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Renaissance Short-Term Income Fund [Class A]



Investment Objective

To obtain a high level of income consistent with security of capital through investments primarily in securities issued or guaranteed by the Government of Canada or one of the provinces thereof, municipal or school corporations in Canada and in first mortgages on properties situated in Canada, interest-bearing deposits of banks or trust companies and high quality corporate bonds.

Fund Specifications

Minimum Initial Investment:
Lump Sum
Initial: $500
Subsequent: $100

Distribution of Earnings:
On a monthly basis, income accumulated to date is distributed. In the month of December, income and capital gains accumulated to date are distributed. The monthly distribution amounts may change from time to time at our discretion.

Pre-Authorized Chequing Investment (PAC) or Group RRSP:
$50 minimum investment for monthly, quarterly, semi-annual or annual deposit.

Systematic Withdrawal Plan:
With minimum initial account value of $10,000. Withdrawals may be made monthly, quarterly, semi-annually or annually. $50 minimum.

Annual Management Fee (excluding applicable taxes): 1.20%

Management Expense Ratio (including applicable taxes) as at February 28, 2010: 1.57%†

Front-End Load Option ATL1021
Back-End Load Option ATL1121
Low Load Option ATL2121
   
Inception Date: October 1, 1974
   
Assets Under Management (000’s)
As at: 06/30/2010		 $63,175

Portfolio Sub-Advisors

CIBC Global Asset Management Inc.

CIBC Global Asset Management Inc. is one of Canada's largest asset management firms and provides a broad range of high-quality global investment management solutions to retail and institutional clients.

Jeffrey Waldman, CIBC Global Asset Management Inc.
As First Vice-President, Fixed Income, CIBC Global Asset Management Inc., Jeffrey Waldman joined CIBC Global in 1998. Prior to that Mr. Waldman held position of Investment Planning Assistant and Fixed Income Consultant at Confederation Life Insurance from 1987 to 1993; fixed Income portfolio manager and Vice-President of Canadian bonds at ING Investment Management from 1993 to 1998.

Steven Dubrovsky, CIBC Global Asset Management Inc.
Steven Dubrovsky joined CIBC Global Asset Management Inc. in August 1992. Mr. Dubrovsky is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform.

Style
Portfolio

Fixed Income Strategy
Term to Maturity (Years) * Duration (Years) * Average YTM (%) *
3.31 2.76 2.84
As of April 30, 2010

Source: BNY Mellon Analytics

* Net Rates

Term to Maturity (Years)
The time remaining on a bond's life, or the date on which the debt will cease to exist and the borrower will have completely paid off the amount borrowed.

Duration (Years)
Duration is defined as the weighted average time to full recovery of principal and interest.

Yield to Maturity (Average YTM)
The percentage rate of return paid on a bond, note or other fixed income security if the investor buys and holds it to its maturity date. The calculation for YTM is based on the coupon rate, length of time to maturity and market price. It assumes that coupon interest paid over the life of the bond will be reinvested at the same rate.

Performance and Volatility

Performance
3 mo 6 mo 1 yr 3 yrs 5 yrs 10 yrs YTD Since
Inception
1.1% 1.2% 2.5% 4.1% 2.8% 3.8% 1.2% 7.7%

As at: 06/30/2010


Calendar Year Performance
2009 2008 2007 2006 2005 2004 2003
1.9% 6.8% 2.3% 2.6% 1.0% 2.9% 3.0%

Historical Pricing

Investment Performance

Value of $10,000 invested since inception

The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the fund or returns on investment in the fund.

†The MER quoted above is annualized as at February 28, 2010. The MER would have been 1.64% had the manager not waived some management fees and/or absorbed some operating expenses. This will be reviewed annually by the Manager.

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. The indicated rates of return are the historical annual compounded total returns for the units, 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. 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.