August 31, 2021 August 31, 2020
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1
Renaissance Real Assets Private Pool
Annual Financial Statements
for the financial year ended August 31, 2021
Statements of Financial Position
(in 000s, except per unit amounts)
As at August 31, 2021 and 2020 (note 1)
August 31, 2021 August 31, 2020
Assets
Current assets
Investments (non-derivative financial assets) † (notes 2
and 3) $ 451,736 $ 387,051
Cash including foreign currency holdings, at fair value 8,457 9,406
Interest receivable 216 421
Dividends receivable 977 990
Receivable for portfolio securities sold 240 1,046
Receivable for units issued 355 1,074
Derivative assets 3 272
Total Assets 461,984 400,260
Liabilities
Current liabilities
Payable for portfolio securities purchased 661 2,949
Payable for units redeemed 25 1,010
Management fees payable – 111
Other accrued expenses – 5
Distributions payable to holders of redeemable units 9 12
Derivative liabilities 201 48
Total Liabilities 896 4,135
Net Assets Attributable to Holders of Redeemable
Units (note 5) $ 461,088 $ 396,125
Net Assets Attributable to Holders of Redeemable
Units per Class
Premium Class $ 7,513 $ 6,539
Premium-T4 Class $ – $ –
Premium-T6 Class $ 1,430 $ 1,697
Class H-Premium $ 1,182 $ 1,492
Class H-Premium T4 $ – $ –
Class H-Premium T6 $ 148 $ 266
Class F-Premium $ 19,156 $ 21,092
Class F-Premium T4 $ 313 $ 433
Class F-Premium T6 $ 318 $ 50
Class FH-Premium $ 3,859 $ 13,784
Class FH-Premium T4 $ – $ –
Class FH-Premium T6 $ – $ –
Class N-Premium $ 54 $ 33
Class N-Premium T4 $ – $ –
Class N-Premium T6 $ – $ –
Class NH-Premium $ 40 $ 32
Class NH-Premium T4 $ – $ –
Class NH-Premium T6 $ – $ –
Class O $ 195,785 $ 136,399
Class OH $ 20,342 $ 11,769
Class S $ 210,948 $ 202,539
Net Assets Attributable to Holders of Redeemable
Units per Unit (note 5)
Premium Class $ 11.33 $ 9.65
Premium-T4 Class $ 9.84 $ 8.67
Premium-T6 Class $ 9.04 $ 8.09
Class H-Premium $ 11.12 $ 9.21
Class H-Premium T4 $ 9.28 $ 8.05
Class H-Premium T6 $ 8.51 $ 7.46
Class F-Premium $ 11.64 $ 9.89
Class F-Premium T4 $ 10.35 $ 8.97
Class F-Premium T6 $ 9.55 $ 8.46
Class FH-Premium $ 11.39 $ 9.43
Class FH-Premium T4 $ 9.39 $ 8.15
Class FH-Premium T6 $ 8.64 $ 7.57
Class N-Premium $ 11.15 $ 9.48
Class N-Premium T4 $ 10.31 $ 8.97
Class N-Premium T6 $ 9.21 $ 8.21
Class NH-Premium $ 10.73 $ 8.87
Class NH-Premium T4 $ 9.49 $ 8.19
Class NH-Premium T6 $ 8.49 $ 7.50
Class O $ 12.04 $ 10.20
Class OH $ 11.72 $ 9.66
Class S $ 11.87 $ 10.07
† Securities Lending
The tables that follow indicate the Pool had assets involved in securities lending transactions
outstanding as at August 31, 2021 and 2020:
Aggregate Value
of Securities
on Loan
($000s)
Aggregate Value
of Collateral
for Loan
($000s)
August 31, 2021 56,135 60,032
August 31, 2020 22,919 24,434
Collateral Type* ($000s)
i ii iii iv
August 31, 2021 – 60,032 – –
August 31, 2020 – 24,372 – 62
* See note 2k for Collateral Type definitions.
Organization of the Pool (note 1)
The Pool was established on April 17, 2016 (referred to as Date Established).
Inception Date
Premium Class May 17, 2016
Premium-T4 Class May 31, 2016
Premium-T6 Class May 31, 2016
Class H-Premium May 31, 2016
Class H-Premium T4 May 31, 2016
Class H-Premium T6 May 31, 2016
Class F-Premium May 31, 2016
Class F-Premium T4 May 31, 2016
Class F-Premium T6 May 31, 2016
Class FH-Premium May 31, 2016
Class FH-Premium T4 May 31, 2016
Class FH-Premium T6 May 31, 2016
Class N-Premium May 31, 2016
Class N-Premium T4 May 31, 2016
Class N-Premium T6 May 31, 2016
Class NH-Premium May 31, 2016
Class NH-Premium T4 May 31, 2016
Class NH-Premium T6 May 31, 2016
Class O May 16, 2016
Class OH May 31, 2016
Class S May 18, 2016
The accompanying notes are an integral part of these financial statements.
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Statements of Comprehensive Income
(in 000s, except per unit amounts)
For the periods ended August 31, 2021 and 2020 (note 1)
August 31, 2021 August 31, 2020
Net Gain (Loss) on Financial Instruments
Interest for distribution purposes
$ 1,175
$ 2,219
Dividend revenue
11,356
12,015
Derivative income (loss)
1,052
(531)
Other changes in fair value of investments and
x
derivatives
Net realized gain (loss) on sale of investments and
derivatives
19,205
(16,435)
Net realized gain (loss) on foreign currency (notes 2f
and g)
(163)
(254)
Net change in unrealized appreciation (depreciation)
of investments and derivatives
50,720
(42,842)
Net Gain (Loss) on Financial Instruments 83,345
(45,828)
Other Income
Foreign exchange gain (loss) on cash
47
(39)
Securities lending revenue ±
69
36
116
(3)
Expenses (note 6)
Management fees ±±
5,585
5,547
Audit fees
19
19
Custodial fees
83
97
Independent review committee fees
2
2
Legal fees
4
2
Regulatory fees
23
28
Transaction costs ±±±
828
1,090
Unitholder reporting costs
336
241
Withholding taxes (note 7)
1,016
988
Other expenses
35
33
7,931
8,047
Expenses waived/absorbed by the Manager
(4,829)
(4,609)
3,102
3,438
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) 80,359
(49,269)
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units per Class
(excluding distributions)
Premium Class
$ 1,184
$ (1,182)
Premium-T4 Class
$ –
$ –
Premium-T6 Class
$ 268
$ (454)
Class H-Premium
$ 247
$ (313)
Class H-Premium T4
$ –
$ (14)
Class H-Premium T6
$ 28
$ (45)
Class F-Premium
$ 3,482
$ (3,113)
Class F-Premium T4
$ 61
$ (57)
Class F-Premium T6
$ 27
$ (16)
Class FH-Premium
$ 1,692
$ (2,284)
Class FH-Premium T4
$ –
$ –
Class FH-Premium T6
$ –
$ (3)
Class N-Premium
$ 6
$ (5)
Class N-Premium T4
$ –
$ –
Class N-Premium T6
$ –
$ –
Class NH-Premium
$ 8
$ (5)
Class NH-Premium T4
$ –
$ –
Class NH-Premium T6
$ –
$ –
Class O
$ 30,321
$ (17,535)
Class OH
$ 3,399
$ (1,881)
Class S
$ 39,636
$ (22,362)
August 31, 2021 August 31, 2020
Average Number of Units Outstanding for the
Period per Class
Premium Class
652
791
Premium-T4 Class
–
–
Premium-T6 Class
185
202
Class H-Premium
130
176
Class H-Premium T4
–
10
Class H-Premium T6
18
38
Class F-Premium
1,854
1,968
Class F-Premium T4
39
47
Class F-Premium T6
15
12
Class FH-Premium
910
1,284
Class FH-Premium T4
–
–
Class FH-Premium T6
–
2
Class N-Premium
3
3
Class N-Premium T4
–
–
Class N-Premium T6
–
–
Class NH-Premium
4
4
Class NH-Premium T4
–
–
Class NH-Premium T6
–
–
Class O
13,974
13,479
Class OH
1,438
1,169
Class S
19,126
18,235
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units per Unit
(excluding distributions)
Premium Class
$ 1.81
$ (1.50)
Premium-T4 Class
$ 1.57
$ (1.37)
Premium-T6 Class
$ 1.44
$ (2.25)
Class H-Premium
$ 1.89
$ (1.77)
Class H-Premium T4
$ 1.60
$ (1.36)
Class H-Premium T6
$ 1.63
$ (1.22)
Class F-Premium
$ 1.87
$ (1.58)
Class F-Premium T4
$ 1.59
$ (1.22)
Class F-Premium T6
$ 1.82
$ (1.28)
Class FH-Premium
$ 1.87
$ (1.78)
Class FH-Premium T4
$ 1.58
$ (1.45)
Class FH-Premium T6
$ 1.55
$ (1.37)
Class N-Premium
$ 1.73
$ (1.27)
Class N-Premium T4
$ 1.75
$ (1.28)
Class N-Premium T6
$ 1.56
$ (1.18)
Class NH-Premium
$ 2.06
$ (1.31)
Class NH-Premium T4
$ 1.64
$ (1.36)
Class NH-Premium T6
$ 1.49
$ (1.23)
Class O
$ 2.17
$ (1.30)
Class OH
$ 2.37
$ (1.60)
Class S
$ 2.07
$ (1.22)
± Securities Lending Revenue (note 2k)
August 31, 2021 August 31, 2020
(in 000s)
% of Gross
securities lending
revenue (in 000s)
% of Gross
securities
lending revenue
Gross securities lending revenue $ 92 100.0 $ 49 100.0
Interest paid on collateral – – – –
Withholding taxes (1) (1.1) (1) (2.0)
Agent fees - Bank of New York
Mellon Corp. (The) (22) (23.9) (12) (24.5)
Securities lending revenue $ 69 75.0 $ 36 73.5
±± Maximum Chargeable Management Fee Rates (note 6)
Premium Class 2.15%
Premium-T4 Class 2.15%
Premium-T6 Class 2.15%
Class H-Premium 2.15%
Class H-Premium T4 2.15%
Class H-Premium T6 2.15%
Class F-Premium 1.15%
Class F-Premium T4 1.15%
Class F-Premium T6 1.15%
Class FH-Premium 1.15%
Class FH-Premium T4 1.15%
Class FH-Premium T6 1.15%
Class N-Premium 1.15%
Class N-Premium T4 1.15%
Class N-Premium T6 1.15%
Class NH-Premium 1.15%
Class NH-Premium T4 1.15%
Class NH-Premium T6 1.15%
Class O 0.00%
Class OH 0.00%
Class S 2.15%
Renaissance Real Assets Private Pool
2
The accompanying notes are an integral part of these financial statements.
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±±± Brokerage Commissions and Fees (notes 8 and 9)
2021 2020
Brokerage commissions and other fees ($000s)
Total Paid
606
830
Paid to CIBC World Markets Inc.
–
–
Paid to CIBC World Markets Corp.
–
–
Soft dollars ($000s)
Total Paid
54
48
Paid to CIBC World Markets Inc. and CIBC World Markets Corp.
–
–
Administrative and Other Fund Operating Expenses (note 9)
2021 2020
($000s)
40
35
Service Provider (note 9)
The amounts paid by the Pool (including all applicable taxes) to CIBC Mellon Trust Company for
custodial fees, and to CIBC Mellon Global Securities Services Company (referred to as CIBC GSS)
for securities lending, fund accounting and reporting, and portfolio valuation (all net of absorptions)
for the periods ended August 31, 2021 and 2020 were as follows:
2021 2020
($000s)
10
17
Renaissance Real Assets Private Pool
3
The accompanying notes are an integral part of these financial statements.
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For the periods ended August 31, 2021 and 2020
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Statements of Changes in Net Assets Attributable to Holders of Redeemable Units
(in 000s)
For the periods ended August 31, 2021 and 2020 (note 1)
Premium Class Units Premium-T4 Class Units Premium-T6 Class Units Class H-Premium Units
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ 1,184 $ (1,182) $ – $ – $ 268 $ (454) $ 247 $ (313)
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income (78) (170) – – (78) (119) (16) (37)
From net realized capital gains – (43) – – – – – (8)
Return of capital – – – – (20) (3) – –
(78) (213) – – (98) (122) (16) (45)
Redeemable Unit Transactions
Amount received from the issuance of units 2,750 5,273 – – 52 3,083 274 1,034
Amount received from reinvestment of distributions 66 196 – – 6 9 15 45
Amount paid on redemptions of units (2,948) (4,295) – – (495) (1,265) (830) (997)
(132) 1,174 – – (437) 1,827 (541) 82
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units 974 (221) – – (267) 1,251 (310) (276)
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period 6,539 6,760 – – 1,697 446 1,492 1,768
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ 7,513 $ 6,539 $ – $ – $ 1,430 $ 1,697 $ 1,182 $ 1,492
Redeemable Units Issued and Outstanding (note 5)
As at August 31, 2021 and 2020
Balance - beginning of period 678 597 – – 210 45 162 161
Redeemable units issued 268 482 – – 6 315 28 99
Redeemable units issued on reinvestments 7 19 – – 1 1 2 4
953 1,098 – – 217 361 192 264
Redeemable units redeemed (290) (420) – – (59) (151) (86) (102)
Balance - end of period 663 678 – – 158 210 106 162
Class H-Premium T4 Units Class H-Premium T6 Units Class F-Premium Units Class F-Premium T4 Units
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ – $ (14) $ 28 $ (45) $ 3,482 $ (3,113) $ 61 $ (57)
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income – (4) (8) (19) (402) (490) (15) (21)
From net realized capital gains – (2) – (2) – – – (4)
Return of capital – – (2) (1) – – – –
– (6) (10) (22) (402) (490) (15) (25)
Redeemable Unit Transactions
Amount received from the issuance of units – 83 – – 6,173 14,375 – 144
Amount received from reinvestment of distributions – – 1 2 361 435 – 1
Amount paid on redemptions of units – (166) (137) (39) (11,550) (6,511) (166) (50)
– (83) (136) (37) (5,016) 8,299 (166) 95
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units – (103) (118) (104) (1,936) 4,696 (120) 13
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period – 103 266 370 21,092 16,396 433 420
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ – $ – $ 148 $ 266 $ 19,156 $ 21,092 $ 313 $ 433
Redeemable Units Issued and Outstanding (note 5)
As at August 31, 2021 and 2020
Balance - beginning of period – 10 36 40 2,132 1,429 48 39
Redeemable units issued – 11 – – 593 1,283 – 14
Redeemable units issued on reinvestments – – – 1 36 42 – –
– 21 36 41 2,761 2,754 48 53
Redeemable units redeemed – (21) (19) (5) (1,115) (622) (18) (5)
Balance - end of period – – 17 36 1,646 2,132 30 48
Renaissance Real Assets Private Pool
4
The accompanying notes are an integral part of these financial statements.
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For the periods ended August 31, 2021 and 2020
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Class F-Premium T6 Units Class FH-Premium Units Class FH-Premium T4 Units Class FH-Premium T6 Units
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ 27 $ (16) $ 1,692 $ (2,284) $ – $ – $ – $ (3)
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income (8) (7) (223) (300) – – – (1)
From net realized capital gains – – – (64) – – – –
(8) (7) (223) (364) – – – (1)
Redeemable Unit Transactions
Amount received from the issuance of units 300 61 3,998 13,322 – – – –
Amount received from reinvestment of distributions 1 2 184 296 – – – –
Amount paid on redemptions of units (52) (68) (15,576) (5,769) – – – (16)
249 (5) (11,394) 7,849 – – – (16)
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units 268 (28) (9,925) 5,201 – – – (20)
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period 50 78 13,784 8,583 – – – 20
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ 318 $ 50 $ 3,859 $ 13,784 $ – $ – $ – $ –
Redeemable Units Issued and Outstanding (note 5)
As at August 31, 2021 and 2020
Balance - beginning of period 6 8 1,462 772 – – – 2
Redeemable units issued 33 6 415 1,251 – – – –
Redeemable units issued on reinvestments – – 19 30 – – – –
39 14 1,896 2,053 – – – 2
Redeemable units redeemed (6) (8) (1,557) (591) – – – (2)
Balance - end of period 33 6 339 1,462 – – – –
Class N-Premium Units Class N-Premium T4 Units Class N-Premium T6 Units Class NH-Premium Units
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ 6 $ (5) $ – $ – $ – $ – $ 8 $ (5)
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income (1) (1) – – – – (1) (1)
From net realized capital gains – (1) – – – – – (1)
(1) (2) – – – – (1) (2)
Redeemable Unit Transactions
Amount received from the issuance of units 50 – – – – – – –
Amount received from reinvestment of distributions 1 2 – – – – 1 2
Amount paid on redemptions of units (35) – – – – – – –
16 2 – – – – 1 2
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units 21 (5) – – – – 8 (5)
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period 33 38 – – – – 32 37
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ 54 $ 33 $ – $ – $ – $ – $ 40 $ 32
Redeemable Units Issued and Outstanding (note 5)
As at August 31, 2021 and 2020
Balance - beginning of period 4 3 – – – – 4 3
Redeemable units issued 4 – – – – – – –
Redeemable units issued on reinvestments – 1 – – – – – 1
8 4 – – – – 4 4
Redeemable units redeemed (3) – – – – – – –
Balance - end of period 5 4 – – – – 4 4
Renaissance Real Assets Private Pool
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units
(in 000s)
For the periods ended August 31, 2021 and 2020 (note 1) (cont'd)
5
The accompanying notes are an integral part of these financial statements.
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x
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For the periods ended August 31, 2021 and 2020
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..
.
Class NH-Premium T4 Units Class NH-Premium T6 Units Class O Units Class OH Units
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
August 31,
2021
August 31,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ – $ – $ – $ – $ 30,321 $ (17,535) $ 3,399 $ (1,881)
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income – – – – (4,318) (4,060) (410) (336)
From net realized capital gains – – – – – (207) – (72)
– – – – (4,318) (4,267) (410) (408)
Redeemable Unit Transactions
Amount received from the issuance of units – – – – 85,330 42,000 8,565 6,575
Amount received from reinvestment of distributions – – – – 4,260 4,244 403 400
Amount paid on redemptions of units – – – – (56,207) (32,713) (3,384) (4,729)
– – – – 33,383 13,531 5,584 2,246
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units – – – – 59,386 (8,271) 8,573 (43)
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period – – – – 136,399 144,670 11,769 11,812
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ – $ – $ – $ – $ 195,785 $ 136,399 $ 20,342 $ 11,769
Redeemable Units Issued and Outstanding (note 5)
As at August 31, 2021 and 2020
Balance - beginning of period – – – – 13,375 12,316 1,218 1,041
Redeemable units issued – – – – 7,777 3,795 811 621
Redeemable units issued on reinvestments – – – – 399 393 39 39
– – – – 21,551 16,504 2,068 1,701
Redeemable units redeemed – – – – (5,288) (3,129) (333) (483)
Balance - end of period – – – – 16,263 13,375 1,735 1,218
Class S Units
August 31,
2021
August 31,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ 39,636 $ (22,362)
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income (5,578) (5,162)
From net realized capital gains – (2,589)
(5,578) (7,751)
Redeemable Unit Transactions
Amount received from the issuance of units 3,643 44,040
Amount received from reinvestment of distributions 5,578 7,751
Amount paid on redemptions of units (34,870) (6,336)
(25,649) 45,455
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units 8,409 15,342
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period 202,539 187,197
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ 210,948 $ 202,539
Redeemable Units Issued and Outstanding (note 5)
As at August 31, 2021 and 2020
Balance - beginning of period 20,104 15,915
Redeemable units issued 338 4,062
Redeemable units issued on reinvestments 531 707
20,973 20,684
Redeemable units redeemed (3,208) (580)
Balance - end of period 17,765 20,104
‡ Net Capital and Non-Capital Losses (note 7)
As at December 2020, the Pool had net capital and non-capital losses (in $000s) for income tax purposes available to be carried forward as follows:
Total Net Capital Losses
Total Non-Capital Losses
that Expire in:
2030 to 2040
11,090
.
–
Renaissance Real Assets Private Pool
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units
(in 000s)
For the periods ended August 31, 2021 and 2020 (note 1) (cont'd)
6
The accompanying notes are an integral part of these financial statements.
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Statements of Cash Flows
(in 000s)
For the periods ended August 31, 2021 and 2020 (note 1)
August 31, 2021 August 31, 2020
Cash Flows from Operating Activities
Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations (excluding distributions) $ 80,359 $ (49,269)
Adjustments for:
Foreign exchange loss (gain) on cash (47) 39
Net realized (gain) loss on sale of investments and derivatives (19,205) 16,435
Net change in unrealized (appreciation) depreciation of investments and derivatives (50,720) 42,842
Purchase of investments (339,391) (511,650)
Proceeds from the sale of investments 343,571 430,417
Interest receivable 205 5
Dividends receivable 13 (272)
Other accrued expenses and liabilities (116) 116
14,669 (71,337)
Cash Flows from Financing Activities
Amount received from the issuance of units 111,854 129,039
Amount paid on redemptions of units (127,235) (61,944)
Distributions paid to unitholders (284) (328)
(15,665) 66,767
Increase (Decrease) in Cash during the Period (996) (4,570)
Foreign Exchange Loss (Gain) on Cash 47 (39)
Cash (Bank Overdraft) at Beginning of Period 9,406 14,015
Cash (Bank Overdraft) at End of Period $ 8,457 $ 9,406
Interest received $ 1,380 $ 2,224
Dividends received, net of withholding taxes $ 10,354 $ 10,755
Renaissance Real Assets Private Pool
7
The accompanying notes are an integral part of these financial statements.
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Schedule of Investment Portfolio As at August 31, 2021
Security
Number
of Shares
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
CANADIAN EQUITIES
Allied Properties REIT 68,756 2,925 2,977
Enbridge Inc. 401,481 18,434 19,934
InterRent REIT 201,445 2,599 3,527
Keyera Corp. 145,700 4,850 4,426
TC Energy Corp. 111,047 6,817 6,652
35,625 37,516 8.2%
TOTAL CANADIAN EQUITIES 35,625 37,516 8.2%
INTERNATIONAL EQUITIES
1
Australia (note 10)
Dexus 461,828 4,330 4,535
Mirvac Group 656,100 1,703 1,889
Sydney Airport 580,913 3,449 4,273
Transurban Group 170,449 1,954 2,236
2
11,436 12,933 2.8%
Brazil (note 10)
Rumo SA 481,254 2,384 2,188
3
2,384 2,188 0.5%
Chile (note 10)
Aguas Andinas SA, Class 'A' 6,567,200 1,604 1,854
4
1,604 1,854 0.4%
France (note 10)
Accor SA 43,742 2,271 1,900
Covivio 39,560 4,246 4,745
Engie 257,400 4,207 4,652
Gecina SA 29,854 5,947 5,851
Getlink SE 188,900 4,008 3,831
Unibail-Rodamco-Westfield 43,801 4,306 4,842
Vinci SA 35,400 4,298 4,793
4
29,283 30,614 6.6%
Germany (note 10)
Fraport AG Frankfurt Airport Services Worldwide 58,100 4,243 4,731
RWE AG 107,444 5,055 5,296
6
9,298 10,027 2.2%
Hong Kong (note 10)
China Gas Holdings Ltd. 1,066,246 4,502 3,900
Guangdong Investment Ltd. 1,069,600 2,349 1,874
MTR Corp. Ltd. 441,700 3,325 3,138
Sun Hung Kai Properties Ltd. 259,551 4,978 4,615
Swire Properties Ltd. 1,018,294 3,979 3,477
Wharf Real Estate Investment Co. Ltd. 787,827 5,044 4,927
4
24,177 21,931 4.8%
Italy (note 10)
Atlantia SPA 219,514 5,363 5,191
Hera SPA 552,300 2,552 3,014
Infrastrutture Wireless Italiane SPA 170,071 2,442 2,551
7
10,357 10,756 2.3%
Japan (note 10)
Frontier Real Estate Investment Corp. 398 2,229 2,175
Invincible Investment Corp. 5,099 2,186 2,500
Japan Hotel REIT Investment Corp. 3,205 2,055 2,389
LaSalle Logiport REIT 1,180 2,337 2,598
Mitsui Fudosan Co. Ltd. 167,342 4,897 4,844
Mitsui Fudosan Logistics Park Inc. 333 2,079 2,490
8
15,783 16,996 3.7%
Mexico (note 10)
Grupo Aeroportuario del Pacifico SAB de CV 260,138 3,338 3,822
Promotora y Operadora de Infraestructura SAB de CV 139,940 1,746 1,318
10
5,084 5,140 1.1%
Singapore (note 10)
City Developments Ltd. 226,466 1,928 1,454
Keppel REIT 1,141,150 1,256 1,124
4
3,184 2,578 0.6%
Spain (note 10)
Cellnex Telecom SA 82,365 6,092 7,117
Ferrovial SA 164,779 5,267 6,019
Melia Hotels International SA 162,816 1,458 1,435
Merlin Properties Socimi SA 402,820 5,249 5,937
9
18,066 20,508 4.4%
Sweden (note 10)
Hufvudstaden AB, Class 'A' 103,672 2,155 2,375
2,155 2,375 0.5%
Renaissance Real Assets Private Pool
x
8
The accompanying notes are an integral part of these financial statements.
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Security
Number
of Shares
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
5
United Kingdom (note 10)
Capital & Counties Properties PLC 951,997 2,554 2,870
Derwent London PLC 54,044 3,172 3,556
Hammerson PLC 4,736,837 2,910 2,986
National Grid PLC 916,882 14,278 14,970
Shaftesbury PLC 269,471 2,649 3,010
SSE PLC 124,600 3,465 3,528
Tritax EuroBox PLC 672,058 1,239 1,406
Unite Group PLC (The) 126,751 2,438 2,688
32,705 35,014 7.6%
11
United States (note 10)
Energy
Cheniere Energy Inc. 98,000 8,135 10,814
ONEOK Inc. 145,689 6,301 9,653
Plains GP Holdings L.P. 172,900 2,458 2,129
Targa Resources Corp. 114,864 5,005 6,365
21,899 28,961 6.3%
Real Estate
Agree Realty Corp. 30,600 2,579 2,878
Alexandria Real Estate Equities Inc. 7,900 1,688 2,057
American Homes 4 Rent, Class 'A' 42,971 1,693 2,274
American Tower Corp. 36,971 8,780 13,628
Americold Realty Trust 81,600 3,941 3,782
Camden Property Trust 12,650 1,568 2,395
Crown Castle International Corp. 77,400 16,246 19,012
CyrusOne Inc. 35,342 3,180 3,433
Douglas Emmett Inc. 72,664 3,054 3,026
EPR Properties 52,600 3,446 3,368
Essex Property Trust Inc. 16,412 5,487 6,848
Extra Space Storage Inc. 4,900 826 1,156
Federal Realty Investment Trust 11,400 1,410 1,751
Healthpeak Properties Inc. 86,800 3,562 3,942
Highwoods Properties Inc. 97,650 5,150 5,629
Invitation Homes Inc. 103,100 4,507 5,357
Mid-America Apartment Communities Inc. 22,210 3,855 5,390
Outfront Media Inc. 66,098 1,712 2,065
Park Hotels & Resorts Inc. 241,150 6,219 5,823
Pebblebrook Hotel Trust 122,101 3,132 3,394
Physicians Realty Trust 83,200 1,897 1,943
Prologis Inc. 68,975 8,025 11,718
Regency Centers Corp. 33,100 1,973 2,866
SBA Communications Corp. 16,200 5,562 7,337
Simon Property Group Inc. 31,659 3,092 5,370
SL Green Realty Corp. 28,274 2,293 2,500
Sun Communities Inc. 13,338 2,291 3,391
VICI Properties Inc. 75,605 2,785 2,948
Welltower Inc. 64,655 5,698 7,140
WP Carey Inc. 25,800 2,300 2,543
117,951 144,964 31.4%
Utilities
American Electric Power Co. Inc. 29,600 3,078 3,345
American Water Works Co. Inc. 20,300 3,467 4,668
CenterPoint Energy Inc. 155,900 4,741 4,935
Evergy Inc. 46,200 3,399 3,990
FirstEnergy Corp. 132,900 6,260 6,517
NiSource Inc. 149,421 5,323 4,647
PG&E Corp. 673,783 9,495 7,795
Sempra Energy 72,000 12,357 12,023
48,120 47,920 10.4%
Total United States
.
187,970 221,845 48.1%
TOTAL INTERNATIONAL EQUITIES 353,486 394,759 85.6%
TOTAL EQUITIES 389,111 432,275 93.8%
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
CANADIAN BONDS
11
Corporate (note 10)
Cascades Inc. / Cascades USA Inc. 5.38% 2028/01/15 Callable, USD 145,000 192 193
Emera Inc. 6.75% 2076/06/15 Series '2016-A', Variable
Rate, Convertible,
Callable, USD 210,000 308 315
GFL Environmental Inc. 3.50% 2028/09/01 Callable, USD 75,000 94 95
Hudbay Minerals Inc. 4.50% 2026/04/01 Callable, USD 55,000 71 70
MEG Energy Corp. 7.13% 2027/02/01 Callable, USD 90,000 120 120
NOVA Chemicals Corp. 4.25% 2029/05/15 Callable, USD 135,000 169 171
Parkland Corp. 4.50% 2029/10/01 Callable, USD 83,000 105 107
TransCanada PipeLines Ltd. 2.34% 2067/05/15 Variable Rate, Callable, USD 95,000 97 107
Videotron Ltd. 3.63% 2029/06/15 Callable, USD 160,000 200 208
1,356 1,386 0.3%
TOTAL CANADIAN BONDS 1,356 1,386 0.3%
Renaissance Real Assets Private Pool
Schedule of Investment Portfolio As at August 31, 2021 (cont'd)
9
The accompanying notes are an integral part of these financial statements.
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Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
INTERNATIONAL BONDS
11
Cayman Islands (note 10)
Transocean Proteus Ltd. 6.25% 2024/12/01 Sinkable, USD 112,750 140 140
Vale Overseas Ltd. 3.75% 2030/07/08 Callable, USD 150,000 193 202
333 342 0.1%
11
United Kingdom (note 10)
Atlantica Sustainable Infrastructure PLC 4.13% 2028/06/15 Callable, USD 150,000 191 198
BP Capital Markets PLC 4.88% 2030/03/22 Variable Rate, Perpetual,
USD 35,000 46 49
Virgin Media Secured Finance PLC 4.50% 2030/08/15 Callable, USD 145,000 180 186
417 433 0.1%
11
United States (note 10)
American Homes 4 Rent L.P. 4.25% 2028/02/15 Callable, USD 215,000 288 311
American Tower Corp. 3.60% 2028/01/15 Callable, USD 145,000 187 202
Antero Midstream Partners L.P. / Antero Midstream Finance Corp. 5.38% 2029/06/15 Callable, USD 115,000 140 149
Apache Corp. 4.25% 2030/01/15 Callable, USD 120,000 151 163
Ashton Woods USA LLC 6.63% 2028/01/15 Callable, USD 75,000 101 101
Beazer Homes USA Inc. 5.88% 2027/10/15 Callable, USD 80,000 107 106
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.63% 2026/07/15 Callable, USD 35,000 45 46
Buckeye Partners L.P. 4.13% 2027/12/01 Callable, USD 155,000 191 201
Cable One Inc. 4.00% 2030/11/15 Callable, USD 200,000 264 256
Cablevision Lightpath LLC 3.88% 2027/09/15 Callable, USD 200,000 263 250
Caesars Resort Collection LLC / CRC Finco Inc. 5.75% 2025/07/01 Callable, USD 80,000 107 106
California Resources Corp. 7.13% 2026/02/01 Callable, USD 78,000 98 103
Calpine Corp. 5.13% 2028/03/15 Callable, USD 165,000 213 212
CCO Holdings LLC / CCO Holdings Capital Corp. 4.75% 2030/03/01 Callable, USD 460,000 628 615
Cedar Fair L.P. / Canada's Wonderland Co. / Magnum
Management Corp. / Millennium Operations LLC
5.50% 2025/05/01 USD
170,000 227 224
Cheniere Energy Inc. 4.63% 2028/10/15 Callable, USD 140,000 185 187
Chesapeake Energy Corp. 5.50% 2026/02/01 Callable, USD 51,000 67 67
CHS / Community Health Systems Inc. 4.75% 2031/02/15 Callable, USD 130,000 156 167
Churchill Downs Inc. 4.75% 2028/01/15 Callable, USD 80,000 101 106
Clearway Energy Operating LLC 3.75% 2031/02/15 Callable, USD 88,000 111 113
CMS Energy Corp. 4.75% 2050/06/01 Variable Rate, Callable, USD 115,000 164 164
Cogent Communications Group Inc. 3.50% 2026/05/01 Callable, USD 85,000 105 109
Comstock Resources Inc. 6.75% 2029/03/01 Callable, USD 117,000 151 155
Consolidated Communications Inc. 6.50% 2028/10/01 Callable, USD 155,000 214 214
Continental Resources Inc. 5.75% 2031/01/15 USD 85,000 117 131
Crown Castle International Corp. 3.80% 2028/02/15 Callable, USD 145,000 188 204
CSC Holdings LLC 5.50% 2027/04/15 Callable, USD 295,000 411 390
DISH DBS Corp. 5.13% 2029/06/01 USD 80,000 99 100
Dominion Energy Inc. 4.65% 2024/12/15 Series 'B', Variable Rate,
Perpetual, USD 115,000 157 156
DT Midstream Inc. 4.13% 2029/06/15 Callable, USD 120,000 146 155
Duke Energy Corp. 4.88% 2024/09/16 Variable Rate, Perpetual,
USD 115,000 161 155
Endeavor Energy Resources L.P. / EER Finance Inc. 6.63% 2025/07/15 Callable, USD 95,000 130 127
Energy Transfer L.P. 6.75% 2025/05/15 Series 'F', Variable Rate,
Perpetual, USD 230,000 267 294
EnLink Midstream LLC 5.38% 2029/06/01 Callable, USD 130,000 155 169
EPR Properties 3.75% 2029/08/15 Callable, USD 115,000 140 146
EQM Midstream Partners L.P. 4.50% 2029/01/15 Callable, USD 175,000 221 224
EQT Corp. 7.00% 2030/02/01 Callable, USD 80,000 100 131
FirstEnergy Corp. 3.90% 2027/07/15 Series 'B', Callable, USD 335,000 472 475
Forestar Group Inc. 5.00% 2028/03/01 Callable, USD 160,000 213 209
Freeport-McMoRan Inc. 4.25% 2030/03/01 Callable, USD 150,000 205 205
Frontier Communications Corp. 5.00% 2028/05/01 Callable, USD 155,000 202 205
Genesis Energy L.P. / Genesis Energy Finance Corp. 8.00% 2027/01/15 Callable, USD 71,000 92 89
Global Partners L.P. / GLP Finance Corp. 7.00% 2027/08/01 Callable, USD 95,000 127 125
GLP Capital L.P. / GLP Financing II Inc. 5.38% 2026/04/15 USD 145,000 202 210
HCA Inc. 3.50% 2030/09/01 Callable, USD 220,000 297 298
Hexion Inc. 7.88% 2027/07/15 Callable, USD 95,000 132 127
Highwoods Realty L.P. 4.13% 2028/03/15 Callable, USD 191,000 266 272
Holly Energy Partners L.P. / Holly Energy Finance Corp. 5.00% 2028/02/01 Callable, USD 239,000 317 308
Howard Hughes Corp. (The) 5.38% 2028/08/01 Callable, USD 180,000 243 241
Indigo Natural Resources LLC 5.38% 2029/02/01 Callable, USD 115,000 146 150
Iron Mountain Inc. 4.88% 2029/09/15 Callable, USD 130,000 166 173
iStar Inc. 5.50% 2026/02/15 Callable, USD 235,000 308 311
Level 3 Financing Inc. 4.63% 2027/09/15 Callable, USD 310,000 415 404
Lexington Realty Trust 2.70% 2030/09/15 Callable, USD 160,000 211 208
M/I Homes Inc. 4.95% 2028/02/01 Callable, USD 80,000 105 106
MGM Growth Properties Operating Partnership L.P. / MGP
Finance Co-Issuer Inc.
4.50% 2026/09/01 Callable, USD
150,000 208 206
MPLX L.P. 6.88% 2023/02/15 Series 'B', Variable Rate,
Perpetual, USD 115,000 145 149
NextEra Energy Capital Holdings Inc. 2.24% 2067/06/15 Variable Rate, Callable, USD 170,000 193 203
NRG Energy Inc. 3.63% 2031/02/15 Callable, USD 208,000 265 267
Occidental Petroleum Corp. 3.50% 2029/08/15 Callable, USD 490,000 491 637
Pacific Gas and Electric Co. 2.50% 2031/02/01 Callable, USD 170,000 224 202
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK
Finance Co-Issuer
5.88% 2028/10/01 Callable, USD
155,000 201 208
Pattern Energy Operations L.P. / Pattern Energy Operations Inc. 4.50% 2028/08/15 Callable, USD 155,000 209 204
Plains All American Pipeline L.P. 6.13% 2022/11/15 Series 'B', Variable Rate,
Perpetual, USD 45,000 46 51
RLJ Lodging Trust L.P. 3.75% 2026/07/01 Callable, USD 120,000 151 153
Renaissance Real Assets Private Pool
Schedule of Investment Portfolio As at August 31, 2021 (cont'd)
10
The accompanying notes are an integral part of these financial statements.
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Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
SBA Communications Corp. 3.88% 2027/02/15 Callable, USD 365,000 490 479
Scientific Games International Inc. 8.25% 2026/03/15 Callable, USD 160,000 214 215
Service Corp. International 4.63% 2027/12/15 Callable, USD 145,000 196 194
Shea Homes L.P. / Shea Homes Funding Corp. 4.75% 2029/04/01 Callable, USD 95,000 121 124
Six Flags Entertainment Corp. 5.50% 2027/04/15 Callable, USD 21,000 28 27
Starwood Property Trust Inc. 3.63% 2026/07/15 Callable, USD 245,000 304 311
Station Casinos LLC 4.50% 2028/02/15 Callable, USD 95,000 119 121
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.00% 2031/06/01 Callable, USD 130,000 160 169
Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp. 6.00% 2030/12/31 Callable, USD 80,000 103 103
Targa Resources Partners L.P. / Targa Resources Partners Finance
Corp.
5.38% 2027/02/01 Callable, USD
205,000 272 268
Taylor Morrison Communities Inc. 5.88% 2027/06/15 Callable, USD 70,000 94 100
Tenet Healthcare Corp. 4.88% 2026/01/01 Callable, USD 170,000 223 223
Terex Corp. 5.00% 2029/05/15 Callable, USD 40,000 52 53
T-Mobile USA Inc. 3.50% 2031/04/15 Callable, USD 450,000 589 604
Toll Brothers Finance Corp. 4.35% 2028/02/15 Series '10YR', Callable, USD 80,000 105 112
Tronox Inc. 4.63% 2029/03/15 Callable, USD 95,000 119 122
VICI Properties L.P. / VICI Note Co. Inc. 4.63% 2029/12/01 Callable, USD 150,000 199 206
Western Midstream Operating L.P. 4.75% 2028/08/15 Callable, USD 250,000 340 347
Windstream Escrow LLC / Windstream Escrow Finance Corp. 7.75% 2028/08/15 Callable, USD 85,000 111 111
Zayo Group Holdings Inc. 4.00% 2027/03/01 Callable, USD 245,000 321 306
16,968 17,300 3.7%
TOTAL INTERNATIONAL BONDS 17,718 18,075 3.9%
TOTAL BONDS 19,074 19,461 4.2%
Less: Transaction costs included in average cost (635)
TOTAL INVESTMENTS 407,550 451,736 98.0%
Derivative assets 3 0.0%
Derivative liabilities (201) 0.0%
Other Assets, less Liabilities 9,550 2.0%
TOTAL NET ASSETS ATTRIBUTABLE TO HOLDERS OF
REDEEMABLE UNITS 461,088 100.0%
1-11
Hedging reference number. Refers to a corresponding number on the Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts.
Schedule of Derivative Assets and Liabilities - Forward Foreign Currency Contracts (note 10)
Hedging Ref.
No.** Counterparty
Credit Rating for
Counterparty*
Settlement
Date
Currency
Buys Par Value
Currency
Sells Par Value Forward Rate Current Rate
Unrealized Gain
(Loss) ($000s)
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 10,124 CAD 9,291 0.918 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 8,882 CAD 8,144 0.917 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 1,937 CAD 1,778 0.918 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 1,492 CAD 1,368 0.917 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 590 CAD 542 0.918 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 518 CAD 475 0.917 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 453 CAD 417 0.919 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 74 CAD 68 0.918 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 65 CAD 60 0.917 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 57 CAD 52 0.919 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 20 CAD 18 0.918 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 17 CAD 16 0.917 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 AUD 15 CAD 14 0.919 0.923 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 564,469 AUD 613,768 1.087 1.083 (2)
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 108,598 AUD 118,082 1.087 1.083 (1)
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 32,773 AUD 35,636 1.087 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 8,223 AUD 8,994 1.094 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 6,356 AUD 6,896 1.085 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 5,771 AUD 6,268 1.086 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 4,123 AUD 4,483 1.087 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,565 AUD 1,712 1.094 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,100 AUD 1,196 1.087 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 475 AUD 520 1.094 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 449 AUD 487 1.085 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 352 AUD 382 1.086 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 347 AUD 379 1.095 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 60 AUD 65 1.094 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 56 AUD 61 1.085 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 44 AUD 48 1.086 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 44 AUD 48 1.095 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 16 AUD 18 1.094 1.084 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 15 AUD 16 1.085 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 12 AUD 13 1.086 1.083 –
1 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 12 AUD 13 1.095 1.083 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 12,816 CAD 3,013 0.235 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 12,573 CAD 3,006 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 7,469 CAD 1,777 0.238 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 7,203 CAD 1,722 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 4,045 CAD 948 0.234 0.243 –
Renaissance Real Assets Private Pool
Schedule of Investment Portfolio As at August 31, 2021 (cont'd)
11
The accompanying notes are an integral part of these financial statements.
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Hedging Ref.
No.** Counterparty
Credit Rating for
Counterparty*
Settlement
Date
Currency
Buys Par Value
Currency
Sells Par Value Forward Rate Current Rate
Unrealized Gain
(Loss) ($000s)
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 2,450 CAD 576 0.235 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 2,408 CAD 576 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 1,855 CAD 444 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 1,622 CAD 386 0.238 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 932 CAD 218 0.234 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 747 CAD 176 0.235 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 735 CAD 176 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 419 CAD 100 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 415 CAD 99 0.238 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 94 CAD 22 0.235 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 92 CAD 22 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 53 CAD 13 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 52 CAD 12 0.238 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 25 CAD 6 0.235 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 25 CAD 6 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 14 CAD 3 0.239 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 BRL 14 CAD 3 0.238 0.243 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 101,269 BRL 426,525 4.212 4.113 (3)
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 19,483 BRL 82,059 4.212 4.113 (1)
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 5,880 BRL 24,764 4.212 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,175 BRL 9,139 4.202 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,841 BRL 7,657 4.160 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 740 BRL 3,115 4.212 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 409 BRL 1,720 4.202 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 361 BRL 1,503 4.160 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 197 BRL 831 4.212 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 106 BRL 443 4.160 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 73 BRL 309 4.203 4.112 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 13 BRL 56 4.161 4.111 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 9 BRL 39 4.203 4.114 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 4 BRL 15 4.159 4.113 –
2 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3 BRL 11 4.204 4.105 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 808,498 CAD 1,293 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 547,847 CAD 885 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 155,265 CAD 248 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 104,231 CAD 168 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 47,479 CAD 76 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 32,016 CAD 52 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 5,969 CAD 10 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 4,026 CAD 7 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 1,585 CAD 3 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CLP 1,072 CAD 2 0.002 0.002 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 61,478 CLP 38,045,252 618.839 613.962 (1)
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 11,828 CLP 7,319,492 618.840 613.962 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 11,087 CLP 6,924,814 624.590 613.962 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 4,375 CLP 2,720,459 621.863 613.962 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3,569 CLP 2,208,923 618.840 613.963 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3,235 CLP 2,011,318 621.831 613.963 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,019 CLP 1,260,832 624.589 613.962 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,451 CLP 897,638 618.476 613.963 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,025 CLP 631,429 615.752 613.962 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 829 CLP 515,410 621.860 613.963 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 647 CLP 403,904 624.591 613.966 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 574 CLP 356,887 621.830 613.967 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 449 CLP 277,873 618.843 613.962 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 253 CLP 157,045 621.862 613.961 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 246 CLP 152,096 618.478 613.959 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 195 CLP 119,877 615.764 613.967 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 187 CLP 116,209 621.838 613.953 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 120 CLP 74,160 618.825 613.958 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 88 CLP 54,687 618.491 613.978 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 81 CLP 50,813 624.622 613.980 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 59 CLP 36,337 615.777 614.008 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 32 CLP 19,760 621.775 614.046 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 24 CLP 14,622 621.948 613.854 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 22 CLP 13,567 624.632 613.891 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 11 CLP 6,882 618.329 613.916 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 9 CLP 5,284 621.647 613.705 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 7 CLP 4,573 615.478 613.826 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 6 CLP 3,914 622.258 614.443 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3 CLP 1,843 618.456 614.333 –
3 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2 CLP 1,226 616.080 613.000 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 29,286 CAD 43,351 1.480 1.491 1
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 23,013 CAD 34,476 1.498 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 7,552 CAD 11,272 1.493 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 6,293 CAD 9,461 1.503 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 4,527 CAD 6,702 1.480 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 1,730 CAD 2,562 1.480 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 1,361 CAD 2,039 1.498 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 217 CAD 322 1.480 1.491 –
Renaissance Real Assets Private Pool
12
The accompanying notes are an integral part of these financial statements.
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Hedging Ref.
No.** Counterparty
Credit Rating for
Counterparty*
Settlement
Date
Currency
Buys Par Value
Currency
Sells Par Value Forward Rate Current Rate
Unrealized Gain
(Loss) ($000s)
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 171 CAD 256 1.498 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 58 CAD 85 1.480 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 EUR 45 CAD 68 1.498 1.491 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3,100,383 EUR 2,108,840 0.680 0.671 (43)
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 596,480 EUR 405,718 0.680 0.671 (8)
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 180,009 EUR 122,440 0.680 0.671 (3)
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 58,223 EUR 39,053 0.671 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 38,912 EUR 26,184 0.673 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 38,776 EUR 26,218 0.676 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 22,644 EUR 15,402 0.680 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 16,544 EUR 11,097 0.671 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 7,512 EUR 5,074 0.675 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 6,121 EUR 4,127 0.674 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 6,043 EUR 4,111 0.680 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3,294 EUR 2,209 0.671 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,422 EUR 1,630 0.673 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,376 EUR 1,607 0.676 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 415 EUR 278 0.671 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 305 EUR 205 0.673 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 299 EUR 202 0.676 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 112 EUR 75 0.671 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 82 EUR 55 0.673 0.671 –
4 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 80 EUR 54 0.676 0.671 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 13,935 CAD 24,220 1.738 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 9,255 CAD 16,224 1.753 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 9,214 CAD 15,943 1.730 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 9,070 CAD 15,763 1.738 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 2,798 CAD 4,903 1.753 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 1,978 CAD 3,434 1.736 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 1,891 CAD 3,287 1.738 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 1,779 CAD 3,078 1.730 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 986 CAD 1,729 1.753 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 818 CAD 1,422 1.738 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 539 CAD 932 1.730 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 124 CAD 217 1.753 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 103 CAD 179 1.738 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 68 CAD 117 1.730 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 33 CAD 57 1.753 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 27 CAD 48 1.738 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 GBP 18 CAD 31 1.730 1.735 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,582,907 GBP 913,465 0.577 0.576 (2)
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 304,534 GBP 175,741 0.577 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 91,904 GBP 53,036 0.577 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 31,080 GBP 17,882 0.575 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 16,452 GBP 9,513 0.578 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 11,561 GBP 6,672 0.577 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 5,890 GBP 3,389 0.575 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3,086 GBP 1,781 0.577 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,800 GBP 1,036 0.575 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 906 GBP 524 0.578 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 226 GBP 130 0.575 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 114 GBP 66 0.578 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 61 GBP 35 0.575 0.576 –
5 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 31 GBP 18 0.578 0.576 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 124,827 CAD 20,609 0.165 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 100,263 CAD 16,342 0.163 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 74,257 CAD 12,031 0.162 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 33,393 CAD 5,513 0.165 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 24,834 CAD 4,048 0.163 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 14,661 CAD 2,369 0.162 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 7,298 CAD 1,205 0.165 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 5,686 CAD 927 0.163 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 4,154 CAD 673 0.162 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 918 CAD 152 0.165 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 714 CAD 116 0.163 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 521 CAD 84 0.162 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 244 CAD 40 0.165 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 188 CAD 31 0.163 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 HKD 137 CAD 22 0.162 0.162 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 992,632 HKD 6,169,450 6.215 6.164 (8)
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 190,972 HKD 1,186,935 6.215 6.164 (2)
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 57,633 HKD 358,201 6.215 6.164 (1)
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 28,765 HKD 177,463 6.169 6.164 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 7,250 HKD 45,060 6.215 6.164 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 5,454 HKD 33,648 6.169 6.164 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,935 HKD 12,026 6.215 6.164 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,668 HKD 10,289 6.169 6.164 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 210 HKD 1,294 6.169 6.164 –
6 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 56 HKD 346 6.170 6.164 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 1,457,532 CAD 16,795 0.012 0.011 –
Renaissance Real Assets Private Pool
13
The accompanying notes are an integral part of these financial statements.
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Hedging Ref.
No.** Counterparty
Credit Rating for
Counterparty*
Settlement
Date
Currency
Buys Par Value
Currency
Sells Par Value Forward Rate Current Rate
Unrealized Gain
(Loss) ($000s)
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 1,142,910 CAD 13,405 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 847,672 CAD 9,717 0.011 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 723,798 CAD 8,348 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 278,529 CAD 3,210 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 218,958 CAD 2,568 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 213,505 CAD 2,462 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 192,155 CAD 2,203 0.011 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 84,906 CAD 978 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 66,873 CAD 784 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 46,647 CAD 535 0.011 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 42,691 CAD 492 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 10,679 CAD 123 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 8,410 CAD 99 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 5,863 CAD 67 0.011 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 5,365 CAD 62 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 2,847 CAD 33 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 2,237 CAD 26 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 1,557 CAD 18 0.011 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 JPY 1,420 CAD 16 0.012 0.011 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 745,932 JPY 65,708,462 88.089 87.176 (8)
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 143,509 JPY 12,641,592 88.089 87.176 (2)
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 43,309 JPY 3,815,060 88.089 87.176 (1)
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 39,128 JPY 3,402,803 86.966 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 12,896 JPY 1,122,309 87.027 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 10,955 JPY 949,270 86.652 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 7,422 JPY 645,454 86.966 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 5,448 JPY 479,918 88.089 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,434 JPY 211,800 87.027 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,271 JPY 197,464 86.966 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,454 JPY 128,083 88.089 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,389 JPY 120,316 86.652 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 740 JPY 64,434 87.027 87.175 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 653 JPY 56,587 86.652 87.176 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 286 JPY 24,843 86.967 87.175 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 93 JPY 8,111 87.028 87.178 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 82 JPY 7,129 86.654 87.173 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 76 JPY 6,638 86.964 87.182 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 25 JPY 2,178 87.016 87.190 –
7 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 22 JPY 1,931 86.670 87.178 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 83,531 CAD 5,254 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 53,166 CAD 3,375 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 43,311 CAD 2,722 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 17,820 CAD 1,121 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 10,642 CAD 670 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 10,195 CAD 647 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 7,198 CAD 453 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 6,888 CAD 428 0.062 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 4,866 CAD 306 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 3,116 CAD 198 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 2,552 CAD 160 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 612 CAD 38 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 392 CAD 25 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 321 CAD 20 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 263 CAD 17 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 163 CAD 10 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 104 CAD 7 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 MXN 85 CAD 5 0.063 0.063 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 224,885 MXN 3,597,791 15.998 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 43,265 MXN 692,176 15.998 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 13,057 MXN 208,889 15.998 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 5,330 MXN 85,654 16.070 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,903 MXN 46,341 15.962 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,798 MXN 45,085 16.115 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,650 MXN 42,752 16.136 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,643 MXN 26,277 15.998 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,327 MXN 21,324 16.070 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 937 MXN 15,102 16.115 15.975 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 456 MXN 7,282 15.962 15.975 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 438 MXN 7,013 15.998 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 307 MXN 4,929 16.070 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 178 MXN 2,835 15.963 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 164 MXN 2,651 16.136 15.975 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 159 MXN 2,568 16.115 15.974 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 39 MXN 620 16.071 15.976 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 22 MXN 357 15.964 15.971 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 21 MXN 334 16.133 15.971 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 20 MXN 323 16.113 15.978 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 10 MXN 166 16.070 15.977 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 6 MXN 96 15.973 15.973 –
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 6 MXN 90 16.125 15.982 –
Renaissance Real Assets Private Pool
14
The accompanying notes are an integral part of these financial statements.
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Hedging Ref.
No.** Counterparty
Credit Rating for
Counterparty*
Settlement
Date
Currency
Buys Par Value
Currency
Sells Par Value Forward Rate Current Rate
Unrealized Gain
(Loss) ($000s)
8 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 5 MXN 86 16.104 15.985 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 94,716 CAD 13,664 0.144 0.146 1
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 72,151 CAD 10,476 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 40,498 CAD 5,876 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 36,333 CAD 5,299 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 33,418 CAD 4,886 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 31,313 CAD 4,541 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 27,381 CAD 3,976 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 18,229 CAD 2,630 0.144 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 14,255 CAD 2,070 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 9,129 CAD 1,315 0.144 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 8,059 CAD 1,169 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 7,349 CAD 1,072 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 5,992 CAD 869 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 5,503 CAD 794 0.144 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 5,127 CAD 745 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 5,005 CAD 732 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 4,152 CAD 603 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 2,314 CAD 336 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 2,114 CAD 308 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 1,944 CAD 284 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 1,831 CAD 266 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 1,595 CAD 232 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 692 CAD 100 0.144 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 534 CAD 77 0.144 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 522 CAD 76 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 291 CAD 42 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 266 CAD 39 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 245 CAD 36 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 230 CAD 33 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 201 CAD 29 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 185 CAD 27 0.144 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 139 CAD 20 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 78 CAD 11 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 71 CAD 10 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 67 CAD 10 0.144 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 65 CAD 10 0.146 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 61 CAD 9 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 54 CAD 8 0.145 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SEK 18 CAD 3 0.144 0.146 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 146,578 SEK 1,016,722 6.936 6.838 (2)
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 28,200 SEK 195,606 6.936 6.838 (1)
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 8,510 SEK 59,031 6.936 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,758 SEK 18,872 6.842 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,772 SEK 12,171 6.870 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,366 SEK 9,417 6.892 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,132 SEK 7,737 6.834 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,071 SEK 7,426 6.936 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 523 SEK 3,578 6.842 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 286 SEK 1,982 6.936 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 213 SEK 1,456 6.834 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 160 SEK 1,094 6.842 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 102 SEK 699 6.870 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 79 SEK 544 6.892 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 65 SEK 441 6.834 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 20 SEK 138 6.840 6.837 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 13 SEK 88 6.870 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 10 SEK 68 6.889 6.841 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 8 SEK 56 6.834 6.842 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 5 SEK 37 6.838 6.838 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3 SEK 24 6.869 6.829 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3 SEK 18 6.887 6.836 –
9 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2 SEK 15 6.836 6.836 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 2,590 CAD 2,443 0.943 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 1,470 CAD 1,363 0.928 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 1,408 CAD 1,321 0.938 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 660 CAD 622 0.943 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 373 CAD 350 0.937 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 255 CAD 238 0.935 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 151 CAD 143 0.943 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 86 CAD 80 0.928 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 79 CAD 74 0.938 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 19 CAD 18 0.943 0.939 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 11 CAD 10 0.928 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 10 CAD 9 0.938 0.939 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 5 CAD 5 0.943 0.939 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 3 CAD 3 0.927 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 SGD 3 CAD 2 0.938 0.938 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 116,242 SGD 126,129 1.085 1.066 (2)
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 22,364 SGD 24,266 1.085 1.066 (1)
Renaissance Real Assets Private Pool
15
The accompanying notes are an integral part of these financial statements.
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Hedging Ref.
No.** Counterparty
Credit Rating for
Counterparty*
Settlement
Date
Currency
Buys Par Value
Currency
Sells Par Value Forward Rate Current Rate
Unrealized Gain
(Loss) ($000s)
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 6,749 SGD 7,323 1.085 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,846 SGD 2,003 1.085 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,572 SGD 1,694 1.078 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 849 SGD 921 1.085 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 354 SGD 384 1.085 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 306 SGD 329 1.075 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 227 SGD 246 1.085 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 107 SGD 116 1.085 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 95 SGD 103 1.078 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 13 SGD 15 1.085 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 12 SGD 13 1.077 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 4 SGD 4 1.087 1.066 –
10 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 3 SGD 3 1.077 1.064 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 152,659 CAD 193,783 1.269 1.262 (1)
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 95,272 CAD 122,537 1.286 1.262 (2)
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 24,084 CAD 30,571 1.269 1.262 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 18,825 CAD 23,715 1.260 1.262 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 18,251 CAD 23,475 1.286 1.262 (1)
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 8,680 CAD 11,018 1.269 1.262 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 5,567 CAD 7,160 1.286 1.262 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 1,090 CAD 1,384 1.269 1.262 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 700 CAD 900 1.286 1.262 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 287 CAD 365 1.269 1.262 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 USD 186 CAD 240 1.286 1.262 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 10,627,239 USD 8,488,696 0.799 0.793 (83)
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 2,044,565 USD 1,633,133 0.799 0.793 (16)
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 617,022 USD 492,857 0.799 0.793 (5)
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 136,836 USD 108,174 0.791 0.793 1
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 136,683 USD 108,285 0.792 0.793 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 77,619 USD 61,999 0.799 0.793 (1)
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 21,632 USD 17,101 0.791 0.793 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 20,715 USD 16,547 0.799 0.793 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 8,452 USD 6,682 0.791 0.793 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 7,521 USD 5,958 0.792 0.793 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 1,064 USD 841 0.791 0.793 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 948 USD 751 0.792 0.793 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 287 USD 227 0.791 0.793 –
11 Bank of New York Mellon (The), New York A-1+ 2021/09/27 CAD 258 USD 204 0.792 0.793 –
Derivative Assets and Liabilities - Forwards (198)
* The credit rating of each counterparty (as rated by S&P Global Ratings, a division of S&P Global) of the forward foreign currency contracts held by the Pool meets or exceeds the minimum designated rating.
..
** See corresponding reference number on the Schedule of Investment Portfolio.
Renaissance Real Assets Private Pool
16
The accompanying notes are an integral part of these financial statements.
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Supplemental Schedule to Schedule of Investment Portfolio
Offsetting Arrangements (note 2d)
The Pool may enter into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statement of Financial Position but still allow
for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of the contracts.
The following table reconciles the net amount of “Over-The-Counter“ derivatives presented in the Statement of Financial Position, as at August 31, 2021 and 2020, to:
• The gross amount before offsetting required under IFRS; and
• The net amount after offsetting under the terms of master netting arrangements or other similar arrangements, but which do not meet the criteria for offsetting under IFRS.
Financial Assets and Liabilities Amounts Offset Amounts Not Offset Net
Gross Assets
(Liabilities)
Amounts Offset Under
IFRS
Net Amounts
Presented on
Statements of
Financial Position
Master Netting
Arrangements
Cash Collateral
Received
As at August 31, 2021
OTC Derivative Assets $ 3 $ – $ 3 $ (3) $ – $ –
OTC Derivative Liabilities (201) – (201) 3 – (198)
Total (198) – (198) – – (198)
As at August 31, 2020
OTC Derivative Assets $ 272 $ – $ 272 $ (40) $ – $ 232
OTC Derivative Liabilities (48) – (48) 40 – (8)
Total 224 – 224 – – 224
Interests in Underlying Funds (note 4)
As at August 31, 2021 and 2020, the Pool had no investments in Underlying Funds where the ownership exceeded 20% of each Underlying Fund.
Renaissance Real Assets Private Pool
17
The accompanying notes are an integral part of these financial statements.
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Financial Instrument Risks
Investment Objective: Renaissance Real Assets Private Pool (referred to as the
Pool) seeks long-term capital growth and income by investing primarily in securities of
companies throughout the world that engage in real assets sectors such as
infrastructure, real estate, and natural resources.
Investment Strategies: The Pool uses a top-down and relative value process to tactically
allocate capital amongst real assets sectors, may be invested in various geographies,
and may invest in a range of small- to large-capitalization companies.
Significant risks that are relevant to the Pool are discussed here. General information on
risk management and specific discussion on concentration, credit, currency, interest rate,
liquidity, and other price/market risk can be found in note 2 of the financial statements.
In the following risk tables, Net Assets is defined as meaning “Net assets attributable to
holders of redeemable units".
Concentration Risk as at August 31, 2021 and 2020
The Schedule of Investment Portfolio presents the securities held by the Pool as at
August 31, 2021.
The following table presents the investment sectors held by the Pool as at August 31,
2020, and groups the securities by asset type, industry sector, geographic region, or
currency exposure:
As at August 31, 2020
Portfolio Breakdown
% of
Net Assets
Canadian Equities 8.1
International Equities
Australia 2.4
Brazil 0.5
France 4.4
Germany 3.7
Hong Kong 4.2
Italy 2.4
Japan 4.6
Mexico 1.7
Singapore 1.4
Spain 3.8
Sweden 0.5
United Kingdom 5.3
United States Equities
Energy 3.6
Real Estate 29.6
Utilities 10.7
Canadian Bonds
Corporate 0.6
International Bonds
United States 10.2
Derivative Assets (Liabilities) 0.1
Other Assets, less Liabilities 2.2
Total 100.0
Credit Risk
Credit ratings represent a consolidation of the ratings provided by various outside service
providers and are subject to change, which could be material.
See the Schedule of Investment Portfolio for counterparties related to over-the-counter
derivative contracts, where applicable.
As at August 31, 2021 and 2020, the Pool invested in debt securities with the following
credit ratings:
% of Net Assets
Debt Securities by Credit Rating (note 2b) August 31, 2021 August 31, 2020
'A' – 0.2
'BBB' 0.6 5.0
Below 'BBB' 3.6 5.6
Total 4.2 10.8
Currency Risk
The tables that follow indicate the currencies to which the Pool had significant exposure
as at August 31, 2021 and 2020, based on the market value of the Pool's financial
instruments (including cash and cash equivalents) and the underlying principal amounts
of forward foreign currency contracts, as applicable.
As at August 31, 2021
Currency (note 2n)
Total Currency
Exposure* ($000s)
% of
Net Assets
USD 228,880 49.6
EUR 67,944 14.7
GBP 33,566 7.3
HKD 20,871 4.5
JPY 16,133 3.5
AUD 12,245 2.7
MXN 4,854 1.1
SGD 2,438 0.5
SEK 2,243 0.5
* Amounts reflect the carrying value of monetary and non-monetary items (including the notional
amount of forward foreign currency contracts, if any).
As at August 31, 2020
Currency (note 2n)
Total Currency
Exposure* ($000s)
% of
Net Assets
USD 202,152 51.0
EUR 53,006 13.4
GBP 19,595 4.9
JPY 17,107 4.3
HKD 15,503 3.9
AUD 8,754 2.2
MXN 6,428 1.6
SGD 5,138 1.3
SEK 1,911 0.5
BRL 1,857 0.5
* Amounts reflect the carrying value of monetary and non-monetary items (including the notional
amount of forward foreign currency contracts, if any).
The table that follows indicates how net assets as at August 31, 2021 and 2020, would
have decreased or increased had the Canadian dollar strengthened or weakened by 1%
in relation to all foreign currencies. This analysis assumes that all other variables remain
unchanged. In practice, the actual results may differ from this analysis and the difference
could be material.
August 31, 2021 August 31, 2020
Impact on Net Assets ($000s) 3,930 3,315
Interest Rate Risk
The Pool’s short-term assets and liabilities were not subject to significant amounts of
risk due to fluctuations in the prevailing level of market interest rates.
The table that follows indicates the Pool’s exposure to fixed income securities by
remaining term-to-maturity.
Remaining Term-to-Maturity
August 31, 2021
($000s)
August 31, 2020
($000s)
1-3 years 200 1,041
3-5 years 3,021 2,630
> 5 years 16,240 38,945
Total 19,461 42,616
The table that follows indicates how net assets as at August 31, 2021 and 2020 would
have increased or decreased had the interest rate decreased or increased by 25 basis
points and assuming a parallel shift in the yield curve. This change is estimated using the
weighted average duration of the fixed income portfolio. This analysis assumes that all
other variables remain unchanged. In practice, actual results may differ from this analysis
and the difference could be material.
August 31, 2021 August 31, 2020
Impact on Net Assets ($000s) 314 671
Renaissance Real Assets Private Pool
18
The accompanying notes are an integral part of these financial statements.
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Liquidity Risk
Liquidity risk is the risk that the Pool will encounter difficulty in meeting obligations
associated with financial liabilities. The Pool is exposed to daily cash redemptions of
redeemable units. The Pool maintains sufficient cash on hand to fund anticipated
redemptions.
With the exception of derivative contracts, where applicable, all of the Pool’s financial
liabilities are short-term liabilities maturing within 90 days after the period end.
For pools that hold derivative contracts with a term-to-maturity that exceeds 90 days
from the period end, further information related to those contracts can be referenced in
the derivative schedules following the Schedule of Investment Portfolio.
Other Price/Market Risk
The table that follows indicates how net assets as at August 31, 2021 and 2020, would
have increased or decreased had the value of the Pool’s benchmark(s) increased or
decreased by 1%. This change is estimated based on the historical correlation between
the return of Premium Class units of the Pool as compared to the return of the Pool’s
benchmark(s), using 36 monthly data points, as available, based on the monthly net
returns of the Pool. This analysis assumes that all other variables remain unchanged. The
historical correlation may not be representative of the future correlation and, accordingly,
the impact on net assets could be materially different.
x
Impact on Net Assets ($000s)
Benchmark August 31, 2021 August 31, 2020
Dow Jones Brookfield Global Infrastructure Index
4,369 3,530
FTSE EPRA/NAREIT Developed Real Estate Net Index
3,438 3,018
50% Dow Jones Brookfield Global Infrastructure Index
40% FTSE EPRA/NAREIT Developed Real Estate Net
Index
7% Bank of America Merrill Lynch Global High Yield
Index
3% Bank of America Merrill Lynch Global Broad Market
Corporate Index
4,621 3,844
Fair Value Measurement of Financial Instruments
The following is a summary of the inputs used as at August 31, 2021 and 2020, in valuing
the Pool’s financial assets and financial liabilities, carried at fair value:
As at August 31, 2021
Classification
Level 1 (i)
($000s)
Level 2 (ii)
($000s)
Level 3 (iii)
($000s)
Total
($000s)
Financial Assets
Fixed Income Securities – 19,461 – 19,461
Equities 432,275 – – 432,275
Derivative assets – 3 – 3
Total Financial Assets 432,275 19,464 – 451,739
Financial Liabilities
Derivative liabilities – (201) – (201)
Total Financial Liabilities – (201) – (201)
Total Financial Assets and Liabilities 432,275 19,263 – 451,538
(i) Quoted prices in active markets for identical assets
(ii) Significant other observable inputs
(iii) Significant unobservable inputs
As at August 31, 2020
Classification
Level 1 (i)
($000s)
Level 2 (ii)
($000s)
Level 3 (iii)
($000s)
Total
($000s)
Financial Assets
Fixed Income Securities – 42,616 – 42,616
Equities 344,435 – – 344,435
Derivative assets – 272 – 272
Total Financial Assets 344,435 42,888 – 387,323
Financial Liabilities
Derivative liabilities – (48) – (48)
Total Financial Liabilities – (48) – (48)
Total Financial Assets and Liabilities 344,435 42,840 – 387,275
(i) Quoted prices in active markets for identical assets
(ii) Significant other observable inputs
(iii) Significant unobservable inputs
Transfer of assets between Level 1 and Level 2
Financial assets and liabilities transferred from Level 1 to Level 2 are the result of
securities no longer being traded in an active market.
For the periods ended August 31, 2021 and 2020, there were no transfers of financial
assets and liabilities from Level 1 to Level 2.
Financial assets and liabilities transferred from Level 2 to Level 1 are the result of
securities now being traded in an active market.
For the periods ended August 31, 2021 and 2020, there were no transfers of financial
assets and liabilities from Level 2 to Level 1.
Reconciliation of financial asset and liability movement – Level 3
The Pool did not hold any Level 3 investments at the beginning of, during, or at the end of
either reporting period.
Renaissance Real Assets Private Pool
19
The accompanying notes are an integral part of these financial statements.
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Notes to Financial Statements
x
As at and for the periods as disclosed in the financial statements (see note 1)
1. Renaissance Private Pools — Organization of the Pools and Financial Reporting Periods
Each of the Renaissance Private Pools (referred to individually, as a Pool, and collectively, as the Pools) is a mutual fund trust, except for Renaissance Multi-Asset Global Balanced Income Private Pool, Renaissance
Multi-Asset Global Balanced Private Pool, Renaissance U.S. Equity Currency Neutral Private Pool, and Renaissance Global Equity Private Pool, which are unit trusts, organized under the laws of Ontario and
governed by a declaration of trust (referred to as the Declaration of Trust). The address of the Pools' head office is Brookfield Place, 161 Bay Street, 22
nd
Floor, Toronto, Ontario M5J 2S1.
The Pools are managed by CIBC Asset Management Inc. (referred to as the Manager). The Manager is also the trustee, registrar, portfolio advisor, and transfer agent of the Pools.
Each Pool may issue an unlimited number of classes of units and an unlimited number of units of each class. In the future, the offering of any classes of a Pool may be terminated or additional classes may be
offered. The following table indicates the classes of units offered for sale for each of the Pools:
Renaissance Ultra
Short-Term Income
Private Pool
Renaissance
Canadian Fixed
Income Private Pool
Renaissance
Multi-Sector Fixed
Income Private Pool
Renaissance Global
Bond Private Pool
Renaissance
Multi-Asset Global
Balanced Income
Private Pool
Renaissance
Multi-Asset Global
Balanced Private
Pool
Renaissance Equity
Income Private Pool
Class A
✓ ✓ ✓ ✓
Premium Class ✓ ✓ ✓ ✓ ✓ ✓ ✓
Premium-T4 Class
✓ ✓ ✓ ✓ ✓ ✓
Premium-T6 Class
✓ ✓ ✓ ✓ ✓ ✓
Class H-Premium
✓
Class H-Premium T4
✓
Class H-Premium T6
✓
Class C ✓ ✓ ✓
Class F-Premium
✓ ✓ ✓ ✓ ✓ ✓ ✓
Class F-Premium T4
✓ ✓ ✓ ✓ ✓ ✓
Class F-Premium T6
✓ ✓ ✓ ✓ ✓ ✓
Class FH-Premium
✓
Class FH-Premium T4
✓
Class FH-Premium T6
✓
Class N-Premium
✓ ✓ ✓ ✓ ✓ ✓ ✓
Class N-Premium T4
✓ ✓ ✓ ✓ ✓ ✓
Class N-Premium T6 ✓ ✓ ✓ ✓ ✓ ✓
Class NH-Premium
✓
Class NH-Premium T4
✓
Class NH-Premium T6
✓
Class I
✓ ✓ ✓
Class O ✓ ✓ ✓ ✓ ✓ ✓ ✓
Class OH
✓
Class S
✓
..
Renaissance
Canadian Equity
Private Pool
Renaissance U.S.
Equity Private Pool
Renaissance U.S.
Equity Currency
Neutral Private Pool
Renaissance
International Equity
Private Pool
Renaissance Global
Equity Private Pool
Renaissance
Emerging Markets
Equity Private Pool
Renaissance Real
Assets Private Pool
Class A
✓ ✓ ✓ ✓
Premium Class
✓ ✓ ✓ ✓ ✓ ✓
Premium-T4 Class
✓ ✓ ✓ ✓ ✓ ✓
Premium-T6 Class
✓ ✓ ✓ ✓ ✓ ✓
Class H-Premium
✓ ✓ ✓ ✓ ✓
Class H-Premium T4
✓ ✓ ✓ ✓ ✓
Class H-Premium T6 ✓ ✓ ✓ ✓ ✓
Class C
✓ ✓ ✓ ✓
Class F-Premium
✓ ✓ ✓ ✓ ✓ ✓
Class F-Premium T4
✓ ✓ ✓ ✓ ✓ ✓
Class F-Premium T6
✓ ✓ ✓ ✓ ✓ ✓
Class FH-Premium ✓ ✓ ✓ ✓ ✓
Class FH-Premium T4
✓ ✓ ✓ ✓ ✓
Class FH-Premium T6
✓ ✓ ✓ ✓ ✓
Class N-Premium
✓ ✓ ✓ ✓ ✓ ✓
Class N-Premium T4
✓ ✓ ✓ ✓ ✓ ✓
Class N-Premium T6 ✓ ✓ ✓ ✓ ✓ ✓
Class NH-Premium
✓ ✓ ✓ ✓ ✓
Class NH-Premium T4
✓ ✓ ✓ ✓ ✓
Class NH-Premium T6
✓ ✓ ✓ ✓ ✓
Class I
✓ ✓ ✓ ✓
20
..
..
x
x
Class O
✓ ✓ ✓ ✓ ✓ ✓ ✓
Class OH
✓ ✓ ✓ ✓ ✓
Class S
✓
Each class of units may charge a different management fee. Operating expenses can either be common or class-specific. Class-specific expenses are allocated on a class-by-class basis. As a result, a separate net
asset value per unit is calculated for each class of units.
Class A units are available only to investors participating in the Frontiers Program. This program will invest in a number of Pools, which will form a Frontiers Portfolio. Class A units are available on a no-load basis.
Investors do not pay a sales commission when purchasing Class A units, nor are they charged a deferred sales charge if they redeem their Class A units.
Premium Class, Premium-T4 Class and Premium-T6 Class units are available to all investors on a front-end load basis only. Investors may pay a sales charge, which is negotiable with the dealer when purchasing
the Premium, Premium-T4 or Premium-T6 classes of units. Redemptions by investors of units of those classes are not subject to a deferred sales charge.
Class F-Premium, Class F-Premium T4 and Class F-Premium T6, Class FH-Premium, Class FH- Premium T4 and Class FH-Premium T6 units (referred to collectively, as Class F-Premium) are available, subject to certain
minimum investment requirements, to investors participating in programs such as clients of “fee-for-service” investment advisors, dealer-sponsored “wrap accounts”, and others who pay an annual fee to their
dealer, and to investors who have accounts with a discount broker (provided the discount broker offers Class F-Premium units on its platform). Instead of paying a sales charge, investors purchasing Class F-Premium
units may pay fees to their dealer or discount broker for their services. We do not pay a trailing commission in respect of these classes of units, allowing us to charge a lower annual management fee.
Class H-Premium, Class H-Premium T4, Class H-Premium T6, Class FH-Premium, Class FH-Premium T4, Class FH-Premium T6, Class NH-Premium, Class NH-Premium T4, Class NH-Premium T6 and Class OH Class
units (referred to individually, as a Hedge Class) have the same characteristics as Premium Class, Premium-T4 Class, Premium-T6 Class, Class F-Premium, Class F-Premium T4, Class F-Premium T6, Class
N-Premium, Class N-Premium T4, Class N-Premium T6 and Class O units, respectively, except that they each use derivative instruments such as forward foreign currency contracts to hedge foreign currency
exposure of the Hedge Class.
Class C units are available to all investors on a no-load basis. Investors do not pay a sales commission when purchasing Class C units, nor are they charged a deferred sales charge if they redeem their Class C
units.
Class I units are available to investors participating in programs that do not require the payment of sales charges by investors and do not require the payment of service fees or trailing commissions to dealers. For
these investors, the Manager “unbundles” the typical distribution costs and charges a lower management fee. Potential investors include clients of “fee-for-service” investment advisors, dealer-sponsored “wrap
accounts”, and others who pay an annual fee to their dealer instead of transactional sales charges and where the dealer does not receive service fees or trailing commissions from the Manager.
Class N-Premium, Class N-Premium T4 and Class N-Premium T6 are available to investors who have entered into an agreement with the Manager and the dealer. Class N-Premium, N-Premium T4 and N-Premium
T6 units are generally designed to give investors access to unbundled fees where the dealer does not receive service fees or trailing commissions from the Manager. Instead, Class N-Premium, N-Premium T4 and
N-Premium T6 units charge a dealer service fee negotiated between the investor and their dealer.
Class O and Class OH units are only available to selected investors who have been approved by and have entered into a Class O or Class OH account agreement with the Manager or whose dealer or discretionary
manager offers separately managed accounts or similar programs and has entered into a Class O or Class OH unit account agreement with the Manager. These investors are typically financial services companies,
including the Manager, that will use Class O units or Class OH of the Pools to facilitate offering other products to investors. No management fees or class-specific expenses are charged to the Pools in respect of
Class O and Class OH units held; instead, a negotiated management fee is charged by the Manager directly to, or as directed by, Class O and Class OH unitholders, or dealers or discretionary managers on behalf of
unitholders.
Class S units are only available for purchase by mutual funds, asset allocation services or discretionary managed accounts offered by the Manager or its affiliates. No sales charge or deferred sales charge are
payable on, respectively, the purchase or redemption of Class S units.
The date upon which each Pool was established by Declaration of Trust (referred to as the Date Established) and the date upon which each class of units of each Pool was first sold to the public (referred to as the
Inception Date) are reported in footnote Organization of the Pool on the Statements of Financial Position.
The Schedule of Investment Portfolio of each Pool is as at August 31, 2021. The Statements of Financial Position are as at August 31, 2021 and 2020. The Statements of Comprehensive Income, Statements of
Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are for the years ended August 31, 2021 and 2020, except for Pools or classes established during either period, in
which case the information presented is from the Date Established or the Inception Date to August 31, 2021 or 2020.
These financial statements were approved for issuance by the Manager on November 4, 2021.
2. Summary of Significant Accounting Policies
These financial statements have been prepared in accordance with International Financial Reporting Standards (referred to as IFRS) as published by the International Accounting Standards Board (referred to as the
IASB).
The financial statements have been prepared on a going concern basis using the historical-cost convention. However, each Pool is an investment entity and primarily all financial assets and financial liabilities are
measured at fair value in accordance with International Financial Reporting Standards (referred to as IFRS). Accordingly, the Pools’ accounting policies for measuring the fair value of investments and derivatives are
consistent with those used in measuring the Net Asset value for transactions with unitholders. In applying IFRS, these financial statements include estimates and assumptions made by management that affect the
reported amounts of assets, liabilities, income, and expenses during the reporting periods. However, existing circumstances and assumptions may change due to market changes or circumstances arising beyond
the control of the Pools. Such changes are reflected in the assumptions when they occur.
These financial statements have been presented in Canadian dollars, which is the Pools’ functional currency (unless otherwise noted).
a) Financial Instruments
Classification and recognition of financial instruments
Under IFRS 9 Financial Instruments, the Pools classify financial assets into one of three categories based on the entity’s business model for managing financial assets and the contractual cash flow characteristics
of the financial assets. Those categories are;
• Amortized Cost - assets held within a business model whose objective is to collect cash flows and where the contractual cash flows of the assets are solely payments of principal and interest (referred
to as SPPI criterion). Amortization of the asset is calculated utilizing the Effective Interest Rate Method.
• Fair Value Through Other Comprehensive Income (referred to as FVOCI) - Financial assets such as debt instruments that meet the SPPI criterion and are held within a business model with objectives that
include both collecting the associated contractual cash flows and selling financial assets. Gains and losses are reclassified to Profit or Loss upon de-recognition for debt instruments but remain in Other
Comprehensive Income for equity instruments
• Fair Value Through Profit or Loss (referred to as FVTPL) - A financial asset is measured at FVTPL unless it is measured at Amortized Cost or FVOCI. Derivative contracts are measured at FVTPL. For all
instruments classified as FVTPL, the gains and losses are recognized in Profit or Loss.
Financial liabilities are classified at FVTPL when they meet the definition of held-for-trading or when they are designated as FVTPL on initial recognition using the fair value option.
The Manager has assessed the business models of the Pools and has determined that the Pools’ portfolio of financial assets and financial liabilities are managed and performance is evaluated on a fair value basis
in accordance with the Pools’ risk management and investment strategies; therefore, classification and measurement of financial assets is FVTPL.
All Pools have contractual obligations to distribute cash to the unitholders. As a result, the Pools’ obligation for net assets attributable to holders of redeemable units represents a financial liability and is presented
at the redemption amount.
p / 2 Notes to Financial Statements
..
Renaissance Renaissance U.S. Renaissance Renaissance
Canadian Equity Renaissance U.S. Equity Currency International Equity Renaissance Global Emerging Markets Renaissance Real
Private Pool Equity Private Pool Neutral Private Pool Private Pool Equity Private Pool Equity Private Pool Assets Private Pool
..
21
b) Risk Management
The Pools’ overall risk management approach includes formal guidelines that govern the extent of exposure to various types of risk, including diversification within asset classes and limits on the exposure to
individual investments and counterparties. In addition, derivative financial instruments may be used to manage certain risk exposures. The Manager also has various internal controls to oversee the Pools’
investment activities, including monitoring compliance with the investment objectives and strategies, internal guidelines, and securities regulations. Please refer to each Pool’s Supplemental Schedule to Schedule
of Investment Portfolio for specific risk disclosures.
Fair value of financial instruments
Financial instruments are valued at their fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. Refer to notes 3a to 3f for valuation of each specific type of financial instruments held by the Pools. The fair value of financial assets and liabilities traded in active markets are based on quoted
market prices at the close of trading on the reporting date. The Pools use the last traded market price for both financial assets and financial liabilities where the last traded price falls within that day’s bid-ask
spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager determines the point within the bid-ask spread that is most representative of fair value based on the specific facts
and circumstances.
For financial assets and financial liabilities that are not traded in an active market, fair value is determined using valuation techniques. The Pools classify fair value measurement within a hierarchy, which gives the
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (referred to as Level 1) and the lowest priority to unobservable inputs (referred to as Level 3). The three levels of the
fair value hierarchy are:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3: Inputs are unobservable for the asset or liability.
If inputs are used to measure an asset’s or liability’s fair value, the classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. Each Pool’s fair value
hierarchy classification of its assets and liabilities is included in the Supplemental Schedule to Schedule of Investment Portfolio.
The carrying values of all non-investment assets and liabilities approximate their fair values due to their short-term nature. Fair values are classified as Level 1 when the related security or derivative is actively
traded and a quoted price is available. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2, unless
the measurement of its fair value requires the use of significant unobservable inputs, in which case it is classified as Level 3.
The Manager is responsible for performing the fair value measurements included in the financial statements of a Pool, including the Level 3 measurements. The Manager obtains pricing from third-party pricing
vendors and the pricing is reviewed daily. At each financial reporting date, the Manager reviews and approves all Level 3 fair value measurements. The Pools also have a Valuation Committee, which meets
quarterly to perform detailed reviews of the valuations of investments held by the Pools, which includes discussion on Level 3 measurements.
Credit risk
Credit risk is the risk that a counterparty to a financial instrument, such as a fixed income security or a derivative contract, will fail to discharge an obligation or commitment that it has entered into with a Pool. The
value of fixed income securities and derivatives as presented on the Schedule of Investment Portfolio includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit
risk exposure of the Pools.
Certain Pools may invest in short-term fixed income securities issued or guaranteed primarily by the Government of Canada or any Canadian provincial government, obligations of Canadian chartered banks or trust
companies, and commercial paper with approved credit ratings. The risk of default on these short-term fixed income securities is considered low and these securities primarily have credit ratings of "A-1 (Low)" or
higher (as rated by S&P Global Ratings, a division of S&P Global), or equivalent rating from another rating service).
The bond ratings noted in the Pools’ "Financial Instruments Risk" under sub-section "Credit Risk" represent ratings collected and disseminated by recognized third-party vendors. These ratings utilized by the
Manager, while obtained from vendors skilled and recognized for bond rating services, may not be the same as those used directly by the portfolio advisor. Ratings used by the portfolio advisor could be higher or
lower than those used for risk disclosure in the financial statements in compliance with their investment policy guidelines.
The Pools may engage in securities lending transactions. The credit risk related to securities lending transactions is limited by the fact that the value of cash or securities held as collateral by the Pools in
connection with these transactions is at least 102% of the fair value of the securities loaned. The collateral and loaned securities are marked to market on each business day. Further information regarding the
collateral and securities on loan can be found in the footnotes to the Statements of Financial Position and in note 2k.
Currency risk
Currency risk is the risk that the value of an investment will fluctuate due to changes in foreign exchange rates. This is because the Pools may invest in securities denominated or traded in currencies other than a
Pool’s reporting currency.
Interest rate risk
Prices of fixed income securities generally increase when interest rates decline and decrease when interest rates rise. This risk is known as interest rate risk. Prices of longer-term fixed income securities will
generally fluctuate more in response to interest rate changes than would shorter-term securities. Due to the nature of short-term fixed income securities with a remaining term-to-maturity of less than one year,
these investments are not generally exposed to a significant risk that their value will fluctuate in response to changes in the prevailing levels of market interest rates.
Liquidity risk
The Pools are exposed to daily cash redemptions of redeemable units. Generally, the Pools retain sufficient cash and cash equivalent positions to maintain adequate liquidity. However, liquidity risk also involves
the ability to sell an asset for cash easily and at a fair price. Some securities are illiquid due to legal restrictions on their resale, the nature of the investment, or simply a lack of interested buyers for a particular
security or security type. Certain securities may become less liquid due to changes in market conditions, such as interest rate changes or market volatility, which could impair the ability of a Pool to sell such
securities quickly or at a fair price. Difficulty in selling securities could result in a loss or lower return for a Pool.
Other price/market risk
Other price/market risk is the risk that the value of investments will fluctuate as a result of changes in market conditions. Several factors can influence market trends, such as economic developments, changes in
interest rates, political changes, and catastrophic events, such as pandemics or disasters, which occur naturally or are exacerbated by climate change. Pandemics such as coronavirus disease 2019 (referred to as
COVID-19) may adversely affect global markets and the performance of the Pools. All investments are exposed to other price/market risk.
c) Investment Transactions, Income Recognition, and Recognition of Realized and Unrealized Gains and Losses
i) Each transaction of purchase or sale of a portfolio asset by a Pool is reflected in the net assets no later than the first computation of net assets made after the date on which the transaction becomes
binding upon the Pool.
ii) Interest for distribution purposes shown on the Statements of Comprehensive Income represents the coupon interest received by the Pool accounted for on an accrual basis. The Pools do not amortize
premiums paid or discounts received on the purchase of fixed income securities, except for zero coupon bonds, which are amortized on a straight-line basis.
iii) Dividend income is recorded on the ex-dividend date.
iv) Security transactions are recorded on a trade date basis. Securities that are exchange-traded are recorded at fair value established by the last traded market price when that price falls within that day’s
bid-ask spread. Debt securities are recorded at fair value, established by the last traded price on the Over-the-Counter (referred to as OTC) market when that price falls within that day’s bid-ask spread.
In circumstances where the last traded price is not within the bid-ask spread, the Manager determines the point within the bid-ask spread that is most representative of fair value based on the specific
facts and circumstances. Unlisted securities are recorded at fair value using fair valuation techniques established by the Manager in establishing a fair value.
v) Realized gains and losses on investments and unrealized appreciation or depreciation of investments are calculated using the average cost, excluding transaction costs, of the related investments.
vi) Investment income is the sum of income paid to the Pool that is generated from a Pool’s investment fund holdings.
vii) Other income is the sum of income, excluding transaction costs, other than that which is separately classified on the Statements of Comprehensive Income.
Notes to Financial Statements p / 3
22
d) Offsetting
Financial assets and liabilities are offset and the net amount reported in the Statements of Financial Position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention
to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Where applicable, additional information can be found in the table Offsetting Arrangements as part of the Supplemental Schedule to Schedule of Investment Portfolio. This supplemental schedule discloses
the OTC derivatives, which are subject to offsetting.
e) Portfolio Securities
The cost of securities of the Pools is determined in the following manner: securities are purchased and sold at a market-traded price to arrive at a value for the position traded. The total purchased value represents
the total cost of the security to the Pool. When additional units of the same security are purchased, the cost of those additional units is added to the total security cost. When units of the same security are sold, the
proportionate cost of the units of the security sold is deducted from the total security cost. If there is a return of capital paid by a security, the amount of this return of capital is deducted from the total security cost.
This method of tracking security cost is known as “average cost” and the current total for any one security is referred to as the adjusted cost base or “ACB” of the security. Transaction costs incurred in portfolio
transactions are excluded from the average cost of investments and are recognized immediately in Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units and are presented as a separate
expense item in the financial statements.
The difference between the fair value of securities and their average cost, excluding transaction costs, represents the unrealized appreciation (depreciation) in value of the portfolio investments. The applicable
period change in unrealized appreciation (depreciation) of investments is included on the Statements of Comprehensive Income.
Short-term investments on the Schedule of Investment Portfolio are presented at their amortized cost, which approximates their fair value. Accrued interest for bonds is disclosed separately on the Statements of
Financial Position.
f) Foreign Exchange
The value of investments and other assets and liabilities denominated in foreign currencies is translated into Canadian dollars, which is the Pools’ functional and presentation currency at the current rates prevailing
on each Valuation Date.
Purchases and sales of investments, income, and expenses are translated into Canadian dollars, which is the Pools' functional and presentation currency at the foreign exchange rates prevailing on the dates of
such transactions. Foreign currency translation gains (losses) on investments and income transactions are included in Net realized gain (loss) on foreign currency and in Income, respectively, on the Statements of
Comprehensive Income.
g) Forward Foreign Currency Contracts
The Pools may enter into forward foreign currency contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian
securities regulatory authorities.
Changes in the fair value of forward foreign currency contracts are included in derivative assets or derivative liabilities on the Statements of Financial Position and are recorded as an Increase (decrease) in
unrealized appreciation (depreciation) of investments and derivatives during the applicable period on the Statements of Comprehensive Income.
The gain or loss arising from the difference between the value of the original forward foreign currency contract and the value of such contract at close or delivery is realized and recorded as Net realized gain (loss)
on foreign currency for Pools that use the forward foreign currency contracts for hedging, or as Derivative income (loss) for Pools that do not use the forward foreign currency contracts for hedging.
h) Futures Contracts
The Pools may enter into futures contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory
authorities.
The margin deposits with brokers relating to futures contracts are included in Margin on the Statements of Financial Position. Any change in the margin requirement is settled daily and included in Receivable for
portfolio securities sold or Payable for portfolio securities purchased on the Statements of Financial Position.
Any difference between the settlement value at the close of business on each Valuation Date and the settlement value at the close of business on the previous Valuation Date is recorded as Derivative income
(loss) on the Statements of Comprehensive Income.
i) Options
The Pools may enter into options contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory
authorities.
Premiums paid for purchased call and put options are included in derivative assets and subsequently measured at fair value on the Statements of Financial Position. When a purchased option expires, the Pool will
realize a loss in the amount of the cost of the option. For a closing transaction, the Pool will realize a gain or loss depending on whether the proceeds are greater or less than the premium paid at the time of
purchase.
When a purchased call option is exercised, the cost of the security purchased is increased by the premium paid at the time of purchase.
Premiums received from writing options are included in derivative liabilities and subsequently measured at fair value on the Statements of Financial Position as initial reductions in the value of investments.
Premiums received from writing options that expire unexercised are recorded as realized gains and reported as Net gain (loss) on sale of investments and derivatives on the Statements of Comprehensive Income.
For a closing transaction, if the cost of closing the transaction exceeds the premium received, the Pool will record a realized loss or, if the premium received at the time the option was written is greater than the
amount paid, the Pool will record a realized gain and are reported as Net gain (loss) on sale of investments and derivatives. If a written put option is exercised, the cost for the security delivered is reduced by the
premiums received at the time the option was written.
j) Swap Contracts
The Pools may enter into swap contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities
regulatory authorities. The Pools can enter into swap contracts either through exchanges that provide clearing and settlement, or with financial institutions referred to as counterparties. The swap contracts with
counterparties result in the Pools having credit exposure to the counterparties or guarantors. With the exception of cleared specified derivatives, the Pools will only enter into swap contracts with counterparties
having a designated rating.
The amount to be received (or paid) on the swap contracts is recognized as Derivative asset or Derivative liability on the Statements of Financial Position over the life of the contracts. Unrealized gains are reported
as an asset and unrealized losses are reported as a liability on the Statements of Financial Position. A realized gain or loss is recorded upon early or partial termination and upon maturity of the swap contracts and
is recorded as Derivative income (loss). Changes in the amount to be received (or paid) on the swap contract are recorded as Net change in unrealized appreciation (depreciation) of investments and derivatives on
the Statements of Comprehensive Income. Details of swap contracts open at period end are included with the applicable Pools’ Schedule of Investment Portfolio under the caption Schedule of Derivative Assets and
Liabilities - Swap Contracts.
k) Securities Lending
A Pool may lend portfolio securities in order to earn additional revenue, which is disclosed on the Statements of Comprehensive Income. The loaned assets of any one Pool are not permitted to exceed 50% of
the fair value of the assets of that Pool (excluding collateral debt for the loaned securities). The minimum allowable collateral is 102% of the market value of the loaned securities as per the requirements of
National Instrument 81-102 - Investment Funds. Collateral can consist of the following:
i) Cash;
ii) Qualified securities;
iii) Irrevocable letters of credit issued by a Canadian financial institution that is not the counterparty, or an affiliate counterparty, of the Pool in the transaction, if evidences of indebtedness of the Canadian
financial institution that are rated as short-term debt by a designated credit rating organization, or its designated rating organization affiliate, have a designated rating; and
iv) Securities that are immediately convertible into, or exchangeable for, securities of the same issuer, class, or type, and the same term, as the securities loaned.
p / 4 Notes to Financial Statements
23
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x
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The fair value of the loaned securities is determined on the close of any valuation date and any additional required collateral is delivered to the Pool on the next business day. The securities on loan continue to be
included on the Schedule of Investment Portfolio and are included in the total value on the Statements of Financial Position in Investments (non-derivative financial assets) at fair value. Where applicable, a Pool’s
securities lending transactions are reported in footnote Securities Lending on the Statements of Financial Position.
National Instrument 81-106 – Investment Fund Continuous Disclosure requires a reconciliation of the gross income amount generated from the securities lending transactions of the Pools to the revenue from
securities lending disclosed in the Pools’ Statements of Comprehensive Income. The gross amount generated from securities lending includes interest paid on collateral, withholding taxes deducted, the fees paid to
the Pools’ lending agent and the securities lending revenue received by the Pools. Where applicable, the reconciliation can be found in the footnotes to the Pools’ Statements of Comprehensive Income.
l) Multi-Class Structured Pools
Each Pool may issue an unlimited number of classes of units. The realized and unrealized capital gains or capital losses, income, and common expenses (other than class-specific operating expenses and
management fees) of the Pool are allocated on each Valuation Date to the unitholders in proportion to the respective prior day’s net asset value, which includes unitholder trade(s) dated for that day, of each class
of units at the date on which the allocation is made. Class-specific operating expenses and management fees do not require allocation. All class-specific operating expenses are paid by the Manager and are
collected from the Pools on a recoverable basis.
m) Loans and Receivables, Other Assets and Liabilities
Loans and receivables, other assets and liabilities are recorded at cost, which approximates their fair value with the exception of net assets attributable to holders of redeemable units, which are presented at the
redemption value.
n) Legend for Abbreviations
The following is a list of abbreviations (foreign currency translation and others) that may be used in the Schedule of Investment Portfolio:
Currency Abbreviations
AED – United Arab Emirates Dirham
ARS – Argentine Peso
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
CHF – Swiss Franc
CLP – Chilean Peso
CNY – Chinese Renminbi
COP – Colombian Peso
CZK – Czech Koruna
DKK – Danish Krone
EUR – Euro
GBP – British Pound
HKD – Hong Kong Dollar
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli Shekel
INR – Indian Rupee
JPY – Japanese Yen
KES – Kenyan Shilling
KRW – South Korean Won
MXN – Mexican Peso
MYR – Malaysian Ringgit
NOK – Norwegian Krone
NZD – New Zealand Dollar
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian Leu
RUB – Russian Ruble
SEK – Swedish Krona
SGD – Singapore Dollar
THB – Thai Baht
TRY – New Turkish Lira
TWD – Taiwan Dollar
USD – United States Dollar
ZAR – South African Rand
Other Abbreviations
ADR – American Depositary Receipt
ADC – Austrian Depositary Certificates
CVO – Contingent Value Obligations International
ETF – Exchange-Traded Fund
GDR – Global Depositary Receipt Securities
IPN – International Participation Note
iShares – Index Shares
iUnits – Index Units Securities
LEPOs – Low Exercise Price Options
MSCI – Morgan Stanley Capital Index
OPALS – Optimized Portfolios as Listed
PERLES – Performance Linked to Equity
REIT – Real Estate Investment Trust
SDR – Swedish Depositary Receipt
o) Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per Unit
Increase (decrease) in net assets attributable to holders of redeemable units per unit of each class is calculated by dividing the Increase (decrease) in net assets attributable to holders of redeemable units
(excluding distributions), as reported in the Statements of Comprehensive Income, by the weighted average number of units in issue during the related period.
3. Valuation of Investments
The valuation date for a Pool is any day when the Manager’s head office is open for business (referred to as Valuation Date). The Manager may, at its discretion, establish other Valuation Dates. The value of the
investments or assets of a Pool is determined as follows:
a) Cash and Other Assets
Cash, accounts receivable, dividends receivable, distributions receivable, and interest receivable are valued at fair value or at their recorded cost, plus or minus any foreign exchange between recognition of the
asset by the Pool and the current Valuation Date, which approximates fair value.
Short-term investments (money market instruments) are valued at fair value.
b) Bonds, Debentures, and Other Debt Obligations
Bonds, debentures, and other debt obligations are fair valued using the last traded price provided by a recognized vendor upon the close of trading on a Valuation Date, whereby the last traded price falls within
that day’s bid-ask spread. If the last traded price does not fall within that day’s bid-ask spread, then the Manager will determine the point within the bid-ask spread that is most representative of fair value based
on the specific facts and circumstances.
c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities
Any security that is listed or traded on a securities exchange is fair valued using the last traded price, whereby the last traded price falls within that day’s bid-ask spread or, if there is no traded price on that
exchange or the last traded price does not fall within that day’s bid-ask spread and in the case of securities traded on an OTC market, at the fair value as determined by the Manager as an appropriate basis for
valuation. In such situations, a fair value will be determined by the Manager to establish current value. If any securities are inter-listed or traded on more than one exchange or market, the Manager will use the
principal exchange or market for the fair value of such securities.
Units of each mutual fund in which a Pool invests will be valued at fair value using the most recent net asset value quoted by the trustee or manager of the mutual fund on the Valuation Date.
Notes to Financial Statements p / 5
24
Unlisted securities are fair valued using the last traded price quoted by a recognized dealer, or the Manager may determine a price that more accurately reflects the fair value of these securities if the Manager
feels the last traded price does not reflect fair value.
Fair value pricing is designed to avoid stale prices and to provide a more accurate fair value, and may assist in the deterrence of harmful short-term or excessive trading in the Pool. When securities listed or traded
on markets or exchanges that close prior to North or South American markets or exchanges are valued by the Manager at their fair market value, instead of using quoted or published prices, the prices of such
securities used to calculate the Pool's net assets or net asset value may differ from quoted or published prices of such securities.
d) Derivatives
Long positions in options, debt-like securities, and listed warrants are fair valued using the last traded price as established on either their principal trading exchange or by a recognized dealer in such securities,
whereby the last traded price falls within that day’s bid-ask spread and the credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Financial, Inc.) meets or exceeds the
minimum designated rating.
When any option is written by any Pool, the premium received by the Pool will be reflected as a liability that will be valued at an amount equal to the current value of the option that would have the effect of closing
the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment; the liability shall be deducted in arriving at the net assets attributable to holders of redeemable
units of the Pool. The securities that are the subject of a written option, if any, will be valued in the manner described above for listed securities.
Futures contracts, forward contracts, or swaps will be valued at fair value of 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.
Margin paid or deposited in respect of swaps and forward contracts will be reflected as an account receivable and margin consisting of assets other than cash will be noted as held as collateral.
Other derivatives and margin are fair valued in a manner that the Manager determines to represent their fair value.
e) Restricted Securities
Restricted securities purchased by any Pool will be fair valued in a manner that the Manager determines to represent their fair value.
f) Other Securities
All other investments of the Pools will be fair valued in accordance with the laws of the Canadian securities regulatory authorities, where applicable, and using fair valuation techniques that most accurately reflect
their current value as determined by the Manager.
The value of any security or other property of a Pool for which a market quotation is not readily available or where, in the opinion of the Manager, the market quotations do not properly reflect the fair value of such
securities, will be determined by the Manager by valuing the securities at their fair value. In such situations, fair value will be determined using fair valuation techniques that most accurately reflect their fair value
as established by the Manager.
4. Interests in Underlying Funds
The Pools may invest in other investment funds (referred to as Underlying Funds). Each Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation
for its unitholders. Each Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder’s option and entitle the unitholder to a proportionate share
of the Underlying Fund’s net assets. The Pools’ interests in Underlying Funds held in the form of redeemable units, are reported in its Schedule of Investments at fair value, which represents the Pools’ maximum
exposure on those investments. The Pools’ interests in Underlying Funds as at the prior year period ends are presented in the Financial Instrument Risks – Concentration Risks section in the Supplemental Schedule
to the Schedule of Investment Portfolio. Distributions earned from Underlying Funds are included in Investment Income in the Statements of Comprehensive Income. The total realized and change in unrealized gains
(losses) arising from Underlying Funds are also included in the Statements of Comprehensive Income. The Pools do not provide any additional significant financial or other support to Underlying Funds.
Where applicable, the table Interests in Underlying Funds is presented as part of the Supplemental Schedule to Schedule of Investment Portfolio, which provides additional information on the Pools’ investments in
Underlying Funds where the ownership interest exceeds 20% of each Underlying Fund.
5. Redeemable Units Issued and Outstanding
Each Pool is permitted to have an unlimited number of classes of units and may issue an unlimited number of units of each class. The outstanding units represent the net assets attributable to holders of
redeemable units of the Pools. Each unit has no par value and the value of each unit is the net asset value as determined on each valuation date. Settlement of the cost for units issued is completed as per laws of
the Canadian securities regulatory authorities in place at the time of issue. Distributions made by the Pools and reinvested by unitholders in additional units also constitute issued redeemable units of the Pools.
Units are redeemed at the net assets attributable to holders of redeemable units per unit of each class of units of the Pool. A right to redeem units of a Pool may be suspended with the approval of the Canadian
securities regulatory authorities or when normal trading is suspended on a stock, options, or futures exchange within Canada or outside of Canada on which securities or derivatives that make up more than 50% of
the value or underlying exposure of the total assets of the Pool, not including any liabilities of the Pool, are traded and when those securities or derivatives are not traded on any other exchange that represents a
reasonably practical alternative for the Pool; or if, in the case of Renaissance U.S. Equity Currency Neutral Private Pool, the Underlying Fund whose performance it tracks has suspended redemptions. The Pools are
not subject to any externally imposed capital requirements.
The capital received by a Pool is utilized within the respective investment mandate of a Pool. For all Pools, this includes the ability to make liquidity available to satisfy unitholder unit redemption requirements upon
the unitholder’s request.
Changes in issued and outstanding units for the years ended August 31, 2021 and 2020 can be found on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units.
6. Management Fees and Operating Expenses
Management fees are based on the net asset value of the Pools and are calculated daily and paid monthly. Management fees are paid to the Manager in consideration for providing, or arranging for the provision
of, management, distribution, and portfolio advisory services. Advertising and promotional expenses, office overhead expenses related to the Manager’s activities, trailing commissions and the fees of the portfolio
sub-advisors are paid by the Manager out of the management fees received from the Pools.
The maximum annual management fee expressed as a percentage of the average net asset value for each class of units of the Pool is reported in footnote Maximum Chargeable Management Fee Rates on the
Statements of Comprehensive Income. For Class O and Class OH units, management fees are negotiated with and paid by, or as directed by, unitholders, or dealers and discretionary managers on behalf of
unitholders.
In addition to the management fees, the Pools are responsible for all expenses relating to the operation and conduct of the business of the Pools, including but not limited to interest, operating, and administrative
costs (other than advertising and promotional expenses, which are the responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees (including the portion of the regulatory fees paid by the
Manager that are attributable to the Pools), Independent Review Committee fees and expenses, taxes, audit and legal fees and expenses, trustee fees, safekeeping fees, custodial fees, any agency fees, securities
lending, repurchase, and reverse repurchase fees, investor servicing costs, and costs of unitholder reports, prospectuses, fund facts, and other reports. All class-specific operating expenses are paid by the Manager
and recovered from the Pools. The Pools do not pay a fee to the trustee.
The Manager may recover from a Pool less than the actual class-specific operating expenses paid by the Manager, resulting in the Manager absorbing class-specific expenses. The Manager may also charge to a
Pool less than the maximum management fee noted in footnote Maximum Chargeable Management Fee Rates on the Statements of Comprehensive Income, resulting in the Manager waiving management fees.
At its sole discretion, the Manager may stop absorbing class-specific operating expenses and/or waiving management fees at any time. Class-specific operating expenses absorbed and/or management fees
waived by the Manager are disclosed on the Statements of Comprehensive Income.
In some cases, the Manager may charge management fees to a Pool that are less than the management fees the Manager is entitled to charge in respect of certain investors in a Pool. The difference in the amount
of the management fees will be paid out by the Pool to the applicable investors as a distribution of additional units of the Pool (referred to as Management Fee Distributions).
Effective September 1, 2021, the Manager, will pay the Pool's operating expenses, other than certain expenses, in exchange for the payment by the Pool of an annual fixed rate administration fee. This fee will
apply to all of the Pool's classes, other than Class O and Class OH (as applicable), and will be equal to a specified percentage of the net asset value of each class of the Pool.
Management Fee Distributions are negotiable between the Manager and the investor and are dependent primarily on the size of the investor’s investment in the Pool. Management Fee Distributions paid to
qualified investors do not adversely impact the Pool or any of the Pool’s other investors. The Manager may increase or decrease the amount of Management Fee Distributions to certain investors from time to time.
Where a Pool invests in units of an Underlying Fund, the Pool does not pay duplicate management fees on the portion of its assets that it invests in units of the Underlying Fund. In addition, the Pool will not pay
duplicate sales fees or redemption fees with respect to the purchase or redemption by it of units of the Underlying Fund. Some of the Underlying Funds held by the Pools may offer Management Fee Distributions.
p / 6 Notes to Financial Statements
25
Such Management Fee Distributions of an Underlying Fund will be paid out as required for taxable distribution payments by a Pool. The Manager of an Underlying Fund may, in some cases, waive a portion of an
Underlying Fund’s management fee and/or absorb a portion of an Underlying Fund’s operating expenses.
7. Income Taxes and Withholding Taxes
All of the Pools, except Renaissance Multi-Asset Global Balanced Income Private Pool, Renaissance Multi-Asset Global Balanced Private Pool, Renaissance U.S. Equity Currency Neutral Private Pool, and
Renaissance Global Equity Private Pool, which are unit trusts, qualify as mutual fund trusts under the Income Tax Act (Canada). No income tax is payable by the Pools on net income and/or net realized capital gains
that are distributed to unitholders. In addition, for all of the Pools, except those that do not qualify as mutual fund trusts under the Income Tax Act (Canada), income taxes payable on undistributed net realized
capital gains are refundable on a formula basis when units of the Pools are redeemed. Sufficient net income and realized capital gains of the Pools have been, or will be, distributed to the unitholders such that no
tax is payable by the Pools and accordingly, no provision for income taxes has been made in the financial statements. Occasionally, a Pool may pay distributions in excess of net income and net realized capital
gains of the Pool. This excess distribution is called a return of capital and is non-taxable to the unitholder. However, a return of capital reduces the average cost of the unitholder’s units for tax purposes.
Non-capital losses are available to be carried forward for 20 years.
Capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized in future years. Where applicable, a Pool’s net capital and non-capital losses are reported in
Canadian dollars in the footnote Net Capital and Non-Capital Losses on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units.
Renaissance Multi-Asset Global Balanced Income Private Pool, Renaissance Multi-Asset Global Balanced Private Pool, Renaissance U.S. Equity Currency Neutral Private Pool, and Renaissance Global Equity Private
Pool have a taxation year-end of December 31. All other Pools have a taxation year-end of December 15.
The Pools currently incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are recorded on a gross basis and the related withholding taxes are shown
as a separate expense in the Statements of Comprehensive Income.
8. Brokerage Commissions and Fees
The total commissions paid by the Pools to brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Pool. In
allocating brokerage business to a dealer, consideration may be given by the portfolio advisor or portfolio sub-advisors of the Pools to the provision of goods and services by the dealer or a third party, other than
order execution (referred to in the industry as “soft dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the portfolio advisor or portfolio sub-advisors
with their investment decision-making services to the Pools or relate directly to the execution of portfolio transactions on behalf of the Pools. The services are supplied by the dealer executing the trade or by a third
party and paid for by that dealer. The total soft dollar payments paid by the Pools to brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Pool. In
addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Pool. Any commission recaptured will be paid to the applicable Pool.
Fixed income, other securities, and certain derivative products (including forwards) are transacted in an over-the-counter market, where participants are dealing as principals. Such securities are generally traded on
a net basis and do not normally involve brokerage commissions, but will typically include a “spread” (being the difference between the bid and the offer prices on the security of the applicable marketplace).
Spreads associated with fixed income securities trading and certain derivative products (including forwards) are not ascertainable and, for that reason, are not included in the dollar amounts. In addition, the soft
dollar amounts only include the value of research and other services supplied by a third party to the portfolio sub-advisors, as the value of the services supplied to the portfolio advisor and portfolio sub-advisors by
the dealer is not ascertainable. When these services benefit more than one Pool, the costs are allocated among the Pools based on transaction activity or some other fair basis as determined by the portfolio
advisor or portfolio sub-advisors.
9. Related Party Transactions
Canadian Imperial Bank of Commerce (referred to as CIBC) and its affiliates have the following roles and responsibilities with respect to the Pools and receive the fees described below in connection with their roles
and responsibilities. The Pools may hold securities of CIBC. CIBC and its affiliates may also be involved in underwriting or lending to issuers that may be held by the Pools, have purchased or sold securities from or
to the Pools while acting as principal, have purchased or sold securities from or to the Pools on behalf of another investment fund managed by CIBC or an affiliate, or have been involved as a counterparty to
derivative transactions. Management fees payable and other accrued expenses on the Statements of Financial Position are amounts generally payable to a related party of the Pool.
Manager, Trustee, Portfolio Advisor, and Portfolio Sub-Advisor of the Pools
CIBC Asset Management Inc. (referred to as CAMI), a wholly owned subsidiary of CIBC, is the Manager, trustee, and portfolio advisor of each of the Pools.
The Manager also arranges for fund administrative services (other than advertising and promotional services, which are the responsibility of the Manager), legal, investor servicing, and costs of unitholder reports,
prospectuses, and other reports. The Manager is the registrar and transfer agent for the Pools and provides, or arranges for the provision of, all other administrative services required by the Pools. The dollar amount
(including all applicable taxes) of all fund administrative expenses (net of absorptions) that the Manager recovers from the Pool is reported in footnote Administrative and Other Fund Operating Expenses on the
Statements of Comprehensive Income.
Brokerage Arrangements and Soft Dollars
The portfolio advisor or the portfolio sub-advisors make decisions, including the selection of markets and dealers and the negotiation of commissions, with respect to the purchase and sale of portfolio securities,
certain derivative products, and the execution of portfolio transactions. Brokerage business may be allocated by portfolio sub-advisors, to CIBC World Markets Inc. and CIBC World Markets Corp., each a subsidiary
of CIBC. The total commissions paid to related brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive Income of each Pool.
CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the sale of fixed income, other securities, and certain derivative products to the Pools. Dealers, including CIBC World Markets Inc.
and CIBC World Markets Corp., may furnish goods and services, other than order execution, to the portfolio advisor or the portfolio sub-advisors, that process trades through them (referred to in the industry as
“soft-dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the portfolio advisor or the portfolio sub-advisors with their investment decision-making
services to the Pools or relate directly to executing portfolio transactions on behalf the Pools. They are supplied by the dealer executing the trade or by a third party and paid for by that dealer. As per the terms of
the portfolio advisory and portfolio sub-advisory agreements, such soft dollar arrangements are in compliance with applicable laws. Custodial fees directly related to portfolio transactions incurred by a Pool, or a
portion of a Pool, for which CAMI acts as advisor, shall be paid by CAMI and/or dealer(s) directed by CAMI up to the amount of the credits generated under soft dollar arrangements from trading on behalf of the
Pool, or portion of the Pool, during the month. The total soft dollar payments paid by the Pool to related brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Comprehensive
Income of each Pool. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Pools. Any commission recaptured will be paid to the relevant Pool.
Custodian
The custodian holds cash and securities for the Pools and ensures that those assets are kept separate from any other cash or securities that the custodian might be holding. The custodian also provides other
services to the Pool including record keeping and processing of foreign exchange transactions. CIBC Mellon Trust Company is the custodian of the Pools (the Custodian). The fees and spreads for services of the
Custodian directly related to the execution of portfolio transactions by a Pool, or a portion of a Pool, for which CAMI acts as portfolio advisor are paid by CAMI and/or dealer(s) directed by CAMI up to the amount of
the credits generated under soft dollar arrangements from trading on behalf of the Pool, or portion of the Pool, during that month. The fees and spreads for the services of the Custodian are paid by the Manager
and charged to each Pool on a recoverable basis. CIBC owns a 50 percent interest in the Custodian.
Service Provider
CIBC Mellon Global Securities Services Company (referred to as CIBC GSS) provides certain services to the Pools, including securities lending, fund accounting and reporting, and portfolio valuation. CIBC indirectly
owns a 50 percent interest in CIBC GSS. The dollar amount paid by the Pools (including all applicable taxes) to CIBC Mellon Trust Company for custodian fees (net of absorptions) and to CIBC GSS for securities
lending, fund accounting, reporting, and fund valuation (all net of absorptions) for the six-month periods ended February 28, 2021 and February 29, 2020 is reported in footnote Service Provider on the Statements of
Comprehensive Income.
10. Hedging
Certain foreign-currency-denominated positions have been hedged, or partially hedged, by forward foreign currency contracts as part of the investment strategies of the Pool. These hedges are indicated by a
hedging reference number on the Schedule of Investment Portfolio and a corresponding hedging reference number on the Schedule of Derivative Assets and Liabilities Forward Foreign Currency Contract.
11. Collateral on Specified Derivatives
Short-term investments may be used as collateral for futures or swap contracts outstanding with brokers.
Notes to Financial Statements p / 7
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INDEPENDENT AUDITOR'S REPORT
To the Unitholders of
Renaissance Ultra Short-Term Income Private Pool
Renaissance Canadian Fixed Income Private Pool
Renaissance Multi-Sector Fixed Income Private Pool
Renaissance Global Bond Private Pool
Renaissance Multi-Asset Global Balanced Income Private Pool
Renaissance Multi-Asset Global Balanced Private Pool
Renaissance Equity Income Private Pool
Renaissance Canadian Equity Private Pool
Renaissance U.S. Equity Private Pool
Renaissance U.S. Equity Currency Neutral Private Pool
Renaissance International Equity Private Pool
Renaissance Global Equity Private Pool
Renaissance Emerging Markets Equity Private Pool
Renaissance Real Assets Private Pool
(Collectively, the “Pools”)
Opinion
We have audited the financial statements of the Pools, which comprise the statements of financial position as at August 31, 2021 and 2020, and the statements of comprehensive income, statements of changes in
net assets attributable to holders of redeemable units and statements of cash flows for the years then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Pools as at August 31, 2021 and 2020, and their financial performance and cash flows for
the years then ended in accordance with International Financial Reporting Standards (IFRSs).
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Pools in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled
our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
Management is responsible for the other information. The other information comprises the Management Report of Fund Performance of the Pools. Our opinion on the financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information, and in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
We obtained the Management Report of Fund Performance of the Pools prior to the date of this auditor’s report. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact in this auditor’s report. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing each Pool’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Pools or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Pools’ financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Pools’ internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Pools’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Pools to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
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Toronto, Canada
November 19, 2021
p / 2 Notes to Financial Statements
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Renaissance Investments
1500 Robert-Bourassa Boulevard, Suite 800
Montreal, Quebec
H3A 3S6
1-888-888-3863
Website
www.renaissanceinvestments.ca
CIBC Asset Management Inc., the manager and trustee of the Renaissance Private Pools, is a wholly-owned subsidiary of Canadian Imperial Bank of Commerce. Please read
the Renaissance Investments family of funds, Axiom Portfolios and Renaissance Private Pools simplified prospectus before investing. To obtain a copy of the simplified prospectus, call
1-888-888-3863, email us at [email protected], or ask your advisor.
Renaissance Private Pools® and Renaissance Investments® are registered trademarks of CIBC Asset Management Inc.
Renaissance Investments is offered by CIBC Asset Management Inc.