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T51471-i040

Renaissance Global Health Care Fund
Annual Management Report of Fund Performance
for the financial year ended August 31, 2008
All figures are reported in Canadian dollars unless otherwise noted. This annual management report of fund performance contains financial highlights but does not contain the complete annual financialstatements of the investment fund. If you have not received a copy of the annual financial statements with this annual management reportof fund performance, you can get a copy of the annual financial statements at your request, and at no cost, by calling us toll-free at1-888-888-FUND (3863), by writing to us at Renaissance Investments, 1500 University Street, Suite 800, Montreal, Quebec, H3A 3S6,by visiting the SEDAR website at www.sedar.com, or by visiting www.renaissanceinvestments.ca.
Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies andprocedures, proxy voting disclosure record, or quarterly portfolio disclosure.
Management Discussion of Fund Performance
August 31, 2008. Net redemptions of $196,895 and negativeinvestment performance contributed to this decrease.
Investment Objective and Strategies
• The health care sector registered a negative return overall, but Investment Objective: Renaissance Global Health Care Fund (the outperformed the broader global markets as lingering credit Fund ) seeks to obtain long-term capital appreciation by investing market concerns weighed on equities during the period. Within primarily in U.S. companies and global companies with the health care sector, health services and drug stocks lagged the U.S. operations, or exposure to U.S. markets, or whose securities overall sector, while medical product stocks advanced.
are traded on a U.S. exchange, which are engaged in the design, • Positions in drug companies Millennium Pharmaceuticals and development, manufacturing, and distribution of products or Shionogi aided performance. Millennium Pharmaceuticals services in the health care sectors. The Fund will invest in a advanced, following its proposed acquisition by Takeda diversified portfolio, which will mainly include securities in the Pharmaceuticals, and Shionogi delivered solid earnings growth medical technology, biotechnology, health care, and on strong sales of the cholesterol-lowering drug Crestor and the allergy drug Claritin. Holdings in Respironics contributed Investment Strategies: The Fund focuses on bottom-up stock positively to performance, as shares of the medical products firm selection using value management filters within each sub-sector, moved higher following a takeout offer from Royal Philips and seeks to shift assets into those sub-sectors that have better Electronics. Health services holding Health Net fell on concerns • The sub-advisor believes health services companies are fairly valued, on average, although they have shifted more funds into The Fund is a global health care fund that is suitable for investors select health maintenance organizations (HMOs), as recent price who can tolerate moderate to high investment risk.
weakness has created buying opportunities. They believe thatmedical products companies are moderately valued, but they will Over the one-year period ended August 31, 2008, no significant be avoiding those companies whose revenues are highly changes had an impact on the overall risk level of the Fund. The dependent on products that are not typically covered by risks of investing in the Fund remain as discussed in the Fund’s insurance and need to be paid out-of-pocket.
• The sub-advisor remains confident in their ability to select the drug companies that have the least exposure to patent Results of Operations
expirations or challenges and the most promising pipelines.
The portfolio sub-advisor of the Fund is Wellington Management They made select purchases of drug companies this past Company, LLP (the sub-advisor). The commentary that follows reflects the views of the sub-advisor and provides a summary of • During this period of increased market volatility, the sub-advisor the results of operations for the 12-month period ended is maintaining a value-oriented stance, adding good companies August 31, 2008. All dollar figures are expressed in thousands, on price weakness, and keeping the Fund broadly diversified globally across all areas of health care.
• The Fund’s net asset value decreased by 24% during the period, from $1,004,353 on August 31, 2007 to $763,169 on Renaissance Global Health Care Fund Recent Developments
provide sensitivity analysis for some risks. The main objective of this Over the period, no changes were made to the strategic position new standard is to enable investors to evaluate the significance of of the Fund. This is consistent with the long-term strategic asset financial instruments, the nature and extent of risks involved, and how these risks are managed. Section 3863 carries forward thepresentation requirements from Section 3861, unchanged.
Adoption of New Accounting StandardsThe requirements of CICA Handbook Section 3855, Financial On September 1, 2008, the Fund will adopt these standards Instruments — Recognition and Measurement (“CICA 3855”), retroactively without restatement of prior period financial statements became effective for fiscal years beginning on or after October 1, in accordance with their transitional provisions. The adoption of 2006. CICA 3855 prescribes specific guidance for establishing fair these standards will not have an impact to net assets, increase values under GAAP, including the use of bid prices for long (decrease) in net assets from operations or increase(decrease) in net positions and ask prices for short positions for investments quoted assets from operations per unit of the Fund.
in active markets. Where active markets do not exist, fair valuesare established using a fair valuation technique. Prior to the Related Party Transactions
adoption of CICA 3855, fair values were based on last traded or Canadian Imperial Bank of Commerce (CIBC ) and its affiliates closing prices or based on management’s best estimate where have the following roles and responsibilities with respect to the market quotations were not reliable or available.
Fund, and receive the fees described below in connection withtheir roles and responsibilities.
CICA 3855 also requires that transaction costs (such as brokeragecommissions) incurred on portfolio transactions be recognized Manager, Trustee, and Portfolio Advisor of the Fund immediately in net income and presented as a separate expense item CIBC Asset Management Inc., a wholly-owned subsidiary of in the financial statements. Prior to CICA 3855, transaction costs CIBC, is the manager, trustee, and portfolio advisor of the Fund were included in the average cost of investments or as a reduction (CAMI or the Manager ). CAMI will receive management fees in the proceeds on the disposition of investments. Transaction costs with respect to the day-to-day business and operations of the were recognized immediately in net assets and results of operations, Fund, calculated based on the net asset value of each respective but were not presented as a separate line item.
class of units of the Fund, as described in the section entitledManagement Fees. As portfolio advisor, CAMI provides, or arranges In accordance with the transitional provisions, CICA 3855 has to provide, investment advice and portfolio management services been adopted by the Fund retroactively on September 1, 2007, to the Fund. CAMI will also compensate its wholesalers in without restatement of prior period financial statements. As a connection with their marketing activities regarding the Fund.
result of the change in accounting policy for the valuation of From time to time, CAMI may provide seed capital to the Fund.
investments, Net Assets at Beginning of Period for each class hasbeen adjusted to reflect the use of bid-ask pricing and is disclosed on the Statements of Changes in Net Assets. The impact as at Dealers and other firms will sell the units of the Fund to investors.
August 31, 2008 is presented in the reconciliation of net assets per These dealers and other firms will include CIBC’s related dealers unit to net asset value per unit in note 12 to the financial such as the CIBC Investor’s Edge discount brokerage division of statements. There is no impact to the net assets or results of CIBC Investor Services Inc. (CIBC ISI ), the CIBC Imperial operations as a result of the change in accounting policy for Service division of CIBC ISI, and the CIBC Wood Gundy division of CIBC World Markets Inc. (CIBC WM ). CIBC ISIand CIBC WM are wholly-owned subsidiaries of CIBC.
Future Adoption of New Accounting Standards CAMI may pay sales commissions and trailing commissions to CICA Handbook Section 3862 and 3863, Financial Instruments — these dealers and firms in connection with the sale of units of the Fund. These dealers and other firms may pay a portion of these The Canadian Institute of Chartered Accountants (CICA) issued sales commissions and trailing commissions to their advisors who CICA Handbook Section 3862, Financial Instruments — sell units of the Fund to investors.
Disclosures, and Section 3863, Financial Instruments —Presentation, effective for interim and annual financial statements Brokerage Arrangements and Soft Dollars relating to fiscal years beginning on or after October 1, 2007. These Portfolio sub-advisors make decisions, including the selection of standards provide comprehensive disclosure and presentation markets and dealers and the negotiation of commissions, with requirements for financial instruments. Section 3862 replaces the respect to the purchase and sale of portfolio securities and the disclosure portion of Section 3861, Financial Instruments — execution of portfolio transactions. Brokerage business may be Disclosure and Presentation, and introduces new requirements for allocated by portfolio sub-advisors to CIBC WM and CIBC specific qualitative and quantitative disclosure about risks. This World Markets Corp., each a subsidiary of CIBC. CIBC WM and includes the requirements to quantify exposures for certain risks and Renaissance Global Health Care Fund CIBC World Markets Corp. may also earn spreads on the sale of fixed income and other securities to the Fund. A spread is the The Fund may purchase and sell securities of CIBC. The Fund difference between the bid and ask prices for a security in the may also, from time to time, purchase securities underwritten by a applicable marketplace, with respect to the execution of portfolio related dealer, such as CIBC WM or CIBC World Markets Corp., transactions. The spread will differ based upon various factors such each an affiliate of the Manager. Such transactions are currently as the nature and liquidity of the security.
made pursuant to standing instructions rendered by theIndependent Review Committee.
Dealers, including CIBC WM and CIBC World Markets Corp.,may also furnish research, statistical, and other services to portfolio sub-advisors that process trades through them (referred to in the The custodian holds all cash and securities for the Fund and industry as “soft-dollar” arrangements). These services assist ensures that those assets are kept separate from any other cash or portfolio sub-advisors with investment decision making services to securities that the custodian may be holding. CIBC is the the Fund. As per the terms of the sub-advisory agreements, such custodian of the Fund (the Custodian ). The Custodian may hire soft dollar arrangements are in compliance with applicable laws. In sub-custodians for the Fund. The fees for the services of the addition, CAMI may enter into commission recapture Custodian are paid by the Manager and charged to the Fund on a arrangements with certain dealers with respect to the Fund. Any commission recaptured will be paid to the Fund.
During the period, brokerage commissions and other fees of CIBC Mellon Global Securities Services Company (CIBC GSS ) $2,361 were paid by the Fund to CIBC World Markets Corp.; no provides certain services to the Fund, including fund accounting brokerage commissions or other fees were paid by the Fund to and reporting, securities lending, and portfolio valuation. Such CIBC WM. Spreads associated with fixed income and other servicing fees are paid by the manager, and charged to the Fund securities are not ascertainable and, for that reason, cannot be on a recoverable basis. CIBC indirectly owns a fifty percent included when determining these amounts.
Renaissance Global Health Care Fund Financial Highlights
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financialperformance for the periods ended August 31, 2008, 2007, and 2006 and December 31 of any other periods shown.
The Fund’s Net Assets per Unit1 – Class A Units
Net Assets, beginning of period
Increase (decrease) from operations:
Total increase (decrease) from operations2
Distributions:
Total Distributions3
Net Assets, end of period
Adjustment from bid to last traded market prices Net Asset Value, end of period
(at last traded market prices, “pricing NAV”)
aInformation presented is for the period from January 1, 2006 to August 31, 2006.
1This information is derived from the Fund’s audited annual financial statements. CICA Handbook Section 3855, Financial Instruments – Recognition and Measurement, the new accounting policy adopted for valuation of securities in accordance with Canadian GAAP as of September 1, 2007, may result in a different valuation of securities held by theFund for financial reporting purposes than the valuation of securities used to determine the pricing net asset value (pricing NAV ). As a result, the net assets per unit presentedin the financial statements may differ from the net asset value per unit as of August 31, 2008, and the reconciliation between them is provided in this table. The Net Assets,beginning of the period for 2008 is the closing Net Asset Value, end of period from 2007, adjusted for adoption of the new accounting policy. This adjustment can be found inthe Statements of Changes in Net Assets.
2Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3Distributions were paid in cash, reinvested in additional units of the Fund, or both.
Ratios and Supplemental Data – Class A Units
Total Net Asset Value (000s)4
Number of Units Outstanding4
Management Expense Ratio5
Management Expense Ratio before waivers or absorptions6
Portfolio Turnover Rate7
Trading Expense Ratio8
aInformation presented is for the period from January 1, 2006 to August 31, 2006.
*Ratio has been annualized.
4This information is presented as at August 31, 2008, 2007, and 2006 and December 31 of any other periods shown.
5Management expense ratio is based on the total expenses of the Fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to that class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fundin the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and theperformance of a fund.
8The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
Renaissance Global Health Care Fund The Fund’s Net Assets per Unit1 – Class F Units
Net Assets, beginning of period
Increase (decrease) from operations:
Total increase (decrease) from operations2
Distributions:
Total Distributions3
Net Assets, end of period
Adjustment from bid to last traded market prices Net Asset Value, end of period
(at last traded market prices, “pricing NAV”)
aInformation presented is for the period from January 1, 2006 to August 31, 2006.
1This information is derived from the Fund’s audited annual financial statements. CICA Handbook Section 3855, Financial Instruments – Recognition and Measurement, the new accounting policy adopted for valuation of securities in accordance with Canadian GAAP as of September 1, 2007, may result in a different valuation of securities held by theFund for financial reporting purposes than the valuation of securities used to determine the pricing net asset value (pricing NAV ). As a result, the net assets per unit presentedin the financial statements may differ from the net asset value per unit as of August 31, 2008, and the reconciliation between them is provided in this table. The Net Assets,beginning of the period for 2008 is the closing Net Asset Value, end of period from 2007, adjusted for adoption of the new accounting policy. This adjustment can be found inthe Statements of Changes in Net Assets.
2Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3Distributions were paid in cash, reinvested in additional units of the Fund, or both.
Ratios and Supplemental Data – Class F Units
Total Net Asset Value (000s)4
Number of Units Outstanding4
Management Expense Ratio5
Management Expense Ratio before waivers or absorptions6
Portfolio Turnover Rate7
Trading Expense Ratio8
aInformation presented is for the period from January 1, 2006 to August 31, 2006.
*Ratio has been annualized.
4This information is presented as at August 31, 2008, 2007, and 2006 and December 31 of any other periods shown.
5Management expense ratio is based on the total expenses of the Fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to that class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fundin the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and theperformance of a fund.
8The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
Renaissance Global Health Care Fund The Fund’s Net Assets per Unit1 – Class O Units
Net Assets, beginning of period
Increase (decrease) from operations:
Total increase (decrease) from operations2
Distributions:
Total Distributions3
Net Assets, end of period
Adjustment from bid to last traded market prices Net Asset Value, end of period
(at last traded market prices, “pricing NAV”)
aInformation presented is for the period from January 1, 2006 to August 31, 2006.
1This information is derived from the Fund’s audited annual financial statements. CICA Handbook Section 3855, Financial Instruments – Recognition and Measurement, the new accounting policy adopted for valuation of securities in accordance with Canadian GAAP as of September 1, 2007, may result in a different valuation of securities held by theFund for financial reporting purposes than the valuation of securities used to determine the pricing net asset value (pricing NAV ). As a result, the net assets per unit presentedin the financial statements may differ from the net asset value per unit as of August 31, 2008, and the reconciliation between them is provided in this table. The Net Assets,beginning of the period for 2008 is the closing Net Asset Value, end of period from 2007, adjusted for adoption of the new accounting policy. This adjustment can be found inthe Statements of Changes in Net Assets.
2Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3Distributions were paid in cash, reinvested in additional units of the Fund, or both.
Ratios and Supplemental Data – Class O Units
Total Net Asset Value (000s)4
Number of Units Outstanding4
Management Expense Ratio5
Management Expense Ratio before waivers or absorptions6
Portfolio Turnover Rate7
Trading Expense Ratio8
aInformation presented is for the period from January 1, 2006 to August 31, 2006.
*Ratio has been annualized.
4This information is presented as at August 31, 2008, 2007, and 2006 and December 31 of any other periods shown.
5Management expense ratio is based on the total expenses of the Fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to that class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fundin the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and theperformance of a fund.
8The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
Renaissance Global Health Care Fund Management Fees
The Fund, either directly or indirectly, pays one or more annual management fees to CAMI in consideration for the provision of, or
arranging for the provision of, management, distribution, and portfolio advisory services. These fees are calculated as a percentage of the
Fund’s class level net assets and are calculated and credited daily, and paid monthly. The Fund is required to pay Goods and Services Tax
(GST ) on the management fees.
The following table shows a breakdown of the services received in consideration of the management fees, as a percentage of themanagement fees collected from the Fund for the period ended August 31, 2008. These amounts do not include waived fees or absorbedexpenses. CAMI charges a management fee directly to investors in Class O units.
Sales and trailing commissions paid to dealers General administration, investment advice, and profit Past Performance
The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution,or other optional charges payable by any unitholder that would have reduced returns. Past performance does not necessarily indicate howa fund will perform in the future.
The Fund’s benchmark, the MSCI World Health Care Index (the benchmark), is a market-weighted index composed of securities traded in22 of the world’s most developed countries. Securities are listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand, andthe Far East. The health care sector consists of several industry groups including health care equipment and services, pharmaceuticals andbiotechnology.
For the period, Class A, F, and O units of the Fund returned -3.3%, -2.1%, and -0.2%, respectively. Class A units underperformed thebenchmark return of -2.3%. Class F and O units outperformed the benchmark for the same period.
The Fund’s returns are after the deduction of fees and expenses. See the section entitled Financial Highlights for the management expenseratio.
Year-by-Year Returns
These bar charts show the annual performance of each class of units of the Fund for each of the periods shown, and illustrates how the
performance has changed from period to period. These bar charts show, in percentage terms, how an investment made on September 1
would have increased or decreased by August 31, unless otherwise indicated.
aReturn is for the period from January 1 to December 31 of the year shown.
b2006 return is for the period from January 1, 2006 to August 31, 2006. Renaissance Global Health Care Fund a2000 return is for the period from December 12, 2000 to December 31, 2000.
b Return is for the period from January 1 to December 31 of the year shown.
c2006 return is for the period from January 1, 2006 to August 31, 2006. a2001 return is for the period from January 2, 2001 to December 31, 2001.
bReturn is for the period from January 1 to December 31 of the year shown.
C2006 return is for the period from January 1, 2006 to August 31, 2006. Annual Compound Returns
These tables show the annual compound total return of each class of units of the Fund for each indicated period ended on August 31,
2008. The annual compound total return is also compared to the Fund’s applicable benchmark(s).
Since Inception(for the period from December 12, 2000 to August 31, 2008) Renaissance Global Health Care Fund Since Inception(for the period from January 2, 2001 to August 31, 2008) Summary of Investment Portfolio (as at August 31, 2008)
The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update isavailable by calling us toll-free at 1-888-888-FUND (3863), by writing to us at Renaissance Investments, 1500 University Street,Suite 800, Montreal, Quebec, H3A 3S6, or by visiting www.renaissanceinvestments.ca. The Top Positions table includes a fund’s 25 largestpositions. For funds with fewer than 25 positions in total, all positions are shown. Cash and cash equivalents are shown in total as oneposition.
Portfolio Breakdown
Net Asset Value
Top Positions
Net Asset Value
This document may contain forward-looking statements. Forward-looking statements include statements that are predictive in nature, that dependupon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, orother similar wording. In addition, any statements that may be made concerning future performance, strategies, or prospects and possible futureactions taken by the fund, are also forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factorsthat may cause the actual results and achievements of the fund to differ materially from those expressed or implied by such statements. Such factorsinclude, but are not limited to: general economic; market and business conditions; fluctuations in securities prices, interest rates, and foreigncurrency exchange rates; changes in government regulations; and catastrophic events. We do not undertake, and specifically disclaim, any obligationto update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise.
Renaissance Investments
CIBC Asset Management Inc., the manager and trustee of the Renaissance Investments family of funds, is a wholly-owned subsidiary of Canadian Imperial Bank ofCommerce (CIBC ). Commissions, trailing commissions, management fees, and expenses all may be associated with an investment in the Renaissance Investmentsfamily of funds. Please read the Renaissance Investments family of funds simplified prospectus before investing. Mutual funds are not guaranteed, their values changefrequently, and past performance may not be repeated.
TMRenaissance Investments is a trademark of and is offered by CIBC Asset Management Inc.

Source: http://www.renaissanceinvestments.ca/en/downloads/statutory/renaissance/mrfp/200708/mrfp_ri_ghc_e.pdf

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