/mktg_ri_ramagazine_

The Renaissance Q3 SEPTEMBER 30, 2009

Volume III Issue III

Advisor

QUARTERLY FUND PROFILES / PRACTICE MANAGEMENT / OUTLOOK / OPINION

Invest Well

Optimize your global exposure Profiling the Renaissance Optimal Global Equity Portfolio

Back of the Napkin

Identity crisis Regaining conviction in your advisory practice Live Better

The art of collecting Inside Canada’s oldest auction house

Letter from the National Sales Manager

As I write this note, we have completed about half of our Renaissance Investments Town Hall meetings across the country. Your attendance has made them very successful and your feedback has been both positive and constructive. Thank you for your support at these events.

The last year was difficult for advisors and their clients. For the most part, advisors are judged on investment performance, and when there is a broad-based sell-off, we all suffer. Even now, as advisors slowly move clients back into the markets, safety remains paramount as illustrated by the many billions of dollars currently invested in our high interest savings account product.

To continue moving forward, it’s essential to provide our clients with the best advice we can. The “best advice” should not only include the pursuit of investment performance — it should include things like tax and estate planning, helping an elderly parent, where to find a trustworthy accountant or even a great meal.

Become a trusted advisor for all the many things that matter to your clients, and you will be evaluated on more than just performance.

This is the time of year when I ask the members of the Renaissance Investments sales team to write and present their personal business plans for 2010. Each year, I get the same questions: What should I include?

How long should it be? What is the format? What aspects of the business should be emphasized? These are good questions, but impossible for me to answer.

You see, a business plan is a dynamic document that answers the fundamental questions of a business as the operator sees it. There is no prescribed length or format — just as long as it demonstrates an understanding of the business, sets a clear direction and can be executed with specific timelines and personal accountabilities. This issue’s Back of the Napkin article (page 4) is a must-read that can help you with your business planning for next year and beyond.

Please take time over the coming holidays to spend with family and friends, and to remember those who are much less fortunate than us. We help people create wealth, which is one of the most rewarding vocations in the world. Let’s not forget to also extend a hand to those who need help in many other areas.

Thank you for reading. Your support is very much appreciated, and be assured that we will always strive to earn the right to be your trusted business partner.

Sincerely,

Dave Wahl National Sales Manager 416 943 6959

122 7

Table of Contents Tax and Estate Tax clinic: Another way to pay?

p 2

Economic Outlook In search of growth

p 3

Back of the Napkin Identity crisis

p 4

Invest Well Optimize your global exposure

p 7

Solution Highlight Access the best of all worlds with the Renaissance Optimal Global Equity Portfolio

p 10

Axiom Portfolios Profiles Portfolio Essentials Performance Essentials

p 12 p 32 p 33

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

p 34 p 38 p 46 p 56 p 64 p 74 p 82 p 88 p 112 p 120 p 121

Live Better The art of collecting

p 122

Tax and Estate

Managing Director, Tax & Estate Planning Jamie Golombek

Tax clinic:

Another way to pay?

If you pay yourself a salary or bonus each year from your corporation, you generally don’t have to worry about whether the amount you pay yourself is “reasonable” in order for the corporation to deduct that salary or bonus from its corporate taxable income.

That’s because the Canada Revenue Agency has a long-standing administrative policy that says it will not question the reasonableness of the payments, as long as the salaries and bonuses are paid to managers who meet three conditions: that they are shareholders of the Canadiancontrolled private corporation (either directly or through a holding company); that they are Canadian residents; and that they are actively involved in the day-to-day operations of the company from which the remuneration is paid.

the reasonableness of remuneration was limited to salaries and bonuses paid directly to individuals — and not to inter-corporate management fees. And in a recent tax case, the CRA challenged just such a fee.

Jason Lo owned a corporation that owned and operated a hotel in Port Coquitlam, B.C. The hotel had a management agreement

deductible by the corporation, presumably on the principle that these profits primarily were attributable to Ms. Lo’s work.

As the judge concluded, while the fees “are a lot of money to operate a hotel, Phoebe Lo is not your ordinary hotel manager. She is truly exceptional, and made money, and a lot of money ... in how she operated the hotel.”

“Paying a bonus is a common tax-planning technique to bring the corporation’s income down to the $500,000 small-business limit, as active income below this amount is eligible for preferred small-business tax rates.”

Paying a bonus is a common tax-planning technique to bring the corporation’s income down to the $500,000 small-business limit, as active income below this amount is eligible for preferred small-business tax rates.

with a corporation owned by Lo’s wife, Phoebe Lo. In 2003 and 2004, the company paid and deducted $275,000 and $300,000, respectively, in management fees to run the hotel. The CRA disallowed the bulk of the fees, saying that they were “unreasonable in the circumstances” and shouldn’t be greater than $50,000 or so each year.

But what if instead of paying yourself the bonus directly, the operating company pays a “management fee” to your holding corporation? The CRA has stated in the past that its administrative position of not challenging

The evidence demonstrated that the hotel was extremely profitable, producing operating margins of about 40% annually. Regardless of the CRA’s position, the judge ruled that the full management fees paid should be

While this case is fact-specific, it does help pave the way for other business owners who may be facing similar tax challenges.

Reprinted with permission from an article that first appeared in the National Post, September 22, 2009.

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

This information is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and should not be relied upon in that regard. The views expressed in the article are the personal views of Jamie Golombek and should not be taken as the views of CIBC Asset Management Inc. 2 renaissance investments

Economic Outlook

Senior Economist, CIBC Benjamin Tal

In search of growth The world’s economy is again in drive, but operating on only half its cylinders. In economic boom times, profits and prices can be advancing almost everywhere, rate hikes can be nearly ubiquitous, and every asset class other than true safe havens like government bonds can be performing well.

But the uneven and modestly paced global rebound in 2010 will mean that investors will have to search for growth rather than stumble upon it wherever they look.

“Lacklustre consumer demand is a main reason we expect growth to decelerate again in 2010 after a nice bounce to end this year.”

Large declines create room for initially impressive bounce backs, and that will be seen in comparing early growth rates across regions and sectors. Having nearly shut down the North American auto sector, for example, rates of growth as plants came back on line in the second half will look impressive. We similarly saw brisk rebounds in some East Asian economies in Q2 after very severe pullbacks in prior quarters, where trade finance was an issue.

But looking through a longer lens that takes us through 2010 gives a more meaningful perspective for investors. On a regional

basis, both the U.S. and the parts of Europe that suffered through the worst of the credit crunch will see a lingering hangover in 2010, owing to the damage done to household finances, real estate and the banking system.

A weakened banking system underscores our view that the eurozone will see limited growth in 2010. Despite efforts to repair the U.S. banking system’s ability to finance growth, loan demand in the household sector will remain weakened as Americans try to increase savings and repair the damage to their net worth caused by the past year’s severe house price crash. Lacklustre consumer demand is a main reason we expect growth to decelerate again in 2010 after a nice bounce to end this year.

Conventional interest rate medicine has been more potent in Canada and Australia, where households were not as scarred by real estate losses, and therefore in a better position to take advantage of low interest rates, and where the banking system is in a better position to extend credit where credit is due. Canadian household credit has continued to expand, despite the recession, as those still working take advantage of the lowest rates in a lifetime, in contrast to the declining credit flows seen stateside.

Having not been at the epicentre of the financial crisis, countries like Brazil are also positioned for a decent rebound, along with emerging Asia, where banks avoided the deep losses experienced in Europe and the

U.S. Note that savings rates in the developing world didn’t dive in the past decade as they did stateside, leaving more room for consumption growth ahead.

Add it all up, and the broad message is that countries with less of a hangover from the financial shock are ripe for better returns on domestically oriented equities such as the retail and real estate sectors, and superior spread performance on related corporate bonds.

Faster growth needn’t mean a stronger currency, and excessive appreciation can serve to dent growth prospects. The conventional wisdom is that America will need a weaker U.S. dollar to allow exports to fill the gap in an economy that will see leaner growth in consumption and housing.

Our own analysis lines up with that view, as we estimate that a further 20% depreciation in the greenback will be needed to bring the U.S. to a sustainable current account deficit of 2% of GDP. This builds on what already has been a 20% dollar devaluation since 2002. While there has been little or no currency appreciation in some of America’s major trading partners in the Middle East and East Asia, there has been a massive move against others, including the Canadian dollar. Accordingly, the next leg of U.S. dollar depreciation will be more against the currencies of the emerging economies and less against the Canadian dollar.

This information is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and should not be relied upon in that regard. The views expressed in the article are the views of Benjamin Tal and should not be taken as the views of CIBC Asset Management Inc. renaissance investments 3

Back of the Napkin

Director, Strategic Insights Grant Shorten

Identity crisis Regaining conviction in your advisory practice

As I travel across the country, addressing investment professionals at conferences and symposiums, I am routinely reminded of the emotional and psychological bruises inflicted by the economic events of the past two years.

4 renaissance investments

proactively take hold of “crisis” and reframe it into a personal mandate to sharpen the elements of mastery in our advisory practice.

One of the most conspicuous areas of impact is the apparent “loss of identity” that has undermined the conviction and resolve of the investment advisor. It would appear that even the most seasoned professional has been shaken to the core.

The reconditioning retreat

Although we have undeniably experienced a period of significant trial and tribulation, I believe these challenges can serve as a powerful mechanism for positive change.

With the right strategy in place, we can

The following five-step exercise is designed to help you take a retreat from the day-to-day pressures of business so you can redefine your “advisory identity” and experience renewed conviction in your advisory practice.

Step 1: Remove yourself from the noise

Step 3: Ensure personal congruency

Following a prolonged period of stress or trauma, we tend to get caught up in a cycle of “being busy” as we scramble to regain control. Although it may seem counter-intuitive at first, the only way to truly become deeply re-engaged in our mission is to step far enough away from it to gain a fresh perspective. Plan to be away from the office for a minimum of two full days at a quiet, inspiring, offsite location.

When you engage your life and your business with total personal congruency, all of the internal parts essentially are moving in the same direction. It means that your values are in line with your beliefs, your beliefs are in line with your investment philosophy and all three of those parts are in line with your message. There is no quicker way to become internally “misaligned” than to have your values, beliefs and investment philosophy relentlessly battered and bruised.

Step 2: Evaluate where you are now Having survived one of the most difficult financial downturns in history, challenge yourself by asking the tough questions, and demanding honesty and full transparency from yourself.

>W hat’s the overall state of your business practice today?

> Are you operating at optimal efficiency?

>W hat is your level of clarity around your investment philosophy?

>W hat is your level of discipline in

Sit down with a notebook and pen, and revisit your deepest values and beliefs. Take the time to make sure you have a crystal clear understanding of what those are for you, today. Remember that values and beliefs are different. Your values are the “what” and your beliefs are the “why.” In other words, the emotional states and outcomes that are most important to you are your values. The reasons they are important to you are your beliefs.

For example, if honesty is one of your values, you might say: “The most important thing to me in a relationship is honesty.” But why is honesty important? The answer must be based on a belief, such as: “Because relationships based on trust last forever!”

Think about your values and beliefs in relation to these questions:

>W hat do you value most about

your role as a trusted advisor?

> W hat’s important to you about your clients?

>W hat’s important to you about your team?

> W hat’s important to you about success, growth and personal development?

>W hy are those things important to you? > W ho are you as an investment advisor? >W hat is your overarching investment philosophy?

>W hy do you believe those things? >W hat is your evidence procedure?

Once you have completed this step, you will know who you are, what you believe and why you believe those things. Your evidence procedure will serve as the logical and rational thought process to backup your freshly installed belief system.

executing your business plan?

>W hat is the quality of your client service model?

>W hat asset-gathering activities are you currently engaged in?

> How inspired are you? >W hat is your current level of passion and conviction?

For assistance in working through these steps, please speak with your Renaissance Investments representative.

renaissance investments 5

Step 4: Craft and internalize your messages Now that you have gained substantial clarity around your values, beliefs and big picture investment philosophy, it’s time to begin crafting and internalizing your messages.

We change brain chemistry by the words that we use, and how we deliver them.

There is virtually nothing more important (and more consistently neglected) in our line of work than the internalization of our messages!

Investment advisors who have mastered their communication have done so by dedicating an enormous amount of time and energy to preconceive, preplan, pre-script, rehearse and choreograph their messages.

The objective is to drive your message down into your neurology so that it literally becomes part of you. Once you have merged intimately with your message, you will be able to deliver it with passion and conviction — despite distractions, nervousness or external challenges.

Ask yourself:

> What is your 30-second commercial? >W hat is your introductory meeting message?

>W hat is your discovery process message?

>H ow do you handle the most common questions/objections?

>H ow do you articulate your investment philosophy?

> How do you ask for the account?

Here’s a tip that works: Rehearse for at least one hour, for every minute of your message.

Spend significantly longer on the crafting stage. Record your rehearsals with a video camera or voice recorder to garner a true understanding of your delivery. Treat the camera as your client!

6 renaissance investments

Step 5: Master your physiology The most effective way to change how we feel and the way we experience life is to change the way we use our bodies. Those who live with passion and conviction on a regular basis use their bodies differently than those who do not.

Our emotional states have a structure to them, and they each operate from a formula.

We have the ability to unpack an emotional state, to understand the component parts — put it all back together and then install the state within ourselves. In order to master our physiology, we need to apply sensory awareness throughout the day, and to challenge how we’re sitting, standing, breathing, speaking, moving and behaving.

How would you sit, stand, speak, gesture and behave if you had ultimate passion and conviction? If you adopt the physiology of excellence right now, the experience will build inside you!

Putting it all together We don’t need to wait for a crisis to strike in order to institute a “conviction conditioning program.” Repeat this exercise quarterly or semi-annually as part of your ongoing regimen. You will find it is of great value whether you are seeking to redefine, rebuild, recapture or simply re-evaluate your advisory identity.

For more information, or to take this exercise further, please speak to your Renaissance Investments representative.

Invest Well

Optimize your global exposure Profiling the Renaissance Optimal Global Equity Portfolio

With thousands of global investment products in the marketplace, how do you find one that offers well-rounded exposure to all the opportunities global markets have to offer?

The Renaissance Optimal Global Equity Portfolio solves the challenge by combining a complementary set of global managers, styles and asset classes within a single product that gives your clients truly optimal global exposure.

We’ve all heard the global story time and again — global economies are poised to generate some of the world’s strongest growth over the coming decades, and they also provide valuable diversification. Clients’ portfolios should benefit no matter which global market is producing the best gains.

Having global exposure in client portfolios is just common sense. The real challenge is figuring out how best to capture a world of opportunity without adding risk (such as over-weighting one or two “hot” sectors) or ending up with ineffective diversification.

A solution? Don’t invest in any one model of how to succeed in global investing — invest in an optimal mix with the Renaissance Optimal Global Equity Portfolio.

We’ve already done the homework to make sure that this managed portfolio solution has the right blend of attributes, including growth, value and deep value investment styles; small-, medium- and large-cap stocks; exposure to assets that can provide protection against inflation; and a team of money managers with exceptional track records.

Indeed, Renaissance Investments is one of the largest purchasers of third-party investment management expertise in all of Canada, and the manager search and selection process is where our due diligence team truly shines.

In building this portfolio, we focused on creating an optimal blend of managers that we expect will consistently add value for investors. In fact, the optimized portfolio aims to provide solid long-term returns regardless of which asset class or investment style is dominant at any one time.

renaissance investments 7

The optimized portfolio aims to provide solid long-term returns regardless of which asset class or investment style is dominant at any one time.

Each manager selected is unique, but they tend to share a few common characteristics.

For example, they each have adhered to a consistent approach to managing money over many market cycles. This increases the probability that they will repeat their past successes. In addition, each manager tends to hold only those stocks that they have a high level of conviction about, thus emphasizing the added return potential and risk mitigation of active portfolio management.

Ultimately, we believe the Renaissance Optimal Global Equity Portfolio is a solution to which advisors and their clients can confidently allocate some or all of the global portion of a portfolio. The following is a look at some of the portfolio’s key attributes in terms of management styles and asset classes.

Firm grounding in value opportunities Value investors often outperform and, when the chips are down, having a significant allocation to value managers can be reassuring. The Renaissance Optimal Global Equity Portfolio features not one but two outstanding value managers — and they couldn’t be more diversified in their approaches.

At one end of the spectrum is Wintergreen Advisers with David Winters at the helm.

Winters has made a name for himself by finding situations where disruptive events — such as corporate mergers, acquisitions, consolidations and spinoffs — create opportunities with limited downside risk and the potential for substantial long-term appreciation.

He also favours companies with devoted consumers. Says Winters, “We like companies that generate free cash flow and that have pricing power in an environment where we think there’s quite a bit of inflation. We’re 8 renaissance investments

extremely interested in people’s habits.

People will do things over and over again, whether it’s wearing underarm deodorant or eating chocolate or feeding their pets.”

NWQ Investment Management Company follows a value investing approach that is more conventional, but no less effective.

NWQ seeks out some of the world’s most promising large-cap stocks with a conservative value-style tilt. These are the investment opportunities that can ground a portfolio in tough times, and still offer appealing upside potential.

The blend of Winters’ special deep value investing with NWQ’s blue-chip value investing makes this portion of the portfolio a case of “diversification-within-diversification.”

Growth potential that others might miss Aletheia is the classical Greek word for “truth and disclosure,” which seems very fitting since growth manager Aletheia Research and Management has built a sterling reputation based on their ability to dig deep and uncover the truth about investment opportunities.

Every global portfolio should have a strong growth component and, for the Renaissance Optimal Global Equity Portfolio, we selected a manager who possesses what might be the single most valuable asset in the world of growth investing: information.

Having an “information edge” is what allows a portfolio manager to identify growth opportunities that others might miss — to take a position in a growth opportunity before the rest of the market catches on, and to capitalize on that opportunity.

At Aletheia, this edge comes from doing independent proprietary research instead of buying the same research other firms rely upon. This is possible, in part, because the firm works with a panel of advisors from the highest levels of industries such as logistics, real estate, banking and technology.

Why seek the opinion of a Wall Street analyst when you can directly take the pulse of the market?

Founder and portfolio manager Peter J. Eichler says, “We see growth opportunities pretty much across the board, including England, Germany, France, China, India and Korea.

One of the markets that’s really attracting our interest is Brazil. It offers great opportunities in agriculture and minerals, and we expect to see huge growth from oil producer Petrobras, who is involved in virtually every major drilling project in the country.”

Protection against the rising cost of living Just about every global portfolio manager will offer exposure to a variety of industries and sectors. But there are few — if any — in the world who can offer exposure to the same set of opportunities as RARE Infrastructure Limited.

RARE invests exclusively in listed infrastructure securities, offering investors in the Renaissance Optimal Global Equity Portfolio the opportunity for deeper diversification, greater portfolio stability and something truly unique: built-in protection against inflation.

“More than 70% of our portfolio has prices indexed to inflation.”

Nick Langley, RARE Infrastructure Limited

How? Many infrastructure assets generate cash flow that, in a non-inflationary environment, simply contributes to steady returns and a cushion against volatility.

Examples of these assets include airports, toll roads and utilities — all of which generate relatively predictable user fees. When inflation sets in, most conventional asset classes see an erosion of their real returns, but infrastructure is different: airports, toll roads and utilities can often simply raise their fees to compensate for the impact of inflation.

This is key, says RARE portfolio manager Nick Langley, who believes investors have reason to worry about inflation. “It may not be a near-term concern, but it will become an issue down the road. More than 70% of our portfolio has prices indexed to inflation, so you have that natural inflation hedge over time, which is critical for investors with a longer-term horizon.”

Global managers at a glance The five managers within the Renaissance Optimal Global Equity Portfolio offer multiple layers of diversification and exposure to a complete range of global opportunities within a single investment solution.

FUND MANAGED

WEIGHTING IN PORTFOLIO

INVESTMENT STYLE

MARKET CAP

INVESTMENT APPROACH

Aletheia Research and Management, Inc.

Renaissance Global Focus Fund

25%

Growth

Large

Independent, unbiased research

Wintergreen Advisers, LLC

Renaissance Global Markets Fund

25%

Value

Mid and large

Opportunistic global mandate

NWQ Investment Management Company, LLC

Renaissance Global Value Fund

25%

Value

Large

Catalysts for unlocking value

RARE Infrastructure Limited

Renaissance Global Infrastructure Fund

15%

Value

Large

Growth from global infrastructure with inflation protection

Wellington Management Company, LLP

Renaissance Global Small-Cap Fund

10%

Growth

Small

Diversified approach to a high-return asset class

Big performance potential from small companies The Renaissance Optimal Global Equity Portfolio is conservative in nature. It was designed to capture growth in the global market while carefully managing risk.

However, just because risk management is a priority doesn’t mean investors want to sacrifice the potential for aboveaverage returns.

The solution? Engage a money manager like Wellington Management Company — a specialist in the high-growth arena of global small-cap stocks. Wellington adds yet another layer of diversification to the Renaissance Optimal Global Equity Portfolio, as well some truly compelling upside potential.

Because Wellington tends to manage a very large and diversified small-cap portfolio with somewhere in the neighbourhood of 200 stocks and an average weighting of less than 1%, they are able to pursue the performance punch of smaller companies with relatively low risk.

Wellington’s North America, Europe, Japan and Asia Pacific ex-Japan research teams feed small-company stock recommendations to the portfolio’s co-managers, and investors stand to benefit when the most exciting global small companies of today become tomorrow’s big success stories.

The world is yours We believe that investing globally will help Canadians to better diversify their

portfolios and create wealth in the long run.

The Renaissance Optimal Global Equity Portfolio is a comprehensive solution that effectively can constitute the entirety of a client’s global holdings with broad diversification through a strategic mix of some of Renaissance Investments’ top global funds and leading investment managers.

With today’s best investment opportunities to be found across nations and continents, the Renaissance Optimal Global Equity Portfolio puts the whole world in your hands.

For more information about how the Renaissance Optimal Global Equity Portfolio can help your clients optimize risk and return, please speak to a member of your Renaissance Investments team.

The views expressed in this article are the personal views of David Winters, Wintergreen Advisers, LLC, Peter J. Eichler, Aletheia Research & Management. Inc. and Nick Langley, RARE Infrastructure Limited, and should not be taken as the views of CIBC Asset Management Inc. The commentaries provided are for general informational purposes only and do not constitute investment advice nor do they constitute an offer or solicitation to buy or sell any securities referred to. The information contained in this document has been obtained from sources believed to be reliable and is believed to be accurate at the time of publishing, but we do not represent that it is accurate or complete and it should not be relied upon as such. All opinions and estimates expressed in this document are as of the date of publication unless otherwise indicated, and are subject to change. The material and/or its contents may not be reproduced without the express written consent of CIBC Asset Management Inc. renaissance investments 9

Solution Highlight

Access the best of all worlds

Renaissance Optimal Global Equity Portfolio with the

Regardless of market movements, opportunities for growth can always be found within the Renaissance Optimal Global Equity Portfolio. The portfolio provides the opportunity to look beyond the domestic market and capitalize on opportunities in the global marketplace and the broad diversification to withstand a variety of economic conditions.

Key benefits

Investment style diversification

The breadth of investment styles and philosophies better position the portfolio to deliver solid long-term performance while reducing risk exposure.

Access to global managers

The portfolio provides investors with exposure to world-renowned global investment managers.

ALAGL LGOLBOABLAEL E TPIM TIM QUQU P I I E OE O

25% 25%

25% 25%

25% 25%

LIO RTFO PORTFOLIO TY PO TY

The optimal mix of Renaissance funds will provide investors with exposure to a complementary range of global asset classes.

RENAISS RENAISSAN ANC C

Optimal mix

15% 15% 10% 10%

25% 25% RENAISSANCE RENAISSANCE GLOBAL GLOBAL FOCUS FOCUS FUND FUND Focus: Focus: Large-cap Large-cap growth growth Manager: Manager: Aletheia Aletheia Research Research and and Management, Management, Inc.Inc. 25% 25% RENAISSANCE RENAISSANCE GLOBAL GLOBAL MARKETS MARKETS FUND FUND Focus: Focus: Value Value Manager: Manager: Wintergreen Wintergreen Advisers, Advisers, LLC LLC 25% 25% RENAISSANCE RENAISSANCE GLOBAL GLOBAL VALUE VALUE FUND FUND Focus: Focus: Large-cap Large-cap value value Manager: Manager: NWQ NWQ Investment Investment Management Management Company, Company, LLC LLC 15% 15% RENAISSANCE RENAISSANCE GLOBAL GLOBAL INFRASTRUCTURE INFRASTRUCTURE FUND FUND Focus: Focus: Infrastructure Infrastructure Manager: Manager: RARE RARE Infrastructure Infrastructure Limited Limited 10% 10% RENAISSANCE RENAISSANCE GLOBAL GLOBAL SMALL-CAP SMALL-CAP FUND FUND Focus: Focus: Small-cap Small-cap growth growth Manager: Manager: Wellington Wellington Management Management Company, Company, LLP LLP

10 renaissance investments

Features Single-ticket solution Provide investors with a complete solution for the global equity portion of their portfolio with the simplicity of a single ticket.

Rebalanced regularly

The portfolio is rebalanced regularly to maintain an optimal weighting of each underlying Renaissance fund.

Competitive compensation Front-End Load trailer of 1.25%

Fund details Class A Front-End Load: ATL 1902 Back-End Load: ATL 1903 Low Load: ATL 2903

Coming soon: Select and Elite Class pricing to offer even greater value to clients at higher balances.

Portfolio managers

RENAISSANCE GLOBAL FOCUS FUND Aletheia Research and Management, Inc.

RENAISSANCE GLOBAL MARKETS FUND Wintergreen Advisers, LLC

RENAISSANCE GLOBAL INFRASTRUCTURE FUND RARE Infrastructure Limited

RENAISSANCE GLOBAL SMALL-CAP FUND Wellington Management Company, LLP

RENAISSANCE GLOBAL VALUE FUND NWQ Investment Management Company, LLC

Please note that, as of July 1, 2009, the Renaissance Global Multi Management Fund was renamed the Renaissance Optimal Global Equity Portfolio. renaissance investments 11

Axiom Portfolios

Axiom Portfolios

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

With eight portfolios to choose from, investing in Axiom Portfolios provides: •A ccess to the accumulated knowledge and expertise of independent investment managers from across Canada and around the world • Risk management, through rigorous due diligence and built-in rebalancing • Multiple levels of diversification •T -Class options available on all Axiom Portfolios, offering tax-efficient cash flow

Axiom Portfolios offer even more value at higher balances through the following three classes: Class A - $25,000 minimum investment ($5,000 minimum investment for TFSA only) elect Class - $250,000 minimum S investment lite Class - $500,000 minimum E investment

12 renaissance investments

Axiom Portfolio Managers

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

anso Investment Counsel Ltd.

Multiple Levels of Diversification

Axiom Portfolios have been designed to manage risk and solidify the potential for returns by ensuring portfolios are broadly diversified across multiple levels. Each portfolio is diversified across asset classes, investment styles, geographic regions and market capitalizations.

There are eight portfolios available designed to meet the needs of various types of investors.

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

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

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

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

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

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

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

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

*Target asset class allocations renaissance investments 13

Axiom Portfolios

Portfolio Essentials

UND CODES

Axiom Balanced Income Portfolio

Axiom Diversified Monthly Income Portfolio

Axiom Balanced Growth Portfolio

Axiom Long-Term Growth Portfolio

Axiom Canadian Growth Portfolio

Axiom Global Growth Portfolio

Axiom Foreign Growth Portfolio

Axiom All Equity Portfolio

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

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

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

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

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

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

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

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

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

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

1.97* 1.79* 1.34* 1.18* 1.97*** 1.97*** 1.97*** 1.80** 1.80** 1.80** 1.35** 1.35** 1.35**

2.08* 1.88* 1.39* n/a n/a 2.03* 2.04* n/a 1.88* n/a n/a 1.39* 1.39*

2.20* 2.03* 1.44* 0.97* 2.20*** 2.20*** 2.20*** 2.05** 2.05** 2.05** 1.45** 1.45** 1.45**

2.45* 2.18* 1.54* 1.10* 2.45*** 2.45*** 2.45*** 2.20** 2.20** 2.20** 1.55** 1.55** 1.55**

2.42* 2.08* 1.49* 1.11* 2.42*** 2.42*** 2.42*** 2.10** 2.10** 2.10** 1.50** 1.50** 1.50**

2.58* 2.18* 1.54* 1.22* 2.58*** 2.58*** 2.58*** 2.20** 2.20** 2.20** 1.55** 1.55** 1.55**

2.63* 2.18* 1.53* 1.32* 2.63*** 2.63*** 2.63*** 2.20** 2.20** 2.20** 1.55** 1.55** 1.55**

2.63* 2.19* 1.54* 1.32* 2.63*** 2.63*** 2.63*** 2.20** 2.20** 2.20** 1.55** 1.55** 1.55**

Front-End Load Back-End Load Low Load

0-5% 5% 1.5%

0-5% 5% 2.0%

0-5% 5% 2.2%

0-5% 5% 2.5%

0-5% 5% 2.5%

0-5% 5% 2.5%

0-5% 5% 2.5%

0-5% 5% 2.5%

Front-End Load Back-End Load Low Load 1–3 Years Low Load Thereafter Front-End Load Back-End Load Low Load 1–3 Years Low Load Thereafter Front-End Load Back-End Load Low Load 1–3 Years Low Load Thereafter Front-End Load Back-End Load Low Load 1–3 Years Low Load Thereafter

1.00 0.50 0.50 1.00 0.70 0.40 0.40 0.70 1.00 0.50 0.50 1.00 0.70 0.40 0.40 0.70

1.00 0.50 0.50 1.00 0.70 0.40 0.40 0.70 1.00 0.50 0.50 1.00 0.70 0.40 0.40 0.70

1.10 0.50 0.50 1.10 0.80 0.40 0.40 0.80 1.10 0.50 0.50 1.10 0.80 0.40 0.40 0.80

1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90 1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90

1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90 1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90

1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90 1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90

1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90 1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90

1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90 1.25 0.50 0.50 1.25 0.90 0.40 0.40 0.90

ATL FUND CODES

CLASS A

SELECT CLASS

ELITE CLASS

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

CLASS F CLASS T4

CLASS T6

CLASS T8

SELECT-T4 CLASS

SELECT-T6 CLASS

SELECT-T8 CLASS

ELITE-T4 CLASS

ELITE-T6 CLASS

ELITE-T8 CLASS MERs (%)

COMMISSIONS

TRAILERS (%)

CLASS A & SELECT CLASS

ELITE CLASS

CLASS T4, T6, T8 and SELECT CLASS - T4, T6, T8

ELITE CLASS - T4, T6, T8

32 renaissance investments

Axiom Portfolios

Performance Essentials As at September 30, 2009 Axiom Portfolios (Class A unless otherwise noted)

NAV ($)

Distributions ($)

1 Mo. (%)

3 Mos. (%)

6 Mos. (%)

YTD (%)

1 Yr. (%)

2 Yrs. (%)

3 Yrs. (%)

4 Yrs. (%)

Axiom Balanced Income

10.54

–

2.0

5.1

12.2

10.5

6.3

0.2

1.4

Axiom Diversified Monthly Income

Since Incep. (%)

Inception Date

2.1

2.7

03/15/05

9.47

0.02800

2.7

6.4

16.3

14.6

3.5

(2.1)

0.5

1.6

2.8

03/15/05

Axiom Balanced Growth

10.72

–

2.9

6.5

18.0

15.3

4.5

(4.2)

(0.1)

1.3

2.3

03/15/05

Axiom Long-Term Growth

10.80

–

3.4

7.6

21.5

18.5

3.1

(6.6)

(1.0)

0.8

2.3

03/15/05

Axiom Canadian Growth

10.90

–

3.7

7.7

21.9

20.8

2.1

(6.1)

(0.3)

1.4

3.0

03/15/05

Axiom Global Growth

9.73

–

2.7

7.1

19.3

13.0

2.4

(7.8)

(3.1)

(1.1)

(0.6)

03/15/05

Axiom Foreign Growth

8.88

–

2.2

7.0

18.8

9.7

1.0

(9.6)

(5.2)

(2.6)

(2.6)

03/15/05

Axiom All Equity

9.49

–

3.5

8.7

23.7

16.2

0.3

(11.8)

(5.0)

(2.0)

(1.1)

03/15/05

* Annualized MERs for the period ending February 28, 2009 (as disclosed in each fund or portfolio’s interim management report of fund performance). Renaissance Investments may have waived or absorbed expenses otherwise payable by a fund. At the discretion of Renaissance Investments, this practice may continue indefinitely and can be terminated at any time. ** Capped MER. Renaissance Investments will absorb any operating expenses or waive any management fees that exceed the capped MER, with the exception of any taxes or new fees introduced by regulators or governments. *** Target MER. While Renaissance Investments intends to meet the stated MER and will waive management fees or absorb certain expenses to do so, they may discontinue this practice at any time without notice.

Select and Elite Class There will be no automatic transfer into the Select Class (including Select-T4 Class, Select-T6 Class, or Select-T8 Class) or Elite Class (including Elite-T4 Class, Elite-T6 Class, or Elite-T8 Class) from other Axiom classes when the minimum investment of the Select classes or Elite classes has been reached. Conversions and switches into the Select classes or Elite classes will be subject to the minimum investment requirements governing each class. As a result, an investor must hold a minimum investment of $250,000 to convert or switch into the Select classes, and $500,000 to convert or switch into the Elite classes. Note: See the simplified prospectus for the tax treatment of conversions and switches. The information presented is accurate at the time of first printing, and is subject to change without notice. Management fees for Class A and Class F units are outlined in the Simplified Prospectus of the Portfolios. Management fees for the units of the Select classes and Elite classes will vary, but will not exceed the difference between the capped MER for that Class and the Portfolio’s operating expenses. No management fees are payable by the Portfolio that would duplicate a fee payable by the Underlying Pool(s) for the same service.

renaissance investments 33

Renaissance Investments

Renaissance Investments family of funds Renaissance Investments’ comprehensive line-up of mutual funds can provide your clients with exposure to equity and fixed-income securities from markets around the world.

These funds are ideal to build a portfolio or to add greater diversification and performance potential to your clients’ existing portfolios.

Fund Profiles Table of Contents FUND PROFILES USER GUIDE.....................p 36 MONEY MARKET FUNDS.............................p 38 Renaissance Money Market Fund..............p 38 Renaissance Money Market Fund Premium Class.................................................p 40 Renaissance Canadian T-Bill Fund.............. p 42 Renaissance U.S. Money Market Fund.......................................p 44 FIXED INCOME FUNDS.................................p 46 Renaissance Short-Term Income Fund .....p 46 Renaissance Canadian Bond Fund ............p 48 Renaissance Real Return Bond Fund.........p 50 Renaissance High-Yield Bond Fund............ p 52 Renaissance Global Bond Fund ..................p 54 BALANCED FUNDS........................................p 56 Renaissance Canadian Balanced Fund......p 56 Renaissance Canadian Balanced Value Fund........................................................p 58 Renaissance Canadian Asset Allocation Fund...............................................p 60 Renaissance Optimal Income Portfolio..... p 62

34 renaissance investments

EQUITY INCOME FUNDS...............................p 64 Renaissance Canadian Monthly Income Fund.....................................................p 64 Renaissance Diversified Income Fund.......p 66 Renaissance Millennium High Income Fund.....................................................p 68 Renaissance Canadian Dividend Income Fund..................................................... p 70 Renaissance Dividend Fund......................... p 72 CANADIAN EQUITY FUNDS......................... p 74 Renaissance Canadian Core Value Fund.............................................. p 74 Renaissance Canadian Growth Fund......... p 76 Renaissance Canadian Small-Cap Fund.... p 78 Renaissance Millennium Next Generation Fund . .................................p 80 U.S. EQUITY FUNDS.......................................p 82 Renaissance U.S. Equity Value Fund..........p 82 Renaissance U.S. Equity Growth Fund......p 84 Renaissance U.S. Equity Fund.....................p 86

GLOBAL EQUITY FUNDS...............................p 88 Renaissance International Dividend Fund..................................................p 88 Renaissance International Equity Fund.....p 90 Renaissance Global Markets Fund.............p 92 Renaissance Optimal Global Equity Portfolio...................................p 94 Renaissance Global Value Fund...................p 96 Renaissance Global Growth Fund...............p 98 Renaissance Global Focus Fund................p 100 Renaissance Global Small-Cap Fund........p 102 Renaissance European Fund......................p 104 Renaissance Asian Fund.............................p 106 Renaissance China Plus Fund....................p 108 Renaissance Emerging Markets Fund...... p 110 SPECIALTY FUNDS....................................... p 112 Renaissance Global Infrastructure Fund...................................... p 112 Renaissance Global Health Care Fund..... p 114 Renaissance Global Resource Fund......... p 116 Renaissance Global Science & Technology Fund........................................... p 118

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

We begin with a universe of thousands of potential investment managers, and then

Universe of Investment Managers

Quantitative Filters

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

Manager Candidates

Qualitative Six Step Process

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

Managers Selected for Renaissance Investments

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

renaissance investments 35

Renaissance Investments

Fund Essentials

ATL Fund Codes

MONEY MARKET FUNDS Renaissance Money Market Fund Renaissance Money Market Fund – Premium Class Renaissance Canadian T-Bill Fund Renaissance U.S. Money Market Fund (US$) FIXED INCOME FUNDS Renaissance Short-Term Income Fund (formerly Renaissance Canadian Income Fund)

Renaissance Canadian Bond Fund Renaissance Real Return Bond Fund (formerly Renaissance Canadian Real Return Bond Fund) Renaissance High-Yield Bond Fund (formerly Renaissance Canadian High Yield Bond Fund) Renaissance Global Bond Fund BALANCED FUNDS Renaissance Canadian Balanced Fund Renaissance Canadian Balanced Value Fund Renaissance Canadian Asset Allocation Fund Renaissance Optimal Income Portfolio Renaissance Optimal Income Portfolio – Class T6 Renaissance Optimal Income Portfolio – Class T8 EQUITY INCOME FUNDS Renaissance Canadian Monthly Income Fund Renaissance Diversified Income Fund Renaissance Millennium High Income Fund Renaissance Canadian Dividend Income Fund Renaissance Dividend Fund CANADIAN EQUITY FUNDS Renaissance Canadian Core Value Fund Renaissance Canadian Growth Fund Renaissance Canadian Small-Cap Fund Renaissance Millennium Next Generation Fund U.S. EQUITY FUNDS Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Value Fund (US$) Renaissance U.S. Equity Growth Fund Renaissance U.S. Equity Growth Fund (US$) Renaissance U.S. Equity Fund (formerly Renaissance U.S. Index Fund) Renaissance U.S. Equity Fund (US$) (formerly Renaissance U.S. Index Fund) GLOBAL EQUITY FUNDS Renaissance International Dividend Fund (formerly Renaissance International Index Fund) Renaissance International Equity Fund Renaissance Global Markets Fund Renaissance Optimal Global Equity Portfolio (formerly Renaissance Global Multi Management Fund) Renaissance Global Value Fund Renaissance Global Growth Fund Renaissance Global Focus Fund Renaissance Global Small-Cap Fund Renaissance European Fund Renaissance Asian Fund Renaissance China Plus Fund Renaissance Emerging Markets Fund SPECIALTY FUNDS Renaissance Global Infrastructure Fund Renaissance Global Health Care Fund Renaissance Global Resource Fund Renaissance Global Science & Technology Fund Renaissance Global Science & Technology Fund (US$)

MERs

Commissions

Investment Managers

Front-End Load

Back-End Load

Low Load

Class F

Class A (%)

Front-End Load

Back-End Load

Low Load

Trailers (%) Front-End Load

Back-End Load

Low Load

CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc.

ATL1025 ATL1200 ATL922 ATL974

ATL1125 ATL1201 ATL643 ATL363

ATL2125 ATL2201 ATL681 ATL762

n/a n/a n/a n/a

1.08* 0.25* 1.29* 1.00*

0-5% 0-5% 0-5% 0-5%

5% n/a 5% 5%

1% n/a 1% 1%

0.10 0.15 0.05 0.10

0.10 0.10 0.05 0.10

0.10 0.10 0.05 0.10

CIBC Global Asset Management Inc.

ATL1021

ATL1121

ATL2121

ATL1630

1.57*

0-5%

5%

1%

0.50

0.25

0.50

CIBC Global Asset Management Inc.

ATL1022

ATL1122

ATL2122

ATL1631

1.47*

0-5%

5%

1%

0.50

0.25

0.50

CIBC Global Asset Management Inc.

ATL251

ATL291

ATL267

ATL010

1.59*

0-5%

5%

1%

0.75

0.25

0.50

CIBC Global Asset Management Inc.

ATL908

ATL823

ATL667

ATL015

1.91*

0-5%

5%

1%

0.75

0.25

0.50

Brandywine Global Investment Management, LLC

ATL1028

ATL1872

ATL2872

ATL1646

1.95*

0-5%

5%

1%

0.75

0.25

0.50

Jarislowsky Fraser Limited CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. Brandywine Global Investment Management, LLC, CIBC Global Asset Management Inc., RARE Infrastructure Limited Brandywine Global Investment Management, LLC, CIBC Global Asset Management Inc., RARE Infrastructure Limited Brandywine Global Investment Management, LLC, CIBC Global Asset Management Inc., RARE Infrastructure Limited

ATL906 ATL508 ATL1024

ATL836 ATL507 ATL1124

ATL663 ATL517 ATL2124

ATL018 ATL019 ATL1632

2.15* 2.12* 2.55*

0-5% 0-5% 0-5%

5% 5% 5%

1% 1% 1%

1.10 1.10 1.10

0.50 0.50 0.50

0.80 0.80 0.80

ATL048

ATL050

ATL049

ATL051

1.85*

0-5%

5%

1%

1.00

0.50

0.75

ATL053

ATL055

ATL054

n/a

1.85*

0-5%

5%

1%

1.00

0.50

0.75

ATL056

ATL058

ATL057

n/a

1.85*

0-5%

5%

1%

1.00

0.50

0.75

CIBC Global Asset Management Inc. CIBC Global Asset Management Inc. Morrison Williams Investment Management Ltd. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc.

ATL910 ATL247 ATL1879 ATL294 ATL1076

ATL859 ATL271 ATL1880 ATL211 ATL1876

ATL668 ATL204 ATL2880 ATL266 ATL2876

ATL155 ATL017 ATL1650 ATL014 ATL1648

1.76* 2.35* 2.36* 2.34* 2.47*

0-5% 0-5% 0-5% 0-5% 0-5%

5% 5% 5% 5% 5%

1% 1% 1% 1% 1%

0.75 1.10 0.75 1.25 1.25

0.25 0.35 0.25 0.50 0.50

0.50 0.75 0.75 0.75 0.75

CIBC Global Asset Management Inc., NWQ Investment Management Company, LLC McLean Budden Limited CIBC Global Asset Management Inc. Morrison Williams Investment Management Ltd.

ATL901

ATL853

ATL671

ATL020

2.38*

0-5%

5%

1%

1.25

0.50

1.00

ATL902 ATL905 ATL1877

ATL843 ATL852 ATL1878

ATL669 ATL670 ATL2878

ATL022 ATL023 ATL1649

2.49* 2.49* 2.53*

0-5% 0-5% 0-5%

5% 5% 5%

1% 1% 1%

1.25 1.25 1.25

0.50 0.50 0.50

1.00 1.00 1.00

Metropolitan West Capital Management, LLC Metropolitan West Capital Management, LLC Aletheia Research and Management, Inc. Aletheia Research and Management, Inc.

ATL502 ATL743 ATL913 ATL973

ATL501 ATL742 ATL833 ATL733

ATL515 ATL744 ATL661 ATL761

ATL024 ATL025 ATL026 ATL027

2.62* 2.62* 2.62* 2.62*

0-5% 0-5% 0-5% 0-5%

5% 5% 5% 5%

1% 1% 1% 1%

1.25 1.25 1.25 1.25

0.50 0.50 0.50 0.50

1.00 1.00 1.00 1.00

INTECH Investment Management LLC

ATL911

ATL855

ATL662

ATL028

1.85*

0-5%

5%

1%

0.75

0.25

0.50

INTECH Investment Management LLC

ATL797

ATL799

ATL798

ATL097

1.85*

0-5%

5%

1%

0.75

0.25

0.50

KBC Asset Management International Limited

ATL914

ATL856

ATL677

ATL032

2.27*

0-5%

5%

1%

0.75

0.25

0.50

Walter Scott & Partners Limited Wintergreen Advisers, LLC Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, RARE Infrastructure Limited, Wellington Management Company, Wintergreen Advisers, LLC NWQ Investment Management Company, LLC Walter Scott & Partners Limited Aletheia Research and Management, Inc. Wellington Management Company, LLP BlackRock Investment Management International Limited Hamon Investment Management Limited Hamon Investment Management Limited Pictet Asset Management Limited

ATL1868 ATL1029

ATL1869 ATL1873

ATL2869 ATL2873

ATL1644 ATL1647

2.67** 2.50*

0-5% 0-5%

5% 5%

1% 1%

1.25 1.25

0.50 0.50

1.00 1.00

ATL1902

ATL1903

ATL2903

ATL1652

2.90*

0-5%

5%

1%

1.25

0.50

1.00

ATL1030 ATL504 ATL510 ATL1040

ATL1031 ATL503 ATL509 ATL1041

ATL2031 ATL516 ATL511 ATL2041

ATL1625 ATL034 ATL036 ATL1626

2.67* 2.69* 2.63* 2.92*

0-5% 0-5% 0-5% 0-5%

5% 5% 5% 5%

1% 1% 1% 1%

1.25 1.25 1.25 1.25

0.50 0.50 0.50 0.50

1.00 1.00 1.00 1.00

ATL917

ATL163

ATL673

ATL030

2.70*

0-5%

5%

1%

1.25

0.50

1.00

ATL1512 ATL1050 ATL920

ATL1519 ATL1051 ATL858

ATL2519 ATL2051 ATL675

ATL1639 ATL1627 ATL029

3.22* 3.20* 2.90*

0-5% 0-5% 0-5%

5% 5% 5%

1% 1% 1%

1.25 1.25 1.25

0.50 0.50 0.50

1.00 1.00 1.00

RARE Infrastructure Limited Wellington Management Company, LLP Front Street Investment Management Inc. CIBC Global Asset Management Inc. CIBC Global Asset Management Inc.

ATL059 ATL1161 ATL1860 ATL1027 ATL1227

ATL061 ATL1162 ATL1861 ATL1871 ATL1371

ATL060 ATL2162 ATL2861 ATL2871 ATL2371

ATL062 ATL1635 ATL1666 ATL1645 ATL1637

2.50* 3.14* 3.21* 2.90* 2.90*

0-5% 0-5% 0-5% 0-5% 0-5%

5% 5% 5% 5% 5%

1% 1% 1% 1% 1%

1.25 1.00 1.25 1.25 1.25

0.50 0.50 0.50 0.50 0.50

1.00 1.00 1.00 1.00 1.00

* Annualized MERs as at February 28, 2009 (as disclosed in earch fund’s interim management report of fund performance. Renaissance Investments may have waived or absorbed expenses otherwise payable by the fund. At the discretion of Renaissance Investments, this practice may continue indefinately and can be terminated at any time. ** Capped MER. Renaissance Investments will absorb any operating expenses or waive any management fees that exceed the capped MER, with the exception of any taxes or new fees introduced by regulators or governments.

120 renaissance investments

Renaissance Investments

Performance Essentials As at September 30, 2009

Renaissance Investments family of funds (Class A unless otherwise noted)

Assets ($ 000s)

NAV ($)

Distributions ($)

1 Mo. (%)

3 Mos (%)

6 Mos. (%)

YTD (%)

1 Yr. (%)

3 Yrs. (%)

5 Yrs. (%)

10 Yrs. (%)

Since Incep. (%)

Incep.

Date

MONEY MARKET FUNDS

Renaissance Money Market Fund Current Yield: 0.14%† Renaissance Money Market Fund – Premium Class Current Yield: 0.24%† Renaissance Canadian T-Bill Fund Current Yield: 0.14%† Renaissance U.S. Money Market Fund (US$) Current Yield: 0.11%†

620,731

10.00

0.00114

0.01

0.04

0.14

0.33

0.77

2.42

2.29

2.53

4.97

01/02/87

–

10.00

0.00196

0.02

0.07

0.20

0.56

1.22

2.99

–

–

3.02

08/21/06

44,515

10.00

0.00115

0.01

0.04

0.08

0.16

0.38

1.88

1.84

2.09

4.28

08/21/87

23,096

10.00

0.00100

0.01

0.04

0.09

0.20

0.50

2.61

2.65

2.42

3.76

03/30/87

FIXED INCOME FUNDS

Renaissance Short-Term Income Fund (formerly Renaissance Canadian Income Fund)

54,300

11.79

0.02205

0.3

1.1

0.8

1.7

5.5

3.8

3.2

3.9

7.8

10/01/74

114,879

12.32

0.03264

1.3

3.9

6.3

8.1

8.7

3.8

4.0

4.6

8.4

01/01/73

Renaissance Real Return Bond Fund (formerly Renaissance Canadian Real Return Bond Fund)

97,406

11.04

–

0.9

2.1

3.7

7.6

6.1

1.9

3.7

–

4.4

06/02/03

Renaissance High-Yield Bond Fund (formerly Renaissance Canadian High Yield Bond Fund)

274,405

7.29

0.03843

4.3

10.4

26.1

27.0

3.8

1.1

2.5

4.0

5.4

09/23/94

16,709

4.28

0.03035

(0.3)

0.5

4.5

2.7

11.2

3.3

(0.4)

1.2

3.6

10/21/92

310,977 354,736 106,914 88,514

19.26 14.61 7.65 8.96

0.06646 0.03650 – 0.02700

2.0 2.6 3.2 1.8

5.4 6.2 8.0 5.1

14.4 14.3 21.9 12.4

10.6 11.9 19.3 11.4

2.6 3.3 0.5 4.1

(0.7) (0.5) (1.9) –

2.7 3.6 2.5 –

4.2 6.0 1.9 –

6.3 5.8 6.0 (1.0)

12/10/84 03/10/99 02/10/86 11/13/07

296,300 155,916 535,036 152,864 96,196

7.43 10.72 9.55 12.06 14.65

0.05000 0.06000 0.06000 0.03300 0.04000

3.0 3.5 3.3 2.4 2.7

6.8 8.0 8.6 6.3 7.2

15.5 18.1 20.4 18.3 19.8

13.8 15.7 13.9 15.7 17.1

(3.9) (5.6) (10.8) (3.9) (2.4)

(2.5) (4.2) (6.4) (2.8) (1.9)

6.2 4.3 2.3 3.6 3.6

11.8 – 9.3 – 4.4

8.2 7.5 7.4 6.8 5.7

10/30/97 02/04/03 02/13/97 11/08/02 09/12/95

442,393 188,766 179,014 79,656

29.23 27.34 18.05 28.33

– – – –

3.2 3.5 9.6 9.3

7.0 8.0 15.9 12.2

19.5 28.5 35.9 18.2

15.7 24.7 36.3 12.7

1.3 (1.8) 11.6 (3.5)

(1.4) (1.9) 0.1 (3.5)

4.1 4.1 9.5 5.5

7.9 3.8 11.2 7.0

8.3 5.7 7.7 6.7

09/23/94 10/30/85 10/25/96 01/19/99

Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Value Fund (US$) Renaissance U.S. Equity Growth Fund Renaissance U.S. Equity Growth Fund (US$)

21,425 – 6,511 –

5.75 5.36 16.90 15.75

– – – –

0.4 2.8 5.7 8.1

5.9 14.6 6.7 15.4

14.9 34.7 17.8 38.1

(1.6) 13.2 12.1 28.9

(20.0) (20.7) (8.4) (9.3)

(14.0) (12.9) (11.4) (10.2)

(7.8) (4.7) (7.6) (4.5)

(3.9) – (7.3) (4.4)

(3.4) (1.6) 2.6 0.8

12/17/98 12/01/00 10/30/85 11/01/95

Renaissance U.S. Equity Fund (formerly Renaissance U.S. Index Fund)

11,990

6.04

–

1.1

5.7

12.2

0.9

(14.8)

(10.4)

(5.4)

(6.0)

(0.6)

10/25/96

–

5.63

–

–

–

–

–

–

–

–

–

–

04/13/09

14,410

9.04

–

1.2

9.2

26.5

7.9

(2.9)

(6.2)

1.1

(1.5)

51,725 189,043

4.77 4.04

– –

1.6 4.1

5.7 7.8

15.3 24.2

8.0 11.5

4.3 (8.4)

0.9 (5.4)

5.7 (0.8)

– (4.2)

Renaissance Canadian Bond Fund

Renaissance Global Bond Fund BALANCED FUNDS

Renaissance Canadian Balanced Fund Renaissance Canadian Balanced Value Fund Renaissance Canadian Asset Allocation Fund Renaissance Optimal Income Portfolio EQUITY INCOME FUNDS

Renaissance Canadian Monthly Income Fund Renaissance Diversified Income Fund Renaissance Millennium High Income Fund Renaissance Canadian Dividend Income Fund Renaissance Dividend Fund CANADIAN EQUITY FUNDS

Renaissance Canadian Core Value Fund Renaissance Canadian Growth Fund Renaissance Canadian Small-Cap Fund Renaissance Millennium Next Generation Fund U.S. EQUITY FUNDS

Renaissance U.S. Equity Fund (USD) GLOBAL EQUITY FUNDS

Renaissance International Dividend Fund (formerly Renaissance International Index Fund) Renaissance International Equity Fund Renaissance Global Markets Fund Renaissance Optimal Global Equity Portfolio (formerly Renaissance Global Multi Management Fund) Renaissance Global Value Fund Renaissance Global Growth Fund Renaissance Global Focus Fund Renaissance Global Small-Cap Fund Renaissance European Fund Renaissance Asian Fund Renaissance China Plus Fund Renaissance Emerging Markets Fund

2.0 (0.5) 2.1 (5.0)

10/25/96 01/02/01 01/11/93

31,421

6.13

–

3.4

8.3

20.0

13.5

7.6

(4.3)

0.1

–

44,637 52,767 61,792 12,635 19,875 8,793 162,023 18,227

3.76 7.80 9.73 9.04 17.50 18.34 17.83 14.20

– – – – – – – –

2.1 2.5 5.3 3.3 2.8 6.5 3.2 8.2

7.3 4.8 9.2 11.1 16.3 10.2 (1.7) 13.3

16.4 11.3 12.8 33.4 36.7 48.9 41.4 37.3

7.3 8.2 9.7 20.5 15.9 42.8 53.5 37.9

4.4 2.9 (2.9) 5.4 4.7 33.0 68.8 11.4

(5.0) (1.8) (0.2) (7.7) (4.9) 1.9 17.1 1.6

(0.5) 2.9 4.4 (0.8) 2.3 4.9 14.1 9.9

(3.4) (2.3) (0.4) (0.4) 0.1 0.1 10.8 7.5

(2.4) (2.1) (0.2) 5.5 5.1 3.2 14.2 7.3

05/01/98 12/17/98 09/06/99 02/02/98 11/24/93 01/02/90 02/02/98 10/25/96

02/16/00

143,181 545,795 23,671 12,337 –

8.34 15.19 13.07 20.81 19.39

0.03499 – – – –

0.9 (1.0) 14.1 1.8 4.1

4.4 2.7 19.8 6.2 14.9

10.9 6.4 42.3 20.1 40.8

1.9 (1.9) 53.2 28.6 47.9

(0.6) (1.6) 17.8 16.3 15.2

– (4.2) 5.6 (2.9) (1.7)

– 0.7 12.7 (0.7) 2.7

– 9.9 – (9.4) (6.5)

(8.4) 11.7 14.3 2.0 3.8

11/13/07 11/02/96 08/02/02 10/28/96 10/28/96

SPECIALTY FUNDS

Renaissance Global Infrastructure Fund Renaissance Global Health Care Fund Renaissance Global Resource Fund Renaissance Global Science & Technology Fund Renaissance Global Science & Technology Fund (US$)

renaissance investments 121

Live Better

The art of collecting Inside Canada’s oldest auction house

The stock market isn’t the only place where buyers and sellers meet to hammer out deals worth millions of dollars. We asked a leading proprietor of the Canadian auction industry to give us a peek inside the rarefied world of collectibles.

Duncan McLean President, Waddington’s 122 renaissance investments

As president of Waddington’s, the storied Toronto auction house dating back to 1850, Duncan McLean is the keeper of a legacy nearly 160 years in the making.

“Things are always interesting in the auction business,” says McLean. “It has its share of stress and strain, but it’s never boring.

It’s a wonderful arena of rare and beautiful objects passing to and from passionate and fascinating people.”

It’s also a business that tends to draw a crowd. According to McLean, most of the people who attend live auctions aren’t even bidders. “They come to observe, learn and share in those electric moments when new records are set with a bidder on the phone duking it out with someone standing at the back of the room.”

Indeed, this element of “theatre” is one of the things McLean loves most about running an auction house. Another is the ever-changing inventory of fine art and collectibles that pass through his doors.

“I’ve auctioned a painting

by Sir Alfred Munnings for a Canadian record of $3.1 million, as well as $5 antique toy soldiers.”

“People collect anything and everything,” says McLean. “I’ve auctioned a painting by Sir Alfred Munnings for a Canadian record of $3.1 million, as well as $5 antique toy soldiers. We also see offbeat items, such as a consultation with a ‘shrink,’ appearances in TV commercials, lunch with a celebrity and even a bronze sculpture of underpants, which I hate to admit adorns my office!

“Collecting is a pursuit that dates back to ancient times. The Pharaohs of Egypt collected books from all over the world.

The collection of the Medici family of Renaissance Florence was the basis of the world-famous Uffizi Gallery in Italy, and more recently, the collection of Canada’s Thomson family.”

Keeping it in the family Duncan is the son of Ronald McLean, who bought the auction house from the Waddington family in 1962. Ronald is an institution of the Canadian auction business known for his quick-witted style, throwing out jibes and jokes from the auctioneer’s podium.

As a student, Duncan helped his father around the shop until a pivotal event occurred in 1978. A prominent Toronto gallery owner named William Eccles passed away without a will, leaving his estate — including more than 400 Inuit art pieces — to be auctioned off by a trustee. Duncan, fresh from studying anthropology, saw an opportunity to take the reins.

The auction was a huge success, and received considerable publicity. Today, with the elder McLean retired, Duncan not only manages the family business, he is considered one of the world’s foremost authorities on Inuit art. He works alongside his two siblings — older brother and senior auctioneer Alastair, who heads the Furniture and Appraisal departments, and youngest brother Donald, who heads the Jewellery and Watch Department.

Timing the market The collectibles market has many parallels to the stock market. It is made up of numerous sub-sectors, each with their own performance characteristics, and individual valuations are not always intuitive.

Take gold, for example. With prices recently reaching levels not seen since the early 1980s, one might expect gold jewellery to be a hot commodity. But according to McLean, in fine jewellery, the value of the metal itself is only a small part of the overall value of the piece. As a result, rising gold prices have had little effect on fine jewellery values.

Joe Fafard, Tapas, patinated bronze; signed, dated ‘99 and numbered 5/7, height 18 inches (45 centimetres), $15,000– $20,000 Joseph Fafard is a Canadian sculptor famous for such works as The Pasture located in the financial district of downtown Toronto, which features life-size bronzes of cows. The artist has been awarded many honours, including Officer of the Order of Canada (1981) and the Saskatchewan Order of Merit (2002).

18k White Gold Collar Necklace set with 13 marquis cut yellow diamonds (approx.

10.51ct.t.w.) with 369 marquis cut and 96 brilliant cut diamonds (approx. 38.50ct.t.w.), length 16 inches (40.6 centimetres) 88.7 grams.

Price realized: $45,600

Indeed, it’s the more run-of-the-mill jewellery that has seen price appreciation.

“Simple bracelets, rings and chains have in some cases almost doubled in price on the secondary market over the last two years. This has led to a large increase in demand as more and more people look for

Opposite, left to right: Nymph and Frog by Edward McCartan (American), estimate $15,000–$20,000.

Tapas (horse sculpture) by Joe Fafard (Canadian), estimate $15,000–$20,000. Head of an Inuk by John Tiktak (Canadian Inuit), estimate $7,000–$10,000. Orient and Flume, American iridescent glass vase, estimate $200–$300. Russian cloisonné enameled silver-gilt kovsh (cup) by Ivan Khlebnikov, estimate $2,000–$3,000. Cybel-nue (bronze torso) by Roger Charles Cavalli (French) estimate $2,000–$3,000.

renaissance investments 123

Works by the legendary Group of Seven continue to attract tremendous interest and top dollar at auction.

(Left) A.Y. Jackson’s Creek at Khartoum, Ontario oil on panel is in the process of being cleaned of old varnish and accumulated grime by a restorer.

(Right) View From A Height, Algonquin Park, 1916, an 8 x 10 inch oil sketch by Tom Thomson sold for $1,207,500 at Waddington’s affiliate Joyner’s Canadian Fine Art in 2009.

gold that they can scrap and take advantage of the metal price,” he says, noting the recent popularity of “jewellery parties” and advertisers offering to buy gold jewellery.

Despite soaring gold prices, McLean warns that “looking for the next hot artist or medium is a sport that can be very exhilarating, but often unrewarding.” Collectors face the same challenge portfolio managers face: a relatively efficient market in which everyone has access to vast amounts of data. In such an environment, undiscovered treasures tend not to remain undiscovered for long.

“In short, the higher the quality, the safer the investment.”

So where is the money made? Collectors can see big gains at the top of any given market, but big losses are a risk when a flight-to-quality takes place and those who overpaid for mediocre works get left behind.

“When a particular market softens, it’s the lower-quality strata that will be the first to suffer,” says McLean.

Many thrill-seekers are tempted by the world of contemporary art, which McLean refers to as a virtual “futures market” where there is little or no track record to verify the value of a work. “Prior to the downturn in the economy, contemporary pieces attracted huge sums, and the market was driven by what was in vogue at the moment. While contemporary art is not hard to find, it’s highly speculative, fickle and subject to fashion, which makes it hard to collect well.”

Finding value Most collectors will find success not by speculating, but by investing in works of enduring value. Artists and styles go in

and out of fashion, but over the long term, demand and investment potential is greatest for items of the highest quality, says McLean.

“In short, the higher the quality, the safer the investment.”

In McLean’s estimation, this is why a traditional auction house can add considerable value over alternatives such as online marketplaces. “Judging an item’s quality is where knowledge, experience and good advice pays off. Your ability to assess an item’s condition, age, artist, subject, period, medium and other factors will play a significant role in future investment performance.”

Having a good advisor can also help you deal with the demands of a growing collection.

“A collection of fine art is a living entity,” says McLean. “Eventually, you may have a large portion of your net worth invested in your collection — in some cases, it can rival the value of the home or office it’s displayed in. Works of art require maintenance to preserve their value. Is it installed properly?

Is it inventoried, thoroughly researched and authenticated? Is it adequately insured?

There will always be the need for ongoing conservation and, unfortunately, maybe even restoration.”

Getting started McLean’s advice for the would-be collector is simply to begin by learning.

“First discover what turns you on, what you would like to live with and what you’re willing to spend time and money pursuing.

Educating yourself is vital to making good decisions as you invest in your collection.

Read books, visit public galleries, get out and go to auctions and retail gallery shows with no intention of buying anything, just to observe and learn.”

Five things every collector should know Duncan McLean says these five things can help you build a satisfying and profitable collection.

1. Authenticity. Fake works are an ever-present challenge in just about every area of collecting, so it’s essential to have a trusted advisor who can authenticate items for you.

2. Market. It’s important to have a sense of the market to avoid over-paying. There are now many online auction databases that you can consult, such as www.artfact.com.

3. Artist. Being familiar with an artist and their overall body of work can help you identify attractive, high-quality examples of their craft.

4. Condition. Personally examine a piece or obtain a condition report before you buy it. Acquiring damaged items cheaply and having them restored is one way to collect items normally beyond your budget.

5. Budget. Always buy the best you can afford. If your plan is to spend $10,000 each year on your collection, buy one or two good pieces rather than five or six mediocre ones.

Duncan McLean is president of Waddington’s, Canada’s oldest auction house. The views expressed in this article are those of Duncan McLean and should not be taken as the views of CIBC Asset Management Inc. Images courtesy of Waddington’s. Reprinted with permission.

124 renaissance investments

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Call your Renaissance Investments representative today 1 888 888 FUND (3863) www.renaissanceinvestments.ca Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the Renaissance Investments family of funds simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Renaissance Investments is offered by CIBC Asset Management Inc. ™ Renaissance Investments and “invest well. live better.” are registered trademarks of CIBC Asset Management Inc. 1 Annualized MER for Class A units as at February 28, 2009. The MER would have been 2.24% had the Manager not waived some management fees and/or absorbed some operating expenses. This will be reviewed annually by the Manager. 2 Front-end load units.

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FOR DEALER USE ONLY Renaissance Investments and the Axiom Portfolios are offered

by CIBC Asset Management Inc. This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal or tax advice. The material and/or its contents may not be reproduced or distributed without the express written consent of CIBC Asset Management Inc. The indicated rates of return are the historical annual compounded total returns for the class A units, including changes in unit value and redemption of all distributions, but do not take into account sales, redemption, distribution, or optional charges or income taxes payable by any unitholder that would have reduced returns. For money market funds, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution, or optional charges or income taxes payable by any unitholder that would have reduced returns.

The values of many mutual funds change frequently. Past performance may not be repeated. Current yield is an annualized historical yield based on the seven-day period ended on September 30, 2009 and does not represent an actual one-year return. TMAxiom, Axiom Portfolios, Renaissance Investments and “invest well. live better� are registered trademarks of CIBC Asset Management Inc. 02001E(200910)

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