News

Renaissance Investments Money Market Fund Update – No cause for concern

August 17, 2007

In response to inquiries regarding our money market mutual fund holdings, we confirm that our CIBC and Renaissance money market funds do not have any exposure to the non-bank sponsored asset-backed commercial paper (ABCP) that has come under liquidity pressure.

CIBC Global Asset Management Inc. (who manage all our money market funds) has never approved any non-bank sponsored asset-backed commercial paper for their money market fund approved security purchase list. Only ABCP securities sponsored by major Canadian banks have been approved for purchase.

Our money market funds are invested in high quality securities and therefore they remain highly liquid investments for your clients.

For clients comfortable holding primarily government grade securities, our three Treasury Bill funds may be suitable options, as listed below.

ASSET CLASS	FUND NAME
MONEY MARKET	Renaissance Canadian Money Market
	Renaissance U.S. Money Market
	Renaissance Money Market (inclusive of Premium Class)
	CIBC Money Market (inclusive of Premium Class)
	CIBC U.S. Dollar Money Market
T-BILL	Renaissance Canadian T-Bill
	CIBC Canadian T-Bill
	CIBC Premium Canadian T-Bill

This information is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and should not be relied upon in that regard or be considered predictive of any future market performance. Information contained on this document is believed to be accurate and reliable.

Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the simplified prospectus of the fund before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, nor are they guaranteed. Their values changes frequently and past performance may not be repeated. 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.