehensive Income represents the coupon interest received by the Fund accounted for on an accrual basis. The Funds do not amortizepremiums paid or discounts received on the purchase of fixed income securities except for zero coupon bonds which are amortized on a straight-line basis.

iii) Dividend income is recorded on the ex-dividend date.

iv) Securities that are exchange-traded are recorded at fair value established by the last traded market price when that price falls within that day’s bid-ask spread. Debt securities are recorded at fair value,established by the last traded price on the over-the-counter market (OTC) when that price falls within that day’s bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread,the Manager determines the point within the bid-ask spread that is most representative of fair value based on the specific facts and circumstances. Unlisted securities are recorded at fair value using fairvaluation techniques established by the Manager in establishing a fair value.

v) Realized gains and losses on investments and unrealized appreciation or depreciation of investments are calculated using the average cost, excluding transaction cost, of the related investments.

vi) Investment income is the sum of income paid to the fund that is generated from a fund’s investment fund holdings.

vii) Other income is the sum of income, excluding transaction costs, other than that which is separately classified on the Statements of Comprehensive Income.

d) Offsetting

Financial assets and liabilities are offset and the net amount reported in the statements of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention tosettle on a net basis, or to realize the asset and settle the liability simultaneously.

Where applicable, additional information can be found in the table Offsetting Arrangements as part of the Supplemental Schedule to Schedule of Investment Portfolio. This supplemental schedule discloses the“Over-the Counter” derivatives which are subject to offsetting.

e) Portfolio Securities

The cost of securities of the Fund is determined in the following manner. Securities are purchased and sold at a market-traded price to arrive at a value for the position traded. The total purchased value represents thetotal cost of the security to the Fund. When additional units of the same security are purchased, the cost of those additional units is added to the total security cost. When units of the same security are sold, theproportionate cost of the units of the security sold is deducted from the total security cost. If there is a return of capital paid by a security, the amount of this return of capital is deducted from the total security cost.This method of tracking security cost is known as “average cost” and the current total for any one security is referred to as the “adjusted cost base” or “ACB” of the security. Transaction costs incurred in portfoliotransactions are excluded from the average cost of investments and are recognized immediately in Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units and are presented as a separateexpense item in the financial statements.

The difference between the fair value of securities and their average cost, excluding transaction costs, represents the unrealized appreciation (depreciation) in value of the portfolio investments. The applicable periodchange in unrealized appreciation (depreciation) of investments is included on the Statements of Comprehensive Income.

Short-term investments on the Statement of Investment Portfolio are presented at their amortized cost which approximates their fair value. Accrued interest for bonds is disclosed separately on the Statements of NetAssets.

f) Foreign Exchange

The value of investments and other assets and liabilities denominated in foreign currencies is translated into Canadian dollars, which is the Funds’ functional and presentation currency (except for RenaissanceU.S. Money Market Fund, Renaissance U.S. Dollar Diversiified Income Fund and Renaissance U.S. Dollar Corporate Bond Fund which are valued in U.S. dollars) at the current rates prevailing on each Valuation Date (asdefined in note 3).

Purchases and sales of investments, income, and expenses are translated into Canadian dollars at the foreign exchange rates prevailing on the dates of such transactions. Foreign currency translation gains (losses) oninvestments and income transactions are included in Net realized gain (loss) on foreign currency, on the Statements of Comprehensive Income.

g) Forward Foreign Currency Contracts

The Funds may enter into forward foreign currency contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securitiesregulatory authorities.

Changes in the fair value of forward foreign currency contracts are included in derivative assets or derivative liabilities on the Statements of Financial Position and are recorded as an Increase (decrease) in unrealizedappreciation (depreciation) of investments and derivatives during the applicable period on the Statements of Comprehensive Income.

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

h) Futures Contracts

The margin deposits with brokers relating to futures contracts are included in Margin on the Statements of Financial Position. Any change in the margin requirement is settled daily and included in Receivable forportfolio securities sold or Payable for portfolio securities purchased on the Statements of Finacial Position.

Any difference between the settlement value at the close of business on each Valuation Date and the settlement value at the close of business on the previous Valuation Date is recorded as Derivative Income (loss) onthe Statements of Comprehensive Income.

i) Options

Premiums paid for purchased call and put options are included in Investments (non-derivative financial assets) at fair value on the Statements of Financial Position. When a purchased option expires, the Fund willrealize a loss in the amount of the cost of the option. For a closing transaction, the Fund will realize a gain or loss depending on whether the proceeds are greater or less than the premium paid at the time of purchase.When a purchased call option is exercised, the cost of the security purchased is increased by the premium paid at the time of purchase.

Premiums received from writing options are included in Investments (non-derivative financial assets) at fair value on the Statements of Financial Position as initial reductions in the value of investments. Premiumsreceived from writing options that expire unexercised are recorded as realized gains and reported as Net gain (loss) on sale of investments and derivatives on the Statements of Comprehensive Income. For a closingtransaction, if the cost of closing the transaction exceeds the premium received, the Fund will record a realized loss or, if the premium received at the time the option was written is greater than the amount paid, theFund will record a realized gain and are reported as Net gain (loss) on sale of investments and derivatives. If a written put option is exercised, the cost for the security delivered is reduced by the premiums received atthe time the option was written.

j) Securities Lending

A Fund may lend portfolio securities in order to earn additional revenue, which is disclosed on the Statements of Comprehensive Income. The loaned assets of any one Fund are not permitted to exceed 50% of the ofthe fair value of the assets of that Fund (excluding collateral debt for the loaned securities). The minimum allowable collateral is 102% of the market value of the loaned securities as per the requirements of NationalInstrument 81-102-Mutual Funds. Collateral can consist of the following:

i) Cash

ii) Qualified securities;

iii) Irrevocable letters of credit issued by a Canadian financial institution that is not the counterparty, or an affiliate counterparty, of the fund in the transaction, if evidences of indebtedness of the Canadianfinancial institution that are rated as short-term debt by an approved credit rating organization have an approved credit rating.

iv) Securities that are immediately convertible into securities of the same issuer, class, or type, and the same term, as the securities loaned.

14


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 Fund on the next business day. The securities on loan continue to beincluded on the Schedule of Investment Portfolio and are included in the total value on the Statements of Financial Position in Investments (non-derivative financial assets) at fair value. Where applicable, a Fund’ssecurities lending transactions are reported in footnote Securities Lending on the Statements of Financial Position.

k) Multi-Class Structured Funds

Each Fund may issue an unlimited number of classes of units. The realized and unrealized capital gains or capital losses, income, and common expenses (other than class-specific operating expenses and managementfees) of the Fund are allocated on each Valuation Date to the unitholders in proportion to the respective prior day’s net asset value, which includes unitholder trade(s) dated for that day, of each class at the date onwhich the allocation is made. Class-specific operating expenses and management fees do not require allocation. All class-specific operating expenses are paid by the Manager and are collected from the Funds on arecoverable basis.

l) Loans and Receivables, Other Assets and Liabilities

Loans and Receivables, other assets and liabilities (other than those classified as FVTPL) are recorded at cost, which approximates their fair value with the exception of net assets attributable to holders of redeemableunits which are presented at the redemption value.

m) Legend for Abbreviations

The following is a list of abbreviations (foreign currency translation and others) that may be used in the Statements of Investment Portfolio:

n) Standard issued but not yet effective

Standards issued but not yet effective up to the date of issuance of the Funds’ financial statements are listed below. The Funds intend to adopt applicable standards when they become effective.

IFRS 9, Financial Instruments - Classification and Measurement

In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments which reflects all phases of the financial instruments project and replaces IAS 39 Financial Instruments: Recognition and Measurementand all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. IFRS 9 is effective for annual periods beginning on or afterJanuary 1, 2018, with early application permitted. The Funds are in the process of assessing the impact of IFRS 9.

o) Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit

The increase (decrease) in net assets attributable to holders of redeemable units per unit of each class is calculated by dividing the increase (decrease) in net assets attributable to holders of redeemable units(excluding distributions), as reported in the Statements of Comprehensive Income, by the weighted average number of units in issue during the related period.

3. Valuation of Investments

The valuation date for a Fund is any day when the Manager’s head office is open for business (Valuation Date). The Trustee may, at its discretion, establish other Valuation Dates. The value of the investments orassets of a Fund is determined as follows:

a) Cash and Other Assets

Cash, accounts receivable, dividends receivable, distributions receivable, and accrued interest are valued at fair value or at their recorded cost, plus or minus any foreign exchange between recognition of the asset bythe Fund and the current Valuation Date, which approximates fair value.

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

b) Bonds, Debentures, and Other Debt Obligations

Bonds, debentures, and other debt obligations are fair valued using the last traded price provided by a recognized vendor upon the close of trading on a Valuation Date, whereby the last traded price falls within thatday’s bid-ask spread. If the last traded price does not fall within that day’s bid-ask spread, then the Manager will determine the point within the bid-ask spread that is most representative of fair value based on thespecific facts and circumstances.

c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities

Any security that is listed or traded on a securities exchange is fair valued using the last traded price, whereby the last traded price falls within that day’s bid-ask spread or, if there is no traded price on that exchangeor the last traded price does not fall within that day’s bid-ask spread and in the case of securities traded on an OTC market, at the fair value as determined by the Manager as an appropriate basis for valuation. In suchsituations, a fair value will be determined by the Manager to establish current value. If any securities are inter-listed or traded on more than one exchange or market, the Manager will use the principal exchange ormarket for the fair value of such securities.

Units of each mutual fund in which a Fund invests will be valued at fair value using the most recent net asset value quoted by the Trustee or Manager of the mutual fund on the Valuation Date.

Unlisted securities are fair valued using the last traded price quoted by a recognized dealer, or the Manager may determine a price that more accurately reflects the fair value of these securities if the Manager feelsthe last traded price does not reflect fair value.

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

d) Derivatives

Long positions in options, debt-like securities, and listed warrants are fair valued using the last traded price as established on either their principal trading exchange or by a recognized dealer in such securities,whereby the last traded price falls within that day’s bid-ask spread. The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Financial, Inc.) meets or exceeds the minimumapproved credit rating.

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

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

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

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

e) Restricted Securities

Restricted securities purchased by any Fund will be fair valued in a manner that the Manager determines to represent their fair value.

f) Other Securities

All other investments of the Funds will be fair valued in accordance with the laws of the Canadian securities regulatory authorities where applicable.

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

4. Interest in Underlying Funds

The Funds may invest in other investment funds ("Underlying Funds”). Each underlying fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for itsunitholders. Each Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder’s option and entitle the unitholder to a proportionate share of the

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underlying fund’s net assets. The funds’ interests in Underlying Funds held in the form of redeemable units, are reported in its Schedule of Investments at fair value, which represents the Funds’ maximum exposure onthose investments. The Funds’ interests in Underlying Funds as at the prior year period ends are presented in the Financial Instrument Risks – Concentration Risks section in the Supplemental Schedule to theSchedule of Investment Portfolio. Distributions earned from Underlying Funds are included in “Investment Income” in the Statements of Comprehensive Income. The total realized and change in unrealized gains(losses) arising from underlying funds are also included in the Statement of Comprehensive Income. The Funds do not provide any additional significant financial or other support to underlying funds.

Where applicable, the table “Interests in Underlying Funds” is presented as part of the Supplemental Schedule to Schedule of Investment Portfolio which provides additional information on the Funds’ investments inunderlying funds where the ownership interest exceeds 20% of each underlying fund.

5. Redeemable Units Issued and Outstanding

A Fund has an unlimited number of classes of units and may issue an unlimited number of units of each class. The outstanding units represent the net assets attributable to holders of redeemable units of a Fund. Eachunit has no par value and the value of each unit is the net asset value next determined. Settlement of the cost for units issued is completed as per the laws of the Canadian securities regulatory authorities in place atthe time of issue. Distributions made by a Fund and reinvested by unitholders in additional units also constitute issued redeemable units of a Fund.

Units are redeemed at the net assets attributable to holders of a redeemable units per unit of each class of units of a Fund. A right to redeem units of a Fund may be suspended with the approval of the Canadiansecurities regulatory authorities or when normal trading is suspended on a stock, options, or futures exchange within Canada or outside of Canada on which securities or derivatives that make up more than 50% of thevalue or underlying exposure of the total assets of a Fund, not including any liabilities of a Fund, are traded and when those securities or derivatives are not traded on any other exchange that represents a reasonablypractical alternative for a Fund. The Fund is not subject to any externally imposed capital requirements.

The capital received by the Fund is utilized within the respective investment mandate of the Fund. This includes the ability to make liquidity available to satisfy unitholder unit redemption requirements upon theunitholder’s request.

Changes in issued and outstanding units for the periods ended February 28, 2015 and 2014 can be found on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units.

6. Management Fees and Operating Expenses

Management fees are based on the net asset value of the Funds and are calculated daily and paid monthly. Management fees are paid to the Manager in consideration for providing, or arranging for the provision of,management, distribution, and portfolio advisory services. Advertising and promotional expenses, office overhead expenses related to the Manager’s activities, trailing commissions and the fees of the portfoliosub-advisors are paid by the Manager out of the management fees received from the Funds. The maximum annual management fee expressed as a percentage of the average net asset value for each class of units ofthe Fund is reported in footnote Maximum Chargeable Management Fee Rates on the Statements of Comprehensive Income. For Class O units, management fees are negotiated with and paid by, or as directed by,unitholders, or dealers and discretionary managers on behalf of unitholders.

In addition to the management fees, the Funds are responsible for all expenses relating to the operation and conduct of the business of the Funds, including interest, operating, and administrative costs (other thanadvertising and promotional expenses, which are the responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees (including the portion of the regulatory fees paid by the Manager that areattributable to the Funds), Independent Review Committee fees, taxes, audit and legal fees and expenses, trustee fees, safekeeping fees, custodial fees, any agency fees, securities lending, repurchase, and reverserepurchase fees, investor servicing costs, and costs of unitholder reports, prospectuses, fund facts, and other reports. All class-specific operating expenses are paid by the Manager and recovered from the Funds. TheFunds do not pay a fee to the Trustee.

The Manager may recover from a Fund less than the actual class-specific operating expenses paid by the Manager, resulting in the Manager absorbing class-specific expenses. The Manager may also charge to a Fundless than the maximum management fee noted in footnote Maximum Chargeable Management Fee Rates on the Statements of Comprehensive Income, resulting in the Manager waiving management fees.

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

In some cases, the Manager may charge management fees to a Fund that are less than the management fees the Manager is entitled to charge in respect of certain investors in a Fund. The difference in the amount ofthe management fees will be paid out by the Fund to the applicable investors as a distribution of additional units of the Fund (Management Fee Distributions).

Management Fee Distributions are negotiable between the Manager and the investor and are dependent primarily on the size of the investor’s investment in the Fund. Management Fee Distributions paid to qualifiedinvestors do not adversely impact the Fund or any of the Fund’s other investors. The Manager may increase or decrease the amount of Management Fee Distributions to certain investors from time to time.

Where a Fund invests in units of an Underlying Fund, the Fund does not pay duplicate management fees on the portion of its assets that it invests in units of the Underlying Fund. In addition, the Fund will not payduplicate 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 offer Management Fee Distributions. SuchManagement Fee Distributions of an Underlying Fund will be paid out as required for taxable distribution payments by a Fund. The manager of an Underlying Fund may, in some cases, waive a portion of an UnderlyingFund’s management fee and/or absorb a portion of an Underlying Fund’s operating expenses.

7. Income Taxes and Withholding Taxes

All of the Funds (except Renaissance U.S. Dollar Corporate Bond Fund, Renaissance Global Focus Currency Neutral Fund, Renaissance Optimal Global Equity Currency Neutral Portfolio, and Renaissance Global RealEstate Currency Neutral Fund) qualify as mutual fund trusts under the Income Tax Act (Canada). No income tax is payable by the Funds on net income and/or net realized capital gains that are distributed to unitholders.In addition, for all of the Funds (except those that do not qualify as mutual fund trusts under the Income Tax Act (Canada)), income taxes payable on undistributed net realized capital gains are refundable on a formulabasis when units of the Funds are redeemed. Sufficient net income and realized capital gains of the Funds have been, or will be, distributed to the unitholders such that no tax is payable by the Funds and, accordingly,no provision for income taxes has been made in the financial statements. Occasionally, a Fund may pay distributions in excess of net income and net realized capital gains of the Fund. This excess distribution is called areturn of capital and is non-taxable to the unitholder. However, a return of capital reduces the average cost of the unitholder’s units for tax purposes.

Non-capital losses that arose in 2004 and 2005 are available to be carried forward for 10 years. Non-capital losses that arose in 2006 and after are available to be carried forward for 20 years.

Capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized in future years. Where applicable, a Fund’s net capital and non-capital losses are reported infootnote Capital and Non-Capital Losses on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units.

Renaissance Money Market Fund, Renaissance Canadian T-Bill Fund, Renaissance U.S. Money Market Fund, Renaissance U.S. Dollar Corporate Bond Fund, Renaissance Global Focus Currency Neutral Fund,,Renaissance Optimal Global Equity Currency Neutral Portfolio and Renaissance Global Real Estate Currency Neutral Fund have a taxation year-end of December 31. All other Funds have a taxation year-end ofDecember 15.

The Funds currently incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are recorded on a gross basis and the related withholding taxes are shown asa separate expense in the Statements of Comprehensive Income.

8. Brokerage Commissions and Fees

The total commissions paid by the Funds to brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund. Inallocating brokerage business, consideration may be given by the portfolio sub-advisors of the Funds to the provision of goods and services by the dealer or a third party, other than order execution to a dealer (referredto in the industry as “soft dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the portfolio sub-advisors with their investment decision-making services tothe Funds or relate directly to the execution of portfolio transactions on behalf of the Funds. The total soft dollar payments paid by the Funds to brokers are reported in footnote Brokerage Commissions and Fees on theStatements of Comprehensive Income of each Fund. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Fund. Any commission recaptured will be paidto the applicable Fund.

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

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

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9. Related Party Transactions

Canadian Imperial Bank of Commerce (CIBC) and its affiliates have the following roles and responsibilities with respect to the Funds and receive the fees described below in connection with their roles andresponsibilities. The Funds may hold securities of CIBC. CIBC and its affiliates may also be involved in underwriting or lending to issuers that may be held by the Funds, have purchased or sold securities from or to theFunds while acting as principal, have purchased or sold securities from or to the Funds on behalf of another investment fund managed by CIBC or an affiliate, or have been involved as a counterparty to derivativetransactions. Management fees payable and other accrued expenses on the Statements of Financial Position are amounts generally payable to a related party of the Fund.

Manager, Trustee, Portfolio Advisor, and Portfolio Sub-Advisor of the Funds

CIBC Asset Management Inc. (CAMI), a wholly-owned subsidiary of CIBC, is the Manager, trustee, and portfolio advisor of each of the Funds.

The Manager also arranges for fund administrative services (other than advertising and promotional services, which are the responsibility of the Manager), legal, investor servicing, and costs of unitholder reports,prospectuses, and other reports. The Manager is the registrar and transfer agent for the Funds and provides, or arranges for the provision of, all other administrative services required by the Funds. The dollar amount(including all applicable taxes) of all fund administrative expenses (net of absorptions) that the Manager recovers from the Fund is reported in footnote Administrative and Other Fund Operating Expenses on theStatements of Comprehensive Income.

American Century Investment Management, Inc. (ACI) is a portfolio sub-advisor to certain of the Funds. Although not an affiliate, CIBC currently owns a 41% percent equity interest in ACI.

Brokerage Arrangements and Soft Dollars

Portfolio sub-advisors make decisions, including the selection of markets and dealers and the negotiation of commissions, with respect to the purchase and sale of portfolio securities, certain derivative products(including futures), and the execution of portfolio transactions. Brokerage business may be allocated by portfolio sub-advisors, including ACI, to CIBC World Markets Inc. and CIBC World Markets Corp., each asubsidiary of CIBC. The total commissions paid to related brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income ofeach Fund.

CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the sale of fixed income and other securities, and certain derivative products (including forwards) to the Funds. Dealers, including CIBCWorld Markets Inc. and CIBC World Markets Corp., may furnish goods and services, other than order execution, to portfolio sub-advisors including ACI, that process trades through them (referred to in the industry as“soft-dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the portfolio sub-advisors with their investment decision-making services to the Funds or relatedirectly to executing portfolio transactions on behalf of the Funds. They are supplied by the dealer executing the trade or by a third party and paid for by that dealer. As per the terms of the sub-advisory agreements,such soft dollar arrangements are in compliance with applicable laws. The agreement provides that custodial fees directly related to portfolio transactions incurred by the Fund, otherwise payable by the Fund, shall bepaid by CAMI, and/or dealer(s) directed by CAMI, up to the amount of the credits generated under soft dollar arrangements from trading on behalf of the Fund, or portion of the Fund, during the month. The total softdollar payments paid by the Fund to related brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Fund. In addition, the Manager may enter intocommission recapture arrangements with certain dealers with respect to the Funds. Any commission recaptured will be paid to the relevant Fund.

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

Custodian

CIBC Mellon Trust Company is the custodian of the Fund (the Custodian). The Custodian holds all cash and securities for the Funds and ensures that those assets are kept separate from any other cash or securities thatthe custodian might be holding. The Custodian also provides other services to the Fund including record keeping and processing of foreign exchange transactions. The fees and spreads for services of the Custodiandirectly related to the execution of portfolio transactions by a Fund, or a portion of a Fund, for which CAMI acts as portfolio sub-advisor are paid by CAMI and/or dealer(s) directed by CAMI, up to the amount of thecredits generated under soft dollar arrangements from trading on behalf of the Fund, or portion of the Fund, during that month. All other fees and spreads for the services of the Custodian are borne as an operatingexpense by the Funds. CIBC owns a 50% interest in the Custodian.

Service Provider

CIBC Mellon Global Securities Services Company (CIBC GSS) provides certain services to the Funds, including securities lending, fund accounting and reporting, and portfolio valuation. CIBC indirectly owns a 50percent interest in CIBC GSS. The dollar amount paid by the Funds (including all applicable taxes) to CIBC Mellon Trust Company for custodial fees (all net of absorptions) and to CIBC GSS for securities lending, fundaccounting, reporting, and fund valuation (all net of absorptions) for the periods ended February 28, 2015 and 2014 are reported in footnote Service Provider on the Statements of Comprehensive Income.

10. Hedging

Certain foreign currency denominated positions have been hedged, or partially hedged, by forward foreign currency contracts as part of the investment strategies of certain Funds. These hedges are indicated by ahedging reference number on the Schedule of Investment Portfolio and a corresponding hedging reference number on the Forward Foreign Currency Contracts Schedule for those Funds.

11. Collateral on Specified Derivatives

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

12. Transition to IFRS

The effect of the Funds’ transition to IFRS is summarized in this note as follows:

Transition Elections

The only voluntary exemption adopted by the Funds upon transition was the ability to designate a financial asset or financial liability at fair value through profit and loss upon transition to IFRS. All financial assetsdesignated at FVTPL upon transition (see Supplemental Schedule to Schedule of Investment Portfolio) were previously carried at fair value under Canadian GAAP as required by Accounting Guideline 18, InvestmentCompanies.

Statement of Cash Flows

Under Canadian GAAP, the Funds were exempt from providing a statement of cash flows. IAS 1 requires that a complete set of financial statements include Statements of Cash Flows for the current period andcomparative periods, without exception.

Classification of Redeemable Units Issued by the Funds

Under Canadian GAAP, the Funds accounted for their redeemable units as equity. Under IFRS, IAS 32 requires that units or shares of equity which include a contractual obligation for the issuer to repurchase or redeemthem for cash or another financial asset be classified as financial liability. The Funds’ units do not meet the criteria in IAS 32 for classification as equity and therefore, have been reclassified as financial liabilities ontransition to IFRS.

Revaluation of Investments at Fair Value Through Profit or Loss (FVTPL)

Under Canadian GAAP, the Funds measured the fair values of their investments in accordance with Section 3855, Financial Instruments – Recognition and Measurement, which required the use of bid prices for longpositions and ask prices for short positions; to the extent such prices are available. Under IFRS, the Funds measure the fair value of its investments using the guidance in IFRS 13, Fair Value Measurement (IFRS 13),which requires that if an asset or a liability has a bid price or an ask price, then its fair value is to be based on a price within the bid-ask spread that is most representative of fair value. It also allows the use ofmid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurements within a bid-ask spread. As a result, upon adoption of IFRS an adjustment wasrecognized to increase the carrying amount of the Funds’ investments. The impact of this adjustment was to increase the Funds’ increase (decrease) in net assets attributable to holders of redeemable units fromoperations (excluding distributions). Further information regarding the revaluation adjustments is reported in footnote Reconciliation of Equity and Comprehensive Income as Previously Reported Under Canadian GAAPto IFRS on the Statements of Financial Position.

Reclassification Adjustments

Under IFRS, withholding taxes which were previously netted against foreign interest, foreign dividend and foreign securities lending income under Canadian GAAP have been reclassified and presented separately asexpense.

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13. Renaissance Corporate Bond Capital Yield Fund and Renaissance Corporate Bond Fund Merger and Name Change

As of the close of business on December 5, 2014, Renaissance Corporate Bond Fund (“Terminating Fund”) merged into Renaissance Corporate Bond Capital Yield Fund (“Continuing Fund”). Upon completion of themerger, the Continuing Fund changed its legal name to the Renaissance Corporate Bond Fund.

Under the tax reorganization rules in the Income Tax Act (Canada) the merger was carried out on a non-taxable basis, which means that unitholders of the Terminating Fund received units of the Continuing Fund withthe same adjusted cost base as the Terminating Fund.

The Continuing Fund acquired all of the assets and assumed all the liabilities of the Terminating Fund at fair market value, in return for the issuance by the Continuing Fund of units equal in value to the net assetsacquired from the Terminating Fund. As a result, the unitholders of the Terminating Fund became unitholders of the Continuing Fund.

The Fund involved with the merger had a deemed year-end for tax purposes. All unrealized losses of the Terminating Fund were realized, and, where possible, unrealized gains were elected to be realized allowing anoffset to the realized losses. Unrealized gains were also elected to be realized in order to utilize expiring capital and non-capital losses in the Funds. Any unutilized capital and non-capital loss carry forwards of theFunds expired upon the merger. After the merger, the Terminating Fund was wound up. None of the costs related to the merger have been charged to the Funds.

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Renaissance Investments

1500 Robert-Bourassa Boulevard, Suite 800Montreal, Quebec

H3A 3S61-888-888-FUND (3863)

Websitewww.renaissanceinvestments.ca

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

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

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