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AdvisorQ3 SEPTEMBER 30, 2010 QUARTERLY FUND PROFILES / PRACTICE MANAGEMENT / OUTLOOK / OPINION

The RenaissanceVolume IV Issue III

Live Better

Inspired, not retiredRetirement coaching gives boomers licence to dream

Back of the Napkin

The Law of ScarcityHow to increase the perceived value of your advice

The Ret

irem

ent

Issue

Invest Well

Retirement Curing what ails retirees with the Renaissance Optimal Income Portfolio

Letter from the National Sales Manager

I trust that your practice is flourishing as we approach the end of 2010. Nonetheless, I would like to make a proposal for the new year: let’s make 2011 The Year of the Client.

No doubt this is something you already aspire to, but I question whether the conventional approaches, such as client appreciation events, are really the best way to go about it. Ideally, each and every client interaction is a chance to demonstrate your appreciation.

After all, these are the people who trust you with their hard-earned savings, who refer their best friends and family to you and who pay you for giving them great financial and life advice. They deserve to have “customer appreciation” bestowed upon them every time they interact with us.

My hope is that you are already succeeding in delivering this experience. Here’s an idea that might help. Rather than occasional client satisfaction surveys, try asking each time you talk to them. Ask how they’re doing and if there is anything you could be doing differently. Actions speak louder than words, and I believe little ideas like this can truly make the year ahead The Year of the Client.

As always, we want to earn your business and know that we are doing the right things to help you build your practice. I welcome your feedback and thank you for your continued support.

Sincerely,

Dave WahlNational Sales Manager416 943 6959

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Table of ContentsTax and Estate p 2 Year-end tax tips

Economic Outlook p 3 Dividends for an uncertain environment

Back of the Napkin p 4 The Law of Scarcity

Thanks to Our Supporters p 7 A place in the sun

Invest Well p 8 Retirement Rx

Solution Highlight p 13 Tap into stable income with the Renaissance Optimal Income Portfolio

Axiom Portfolios Profiles p 14 Portfolio Essentials p 32 Performance Essentials p 33

Renaissance Investments Fund Profiles p 34 Money Market Funds p 36 Fixed Income Funds p 44 Balanced Funds p 58 Equity Income Funds p 62 Canadian Equity Funds p 70 U.S. Equity Funds p 76 Global Equity Funds p 82 Specialty Funds p 106 Fund Essentials p 114 Performance Essentials p 116

Live Better p 117 Inspired, not retired

Brain Calisthenics p 120

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Managing Director, Tax & Estate Planningning Jamie Golombek

This article 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.

Jamie Golombek, CA, CPA, CFP, CLU, TEP is Managing Director, Tax & Estate Planning with CIBC Private Wealth Management in Toronto. 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. Follow Jamie Golombek on Twitter @JamieGolombek.

Tax and Estate

Year-end tax tips“The falling leaves Drift by the window… And soon I’ll hear Old winter songs” – Johnny Mercer, “Autumn Leaves” (1947)

While it may seem that winter is still far away, when it comes to year-end tax planning, it’s never too early to get a head start on what you need to do before December 31st

to ensure your clients reap the benefits on their 2010 tax returns, to be filed next spring.

Here are some things to keep in mind this fall, as you prepare your clients for year-end.

1. Pay any investment expenses (including interest) by Dec. 31

In order to be able to deduct any investment-related expenses on the 2010 tax return, the amounts must be actually paid by year-end. Such expenses include interest paid on money borrowed for investing, investment counseling fees for non-registered accounts, professional accounting services for tracking rental or business income and safety deposit box rental fees.

2. Registered Retirement Savings Plan (RRSP) annuitants who turn(ed) 71 in 2010

If your client turned (or will turn) 71 this year, she must convert her RRSP into either a Registered Retirement Income Fund (RRIF) or an annuity by December 31st.

In addition, she only has until December 31st to make her last RRSP contribution, if she plans to do so. She doesn’t have the advantage of procrastinating until March 1, 2011. If, however, she has a spouse or partner who’s under 72, she can continue contributing to a spousal RRSP, provided she still has contribution room.

Individuals who turn 71 in 2010 without a younger spouse or partner and who still have earned income this year that would create RRSP contribution room for 2011 may wish to consider making an overcontribution to their RRSP in December 2010. While a penalty tax of 1% would apply for the month of December, new contribution room for 2011 would open up in January 2011 and the overcontribution made in 2010 would no longer be a problem and could be deducted against 2011 (or later years’) taxable income.

3. Registered Education Savings Plan (RESP)

The RESP allows individuals to save for children’s post-secondary level education in a tax-effective manner. The government will also help you save by providing a Canada Education Savings Grant (CESG) equal to 20% of the first $2,500 of annual RESP contributions per child, or $500 annually. The deadline to get the 2010 CESG is December 31st.

4. Charitable donations

December 31st is also the last day to make a donation and get a tax receipt for 2010. Keep in mind that gifting publicly traded securities, including mutual funds, with accrued capital gains to a registered charity or a private foundation not only entitles the donor to a tax receipt for the fair market value of the security being donated but eliminates any capital gains tax as well.

5. Tax-loss selling

Finally, in the area of year-end tax-loss selling, to guarantee that a trade is settled in 2010, the trade date must be December 24, 2010, or earlier. This will make sure that the settlement also takes place in 2010 and that any losses realized are available this year. Any trade made after December 24, 2010, will not settle until 2011 and therefore those losses would not be available until next year.

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Economic Outlook

This article 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.

Dividends for an uncertain environmentWhen both the U.S. Federal Reserve and the Bank of Canada describe the economic picture as “unusually uncertain,” investors should move forward with a sense of caution.

The latest recession wasn’t exactly typical, and the recovery isn’t proving to be of the ordinary, garden variety either. The

combination of a deleveraging consumer, weak housing sector and intensifying fiscal headwinds means that the U.S. and Canadian economies are likely to expand at a tepid pace somewhere below 2% in 2011, with inflation seen as a less-than-likely risk.

Judging by the increasing correlation between global equity performance and oil prices, sentiment towards global economic growth now appears to be the main driver of stock market valuations. As such, the recent improvement in the U.S. and Canadian stock markets reflects reduced probability of a double-dip recession in the U.S., as well as increased probability of a second wave of quantitative easing by the Fed.

This environment is consistent, with relatively stable interest rates on both sides of the border. In fact, given the fragile nature of the recovery in the U.S., it is very likely that the Fed will sit on its hands until early-to-mid 2012 before starting to hike rates. In Canada, with official rates already up 100 basis points since their mid-year

bottom and signs of weakness in the economy, the Bank of Canada is unlikely to deviate too far from the Fed.

Searching for stability

So where should investors look for stability in this environment of increased uncertainty and reduced growth prospects? Those betting that dividend stocks will provide a useful portfolio anchor in these conditions have history as an ally. On both sides of the border, dividend-paying securities have fared better over the medium term than those with low or zero payouts. What’s more, this gap has been the widest in periods of subdued economic performance.

Since 1990, quality U.S. dividend stocks have outpaced the S&P 500 Index by more than 9% annually on average during years in which GDP grew at a pace of 2% or less. By comparison, these dividend stocks beat the index by a margin of 2% when the economic growth rate was higher.

The same general story applies in Canada. Canadian dividend stocks have outperformed the S&P/TSX Composite Index by about 5% when the economy grew at a rate of 2% or less, and have still outperformed when growth topped that pace, albeit by a slimmer 1% margin.

As the central bankers have stated, today’s environment remains uncertain. But history shows that the regular cash flow from dividend-paying equities is at least one way to add some certainty to portfolio performance.

Deputy Chief Economist, CIBC Benjamin Tal

“Those betting that dividend stocks will provide a useful portfolio anchor in these conditions have history as an ally.”

The Law of Scarcity

How to increase the perceived value of your advice

Back of the NapkinDirector, Strategic Insights Grant Shorten

The Canadian investment industry is rife with licensed professionals who are ready, willing and anxious to sign up the next client. There is no shortage of capable men and women who have successfully passed the examinations required to set up shop as Investment Advisors, Financial Planners and Wealth Managers.

With such a large supply of financial overseers — chasing a finite community of qualified investors — the advisor of today finds themselves subject to the very same metaphorical “stuff” as the entrant in a classical beauty contest.

Whether we like to admit it or not, we are engaged in the business of “attraction.” Naturally, I am not referring to the type of attraction that is dependent upon the latest grooming, cosmetic or fashion technologies, but rather, attraction as it relates to the (somewhat mysterious) “desirability factor.”

Affluent investors, in particular, have positioned themselves in the heart of a virtual audience, and tacitly make implied judgments regarding the attractiveness and desirability of those advisors who venture onto the contest stage.

There are a myriad of intuitive elements, which, when combined, equate to our desirability factor — as measured against an investor’s unique set of criteria. Some of these elements include things like our credentials, level of expertise, investment philosophy, rapport-building skills and points of differentiation. Much has been written about the factors above, so today we will step outside of the norm and venture into a more ethereal world governed by the Law of Scarcity.

The Law of Scarcity and the perception of value

As investment industry professionals, we all have a fundamental understanding of the supply and demand equation, and how scarcity plays a primary role in influencing the perceived value of a product or commodity.



The Law of Scarcity simply states:

If what we desire “appears” to be in limited supply, the perception of its value increases significantly.

Economists will go to great lengths to explain the mathematical principles controlling this phenomenon, but its practical essence is captured above.

“The most successful marketing firms in the world have learned to expertly apply the Law of Scarcity in the creation of their sales messages...”One of the most fascinating aspects of the Law of Scarcity is the undeniable “universality” of its reach. The most successful marketing firms in the world have learned to expertly apply the Law of Scarcity in the creation of their sales messages, and have geared them around capitalizing on the emotional code of their target audience. Interestingly enough, we will often find that behind the crafted “sales message,” there may or may not be an actual scarcity of the product or service in question.

The magic is in the “framing” of the message itself.

You don’t need to go any further than a television commercial or piece of written advertising to see the most commonly used semantics incorporating the principles of scarcity.

“…for a limited time only”“…this offer will not last”“…only 150 units available”“…time is running out”“…offer only valid for today”“…first come, first served”

Remarkably, even though these linguistic techniques are repeated over and over again, they remain highly effective in producing the desired result — a significant increase in the perceived value of the product or service.

Successful marketers understand the following simple formula:

Increased Perceived Value + A Sense of Urgency = BUYING

This whole notion of perceived value becomes even more interesting when we see how it affects our interpersonal relationships.

Imagine a couple, named John and Carol, who have been dating for three years, and spend most of their spare time enjoying each other’s company. Before long, John begins to take Carol’s love and affection for granted — resulting in a decrease in Carol’s perceived value.

Now imagine that same couple, one week later, at a cocktail party. John looks across the room and notices that Carol seems to be paying a lot of attention to a particularly handsome man near the bar. If John is wired like the vast majority of people, with even the remote possibility that Carol may be-come scarce (in favour of another man), her perceived value rises dramatically. John’s introduction to the Law of Scarcity may even lead to a marriage proposal!

So what does all this mean to us, as investment professionals?

Let’s go back to the beauty contest, and to the reality that we are engaged in the business of attraction. I think it’s safe to say that the majority of investment advisors consistently bring to the contest a fairly standard set of elements to parade.

Therefore, all things being reasonably equal, it will be the advisor who can generate the highest level of perceived value that will win the prize. It also pays to remember that most contests are won by a very thin margin of victory — primarily due to that incremental difference in perceived value.

Taking some guidance from our friends at the big marketing firms, and from John and Carol’s experience at the cocktail party, let’s create a parallel to the advisory practice.

Clearly, as investment advisors focused on asset-gathering activities and prospecting modalities, we would not be well served by incorporating pedestrian catch-phrases like “…limited time only” or “…the clock is ticking.” However, I believe that there is a tremendous opportunity to apply the very same underlying principles in a strategic and respectful manner.

Simple strategies to engage the Law

Strategy 1: The principle of desired association

Create an articulated advisory “identity” or value proposition, which incorporates both scarcity and an implied status-requirement.

Examples:“The advisor to the affluent”“Empowering elite investors to take control of their wealth”“Partnering with a select group of investors who are committed to excellence…”

The Outcome: The prospective client is quickly moved to focus on how they may become “worthy” of being included amongst this group. You are

not just an advisor, but a high-calibre specialist — a scarce resource who only deals with a select segment of the investing community. The perceived value of your business practice is immediately and substantially elevated.

Strategy 2: Changing brain chemistry — scarcity spoken

Place a genuine self-imposed ceiling on the number of families you will work with this year, given your current team resources. Having done so, make it an essential component of every prospect discussion to articulate that “restriction” with confidence and conviction. You will find it particularly congruent when executed during your service discussion.

“Place a genuine self-imposed ceiling on the number of families you will work with this year, given your current team resources.”

Example: “We believe in providing top-notch service and attention to each one of our clients. Our trusted partners receive a fully customized and tailored Service Agreement designed just for them, based on their specific needs, goals and objectives. In order to maintain our highest level of service, we are limiting our practice growth to just five additional families this year.”

The Outcome:This is the Law of Scarcity in its most concise format. When performed correctly, the prospective client is left hoping they are being considered as one of those five fortunate families, and may even seek confirmation by asking the question during the session. The added benefit is the sense of urgency inherent in the mechanism. Remember, the investor doesn’t know how many of the five families have already signed up as clients this year.

Strategy 3: Develop a legendary advisory persona

As a devoted, but scarce, resource, create an “air of legend” around your role, and enlist your assistant and other team members to help maintain it. You can accomplish this by setting up your practice so that you are strategically unavailable for things like administrative and operational telephone calls, small-talk or dealing with anything outside of pre-planned meetings and delivering powerful portfolio recommendations.

All incoming communication and correspon-dence is filtered through your team members, who protect you from functions that are not directly related to money-making activities. When a prospective investor calls, have your assistant explain that you are “currently in session, but will be happy to call back when he/she becomes available.” With the details of the message in hand, you will be able to prepare your thoughts ahead of the discussion, and deliver them with confidence. This legendary persona and larger-than-life demeanour will also require you to enlist the following, in order for you to fully capitalize on its impact:

> Master your physiology. Walk, sit and stand with passion, conviction, confidence and power. Make eye contact when you speak and gesture with movements of legendary proportion.

> Maintain a high level of enthusiasm. There is something magically contagious about enthusiasm and it will be transferred to your listener.

> Choose your words wisely. There is power in the spoken word. Our words create pictures, sounds and emotions in the mind of our audience. Pre-script and pre-plan your messages in order to create the desired results.

The Outcome:The creation of a legendary persona is a prime example of how we can proactively “design engineer” the way we are perceived. Affluent investors want to be associated with legendary characters — advisors who stand out from the crowd.

Over the years, I have worked closely with several advisors who define this strategy and live it every day of their lives. I can also tell you that much of its success comes down to effective “staging” and positioning,

along with the full buy-in of the advisory team. All the world’s a stage, so have fun with this one as you execute it with respect and genuine empathy for your clients.

Ultimately, the Law of Scarcity provides a set of robust tools that can empower you to take your practice to the next level. They will supercharge your asset gathering efforts by captivating the mind and emotions of your intended audience.

I wish you continued success and a deeper sense of commitment to your craft, during this RSP season, and beyond.

To discuss ways to increase the perceived value of your advice, please book an appointment with your Renaissance Investments representative.


Thanks to Our Supporters

“The Renaissance Optimal Income Portfolio is my go-to solution,” says financial advisor Roberto Montemurro. “It provides the inflation protection, tax efficiency and capital preservation my clients need in a single solution.”

At Renaissance Investments, we thank Roberto and all of the supporters across the country who give us the privilege of helping them and their clients invest well and live better.

Name: Roberto Montemurro Firm: GP Wealth ManagementYears in business: 22 Team members: 2

A place in the sun


What I love about the business Simply put, helping people do better in their lives as a result of their financial security and success. I like to help them all the way through the process, from accumulation to retirement and beyond. Seeing the work you have done for 22 years with a client be successful in helping them live life to the fullest and have the security to support — that means the world to me.

Best tip for gaining new clients I have a system — a series of steps that are the beginning of a long-term relationship with a client. I start the process by demonstrating my expertise in building a plan to grow a prospect’s money using rigorous tax planning strategies without incurring too much risk. I am not promising the earth or outrageous returns, but I do know that with diligent planning and investigation into the intricacies of the client’s circumstances, I can help them to prosper in the long term.

The book I’m currently reading I read numerous online sources as well as the daily Italian press. It provides me with great insight into what is really happening in Europe without the North American media filter.

Favourite vacation spot Tuscany. Every summer, my family and I spend a few weeks at a coastal resort on the Mediterranean.

Favourite hobby when I’m not at work I spend much of my free time with my family, which includes my two children. I play tennis a couple of times a week and also find that the tennis club is a great social and business network.

Charity that means the most to me I am a Sick Kids miracle club member and support the Canadian Cancer Society as well as The War Amps.

What I offer to the local marketplace and to my clients When clients realize that I have worked diligently to really get to know them well, it’s much harder for them to end the relationship because they know how much work and time it took to get there.


Invest Well

The Renaissance Optimal Income Portfolio offers an intelligent blend of income- producing Renaissance Investments funds. It’s designed to provide investors with the income and capital growth they need in all market conditions — including periods of rising inflation, low rates and volatility. We spoke to six money managers responsible for managing funds within the portfolio for their insights, outlooks and advice.

Fearful of inflation

When living on a fixed income, inflation can have a significant impact on a retiree’s quality of life. Many are worried about a decline in the purchasing power of their savings, and can easily recall the inflation levels of the 70s and 80s. Is inflation likely to became a significant risk in the foreseeable future?

Nick Langley, Renaissance Global Infrastructure Fund, RARE Infrastructure Limited: While inflation has been subdued in the U.S. and the Eurozone, it has been stronger than expected in the UK and Australia and is a constant concern to Chinese policy makers. We believe inflation could arrive faster than expected in some economies in 2011. We are hearing from many institutions that, although they are not concerned about inflation today, they are concerned about how the U.S. and others plan to resolve their

This RSP season, many investors will be fixated on the financial maladies of our time: the rising cost of living, persistently low interest rates and the potential for further major market declines. If these issues have your clients feeling unwell, we are pleased to present helpful prescriptions from our income experts.

Curing what ails retirees with the Renaissance Optimal Income Portfolio

Retirement


high debt positions and the possible consequences this could have for pushing inflation higher in 2012 and onwards.

Patrick O’Toole, Renaissance Real Return Bond Fund, CIBC Global Asset Management Inc.: We don’t expect inflation to increase beyond the Bank of Canada target because of the large output gap, modest wage gains and a strong Canadian dollar. The best indicator we’ve found for determining the direction of future inflation is the trend in wages. Given they’ve been stable for many years — particularly outside of the public sector — we’re not concerned.

Domenic Monteferrante, Renaissance Canadian Dividend Fund, CIBC Global Asset Management Inc.: Our view is that inflation in Canada will remain subdued, although it will climb higher over the next 12 months as the global economy continues on the path of sluggish, although positive, growth. Despite unprecedented levels of monetary stimulus, deflation concerns have continued to plague the markets. Some inflation growth, given this context, would likely be viewed positively by investors.

David F. Hoffman, Renaissance Global Bond Fund, Brandywine Global Investment Management, LLC We think core inflation pressures will remain minimal over the next 12–18 months. Whether we are talking about household-sector deleveraging in the U.S. and the UK, or public sector deleveraging within the Eurozone, debt reduction is a common theme in the developed world and this will work to reduce growth and consequently limit inflation.

Rundown about rates

Savings of $100,000 in January 2000 would have earned $5,000 annually at a 5% money market interest rate. By December 2009, that rate had fallen to just 0.5%, providing an income of just $500 per year — less than $50 per month. Needless to say, this has many retirees wondering if interest rates will rise from their current low and return to their long-term average again soon.

Nick Langley: We expect a gradual normalization of interest rates in line with nominal growth over the next five years. This implies a succession of both short rate and long rate increases in the U.S., UK and the Eurozone. The infrastructure universe contains many assets that have the ability to pass through interest rate costs via regulated returns and these assets will tend to hold value well in a rising interest rate environment.

John Braive, Renaissance Canadian Bond Fund, CIBC Global Asset Management Inc.: We expect the pace of interest rate increases will reflect the strength of the economic recovery in Canada and its major trading partners. Deleveraging periods are generally five to seven years, and we’ve only passed the two-year mark. These periods are characterized by low growth and inflation. Given this view, we have generally maintained an overweight in longer-term bonds to take advantage of the higher rates available. We are also overweight corporate bonds because of their attractive credit spreads.

“We expect interest rates to continue to remain low into 2011.”Domenic Monteferrante: Canadian short-term interest rates have been kept at low levels for a prolonged period of time, helping to stimulate growth in the economy and to avoid a deep and lengthy recession. We expect interest rates to climb higher over the next 12 months, as the Bank of Canada attempts to balance its objective of sustainable growth without creating excessive economic stimulation.

Mark Kanar, Renaissance High-Yield Bond Fund, CIBC Global Asset Management Inc.: We expect interest rates to continue to remain low into 2011. When rates rise, this will signal that the government is confident that the economy is on firmer ground and has stabilized. We continue to look for companies with stable recurring revenues in all interest rate environments.

David F. Hoffman: Our expectation is that short-term interest rates will remain on hold in the U.S., Europe and Japan over the next several quarters.

Dizzy from volatility

Just 24 months after some of the most extreme market volatility in a generation, many retirees have experienced a retirement savings setback and felt the effects of lower income levels. Today, there has been a lot of talk in the media about the potential for a double-dip recession. Is this vision of continued volatility justified?

Nick Langley: We do not see a double-dip recession as a base case. Our view is that the current macro trajectory is for a moderate recovery to follow the current inventory cycle. However, we do note that many governments around the world are under increasing domestic pressure to speed up recovery and cut deficits. This combination can lead to bad short-term policy such as protectionism and competitive devaluation. These types of actions, if repeated around the world, could tip the world back into recession.

Patrick O’Toole: Deleveraging — the reduction of debt — remains the dominant economic theme and is expected to result in lower economic growth and interest rates than generally seen during periods of economic recovery. It should also result in central banks moving more slowly to raise rates when growth does improve. That should provide a backdrop where growth remains positive, albeit lower than what we’ve seen over the past two decades.

“...we do not expect a double-dip recession or even a marked slowdown during the remainder of this year.”


Domenic Monteferrante: We view the risk of a double-dip recession as low, but are monitoring the situation closely as changes in either government policies or consumer behaviour could alter economic outcomes. We hold high-quality large-cap investments, which should perform better on a relative basis should the fear of a double-dip recession re-emerge.

Mark Kanar: We believe a period of slower economic growth is more likely than a double-dip recession. Companies, however, have been very cautious and have been refinancing their debt to extend the maturities, repairing their balance sheets, holding cash at record levels and not making commitments to hiring new workers.

David F. Hoffman: While we acknowledge the sluggish pace of growth in the U.S. during the second quarter of 2010, we do not expect a double-dip recession or even a marked slowdown during the remainder of this year. Many of the factors that have weighed on growth recently, for example residential construction and exports, can be expected to wane going forward and, in the case of housing, hopefully soon begin contributing to GDP.

The remedy

Our income managers have spoken, and their prognosis is clear:

1. Inflation is not an immediate concern, but needs to be considered over the long term

2. Interest rates will start to return to normal levels, albeit slowly

3. Volatility may persist, but a double-dip recession is unlikely

Given this environment, we believe the ideal remedy for today’s retirees is the Renaissance Optimal Income Portfolio. It is designed to provide a stream of steady income with built-in inflation protection, low volatility and the potential for capital growth. So where are the managers finding the opportunities they need to achieve these portfolio characteristics?

Nick Langley: Infrastructure assets tend to pay higher yields than general equities because of the more predictable cash flows. The average yield in the Renaissance Global Infrastructure Fund has remained relatively stable at around 5% over time and the absolute level of dividends paid hardly changed through the financial crisis of 2008 and 2009. The highest-yielding assets in our universe are currently Australian and Brazilian utilities that, in some cases, are yielding more than 10%.

John Braive: We continue to see good opportunities in corporate bonds — both investment grade and high yield. The extra yield they offer over government bonds, or

“the spread,” remains very attractive on a historical basis, particularly when you realize how healthy corporate balance sheets have become in the past couple of decades. In managing the Renaissance Canadian Bond Fund, we continue to remain overweight in the corporate sector.

Domenic Monteferrante: Given some improved clarity on the Basel III rules regarding the capital and leverage requirements for banks, we view certain Canadian banks as being in a position to increase their dividends at some point over the next few quarters. The

Renaissance Canadian Dividend Fund is overweight Canadian banks as a result of this view.

Mark Kanar: In terms of credit quality, the best yield opportunities right now are in the ‘B’-rated bond category. As far as regional opportunities, the Renaissance High-Yield Bond Fund is now more than 70% U.S., which we expect will add incremental yield to the fund.

David F. Hoffman: The best yield opportunities currently exist within the local currency emerging markets bond universe. We are particularly fond of Brazil and Indonesia.

“Investors should consider an approach that combines holdings of bonds, common equity and preferred share investments.”


These are two economies that have come through the Great Recession in great shape and currently offer high single-digit to low-teen yields for longer maturity bonds. The Renaissance Global Bond Fund is currently overweight positions in commodity-producing currencies instead of the U.S. dollar — such as the Australian, New Zealand and Canadian dollars. We are also overweight the Norwegian kroner, Swedish krona and Polish zloty, and Asia ex-Japan currencies such as the Malaysian ringgit and Indonesian rupiah.

Given the broad range of opportunities available, we asked the manager what advice they would give to investors and advisors seeking to build a retirement-ready income portfolio. Here’s what they said:

Nick Langley: There are a number of assets such as listed property, listed infrastructure and some parts of general equities that offer attractive yields at the moment. We would advise investors to review both dividend yield and dividend sustainability as part of the investment process, as some assets generate short-term yield through

financial structuring, which proves to be unsustainable. We are focused on companies that offer sustainable dividends to investors where we have a high degree of confidence in future earnings and dividends.

John Braive: For investors seeking income, we recommend diversifying the traditional fixed income portfolio. Look for opportunities that focus on corporate bonds — both investment grade and high yield — and solid dividend-paying stocks.

Domenic Monteferrante: Investors should consider an approach that combines holdings of bonds, common equity and preferred share investments. The REITs sector in Canada offers high absolute yields. In common equities, potential dividend growth candidates — other than banks — over the next 12 months are BCE, Saputo, Enbridge, Tim Hortons, Metro, Industrial Alliance, Canadian National and SNC-Lavalin.

Mark Kanar: Investors should invest in companies that have strong balance sheets to withstand future uncertainty and to sustain their business over the next few years.

David F. Hoffman: Our advice is to look to the developing world for higher-yielding bonds in undervalued currencies. Outside of the sovereign debt space, we are finding value in lower-rated U.S. investment-grade corporate bonds and believe that this is an area where investors can gain extra yield without taking on too much additional risk. We like longer-maturity ‘BBB’-rated non-cyclical issuers and short-dated financial corporate bonds.

In conclusion, we believe opportunities abound to fight back against inflation, generate yield in a low-rate environment and seek stable growth and income in a potentially volatile environment. It may not be an easy task, but with teams of specialists across six income asset classes all working together, the Renaissance Optimal Income Portfolio is a powerful way to position your clients well this RSP season.

The views expressed in this article are the personal views of John Braive, Patrick O’Toole, Mark Kanar and Domenic Monteferrante, CIBC Global Asset Management Inc., David F. Hoffman, Brandywine Global Investment Management, LLC 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.


Type of security How can it beat inflation?Part of the Renaissance Optimal Income Portfolio?

Real return bonds

Real return bonds are issued by the Government of Canada and pay a rate of interest that is linked to the rate of inflation. If inflation rises, so does the bond yield. And, if the bond is held to maturity, it is virtually risk-free.

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Infrastructure

Many infrastructure assets — such as airports, toll roads and utilities — are able to increase their fees as the cost of living rises. This allows them to pass on higher levels of cash flow to investors, offsetting the impact of inflation.

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Corporate and high-yield bonds

When inflation is on the rise, it is generally a reflection of a growing economy. That means businesses that issue corporate and high-yield bonds are likely to be financially stronger, which can lead to higher prices for their bonds.

3

Dividend-paying equities

Companies that issue dividend-paying equities are also more likely to prosper in an inflationary environment. That can mean better inflation protection for investors through increased dividend rates and/or the potential for share price appreciation.

3

Inflation: what it is and how to beat itThe term “inflation” generally refers to the annualized rate of price increase of the necessities of life — things like food, shelter and transportation. Retirees without a strategy to gradually increase their cash flow along with inflation will find it harder and harder to afford these things as the years go by.

Inflation is relatively low today, but so are the yields available from traditional low-risk retirement assets, such as government bonds and GICs. That leaves investors in these vehicles with little to no real investment growth after accounting for inflation. As a result, they may find themselves rapidly eroding their principal just to get by.

Here’s a look at some other types of securities that can be added to a retirement portfolio to help investors keep one step ahead of inflation, with the potential for steadily increasing cash flow and a better chance of extending their retirement income for life.


Solution Highlight

Tap into stable income with the Renaissance OptimalIncome Portfolio

Key Benefits:

Stable income from six institutional-style income asset classes, including both equity and fixed income securities.

Inflation protection from diverse holdings in real return bonds, corporates and high-yield bonds, dividend-paying equities and infrastructure assets.

Tax efficiency from predictable monthly cash flow that blends interest, dividends and capital gains, along with the availability of T-class options.

The Renaissance Optimal Income Portfolio is optimal for your clients because it offers stable cash flow for a variety of needs — whether they need temporary income, a permanent retirement solution or just wish to increase the overall stability of their portfolio.

It’s also optimal for you because it provides a single-ticket income solution with a 1.00% annual trailer fee2 and comprehensive portfolio management so you can focus on other areas of your business.

Access the solution that’s optimal for investors and advisors — the Renaissance Optimal Income Portfolio.

Six high-quality funds in one portfolio

Fixed Income

30% Renaissance Canadian Bond Fund

15% Renaissance High-Yield Bond Fund

10% Renaissance Global Bond Fund

5% Renaissance Real Return Bond Fund

Equity Income

25% Renaissance Canadian Dividend Fund

Infrastructure

15% Renaissance Global Infrastructure Fund

1 Annualized MER for Class A units as at February 28, 2010. The MER would have been 2.12% had the Manager not waived some management fees and/or absorbed some operating expenses, with the exception of any taxes or new fees that may have been introduced by regulators or governments. This will be reviewed annually by the Manager. 2 Front-end load units.

For more information, contact your Renaissance Investments representative at 1-888-888-FUND (3863) or visit www.renaissanceinvestments.ca/oip

Competitive pricing with an MER of just 1.85%1;Select and Elite Class pricing also available to offer even greater value for higher balances

With eight portfolios to choose from, investing in Axiom Portfolios provides:

• Access 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)

Select Class - $250,000 minimum investment

Elite Class - $500,000 minimum investment

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

Investment Counsel Ltd.anso


Axiom PortfoliosAxiom Portfolios provide the benefits and peace-of-mind of

sophisticated portfolio management, while simplifying the

administration, management and reporting of a portfolio.

Axiom Portfolios


Multiple Levels of DiversificationAxiom 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 Portfolios Axiom Balanced Income Portfolio*

Equities10.0% U.S. Equity8.8% Canadian Equity6.0% International Equity3.0% Emerging Markets Equity

Income Generation12.2% Canadian Monthly Income

Fixed Income60.0% Canadian Fixed Income

Axiom Canadian Growth Portfolio*Equities56.0% Canadian Equity



Axiom Global Growth Portfolio*Equities29.0% U.S. Equity21.0% International Equity16.0% Canadian Equity10.0% Emerging Markets Equity


Fixed Income10.0% Canadian Fixed Income10.0% Global Bond

Axiom Foreign Growth Portfolio*Equities43.0% U.S. Equity33.0% International Equity10.0% Emerging Markets Equity

Fixed Income14.0% Global Bond

Axiom All Equity Portfolio*Equities38.0% U.S. Equity24.0% International Equity18.0% Emerging Markets Equity16.0% Canadian Equity


Equities18.4% Canadian Equity5.0% U.S. Equity



Axiom Balanced Growth Portfolio*Equities32.0% Canadian Equity12.0% U.S. Equity8.0% International Equity5.0% Emerging Markets Equity



Axiom Long-Term Growth Portfolio*Equities40.0% Canadian Equity10.0% U.S. Equity8.0% International Equity7.0% Emerging Markets Equity



*Target asset class allocations

Axiom Diversified Monthly Income Portfolio*


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

ATL FUND CODES

CLASS AFront-End Load ATL975 ATL983 ATL986 ATL992 ATL989 ATL995 ATL998 ATL782Back-End Load ATL976 ATL985 ATL988 ATL994 ATL991 ATL997 ATL778 ATL784Low Load ATL977 ATL984 ATL987 ATL993 ATL990 ATL996 ATL999 ATL783

SELECT CLASSFront-End Load ATL926 ATL929 ATL932 ATL935 ATL938 ATL941 ATL944 ATL947Back-End Load ATL928 ATL931 ATL934 ATL937 ATL940 ATL943 ATL946 ATL949Low Load ATL927 ATL930 ATL933 ATL936 ATL939 ATL942 ATL945 ATL948

ELITE CLASSFront-End Load ATL950 ATL953 ATL956 ATL959 ATL962 ATL965 ATL968 ATL971Back-End Load ATL952 ATL955 ATL958 ATL961 ATL964 ATL967 ATL970 ATL979Low Load ATL951 ATL954 ATL957 ATL960 ATL963 ATL966 ATL969 ATL978

CLASS F ATL981 ATL788 ATL789 ATL791 ATL790 ATL792 ATL794 ATL796

CLASS T4Front-End Load ATL2601 n/a ATL2628 ATL2655 ATL2682 ATL2736 ATL2709 ATL2763Back-End Load ATL2603 n/a ATL2630 ATL2657 ATL2684 ATL2738 ATL2711 ATL2765Low Load ATL2602 n/a ATL2629 ATL2656 ATL2683 ATL2737 ATL2710 ATL2764

CLASS T6Front-End Load ATL2604 ATL072 ATL2631 ATL2658 ATL2685 ATL2739 ATL2712 ATL2766Back-End Load ATL2606 ATL074 ATL2633 ATL2660 ATL2687 ATL2741 ATL2714 ATL2768Low Load ATL2605 ATL073 ATL2632 ATL2659 ATL2686 ATL2740 ATL2713 ATL2767

CLASS T8Front-End Load ATL2607 ATL081 ATL2634 ATL2661 ATL2688 ATL2742 ATL2715 ATL2769Back-End Load ATL2609 ATL083 ATL2636 ATL2663 ATL2690 ATL2744 ATL2717 ATL2771Low Load ATL2608 ATL082 ATL2635 ATL2662 ATL2689 ATL2743 ATL2716 ATL2770

SELECT-T4 CLASSFront-End Load ATL2610 n/a ATL2637 ATL2664 ATL2691 ATL2745 ATL2718 ATL2772Back-End Load ATL2612 n/a ATL2639 ATL2666 ATL2693 ATL2747 ATL2720 ATL2774Low Load ATL2611 n/a ATL2638 ATL2665 ATL2692 ATL2746 ATL2719 ATL2773

SELECT-T6 CLASSFront-End Load ATL2616 ATL075 ATL2643 ATL2670 ATL2697 ATL2751 ATL2724 ATL2778Back-End Load ATL2618 ATL077 ATL2645 ATL2672 ATL2699 ATL2753 ATL2726 ATL2780Low Load ATL2617 ATL076 ATL2644 ATL2671 ATL2698 ATL2752 ATL2725 ATL2779

SELECT-T8 CLASSFront-End Load ATL2622 ATL084 ATL2649 ATL2676 ATL2703 ATL2757 ATL2730 ATL2784Back-End Load ATL2624 ATL086 ATL2651 ATL2678 ATL2705 ATL2759 ATL2732 ATL2786Low Load ATL2623 ATL085 ATL2650 ATL2677 ATL2704 ATL2758 ATL2731 ATL2785

ELITE-T4 CLASSFront-End Load ATL2613 n/a ATL2640 ATL2667 ATL2694 ATL2748 ATL2721 ATL2775Back-End Load ATL2615 n/a ATL2642 ATL2669 ATL2696 ATL2750 ATL2723 ATL2777Low Load ATL2614 n/a ATL2641 ATL2668 ATL2695 ATL2749 ATL2722 ATL2776

ELITE-T6 CLASSFront-End Load ATL2619 ATL078 ATL2646 ATL2673 ATL2700 ATL2754 ATL2727 ATL2781Back-End Load ATL2621 ATL080 ATL2648 ATL2675 ATL2702 ATL2756 ATL2729 ATL2783Low Load ATL2620 ATL079 ATL2647 ATL2674 ATL2701 ATL2755 ATL2728 ATL2782

ELITE-T8 CLASSFront-End Load ATL2625 ATL087 ATL2652 ATL2679 ATL2706 ATL2760 ATL2733 ATL2787Back-End Load ATL2627 ATL089 ATL2654 ATL2681 ATL2708 ATL2762 ATL2735 ATL2789Low Load ATL2626 ATL088 ATL2653 ATL2680 ATL2707 ATL2761 ATL2734 ATL2788

MERs (%)Class A 1.99%1 2.15%1 2.30%1 2.52%1 2.41%1 2.62%1 2.63%1 2.62%1

Select Class 1.80%1 1.90%1 2.05%1 2.20%1 2.10%1 2.20%1 2.20%1 2.20%1

Elite Class 1.35%1 1.40%1 1.45%1 1.55%1 1.50%1 1.55%1 1.55%1 1.55%1

Class F 1.19%1 0.94%1 0.97%1 1.20%1 1.10%1 1.31%1 1.31%1 1.31%1

Class T4 1.92%1 n/a 2.24%1 2.50%1 n/a n/a n/a n/aClass T6 1.99%1 2.04%1 2.24%1 n/a 2.41%1 n/a n/a n/aClass T8 1.94%1 2.05%1 2.28%1 2.40%1 2.41%1 n/a n/a 2.62%1

Select-T4 Class n/a n/a n/a n/a n/a n/a n/a n/aSelect-T6 Class 1.80%1 1.90%1 n/a n/a n/a n/a n/a n/aSelect-T8 Class n/a 1.87%1 2.05%1 n/a 2.10%1 n/a n/a n/aElite-T4 Class n/a n/a n/a n/a n/a n/a n/a n/aElite-T6 Class 1.35%1 1.40%1 1.45%1 n/a n/a n/a n/a n/aElite-T8 Class n/a 1.40%1 n/a n/a n/a n/a n/a n/a

COMMISSIONS

CLASS A, T4, T6, T8Front-End Load 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5%Back-End Load 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Low Load 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

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

Front-End Load 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5%Back-End Load 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%Low Load 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

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

Front-End Load 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5% 0-5%Back-End Load 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Low Load 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

TRAILERS (%)

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

Front-End Load 1.00 1.00 1.10 1.25 1.25 1.25 1.25 1.25Back-End Load 1-6 years3 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50Back-End Load 7+ years3 1.00 1.00 1.10 1.25 1.25 1.25 1.25 1.25Low Load 1-3 years 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50Low Load Thereafter 1.00 1.00 1.10 1.25 1.25 1.25 1.25 1.25

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

Front-End Load 0.70 0.70 0.80 0.90 0.90 0.90 0.90 0.90Back-End Load 1-6 years3 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40Back-End Load 7+ years3 0.70 0.70 0.80 0.90 0.90 0.90 0.90 0.90Low Load 1-3 years 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40Low Load Thereafter 0.70 0.70 0.80 0.90 0.90 0.90 0.90 0.90

Renaissance Investments


Renaissance Investments family of fundsRenaissance 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 ContentsM O N E Y M A R K E T F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . p 36

Renaissance Money Market Fund..............p 36Renaissance Money Market Fund – Premium Class ................................................p 38Renaissance Canadian T-Bill Fund .............p 40Renaissance U.S. Money Market Fund ..... p 42

F I X E D I N C O M E F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 44

Renaissance Short-Term Income Fund ....p 44Renaissance Canadian Bond Fund ............p 46Renaissance Real Return Bond Fund ........p 48Renaissance Corporate Bond Capital Yield Fund ..........................................p 50Renaissance Corporate Bond Capital Yield Fund – Premium Class...........p 52Renaissance High-Yield Bond Fund ...........p 54Renaissance Global Bond Fund .................p 56

B A L A N C E D F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 58

Renaissance Canadian Balanced Fund .....p 58Renaissance Optimal Income Portfolio ....p 60

E Q U I T Y I N C O M E F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . . p 62

Renaissance Canadian Dividend Fund ......p 62Renaissance Canadian Monthly Income Fund ....................................................p 64Renaissance Diversified Income Fund ......p 66Renaissance Millennium High Income Fund ....................................................p 68

C A N A D I A N E Q U I T Y F U N D S . . . . . . . . . . . . . . . . . . . . . p 70

Renaissance Canadian Core Value Fund ............................................. p 70Renaissance Canadian Growth Fund ........p 72Renaissance Canadian Small-Cap Fund ... p 74

U . S . E Q U I T Y F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 76

Renaissance U.S. Equity Value Fund ......... p 76Renaissance U.S. Equity Growth Fund .....p 78Renaissance U.S. Equity Fund ....................p 80

G L O B A L E Q U I T Y F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . . p 82

Renaissance International Dividend Fund .................................................p 82Renaissance International Equity Fund ....p 84Renaissance Global Markets Fund ............p 86 Renaissance Optimal Global Equity Portfolio ..................................p 88Renaissance Global Value Fund ..................p 90Renaissance Global Growth Fund ..............p 92Renaissance Global Focus Fund .................p 94Renaissance Global Small-Cap Fund .........p 96 Renaissance European Fund .......................p 98Renaissance Asian Fund ............................p 100Renaissance China Plus Fund ...................p 102Renaissance Emerging Markets Fund .....p 104

S P E C I A LT Y F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 106

Renaissance Global Infrastructure Fund .....................................p 106Renaissance Global Health Care Fund ....p 108Renaissance Global Resource Fund ........ p 110Renaissance Global Science & Technology Fund .......................................... p 112


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

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

apply in-depth quantitative and qualitative filters to identify those with a proven abil-ity 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.

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

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.

Universe of Investment

Managers

Manager Candidates

Managers Selected for Renaissance

Investments

Quantitative Filters

Qualitative Six Step Process

Invest with Confidence



Fund Essentials

ATL FUND CODES MERs COMMISSIONS TRAILERS (%)

INVESTMENT MANAGERS

Front-End Load

Back-End Load

Low Load

ClassF

Class A (%)

Front-End Load

Back-End Load

Low Load

Front-End Load

Back-EndLoad1–6 years4

Back-EndLoad7+ years4

Low Load 1–3 years3

Low Load 4+ years3

MONEY MARKET FUNDS

Renaissance Money Market Fund CIBC Global Asset Management Inc. ATL1025 ATL1125 ATL2125 n/a 0.35%1 0-5% 5.00% 3.00% 0.25 0.25 0.25 0.25 0.25

Renaissance Money Market Fund – Premium Class CIBC Global Asset Management Inc. ATL1200 n/a n/a n/a 0.26%1 0-5% n/a n/a 0.35 n/a n/a n/a n/a

Renaissance Canadian T-Bill Fund CIBC Global Asset Management Inc. ATL922 ATL643 ATL681 n/a 0.15%1 0-5% 5.00% 3.00% 0.25 0.25 0.25 0.25 0.25

Renaissance U.S. Money Market Fund (US$) CIBC Global Asset Management Inc. ATL974 ATL363 ATL762 n/a 0.25%1 0-5% 5.00% 3.00% 0.25 0.25 0.25 0.25 0.25FIXED INCOME FUNDS

Renaissance Short-Term Income Fund CIBC Global Asset Management Inc. ATL1021 ATL1121 ATL2121 ATL1630 1.57%1 0-5% 5.00% 3.00% 0.50 0.25 0.50 0.25 0.50

Renaissance Canadian Bond Fund CIBC Global Asset Management Inc. ATL1022 ATL1122 ATL2122 ATL1631 1.49%1 0-5% 5.00% 3.00% 0.50 0.25 0.50 0.25 0.50

Renaissance Real Return Bond Fund CIBC Global Asset Management Inc. ATL251 ATL291 ATL267 ATL010 1.59%1 0-5% 5.00% 3.00% 0.75 0.25 0.75 0.25 0.75

Renaissance Corporate Bond Capital Yield Fund CIBC Global Asset Management Inc. ATL1002 ATL1102 ATL2102 ATL016 1.54%1 0-5% 5.00% 3.00% 0.75 0.25 0.75 0.25 0.75

Renaissance Corporate Bond Capital Yield Fund – Premium Class CIBC Global Asset Management Inc. ATL1202 n/a n/a n/a 0.95%1 0-5% n/a n/a 0.50 n/a n/a n/a n/a

Renaissance High-Yield Bond Fund CIBC Global Asset Management Inc. ATL908 ATL823 ATL667 ATL015 1.93%1 0-5% 5.00% 3.00% 0.75 0.25 0.75 0.25 0.75

Renaissance Global Bond Fund Brandywine Global Investment Management, LLC ATL1028 ATL1872 ATL2872 ATL1646 1.95%1 0-5% 5.00% 3.00% 0.75 0.25 0.75 0.25 0.75BALANCED FUNDS

Renaissance Canadian Balanced Fund (formerly Renaissance Canadian Balanced Value Fund)

CIBC Global Asset Management Inc. ATL508 ATL507 ATL517 ATL019 2.21%1 0-5% 5.00% 3.00% 1.10 0.50 1.10 0.50 1.10

Renaissance Optimal Income Portfolio

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

ATL048 ATL050 ATL049 ATL051 1.85%1 0-5% 5.00% 3.00% 1.00 0.50 1.00 0.35 1.00

Renaissance Optimal Income Portfolio – Select Class ATL2401 ATL2403 ATL2402 n/a n/a 0-5% 4.00% 2.00% 1.00 0.50 1.00 0.35 1.00

Renaissance Optimal Income Portfolio – Elite Class ATL2404 ATL2406 ATL2405 n/a 1.31%1 0-5% 3.00% 1.00% 0.75 0.25 0.75 0.25 0.75

Renaissance Optimal Income Portfolio – Class T6 ATL053 ATL055 ATL054 n/a 1.82%1 0-5% 5.00% 3.00% 1.00 0.50 1.00 0.35 1.00

Renaissance Optimal Income Portfolio – Select-T6 Class ATL2407 ATL2409 ATL2408 n/a 1.65%1 0-5% 4.00% 2.00% 1.00 0.50 1.00 0.35 1.00

Renaissance Optimal Income Portfolio – Elite-T6 Class ATL2410 ATL2412 ATL2411 n/a 1.35%1 0-5% 3.00% 1.00% 0.75 0.25 0.75 0.25 0.75

Renaissance Optimal Income Portfolio – Class T8 ATL056 ATL058 ATL057 n/a 1.80%1 0-5% 5.00% 3.00% 1.00 0.50 1.00 0.35 1.00

Renaissance Optimal Income Portfolio – Select-T8 Class ATL2413 ATL2415 ATL2414 n/a n/a 0-5% 4.00% 2.00% 1.00 0.50 1.00 0.35 1.00

Renaissance Optimal Income Portfolio – Elite-T8 Class ATL2416 ATL2418 ATL2417 n/a n/a 0-5% 3.00% 1.00% 0.75 0.25 0.75 0.25 0.75EQUITY INCOME FUNDS

Renaissance Canadian Dividend Fund (formerly Renaissance Canadian Dividend Income Fund)

CIBC Global Asset Management Inc. ATL294 ATL211 ATL266 ATL014 2.37%1 0-5% 5.00% 3.00% 1.25 0.25 0.75 0.50 1.25

Renaissance Canadian Monthly Income Fund CIBC Global Asset Management Inc. ATL910 ATL859 ATL668 ATL155 1.82%1 0-5% 5.00% 3.00% 0.75 0.35 1.10 0.25 0.75

Renaissance Diversified Income Fund CIBC Global Asset Management Inc. ATL247 ATL271 ATL204 ATL017 2.37%1 0-5% 5.00% 3.00% 1.10 0.25 0.75 0.35 1.10

Renaissance Millennium High Income Fund Morrison Williams Investment Management Ltd. ATL1879 ATL1880 ATL2880 ATL1650 2.42%1 0-5% 5.00% 3.00% 0.75 0.50 1.25 0.25 0.75CANADIAN EQUITY FUNDS

Renaissance Canadian Core Value FundCIBC Global Asset Management Inc., NWQ Investment Management Company, LLC

ATL901 ATL853 ATL671 ATL020 2.47%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Canadian Growth Fund McLean Budden Limited ATL902 ATL843 ATL669 ATL022 2.52%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Canadian Small-Cap Fund CIBC Global Asset Management Inc. ATL905 ATL852 ATL670 ATL023 2.52%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25U.S. EQUITY FUNDS

Renaissance U.S. Equity Value Fund Metropolitan West Capital Management, LLC ATL502 ATL501 ATL515 ATL024 2.62%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25Renaissance U.S. Equity Value Fund (US$) Metropolitan West Capital Management, LLC ATL743 ATL742 ATL744 ATL025 2.62%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25Renaissance U.S. Equity Growth Fund Aletheia Research and Management, Inc. ATL913 ATL833 ATL661 ATL026 2.62%2 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance U.S. Equity Growth Fund (US$) Aletheia Research and Management, Inc. ATL973 ATL733 ATL761 ATL027 2.62%2 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance U.S. Equity Growth Currency Neutral Fund CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc. is the investment manager of the underlying fund)

ATL1250 ATL1252 ATL1251 ATL1253 n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance U.S. Equity Fund INTECH Investment Management LLC ATL911 ATL855 ATL662 ATL028 1.85%1 0-5% 5.00% 3.00% 0.75 0.25 0.75 0.25 0.75

Renaissance U.S. Equity Fund (US$) INTECH Investment Management LLC ATL797 ATL799 ATL798 ATL097 1.85%1 0-5% 5.00% 3.00% 0.75 0.25 0.75 0.25 0.75

GLOBAL EQUITY FUNDS

Renaissance International Dividend Fund KBC Asset Management Limited ATL914 ATL856 ATL677 ATL032 2.26%1 0-5% 5.00% 3.00% 0.75 0.25 0.75 0.25 0.75

Renaissance International Equity Fund Walter Scott & Partners Limited ATL1868 ATL1869 ATL2869 ATL1644 2.67%2 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance International Equity Currency Neutral Fund CIBC Global Asset Management Inc. (Walter Scott & Partners Limited is the investment manager of the underlying fund)

ATL1240 ATL1242 ATL1241 ATL1243 n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Markets Fund Wintergreen Advisers, LLC ATL1029 ATL1873 ATL2873 ATL1647 2.65%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Portfolio (formerly Renaissance Global Multi Management Fund)

Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, RARE Infrastructure Limited, Wellington Management Company, Wintergreen Advisers, LLC

ATL1902 ATL1903 ATL2903 ATL1652 2.65%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Portfolio – Select Class ATL2419 ATL2421 ATL2420 n/a n/a 0-5% 4.00% 2.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Portfolio – Elite Class ATL2422 ATL2424 ATL2423 n/a n/a 0-5% 3.00% 1.00% 0.90 0.40 0.90 0.40 0.90

Renaissance Optimal Global Equity Portfolio – Class T4 ATL2425 ATL2427 ATL2426 n/a 2.65%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Portfolio – Select-T4 Class ATL2434 ATL2436 ATL2435 n/a n/a 0-5% 4.00% 2.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Portfolio – Elite-T4 Class ATL2437 ATL2439 ATL2438 n/a n/a 0-5% 3.00% 1.00% 0.90 0.40 0.90 0.40 0.90

Renaissance Optimal Global Equity Portfolio – Class T6 ATL2428 ATL2430 ATL2429 n/a n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25



Renaissance Optimal Global Equity Portfolio – Class T8 ATL2431 ATL2433 ATL2432 n/a n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25



1



Fund Essentials

ATL FUND CODES MERs COMMISSIONS TRAILERS (%)

INVESTMENT MANAGERS

Front-End Load

Back-End Load

Low Load

ClassF

Class A (%)

Front-End Load

Back-End Load

Low Load

Front-End Load

Back-EndLoad1–6 years4

Back-EndLoad7+ years4

Low Load 1–3 years3

Low Load 4+ years3

GLOBAL EQUITY FUNDS (continued)

Renaissance Optimal Global Equity Currency Neutral Portfolio

CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, RARE Infrastructure Limited, Wellington Management Company and Wintergreen Advisers, LLC are the investment managers of the underlying funds)

ATL1265 ATL1267 ATL1266 ATL1268 n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Select Class

ATL1270 ATL1272 ATL1271 n/a n/a 0-5% 4.00% 2.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio - Elite Class

ATL1273 ATL1275 ATL1274 n/a n/a 0-5% 3.00% 1.00% 0.90 0.40 0.90 0.40 0.90

Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T4

ATL1276 ATL1278 ATL1277 n/a n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T4 Class

ATL1285 ATL1287 ATL1286 n/a n/a 0-5% 4.00% 2.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T4 Class

ATL1294 ATL1296 ATL1295 n/a n/a 0-5% 3.00% 1.00% 0.90 0.40 0.90 0.40 0.90


ATL1279 ATL1281 ATL1280 n/a n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25


ATL1288 ATL1290 ATL1289 n/a n/a 0-5% 4.00% 2.00% 1.25 0.50 1.25 0.50 1.25


ATL1297 ATL1299 ATL1298 n/a n/a 0-5% 3.00% 1.00% 0.90 0.40 0.90 0.40 0.90


ATL1282 ATL1284 ATL1283 n/a n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25


ATL1291 ATL1293 ATL1292 n/a n/a 0-5% 4.00% 2.00% 1.25 0.50 1.25 0.50 1.25


ATL1300 ATL1302 ATL1301 n/a n/a 0-5% 3.00% 1.00% 0.90 0.40 0.90 0.40 0.90

Renaissance Global Value Fund NWQ Investment Management Company, LLC ATL1030 ATL1031 ATL2031 ATL1625 2.67%2 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Growth Fund Walter Scott & Partners Limited ATL504 ATL503 ATL516 ATL034 2.67%2 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Growth Currency Neutral FundCIBC Global Asset Management Inc. (Walter Scott & Partners Limited is the investment manager of the underlying fund)

ATL1235 ATL1237 ATL1236 ATL1238 n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Focus Fund Aletheia Research and Management, Inc. ATL510 ATL509 ATL511 ATL036 2.69%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Focus Currency Neutral Fund CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc. is the investment manager of the underlying fund)

ATL1245 ATL1247 ATL1246 ATL1248 n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Small-Cap Fund Wellington Management Company, LLP ATL1040 ATL1041 ATL2041 ATL1626 2.92%2 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance European Fund BlackRock Investment Management International Limited

ATL917 ATL163 ATL673 ATL030 2.70%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Asian Fund Hamon Investment Management Limited ATL1512 ATL1519 ATL2519 ATL1639 3.21%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance China Plus Fund Hamon Investment Management Limited ATL1050 ATL1051 ATL2051 ATL1627 3.15%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25Renaissance Emerging Markets Fund Pictet Asset Management Limited ATL920 ATL858 ATL675 ATL029 2.90%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25SPECIALTY FUNDS

Renaissance Global Infrastructure Fund RARE Infrastructure Limited ATL059 ATL061 ATL060 ATL062 2.50%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Infrastructure Currency Neutral Fund CIBC Global Asset Management Inc. (RARE Infrastructure Limited is the investment manager of the underlying fund)

ATL1230 ATL1232 ATL1231 ATL1233 n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Real Estate Fund Cohen & Steers Capital Management Inc. ATL1255 ATL1257 ATL1256 ATL1258 n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Real Estate Currency Neutral Fund CIBC Global Asset Management Inc. (Cohen & Steers Capital Management Inc. is the investment manager of the underlying fund)

ATL1260 ATL1262 ATL1261 ATL1263 n/a 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Health Care Fund Wellington Management Company, LLP ATL1161 ATL1162 ATL2162 ATL1635 3.17%1 0-5% 5.00% 3.00% 1.00 0.50 1.00 0.50 1.00

Renaissance Global Resource Fund Front Street Investment Management Inc. ATL1860 ATL1861 ATL2861 ATL1666 3.20%1 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Science & Technology Fund CIBC Global Asset Management Inc. ATL1027 ATL1871 ATL2871 ATL1645 2.90% 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Renaissance Global Science & Technology Fund (US$) CIBC Global Asset Management Inc. ATL1227 ATL1371 ATL2371 ATL1637 2.90% 0-5% 5.00% 3.00% 1.25 0.50 1.25 0.50 1.25

Select and Elite Class: There will be no automatic transfer into the Select Class (including Select-T6 Class or Select-T8 Class within the Renaissance Optimal Income Portfolio or Select-T4 Class, Select-T6 or Select-T8 Class within the Renaissance Optimal Global Equity Portfolio) or Elite Class (including Elite-T6 Class or Elite-T8 Class within the Renaissance Optimal Income Portfolio or Elite-T4 Class, Elite-T6 or Select-T8 Class within the Renaissance Optimal Global Equity Portfolio) from other Renaissance classes when the minimum investment of the Select classes or Elite classes has been reached. Conversions and switches into the Select classes or Elite classes will be subject to the minimum investment requirements governing each class. As a result, an investor must hold a minimum investment of $250,000 to convert or switch into the Select classes, and $500,000 to convert or switch into the Elite classes. Note: See the Renaissance Investments family of funds Simplified Prospectus for the tax treatment of conversions and switches. 1 Annualized MER for the period ending February 28, 2010 (as disclosed in each fund’s interim management report of fund performance. Renaissance Investments may have waived fees or absorbed expenses

otherwise payable by a fund or portfolio, with the exception of any taxes or new fees introduced by regulators or governments. At the discretion of Renaissance Investments, this practice may continue indefinitely and can be terminated at any time.

2 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.

3 All units held under the low load option prior to December 1, 2009 will maintain the trailing commission structure that was in place prior to December 1, 2009. Purchases of units under the low load option made beginning December 1, 2009 will be subject to the trailing commission structure detailed above.

4 All units held under the back-end load option prior to November 1, 2010 will maintain the trailing commission structure that was in place prior to November 1, 2010. Purchases of units under the low load option made beginning November 1, 2010 will be subject to the trailing commission structure detailed above.


Live Better

Inspired, not retired

Not so long ago, reaching age 60 or 65 meant checking out of the working world and a gradual slide away from the fullness of life. But inactivity, isolation, dependency and other aspects of traditional retirement don’t cut it with the boomer generation. They are turning to retirement coaching for help in designing the next chapter of their lives.

Retirement coaching gives boomers licence to dream

Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do... Explore. Dream. Discover.

— Mark Twain

>


Catherine Greven has coached individuals at many stages of life. She worked as a career counsellor for 30 years, helping high school students make important choices about their future. Then, she spent a decade as a life coach, helping middle-aged clients get what they wanted out of life.

Now, as a Certified Retirement Coach and owner of Burlington, Ontario-based Positive Transitions, Cathy is helping career men and women with the transition into retirement. “You can’t just plan your retirement with a calculator,” she says. “Retirement coaching considers your emotional and spiritual needs, your aspirations and desires as well as health, family, leisure, social and lifestyle factors.”

Making a positive transition

Cathy believes self-awareness is the key to creating a fulfilling life for yourself in retirement. “A retirement coach helps people answer the big questions — What gives meaning to my life? What do I find fulfilling?” The goal is to help clients uncover their passions, dreams, talents and interests, then establish a plan for the future to translate their vision into reality.

Retirement is a daunting life transition. One moment you have the esteem and friendship of colleagues, the respect of the business

community, decision-making powers, a schedule, responsibilities — you are at the height of your knowledge and experience — then it’s gone.

Without adequate preparation and under-standing, retirement can result in shock and denial, anger, frustration and even depression.

A retirement coach helps clients prepare an exciting new life. So they are not only retiring from something — but retiring to something.

Sign of the times

There are two main reasons why retirement coaching is gaining popularity. Firstly, the

values and attitudes of the boomer generation have demolished the old concept of retirement. There has never been a generation more focused on pursuing and achieving career, health, lifestyle and personal development goals. This generation is proactive and values professional advice.

Secondly, with longevity increasing, we can expect to live two or three decades in “retirement.” The average Canadian lives to over 80 years of age, and for a couple aged 62, there’s a 58% chance that one of them will live to 90 and a 29% chance that one will reach 95. Golf is fun, but for 30 years? People are realizing they need a better plan.

Here are some of the options Cathy sees her clients incorporating into their lifestyle:

1. Keep on workingIf you love what you’re doing, there’s no need to stop. And whether you need the money or not, it’s good for your health. A recent University of Maryland study suggests that those who remain in the labour force,

even in part-time jobs, maintain their cognitive abilities and physical dexterity much better than those who stop working entirely.

“...72% of senior-level business executives say their current position is not their ‘dream job,’ and many named creative professions when asked about their fantasy careers.”


Catherine Greven owns and operates Positive Transitions in Burlington, Ontario. The views expressed in this article are those of Catherine Greven and should not be taken as the views of CIBC Asset Management.

Tips for retiring smartStart planning five years in advance. It takes time to get your thoughts together, talk to people and make decisions. And whether you decide to go back to school or raise your fitness level to cycle through Europe, you need time to prepare. The sooner you get started, the better.

Follow your passion. What puts a sparkle in your eye? What have you always wanted to do? What did you do when you were younger, but had to stop? Excavate that magic memory.

Read and soul search. Cathy recom-mends books such as What Color Is Your Parachute? For Retirement, by Richard N. Bolles and John E. Nelson, and Retire Smart, Retire Happy: Finding Your True Path in Life, by Nancy K. Schlossberg.

According to a 2003 AARP/Roper survey:

> 80% of American baby boomers expect to keep working

> Only 7% expect to be employed full-time

> 15% would like to start their own retirement businesses

Cathy says many people get a “feel good” job during retirement — one that uses their talents in a similar field, but in the non-profit or public service sector.

2. Follow your passionA survey conducted by BusinessWeek revealed that 72% of senior-level business executives say their current position is not their “dream job,” and many named creative professions when asked about their fantasy careers. Cathy says she sees many people return to a passion or dream from their youth during retirement.

3. Go back to schoolSome pre-retirees go back to college or university to earn credentials in a new or related field while they are still in their current job.

4. Start a business“Seniorpreneurs” who create their own retirement jobs currently comprise more than 30% of the total workforce over 55, and are by far the fastest-growing segment in the small business sector.

With professional coaching, retirement can be a golden opportunity to redesign your lifestyle — not resign from life. Cathy believes that “retirement is not the end of anything, it’s just the beginning of a whole new realm of possibilities.”

While your goal as a financial advisor is to help your clients’ dreams happen financially, a retirement coach could be a valuable addition to your team. Consider looking online for a retirement coach in your area — there might be an opportunity to start a referral relationship, and you’ll have yet another tool at your disposal to help your clients experience a positive transition to the next chapter of their life.

Brain Calisthenics

Word scramble

Unscramble the following letters to spell words from this issue’s “Invest Well” article:

1. riptoincssrep

2. ntioalfin

3. itnsteer

4. downwols

5. dbynarneiw

6. mtrtauiy

7. eiurprss

8. dleiy

9. oreveiwhgt

10. coommtdyi

Sudoku

Complete the Sudoku puzzle so that each and every row, column and 3x3 box contains the numbers one through nine only once.

6 8

9 5 2 8 6 3

8 5 2 9

5 2 9 3 1 8

6 4 1 7 5 2

6 4 1 5

4 1 3 6 2 9

9 3

Spot the difference: Tuscany

Can you spot the five differences between the pictures below?

Source: 4puz.com

Check your answers at www.renaissanceinvestments.ca/braincalisthenics

Call your Renaissance Investments representative today1 888 888 FUND (3863)www.renaissanceinvestments.ca

The optimal income solution for your clients is also optimal for you.

Optimal for your clients

Diversified income sources: six high-quality funds in one portfolio

Reliable income with growth potential

Innovative, institutional-style asset classes

Low volatility and built-in inflation protection

T-class options

Competitive 1.85%1 MER

Optimal for you

One-stop, single-ticket income solution

Low-maintenance design with automatic rebalancing

1.00% annual trailer fee2 to recognize your valuable advice

Renaissance Optimal Income Portfolio

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

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. 1Annualized MER for Class A units as at February 28, 2010. The MER would have been 2.12% had the Manager not waived some management fees and/or absorbed some operating expenses. This will be reviewed annually by the Manager. 2Front-end load units.

To learn more about how Renaissance Investments can help you and your clients invest well and live better, visit www.renaissanceinvestments.ca or call 1 888 888 FUND (3863).

FOR DEALER USE ONLYRenaissance 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 pur-poses only and is not intended to convey investment, legal or tax advice. The material and/or its contents may not be reproduced or distributed without the express written consent of CIBC Asset Management Inc.Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The indicated rates of return are the historical annual compounded total returns for the class A units unless otherwise noted, including changes in unit value and reinvestment of all distributions, but do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. For money market funds, the performance data provided assumes reinvestment of distributions only but does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, nor are they guaranteed. There can be no assurance that a money market fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment will be returned to you. The values of many mutual funds change frequently. Past performance may not be repeated. †Current yield is an annualized historical yield based on the seven-day period ended on September 30, 2010 and does not represent an actual one-year return. ™ Axiom, Axiom Portfolios, Renaissance Investments and “invest well. live better.” are registered trademarks of CIBC Asset Management Inc.

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