Annual Financial Statements for the financial year ended August 31, 2007

Transcription

1 Renaissance U.S. Equity Value Fund Annual Financial Statements for the financial year ended August 31, 2007 Statement of Investment Portfolio As at August 31, 2007 Average Cost Current Value Average Cost Current Value Number of Shares ($) ($) Number of Shares ($) ($) United States Equities 63,800 Microsoft Corp. 1,876,075 1,939,012 18,400 BorgWarner Inc. 1,313,373 1,644,745 83,402 Symantec Corp. 1,649,755 1,659,546 39,800 Carnival Corp. 1,961,120 1,919,450 Information Technology (3.32%) 3,525,830 3,598,558 32,000 Constellation Brands Inc., Class A 938, ,522 12,000 Fortune Brands Inc. 1,146,994 1,054,761 63,455 AT&T Inc. 2,401,091 2,676,309 12,900 Harley-Davidson Inc. 795, , ,890 Sprint Nextel Corp. 2,814,689 2,299,468 26,900 Home Depot Inc. 1,106,854 1,090,156 22,700 Johnson Controls Inc. 2,104,990 2,715,892 Telecommunication Services (4.59%) 5,215,780 4,975,777 52,200 News Corp., Class A 1,077,524 1,117,096 43,400 American Electric Power Co. Inc. 1,833,375 2,042,108 28,700 Omnicom Group Inc. 1,440,464 1,546,250 39,400 Exelon Corp. 2,633,905 2,945,475 11,920 R.H. Donnelley Corp. 843, ,821 33,000 NiSource Inc. 749, ,686 Consumer Discretionary (12.34%) 12,728,395 13,382,726 43,900 Northeast Utilities 1,088,894 1,284,055 34,500 Pepco Holdings Inc. 911,166 1,017,504 23,400 Anheuser-Busch Cos. Inc. 1,152,522 1,222,832 18,600 Sempra Energy Inc. 1,010,787 1,082,771 30,800 Costco Wholesale Corp. 1,853,144 2,011,925 Utilities (8.32%) 8,227,145 9,029,599 Consumer Staples (2.98%) 3,005,666 3,234,757 Total of United States Equities (98.81%) 104,246, ,140,463 42,700 Chevron Corp. 3,431,474 3,964,136 Total of Investments (98.81%) 104,246, ,140,463 16,800 Ensco International Inc. 863, ,591 44,800 ExxonMobil Corp. 3,126,022 4,062,889 Other Assets, less Liabilities (1.19%) 1,285,908 15,600 GlobalSantaFe Corp. 811,175 1,164,909 42,400 Halliburton Co. 1,478,920 1,551,460 Total Net Assets (100.00%) 108,426,371 14,700 Peabody Energy Corp. 652, ,047 Energy (11.41%) 10,362,859 12,368,032 12,500 Aflac Inc. 690, ,925 23,100 Allstate Corp. (The) 1,403,993 1,337,889 32,022 Bank of America Corp. 1,661,924 1,716,758 58,189 Bank of New York Mellon Corp. 2,686,803 2,488, ,573 Citigroup Inc. 5,772,463 5,285,169 8,100 City National Corp. 608, ,711 32,850 Discover Financial Services 905, ,124 57,700 Fifth Third Bancorp 2,441,191 2,178,444 17,400 Freddie Mac 1,250,789 1,134,030 18,100 Hartford Financial Services Group Inc. (The) 1,744,369 1,702,367 72,878 JPMorgan Chase & Co. 3,493,266 3,432,225 57,900 Morgan Stanley 4,068,350 3,820,132 20,900 Northern Trust Corp. 1,338,251 1,358,823 26,200 PNC Financial Services Group 2,003,624 1,950,352 3,400 Standard & Poor s 500 Depository Receipts, Series 1 544, , ,800 Wells Fargo & Co. 4,723,644 4,901,307 Financials (31.32%) 35,337,829 33,957,446 47,600 Bristol-Myers Squibb Co. 1,327,611 1,467,809 7,400 Cephalon Inc. 569, ,498 24,900 Johnson & Johnson 1,661,291 1,627,577 19,400 Medco Health Solutions Inc. 1,278,020 1,753,630 46,600 Merck & Co. Inc. 2,445,195 2,473,171 14,900 UnitedHealth Group Inc. 876, ,256 46,400 Wyeth 2,473,265 2,272,600 Health Care (10.12%) 10,631,495 10,970,541 25,200 Burlington Northern Santa Fe Corp. 2,237,639 2,163,282 16,300 FedEx Corp. 1,950,158 1,891, ,200 General Electric Co. 4,239,208 4,243,443 41,300 Illinois Tool Works Inc. 2,203,095 2,541,401 7,400 Lockheed Martin Corp. 628, ,077 56,800 Masco Corp. 1,887,183 1,563,435 15,200 Northrop Grumman Corp. 1,117,757 1,267,694 13,000 Paccar Inc. 948,734 1,176,488 Industrials (14.41%) 15,211,867 15,623,027 The accompanying notes are an integral part of these financial statements.

2 Renaissance U.S. Equity Value Fund Statements of Net Assets Statements of Changes in Net Assets (continued) (in 000s, except per unit amounts) Class O Units As at August 31, 2007, August 31, 2006, and December 31, 2005 (note 1) Increase (Decrease) in Net Assets from Operations $ 5,251 $ 384 $ (57) Assets Distributions Paid or Payable to Unitholders Investments at current value (notes 2 and 3) $ 107,140 $ 89,464 $ 68,157 From net investment income (2,406) (288) Cash including foreign currency holdings, at current value 1,437 1, (2,406) (288) Accrued interest and dividends receivable Changes Due to Unitholder Transactions Receivable for portfolio securities sold Amount received from the issuance of units 5,407 44, Receivable for units issued Amount received from reinvestment of distributions 2, Other receivables 25 Amount paid on redemptions of units (18,229) (13,257) (10,904) Total Assets 108,831 92,147 68,354 Liabilities Payable for portfolio securities purchased 70 1,272 Payable for units redeemed Management fees payable Other accrued expenses Total Liabilities ,484 Total Net Assets $ 108,426 $ 91,677 $ 66,870 Total Net Assets per Class Class A $ 60,571 $ 36,439 $ 43,084 Class F $ 193 $ 5 $ 4 Class O $ 47,662 $ 55,233 $ 23,782 Net Asset Value per Unit (note 4) Class A $ 9.58 $ 9.04 $ 8.92 Class F $ $ $ Class O $ $ $ (10,416) 31,067 (9,684) Increase (Decrease) in Net Assets for the Period (7,571) 31,451 (10,029) Net Assets at Beginning of Period 55,233 23,782 33,811 Net Assets at End of Period $ 47,662 $ 55,233 $ 23,782 Statements of Operations (in 000s, except per unit amounts) For the periods ended August 31, 2007, August 31, 2006, and December 31, 2005 (note 1) Income Interest revenue $ 31 $ 13 $ 12 Dividend revenue 2,333 1,861 1,457 Securities lending revenue ,367 1,875 1,472 Statements of Changes in Net Assets Expenses (notes 5 and 8) Management fees ,023 (in 000s) Audit fees For the periods ended August 31, 2007, August 31, 2006, and Custodial fees Independent review committee fees 1 1 December 31, 2005 (note 1) Legal fees Class A Units Regulatory fees Unitholder reporting costs Increase (Decrease) in Net Assets from Other expenses 5 1 Operations $ 2,377 $ 621 $ (1,238) 1, ,304 Distributions Paid or Payable to Unitholders From net investment income (194) (17) Return of capital (11) Expenses waived/absorbed by the Manager (50) (81) (126) 1, ,178 (194) (11) (17) Net Investment Income (Loss) 1,354 1, Changes Due to Unitholder Transactions Realized and Unrealized Gain (Loss) on Amount received from the issuance of units (note 4) 31,808 2,072 5,144 Investments Amount received from reinvestment of distributions Net realized gain (loss) on sale of investments 1 3,979 (2,753) (1,910) Amount paid on redemptions of units (10,052) (9,338) (17,201) Net realized gain (loss) on foreign currency 21,949 (7,255) (12,057) (notes 2c and d) (282) (180) (165) Increase (decrease) in unrealized appreciation Increase (Decrease) in Net Assets for the Period 24,132 (6,645) (13,312) (depreciation) of investments 2,577 2, Net Assets at Beginning of Period 36,439 43,084 56,396 Net Gain (Loss) on Investments 6,274 (184) (1,589) Net Assets at End of Period $ 60,571 $ 36,439 $ 43,084 Increase (Decrease) in Net Assets from Operations $ 7,628 $ 1,005 $ (1,295) Class F Units Increase (Decrease) in Net Assets from Increase (Decrease) in Net Assets from Operations per Class Operations $ $ Class A $ 2,377 $ 621 $ (1,238) Changes Due to Unitholder Transactions Class F $ $ $ Amount received from the issuance of units (note 4) Class O $ 5,251 $ 384 $ (57) Amount paid on redemptions of units (5) Increase (Decrease) in Net Assets from Operations per Unit Class A $ 0.61 $ 0.14 $ (0.23) Increase (Decrease) in Net Assets for the Period Class F $ 0.20 $ 0.23 $ (0.05) Net Assets at Beginning of Period 5 4 Class O $ 1.19 $ 0.11 $ (0.02) Net Assets at End of Period $ 193 $ 5 $ 4 The accompanying notes are an integral part of these financial statements.

3 Renaissance U.S. Equity Value Fund 1 Net Realized Gain (Loss) on Sale of Investments (excluding short-term investments) (in 000s) Cost of Investments Held at Beginning of Period $ 89,148 $ 67,969 $ 90,580 Purchases 53, ,224 29, , , ,218 Cost of Investments Held at End of Period 104,247 89,148 67,969 Cost of Investments Sold or Matured 37,971 87,045 52,249 Proceeds from sales or maturities 41,950 84,292 50,339 Net Realized Gain (Loss) on Sale of Investments $ 3,979 $ (2,753) $ (1,910) The accompanying notes are an integral part of these financial statements.

4 August 31, 2007, August 31, 2006, and December 31, Renaissance Investments family of funds Organization of the Funds and Financial Premium Class units are available to investors with a minimum initial investment of $25,000 Reporting Periods on a load basis. Investors do pay a sales commission when purchasing units of the Funds, and Each of the Renaissance Funds (individually, a Fund, and collectively, the Funds ) is, or can be charged a redemption fee if they redeem their units. They may have to pay a shortexpects to be, a mutual fund trust organized under the laws of Ontario and governed by a term trading fee, if applicable. declaration of trust ( Declaration of Trust ). Class O units are only available to selected investors who have been approved by and have The Funds are managed by CIBC Asset Management Inc. (the Manager ). The Manager is entered into a Class O account agreement with the Manager. These investors are typically also the trustee, registrar, and transfer agent of the Funds. financial services companies, including the Manager, that will use units of the Funds to Each Fund may issue an unlimited number of Classes of units and unlimited number of facilitate offering other products to investors. No management fees or operating expenses are units of each class. Class A, F, and O units of each of the Funds are available for sale (except charged to the Funds in respect of Class O units; instead, a negotiated management fee is Renaissance Canadian T-Bill Fund and Renaissance U.S. Money Market Fund, which only has charged by the Manager directly, or as directed by, Class O unitholders. Class A units, and Renaissance Money Market Fund, which has Class A, O, and Premium During the 2006 financial year, the year-end of the Funds was changed from December 31 Class units available for sale). Each class may charge a different management fee, and to August 31. Financial statements and other reported information relating to 2005 is operating expenses can either be common or class specific. Class specific expenses are presented to comply with securities regulations applicable to changes in year ends for mutual allocated on a class-by-class basis. As a result, a separate net asset value per unit is calculated funds. for each class. The Statement of Investment Portfolio of each Fund is as at August 31, The Class A units are available to all investors on a load basis. Investors may pay a sales Statements of Net Assets are as at August 31, 2007, August 31, 2006, and December 31, commission when purchasing units of the Funds, and may be charged a redemption fee if 2005 and the Statements of Operations and Statement of Changes in Net Assets are for the they redeem their units. They may have to pay a short-term trading fee, if applicable. periods ended August 31, 2007, August 31, 2006, and December 31, 2005, except for Funds Class F units are available to investors participating in programs that do not require the or classes established during either period, in which case the information presented is from payment of sales charges by investors and do not require the payment of service or trailing the Date Established or the Inception Date to August 31, 2007, August 31, 2006, or commissions to dealers. For these investors, the Manager unbundles the typical distribution December 31, costs and charges a lower management fee. Potential investors include clients of fee-for- Date Established is the date on which a Fund was established by Declaration of Trust. service investment advisors, dealer-sponsored wrap accounts, and others who pay an Inception Date is the date upon which a class of units of a Fund were first sold to the annual fee to their dealer instead of transactional sales charges and where the dealer does not public. receive service fees or trailing commissions from the Manager. Inception Date Inception Date Inception Date Inception Date Name Date Established Class A Units Class F Units Class O Units Premium Class Units Renaissance Money Market Fund 1 February 10, 1986 January 2, 1987 n/a July 20, 2007 August 21, 2006 Renaissance Canadian T-Bill Fund August 21, 1987 August 21, 1987 n/a n/a n/a Renaissance U.S. Money Market Fund March 30, 1987 March 30, 1987 n/a n/a n/a Renaissance Canadian Income Fund 2 April 24, 1974 October 1, 1974 February 21, 2002 June 1, 2001 n/a Renaissance Canadian Bond Fund 3 June 21, 1972 January 1, 1973 August 10, 2004 July 14, 2005 n/a Renaissance Canadian Real Return Bond Fund November 8, 2002 June 2, 2003 September 27, 2005 March 15, 2005 n/a Renaissance Canadian High Yield Bond Fund September 23, 1994 September 23, 1994 October 11, 2005 July 12, 2005 n/a Renaissance Global Bond Fund 4 October 6, 1992 October 21, 1992 August 22, 2007 July 13, 2005 n/a Renaissance Canadian Balanced Fund December 10, 1984 December 10, 1984 November 23, 2005 November 17, 2003 n/a Renaissance Canadian Balanced Value Fund January 19, 1999 March 10, 1999 October 7, 2005 March 15, 2005 n/a Renaissance Canadian Asset Allocation Fund 5 February 10, 1986 February 10, 1986 September 28, 2001 June 1, 2001 n/a Renaissance Global Asset Allocation Fund 6 October 8, 1987 October 8, 1987 September 25, 2001 n/a n/a Renaissance Canadian Monthly Income Fund October 30, 1997 October 30, 1997 June 13, 2007 n/a n/a Renaissance Diversified Income Fund November 8, 2002 February 4, 2003 October 14, 2005 July 12, 2005 n/a Renaissance Millennium High Income Fund 7 January 6, 1997 February 13, 1997 September 6, 2001 April 18, 2002 n/a Renaissance Canadian Dividend Income Fund November 8, 2002 November 8, 2002 October 19, 2005 August 11, 2005 n/a Renaissance Dividend Fund 8 August 25, 1995 September 12, 1995 December 18, 2001 n/a n/a Renaissance Canadian Core Value Fund September 23, 1994 September 23, 1994 September 26, 2005 November 17, 2003 n/a Renaissance Canadian Growth Fund October 30, 1985 October 30, 1985 November 24, 2005 July 12, 2005 n/a Renaissance Canadian Small-Cap Fund 9 October 22, 1996 October 25, 1996 November 3, 2005 July 12, 2005 n/a Renaissance Millennium Next Generation Fund 10 August 13, 1993 January 19, 1999 February 14, 2001 January 2, 2001 n/a Renaissance U.S. Equity Value Fund November 24, 1998 December 17, 1998 November 3, 2005 November 17, 2003 n/a Renaissance U.S. Equity Growth Fund October 30, 1985 October 30, 1985 November 3, 2005 July 12, 2005 n/a Renaissance U.S. Index Fund October 22, 1996 October 25, 1996 November 23, 2005 n/a n/a Renaissance International Index Fund October 22, 1996 October 25, 1996 September 28, 2005 n/a n/a Renaissance International Equity Fund 11 November 6, 2000 January 2, 2001 May 16, 2006 January 2, 2001 n/a Renaissance Global Markets Fund 12 October 6, 1992 January 11, 1993 October 19, 2001 November 24, 2006 n/a Renaissance Global Multi Management Fund 13 February 4, 2000 February 16, 2000 May 9, 2001 April 18, 2002 n/a Renaissance Global Value Fund 14 January 21, 1998 May 1, 1998 February 22, 2002 January 2, 2001 n/a Renaissance Global Growth Fund November 24, 1998 December 17, 1998 September 26, 2005 May 31, 2006 n/a Renaissance Global Focus Fund 15 September 3, 1999 September 6, 1999 April 5, 2007 May 31, 2006 n/a Renaissance Global Small-Cap Fund 16 January 21, 1998 February 2, 1998 January 31, 2001 January 2, 2001 n/a Renaissance European Fund 17 November 24, 1993 November 24, 1993 February 14, 2002 n/a n/a Renaissance Asian Fund 18 October 6, 1989 January 2, 1990 May 17, 2002 n/a n/a Renaissance China Plus Fund 19 January 21, 1998 February 2, 1998 May 10, 2001 January 2, 2001 n/a Renaissance Emerging Markets Fund 20 October 22, 1996 October 25, 1996 May 25, 2007 July 12, 2005 n/a Renaissance Global Technology Fund March 31, 2000 April 6, 2000 n/a n/a n/a Renaissance Global Health Care Fund 21 October 2, 1996 November 2, 1996 December 12, 2000 January 2, 2001 n/a Renaissance Global Resource Fund 22 July 30, 2002 August 2, 2002 November 27, 2003 January 11, 2007 n/a Renaissance Global Science & Technology Fund 23 October 2, 1996 October 28, 1996 December 14, 2000 January 2, 2001 n/a 1 Formerly Talvest Money Market Fund 13 Formerly Talvest Global Multi Management Fund 2 Formerly Talvest Income Fund 14 Formerly Talvest Global Equity Fund 3 Formerly Talvest Bond Fund 15 Formerly Renaissance Global Sectors Fund 4 Formerly Talvest Global Bond Fund 16 Formerly Talvest Global Small Cap Fund 5 Formerly Talvest Cdn. Asset Allocation Fund 17 Formerly Renaissance Euro Fund 6 Formerly Talvest Global Asset Allocation Fund 18 Formerly Talvest Asian Fund 7 Formerly Talvest Millennium High Income Fund 19 Formerly Talvest China Plus Fund 8 Formerly Talvest Dividend Fund 20 Formerly Renaissance Developing Capital Markets Fund 9 Formerly Renaissance Canadian Small Cap Fund 21 Formerly Talvest Global Health Care Fund 10 Formerly Talvest Millennium Next Generation Fund 22 Formerly Talvest Global Resource Fund 11 Formerly Talvest International Equity Fund 23 Formerly Talvest Global Science & Technology Fund 12 Formerly Talvest Global Markets Fund

5 2. Summary of Significant Accounting Policies recorded as an Increase (decrease) in unrealized appreciation (depreciation) of investments These financial statements, prepared in accordance with Canadian generally accepted during the applicable period on the Statements of Operations. accounting principles ( GAAP ), include estimates and assumptions by management that The gain or loss arising from the difference between the value of the original forward affect the reported amounts of assets, liabilities, income, and expenses during the reporting foreign currency contract and the contract at close or delivery is realized and recorded as Net periods. Actual results may differ from such estimates. realized gain (loss) on foreign currency for Funds that use the forward foreign currency contracts for hedging, or as Income (loss) from forward foreign currency contracts for Funds Future adoption of new accounting standards The requirements of CICA Handbook Section 3855, Financial Instruments Recognition and that do not use the forward foreign currency contracts for hedging. Measurement ( CICA 3855 ), became effective for fiscal years beginning on or after e) Futures Contracts October 1, CICA 3855 prescribes specific guidance for establishing fair values under The margin deposits with brokers relating to futures contracts are included in Margin on the GAAP, including the use of bid prices for long positions and ask prices for short positions for Statements of Net Assets. Any change in the margin requirement is settled daily, and is investments quoted in active markets. Where active markets do not exist, fair values are included in Receivable for portfolio securities sold or Payable for portfolio securities purchased established using a fair valuation technique. Prior to the adoption of CICA 3855, fair values on the Statements of Net Assets. were based on last traded or closing prices or based on management s best estimate where Any difference between the settlement value at the close of business on each valuation market quotations were not reliable or available. date and the settlement value at the close of business on the previous valuation date is CICA 3855 also requires that transaction costs (such as brokerage commissions) incurred on recorded as Income (loss) from futures contracts on the Statements of Operations. portfolio transactions be recognized immediately in net income and presented as a separate expense item in the financial statements. Prior to CICA 3855, transaction costs were included f) Options in the average cost of investments or as a reduction in the proceeds on the disposition of Premiums paid for purchased call and put options are included in Investments at current value investments. Transaction costs were recognized immediately in net assets and results of on the Statements of Net Assets. When a purchased option expires, the Fund will realize a operations, but were not presented as a separate line item. loss in the amount of the cost of the option. For a closing transaction, the Fund will realize a In accordance with the transitional provisions, CICA 3855 will be adopted by the Funds gain or loss depending on whether the proceeds are greater or less than the premium paid at retroactively on September 1, 2007, without restatement of prior period financial statements. the time of purchase. When a purchased call option is exercised, the cost of the security As a result of the change in accounting policy for the valuation of investments, Net Assets at purchased is increased by the premium paid at the time of purchase. Beginning of Period for each Fund or class, as applicable, will be adjusted to reflect the use of Premiums received from writing options are included in Investments at current value on the bid-ask pricing will be disclosed on the Statements of Changes in Net Assets. There is no Statements of Net Assets as initial reductions in the value of investments. Premiums received impact in the 2007 annual financial statements. There will be no impact to the net assets or from writing options that expire unexercised are recorded as Income on the Statements of results of operations as a result of the change in accounting policy for transaction costs. Operations. For a closing transaction, if the cost of closing the transaction exceeds the premium received, the Funds will record a realized loss, or if the premium received at the a) Investment Transactions, Income Recognition, and Recognition of Realized and time the option was written is greater than the amount paid, the Funds will record a realized Unrealized Gains and Losses gain. If a written put option is exercised, the cost for the security delivered is reduced by the i) Each transaction of purchase or sale of a portfolio asset by a Fund is reflected in the premiums received at the time the option was written. net asset value no later than the first computation of net asset value made after the date on which the transaction becomes binding upon the Fund. g) Securities Lending ii) Interest income is recorded on the accrual basis. The Funds may lend portfolio securities in order to earn additional revenue, which is disclosed iii) Dividend income is recorded on the ex-dividend date. on the Statements of Operations. The loaned assets of any one Fund are not permitted to iv) The valuation of securities and other assets is accounted for on a fair value basis. exceed 50% of the current value of the assets of that Fund (excluding collateral debt for the This means that the value of the securities and assets is adjusted on each valuation loaned securities). The minimum allowable collateral is 102% of the current value of the date to reflect fair values ( current value ). loaned securities as per the requirements of National Instrument Collateral can consist v) Realized gains and losses on investments and unrealized appreciation or depreciation of the following: of investments are calculated using the average cost of the related investments. i) Cash. vi) Other income is the sum of income other than that which is separately classified on ii) An evidence of indebtedness that is issued or fully and unconditionally guaranteed as the Statements of Operations. to the principal and interest by: a) the government of Canada, or a province or territory of Canada; b) the government of the United States of America or the government of b) Portfolio Securities one of the states of the United States of America; c) the government of another The cost of securities of the Fund is determined in the following manner. Securities are sovereign state, or a permitted supranational agency, if, in each case, the evidence of purchased and sold at a market-traded price to arrive at a value for the position traded. The indebtedness has an approved credit rating; or d) a Canadian financial institution or a total purchased value represents the total cost of the security to the Fund. When additional financial institution that is not incorporated or organized under the laws of Canada or units of the same security are purchased, the cost of those additional units is added to the of a province or territory of Canada, if, in either case, evidences of indebtedness of total security cost. When units of the same security are sold, the proportionate cost of the that issuer or guarantor that are rated as short-term debt by an approved credit rating units of the security sold is deducted from the total security cost. If there is a return of capital organization have an approved credit rating. paid by a security, the amount of this return of capital is deducted from the total security cost. iii) Irrevocable letters of credit issued by a Canadian financial institution, if evidences of This method of tracking security cost is known as average cost and the current total for any indebtedness of the Canadian financial institution that are rated as short-term debt by one security is referred to as the adjusted cost base or ACB of the security. an approved credit rating organization have an approved credit rating. The difference between the current value of securities and their average cost represents iv) Securities that are immediately convertible into securities of the same issuer, class, or the unrealized appreciation (depreciation) in value of the portfolio investments. The applicable type, and the same term, as the securities loaned. period change in unrealized appreciation (depreciation) of investments is included on the v) Commercial paper with a term to maturity of 365 days or less with an approved credit Statements of Operations. rating and that was issued by a company other than a government or permitted Short-term investments on the Statement of Investment Portfolio include accrued interest. supranational agency. Accrued interest for bonds is disclosed separately on the Statements of Net Assets. The market value of the loaned securities is determined on the close of any valuation date, and any additional required collateral is delivered to the Funds on the next business day. The c) Foreign Exchange securities on loan continue to be included on the Statements of Investment Portfolio, and are The value of investments and other assets and liabilities denominated in foreign currencies is included in the total value on the Statements of Net Assets in Investments at current value. translated into Canadian dollars (except for Renaissance U.S. Money Market Fund, which is valued in USD) at the rates prevailing on each valuation date. h) Multi-Class Structured Funds Purchases and sales of investments, income, and expenses are translated into Canadian Each Fund may issue an unlimited number of classes of units. The realized and unrealized dollars at the foreign exchange rates prevailing on the dates of such transactions. Foreign capital gains or losses, income, and common expenses (other than class specific operating currency translation gains (losses) on investments and income transactions are included in Net expenses and management fees) of the Fund are allocated on each valuation date to the realized gain (loss) on foreign currency and in Income, respectively, on the Statements of unitholders in proportion to the respective prior day s net asset value, which includes Operations. unitholder trades dated for that day, of each class at the date of which the allocation is made. All class-specific operating expenses and management fees are class-specific, and do not d) Forward Foreign Currency Contracts require allocation. All class-specific operating expenses are paid by the Manager and are Funds may enter into forward foreign currency contracts for either hedging or non-hedging collected from the Funds on a recoverable basis. purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory authorities. Changes in the value of forward foreign currency contracts are recorded as Unrealized gain (loss) on forward foreign currency contracts on the Statements of Net Assets, and are

6 i) Other Assets and Liabilities Margin paid or deposited in respect of futures contracts and forward contracts will be Other assets and liabilities are recorded at cost, which approximates their current value. reflected as an account receivable and margin consisting of assets other than cash will be noted as held as collateral. j) Legend for Abbreviations Other derivatives and margin are valued in a manner that the Manager determines to The following is a list of abbreviations (foreign currency translation and others) that may be represent their fair value. used in the Statements of Investment Portfolio: e) Restricted Securities Currency Abbreviations Restricted securities purchased by any Fund will be valued in a manner that the Manager AUD Australian Dollar ITL Italian Lira determines to represent their fair market value. BEF Belgium Franc JPY Japanese Yen CAD Canadian Dollar KRW South Korean Won f) Other Securities CHF Swiss Franc MXN Mexican Peso All other assets of the Funds will be valued in accordance with the laws of the Canadian CNY Chinese Renminbi MYR Malaysian Ringgit securities regulatory authorities, where applicable, and in a manner that most accurately CZK Czech Koruna NLG Netherlands Guilder reflects their fair value as determined by the Manager. DEM Deutsche Mark NOK Norwegian Krone The value of any security or other property of a Fund for which a market quotation is not DKK Danish Krone NZD New Zealand Dollar readily available or where the market quotations do not properly reflect the fair value of such ESP Spanish Peseta PHP Philippine Peso securities will be determined by the Manager by valuing the securities at their fair value. EUR Euro PLN Polish Zloty FRF French Franc SEK Swedish Krona 4. Units Issued and Outstanding GBP British Pound SGD Singapore Dollar GRD Greek Drachma THB Thai Baht Unitholders have the right to require the Fund to repurchase their units at the net asset value HKD Hong Kong Dollar TRY New Turkish Lira next determined. Changes in issued and outstanding units for the periods ended August 31, HUF Hungarian Forint TWD Taiwan Dollar 2007, August 31, 2006, and December 31, 2005 are summarized as follows: IDR INR Indonesian Rupiah Indian Rupee USD ZAR United States Dollar South African Rand Renaissance Money Market Fund Class A units Other Abbreviations Balance beginning of period 11,782,229 13,751,396 18,302,621 ADR American Depository Receipt LEPOs Low Exercise Price Options Units issued for cash and assets (note 12) 20,480,485 13,248,258 20,069,498 ADC Austrian Depository Receipt MSCI Morgan Stanley Capital International CVO Contingent Value Obligations NVDR Non-Voting Depository Receipt distributions 301, , ,193 ETF Exchange Traded Fund OPaLS Optimized Portfolios as Listed Securities GDR Global Depository Receipt PERLES Performance Linked to Equity Securities 32,564,334 27,239,018 38,637,312 ishares index Shares SDR Swedish Depository Receipt Units redeemed (13,450,470) (15,456,789) (24,885,916) IPN International Participation iunits Index Units Note Balance end of period 19,113,864 11,782,229 13,751, Valuation of Investments The valuation date ( Valuation Date ) for a Fund is any day the Toronto Stock Exchange is Renaissance Money Market Fund Class O units open for business. The trustee may, at its discretion, establish other Valuation Dates The value of the investments or assets of a Fund is determined as follows: Balance beginning of period Units issued for cash 5,405 a) Cash and Cash Equivalents Cash, accounts receivable, dividends receivable, distributions receivable, and accrued interest distributions 28 are valued at their recorded cost, plus or minus any foreign exchange between recognition of the asset by the Fund and the current Valuation Date, which approximates current value. 5,433 Short-term investments (money market instruments) are valued at cost plus accrued Units redeemed (159) interest, which approximates current value for all Funds. Balance end of period 5,274 b) Bonds, Debentures, and Other Debt Obligations Bonds, debentures, and other debt obligations are valued by taking the average of the bid and Renaissance Money Market Fund Premium Class units ask prices provided by a recognized vendor upon the close of trading on a Valuation Date Bonds held in money market funds are valued at cost and plus or minus amortization, including foreign currency translation, if applicable, which approximates market value. Balance beginning of period 7,045,119 Units issued for cash 184,793,801 7,146,530 c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities Any security that is listed or dealt with on a securities exchange is valued at the closing sale distributions 2,228,763 3,246 price or, if there is no closing sale price on that exchange, and in the case of securities traded 194,067,683 7,149,776 on an over-the-counter ( OTC ) market, at the average of the closing ask price and the closing Units redeemed (123,202,410) (104,657) bid price unless it is determined by the Manager that these are inappropriate as a basis for valuation. In such situations, a fair value will be determined by the Manager. If any securities Balance end of period 70,865,273 7,045,119 are inter-listed or traded on more than one exchange or market, the Manager will use the principal exchange or market for valuing such securities. Renaissance Canadian T-Bill Fund Class A units Unlisted securities are valued at the average of the most recent bid and ask prices quoted by a recognized dealer, or the Manager may determine a price that more accurately reflects the fair value of these securities. Balance beginning of period 7,116,861 8,381,429 9,712,950 Fair value pricing is designed to avoid stale prices and to provide a more accurate net asset Units issued for cash 8,222,928 5,497,393 9,382,730 value, and may assist in the deterrence of harmful short-term or excessive trading in the distributions 180, , ,661 Funds. When securities listed or traded on markets or exchanges that close prior to North American markets or exchanges are valued by the Manager at their fair market value, instead 15,520,255 14,001,845 19,214,341 of using quoted or published prices, the prices of such securities used to calculate the Fund s Units redeemed (8,276,233) (6,884,984) (10,832,912) net asset value may differ from quoted or published prices of such securities. Balance end of period 7,244,022 7,116,861 8,381,429 d) Derivatives Long positions in options, debt-like securities, and listed warrants are valued at the closing Renaissance U.S. Money Market Fund Class A units value as established on either their principal trading exchange or by a recognized dealer in such securities. The credit rating of each counterparty (as rated by Standard & Poor s, a division of The McGraw-Hill Companies, Inc.) meets or exceeds the minimum approved credit Balance beginning of period 2,383,411 2,467,432 2,888,226 rating. Units issued for cash 2,764,236 1,877,701 2,383,826 When any option is written by any Fund, the premium received by the Fund will be distributions 94,794 58,312 59,687 reflected as a liability that will be valued at an amount equal to the current market value of the option that would have the effect of closing the position. Any difference resulting from 5,242,441 4,403,445 5,331,739 revaluation shall be treated as an unrealized gain or loss on investment; the liability shall be Units redeemed (3,156,396) (2,020,034) (2,864,307) deducted in arriving at the net asset value of the Fund. The securities, if any, that are the subject of a written option will be valued in the manner described above for listed securities. Balance end of period 2,086,045 2,383,411 2,467,432 Futures contracts, forward contracts, or swaps will be valued at the gain or loss, if any, that would be realized on the Valuation Date if the position in the futures contracts, forward contracts, or swaps were to be closed out.

7 Renaissance Canadian Income Fund Class A units Renaissance Canadian Real Return Bond Fund Class F units Balance beginning of period 4,524,841 6,027,930 7,252,115 Balance beginning of period 31,823 22,100 Units issued for cash 322, ,396 1,389,163 Units issued for cash and assets (note 12) 54,533 31,191 22,075 distributions 95,838 91, ,542 distributions ,943,066 6,455,221 8,802,820 87,264 53,838 22,100 Units redeemed (1,940,188) (1,930,380) (2,774,890) Units redeemed (26,585) (22,015) Balance end of period 3,002,878 4,524,841 6,027,930 Balance end of period 60,679 31,823 22,100 Renaissance Canadian Income Fund Class F units Renaissance Canadian Real Return Bond Fund Class O units Balance beginning of period 82,686 95,777 12,825 Balance beginning of period 859, ,892 Units issued for cash 21,453 23, ,922 Units issued for cash 107, , ,061 distributions 2,509 2, distributions 34,646 17,082 23, , , ,251 1,001, , ,664 Units redeemed (51,140) (39,017) (24,474) Units redeemed (964,079) (80,825) (24,772) Balance end of period 55,508 82,686 95,777 Balance end of period 37, , ,892 Renaissance Canadian Income Fund Class O units Renaissance Canadian High Yield Bond Fund Class A units Balance beginning of period 2,662,814 3,025,135 3,269,838 Balance beginning of period 12,081,769 12,340,881 12,950,788 Units issued for cash 158, , ,613 Units issued for cash and assets (note 12) 12,983,837 1,782,971 3,263,021 distributions 104,634 86, ,707 distributions 775, , ,654 2,926,138 3,218,577 3,749,158 25,841,338 14,625,172 16,982,463 Units redeemed (833,983) (555,763) (724,023) Units redeemed (3,250,413) (2,543,403) (4,641,582) Balance end of period 2,092,155 2,662,814 3,025,135 Balance end of period 22,590,925 12,081,769 12,340,881 Renaissance Canadian Bond Fund Class A units Renaissance Canadian High Yield Bond Fund Class F units Balance beginning of period 5,609,436 6,208,822 6,690,194 Balance beginning of period 51,482 36,687 Units issued for cash and assets (note 12) 4,659, ,531 1,336,460 Units issued for cash and assets (note 12) 199,780 18,305 36,426 distributions 176, , ,074 distributions 5,201 2, ,444,861 6,992,151 8,209, ,463 56,992 36,687 Units redeemed (2,096,198) (1,382,715) (2,000,906) Units redeemed (9,790) (5,510) Balance end of period 8,348,663 5,609,436 6,208,822 Balance end of period 246,673 51,482 36,687 Renaissance Canadian Bond Fund Class F units Renaissance Canadian High Yield Bond Fund Class O units Balance beginning of period Balance beginning of period 12,698 5,362 Units issued for cash and assets (note 12) 7, ,813 Units issued for cash 4,075 7,676 5,269 distributions distributions 1, ,665 1,242 2,946 17,800 13,632 5,428 Units redeemed (318) (934) (2,290) Units redeemed (17,800) (934) (66) Balance end of period 7, Balance end of period 12,698 5,362 Renaissance Canadian Bond Fund Class O units Renaissance Global Bond Fund Class A units Balance beginning of period 136,314 60,642 Balance beginning of period 5,390,171 6,893,182 15,872,503 Units issued for cash and assets (note 12) 152,338 75,913 60,520 Units issued for cash 462, , ,945 distributions 8,167 3, distributions 118,847 45, , , ,154 61,487 5,971,519 7,892,212 16,976,112 Units redeemed (15,626) (3,840) (845) Units redeemed (2,426,712) (2,502,041) (10,082,930) Balance end of period 281, ,314 60,642 Balance end of period 3,544,807 5,390,171 6,893,182 Renaissance Canadian Real Return Bond Fund Class A units Renaissance Global Bond Fund Class F units Balance beginning of period 6,579,615 5,005,569 1,947,697 Balance beginning of period ,961 Units issued for cash and assets (note 12) 1,662,116 2,370,426 3,540,487 Units issued for cash distributions 192,046 83,771 65,073 distributions ,433,777 7,459,766 5,553,257 1, ,261 Units redeemed (2,299,763) (880,151) (547,688) Units redeemed (309) (5,022) Balance end of period 6,134,014 6,579,615 5,005,569 Balance end of period

8 Renaissance Global Bond Fund Class O units Renaissance Canadian Asset Allocation Fund Class A units Balance beginning of period 96,776 36,725 Balance beginning of period 28,437,508 33,366,395 44,138,478 Units issued for cash 45,916 64,340 36,934 Units issued for cash 1,670,350 1,345,509 2,278,196 distributions 4,466 1, distributions 882, ,314, , ,201 37,102 30,989,886 34,712,156 47,731,108 Units redeemed (11,945) (5,425) (377) Units redeemed (8,248,586) (6,274,648) (14,364,713) Balance end of period 135,213 96,776 36,725 Balance end of period 22,741,300 28,437,508 33,366,395 Renaissance Canadian Balanced Fund Class A units Renaissance Canadian Asset Allocation Fund Class F units Balance beginning of period 21,878,821 23,881,748 25,994,429 Balance beginning of period ,487 Units issued for cash and assets (note 12) 2,648,220 1,255,638 2,514,481 Units issued for cash 2, distributions 492, , ,757 distributions ,019,424 25,279,557 28,803,667 3, ,851 Units redeemed (4,648,208) (3,400,736) (4,921,919) Units redeemed (214) (210) (1,279) Balance end of period 20,371,216 21,878,821 23,881,748 Balance end of period 3, Renaissance Canadian Balanced Fund Class F units Renaissance Canadian Asset Allocation Fund Class O units Balance beginning of period 13, Balance beginning of period 7,796,302 8,986,896 11,413,716 Units issued for cash and assets (note 12) 43,875 13, Units issued for cash 32,176 45,084 61,377 distributions distributions 460, ,778 58,052 13, ,288,789 9,031,980 12,082,871 Units redeemed (6,311) (142) Units redeemed (1,877,250) (1,235,678) (3,095,975) Balance end of period 51,741 13, Balance end of period 6,411,539 7,796,302 8,986,896 Renaissance Canadian Balanced Fund Class O units Renaissance Global Asset Allocation Fund Class A units Balance beginning of period 6,445,396 6,586,136 4,712,161 Balance beginning of period 2,120,321 2,701,317 3,537,375 Units issued for cash 566, ,555 2,347,661 Units issued for cash and assets (note 12) 1,257, , ,125 distributions 300, , ,157 distributions 6,453 12,291 22,584 7,312,857 7,256,929 7,232,979 3,384,735 2,858,150 3,902,084 Units redeemed (3,328,795) (811,533) (646,843) Units redeemed (1,376,605) (737,829) (1,200,767) Balance end of period 3,984,062 6,445,396 6,586,136 Balance end of period 2,008,130 2,120,321 2,701,317 Renaissance Canadian Balanced Value Fund Class A units Renaissance Global Asset Allocation Fund Class F units Balance beginning of period 28,857,469 26,550,381 22,050,251 Balance beginning of period Units issued for cash and assets (note 12) 7,044,981 5,475,193 8,427,783 Units issued for cash distributions 1,128, , ,391 distributions 37,031,182 32,250,051 31,006, Units redeemed (6,396,183) (3,392,582) (4,456,044) Units redeemed (56) Balance end of period 30,634,999 28,857,469 26,550,381 Balance end of period Renaissance Canadian Balanced Value Fund Class F units Renaissance Canadian Monthly Income Fund Class A units Balance beginning of period 156,749 38,609 Balance beginning of period 53,321,459 58,530,498 67,905,163 Units issued for cash and assets (note 12) 154, ,558 38,335 Units issued for cash 1,404, ,322 1,633,014 distributions 7,225 1, distributions 6,652,695 1,273,684 2,439, , ,383 38,609 61,378,734 60,455,504 71,977,631 Units redeemed (86,434) (13,634) Units redeemed (18,335,819) (7,134,045) (13,447,133) Balance end of period 232, ,749 38,609 Balance end of period 43,042,915 53,321,459 58,530,498 Renaissance Canadian Balanced Value Fund Class O units Renaissance Canadian Monthly Income Fund Class F units Balance beginning of period 3,925,456 2,784,020 Balance beginning of period Units issued for cash 806,699 1,223,475 2,741,869 Units issued for cash 6,549 distributions 256,885 66,473 75,661 distributions 99 4,989,040 4,073,968 2,817,530 6,648 Units redeemed (4,567,391) (148,512) (33,510) Units redeemed Balance end of period 421,649 3,925,456 2,784,020 Balance end of period 6,648

9 Renaissance Diversified Income Fund Class A units Renaissance Canadian Dividend Income Fund Class F units Balance beginning of period 22,919,104 21,945,902 16,278,642 Balance beginning of period 69,200 48,246 Units issued for cash 1,387,832 3,233,200 9,037,257 Units issued for cash 31,599 45,084 48,039 distributions 837, , ,904 distributions 796 1, ,144,109 25,733,605 26,132, ,595 94,565 48,246 Units redeemed (7,214,978) (2,814,501) (4,186,901) Units redeemed (45,643) (25,365) Balance end of period 17,929,131 22,919,104 21,945,902 Balance end of period 55,952 69,200 48,246 Renaissance Diversified Income Fund Class F units Renaissance Canadian Dividend Income Fund Class O units Balance beginning of period 55,163 15,089 Balance beginning of period 3,570,000 3,570,000 Units issued for cash 162,097 47,349 15,066 Units issued for cash 18,616 3,570,000 distributions 3, distributions ,289 63,414 15,089 3,589,209 3,570,000 3,570,000 Units redeemed (36,550) (8,251) Units redeemed (1,052,489) Balance end of period 183,739 55,163 15,089 Balance end of period 2,536,720 3,570,000 3,570,000 Renaissance Diversified Income Fund Class O units Renaissance Dividend Fund Class A units Balance beginning of period 3,494,474 3,482,311 Balance beginning of period 8,612,498 8,760,044 8,346,008 Units issued for cash 21,918 13,389 3,482,164 Units issued for cash 2,138,846 1,074,650 2,460,060 distributions 1,802 1, distributions 189, , ,148 3,518,194 3,496,773 3,482,419 10,940,863 9,967,567 11,011,216 Units redeemed (1,063,656) (2,299) (108) Units redeemed (2,351,622) (1,355,069) (2,251,172) Balance end of period 2,454,538 3,494,474 3,482,311 Balance end of period 8,589,241 8,612,498 8,760,044 Renaissance Millennium High Income Fund Class A units Renaissance Dividend Fund Class F units Balance beginning of period 113,462, ,091,340 89,778,487 Balance beginning of period 16,482 8,970 6,708 Units issued for cash and assets (note 12) 7,050,671 15,380,123 32,093,409 Units issued for cash 4,192 10,078 7,308 distributions 4,169,163 2,994,224 4,634,412 distributions ,682, ,465, ,506,308 21,059 19,305 14,193 Units redeemed (35,878,764) (12,003,112) (19,414,968) Units redeemed (3,335) (2,823) (5,223) Balance end of period 88,803, ,462, ,091,340 Balance end of period 17,724 16,482 8,970 Renaissance Millennium High Income Fund Class F units Renaissance Canadian Core Value Fund Class A units Balance beginning of period 1,162,146 1,083, ,186 Balance beginning of period 16,651,816 17,097,212 16,472,120 Units issued for cash 237, , ,476 Units issued for cash and assets (note 12) 3,731,568 1,777,013 3,684,396 distributions 37,782 25,174 33,819 distributions 1,022, ,565 1,436,975 1,393,072 1,381,481 21,406,096 18,875,196 20,180,081 Units redeemed (472,181) (230,926) (297,727) Units redeemed (3,638,950) (2,223,380) (3,082,869) Balance end of period 964,794 1,162,146 1,083,754 Balance end of period 17,767,146 16,651,816 17,097,212 Renaissance Millennium High Income Fund Class O units Renaissance Canadian Core Value Fund Class F units Balance beginning of period 1,881,429 1,338, ,666 Balance beginning of period 160,260 91,070 Units issued for cash 263, , ,160 Units issued for cash and assets (note 12) 138,909 74,821 92,478 distributions 88,196 52,415 51,693 distributions 15, ,232,816 1,940,261 1,351, , ,891 92,932 Units redeemed (1,658,508) (58,832) (12,587) Units redeemed (24,717) (5,631) (1,862) Balance end of period 574,308 1,881,429 1,338,932 Balance end of period 290, ,260 91,070 Renaissance Canadian Dividend Income Fund Class A units Renaissance Canadian Core Value Fund Class O units Balance beginning of period 12,628,949 11,702,851 8,507,057 Balance beginning of period 3,307,409 2,712, ,470 Units issued for cash 1,954,094 2,192,666 4,581,926 Units issued for cash 531, ,836 1,882,460 distributions 258, , ,736 distributions 471,472 51,502 14,841,612 14,081,111 13,340,719 4,310,525 3,616,091 2,877,432 Units redeemed (2,632,619) (1,452,162) (1,637,868) Units redeemed (1,986,071) (308,682) (165,177) Balance end of period 12,208,993 12,628,949 11,702,851 Balance end of period 2,324,454 3,307,409 2,712,255

10 Renaissance Canadian Growth Fund Class A units Renaissance Millennium Next Generation Fund Class F units Balance beginning of period 6,762,458 7,695,231 9,730,569 Balance beginning of period 60,961 70,649 53,449 Units issued for cash and assets (note 12) 3,517, , ,565 Units issued for cash 42,015 22,394 39,946 distributions 35,523 56,014 distributions 4,483 10,315,740 7,901,867 10,161, ,459 93,043 93,395 Units redeemed (1,362,394) (1,139,409) (2,465,917) Units redeemed (8,642) (32,082) (22,746) Balance end of period 8,953,346 6,762,458 7,695,231 Balance end of period 98,817 60,961 70,649 Renaissance Canadian Growth Fund Class F units Renaissance Millennium Next Generation Fund Class O units Balance beginning of period 3, Balance beginning of period 29,170 41,879 62,929 Units issued for cash and assets (note 12) 24,230 7, Units issued for cash 1, distributions 83 1 distributions 2,765 1,156 27,788 8, ,954 42,722 64,696 Units redeemed (748) (4,688) Units redeemed (32,954) (13,552) (22,817) Balance end of period 27,040 3, Balance end of period 29,170 41,879 Renaissance Canadian Growth Fund Class O units Renaissance U.S. Equity Value Fund Class A units Balance beginning of period 34,319 16,136 Balance beginning of period 4,029,866 4,831,223 6,167,587 Units issued for cash and assets (note 12) 6,526,370 20,497 15,725 Units issued for cash and assets (note 12) 3,280, , ,201 distributions 1, distributions 19,514 1,188 6,562,201 36,633 16,296 7,329,495 5,060,584 6,738,788 Units redeemed (110,773) (2,314) (160) Units redeemed (1,008,457) (1,030,718) (1,907,565) Balance end of period 6,451,428 34,319 16,136 Balance end of period 6,321,038 4,029,866 4,831,223 Renaissance Canadian Small-Cap Fund Class A units Renaissance U.S. Equity Value Fund Class F units Balance beginning of period 4,682,243 5,000,281 4,778,463 Balance beginning of period Units issued for cash and assets (note 12) 7,624, , ,608 Units issued for cash and assets (note 12) 17, distributions 779,144 2, ,783 distributions 23 13,085,428 5,752,632 6,030,854 17, Units redeemed (1,003,584) (1,070,389) (1,030,573) Units redeemed (457) Balance end of period 12,081,844 4,682,243 5,000,281 Balance end of period 17, Renaissance Canadian Small-Cap Fund Class F units Renaissance U.S. Equity Value Fund Class O units Balance beginning of period 3,694 2,799 Balance beginning of period 4,870,625 2,163,993 3,038,029 Units issued for cash and assets (note 12) 75,615 1,039 2,770 Units issued for cash 425,445 3,894,105 83,972 distributions distributions 196,432 26,216 80,035 3,838 2,832 5,492,502 6,058,098 3,148,217 Units redeemed (19,530) (144) (33) Units redeemed (1,469,335) (1,187,473) (984,224) Balance end of period 60,505 3,694 2,799 Balance end of period 4,023,167 4,870,625 2,163,993 Renaissance Canadian Small-Cap Fund Class O units Renaissance U.S. Equity Growth Fund Class A units Balance beginning of period 669,344 5,586 Balance beginning of period 414, , ,463 Units issued for cash and assets (note 12) 175, ,556 5,145 Units issued for cash 20,804 17,910 25,262 distributions 115, distributions 959, ,142 5, , , ,725 Units redeemed (160,961) (42,798) (50) Units redeemed (99,355) (115,281) (247,333) Balance end of period 798, ,344 5,586 Balance end of period 335, , ,392 Renaissance Millennium Next Generation Fund Class A units Renaissance U.S. Equity Growth Fund Class F units Balance beginning of period 3,770,783 3,601,458 3,348,311 Balance beginning of period Units issued for cash and assets (note 12) 504, , ,750 Units issued for cash 91 distributions 201, ,283 distributions 4,476,062 4,217,603 4,340, Units redeemed (885,300) (446,820) (738,886) Units redeemed (91) Balance end of period 3,590,762 3,770,783 3,601,458 Balance end of period 91 91