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Renaissance High Income Fund [Class A]



On August 14, 2015, the Fund's name changed from Renaissance Millennium High Income Fund to Renaissance High Income Fund.


Investment Objective

To achieve the highest possible return that is consistent with a conservative fundamental investment philosophy through investment primarily in a balanced and diversified portfolio of Canadian income securities.

Fund Specifications

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

Distribution of Earnings:
The Fund aims to distribute a consistent amount every month ($0.060 per unit). If the amount distributed exceeds the Fund’s net income and net realized capital gains, such excess will constitute a return of capital. The amount of distribution is not guaranteed and may change from time to time.

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): 2.00%

Annualized Management Expense Ratio (including applicable taxes) as at August 31, 2014: 2.46%

Front-End Load Option ATL1879
Back-End Load Option ATL1880
Low Load Option ATL2880
   
Inception Date: February 13, 1997
   
Assets Under Management (000’s)
As at: 07/31/2015
$433,801

Portfolio Sub-Advisors

Connor, Clark & Lunn Investment Management Ltd.

Established in 1982, Connor, Clark & Lunn Investment Management Ltd. (CC&L), is one of Canada's leading money management firms dedicated to managing assets for pension fund sponsors, capital accumulation plans, corporations, not-for-profit organizations, mutual funds and individual investors. CC&L is wholly owned by its partners and the CC&L Financial Group.

Steve Vertes, CFA
Vice President and Portfolio Manager,
Fundamental Equities

Steven Vertes is Vice President and Portfolio Manager, Fundamental Equity Team at Connor, Clark and Lunn Investment Management Ltd. (CC&L). Mr. Vertes manages CC&L's income-oriented funds, and is responsible for fundamental research analysis covering the real estate, consumer and telecommunications sector. Prior to joining CC&L more than 10 years ago, Mr. Vertes worked at UBS Warburg as an Investment Banking Analyst, as well as an Associate, Equity Capital Markets.

Mr. Vertes holds an HBA from the Richard Ivey School of Business at the University of Western Ontario. He is also a CFA charterholder.

David George, CFA
Vice President and Portfolio Manager,
Fixed Income

David George is Vice President and Portfolio Manager, Fixed Income at Connor, Clark and Lunn Investment Management Ltd. (CC&L). Mr. George manages high-yield bond strategies, and leads the credit team. Prior to joining CC&L in 2006, Mr. George held positions in the areas of high-yield and corporate bond research with several firms including Goldman Sachs, Merrill Lynch and Deutsche Bank.

Mr. George holds a Bachelor of Commerce from the University of British Columbia. He is also a CFA charterholder.

Chris Kalbfleisch, CFA
Vice President and Portfolio Manager,
Head of Asset Allocation

Chris Kalbfleisch is Vice President and Portfolio Manager, Head of Asset Allocation at Connor, Clark and Lunn Investment Management Ltd (CC&L). Mr. Kalbfleisch is also co-leader of the fixed income team. Prior to joining CC&L, Mr. Kalbfleisch held various positions within fixed income and credit risk management at Scotia Capital. He also served as a quantitative model developer at Man-Vector Limited.

Mr. Kalbfleisch holds a Bachelor of Science from the University of Western Ontario. He is also a CFA charterholder.

Style
Performance and Volatility

Performance
3 mo 6 mo 1 yr 3 yrs 5 yrs 10 yrs YTD Since
Inception
(8.3%) N/A (14.5%) 2.6% 7.1% 3.8% (2.4%) 7.6%

As at: 07/31/2015


Calendar Year Performance
2014 2013 2012 2011 2010 2009 2008 2007
(1.7%) 11.1% 9.3% 7.6% 16.6% 21.9% (31.5%) 5.3%

Historical Pricing and Distributions

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.


Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

The Fund aims to distribute a consistent amount every month. If the amount distributed exceeds the Fund's net income and net realized capital gains, such excess will constitute a return of capital. The amount of distribution is not guaranteed and may change from time to time.

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 class A 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 funds are not guaranteed. The values of many mutual funds change frequently. Past performance may not be repeated.