February 28, 2021 August 31, 2020
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1
Renaissance Multi-Sector Fixed Income
Private Pool
Interim Financial Reports (unaudited)
for the period ended February 28, 2021
Statements of Financial Position (unaudited)
(in 000s, except per unit amounts)
As at February 28, 2021 and August 31, 2020 (note 1)
February 28, 2021 August 31, 2020
Assets
Current assets
Investments (non-derivative financial assets) † (notes 2
and 3) $ 431,088 $ 407,420
Cash including foreign currency holdings, at fair value 16,884 20,967
Interest receivable 3,286 3,410
Receivable for portfolio securities sold 234 5,278
Receivable for units issued 116 613
Derivative assets 130 519
Total Assets 451,738 438,207
Liabilities
Current liabilities
Payable for portfolio securities purchased 5,403 2,125
Payable for units redeemed 108 13
Management fees payable – 94
Other accrued expenses – 1
Distributions payable to holders of redeemable units – 8
Derivative liabilities 277 205
Total Liabilities 5,788 2,446
Net Assets Attributable to Holders of Redeemable
Units (note 5) $ 445,950 $ 435,761
Net Assets Attributable to Holders of Redeemable
Units per Class
Premium Class $ 2,424 $ 3,552
Premium-T4 Class $ 110 $ 110
Premium-T6 Class $ – $ –
Class H-Premium $ 6,198 $ 7,174
Class H-Premium T4 $ – $ –
Class H-Premium T6 $ 259 $ 259
Class F-Premium $ 188 $ 241
Class F-Premium T4 $ – $ –
Class F-Premium T6 $ – $ 27
Class FH-Premium $ 141 $ 191
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 O $ 72,371 $ 58,115
Class OH $ 26,743 $ 24,493
Class S $ 337,516 $ 341,599
Net Assets Attributable to Holders of Redeemable
Units per Unit (note 5)
Premium Class $ 9.81 $ 9.89
Premium-T4 Class $ 8.59 $ 8.71
Premium-T6 Class $ 6.80 $ 7.10
Class H-Premium $ 9.85 $ 9.72
Class H-Premium T4 $ 8.81 $ 8.93
Class H-Premium T6 $ 8.21 $ 8.23
Class F-Premium $ 9.69 $ 9.77
Class F-Premium T4 $ 7.67 $ 7.93
Class F-Premium T6 $ 8.74 $ 8.93
Class FH-Premium $ 9.67 $ 9.54
Class FH-Premium T4 $ 7.99 $ 8.05
Class FH-Premium T6 $ 7.29 $ 7.33
Class N-Premium $ 8.51 $ 8.62
Class N-Premium T4 $ 7.67 $ 7.93
Class N-Premium T6 $ 6.91 $ 7.22
Class NH-Premium $ 8.76 $ 8.62
Class NH-Premium T4 $ 7.99 $ 8.05
Class NH-Premium T6 $ 7.29 $ 7.33
Class O $ 9.93 $ 10.01
Class OH $ 9.75 $ 9.62
Class S $ 9.87 $ 9.95
† Securities Lending
The tables that follow indicate the Pool had assets involved in securities lending transactions
outstanding as at February 28, 2021, and August 31, 2020:
Aggregate Value
of Securities
on Loan
($000s)
Aggregate Value
of Collateral
for Loan
($000s)
February 28, 2021 9,546 10,192
August 31, 2020 5,049 5,333
Collateral Type* ($000s)
i ii iii iv
February 28, 2021 – 10,192 – –
August 31, 2020 – 5,319 – 14
* 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 31, 2016
Premium-T4 Class May 31, 2016
Premium-T6 Class May 31, 2016
Class H-Premium May 17, 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 24, 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.
Renaissance Multi-Sector Fixed Income Private Pool
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2
The accompanying notes are an integral part of these financial statements.
Statements of Comprehensive Income (unaudited)
(in 000s, except per unit amounts)
For the periods ended February 28, 2021 and February 29, 2020 (note 1)
February 28, 2021 February 29, 2020
Net Gain (Loss) on Financial Instruments
Interest for distribution purposes
$ 9,878
$ 10,357
Derivative income (loss)
458
(513)
Other changes in fair value of investments and
x
derivatives
Net realized gain (loss) on sale of investments and
derivatives
(3,295)
(1,759)
Net realized gain (loss) on foreign currency (notes 2f
and g)
(279)
374
Net change in unrealized appreciation (depreciation)
of investments and derivatives
419
7,199
Net Gain (Loss) on Financial Instruments 7,181
15,658
Other Income
Foreign exchange gain (loss) on cash
(236)
46
Securities lending revenue ±
8
13
(228)
59
Expenses (note 6)
Management fees ±±
2,264
2,264
Audit fees
9
7
Custodial fees
15
13
Independent review committee fees
2
1
Legal fees
3
1
Regulatory fees
4
7
Transaction costs
–
–
Unitholder reporting costs
37
36
Withholding taxes (note 7)
3
18
Other expenses
15
26
2,352
2,373
Expenses waived/absorbed by the Manager
(1,803)
(1,794)
549
579
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) 6,404
15,138
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units per Class
(excluding distributions)
Premium Class
$ 35
$ 89
Premium-T4 Class
$ –
$ 3
Premium-T6 Class
$ –
$ –
Class H-Premium
$ 211
$ 168
Class H-Premium T4
$ –
$ 7
Class H-Premium T6
$ 8
$ 5
Class F-Premium
$ 3
$ 8
Class F-Premium T4
$ –
$ –
Class F-Premium T6
$ 1
$ 1
Class FH-Premium
$ 5
$ 4
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 O
$ 782
$ 2,050
Class OH
$ 912
$ 636
Class S
$ 4,447
$ 12,167
February 28, 2021 February 29, 2020
Average Number of Units Outstanding for the
Period per Class
Premium Class
293
310
Premium-T4 Class
13
12
Premium-T6 Class
–
–
Class H-Premium
723
907
Class H-Premium T4
–
43
Class H-Premium T6
32
32
Class F-Premium
22
34
Class F-Premium T4
–
–
Class F-Premium T6
3
3
Class FH-Premium
17
24
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 O
6,529
5,303
Class OH
2,640
2,566
Class S
33,965
32,635
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units per Unit
(excluding distributions)
Premium Class
$ 0.12
$ 0.29
Premium-T4 Class
$ 0.06
$ 0.27
Premium-T6 Class
$ (0.09)
$ 0.05
Class H-Premium
$ 0.29
$ 0.19
Class H-Premium T4
$ 0.07
$ 0.17
Class H-Premium T6
$ 0.24
$ 0.15
Class F-Premium
$ 0.11
$ 0.25
Class F-Premium T4
$ (0.09)
$ 0.08
Class F-Premium T6
$ 0.17
$ 0.30
Class FH-Premium
$ 0.31
$ 0.20
Class FH-Premium T4
$ 0.11
$ (0.02)
Class FH-Premium T6
$ 0.19
$ –
Class N-Premium
$ (0.11)
$ 0.07
Class N-Premium T4
$ (0.09)
$ 0.08
Class N-Premium T6
$ (0.09)
$ 0.06
Class NH-Premium
$ 0.13
$ (0.02)
Class NH-Premium T4
$ 0.11
$ (0.02)
Class NH-Premium T6
$ 0.19
$ –
Class O
$ 0.11
$ 0.39
Class OH
$ 0.35
$ 0.25
Class S
$ 0.13
$ 0.38
± Securities Lending Revenue (note 2k)
February 28, 2021 February 29, 2020
(in 000s)
% of Gross
securities lending
revenue (in 000s)
% of Gross
securities
lending revenue
Gross securities lending revenue $ 11 100.0 $ 22 100.0
Interest paid on collateral – – – –
Withholding taxes – – (5) (22.7)
Agent fees - Bank of New York
Mellon Corp. (The) (3) (27.3) (4) (18.2)
Securities lending revenue $ 8 72.7 $ 13 59.1
±± Maximum Chargeable Management Fee Rates (note 6)
Premium Class 1.15%
Premium-T4 Class 1.15%
Premium-T6 Class 1.15%
Class H-Premium 1.15%
Class H-Premium T4 1.15%
Class H-Premium T6 1.15%
Class F-Premium 0.65%
Class F-Premium T4 0.65%
Class F-Premium T6 0.65%
Class FH-Premium 0.65%
Class FH-Premium T4 0.65%
Class FH-Premium T6 0.65%
Class N-Premium 0.65%
Class N-Premium T4 0.65%
Class N-Premium T6 0.65%
Class NH-Premium 0.65%
Class NH-Premium T4 0.65%
Class NH-Premium T6 0.65%
Class O 0.00%
Class OH 0.00%
Class S 1.15%
Renaissance Multi-Sector Fixed Income Private Pool
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x
x
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x
3
The accompanying notes are an integral part of these financial statements.
Administrative and Other Fund Operating Expenses (note 9)
2021 2020
($000s)
3
3
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 (CIBC GSS) for securities
lending, fund accounting and reporting, and portfolio valuation (all net of absorptions) for the
periods ended February 28, 2021 and February 29, 2020 were as follows:
2021 2020
($000s)
1
1
xRenaissance Multi-Sector Fixed Income Private Pool
x
x.
x
x
x.
x.
x.
x
x
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x
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x.
x
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x.
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x.
x.
x
x
x.
x.
x
x
x
For the periods ended February 28, 2021 and February 29, 2020
x
x.
x
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x
4
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (unaudited)
(in 000s)
For the periods ended February 28, 2021 and February 29, 2020 (note 1)
Premium Class Units Premium-T4 Class Units Premium-T6 Class Units Class H-Premium Units
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ 35 $ 89 $ – $ 3 $ – $ – $ 211 $ 168
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income (45) (53) (2) (2) – – (104) (150)
(45) (53) (2) (2) – – (104) (150)
Redeemable Unit Transactions
Amount received from the issuance of units 919 711 – 113 – – 707 1,310
Amount received from reinvestment of distributions 44 53 2 2 – – 91 134
Amount paid on redemptions of units (2,081) (581) – (113) – – (1,881) (2,452)
(1,118) 183 2 2 – – (1,083) (1,008)
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (1,128) 219 – 3 – – (976) (990)
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period 3,552 3,065 110 110 – – 7,174 9,410
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ 2,424 $ 3,284 $ 110 $ 113 $ – $ – $ 6,198 $ 8,420
Redeemable Units Issued and Outstanding (note 5)
As at February 28, 2021 and February 29, 2020
Balance - beginning of period 359 298 13 12 – – 738 944
Redeemable units issued 92 69 – 12 – – 72 131
Redeemable units issued on reinvestments 5 6 – – – – 9 13
456 373 13 24 – – 819 1,088
Redeemable units redeemed (209) (57) – (12) – – (190) (245)
Balance - end of period 247 316 13 12 – – 629 843
Class H-Premium T4 Units Class H-Premium T6 Units Class F-Premium Units Class F-Premium T4 Units
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ – $ 7 $ 8 $ 5 $ 3 $ 8 $ – $ –
Distributions Paid or Payable to Holders of Redeemable
x.
Units ‡
From net investment income – (8) (5) (6) (4) (7) – –
Return of capital – – (3) (2) – – – –
– (8) (8) (8) (4) (7) – –
Redeemable Unit Transactions
x.
Amount received from the issuance of units – – – – – 145 – –
Amount received from reinvestment of distributions – – – – 4 6 – –
Amount paid on redemptions of units – – – – (56) (305) – –
– – – – (52) (154) – –
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units – (1) – (3) (53) (153) – –
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period – 405 259 274 241 402 – –
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ – $ 404 $ 259 $ 271 $ 188 $ 249 $ – $ –
Redeemable Units Issued and Outstanding
x.
(note 5)
As at February 28, 2021 and February 29, 2020
Balance - beginning of period – 43 32 32 25 39 – –
Redeemable units issued – – – – – 14 – –
Redeemable units issued on reinvestments – – – – – 1 – –
– 43 32 32 25 54 – –
Redeemable units redeemed – – – – (6) (30) – –
Balance - end of period – 43 32 32 19 24 – –
Renaissance Multi-Sector Fixed Income Private Pool
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (unaudited)
(in 000s)
For the periods ended February 28, 2021 and February 29, 2020 (note 1) (cont'd)
x
x.
x
x
x.
x.
x.
x
x
x
x
x.
x.
x.
x.
x
x
x
x
x.
x.
x.
x
x
x
x
x.
x.
x.
x.
x.
x
x
x.
x.
x
x
x
For the periods ended February 28, 2021 and February 29, 2020
x
x.
x
x
x.
x.
x.
x
x
x
x
x.
x.
x.
x
x
x.
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x
x
x
5
The accompanying notes are an integral part of these financial statements.
Class F-Premium T6 Units Class FH-Premium Units Class FH-Premium T4 Units Class FH-Premium T6 Units
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ 1 $ 1 $ 5 $ 4 $ – $ – $ – $ –
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income (1) (1) (3) (4) – – – –
(1) (1) (3) (4) – – – –
Redeemable Unit Transactions
Amount received from reinvestment of distributions – – 3 4 – – – –
Amount paid on redemptions of units (27) – (55) – – – – –
(27) – (52) 4 – – – –
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (27) – (50) 4 – – – –
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period 27 29 191 233 – – – –
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ – $ 29 $ 141 $ 237 $ – $ – $ – $ –
Redeemable Units Issued and Outstanding (note 5)
As at February 28, 2021 and February 29, 2020
Balance - beginning of period 3 3 20 24 – – – –
Redeemable units issued on reinvestments – – 1 – – – – –
3 3 21 24 – – – –
Redeemable units redeemed (3) – (6) – – – – –
Balance - end of period – 3 15 24 – – – –
Class N-Premium Units Class N-Premium T4 Units Class N-Premium T6 Units Class NH-Premium Units
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ – $ – $ – $ – $ – $ – $ – $ –
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units – – – – – – – –
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period – – – – – – – –
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ – $ – $ – $ – $ – $ – $ – $ –
Redeemable Units Issued and Outstanding
x.
(note 5)
As at February 28, 2021 and February 29, 2020
Balance - beginning of period – – – – – – – –
– – – – – – – –
Redeemable units redeemed – – – – – – – –
Balance - end of period – – – – – – – –
Renaissance Multi-Sector Fixed Income Private Pool
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (unaudited)
(in 000s)
For the periods ended February 28, 2021 and February 29, 2020 (note 1) (cont'd)
x
x.
x
x
x.
x.
x.
x
x
x
x
x.
x.
x.
x.
x.
x
x
x
x
x.
x.
x.
x
x
x
x
x.
x.
x.
x.
x.
x.
x
x
x.
x.
x
x
x
For the periods ended February 28, 2021 and February 29, 2020
x
x.
x
x
x.
x.
x.
x
x
x
x
x.
x.
x.
x.
x.
x
x
x
x
x.
x.
x.
x
x
x
x
x.
x.
x.
x.
x.
x.
x
x
x.
x.
x
x
x
x
x
x
..
.
6
The accompanying notes are an integral part of these financial statements.
Class NH-Premium T4 Units Class NH-Premium T6 Units Class O Units Class OH Units
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
February 28,
2021
February 29,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ – $ – $ – $ – $ 782 $ 2,050 $ 912 $ 636
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income – – – – (1,392) (1,287) (546) (592)
– – – – (1,392) (1,287) (546) (592)
Redeemable Unit Transactions
Amount received from the issuance of units – – – – 22,357 13,608 4,850 3,820
Amount received from reinvestment of distributions – – – – 1,346 1,259 541 586
Amount paid on redemptions of units – – – – (8,837) (3,729) (3,507) (4,930)
– – – – 14,866 11,138 1,884 (524)
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units – – – – 14,256 11,901 2,250 (480)
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period – – – – 58,115 49,639 24,493 25,526
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ – $ – $ – $ – $ 72,371 $ 61,540 $ 26,743 $ 25,046
Redeemable Units Issued and Outstanding (note 5)
As at February 28, 2021 and February 29, 2020
Balance - beginning of period – – – – 5,808 4,773 2,547 2,582
Redeemable units issued – – – – 2,221 1,311 497 386
Redeemable units issued on reinvestments – – – – 133 121 56 60
– – – – 8,162 6,205 3,100 3,028
Redeemable units redeemed – – – – (880) (361) (359) (498)
Balance - end of period – – – – 7,282 5,844 2,741 2,530
Class S Units
February 28,
2021
February 29,
2020
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (excluding
distributions) $ 4,447 $ 12,167
Distributions Paid or Payable to Holders of Redeemable
Units ‡
From net investment income (6,798) (7,416)
(6,798) (7,416)
Redeemable Unit Transactions
Amount received from the issuance of units 11,660 47,639
Amount received from reinvestment of distributions 6,798 7,416
Amount paid on redemptions of units (20,190) (4,011)
(1,732) 51,044
Increase (Decrease) in Net Assets Attributable to
Holders of Redeemable Units (4,083) 55,795
Net Assets Attributable to Holders of Redeemable Units
at Beginning of Period 341,599 312,067
Net Assets Attributable to Holders of Redeemable Units
at End of Period $ 337,516 $ 367,862
Redeemable Units Issued and Outstanding (note 5)
As at February 28, 2021 and February 29, 2020
Balance - beginning of period 34,347 30,189
Redeemable units issued 1,166 4,630
Redeemable units issued on reinvestments 679 718
36,192 35,537
Redeemable units redeemed (2,003) (388)
Balance - end of period 34,189 35,149
‡ 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
2,950
.
–
xRenaissance Multi-Sector Fixed Income Private Pool
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7
The accompanying notes are an integral part of these financial statements.
Statements of Cash Flows (unaudited)
(in 000s)
For the periods ended February 28, 2021 and February 29, 2020 (note 1)
February 28, 2021 February 29, 2020
Cash Flows from Operating Activities
Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations (excluding distributions) $ 6,404 $ 15,138
Adjustments for:
Foreign exchange loss (gain) on cash 236 (46)
Net realized (gain) loss on sale of investments and derivatives 3,295 1,759
Net change in unrealized (appreciation) depreciation of investments and derivatives (419) (7,199)
Purchase of investments (113,119) (193,705)
Proceeds from the sale of investments 95,358 139,749
Interest receivable 124 (291)
Other accrued expenses and liabilities (95) –
(8,216) (44,595)
Cash Flows from Financing Activities
Amount received from the issuance of units 40,990 67,346
Amount paid on redemptions of units (36,539) (16,081)
Distributions paid to unitholders (82) (68)
4,369 51,197
Increase (Decrease) in Cash during the Period (3,847) 6,602
Foreign Exchange Loss (Gain) on Cash (236) 46
Cash (Bank Overdraft) at Beginning of Period 20,967 28,837
Cash (Bank Overdraft) at End of Period $ 16,884 $ 35,485
Interest received $ 10,002 $ 10,066
Renaissance Multi-Sector Fixed Income Private Pool
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8
The accompanying notes are an integral part of these financial statements.
Schedule of Investment Portfolio (unaudited) As at February 28, 2021
Security
Number
of Shares
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
INTERNATIONAL EQUITIES
10
United States (note 10)
Foresight Energy Resources LLC 67 – 1
iShares iBoxx High Yield Corporate Bond ETF 4,941 555 544
SPDR Bloomberg Barclays High Yield Bond ETF 5,342 750 735
Tapstone Energy LLC 789 – 3
1,305 1,283 0.3%
TOTAL INTERNATIONAL EQUITIES 1,305 1,283 0.3%
TOTAL EQUITIES 1,305 1,283 0.3%
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
CANADIAN BONDS
10
Corporate (note 10)
1011778 B.C. ULC / New Red Finance Inc. 4.25% 2024/05/15 Callable, USD 238,000 318 306
1011778 B.C. ULC / New Red Finance Inc. 3.50% 2029/02/15 Callable, USD 220,000 289 275
1011778 B.C. ULC / New Red Finance Inc. 4.00% 2030/10/15 Callable, USD 385,000 506 479
Bausch Health Cos. Inc. 7.00% 2024/03/15 Callable, USD 80,000 108 104
Bausch Health Cos. Inc. 6.13% 2025/04/15 Callable, USD 50,000 61 65
Bausch Health Cos. Inc. 9.00% 2025/12/15 Callable, USD 350,000 461 485
Bausch Health Cos. Inc. 5.75% 2027/08/15 Callable, USD 15,000 20 21
Bausch Health Cos. Inc. 7.00% 2028/01/15 Callable, USD 135,000 182 186
Bausch Health Cos. Inc. 5.00% 2028/01/30 Callable, USD 20,000 26 26
Bausch Health Cos. Inc. 5.00% 2029/02/15 Callable, USD 45,000 59 58
Bausch Health Cos. Inc. 6.25% 2029/02/15 Callable, USD 35,000 49 47
Bausch Health Cos. Inc. 7.25% 2029/05/30 Callable, USD 80,000 108 113
Bausch Health Cos. Inc. 5.25% 2030/01/30 Callable, USD 80,000 106 103
Bausch Health Cos. Inc. 5.25% 2031/02/15 Callable, USD 45,000 59 58
Baytex Energy Corp. 5.63% 2024/06/01 Callable, USD 55,000 70 65
Bombardier Inc. 6.00% 2022/10/15 Callable, USD 25,000 34 31
Bombardier Inc. 7.50% 2024/12/01 Callable, USD 75,000 95 90
Bombardier Inc. 7.88% 2027/04/15 Callable, USD 30,000 40 34
Cascades Inc. / Cascades USA Inc. 5.13% 2026/01/15 Callable, USD 305,000 427 415
Cascades Inc. / Cascades USA Inc. 5.38% 2028/01/15 Callable, USD 40,000 54 54
Cenovus Energy Inc. 4.25% 2027/04/15 Callable, USD 60,000 83 84
Cenovus Energy Inc. 5.25% 2037/06/15 Callable, USD 105,000 147 148
Empire Communities Corp. 7.00% 2025/12/15 Callable, USD 95,000 127 128
Enbridge Inc. 6.00% 2077/01/15 Variable Rate, Callable, USD 430,000 554 578
Ensign Drilling Inc. 9.25% 2024/04/15 Callable, USD 75,000 100 72
First Quantum Minerals Ltd. 6.50% 2024/03/01 Callable, USD 200,000 262 259
First Quantum Minerals Ltd. 7.50% 2025/04/01 Callable, USD 340,000 457 447
First Quantum Minerals Ltd. 6.88% 2026/03/01 Callable, USD 125,000 164 166
First Quantum Minerals Ltd. 6.88% 2027/10/15 Callable, USD 80,000 110 111
Garda World Security Corp. 8.75% 2025/05/15 Callable, USD 55,000 73 73
Garda World Security Corp. 4.63% 2027/02/15 Callable, USD 60,000 79 76
GFL Environmental Inc. 4.25% 2025/06/01 Callable, USD 65,000 89 85
GFL Environmental Inc. 3.75% 2025/08/01 Callable, USD 45,000 60 58
GFL Environmental Inc. 4.00% 2028/08/01 Callable, USD 315,000 411 392
GFL Environmental Inc. 3.50% 2028/09/01 Callable, USD 45,000 57 56
Glencore Finance Canada Ltd. 6.00% 2041/11/15 Callable, USD 60,000 81 96
goeasy Ltd. 5.38% 2024/12/01 Callable, USD 160,000 214 211
Hudbay Minerals Inc. 7.63% 2025/01/15 Callable, USD 270,000 366 358
Hudbay Minerals Inc. 4.50% 2026/04/01 Callable, USD 30,000 38 39
IAMGOLD Corp. 5.75% 2028/10/15 Callable, USD 100,000 132 132
Intelligent Packaging Ltd. Finco Inc. / Intelligent Packaging Ltd.
Co-Issuer LLC
6.00% 2028/09/15 Callable, USD
75,000 101 100
Masonite International Corp. 5.75% 2026/09/15 Callable, USD 60,000 79 80
Mattamy Group Corp. 5.25% 2027/12/15 Callable, USD 195,000 263 261
Mattamy Group Corp. 4.63% 2030/03/01 Callable, USD 300,000 400 397
MEG Energy Corp. 6.50% 2025/01/15 Callable, USD 66,000 88 87
MEG Energy Corp. 7.13% 2027/02/01 Callable, USD 380,000 468 512
MEG Energy Corp. 7.13% 2027/02/01 Private Placement, Callable,
USD 290,000 382 390
MEG Energy Corp. 5.88% 2029/02/01 Callable, USD 10,000 13 13
MEGlobal Canada ULC 5.00% 2025/05/18 USD 200,000 281 283
Norbord Inc. 5.75% 2027/07/15 USD 45,000 63 62
NOVA Chemicals Corp. 5.25% 2027/06/01 Callable, USD 323,000 420 429
Open Text Corp. 3.88% 2028/02/15 Callable, USD 105,000 140 136
Parkland Corp. 6.00% 2026/04/01 Callable, USD 600,000 786 798
Parkland Corp. 5.88% 2027/07/15 Callable, USD 90,000 119 122
Precision Drilling Corp. 5.25% 2024/11/15 Callable, USD 142,000 165 169
Precision Drilling Corp. 7.13% 2026/01/15 Callable, USD 45,000 57 56
Quebecor Media Inc. 5.75% 2023/01/15 Callable, USD 275,000 384 374
Rockpoint Gas Storage Canada Ltd. 7.00% 2023/03/31 Callable, USD 20,000 24 25
Seven Generations Energy Ltd. 6.88% 2023/06/30 Callable, USD 150,000 207 194
Seven Generations Energy Ltd. 5.38% 2025/09/30 Callable, USD 60,000 77 80
Superior Plus L.P. / Superior G.P. Inc. 7.00% 2026/07/15 Callable, USD 588,000 805 801
Teck Resources Ltd. 6.00% 2040/08/15 Callable, USD 200,000 271 321
Teck Resources Ltd. 5.20% 2042/03/01 Callable, USD 100,000 119 145
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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9
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
Telesat Canada / Telesat LLC 4.88% 2027/06/01 Callable, USD 35,000 47 46
Telesat Canada / Telesat LLC 6.50% 2027/10/15 Callable, USD 130,000 179 171
Tervita Corp. 11.00% 2025/12/01 Callable, USD 35,000 45 48
Titan Acquisition Ltd. / Titan Co-Borrower LLC 7.75% 2026/04/15 Callable, USD 15,000 19 20
TransCanada Trust 5.63% 2075/05/20 Variable Rate, Callable, USD 400,000 557 550
Vermilion Energy Inc. 5.63% 2025/03/15 Callable, USD 165,000 219 195
Videotron Ltd. 5.13% 2027/04/15 Callable, USD 460,000 609 613
14,063 14,062 3.2%
TOTAL CANADIAN BONDS 14,063 14,062 3.2%
INTERNATIONAL BONDS
10
Argentina (note 10)
Argentine Republic 1.00% 2021/08/05 ARS 1,804,952 26 37
Argentine Republic 1.00% 2029/07/09 Sinkable, Callable, USD 22,724 16 11
Argentine Republic 0.13% 2030/07/09 Step Rate, Sinkable, Callable,
USD 51,375 35 24
Argentine Republic 0.13% 2035/07/09 Step Rate, Sinkable, Callable,
USD 288,124 175 118
Banco Macro SA 6.75% 2026/11/04 Variable Rate, Callable, USD 350,000 432 365
Pampa Energia SA 7.50% 2027/01/24 Callable, USD 420,000 549 452
Pampa Energia SA 9.13% 2029/04/15 Callable, USD 150,000 178 169
Provincia de Buenos Aires 7.88% 2027/06/15 USD 150,000 204 64
1,615 1,240 0.3%
1, 10
Australia (note 10)
BHP Billiton Finance USA Ltd. 5.00% 2043/09/30 Callable, USD 410,000 603 703
Commonwealth of Australia 1.75% 2051/06/21 Series '162', AUD 1,660,000 1,533 1,250
FMG Resources (August 2006) Pty. Ltd. 5.13% 2023/03/15 Callable, USD 27,000 35 36
FMG Resources (August 2006) Pty. Ltd. 5.13% 2024/05/15 Callable, USD 325,000 416 448
FMG Resources (August 2006) Pty. Ltd. 4.50% 2027/09/15 Callable, USD 135,000 179 189
2,766 2,626 0.6%
10
Austria (note 10)
Suzano Austria GmbH 5.75% 2026/07/14 USD 200,000 259 299
Suzano Austria GmbH 3.75% 2031/01/15 Callable, USD 350,000 473 471
732 770 0.2%
10
Bermuda (note 10)
CAL Funding IV Ltd. 2.22% 2045/09/25 Class 'A', Series '20-1A',
Callable, USD 723,437 946 938
CAL Funding IV Ltd. 3.50% 2045/09/25 Class 'B', Series '20-1A',
Callable, USD 482,292 630 625
Credicorp Ltd. 2.75% 2025/06/17 Callable, USD 200,000 266 264
Digicel Group 0.5 Ltd. 7.00% 2021/03/08 Payment-In-Kind, Convertible,
Perpetual, USD 62,431 3 53
Digicel Group 0.5 Ltd. 8.00% 2025/04/01 Payment-In-Kind, Callable,
USD 41,870 15 44
Nabors Industries Ltd. 7.25% 2026/01/15 Callable, USD 35,000 47 40
NCL Corp. Ltd. 3.63% 2024/12/15 Callable, USD 155,000 165 185
NCL Corp. Ltd. 10.25% 2026/02/01 Callable, USD 240,000 326 356
NCL Corp. Ltd. 5.88% 2026/03/15 Callable, USD 40,000 52 51
Ooredoo International Finance Ltd. 3.25% 2023/02/21 USD 400,000 580 532
Viking Cruises Ltd. 13.00% 2025/05/15 Callable, USD 15,000 21 23
Viking Cruises Ltd. 5.88% 2027/09/15 Callable, USD 141,000 174 173
Viking Ocean Cruises Ship VII Ltd. 5.63% 2029/02/15 Callable, USD 200,000 256 257
VOC Escrow Ltd. 5.00% 2028/02/15 Callable, USD 140,000 173 176
Weatherford International Ltd. 11.00% 2024/12/01 Callable, USD 2,000 3 2
3,657 3,719 0.8%
2, 10
Brazil (note 10)
Banco do Estado do Rio Grande do Sul SA 5.38% 2031/01/28 Variable Rate, Callable, USD 200,000 253 253
Federative Republic of Brazil 10.00% 2023/01/01 Series 'F', BRL 13,197,000 4,617 3,207
Federative Republic of Brazil 2.88% 2025/06/06 USD 450,000 598 584
Federative Republic of Brazil 10.00% 2027/01/01 Series 'F', BRL 300,000 117 74
Itau Unibanco Holding SA 4.63% 2025/02/27 Variable Rate, Perpetual,
USD 200,000 244 240
Itau Unibanco Holding SA of Cayman Islands 6.13% 2022/12/12 Variable Rate, Perpetual,
USD 620,000 793 793
Itau Unibanco Holding SA of Cayman Islands 4.63% 2025/02/27 Perpetual, USD 200,000 264 241
6,886 5,392 1.2%
10
British Virgin Islands (note 10)
CNPC Global Capital Ltd. 1.13% 2023/06/23 Callable, USD 200,000 264 255
Star Energy Geothermal Wayang Windu Ltd. 6.75% 2033/04/24 Sinkable, Callable, USD 181,400 239 259
State Grid Overseas Investment (2013) Ltd. 3.13% 2023/05/22 USD 200,000 280 268
State Grid Overseas Investment (2016) Ltd. 1.00% 2025/08/05 Callable, USD 200,000 261 249
1,044 1,031 0.2%
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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10
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
10
Cayman Islands (note 10)
Anchorage Capital CLO Ltd. 2.24% 2032/04/15 Class 'B', Series '19-13A',
Floating Rate, Callable,
USD 500,000 665 637
Apidos CLO 3.27% 2030/10/20 Class 'CR', Series '16-24A',
Floating Rate, Callable,
USD 500,000 654 633
Arbor Realty CLO Ltd. 1.91% 2035/02/15 Class 'B', Series '20-FL1',
Floating Rate, Callable,
USD 200,000 258 255
Atlas Senior Loan Fund Ltd. 1.48% 2029/07/16 Class 'AR2', Series '14-1A',
Floating Rate, Callable,
USD 985,701 1,336 1,256
Atlas Senior Loan Fund Ltd. 1.87% 2031/07/26 Class 'B', Series '18-11A',
Floating Rate, Callable,
USD 500,000 667 643
Atrium CDO Corp. 3.82% 2030/05/28 Class 'DR', Series '9A',
Floating Rate, Callable,
USD 750,000 992 959
Babson CLO Ltd. 6.67% 2030/10/20 Class 'ER', Series '15-2A',
Floating Rate, Callable,
USD 750,000 916 943
Baidu Inc. 3.43% 2030/04/07 Callable, USD 200,000 283 274
Barings CLO Ltd. 3.12% 2029/07/20 Class 'D', Series '18-3A',
Floating Rate, Callable,
USD 500,000 644 620
BDS Ltd. 1.86% 2036/08/15 Class 'B', Series '19-FL4',
Floating Rate, Callable,
USD 200,000 257 254
BlueMountain CLO Ltd. 4.37% 2029/01/20 Class 'CR', Series '13-1A',
Variable Rate, Callable,
USD 500,000 664 636
BlueMountain CLO Ltd. 3.12% 2030/10/22 Class 'DR', Series '13-2A',
Variable Rate, Callable,
USD 1,000,000 1,246 1,248
Braskem Finance Ltd. 6.45% 2024/02/03 USD 210,000 289 295
Canyon Capital CLO Ltd. 3.89% 2029/04/15 Class 'DR', Series '14-2A',
Variable Rate, Callable,
USD 500,000 670 639
Canyon Capital CLO Ltd. 2.96% 2031/01/30 Class 'CR', Series '14-1A',
Floating Rate, Callable,
USD 500,000 623 622
Canyon Capital CLO Ltd. 3.39% 2031/10/15 Class 'DR', Series '16-2A',
Floating Rate, Callable,
USD 1,500,000 1,938 1,903
Carlyle Global Market Strategies 3.02% 2027/10/20 Class 'CR', Series '16-4A',
Floating Rate, Callable,
USD 500,000 647 625
Carlyle Global Market Strategies 1.92% 2031/07/20 Class 'A2A', Series '17-2A',
Floating Rate, Callable,
USD 500,000 668 638
Cent CLO L.P. 2.04% 2030/11/07 Class 'A2', Series '18-28A',
Floating Rate, Callable,
USD 1,000,000 1,315 1,274
CFIP CLO Ltd. 1.87% 2030/01/18 Class 'B', Series '17-1A',
Floating Rate, Callable,
USD 1,000,000 1,307 1,273
CK Hutchison International 20 Ltd. 2.50% 2030/05/08 Callable, USD 300,000 420 390
CLNC Ltd. 1.66% 2035/08/20 Class 'AS', Series '2019-FL1',
Floating Rate, Callable,
USD 373,000 461 475
CLNC Ltd. 2.01% 2035/08/20 Class 'B', Series '19-FL1',
Floating Rate, Callable,
USD 200,000 258 251
Cosan Overseas Ltd. 8.25% 2021/05/05 Perpetual, USD 100,000 117 132
CSN Islands XII Corp. 7.00% 2021/03/23 Perpetual, USD 300,000 316 385
Dryden Senior Loan Fund 3.89% 2029/04/15 Class 'DR3', Series '14-33A',
Floating Rate, Callable,
USD 750,000 957 954
Dryden Senior Loan Fund 3.49% 2030/07/15 Class 'D', Series '17-50A',
Floating Rate, Callable,
USD 500,000 625 639
Dryden Senior Loan Fund 2.74% 2031/01/15 Class 'DR', Series '15-37A',
Floating Rate, Callable,
USD 500,000 640 624
ENN Energy Holdings Ltd. 3.25% 2022/07/24 USD 200,000 274 262
Global Aircraft Leasing Co. 6.50% 2024/09/15 Payment-In-Kind, Callable,
USD 51,812 68 61
GoldenTree Loan Management US CLO 2 Ltd. 2.87% 2030/11/28 Class 'D', Series '17-2A',
Floating Rate, Callable,
USD 500,000 624 640
Gran Tierra Energy International Holdings Ltd. 6.25% 2025/02/15 Callable, USD 400,000 497 420
Greystone Commercial Real Estate Notes 1.71% 2037/09/15 Class 'B', Series '19-FL2',
Floating Rate, Callable,
USD 200,000 258 255
Greystone Commercial Real Estate Notes 2.51% 2037/09/15 Class 'D', Series '19-FL2',
Floating Rate, Callable,
USD 274,000 365 347
Halcyon Loan Advisors Funding Ltd. 2.02% 2031/07/21 Class 'A2', Series '18-1A',
Floating Rate, Callable,
USD 500,000 668 637
Hayfin Kingsland VIII Ltd. 1.70% 2031/04/20 Class 'B', Series '18-8A',
Floating Rate, Callable,
USD 1,000,000 1,329 1,285
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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11
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
JD.com Inc. 3.38% 2030/01/14 Callable, USD 400,000 587 542
LCM L.P. 3.69% 2027/07/15 Class 'D', Series '19A',
Floating Rate, Callable,
USD 250,000 295 316
LCM L.P. 5.94% 2027/07/15 Class 'E2', Series '19A',
Floating Rate, Callable,
USD 500,000 654 592
LCM L.P. 2.72% 2031/01/20 Class 'D', Series '26A',
Floating Rate, Callable,
USD 500,000 643 602
LoanCore Issuer Ltd. 1.81% 2036/05/15 Class 'B', Series '19-CRE2',
Floating Rate, Callable,
USD 200,000 257 255
Longfellow Place CLO Ltd. 1.58% 2029/04/15 Class 'ARR', Series '13-1A',
Floating Rate, Callable,
USD 491,179 662 625
Madison Park Funding Ltd. 3.66% 2026/01/27 Class 'CR', Series '14-15A',
Floating Rate, Callable,
USD 500,000 654 637
Madison Park Funding Ltd. 5.65% 2026/01/27 Class 'DR', Series '14-15A',
Floating Rate, Callable,
USD 500,000 643 636
Magnetite CLO Ltd. 4.04% 2033/01/15 Class 'D', Series '19-24A',
Floating Rate, Callable,
USD 1,000,000 1,327 1,283
Neuberger Berman CLO Ltd. 2.74% 2028/01/15 Class 'D', Series '17-16SA',
Floating Rate, Callable,
USD 1,000,000 1,287 1,278
Neuberger Berman CLO Ltd. 3.47% 2029/10/18 Class 'D', Series '17-25A',
Floating Rate, Callable,
USD 500,000 632 636
NLY Commercial Mortgage Trust 2.03% 2036/02/15 Variable Rate, USD 456,000 600 581
Oak Hill Credit Partners 3.77% 2032/07/20 Class 'D', Series '19-3A',
Floating Rate, Callable,
USD 1,000,000 1,340 1,276
Ocean Trails CLO 1.62% 2030/04/17 Class 'A1', Series '19-7A',
Floating Rate, Callable,
USD 1,000,000 1,350 1,276
OCP CLO Ltd. 2.62% 2030/04/20 Class 'B1', Series '20-18A',
Floating Rate, Callable,
USD 1,000,000 1,403 1,274
Octagon Investment Partners 29 Ltd. 7.47% 2033/01/24 Class 'ER', Series '16-1A',
Floating Rate, Callable,
USD 1,000,000 1,312 1,278
Octagon Investment Partners 30 Ltd. 6.42% 2030/03/17 Class 'D', Series '17-1A',
Floating Rate, Callable,
USD 250,000 323 320
Octagon Investment Partners 30 Ltd. 3.52% 2030/03/17 Class 'CR', Series '17-1A',
Floating Rate, Callable,
USD 500,000 637 636
Octagon Investment Partners 33 Ltd. 2.97% 2031/01/20 Class 'C', Series '17-1A',
Floating Rate, Callable,
USD 500,000 626 635
Octagon Investment Partners 33 Ltd. 6.52% 2031/01/20 Class 'D', Series '17-1A',
Floating Rate, Callable,
USD 500,000 626 629
Octagon Investment Partners XIV Ltd. 4.24% 2029/07/15 Class 'CR', Series '12-1A',
Floating Rate, Callable,
USD 1,000,000 1,373 1,275
Park Aerospace Holdings Ltd. 5.25% 2022/08/15 Callable, USD 5,000 7 7
Park Aerospace Holdings Ltd. 4.50% 2023/03/15 USD 110,000 134 146
Park Aerospace Holdings Ltd. 5.50% 2024/02/15 USD 140,000 187 194
Sable International Finance Ltd. 5.75% 2027/09/07 Callable, USD 40,000 56 54
Sands China Ltd. 4.60% 2023/08/08 Callable, USD 200,000 260 273
Seagate HDD Cayman 4.75% 2025/01/01 Callable, USD 286,000 363 395
Seagate HDD Cayman 3.38% 2031/07/15 Callable, USD 75,000 97 93
Sound Point CLO Ltd. 3.91% 2032/01/25 Class 'D', Series '20-3A',
Floating Rate, Callable,
USD 1,000,000 1,279 1,277
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8.00% 2025/09/20 Callable, USD 270,000 379 388
Starwood Property Trust 2.08% 2038/07/15 Class 'C', Series '19-FL1',
Floating Rate, Callable,
USD 182,000 240 233
Starwood Property Trust 2.48% 2038/07/15 Class 'D', Series '19-FL1',
Floating Rate, Callable,
USD 182,000 240 231
Steele Creek CLO Ltd. 2.49% 2032/07/15 Class 'B', Series '19-2A',
Floating Rate, Callable,
USD 1,000,000 1,317 1,277
Stewart Park CLO Ltd. 2.84% 2030/01/15 Class 'DR', Series '15-1A',
Floating Rate, Callable,
USD 1,000,000 1,286 1,262
Tencent Holdings Ltd. 2.39% 2030/06/03 Callable, USD 400,000 550 503
Thunderbolt Aircraft Lease Ltd. 3.67% 2039/11/15 Class 'A', Series '19-1', USD 860,286 1,048 1,085
TLWND 2019-1 7.00% 2044/12/15 Class 'C', Series '19-1', Step
Rate, Callable, USD 384,929 509 392
Transocean Inc. 11.50% 2027/01/30 Callable, USD 13,000 9 14
Transocean Poseidon Ltd. 6.88% 2027/02/01 Sinkable, USD 60,000 82 72
Transocean Proteus Ltd. 6.25% 2024/12/01 Sinkable, USD 36,000 49 44
Venture CDO Ltd. 2.47% 2028/07/19 Class 'CR', Series '16-23A',
Floating Rate, Callable,
USD 500,000 635 634
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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12
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
Venture CDO Ltd. 1.77% 2029/08/28 Class 'BRR', Series '13-14A',
Floating Rate, Callable,
USD 500,000 655 638
Vibrant CLO Ltd. 2.07% 2031/10/20 Class 'A2R', Series '15--3A',
Floating Rate, Callable,
USD 1,500,000 2,009 1,915
Voya CLO Ltd. 3.77% 2030/07/20 Class 'C', Series '2017-3A',
Floating Rate, Callable,
USD 500,000 662 637
Voya CLO Ltd. 3.19% 2030/10/15 Class 'CR', Series '2013-1A',
Variable Rate, Callable,
USD 750,000 933 913
Wind River CLO Ltd. 5.79% 2027/10/15 Class 'ER', Series '2015-2A',
Variable Rate, Callable,
USD 1,000,000 1,254 1,213
Wind River CLO Ltd. 3.97% 2029/04/18 Class 'D', Series '17-1A',
Floating Rate, Callable,
USD 1,000,000 1,302 1,276
Wind River CLO Ltd. 6.97% 2030/10/18 Class 'E1R', Series '2013-2A',
Floating Rate, Callable,
USD 750,000 938 921
York CLO Ltd. 2.27% 2032/07/22 Class 'B', Series '2019-1A',
Floating Rate, Callable,
USD 1,000,000 1,308 1,276
58,935 57,329 12.9%
10
Chile (note 10)
AES Gener SA 7.13% 2079/03/26 Variable Rate, Callable, USD 400,000 536 554
Empresa Electrica Angamos SA 4.88% 2029/05/25 Sinkable, USD 147,800 184 190
Empresa Electrica Guacolda SA 4.56% 2025/04/30 Callable, USD 400,000 488 419
Sociedad Quimica y Minera de Chile SA 4.38% 2025/01/28 Callable, USD 200,000 263 281
1,471 1,444 0.3%
3
China (note 10)
People's Republic of China 2.20% 2025/07/27 CNY 8,000,000 1,546 1,525
People's Republic of China 3.85% 2026/12/12 CNY 3,500,000 720 730
People's Republic of China 4.29% 2029/05/22 CNY 3,500,000 750 759
3,016 3,014 0.7%
10
Colombia (note 10)
Ecopetrol SA 5.88% 2045/05/28 USD 330,000 378 455
Republic of Colombia 5.63% 2044/02/26 Callable, USD 550,000 764 809
1,142 1,264 0.3%
4
Côte d'Ivoire (note 10)
Republic of Côte d'Ivoire 5.25% 2030/03/22 Sinkable, EUR 250,000 373 408
373 408 0.1%
10
Curacao (note 10)
Teva Pharmaceutical Industries Ltd. 2.95% 2022/12/18 USD 560,000 683 716
683 716 0.2%
5
Denmark (note 10)
Orsted AS 2.50% 2033/02/18 Variable Rate, Callable, GBP 100,000 176 176
176 176 0.0%
10
Dominican Republic (note 10)
Banco de Reservas de la Republica Dominicana 7.00% 2023/02/01 USD 200,000 257 266
Dominican Republic 5.50% 2025/01/27 USD 100,000 128 140
Dominican Republic 4.88% 2032/09/23 USD 450,000 618 583
1,003 989 0.2%
4, 10
Egypt (note 10)
Arab Republic of Egypt 3.88% 2026/02/16 USD 450,000 573 561
Arab Republic of Egypt 6.38% 2031/04/11 EUR 280,000 435 450
1,008 1,011 0.2%
4, 5, 10
France (note 10)
Altice France SA 7.38% 2026/05/01 Callable, USD 500,000 664 665
Altice France SA 7.38% 2026/05/01 Private Placement, Callable,
USD 760,000 961 1,010
AXA SA 6.69% 2026/07/06 Variable Rate, Perpetual, GBP 100,000 198 217
AXA SA 3.25% 2049/05/28 Variable Rate, Callable, EUR 310,000 490 544
BNP Paribas SA 7.38% 2025/08/19 Variable Rate, Perpetual,
USD 330,000 509 486
BNP Paribas SA 7.00% 2028/08/16 Variable Rate, Perpetual,
USD 200,000 260 298
Credit Agricole SA 6.50% 2021/06/23 Variable Rate, Perpetual, EUR 100,000 161 156
Goldstory SAS 5.38% 2026/03/01 Callable, EUR 100,000 155 158
Loxam SAS 3.75% 2026/07/15 Callable, EUR 250,000 379 388
Mercialys SA 4.63% 2027/07/07 Callable, EUR 300,000 451 517
Novafives 5.00% 2025/06/15 Callable, EUR 270,000 224 375
4,452 4,814 1.1%
4
Germany (note 10)
Allianz SE 3.10% 2047/07/06 Variable Rate, Callable, EUR 200,000 281 350
Cheplapharm Arzneimittel GmbH 4.38% 2028/01/15 Callable, EUR 100,000 155 159
Federal Republic of Germany 2030/02/15 Zero Coupon, EUR 200,000 319 317
Nidda BondCo GmbH 5.00% 2025/09/30 Callable, EUR 180,000 273 281
Platin 1426. GmbH 5.38% 2023/06/15 Callable, EUR 260,000 392 401
Vertical Holdco GmbH 6.63% 2028/07/15 Callable, EUR 110,000 168 180
Vertical Midco GmbH 4.38% 2027/07/15 Callable, EUR 140,000 213 225
ZF Finance GmbH 3.00% 2025/09/21 Callable, EUR 200,000 310 319
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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13
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
ZF Finance GmbH 2.75% 2027/05/25 Callable, EUR 100,000 154 157
2,265 2,389 0.5%
10
Ghana (note 10)
Republic of Ghana 7.63% 2029/05/16 Sinkable, USD 270,000 345 360
345 360 0.1%
10
Honduras (note 10)
Republic of Honduras 6.25% 2027/01/19 USD 420,000 553 605
553 605 0.1%
10
India (note 10)
Indian Oil Corp. Ltd. 5.75% 2023/08/01 USD 200,000 292 280
ONGC Videsh Ltd. 3.75% 2023/05/07 USD 200,000 277 267
Reliance Industries Ltd. 5.40% 2022/02/14 USD 500,000 703 664
1,272 1,211 0.3%
6, 10
Indonesia (note 10)
Perusahaan Penerbit SBSN Indonesia III 4.15% 2027/03/29 USD 400,000 551 565
Republic of Indonesia 3.38% 2023/04/15 USD 300,000 427 402
Republic of Indonesia 7.00% 2027/05/15 Series 'FR59', IDR 26,313,000,000 2,511 2,472
Republic of Indonesia 8.25% 2029/05/15 Series 'FR78', IDR 10,612,000,000 1,050 1,067
Republic of Indonesia 3.05% 2051/03/12 USD 430,000 540 532
5,079 5,038 1.1%
10
Ireland (note 10)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.50% 2023/09/15 Callable, USD 150,000 202 206
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc. 5.25% 2025/04/30 Callable, USD 130,000 181 175
C&W Senior Financing Designated Activity Co. 7.50% 2026/10/15 Callable, USD 55,000 77 74
C&W Senior Financing Designated Activity Co. 6.88% 2027/09/15 Callable, USD 85,000 120 116
580 571 0.1%
10
Israel (note 10)
Delek & Avner Tamar Bond Ltd. 5.08% 2023/12/30 USD 160,000 212 212
Delek & Avner Tamar Bond Ltd. 5.41% 2025/12/30 USD 100,000 129 131
Israel Electric Corp. Ltd. 5.00% 2024/11/12 Series '6', USD 200,000 271 287
612 630 0.1%
4, 10
Italy (note 10)
Gamma Bidco SPA 6.25% 2025/07/15 Callable, EUR 120,000 185 193
Intesa Sanpaolo SPA 5.50% 2028/03/01 Variable Rate, Perpetual, EUR 250,000 390 409
Telecom Italia SPA 5.30% 2024/05/30 USD 400,000 546 552
UniCredit SPA 5.46% 2035/06/30 Variable Rate, Callable, USD 280,000 380 384
1,501 1,538 0.3%
7
Japan (note 10)
Government of Japan 1.00% 2022/03/20 Series '321', JPY 255,550,000 3,172 3,087
3,172 3,087 0.7%
4, 10
Jersey, Channel Islands (note 10)
Adient Global Holdings Ltd. 4.88% 2026/08/15 Callable, USD 190,000 225 244
LHC3 PLC 4.13% 2024/08/15 Payment-In-Kind, Callable,
EUR 100,000 147 156
372 400 0.1%
10
Kazakhstan (note 10)
KazMunayGas National Co. JSC 5.38% 2030/04/24 USD 360,000 456 545
456 545 0.1%
10
Liberia (note 10)
Royal Caribbean Cruises Ltd. 11.50% 2025/06/01 Callable, USD 165,000 236 246
Royal Caribbean Cruises Ltd. 7.50% 2027/10/15 USD 15,000 18 22
254 268 0.1%
4, 10
Luxembourg (note 10)
Altice Financing SA 7.50% 2026/05/15 Callable, USD 200,000 296 266
Altice France Holding SA 6.00% 2028/02/15 Callable, USD 100,000 131 125
ArcelorMittal SA 7.50% 2039/10/15 USD 200,000 309 367
ArcelorMittal SA 6.75% 2041/03/01 Step Rate, USD 250,000 386 451
Camelot Finance SA 4.50% 2026/11/01 Callable, USD 45,000 60 59
Codere Finance 2 (Luxembourg) SA 6.75% 2021/11/01 EUR 100,000 148 88
Dana Financing Luxembourg SARL 5.75% 2025/04/15 Callable, USD 30,000 40 39
Gilex Holding SARL 8.50% 2023/05/02 Callable, USD 150,000 201 200
INEOS Group Holdings SA 5.63% 2024/08/01 Callable, USD 325,000 429 421
Millicom International Cellular SA 5.13% 2028/01/15 Callable, USD 360,000 444 489
Telecom Italia Capital SA 6.38% 2033/11/15 Series 'C', USD 25,000 31 38
Telecom Italia Capital SA 6.00% 2034/09/30 Callable, USD 90,000 115 132
Trinseo Materials Operating SCA / Trinseo Materials Finance Inc. 5.38% 2025/09/01 Callable, USD 175,000 219 226
Ultrapar International SA 5.25% 2026/10/06 USD 200,000 258 279
3,067 3,180 0.7%
10
Malaysia (note 10)
CIMB Bank BHD 3.26% 2022/03/15 USD 200,000 271 261
Malayan Banking BHD 3.91% 2026/10/29 Variable Rate, Callable, USD 500,000 654 649
PETRONAS Capital Ltd. 3.50% 2030/04/21 Callable, USD 200,000 275 280
1,200 1,190 0.3%
10
Mauritius (note 10)
Network i2i Ltd. 5.65% 2025/01/15 Variable Rate, Perpetual,
USD 300,000 400 405
400 405 0.1%
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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14
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
8, 10
Mexico (note 10)
Banco Mercantil del Norte SA 6.88% 2022/07/06 Variable Rate, Perpetual,
USD 200,000 260 262
Banco Mercantil del Norte SA 7.63% 2028/01/06 Variable Rate, Perpetual,
USD 400,000 520 573
Banco Mercantil del Norte SA 7.50% 2029/06/27 Variable Rate, Perpetual,
USD 220,000 313 313
BBVA Bancomer SA of Texas 5.13% 2033/01/18 Variable Rate, Callable, USD 310,000 386 416
Credito Real SAB de CV SOFOM ER 9.13% 2022/11/29 Variable Rate, Perpetual,
USD 200,000 260 253
Mexarrend SAPI de CV 10.25% 2024/07/24 Callable, USD 200,000 258 244
Operadora De Servicios Mega SA de CV Sofom ER 8.25% 2025/02/11 Callable, USD 200,000 266 266
Orbia Advance Corp. SAB de CV 5.88% 2044/09/17 USD 320,000 424 485
Unifin Financiera SAB de CV SOFOM ENR 8.88% 2025/01/29 Variable Rate, Perpetual,
USD 600,000 709 644
United Mexican States 4.00% 2023/10/02 USD 150,000 204 207
United Mexican States 7.50% 2027/06/03 Series 'M20', MXN 20,790,000 1,480 1,400
United Mexican States 7.75% 2042/11/13 Series 'M', MXN 35,576,000 2,642 2,322
United Mexican States 4.75% 2044/03/08 Callable, USD 200,000 262 270
7,984 7,655 1.7%
10
Morocco (note 10)
OCP SA 4.50% 2025/10/22 USD 420,000 551 577
551 577 0.1%
4, 10
Netherlands (note 10)
ABN AMRO Bank NV 7.13% 2022/07/06 EUR 200,000 360 336
AES Andres BV / Dominican Power Partners / Empresa
Generadora de Electricidad
7.95% 2026/05/11 Callable, USD
200,000 267 268
AES Andres BV / Dominican Power Partners / Empresa
Generadora de Electricidad
7.95% 2026/05/11 Private Placement, Callable,
USD 200,000 256 268
Alcoa Nederland Holding BV 6.13% 2028/05/15 Callable, USD 200,000 279 277
Braskem Netherlands Finance BV 8.50% 2081/01/23 Variable Rate, Callable, USD 300,000 406 433
Cooperatieve Rabobank UA 6.63% 2021/06/29 Variable Rate, Perpetual, EUR 200,000 308 313
Equate Petrochemical BV 4.25% 2026/11/03 USD 200,000 270 277
Fiat Chrysler Automobiles NV 5.25% 2023/04/15 Callable, USD 85,000 112 118
IPD 3 BV 5.50% 2025/12/01 Callable, EUR 100,000 155 159
Maxeda DIY Holding BV 5.88% 2026/10/01 Callable, EUR 110,000 171 174
Minejesa Capital BV 4.63% 2030/08/10 Sinkable, USD 200,000 251 269
Minejesa Capital BV 5.63% 2037/08/10 Sinkable, USD 200,000 262 270
Petrobras Global Finance BV 6.25% 2024/03/17 USD 640,000 832 921
Petrobras Global Finance BV 6.85% 2115/06/05 USD 450,000 469 626
Prosus NV 4.85% 2027/07/06 Callable, USD 280,000 364 404
Shell International Finance BV 2.75% 2030/04/06 Callable, USD 40,000 57 54
Shell International Finance BV 3.25% 2050/04/06 Callable, USD 100,000 139 127
Stars Group Holdings BV / Stars Group US Co-Borrower LLC 7.00% 2026/07/15 Callable, USD 65,000 87 87
Syngenta Finance NV 4.44% 2023/04/24 Callable, USD 200,000 251 267
Telefonica Europe BV 2.38% 2029/02/12 Variable Rate, Perpetual, EUR 200,000 308 298
Teva Pharmaceutical Finance Netherlands III BV 2.80% 2023/07/21 USD 350,000 445 437
Trivium Packaging Finance BV 5.50% 2026/08/15 Callable, USD 320,000 418 427
UPC Holding BV 5.50% 2028/01/15 Callable, USD 200,000 238 262
6,705 7,072 1.6%
10
Nigeria (note 10)
Federal Republic of Nigeria 7.14% 2030/02/23 USD 200,000 250 270
Federal Republic of Nigeria 7.63% 2047/11/28 USD 200,000 256 260
506 530 0.1%
4
Norway (note 10)
Adevinta ASA 3.00% 2027/11/15 Callable, EUR 100,000 155 158
155 158 0.0%
10
Panama (note 10)
Banco Latinoamericano de Comercio Exterior SA 2.38% 2025/09/14 Callable, USD 300,000 393 391
Banco Nacional de Panama 2.50% 2030/08/11 Callable, USD 200,000 266 246
Banistmo SA 3.65% 2022/09/19 USD 200,000 267 262
Carnival Corp. 11.50% 2023/04/01 Callable, USD 15,000 21 22
Carnival Corp. 5.75% 2027/03/01 Callable, USD 40,000 51 52
Multibank Inc. 4.38% 2022/11/09 USD 200,000 268 262
Republic of Panama 4.00% 2024/09/22 Callable, USD 400,000 589 555
Republic of Panama 4.50% 2056/04/01 Sinkable, USD 200,000 281 281
UEP Penonome II SA 6.50% 2038/10/01 Sinkable, USD 250,000 321 326
2,457 2,397 0.5%
10
Paraguay (note 10)
Banco Continental SAECA 2.75% 2025/12/10 USD 150,000 193 191
193 191 0.0%
10
Peru (note 10)
Banco de Credito del Peru 3.13% 2030/07/01 Variable Rate, Callable, USD 200,000 272 260
Banco de Credito del Peru of Panama 6.13% 2027/04/24 Variable Rate, Callable, USD 150,000 214 200
Banco Internacional del Peru SAA 4.00% 2030/07/08 Variable Rate, Callable, USD 450,000 594 595
BBVA Banco Continental SA 5.25% 2029/09/22 Variable Rate, Callable, USD 100,000 141 139
Peru LNG SRL 5.38% 2030/03/22 Sinkable, USD 400,000 322 478
Petroleos del Peru SA 5.63% 2047/06/19 USD 200,000 294 282
Republic of Peru 2.39% 2026/01/23 Callable, USD 510,000 713 676
Transportadora de Gas del Peru SA 4.25% 2028/04/30 Sinkable, USD 350,000 493 499
3,043 3,129 0.7%
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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15
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
10
Philippines (note 10)
Banco de Oro Unibank Inc. 2.95% 2023/03/06 USD 150,000 187 200
Republic of the Philippines 2.46% 2030/05/05 USD 200,000 281 259
Republic of the Philippines 1.65% 2031/06/10 USD 300,000 388 362
856 821 0.2%
10
Qatar (note 10)
State of Qatar 3.88% 2023/04/23 USD 200,000 295 272
State of Qatar 3.38% 2024/03/14 USD 400,000 589 548
State of Qatar 4.40% 2050/04/16 USD 450,000 702 673
1,586 1,493 0.3%
9
Russia (note 10)
Russian Federation 7.05% 2028/01/19 Series '6212', RUB 116,845,000 2,348 2,062
Russian Federation 7.25% 2034/05/10 Series '6225', RUB 117,781,000 2,662 2,059
5,010 4,121 0.9%
10
Saudi Arabia (note 10)
Kingdom of Saudi Arabia 2.38% 2021/10/26 USD 400,000 569 515
Kingdom of Saudi Arabia 2.90% 2025/10/22 USD 350,000 492 477
Saudi Arabian Oil Co. 1.63% 2025/11/24 Callable, USD 200,000 262 257
1,323 1,249 0.3%
10
Singapore (note 10)
DBS Group Holdings Ltd. 3.60% 2021/09/07 Variable Rate, Perpetual,
USD 600,000 772 774
LLPL Capital Pte. Ltd. 6.88% 2039/02/04 Sinkable, USD 182,400 242 278
Medco Bell Pte Ltd. 6.38% 2027/01/30 Callable, USD 200,000 257 261
ONGC Videsh Vankorneft Pte. Ltd. 2.88% 2022/01/27 USD 400,000 543 516
Oversea-Chinese Banking Corp. Ltd. 0.65% 2021/05/17 Floating Rate, USD 200,000 263 255
Oversea-Chinese Banking Corp. Ltd. 1.83% 2030/09/10 Variable Rate, Callable, USD 400,000 525 508
PSA Treasury Pte. Ltd. 2.13% 2029/09/05 Callable, USD 200,000 281 259
Temasek Financial I Ltd. 1.00% 2030/10/06 Callable, USD 500,000 615 594
United Overseas Bank Ltd. 3.88% 2023/10/19 Variable Rate, Perpetual,
USD 300,000 390 397
United Overseas Bank Ltd. 3.50% 2026/09/16 Variable Rate, Callable, USD 200,000 274 258
United Overseas Bank Ltd. 2.88% 2027/03/08 Variable Rate, Callable, USD 200,000 263 259
4,425 4,359 1.0%
10, 11
South Africa (note 10)
Republic of South Africa 8.50% 2037/01/31 Series '2037', ZAR 3,218,000 207 228
Republic of South Africa 6.50% 2041/02/28 Series 'R214', ZAR 15,562,000 1,238 858
Republic of South Africa 5.75% 2049/09/30 USD 620,000 797 728
2,242 1,814 0.4%
10
South Korea (note 10)
Korea East-West Power Co. Ltd. 1.75% 2025/05/06 USD 200,000 266 261
Korea East-West Power Co. Ltd. 1.75% 2025/05/06 Private Placement, USD 200,000 279 261
Korea Electric Power Corp. 1.13% 2025/06/15 USD 200,000 266 254
NongHyup Bank 1.25% 2025/07/20 USD 200,000 270 255
POSCO 2.38% 2022/11/12 USD 200,000 274 261
POSCO 2.38% 2023/01/17 USD 200,000 278 262
Woori Bank 4.25% 2024/10/04 Variable Rate, Perpetual,
USD 400,000 536 533
2,169 2,087 0.5%
4
Spain (note 10)
Tendam Brands SAU 5.00% 2024/09/15 Callable, EUR 100,000 146 144
Tendam Brands SAU 5.25% 2024/09/15 Floating Rate, Callable, EUR 100,000 146 144
292 288 0.1%
4
Sweden (note 10)
Heimstaden AB 4.25% 2026/03/09 Callable, EUR 100,000 152 152
Samhallsbyggnadsbolaget i Norden AB 2.62% 2025/01/30 Variable Rate, Perpetual, EUR 540,000 784 823
Verisure Midholding AB 5.25% 2029/02/15 Callable, EUR 100,000 154 158
1,090 1,133 0.3%
10
Switzerland (note 10)
UBS Group AG 7.00% 2024/01/31 Variable Rate, Perpetual,
USD 580,000 853 808
853 808 0.2%
10
Thailand (note 10)
Bangkok Bank PCL 5.00% 2025/09/23 Variable Rate, Perpetual,
USD 200,000 262 270
Export Import Bank of Thailand 1.08% 2023/11/20 Floating Rate, USD 200,000 263 257
Kasikornbank PCL (Hong Kong) 5.28% 2025/10/14 Variable Rate, Perpetual,
USD 400,000 534 539
PTTEP Treasury Center Co. Ltd. 2.59% 2027/06/10 Callable, USD 200,000 270 265
1,329 1,331 0.3%
10
Turkey (note 10)
Republic of Turkey 9.50% 2022/01/12 TRY 7,000,000 1,195 1,144
Republic of Turkey 4.25% 2026/04/14 USD 310,000 389 387
1,584 1,531 0.3%
10
United Arab Emirates (note 10)
DP World PLC 5.63% 2048/09/25 USD 550,000 767 836
Emirate of Abu Dhabi 0.75% 2023/09/02 USD 200,000 263 255
Emirate of Abu Dhabi 3.13% 2030/04/16 USD 200,000 301 277
Emirate of Abu Dhabi 3.88% 2050/04/16 USD 460,000 703 645
2,034 2,013 0.5%
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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16
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
4, 5, 10
United Kingdom (note 10)
Anglo American Capital PLC 4.88% 2025/05/14 USD 200,000 269 290
Anglo American Capital PLC 4.75% 2027/04/10 Callable, USD 200,000 269 298
Antofagasta PLC 2.38% 2030/10/14 Callable, USD 200,000 263 253
Barclays PLC 3.38% 2025/04/02 Variable Rate, Callable, EUR 250,000 387 420
Barclays PLC 1.70% 2026/11/03 Variable Rate, Callable, GBP 100,000 172 180
Grainger PLC 3.00% 2030/07/03 Callable, GBP 130,000 218 242
Lloyds TSB Bank PLC 7.63% 2025/04/22 GBP 100,000 233 222
Pinnacle Bidco PLC 6.38% 2025/02/15 Callable, GBP 250,000 392 451
Saga PLC 3.38% 2024/05/12 Callable, GBP 200,000 331 328
Synlab Bondco PLC 4.75% 2025/07/01 Floating Rate, Callable, EUR 270,000 411 422
United Kingdom Treasury Bond 0.38% 2030/10/22 GBP 2,230,000 3,863 3,788
Vedanta Resources PLC 6.13% 2024/08/09 Callable, USD 600,000 720 649
Virgin Media Secured Finance PLC 5.50% 2029/05/15 Callable, USD 250,000 336 342
Whitbread Group PLC 2.38% 2027/05/31 Callable, GBP 100,000 174 175
Whitbread Group PLC 3.00% 2031/05/31 Callable, GBP 100,000 173 174
8,211 8,234 1.9%
5, 10
United States (note 10)
3M Co. 3.70% 2050/04/15 Callable, USD 130,000 207 187
Academy Ltd. 6.00% 2027/11/15 Callable, USD 40,000 53 54
ACRES Commercial Realty Corp. 1.86% 2035/03/15 Class 'B', Series '20-RSO8',
Floating Rate, Callable,
USD 200,000 256 256
Acrisure LLC / Acrisure Finance Inc. 4.25% 2029/02/15 Callable, USD 50,000 64 63
Adient US LLC 7.00% 2026/05/15 Callable, USD 90,000 127 123
ADT Corp. (The) 4.13% 2023/06/15 USD 230,000 306 306
Advanced Drainage Systems Inc. 5.00% 2027/09/30 Callable, USD 35,000 47 47
AECOM 5.13% 2027/03/15 Callable, USD 110,000 143 153
Aethon United BR L.P. / Aethon United Finance Corp. 8.25% 2026/02/15 Callable, USD 10,000 13 13
Air Methods Corp. 8.00% 2025/05/15 Callable, USD 34,000 44 41
Alberta Energy Co. Ltd. 7.38% 2031/11/01 USD 40,000 65 65
Albertsons Cos. Inc. / Safeway Inc. / New Albertsons L.P. /
Albertsons LLC
7.50% 2026/03/15 Callable, USD
100,000 134 139
Albertsons Cos. Inc. / Safeway Inc. / New Albertsons L.P. /
Albertsons LLC
4.63% 2027/01/15 Callable, USD
185,000 249 244
Albertsons Cos. Inc. / Safeway Inc. / New Albertsons L.P. /
Albertsons LLC
3.50% 2029/03/15 Callable, USD
35,000 46 43
Albertsons Cos. Inc. / Safeway Inc. / New Albertsons L.P. /
Albertsons LLC
4.88% 2030/02/15 Callable, USD
148,000 197 195
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 2027/10/15 Callable, USD 40,000 55 53
Allied Universal Holdco LLC 6.63% 2026/07/15 Callable, USD 80,000 110 108
Allied Universal Holdco LLC 9.75% 2027/07/15 Callable, USD 65,000 89 91
Allison Transmission Inc. 3.75% 2031/01/30 Callable, USD 135,000 177 165
Ally Financial Inc. 5.75% 2025/11/20 Callable, USD 200,000 271 291
Ally Financial Inc. 8.00% 2031/11/01 USD 120,000 194 218
American Axle & Manufacturing Inc. 6.25% 2026/03/15 Callable, USD 30,000 39 39
Anheuser-Busch InBev Worldwide Inc. 4.35% 2040/06/01 Callable, USD 50,000 71 74
Anheuser-Busch InBev Worldwide Inc. 4.50% 2050/06/01 Callable, USD 80,000 114 116
Antero Midstream Partners L.P. / Antero Midstream Finance Corp. 5.38% 2024/09/15 Callable, USD 210,000 228 270
Antero Midstream Partners L.P. / Antero Midstream Finance Corp. 5.75% 2027/03/01 Callable, USD 28,000 37 36
Antero Midstream Partners L.P. / Antero Midstream Finance Corp. 5.75% 2028/01/15 Callable, USD 100,000 100 129
Apache Corp. 4.63% 2025/11/15 Callable, USD 20,000 27 26
Apache Corp. 4.38% 2028/10/15 Callable, USD 140,000 182 181
Apache Corp. 5.10% 2040/09/01 Callable, USD 210,000 282 273
Arches Buyer Inc. 4.25% 2028/06/01 Callable, USD 110,000 143 141
Arconic Corp. 6.13% 2028/02/15 Callable, USD 165,000 226 222
Asbury Automotive Group Inc. 4.50% 2028/03/01 Callable, USD 12,000 16 16
Asbury Automotive Group Inc. 4.75% 2030/03/01 Callable, USD 10,000 13 13
Ascend Learning LLC 6.88% 2025/08/01 Callable, USD 90,000 117 118
ASGN Inc. 4.63% 2028/05/15 Callable, USD 25,000 33 33
AssuredPartners Inc. 7.00% 2025/08/15 Callable, USD 85,000 107 111
AssuredPartners Inc. 5.63% 2029/01/15 Callable, USD 5,000 6 6
Atrium Hotel Portfolio Trust 3.16% 2036/12/15 Class 'E', Series
'2017-ATRM', Floating
Rate, USD 172,000 219 179
Austin BidCo Inc. 7.13% 2028/12/15 Callable, USD 20,000 27 26
Avantor Funding Inc. 4.63% 2028/07/15 Callable, USD 70,000 97 93
Avaya Inc. 6.13% 2028/09/15 Callable, USD 90,000 122 123
Avis Budget Car Rental LLC / Avis Budget Finance Inc. 6.38% 2024/04/01 Callable, USD 50,000 66 65
Avis Budget Car Rental LLC / Avis Budget Finance Inc. 5.25% 2025/03/15 Callable, USD 185,000 220 237
Avis Budget Car Rental LLC / Avis Budget Finance Inc. 5.38% 2029/03/01 Callable, USD 20,000 25 26
B&G Foods Inc. 5.25% 2025/04/01 Callable, USD 30,000 40 39
B&G Foods Inc. 5.25% 2027/09/15 Callable, USD 100,000 135 134
Bally's Corp. 6.75% 2027/06/01 Callable, USD 80,000 109 109
Banc of America Funding Corp. 0.32% 2047/02/20 Class '2A2', Series '07-A',
Floating Rate, Callable,
USD 1,519,732 1,834 1,827
Banc of America Funding Corp. 6.50% 2047/07/25 Class '7A5', Series '07-5',
Callable, USD 2,847,517 3,417 3,467
Banff Merger Sub Inc. 9.75% 2026/09/01 Callable, USD 15,000 19 20
Bank of America Corp. 4.08% 2051/03/20 Variable Rate, Callable, USD 40,000 63 58
Barclays Commercial Mortgage Securities LLC 2.96% 2034/11/25 Class 'E', Series
'2019-BWAY', Floating
Rate, USD 196,000 257 232
Barclays Commercial Mortgage Securities LLC 1.31% 2036/08/15 Class 'C', Series '2017-DELC',
Variable Rate, USD 34,000 43 43
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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17
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
Barclays Commercial Mortgage Securities LLC 1.81% 2036/08/15 Class 'D', Series '2017-DELC',
Variable Rate, USD 39,000 49 49
Barclays Commercial Mortgage Securities LLC 2.61% 2036/08/15 Class 'E', Series '2017-DELC',
Variable Rate, USD 78,000 99 98
Barclays Commercial Mortgage Securities LLC 3.61% 2036/08/15 Class 'F', Series '2017-DELC',
Variable Rate, USD 78,000 99 94
Barclays Commercial Mortgage Securities LLC 3.35% 2037/03/15 Class 'F', Series '2018-Tall',
Floating Rate, USD 450,000 597 517
Barclays Commercial Mortgage Securities LLC 1.45% 2050/02/15 Class 'XA', Series '2017-C1',
Variable Rate, Callable,
USD 2,009,323 299 173
Bausch Health Cos. Inc. of the United States 9.25% 2026/04/01 Callable, USD 235,000 329 331
Bausch Health Cos. Inc. of the United States 8.50% 2027/01/31 Callable, USD 20,000 29 28
BB-UBS Trust 3.56% 2030/06/05 Class 'TE', Series '2012-TFT',
Variable Rate, USD 262,000 320 274
Beacon Escrow Corp. 4.88% 2025/11/01 Callable, USD 195,000 247 250
Beacon Roofing Supply Inc. 4.50% 2026/11/15 Callable, USD 20,000 27 26
Bear Stearns ALT-A Trust 3.04% 2036/03/25 Class '21A1', Series '06-2',
Variable Rate, Callable,
USD 377,006 396 427
Bear Stearns ARM Trust 3.41% 2036/07/25 Class '2A1', Series '06-2',
Variable Rate, Callable,
USD 396,187 459 488
Bear Stearns Asset Back Securities I Trust 6.25% 2036/12/25 Class 'A1', Series '06-AC5',
Variable Rate, Callable,
USD 437,143 462 548
Benchmark Mortgage Trust 3.44% 2052/08/15 Class 'TCB', Series '19-B12',
Variable Rate, Callable,
USD 258,000 338 324
Berry Global Escrow Corp. 5.63% 2027/07/15 Callable, USD 20,000 28 27
Berry Global Inc. 4.50% 2026/02/15 Callable, USD 25,000 33 33
BFLD Trust 1.45% 2034/10/15 Class 'B', Series '2019-DPLO',
Floating Rate, USD 366,000 461 466
BFLD Trust 2.65% 2034/10/15 Class 'F', Series '2019-DPLO',
Variable Rate, USD 196,000 260 243
BHMS Mortgage Trust 2.01% 2035/07/15 Class 'C', Series '2018-ATLS',
Floating Rate, USD 228,000 300 288
BHP Trust 1.88% 2036/08/15 Class 'D', Series '2019-BXHP',
Floating Rate, USD 192,500 253 245
Blue Racer Midstream LLC / Blue Racer Finance Corp. 7.63% 2025/12/15 Callable, USD 30,000 41 41
Boeing Co. (The) 4.88% 2025/05/01 Callable, USD 260,000 362 369
Boeing Co. (The) 3.75% 2050/02/01 Callable, USD 70,000 90 86
Boxer Parent Co. Inc. 7.13% 2025/10/02 Callable, USD 5,000 7 7
Boyd Gaming Corp. 4.75% 2027/12/01 Callable, USD 110,000 145 143
Boyne USA Inc. 7.25% 2025/05/01 Callable, USD 110,000 143 146
BP Capital Markets America Inc. 3.63% 2030/04/06 Callable, USD 50,000 71 71
Braskem America Finance Co. 7.13% 2041/07/22 Callable, USD 200,000 260 289
Builders FirstSource Inc. 6.75% 2027/06/01 Callable, USD 18,000 25 25
Builders FirstSource Inc. 5.00% 2030/03/01 Callable, USD 90,000 124 120
BX Commercial Mortgage Trust 2.01% 2034/04/15 Class 'D', Series '2019-IMC',
Floating Rate, USD 262,000 353 329
BX Commercial Mortgage Trust 3.01% 2034/04/15 Class 'F', Series '19-IMC',
Floating Rate, USD 174,000 231 213
BX Trust 2.11% 2032/11/25 Class 'E', Series '19-CALM',
Floating Rate, USD 356,000 457 453
BX Trust 2.16% 2034/07/15 Class 'D', Series '2017-SLCT',
Floating Rate, USD 48,790 61 62
BX Trust 3.26% 2034/07/15 Class 'E', Series '2017-APPL',
Floating Rate, USD 77,563 97 99
BX Trust 3.26% 2034/07/15 Class 'E', Series '2017-SLCT',
Floating Rate, USD 119,850 151 153
BX Trust 2.01% 2036/08/15 Class 'E', Series '2019-MMP',
Floating Rate, Callable,
USD 273,631 364 344
BY Crown Parent LLC / BY Bond Finance Inc. 4.25% 2026/01/31 Callable, USD 20,000 27 26
Caesars Entertainment Inc. 6.25% 2025/07/01 Callable, USD 140,000 195 189
Caesars Entertainment Inc. 8.13% 2027/07/01 Callable, USD 85,000 115 118
Caesars Resort Collection LLC / CRC Finco Inc. 5.25% 2025/10/15 Callable, USD 105,000 134 133
Calpine Corp. 5.25% 2026/06/01 Callable, USD 24,000 33 31
Calpine Corp. 4.50% 2028/02/15 Callable, USD 25,000 33 33
Calpine Corp. 5.13% 2028/03/15 Callable, USD 15,000 20 19
Calpine Corp. 4.63% 2029/02/01 Callable, USD 55,000 74 69
Calpine Corp. 3.75% 2031/03/01 Callable, USD 60,000 78 74
CAMB Commercial Mortgage Trust 1.86% 2037/12/15 Class 'D', Series '2019-LIFE',
Floating Rate, USD 252,000 333 322
Cantor Commercial Real Estate 3.95% 2032/08/21 Class 'F', Series '19-MF1',
Floating Rate, USD 265,000 351 338
Carbon Capital VI Commercial Mortgage 2.98% 2035/10/15 Class 'B', Series '2019-FL2',
Floating Rate, Callable,
USD 256,000 340 311
Carvana Co. 5.63% 2025/10/01 Callable, USD 15,000 20 20
Castle US Holding Corp. 9.50% 2028/02/15 Callable, USD 65,000 85 85
Castlelake Aircraft Structured Trust 6.90% 2039/04/15 Class 'C', Series '19-1A',
Callable, USD 435,789 582 479
Catalent Pharma Solutions Inc. 5.00% 2027/07/15 Callable, USD 50,000 68 67
Catalent Pharma Solutions Inc. 3.13% 2029/02/15 Callable, USD 40,000 51 50
CCO Holdings LLC / CCO Holdings Capital Corp. 5.75% 2026/02/15 Callable, USD 200,000 270 263
CCO Holdings LLC / CCO Holdings Capital Corp. 5.50% 2026/05/01 Callable, USD 235,000 323 310
CCO Holdings LLC / CCO Holdings Capital Corp. 5.13% 2027/05/01 Callable, USD 395,000 504 527
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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18
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
CCO Holdings LLC / CCO Holdings Capital Corp. 4.75% 2030/03/01 Callable, USD 75,000 101 100
CCO Holdings LLC / CCO Holdings Capital Corp. 4.50% 2030/08/15 Callable, USD 150,000 202 198
CCO Holdings LLC / CCO Holdings Capital Corp. 4.50% 2032/05/01 Callable, USD 550,000 762 720
CD Commercial Mortgage Trust 1.01% 2050/02/10 Class 'XA', Series '2017-CD3',
Variable Rate, Callable,
USD 1,638,900 169 98
CD Commercial Mortgage Trust 1.29% 2050/05/10 Class 'XA', Series '2017-CD4',
Variable Rate, Callable,
USD 1,769,947 233 128
CDK Global Inc. 5.88% 2026/06/15 Callable, USD 25,000 32 33
Cedar Fair L.P. 5.25% 2029/07/15 Callable, USD 50,000 68 64
Cengage Learning Inc. 9.50% 2024/06/15 Callable, USD 45,000 54 57
Centene Corp. 4.63% 2029/12/15 Callable, USD 270,000 359 370
Centene Corp. 3.38% 2030/02/15 Callable, USD 85,000 118 111
Centene Corp. 3.00% 2030/10/15 Callable, USD 40,000 54 52
Centene Corp. 2.50% 2031/03/01 Callable, USD 45,000 57 56
Century Communities Inc. 6.75% 2027/06/01 Callable, USD 30,000 40 41
CFCRE Commercial Mortgage Trust 1.60% 2050/06/15 Class 'XA', Series '2017-C8',
Variable Rate, Callable,
USD 1,495,634 238 131
CFCRE Commercial Mortgage Trust 1.67% 2058/05/10 Class 'XA', Series '2016-C4',
Variable Rate, Callable,
USD 552,969 85 48
CGDBB Commercial Mortgage Trust 2.26% 2032/07/15 Class 'E', Series '2017-BIOC',
Variable Rate, USD 121,501 153 155
Charles River Laboratories International Inc. 4.25% 2028/05/01 Callable, USD 30,000 40 40
Charter Communications Operating LLC / Charter Communications
Operating Capital Corp.
3.50% 2041/06/01 Callable, USD
180,000 227 221
Chase Mortgage Finance Trust 6.00% 2036/12/25 Class 'A8', Series '06-S4',
Callable, USD 346,639 345 298
Cheniere Corpus Christi Holdings LLC 5.88% 2025/03/31 Callable, USD 140,000 186 205
Cheniere Corpus Christi Holdings LLC 5.13% 2027/06/30 Callable, USD 200,000 273 297
Cheniere Energy Partners L.P. 5.25% 2025/10/01 Callable, USD 80,000 101 105
Cheniere Energy Partners L.P. 5.63% 2026/10/01 Callable, USD 20,000 27 26
Chesapeake Energy Corp. 5.88% 2029/02/01 Callable, USD 45,000 61 61
CHL GMSR Issuer Trust 2.87% 2023/05/25 Class 'A', Series '18-GT1',
Floating Rate, Callable,
USD 3,140,000 4,038 3,987
CHL Mortgage Pass-Through Trust 5.50% 2035/11/25 Class 'A7', Series '05-J4',
Callable, USD 268,398 353 338
CHL Mortgage Pass-Through Trust 3.07% 2035/12/20 Class '4A1', Series '05-HYB8',
Variable Rate, Callable,
USD 195,415 204 243
CHL Mortgage Pass-Through Trust 6.00% 2036/05/25 Class '3A1', Series '06-8',
Callable, USD 2,208,935 1,567 917
CHS / Community Health Systems Inc. 8.00% 2026/03/15 Callable, USD 120,000 158 164
CHS / Community Health Systems Inc. 5.63% 2027/03/15 Callable, USD 65,000 84 87
CHS / Community Health Systems Inc. 6.00% 2029/01/15 Callable, USD 50,000 66 68
CHS / Community Health Systems Inc. 6.88% 2029/04/15 Callable, USD 35,000 46 46
CHS / Community Health Systems Inc. 4.75% 2031/02/15 Callable, USD 45,000 57 56
Cigna Corp. 4.80% 2038/08/15 Callable, USD 100,000 162 156
CIM Trust 9.61% 2057/01/27 Class 'B2', Series '17-3RR',
Variable Rate, Callable,
USD 2,920,000 4,207 3,684
Cincinnati Bell Inc. 7.00% 2024/07/15 Callable, USD 55,000 73 73
Cinemark USA Inc. 8.75% 2025/05/01 Callable, USD 20,000 27 28
CIT Group Inc. 5.00% 2023/08/01 USD 400,000 547 556
Citigroup Commercial Mortgage Trust 4.75% 2036/01/10 Class 'E', Series '19-SMRT',
Variable Rate, USD 358,000 489 473
Citigroup Commercial Mortgage Trust 2.11% 2036/12/15 Class 'E', Series '2019-SST2',
Floating Rate, Callable,
USD 257,000 340 328
Citigroup Commercial Mortgage Trust 1.34% 2048/02/10 Class 'XA', Series
'2015-GC27', Variable
Rate, Callable, USD 1,043,556 122 57
Citigroup Commercial Mortgage Trust 1.85% 2049/05/10 Class 'XA', Series '2016-C1',
Variable Rate, Callable,
USD 668,139 121 66
Citigroup Commercial Mortgage Trust 1.96% 2049/07/10 Class 'XA', Series '2016-P4',
Variable Rate, Callable,
USD 740,325 139 70
Citigroup Commercial Mortgage Trust 1.50% 2049/10/10 Class 'XA', Series '2016-P5',
Variable Rate, Callable,
USD 961,481 136 69
Citigroup Mortgage Loan Trust 3.00% 2035/10/25 Class '3A2A', Series '05-5',
Variable Rate, Callable,
USD 474,116 458 438
Citigroup Mortgage Loan Trust 0.26% 2036/09/25 Class 'A1', Series '06-AMC1',
Variable Rate, Callable,
USD 264,841 303 326
Clarios Global L.P. / Clarios US Finance Co. 6.25% 2026/05/15 Callable, USD 40,000 54 54
Clarios Global L.P. / Clarios US Finance Co. 8.50% 2027/05/15 Callable, USD 20,000 27 27
Clean Harbors Inc. 4.88% 2027/07/15 Callable, USD 55,000 75 73
Clean Harbors Inc. 5.13% 2029/07/15 Callable, USD 15,000 20 21
Clear Channel Outdoor Holdings Inc. 7.75% 2028/04/15 Callable, USD 10,000 13 13
Clear Channel Worldwide Holdings Inc. 9.25% 2024/02/15 Callable, USD 24,000 33 32
Clearwater Paper Corp. 4.75% 2028/08/15 Callable, USD 50,000 67 65
Clearway Energy Operating LLC 4.75% 2028/03/15 Callable, USD 35,000 46 48
Cleveland-Cliffs Inc. 5.75% 2025/03/01 Callable, USD 34,000 42 44
Cleveland-Cliffs Inc. 6.75% 2026/03/15 Callable, USD 20,000 26 27
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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19
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
Cleveland-Cliffs Inc. 5.88% 2027/06/01 Callable, USD 180,000 229 234
CNX Midstream Partners L.P. / CNX Midstream Finance Corp. 6.50% 2026/03/15 Callable, USD 50,000 64 66
CNX Resources Corp. 6.00% 2029/01/15 Callable, USD 20,000 26 27
Coca-Cola Co. (The) 2.50% 2051/03/15 Callable, USD 30,000 39 35
Cogent Communications Group Inc. 5.38% 2022/03/01 Callable, USD 130,000 179 170
Colfax Corp. 6.38% 2026/02/15 Callable, USD 70,000 98 95
Comcast Corp. 4.70% 2048/10/15 Callable, USD 140,000 179 223
Comcast Corp. 4.95% 2058/10/15 Callable, USD 90,000 115 154
COMM Mortgage Trust 1.12% 2046/10/10 Class 'XA', Series
'2013-CR12', Variable
Rate, Callable, USD 1,027,412 87 33
COMM Mortgage Trust 4.31% 2048/02/10 Class 'C', Series '15-DC1',
Variable Rate, Callable,
USD 133,000 183 167
COMM Mortgage Trust 4.29% 2048/05/10 Class 'C', Series '15-CR23',
Variable Rate, Callable,
USD 150,000 204 205
COMM Mortgage Trust 0.69% 2048/07/10 Class 'XA', Series
'2015-LC21', Variable
Rate, Callable, USD 1,749,694 102 56
COMM Mortgage Trust 0.83% 2048/08/10 Class 'XA', Series
'2015-CR25', Variable
Rate, Callable, USD 1,944,240 153 78
Commercial Metals Co. 3.88% 2031/02/15 Callable, USD 38,000 48 48
CommScope Finance LLC 5.50% 2024/03/01 Callable, USD 35,000 47 46
CommScope Finance LLC 6.00% 2026/03/01 Callable, USD 20,000 27 27
CommScope Finance LLC 8.25% 2027/03/01 Callable, USD 275,000 388 370
CommScope Technologies LLC 5.00% 2027/03/15 Callable, USD 25,000 32 31
Comstock Resources Inc. 7.50% 2025/05/15 Callable, USD 80,000 95 106
Constellation Brands Inc. 4.25% 2023/05/01 USD 70,000 97 96
Constellation Merger Sub Inc. 8.50% 2025/09/15 Callable, USD 40,000 51 48
Continental Resources Inc. 4.90% 2044/06/01 Callable, USD 40,000 41 51
CoreVest American Finance Lender LLC 4.22% 2051/06/15 Class 'D', Series '2019-2',
USD 2,100,000 2,747 2,888
Cornerstone Building Brands Inc. 6.13% 2029/01/15 Callable, USD 40,000 54 52
Cosmopolitan Hotel Trust 3.11% 2036/11/15 Class 'E', Series
'2017-CSMO', Variable
Rate, USD 120,000 152 153
Countrywide Alternative Loan Trust 5.50% 2035/05/25 Class 'A3', Series '05-13CB',
Callable, USD 1,048,038 1,363 1,366
Countrywide Alternative Loan Trust 3.24% 2035/12/25 Class '5A1', Series '05-63',
Variable Rate, Callable,
USD 129,691 153 161
Countrywide Alternative Loan Trust 6.00% 2036/05/25 Class 'A1', Series
'2006-12CB', Callable,
USD 3,681,442 3,875 3,596
Countrywide Alternative Loan Trust 6.25% 2037/08/25 Class '5A3', Series
'2007-16CB', Callable,
USD 250,001 281 245
Credit Acceptance Corp. 6.63% 2026/03/15 Callable, USD 60,000 81 80
Credit Suisse Commercial Mortgage Trust 5.42% 2040/02/15 Class 'AM', Series '2007-C1',
Callable, USD 426 1 1
Credit Suisse Mortgage Trust 3.41% 2032/07/15 Class 'E', Series '2017-CHOP',
Floating Rate, USD 180,000 239 203
Credit Suisse Mortgage Trust 3.33% 2033/04/05 Class 'E', Series '2017-LSTK',
Variable Rate, USD 176,000 238 221
Credit Suisse Mortgage Trust 2.76% 2036/05/15 Class 'F', Series '19-ICE4',
Floating Rate, Callable,
USD 334,000 427 426
Credit Suisse Mortgage Trust 3.70% 2037/08/15 Class 'D', Series '20-NET',
Variable Rate, Callable,
USD 363,000 486 475
Credit Suisse Mortgage Trust 3.82% 2037/10/15 Class 'D', Series '20-FACT',
Floating Rate, USD 402,000 528 520
CrowdStrike Holdings Inc. 3.00% 2029/02/15 Callable, USD 15,000 19 19
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50% 2023/01/15 USD 50,000 65 67
CSAIL Commercial Mortgage Trust 1.95% 2049/01/15 Class 'XA', Series '2016-C6',
Variable Rate, Callable,
USD 697,079 112 64
CSAIL Commercial Mortgage Trust 0.83% 2050/04/15 Class 'XA', Series '2015-C1',
Variable Rate, Callable,
USD 3,369,469 259 115
CSAIL Commercial Mortgage Trust 0.87% 2050/09/15 Class 'XA', Series '2017-CX9',
Variable Rate, USD 4,535,517 301 155
CSC Holdings LLC 5.88% 2022/09/15 USD 95,000 127 127
CSC Holdings LLC 5.25% 2024/06/01 USD 150,000 195 206
CSC Holdings LLC 5.50% 2026/05/15 Callable, USD 200,000 275 264
CSI Compressco Partners L.P. / CSI Compressco Finance Corp. 7.50% 2025/04/01 Callable, USD 70,000 90 90
CTR Partnership L.P. / CareTrust Capital Corp. 5.25% 2025/06/01 Callable, USD 130,000 167 171
Dana Inc. 5.38% 2027/11/15 Callable, USD 10,000 13 13
Dana Inc. 5.63% 2028/06/15 Callable, USD 30,000 41 41
DaVita Inc. 4.63% 2030/06/01 Callable, USD 115,000 155 149
DBGS Mortgage Trust 2.11% 2035/05/15 Class 'F', Series '2018-BIOD',
Floating Rate, USD 309,998 394 396
DBUBS Mortgage Trust 3.53% 2034/10/10 Class 'E', Series '2017-BRBK',
Variable Rate, Callable,
USD 165,000 215 216
DBUBS Mortgage Trust 3.53% 2034/10/10 Class 'F', Series '17-BRBK',
Variable Rate, Callable,
USD 425,000 554 550
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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20
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
DBUBS Mortgage Trust 5.27% 2044/05/10 Class 'PM2', Series
'2011-LC3A', Variable
Rate, Callable, USD 231,000 314 276
DCP Midstream Operating L.P. 6.75% 2037/09/15 USD 200,000 267 288
Dealer Tire LLC / DT Issuer LLC 8.00% 2028/02/01 Callable, USD 40,000 53 55
Deere & Co. 3.75% 2050/04/15 Callable, USD 50,000 81 74
Dell International LLC / EMC Corp. 7.13% 2024/06/15 Callable, USD 390,000 553 514
Delta Air Lines Inc. 2.90% 2024/10/28 Callable, USD 170,000 196 216
Delta Air Lines Inc. 7.00% 2025/05/01 USD 370,000 522 547
Delta Air Lines Inc. 7.38% 2026/01/15 Callable, USD 290,000 390 431
Delta Air Lines Inc. / SkyMiles IP Ltd. 4.50% 2025/10/20 Sinkable, Callable, USD 220,000 302 299
Delta Air Lines Inc. / SkyMiles IP Ltd. 4.75% 2028/10/20 Sinkable, Callable, USD 205,000 271 289
Devon Energy Corp. 5.85% 2025/12/15 Callable, USD 200,000 295 298
Diamond Sports Group LLC / Diamond Sports Finance Co. 5.38% 2026/08/15 Callable, USD 30,000 40 27
Diamondback Energy Inc. 5.38% 2025/05/31 Callable, USD 110,000 147 145
DISH DBS Corp. 5.88% 2024/11/15 USD 1,140,000 1,520 1,522
DISH DBS Corp. 7.75% 2026/07/01 USD 400,000 496 561
Diversified Healthcare Trust 9.75% 2025/06/15 Callable, USD 360,000 496 517
Dun & Bradstreet Corp. (The) 6.88% 2026/08/15 Callable, USD 15,000 20 20
Dun & Bradstreet Corp. (The) 10.25% 2027/02/15 Callable, USD 27,000 40 39
Element Solutions Inc. 3.88% 2028/09/01 Callable, USD 50,000 65 64
Embarq Corp. 8.00% 2036/06/01 USD 70,000 100 105
Emergent BioSolutions Inc. 3.88% 2028/08/15 Callable, USD 35,000 47 45
Encompass Health Corp. 4.50% 2028/02/01 Callable, USD 15,000 20 20
Encompass Health Corp. 4.75% 2030/02/01 Callable, USD 5,000 7 7
Encompass Health Corp. 4.63% 2031/04/01 Callable, USD 45,000 60 61
Endeavor Energy Resources L.P. / EER Finance Inc. 6.63% 2025/07/15 Callable, USD 90,000 123 121
Endeavor Energy Resources L.P. / EER Finance Inc. 5.75% 2028/01/30 Callable, USD 110,000 154 148
Endurance Acquisition Merger Sub 6.00% 2029/02/15 Callable, USD 55,000 70 68
Energizer Holdings Inc. 4.75% 2028/06/15 Callable, USD 70,000 93 91
Entercom Media Corp. 7.25% 2024/11/01 Callable, USD 100,000 141 129
Envision Healthcare Corp. 8.75% 2026/10/15 Callable, USD 20,000 18 18
EOG Resources Inc. 4.38% 2030/04/15 Callable, USD 40,000 56 60
EQM Midstream Partners L.P. 6.50% 2027/07/01 Callable, USD 15,000 20 20
EQM Midstream Partners L.P. 5.50% 2028/07/15 Callable, USD 230,000 275 302
EQM Midstream Partners L.P. 4.75% 2031/01/15 Callable, USD 45,000 58 55
EQT Corp. 3.00% 2022/10/01 Callable, USD 100,000 129 129
EQT Corp. 6.13% 2025/02/01 Callable, USD 270,000 367 400
EQT Corp. 3.90% 2027/10/01 Callable, USD 105,000 118 139
EQT Corp. 7.00% 2030/02/01 Callable, USD 40,000 66 67
ESH Hospitality Inc. 5.25% 2025/05/01 Callable, USD 50,000 66 65
ExteNet Issuer LLC 5.22% 2049/07/26 Class 'C', Series '19-1A',
Callable, USD 750,000 984 1,003
Exterran Energy Solutions L.P. / EES Finance Corp. 8.13% 2025/05/01 Callable, USD 35,000 46 41
Exxon Mobil Corp. 4.33% 2050/03/19 Callable, USD 60,000 101 89
Exxon Mobil Corp. 3.45% 2051/04/15 Callable, USD 50,000 69 65
Fannie Mae 2.52% 2031/04/25 Class '1M2', Series '18-R07',
Floating Rate, Callable,
USD 489,063 655 626
Fannie Mae 5.93% 2046/10/25 Class 'S', Series '16-70',
Variable Rate, USD 2,969,858 906 851
FHLMC Multifamily 1.31% 2023/03/25 Class 'X1', Series 'K722',
Variable Rate, Callable,
USD 916,397 84 23
FirstEnergy Corp. 7.38% 2031/11/15 Series 'C', Callable, USD 70,000 118 123
Flex Acquisition Co. Inc. 6.88% 2025/01/15 Callable, USD 35,000 46 45
Fontainebleau Miami Beach Trust 4.10% 2036/12/10 Class 'F', Series '19-FBLU',
USD 230,000 301 297
Fontainebleau Miami Beach Trust 4.10% 2036/12/10 Class 'G', Series '19-FBLU',
USD 266,000 343 337
Ford Motor Co. 8.50% 2023/04/21 USD 530,000 744 755
Ford Motor Co. 9.00% 2025/04/22 Callable, USD 20,000 28 31
Ford Motor Co. 7.45% 2031/07/16 USD 50,000 50 83
Ford Motor Credit Co. LLC 4.25% 2022/09/20 USD 500,000 670 656
Ford Motor Credit Co. LLC 2.75% 2024/06/14 GBP 170,000 291 305
Ford Motor Credit Co. LLC 3.66% 2024/09/08 USD 325,000 424 427
Ford Motor Credit Co. LLC 3.38% 2025/11/13 Callable, USD 200,000 261 259
Ford Motor Credit Co. LLC 4.39% 2026/01/08 USD 900,000 1,145 1,211
Ford Motor Credit Co. LLC 4.27% 2027/01/09 Callable, USD 450,000 617 607
Ford Motor Credit Co. LLC 3.82% 2027/11/02 Callable, USD 200,000 254 263
Freddie Mac 2.62% 2050/02/25 Class 'B1', Series '20-DNA2',
Floating Rate, Callable,
USD 1,500,000 1,963 1,916
Freeport-McMoRan Inc. 3.88% 2023/03/15 Callable, USD 160,000 199 213
Freeport-McMoRan Inc. 4.38% 2028/08/01 Callable, USD 65,000 88 88
Freeport-McMoRan Inc. 5.45% 2043/03/15 Callable, USD 110,000 129 174
FREMF Mortgage Trust 4.97% 2022/02/25 Class 'B', Series '15-KF08',
Floating Rate, Callable,
USD 200,077 261 255
FREMF Mortgage Trust 5.17% 2023/07/25 Class 'B', Series '16-KF20',
Floating Rate, Callable,
USD 200,022 268 261
FREMF Mortgage Trust 5.17% 2023/07/25 Class 'B', Series '2016-KF22',
Floating Rate, Callable,
USD 22,255 29 29
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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21
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
FREMF Mortgage Trust 4.12% 2024/01/25 Class 'B', Series '17-KF28',
Floating Rate, Callable,
USD 200,001 261 255
FREMF Mortgage Trust 3.67% 2024/02/25 Class 'B', Series '17-KF29',
Floating Rate, Callable,
USD 160,554 209 203
FREMF Mortgage Trust 2.02% 2025/06/25 Class 'B', Series '2018-KF49',
Floating Rate, Callable,
USD 181,712 220 230
FREMF Mortgage Trust 5.62% 2026/05/25 Class 'B', Series '16-KF18',
Floating Rate, Callable,
USD 199,890 261 255
FREMF Mortgage Trust 4.47% 2026/12/25 Class 'B', Series '17-KF27',
Floating Rate, Callable,
USD 185,729 242 236
FREMF Mortgage Trust 3.37% 2027/03/25 Class 'B', Series '17-KF30',
Floating Rate, Callable,
USD 199,954 258 254
FREMF Mortgage Trust 2.32% 2029/04/25 Class 'B', Series '19-KF61',
Floating Rate, Callable,
USD 390,543 501 498
Fresenius Medical Care US Finance II Inc. 4.75% 2024/10/15 Callable, USD 60,000 81 85
frontdoor Inc. 6.75% 2026/08/15 Callable, USD 70,000 94 95
Frontier Communications Corp. 8.50% 2020/04/15 Callable, USD 15,000 21 11
Frontier Communications Corp. 7.13% 2023/01/15 USD 25,000 17 17
Frontier Communications Corp. 5.88% 2027/10/15 Callable, USD 10,000 13 14
Frontier Communications Corp. 5.00% 2028/05/01 Callable, USD 25,000 33 33
Frontier Communications Corp. 6.75% 2029/05/01 Callable, USD 15,000 20 20
Full House Resorts Inc. 8.25% 2028/02/15 Callable, USD 15,000 20 20
Gates Global LLC / Gates Global Co. 6.25% 2026/01/15 Callable, USD 45,000 60 60
GCI LLC 4.75% 2028/10/15 Callable, USD 110,000 150 145
General Dynamics Corp. 4.25% 2040/04/01 Callable, USD 10,000 17 15
General Dynamics Corp. 4.25% 2050/04/01 Callable, USD 140,000 247 220
General Electric Capital Corp. 6.88% 2039/01/10 USD 440,000 752 794
General Electric Co. 4.25% 2040/05/01 Callable, USD 70,000 97 98
General Electric Co. 4.35% 2050/05/01 Callable, USD 60,000 83 84
General Motors Co. 5.40% 2023/10/02 USD 140,000 196 199
Glencore Funding LLC 4.00% 2027/03/27 Callable, USD 260,000 327 371
Go Daddy Operating Co. LLC / GD Finance Co. Inc. 5.25% 2027/12/01 Callable, USD 115,000 157 154
Go Daddy Operating Co. LLC / GD Finance Co. Inc. 3.50% 2029/03/01 Callable, USD 55,000 69 70
Gogo Intermediate Holdings LLC / Gogo Finance Co. Inc. 9.88% 2024/05/01 Callable, USD 50,000 67 67
Golden Entertainment Inc. 7.63% 2026/04/15 Callable, USD 30,000 40 41
Golden Nugget Inc. 6.75% 2024/10/15 Callable, USD 130,000 167 168
Golden Nugget Inc. 8.75% 2025/10/01 Callable, USD 15,000 21 20
Goodyear Tire & Rubber Co. (The) 9.50% 2025/05/31 Callable, USD 255,000 365 365
Goodyear Tire & Rubber Co. (The) 5.00% 2026/05/31 Callable, USD 130,000 158 169
Government National Mortgage Association 2.74% 2049/10/20 Class 'KS', Series '19-128',
Variable Rate, Callable,
USD 4,126,682 423 377
Government National Mortgage Association 6.04% 2050/07/20 Class 'SB', Series '2020-104',
Variable Rate, Callable,
USD 9,768,938 3,675 2,937
Government National Mortgage Association 4.09% 2050/08/20 Class 'SA', Series '20-115',
Variable Rate, Callable,
USD 5,858,825 1,179 1,111
Government National Mortgage Association 4.09% 2050/08/20 Class 'YS', Series '20-115',
Variable Rate, Callable,
USD 3,432,105 866 603
Government National Mortgage Association 2.50% 2050/10/20 Class 'IJ', Series '20-146',
Callable, USD 8,508,407 1,198 1,163
GrafTech Finance Inc. 4.63% 2028/12/15 Callable, USD 25,000 32 32
Graphic Packaging International LLC 3.50% 2028/03/15 USD 60,000 80 79
Graphic Packaging International LLC 3.50% 2029/03/01 Callable, USD 45,000 59 58
Gray Escrow Inc. 7.00% 2027/05/15 Callable, USD 60,000 80 84
Great Wolf Trust 3.24% 2029/12/15 Class 'F', Series '19-WOLF',
Floating Rate, Callable,
USD 105,000 138 127
Griffon Corp. 5.75% 2028/03/01 Callable, USD 100,000 136 134
Group 1 Automotive Inc. 4.00% 2028/08/15 Callable, USD 10,000 13 13
GS Mortgage Securities Trust 2.21% 2031/07/15 Class 'E', Series '2018-TWR',
Variable Rate, USD 100,000 131 122
GS Mortgage Securities Trust 2.91% 2031/07/15 Class 'F', Series '2018-TWR',
Variable Rate, USD 100,000 131 119
GS Mortgage Securities Trust 4.04% 2031/07/15 Class 'G', Series '2018-TWR',
Variable Rate, USD 100,000 131 111
GS Mortgage Securities Trust 2.71% 2032/08/15 Class 'E', Series '19-SMP',
Floating Rate, USD 322,000 426 381
GS Mortgage Securities Trust 2.66% 2032/11/15 Class 'E', Series '2018-LUAU',
Floating Rate, USD 261,000 345 329
GS Mortgage Securities Trust 3.55% 2034/04/10 Class 'A', Series '2012-ALOH',
USD 355,000 488 460
GS Mortgage Securities Trust 1.49% 2046/02/10 Class 'XA', Series
'2013-GC10', Variable
Rate, Callable, USD 1,223,205 121 39
GS Mortgage Securities Trust 4.51% 2047/11/10 Class 'D', Series '2014-GC26',
Variable Rate, Callable,
USD 183,000 202 171
GS Mortgage Securities Trust 4.34% 2048/07/10 Class 'C', Series '15-GC32',
Variable Rate, Callable,
USD 847,000 1,033 1,160
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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22
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
GS Mortgage Securities Trust 1.75% 2049/05/10 Class 'XA', Series '2016-GS2',
Variable Rate, Callable,
USD 750,946 115 71
GS Mortgage Securities Trust 1.22% 2049/10/10 Class 'XA', Series '2016-GS3',
Variable Rate, Callable,
USD 893,569 111 62
GS Mortgage Securities Trust 1.13% 2053/05/12 Class 'XA', Series
'2020-GC47', Variable
Rate, Callable, USD 3,743,473 467 421
GSCG Trust 3.99% 2034/09/06 Class 'E', Series '2019-600C',
Variable Rate, USD 275,000 375 344
GSR Mortgage Loan Trust 6.00% 2037/07/25 Class '3A1', Series '07-4F',
Callable, USD 243,161 284 271
GTT Communications Inc. 7.88% 2024/12/31 Callable, USD 35,000 45 9
Gulfport Energy Corp. 6.38% 2025/05/15 Callable, USD 50,000 63 58
Hanesbrands Inc. 4.63% 2024/05/15 Callable, USD 135,000 186 180
Hanesbrands Inc. 4.88% 2026/05/15 Callable, USD 80,000 102 110
HCA Inc. 5.88% 2023/05/01 USD 176,000 243 245
HCA Inc. 5.38% 2025/02/01 USD 292,000 400 418
HCA Inc. 5.38% 2026/09/01 Callable, USD 95,000 126 138
HCA Inc. 5.63% 2028/09/01 Callable, USD 40,000 52 59
HCA Inc. 5.88% 2029/02/01 Callable, USD 45,000 68 68
HCA Inc. 3.50% 2030/09/01 Callable, USD 60,000 80 79
Helios Issuer LLC 4.49% 2046/06/20 Class 'B', Series '19-AA',
Callable, USD 790,316 1,053 1,060
Helios Issuer LLC 4.94% 2049/09/20 Class 'A', Series '17-1A', USD 844,945 1,126 1,138
Herc Holdings Inc. 5.50% 2027/07/15 Callable, USD 46,000 63 62
Hertz Vehicle Financing II L.P. 3.67% 2025/05/25 Class 'B', Series '19-2A',
Callable, USD 750,000 983 958
Hess Midstream Operations L.P. 5.63% 2026/02/15 Callable, USD 45,000 62 59
Hess Midstream Operations L.P. 5.13% 2028/06/15 Callable, USD 35,000 47 46
Hexion Inc. 7.88% 2027/07/15 Callable, USD 25,000 33 34
H-Food Holdings LLC / Hearthside Finance Co. Inc. 8.50% 2026/06/01 Callable, USD 45,000 56 60
Hilcorp Energy I L.P. / Hilcorp Finance Co. 6.25% 2028/11/01 Callable, USD 50,000 64 66
Hilcorp Energy I L.P. / Hilcorp Finance Co. 5.75% 2029/02/01 Callable, USD 25,000 33 32
Hillman Group Inc. (The) 6.38% 2022/07/15 Callable, USD 30,000 38 38
Hill-Rom Holdings Inc. 4.38% 2027/09/15 Callable, USD 25,000 33 33
Hilton Domestic Operating Co. Inc. 5.38% 2025/05/01 Callable, USD 5,000 7 7
Hilton Domestic Operating Co. Inc. 5.75% 2028/05/01 Callable, USD 5,000 7 7
Hilton Domestic Operating Co. Inc. 3.63% 2032/02/15 Callable, USD 55,000 70 69
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.88% 2027/04/01 Callable, USD 80,000 107 106
Home Depot Inc. (The) 3.30% 2040/04/15 Callable, USD 40,000 57 55
Home Depot Inc. (The) 3.35% 2050/04/15 Callable, USD 120,000 177 161
Hospitality Mortgage Trust 3.26% 2026/11/15 Class 'F', Series '19-HIT',
Floating Rate, USD 212,333 286 259
Howmet Aerospace Inc. 5.13% 2024/10/01 Callable, USD 205,000 279 284
IAA Inc. 5.50% 2027/06/15 Callable, USD 65,000 88 87
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 6.75% 2024/02/01 Callable, USD 260,000 344 338
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 6.25% 2026/05/15 Callable, USD 70,000 94 94
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 5.25% 2027/05/15 Callable, USD 100,000 133 134
iHeartCommunications Inc. 8.38% 2027/05/01 Callable, USD 5,000 7 7
iHeartCommunications Inc. 5.25% 2027/08/15 Callable, USD 25,000 33 33
Illuminate Buyer LLC / Illuminate Holdings IV Inc. 9.00% 2028/07/01 Callable, USD 85,000 121 120
Impac CMB Trust 1.08% 2034/11/25 Class 'M2', Series '04-7',
Floating Rate, Callable,
USD 289,437 347 378
IMT Trust 2.26% 2034/06/15 Class 'EFL', Series
'2017-APTS', Variable
Rate, Callable, USD 63,262 82 80
IMT Trust 2.96% 2034/06/15 Class 'FFL', Series
'2017-APTS', Variable
Rate, Callable, USD 63,262 82 80
Indigo Natural Resources LLC 5.38% 2029/02/01 Callable, USD 45,000 58 57
IndyMac INDX Mortgage Loan Trust 0.37% 2037/09/25 Class '1A1', Series
'2007-FLX6', Floating
Rate, Callable, USD 1,609,090 1,976 1,782
Ingevity Corp. 3.88% 2028/11/01 Callable, USD 50,000 66 63
Installed Building Products Inc. 5.75% 2028/02/01 Callable, USD 40,000 53 54
International Lease Finance Corp. 5.88% 2022/08/15 USD 100,000 148 137
IRB Holding Corp. 7.00% 2025/06/15 Callable, USD 25,000 35 35
IRB Holding Corp. 6.75% 2026/02/15 Callable, USD 135,000 178 177
Iron Mountain Inc. 5.25% 2028/03/15 Callable, USD 40,000 56 53
Iron Mountain Inc. 4.88% 2029/09/15 Callable, USD 90,000 121 117
Iron Mountain Inc. 5.25% 2030/07/15 Callable, USD 370,000 513 485
Iron Mountain Inc. 4.50% 2031/02/15 Callable, USD 25,000 33 32
iStar Inc. 4.75% 2024/10/01 Callable, USD 25,000 33 33
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 5.00% 2028/06/15 Callable, USD 20,000 28 27
JBS USA LUX SA / JBS Food Co. / JBS USA Finance Inc. 5.50% 2030/01/15 Callable, USD 20,000 26 29
JBS USA LUX SA / JBS USA Finance Inc. 6.75% 2028/02/15 Callable, USD 45,000 56 63
JELD-WEN Inc. 4.63% 2025/12/15 Callable, USD 65,000 83 84
Jersey Mike's Funding LLC 4.43% 2050/02/15 Class 'A2', Series '2019-1A',
Callable, USD 1,019,231 1,416 1,389
Jimmy John's Funding LLC 4.85% 2047/07/30 Class 'A2II', Series '17-1A',
USD 723,750 953 971
JP Morgan Chase Commercial Mortgage Securities Trust 4.61% 2031/07/05 Class 'D', Series '18-AON',
Variable Rate, USD 399,000 537 535
JP Morgan Chase Commercial Mortgage Securities Trust 4.01% 2031/10/05 Class 'E', Series '2016-WIKI',
Variable Rate, USD 248,000 306 304
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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23
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
JP Morgan Chase Commercial Mortgage Securities Trust 4.34% 2032/05/05 Class 'C', Series '2019-UES',
USD 89,000 123 115
JP Morgan Chase Commercial Mortgage Securities Trust 4.45% 2032/05/05 Class 'D', Series '2019-UES',
Variable Rate, USD 91,000 125 118
JP Morgan Chase Commercial Mortgage Securities Trust 4.45% 2032/05/05 Class 'E', Series '2019-UES',
Variable Rate, USD 106,000 143 134
JP Morgan Chase Commercial Mortgage Securities Trust 4.45% 2032/05/05 Class 'F', Series '2019-UES',
Variable Rate, USD 111,000 144 136
JP Morgan Chase Commercial Mortgage Securities Trust 4.45% 2032/05/05 Class 'G', Series '2019-UES',
Variable Rate, USD 122,000 152 141
JP Morgan Chase Commercial Mortgage Securities Trust 1.71% 2032/06/15 Class 'C', Series '2018-LAQ',
Floating Rate, USD 304,800 407 389
JP Morgan Chase Commercial Mortgage Securities Trust 2.01% 2032/06/15 Class 'D', Series '2017-FL10',
Variable Rate, Callable,
USD 8,455 11 11
JP Morgan Chase Commercial Mortgage Securities Trust 2.30% 2032/06/15 Class 'D', Series '2018-LAQ',
Floating Rate, USD 120,800 161 154
JP Morgan Chase Commercial Mortgage Securities Trust 5.54% 2033/07/05 Class 'EFX', Series
'2018-WPT', Callable,
USD 250,000 335 329
JP Morgan Chase Commercial Mortgage Securities Trust 5.54% 2033/07/05 Class 'FFX', Series
'2018-WPT', Callable,
USD 375,000 478 482
JP Morgan Chase Commercial Mortgage Securities Trust 3.35% 2035/06/15 Class 'E', Series '2018-LAQ',
Floating Rate, USD 38,400 51 49
JP Morgan Chase Commercial Mortgage Securities Trust 2.27% 2036/07/15 Class 'E', Series '2019-MFP',
Floating Rate, USD 179,000 235 226
JP Morgan Chase Commercial Mortgage Securities Trust 3.11% 2036/07/15 Class 'F', Series '19-MFP',
Floating Rate, USD 285,000 376 357
JP Morgan Chase Commercial Mortgage Securities Trust 3.97% 2037/01/16 Class 'EFX', Series '20-NNN',
Callable, USD 209,000 286 268
JP Morgan Chase Commercial Mortgage Securities Trust 5.34% 2046/07/15 Class 'C', Series '11-C4',
Variable Rate, Callable,
USD 335,000 462 427
JP Morgan Chase Commercial Mortgage Securities Trust 5.42% 2046/08/15 Class 'D', Series '2011-C5',
Variable Rate, USD 370,000 480 426
JP Morgan Chase Commercial Mortgage Securities Trust 4.40% 2047/07/15 Class 'B', Series '14-C20',
Variable Rate, Callable,
USD 399,000 547 541
JP Morgan Chase Commercial Mortgage Securities Trust 0.68% 2049/12/15 Class 'XA', Series '2016-JP4',
Variable Rate, Callable,
USD 1,240,524 84 40
JPMBB Commercial Mortgage Securities Trust 3.99% 2048/10/15 Class 'B', Series '15-C28',
Callable, USD 334,000 422 451
KAR Auction Services Inc. 5.13% 2025/06/01 Callable, USD 50,000 67 65
Kenan Advantage Group Inc. 7.88% 2023/07/31 Callable, USD 10,000 13 13
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America
LLC
5.25% 2026/06/01 Callable, USD
380,000 508 501
Kraft Heinz Foods Co. 3.75% 2030/04/01 Callable, USD 110,000 155 154
Kraft Heinz Foods Co. 4.25% 2031/03/01 Callable, USD 150,000 220 214
Kraft Heinz Foods Co. 5.00% 2035/07/15 Callable, USD 190,000 289 291
Kraft Heinz Foods Co. 5.00% 2042/06/04 USD 40,000 59 59
Kraft Heinz Foods Co. 5.20% 2045/07/15 Callable, USD 655,000 940 1,003
Kraft Heinz Foods Co. 4.38% 2046/06/01 Callable, USD 70,000 86 97
Kraton Polymers LLC / Kraton Polymers Capital Corp. 4.25% 2025/12/15 Callable, USD 85,000 110 110
Kratos Defense & Security Solutions Inc. 6.50% 2025/11/30 Callable, USD 40,000 53 53
Kronos Acquisition Holdings Inc. / KIK Custom Products Inc. 5.00% 2026/12/31 Callable, USD 115,000 152 151
Kronos Acquisition Holdings Inc. / KIK Custom Products Inc. 7.00% 2027/12/31 Callable, USD 60,000 79 76
L Brands Inc. 7.50% 2029/06/15 Callable, USD 90,000 127 130
L Brands Inc. 6.75% 2036/07/01 USD 75,000 89 115
L3Harris Technologies Inc. 5.05% 2045/04/27 Callable, USD 220,000 318 361
Ladder Capital Commercial Mortgage Securities LLC 4.71% 2050/07/12 Class 'C', Series '2017-LC26',
Callable, USD 300,000 401 379
Lamar Media Corp. 3.63% 2031/01/15 Callable, USD 45,000 57 57
Lamb Weston Holdings Inc. 4.63% 2024/11/01 Callable, USD 90,000 121 119
Lamb Weston Holdings Inc. 4.88% 2026/11/01 Callable, USD 50,000 67 66
LBM Acquisition LLC 6.25% 2029/01/15 Callable, USD 50,000 66 65
LD Holdings Group LLC 6.50% 2025/11/01 Callable, USD 25,000 33 34
Legacy LifePoint Health LLC 4.38% 2027/02/15 Callable, USD 130,000 173 165
Legacy Mortgage Asset Trust 4.25% 2058/06/25 Class 'A2', Series '18-GS3',
Step Rate, Callable, USD 500,000 665 638
Legacy Mortgage Asset Trust 4.25% 2059/05/25 Class 'A2', Series '19-GS3',
Step Rate, Callable, USD 2,200,000 2,878 2,809
Legacy Mortgage Asset Trust 4.45% 2059/06/25 Class 'A2', Series '19-GS6',
Variable Rate, Callable,
USD 2,200,000 2,903 2,809
Legends Hospitality Holding Co. LLC / Legends Hospitality
Co-Issuer Inc.
5.00% 2026/02/01 Callable, USD
40,000 51 52
Level 3 Financing Inc. 5.25% 2026/03/15 Callable, USD 285,000 356 374
Level 3 Financing Inc. 4.63% 2027/09/15 Callable, USD 40,000 53 53
Level 3 Financing Inc. 3.75% 2029/07/15 Callable, USD 20,000 26 25
LifePoint Health Inc. 5.38% 2029/01/15 Callable, USD 35,000 46 45
Lions Gate Capital Holdings LLC 6.38% 2024/02/01 Callable, USD 95,000 127 124
Live Nation Entertainment Inc. 4.88% 2024/11/01 Callable, USD 10,000 13 13
Live Nation Entertainment Inc. 5.63% 2026/03/15 Callable, USD 85,000 113 111
Live Nation Entertainment Inc. 6.50% 2027/05/15 Callable, USD 20,000 29 28
Lockheed Martin Corp. 3.80% 2045/03/01 Callable, USD 150,000 189 217
Logan Merger Sub Inc. 5.50% 2027/09/01 Callable, USD 15,000 20 20
LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.75% 2026/02/15 Callable, USD 40,000 51 52
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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24
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
LSTAR Commercial Mortgage Trust 1.77% 2049/03/10 Class 'XA', Series '2016-4',
Variable Rate, Callable,
USD 332,401 43 21
LSTAR Commercial Mortgage Trust 4.59% 2049/03/10 Class 'C', Series '2016-4',
Variable Rate, Callable,
USD 89,000 110 109
Lumen Technologies Inc. 6.75% 2023/12/01 USD 110,000 138 155
Lumen Technologies Inc. 7.50% 2024/04/01 Series 'Y', Callable, USD 251,000 370 359
Lumen Technologies Inc. 5.63% 2025/04/01 Callable, USD 100,000 112 137
Lumen Technologies Inc. 5.13% 2026/12/15 Callable, USD 40,000 53 53
Lumen Technologies Inc. 4.00% 2027/02/15 Callable, USD 35,000 46 46
Lumen Technologies Inc. 6.88% 2028/01/15 Callable, USD 285,000 350 410
M/I Homes Inc. 4.95% 2028/02/01 Callable, USD 40,000 52 53
Marriott Ownership Resorts Inc. / ILG LLC 6.50% 2026/09/15 Callable, USD 60,000 82 79
Match Group Holdings II LLC 4.63% 2028/06/01 Callable, USD 20,000 28 26
Match Group Inc. 5.00% 2027/12/15 Callable, USD 250,000 310 335
Mattel Inc. 5.88% 2027/12/15 Callable, USD 75,000 109 104
MBRT 2019 MBR 2.66% 2036/11/15 Class 'F', Series '19-MBR',
Floating Rate, USD 175,000 231 219
McDonald's Corp. 3.63% 2049/09/01 Callable, USD 20,000 31 27
McDonald's Corp. 4.20% 2050/04/01 Callable, USD 140,000 222 207
MercadoLibre Inc. 2.38% 2026/01/14 Callable, USD 200,000 254 256
Mercer International Inc. 5.50% 2026/01/15 Callable, USD 50,000 68 65
Mercer International Inc. 5.13% 2029/02/01 Callable, USD 102,000 130 132
Meritor Inc. 6.25% 2024/02/15 Callable, USD 46,000 64 59
Meritor Inc. 4.50% 2028/12/15 Callable, USD 10,000 13 13
MGM Growth Properties Operating Partnership L.P. / MGP
Finance Co-Issuer Inc.
5.75% 2027/02/01 Callable, USD
50,000 67 72
MGM Resorts International 6.75% 2025/05/01 Callable, USD 445,000 611 607
MGM Resorts International 5.75% 2025/06/15 Callable, USD 20,000 28 28
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property
Assets Ltd.
6.50% 2027/06/20 Sinkable, USD
40,000 54 56
ModivCare Inc. 5.88% 2025/11/15 Callable, USD 25,000 33 34
Molina Healthcare Inc. 3.88% 2030/11/15 Callable, USD 20,000 26 27
Morgan Stanley 5.60% 2051/03/24 Variable Rate, Callable, USD 50,000 96 92
Morgan Stanley BAML Trust 4.48% 2047/08/15 Class 'C', Series '2014-C17',
Variable Rate, Callable,
USD 115,000 152 157
Morgan Stanley BAML Trust 1.00% 2047/12/15 Class 'XA', Series '2014-C19',
Variable Rate, Callable,
USD 1,129,147 88 42
Morgan Stanley Capital I Trust 2.06% 2034/11/15 Class 'E', Series '2017-CLS',
Variable Rate, Callable,
USD 242,000 309 308
Morgan Stanley Capital I Trust 2.71% 2034/11/15 Class 'F', Series '2017-CLS',
Variable Rate, Callable,
USD 524,000 686 671
Morgan Stanley Capital I Trust 2.91% 2036/05/15 Class 'F', Series '19-PLND',
Floating Rate, Callable,
USD 312,000 413 341
Morgan Stanley Capital I Trust 0.75% 2049/12/15 Class 'XA', Series
'2016-UB12', Variable
Rate, Callable, USD 2,295,679 170 87
Morgan Stanley Mortgage Loan Trust 0.38% 2036/10/25 Class 'A3', Series '06-13AX',
Variable Rate, Callable,
USD 2,686,356 1,806 1,556
Mosaic Solar Loans LLC 4.47% 2046/04/20 Class 'C', Series '20-1A',
Callable, USD 350,000 476 458
Moss Creek Resources Holdings Inc. 7.50% 2026/01/15 Callable, USD 40,000 49 42
Motel 6 Trust 2.26% 2034/08/15 Class 'D', Series '2017-MTL6',
Variable Rate, USD 190,982 238 244
Motel 6 Trust 4.36% 2034/08/15 Class 'F', Series '17-MTL6',
Floating Rate, USD 413,261 521 529
MPH Acquisition Holdings LLC 5.75% 2028/11/01 Callable, USD 60,000 79 76
MPT Operating Partnership L.P. / MPT Finance Corp. 2.55% 2023/12/05 Callable, GBP 140,000 240 253
MPT Operating Partnership L.P. / MPT Finance Corp. 5.00% 2027/10/15 Callable, USD 600,000 733 815
MSCG Trust 3.16% 2037/10/15 Class 'F', Series '2018-SELF',
Floating Rate, USD 772,000 981 994
Murphy Oil USA Inc. 4.75% 2029/09/15 Callable, USD 35,000 47 48
Murphy Oil USA Inc. 3.75% 2031/02/15 Callable, USD 40,000 51 51
Nationstar Mortgage Holdings Inc. 6.00% 2027/01/15 Callable, USD 5,000 7 7
Nationstar Mortgage Holdings Inc. 5.50% 2028/08/15 Callable, USD 40,000 54 52
Natixis Commercial Mortgage Securities Trust 3.50% 2025/01/15 Class 'AMZ1', Series
'20-2PAC', Variable Rate,
USD 147,000 196 196
Natixis Commercial Mortgage Securities Trust 3.50% 2025/01/15 Class 'AMZ2', Series
'20-2PAC', Variable Rate,
USD 85,000 111 111
Natixis Commercial Mortgage Securities Trust 3.50% 2025/01/15 Class 'AMZ3', Series
'20-2PAC', Variable Rate,
USD 80,000 102 102
Natixis Commercial Mortgage Securities Trust 2.31% 2035/06/15 Class 'C', Series '2018-FL1',
Floating Rate, USD 250,000 332 290
Natixis Commercial Mortgage Securities Trust 3.25% 2036/12/15 Class 'MSK1', Series
'20-2PAC', Variable Rate,
USD 332,000 444 430
Navient Corp. 6.50% 2022/06/15 USD 285,000 399 377
Navient Corp. 5.88% 2024/10/25 USD 100,000 110 134
Navient Corp. 5.00% 2027/03/15 Callable, USD 30,000 40 37
Navistar International Corp. 6.63% 2025/11/01 Callable, USD 235,000 314 311
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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25
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
Netflix Inc. 5.88% 2025/02/15 USD 100,000 137 146
Netflix Inc. 4.38% 2026/11/15 USD 435,000 564 622
Netflix Inc. 4.88% 2028/04/15 USD 85,000 107 123
Netflix Inc. 4.88% 2030/06/15 Callable, USD 15,000 20 22
New Residential Mortgage Loan Trust 3.81% 2060/01/26 Class 'B1', Series
'2020-NQM1', Variable
Rate, Callable, USD 2,910,000 3,801 3,732
Newell Brands Inc. 3.85% 2023/04/01 Callable, USD 47,000 65 63
Nexstar Escrow Inc. 5.63% 2027/07/15 Callable, USD 25,000 35 34
NFP Corp. 7.00% 2025/05/15 Callable, USD 5,000 7 7
NFP Corp. 6.88% 2028/08/15 Callable, USD 35,000 47 46
NGL Energy Operating LLC / NGL Energy Finance Corp. 7.50% 2026/02/01 Callable, USD 70,000 90 92
NGL Energy Partners L.P. / NGL Energy Finance Corp. 7.50% 2026/04/15 Callable, USD 40,000 47 42
NGPL Pipeco LLC 7.77% 2037/12/15 USD 210,000 324 357
Nike Inc. 3.38% 2050/03/27 Callable, USD 50,000 78 69
Nomura Resecuritization Trust 0.39% 2037/05/26 Class '3A12', Series '14-5R',
Variable Rate, Callable,
USD 1,917,155 2,322 2,398
Novelis Corp. 5.88% 2026/09/30 Callable, USD 135,000 178 179
Novelis Corp. 4.75% 2030/01/30 Callable, USD 165,000 220 219
NRG Energy Inc. 7.25% 2026/05/15 Callable, USD 275,000 375 365
NRG Energy Inc. 6.63% 2027/01/15 Callable, USD 210,000 273 278
NRG Energy Inc. 5.75% 2028/01/15 Callable, USD 56,000 78 76
NRG Energy Inc. 3.63% 2031/02/15 Callable, USD 135,000 179 168
NRZ Excess Spread-Collateralized Notes 4.09% 2054/07/25 Class 'B', Series '18-FNT2',
Callable, USD 627,091 825 800
NuStar Logistics L.P. 6.00% 2026/06/01 Callable, USD 70,000 97 95
NVIDIA Corp. 3.50% 2050/04/01 Callable, USD 120,000 184 164
NVIDIA Corp. 3.70% 2060/04/01 Callable, USD 30,000 46 42
Occidental Petroleum Corp. 2.90% 2024/08/15 Callable, USD 95,000 108 118
Occidental Petroleum Corp. 8.00% 2025/07/15 Callable, USD 25,000 34 37
Occidental Petroleum Corp. 5.88% 2025/09/01 Callable, USD 120,000 149 166
Occidental Petroleum Corp. 3.40% 2026/04/15 Callable, USD 40,000 43 49
Occidental Petroleum Corp. 3.50% 2029/08/15 Callable, USD 240,000 267 292
Occidental Petroleum Corp. 6.63% 2030/09/01 Callable, USD 100,000 129 145
Occidental Petroleum Corp. 6.13% 2031/01/01 Callable, USD 155,000 204 219
Occidental Petroleum Corp. 6.45% 2036/09/15 USD 40,000 46 58
Occidental Petroleum Corp. 6.20% 2040/03/15 USD 55,000 70 76
Occidental Petroleum Corp. 6.60% 2046/03/15 Callable, USD 220,000 373 315
Occidental Petroleum Corp. 4.40% 2046/04/15 Callable, USD 55,000 60 63
OneMain Financial Corp. 6.88% 2025/03/15 USD 29,000 37 42
OneMain Financial Corp. 7.13% 2026/03/15 USD 145,000 218 213
OneMain Financial Corp. 6.63% 2028/01/15 Callable, USD 10,000 13 14
OneMain Financial Corp. 5.38% 2029/11/15 Callable, USD 25,000 33 34
Open Text Holdings Inc. 4.13% 2030/02/15 Callable, USD 120,000 160 159
Ortho-Clinical Diagnostics Inc. / Ortho-Clinical Diagnostics SA 7.38% 2025/06/01 Callable, USD 2,000 3 3
Ortho-Clinical Diagnostics Inc. / Ortho-Clinical Diagnostics SA 7.25% 2028/02/01 Callable, USD 51,000 70 71
Outfront Media Capital LLC / Outfront Media Capital Corp. 4.63% 2030/03/15 Callable, USD 65,000 84 82
Pactiv LLC 8.38% 2027/04/15 Callable, USD 100,000 141 146
Par Petroleum LLC / Petroleum Finance Corp. 7.75% 2025/12/15 Callable, USD 65,000 84 81
Parsley Energy LLC / Parsley Finance Corp. 5.63% 2027/10/15 Callable, USD 60,000 80 84
Pattern Energy Operations L.P. / Pattern Energy Operations Inc. 4.50% 2028/08/15 Callable, USD 60,000 82 80
PBF Holding Co. LLC / PBF Finance Corp. 6.00% 2028/02/15 Callable, USD 20,000 26 16
Peabody Energy Corp. 8.50% 2024/12/31 Payment-In-Kind, Callable,
USD 17,000 13 15
Penn National Gaming Inc. 5.63% 2027/01/15 Callable, USD 65,000 83 86
PennyMac Financial Services Inc. 5.38% 2025/10/15 Callable, USD 50,000 67 67
PennyMac Financial Services Inc. 4.25% 2029/02/15 Callable, USD 25,000 32 31
Performance Food Group Inc. 5.50% 2027/10/15 Callable, USD 100,000 137 134
PetSmart Inc. 7.13% 2023/03/15 Callable, USD 35,000 44 45
PG&E Corp. 5.00% 2028/07/01 Callable, USD 20,000 27 27
PIC AU Holdings Corp. / PIC AU Holdings LLC 10.00% 2024/12/31 Callable, USD 17,000 20 19
Pike Corp. 5.50% 2028/09/01 Callable, USD 90,000 121 119
Pilgrim's Pride Corp. 5.75% 2025/03/15 Callable, USD 75,000 95 97
Pilgrim's Pride Corp. 5.88% 2027/09/30 Callable, USD 85,000 110 116
PMT Credit Risk Transfer Trust 2.88% 2023/05/27 Class 'A', Series '2019-2R',
Floating Rate, Callable,
USD 1,496,710 1,966 1,879
Post Holdings Inc. 5.00% 2026/08/15 Callable, USD 75,000 98 100
Post Holdings Inc. 5.75% 2027/03/01 Callable, USD 210,000 295 280
Post Holdings Inc. 5.63% 2028/01/15 Callable, USD 95,000 122 127
Post Holdings Inc. 5.50% 2029/12/15 Callable, USD 15,000 20 20
Post Holdings Inc. 4.63% 2030/04/15 Callable, USD 50,000 67 65
Post Holdings Inc. 4.50% 2031/09/15 Callable, USD 56,000 70 71
Prime Security Services Borrower LLC / Prime Finance Inc. 5.25% 2024/04/15 USD 250,000 332 340
Prime Security Services Borrower LLC / Prime Finance Inc. 3.38% 2027/08/31 Callable, USD 55,000 71 68
Prime Security Services Borrower LLC / Prime Finance Inc. 6.25% 2028/01/15 Callable, USD 135,000 182 178
QEP Resources Inc. 5.25% 2023/05/01 Callable, USD 30,000 38 41
QEP Resources Inc. 5.63% 2026/03/01 Callable, USD 25,000 32 36
Rackspace Technology Global Inc. 5.38% 2028/12/01 Callable, USD 5,000 7 7
Radiate Holdco LLC / Radiate Finance Inc. 4.50% 2026/09/15 Callable, USD 35,000 46 45
Radiate Holdco LLC / Radiate Finance Inc. 6.50% 2028/09/15 Callable, USD 10,000 13 13
Radiology Partners Inc. 9.25% 2028/02/01 Callable, USD 240,000 319 334
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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26
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
RALI Trust 0.50% 2036/08/25 Class '1A1', Series
'2006-QA7', Variable
Rate, Callable, USD 328,737 324 414
Range Resources Corp. 5.00% 2022/08/15 Callable, USD 125,000 163 161
Rattler Midstream L.P. 5.63% 2025/07/15 Callable, USD 25,000 34 33
Real Hero Merger Sub 2 Inc. 6.25% 2029/02/01 Callable, USD 20,000 26 26
Realogy Group LLC / Realogy Co-Issuer Corp. 7.63% 2025/06/15 Callable, USD 25,000 34 35
Realogy Group LLC / Realogy Co-Issuer Corp. 5.75% 2029/01/15 Callable, USD 30,000 39 38
Rent-A-Center Inc. 6.38% 2029/02/15 Callable, USD 35,000 46 46
Resideo Funding Inc. 6.13% 2026/11/01 Callable, USD 37,000 50 49
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC /
Reynolds Group Issuer (Luxembourg) SA
4.00% 2027/10/15 Callable, USD
20,000 26 25
Rite Aid Corp. 6.13% 2023/04/01 Callable, USD 127,000 168 161
Rite Aid Corp. 7.50% 2025/07/01 Callable, USD 73,000 99 97
Rockies Express Pipeline LLC 6.88% 2040/04/15 Callable, USD 300,000 445 424
RP Escrow Issuer LLC 5.25% 2025/12/15 Callable, USD 95,000 125 125
Sabre GLBL Inc. 9.25% 2025/04/15 Callable, USD 25,000 36 38
Schweitzer-Mauduit International Inc. 6.88% 2026/10/01 Callable, USD 45,000 59 61
Science Applications International Corp. 4.88% 2028/04/01 Callable, USD 15,000 20 20
Scientific Games International Inc. 5.00% 2025/10/15 Callable, USD 50,000 63 65
Scientific Games International Inc. 8.25% 2026/03/15 Callable, USD 20,000 27 27
Scotts Miracle-Gro Co. (The) 4.50% 2029/10/15 Callable, USD 60,000 80 81
Scripps Escrow II Inc. 3.88% 2029/01/15 Callable, USD 15,000 19 19
Scripps Escrow Inc. 5.88% 2027/07/15 Callable, USD 35,000 46 46
SEG Holding LLC / SEG Finance Corp. 5.63% 2028/10/15 Callable, USD 55,000 74 74
Select Medical Corp. 6.25% 2026/08/15 Callable, USD 80,000 109 109
Sensata Technologies Inc. 4.38% 2030/02/15 Callable, USD 55,000 72 75
Service Properties Trust 4.35% 2024/10/01 Callable, USD 30,000 38 38
Service Properties Trust 5.25% 2026/02/15 Callable, USD 40,000 52 52
Service Properties Trust 4.75% 2026/10/01 Callable, USD 35,000 44 44
SG Commercial Mortgage Securities Trust 1.96% 2048/10/10 Class 'XA', Series '2016-C5',
Variable Rate, Callable,
USD 396,950 70 34
Silgan Holdings Inc. 4.13% 2028/02/01 Callable, USD 60,000 81 79
Sinclair Television Group Inc. 5.50% 2030/03/01 Callable, USD 80,000 106 102
Sirius XM Radio Inc. 5.38% 2026/07/15 Callable, USD 190,000 262 250
Sirius XM Radio Inc. 5.00% 2027/08/01 Callable, USD 20,000 28 27
Sirius XM Radio Inc. 5.50% 2029/07/01 Callable, USD 90,000 124 124
Sirius XM Radio Inc. 4.13% 2030/07/01 Callable, USD 20,000 27 26
Six Flags Entertainment Corp. 4.88% 2024/07/31 Callable, USD 70,000 92 89
Six Flags Theme Parks Inc. 7.00% 2025/07/01 Callable, USD 25,000 36 34
Social Professional Loan Program 2048/01/25 Class 'R1', Series '18-C', Zero
Coupon, USD 20,000 1,021 762
Solera LLC / Solera Finance Inc. 10.50% 2024/03/01 Callable, USD 20,000 29 26
Southern Copper Corp. 5.25% 2042/11/08 USD 150,000 163 238
Southwestern Energy Co. 6.20% 2025/01/23 Step Rate, Callable, USD 125,000 163 167
Southwestern Energy Co. 7.50% 2026/04/01 Callable, USD 52,000 63 70
Spectrum Brands Inc. 5.75% 2025/07/15 Callable, USD 90,000 122 118
Spectrum Brands Inc. 5.00% 2029/10/01 Callable, USD 45,000 61 61
Spectrum Brands Inc. 3.88% 2031/03/15 Callable, USD 45,000 57 57
Springfield Funding Trust 2.68% 2030/07/15 Class 'A', Series '17-AA',
Callable, USD 246,742 329 315
Sprint Capital Corp. 6.88% 2028/11/15 USD 115,000 149 185
Sprint Capital Corp. 8.75% 2032/03/15 USD 330,000 483 625
Sprint Communications Inc. 6.00% 2022/11/15 USD 65,000 81 89
Sprint Corp. 7.25% 2021/09/15 USD 200,000 279 262
Sprint Corp. 7.88% 2023/09/15 USD 185,000 263 270
Sprint Corp. 7.13% 2024/06/15 USD 360,000 484 528
Sprint Corp. 7.63% 2025/02/15 Callable, USD 50,000 68 76
Spruce Hill Mortgage Acquisition 4.33% 2055/06/25 Class 'M1', Series '20-SH2',
Variable Rate, Callable,
USD 800,000 1,091 1,022
Staples Inc. 7.50% 2026/04/15 Callable, USD 35,000 47 45
Staples Inc. 10.75% 2027/04/15 Callable, USD 15,000 21 18
Stevens Holding Co. Inc. 6.13% 2026/10/01 Callable, USD 50,000 65 69
Structured Asset Investment Loan Trust 0.25% 2036/07/25 Class 'A2', Series '2006-4',
Floating Rate, Callable,
USD 2,048,647 2,164 2,134
SunCoke Energy Partners L.P. 7.50% 2025/06/15 Callable, USD 80,000 104 106
Sunoco L.P. / Sunoco Finance Corp. 5.50% 2026/02/15 Callable, USD 50,000 64 66
Sunoco L.P. / Sunoco Finance Corp. 6.00% 2027/04/15 Callable, USD 30,000 40 40
Sunoco L.P. / Sunoco Finance Corp. 4.50% 2029/05/15 Callable, USD 15,000 20 19
Switch Ltd. 3.75% 2028/09/15 Callable, USD 20,000 26 26
Targa Resources Partners L.P. / Targa Resources Partners Finance
Corp.
5.88% 2026/04/15 Callable, USD
60,000 77 80
Targa Resources Partners L.P. / Targa Resources Partners Finance
Corp.
5.38% 2027/02/01 Callable, USD
30,000 39 40
Targa Resources Partners L.P. / Targa Resources Partners Finance
Corp.
6.50% 2027/07/15 Callable, USD
60,000 81 82
Targa Resources Partners L.P. / Targa Resources Partners Finance
Corp.
6.88% 2029/01/15 Callable, USD
20,000 26 28
Targa Resources Partners L.P. / Targa Resources Partners Finance
Corp.
5.50% 2030/03/01 Callable, USD
120,000 164 163
Targa Resources Partners L.P. / Targa Resources Partners Finance
Corp.
4.88% 2031/02/01 Callable, USD
65,000 87 85
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 6.75% 2025/06/01 Callable, USD 95,000 127 124
Tempur Sealy International Inc. 5.50% 2026/06/15 Callable, USD 85,000 108 112
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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27
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
Tenet Healthcare Corp. 4.63% 2024/07/15 Callable, USD 70,000 94 90
Tenet Healthcare Corp. 4.63% 2024/09/01 Callable, USD 40,000 54 52
Tenet Healthcare Corp. 4.88% 2026/01/01 Callable, USD 230,000 311 303
Tenet Healthcare Corp. 6.25% 2027/02/01 Callable, USD 55,000 74 74
Tenet Healthcare Corp. 5.13% 2027/11/01 Callable, USD 20,000 26 27
Tenet Healthcare Corp. 4.63% 2028/06/15 Callable, USD 200,000 272 264
Tenet Healthcare Corp. 6.13% 2028/10/01 Callable, USD 70,000 91 94
Tenneco Inc. 5.00% 2026/07/15 Callable, USD 155,000 189 186
Terex Corp. 5.63% 2025/02/01 Callable, USD 185,000 250 242
Terrier Media Buyer Inc. 8.88% 2027/12/15 Callable, USD 15,000 21 20
Tesla Inc. 5.30% 2025/08/15 Callable, USD 255,000 327 338
Tharaldson Hotel Portfolio Trust 3.45% 2034/11/11 Class 'E', Series '2018-THL',
Floating Rate, USD 215,481 267 256
Time Warner Cable Inc. 5.50% 2041/09/01 Callable, USD 90,000 124 139
T-Mobile USA Inc. 6.50% 2026/01/15 Callable, USD 150,000 217 197
T-Mobile USA Inc. 5.38% 2027/04/15 Callable, USD 20,000 27 27
T-Mobile USA Inc. 4.75% 2028/02/01 Callable, USD 195,000 267 263
T-Mobile USA Inc. 3.88% 2030/04/15 Callable, USD 160,000 225 224
T-Mobile USA Inc. 2.88% 2031/02/15 Callable, USD 20,000 26 25
Townsquare Media Inc. 6.88% 2026/02/01 Callable, USD 15,000 20 20
Transcontinental Gas Pipe Line Co. LLC 3.25% 2030/05/15 Callable, USD 60,000 85 82
TransDigm Inc. 6.50% 2025/05/15 Callable, USD 130,000 177 169
TransDigm Inc. 8.00% 2025/12/15 Callable, USD 10,000 14 14
TransDigm Inc. 6.25% 2026/03/15 Callable, USD 135,000 183 181
TransDigm Inc. 6.38% 2026/06/15 Callable, USD 40,000 52 53
TransDigm Inc. 5.50% 2027/11/15 Callable, USD 35,000 46 46
TransDigm Inc. 4.63% 2029/01/15 Callable, USD 45,000 57 56
Trident Merger Sub Inc. 6.63% 2025/11/01 Callable, USD 35,000 44 45
Triumph Group Inc. 5.25% 2022/06/01 Callable, USD 100,000 133 127
Triumph Group Inc. 6.25% 2024/09/15 Callable, USD 55,000 72 71
Triumph Group Inc. 7.75% 2025/08/15 Callable, USD 27,000 35 34
Uber Technologies Inc. 8.00% 2026/11/01 Callable, USD 35,000 46 48
Uber Technologies Inc. 7.50% 2027/09/15 Callable, USD 20,000 26 28
UBS Commercial Mortgage Trust 0.92% 2050/06/15 Class 'XB', Series '2017-C1',
Variable Rate, Callable,
USD 2,413,000 260 168
UBS Commercial Mortgage Trust 4.70% 2051/02/15 Class 'C', Series '2018-C8',
Variable Rate, Callable,
USD 178,000 221 249
United Airlines Holdings Inc. 5.00% 2024/02/01 USD 90,000 100 118
United Natural Foods Inc. 6.75% 2028/10/15 Callable, USD 35,000 47 47
United Rentals North America Inc. 5.88% 2026/09/15 Callable, USD 285,000 394 381
United Rentals North America Inc. 5.50% 2027/05/15 Callable, USD 80,000 107 108
United Rentals North America Inc. 3.88% 2027/11/15 Callable, USD 120,000 160 159
United Rentals North America Inc. 4.88% 2028/01/15 Callable, USD 150,000 183 203
United Rentals North America Inc. 5.25% 2030/01/15 Callable, USD 130,000 175 182
United Rentals North America Inc. 3.88% 2031/02/15 Callable, USD 5,000 7 7
United States Treasury Bond 1.75% 2022/03/31 USD 15,991,000 21,514 20,714
United States Treasury Bond 2.00% 2024/04/30 USD 3,756,000 4,985 5,030
United States Treasury Bond 0.38% 2025/11/30 USD 3,180,000 4,023 3,980
United States Treasury Bond 2.00% 2026/11/15 USD 330,000 420 445
United States Treasury Bond 0.63% 2027/11/30 USD 2,600,000 3,307 3,198
United States Treasury Bond 0.63% 2030/08/15 USD 2,360,000 2,820 2,789
United States Treasury Bond 0.88% 2030/11/15 USD 7,220,000 8,954 8,714
United States Treasury Bond 2.88% 2049/05/15 USD 982,000 1,745 1,436
United States Treasury Bond 1.25% 2050/05/15 USD 1,019,000 1,285 1,030
United States Treasury Bond 1.38% 2050/08/15 USD 240,000 287 251
Uniti Group L.P. / Uniti Group Finance Inc. / CSL Capital LLC 6.50% 2029/02/15 Callable, USD 35,000 45 45
Univar Solutions USA Inc. 5.13% 2027/12/01 Callable, USD 135,000 185 180
Univision Communications Inc. 6.63% 2027/06/01 Callable, USD 35,000 47 47
US Foods Inc. 6.25% 2025/04/15 Callable, USD 5,000 7 7
US Foods Inc. 4.75% 2029/02/15 Callable, USD 105,000 135 136
USA Compression Partners L.P. / USA Compression Finance Corp. 6.88% 2027/09/01 Callable, USD 70,000 96 94
Velocity Commercial Capital Loan Trust 4.29% 2050/02/25 Class 'M5', Series '2020-1',
Variable Rate, Callable,
USD 696,039 927 861
Verizon Communications Inc. 4.00% 2050/03/22 Callable, USD 100,000 167 138
Verscend Escrow Corp. 9.75% 2026/08/15 Callable, USD 68,000 91 93
Verus Securitization Trust 3.20% 2063/10/25 Class 'B1', Series '21-R1',
Variable Rate, Callable,
USD 1,078,900 1,370 1,387
Verus Securitization Trust 3.71% 2065/05/25 Class 'B1', Series '20-5',
Variable Rate, Callable,
USD 1,000,000 1,319 1,303
ViaSat Inc. 5.63% 2025/09/15 Callable, USD 160,000 194 208
ViaSat Inc. 6.50% 2028/07/15 Callable, USD 40,000 55 54
VICI Properties L.P. / VICI Note Co. Inc. 4.63% 2029/12/01 Callable, USD 280,000 354 375
Vine Oil & Gas L.P. / Vine Oil & Gas Finance Corp. 8.75% 2023/04/15 Callable, USD 15,000 19 19
Viper Energy Partners L.P. 5.38% 2027/11/01 Callable, USD 35,000 47 47
Visa Inc. 4.30% 2045/12/14 Callable, USD 100,000 152 158
Vivint Solar Financing LLC 4.73% 2048/04/30 Class 'A', Series '18-1A', USD 719,916 931 993
Vizient Inc. 6.25% 2027/05/15 Callable, USD 40,000 55 54
W.R. Grace & Co.-Conn. 4.88% 2027/06/15 Callable, USD 65,000 88 86
Washington Mutual Mortgage Pass-Through Certificates 6.50% 2036/03/25 Class '2CB', Series '06-2',
Callable, USD 2,610,650 2,493 2,604
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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28
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
Washington Mutual Mortgage Pass-Through Certificates 3.24% 2046/08/25 Class '3A3', Series '06-AR10',
Variable Rate, Callable,
USD 563,520 698 696
Waste Pro USA Inc. 5.50% 2026/02/15 Callable, USD 35,000 45 46
Wave USA 6.41% 2044/09/15 Class 'C', Series '19-1', USD 745,532 988 649
Wells Fargo & Co. 4.75% 2046/12/07 USD 530,000 703 822
Wells Fargo & Co. 5.01% 2051/04/04 Variable Rate, Callable, USD 90,000 161 151
Wells Fargo Commercial Mortgage Trust 3.72% 2050/04/15 Class 'B', Series '15-LC20',
Callable, USD 334,000 466 452
Wells Fargo Commercial Mortgage Trust 4.06% 2050/04/15 Series '15-LC20', Variable
Rate, Callable, USD 284,000 346 368
Wells Fargo Commercial Mortgage Trust 1.02% 2050/07/15 Class 'XA', Series '2017-C38',
Variable Rate, Callable,
USD 2,434,576 258 154
Wells Fargo Commercial Mortgage Trust 1.12% 2050/09/15 Class 'XA', Series '2017-C39',
Variable Rate, Callable,
USD 2,628,368 287 181
Wells Fargo Commercial Mortgage Trust 3.75% 2053/06/15 Series '20-C56', Variable
Rate, Callable, USD 335,000 393 460
Wells Fargo Commercial Mortgage Trust 0.89% 2058/09/15 Class 'XA', Series '2015-C30',
Variable Rate, Callable,
USD 1,819,875 152 79
Western Digital Corp. 4.75% 2026/02/15 Callable, USD 150,000 183 211
Western Midstream Operating L.P. 3.10% 2025/02/01 Callable, USD 40,000 47 52
Western Midstream Operating L.P. 4.05% 2030/02/01 Callable, USD 40,000 45 55
Western Midstream Operating L.P. 5.25% 2050/02/01 Callable, USD 320,000 365 469
WeWork Cos. Inc. 7.88% 2025/05/01 USD 20,000 26 23
William Carter Co. (The) 5.63% 2027/03/15 Callable, USD 175,000 233 235
Williams Cos. Inc. (The) 8.75% 2032/03/15 USD 200,000 356 380
Williams Cos. Inc. (The) 5.75% 2044/06/24 Callable, USD 100,000 99 158
Wolverine Escrow LLC 9.00% 2026/11/15 Callable, USD 30,000 40 38
WPX Energy Inc. 5.25% 2027/10/15 Callable, USD 210,000 172 286
WPX Energy Inc. 5.88% 2028/06/15 Callable, USD 90,000 120 125
WPX Energy Inc. 4.50% 2030/01/15 Callable, USD 25,000 33 34
WW International Inc. 8.63% 2025/12/01 Callable, USD 60,000 77 80
Wyndham Hotels & Resorts Inc. 4.38% 2028/08/15 Callable, USD 35,000 47 46
XHR L.P. 6.38% 2025/08/15 Callable, USD 25,000 33 34
XPO Logistics Inc. 6.13% 2023/09/01 Callable, USD 90,000 118 117
Yum! Brands Inc. 7.75% 2025/04/01 Callable, USD 20,000 29 28
Yum! Brands Inc. 4.75% 2030/01/15 USD 70,000 93 93
Yum! Brands Inc. 3.63% 2031/03/15 Callable, USD 30,000 39 37
Zayo Group Holdings Inc. 4.00% 2027/03/01 Callable, USD 45,000 60 57
Zayo Group Holdings Inc. 6.13% 2028/03/01 Callable, USD 90,000 123 118
236,117 229,198 51.4%
TOTAL INTERNATIONAL BONDS 400,802 389,549 87.3%
TOTAL BONDS 414,865 403,611 90.5%
INTERNATIONAL TERM LOANS
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
10
CANADIAN TERM LOANS (note 10)
1011778 B.C. ULC 1.87% 2026/11/19 Term Loan, USD 367,544 476 464
Bausch Health Americas Inc. 3.12% 2025/06/02 Term Loan, USD 90,508 121 116
Bausch Health Americas Inc. 2.87% 2025/11/27 Term Loan, USD 82,500 108 105
Clarios Global L.P. 3.62% 2026/04/30 Term Loan, USD 407,325 538 520
Four Seasons Hotels Ltd. 2.12% 2023/11/30 Term Loan, USD 123,804 164 157
Garda World Security Corp. 4.99% 2026/10/30 Term Loan, USD 192,378 256 246
Kronos Acquisition Holdings Inc. 4.25% 2026/12/22 Term Loan, USD 130,000 165 165
Titan Acquisition Ltd. 3.27% 2025/03/28 Term Loan, USD 39,593 51 50
WestJet Airlines Ltd. 4.00% 2026/12/11 Term Loan, USD 49,438 65 61
1,944 1,884 0.4%
TOTAL CANADIAN TERM LOANS 1,944 1,884 0.4%
4
Denmark (note 10)
TDC AS 3.00% 2025/06/04 Term Loan, EUR 230,000 349 353
349 353 0.1%
4, 10
France (note 10)
Altice France SA 4.20% 2026/08/14 Term Loan, USD 109,440 143 140
Hestia Holding SASU 4.00% 2027/06/18 Term Loan, EUR 130,000 191 201
334 341 0.1%
10
Luxembourg (note 10)
Camelot Finance SA 4.00% 2026/10/30 Term Loan, USD 105,000 139 134
Delta 2 (Lux) SARL 3.50% 2024/02/01 Term Loan, USD 140,000 180 178
Intelsat Jackson Holdings SA 6.50% 2021/07/14 Term Loan, USD 12,384 17 16
Intelsat Jackson Holdings SA 8.00% 2023/11/27 Term Loan, USD 82,358 103 107
ION Trading Finance Ltd. 5.00% 2024/11/21 Term Loan, USD 21,410 28 27
467 462 0.1%
10
Netherlands (note 10)
Diamond (BC) BV 3.12% 2024/09/06 Term Loan, USD 34,555 44 44
Nouryon USA LLC 3.11% 2025/10/01 Term Loan, USD 138,177 179 176
223 220 0.0%
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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29
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
4, 10
United Kingdom (note 10)
Froneri Lux FinCo SARL 2.63% 2027/01/29 Term Loan, EUR 150,000 218 230
Froneri US Inc. 2.37% 2027/01/29 Term Loan, USD 184,075 243 232
INEOS 226 Ltd. 2.75% 2026/01/21 Term Loan, EUR 150,000 229 229
690 691 0.2%
4, 10
United States (note 10)
Abe Investment Holdings Inc. 4.63% 2026/02/19 Term Loan, USD 34,273 45 43
Access CIG LLC 3.87% 2025/02/27 Term Loan, USD 34,556 45 44
Acrisure LLC 3.62% 2027/02/15 Term Loan, USD 101,776 136 129
Air Methods Corp. 4.50% 2024/04/22 Term Loan, USD 54,436 62 67
Aldevron LLC 4.25% 2026/10/12 Term Loan, USD 94,313 124 121
AlixPartners LLP 3.25% 2028/02/04 Term Loan, USD 110,000 141 140
Allied Universal Holdco LLC 4.37% 2026/07/10 Term Loan, USD 79,200 103 101
Alterra Mountain Co. 2.87% 2024/07/31 Term Loan, USD 211,573 281 268
American Airlines Inc. 2.13% 2023/12/14 Term Loan, USD 67,612 89 81
American Tire Distributors Inc. 8.50% 2024/09/02 Term Loan, USD 24,687 29 31
Applied Systems Inc. 4.00% 2024/09/19 Term Loan, USD 134,306 176 172
Aramark Services Inc. 1.87% 2025/03/11 Term Loan, USD 189,799 239 239
Arches Buyer Inc. 4.50% 2027/12/06 Term Loan, USD 115,000 148 146
Ascend Learning LLC 4.00% 2024/07/12 Term Loan, USD 133,445 176 170
Asplundh Tree Expert LLC 2.62% 2027/09/04 Term Loan, USD 49,875 66 64
AssuredPartners Inc. 3.62% 2027/02/12 Term Loan, USD 150,969 193 192
Asurion LLC 3.12% 2023/11/03 Term Loan, USD 281,533 371 358
Asurion LLC 3.12% 2024/11/03 Term Loan, USD 207,342 276 264
Asurion LLC 3.37% 2026/12/23 Term Loan, USD 265,000 335 337
athenahealth Inc. 4.45% 2026/02/11 Term Loan, USD 108,618 145 139
Avantor Funding Inc. 3.50% 2027/11/08 Term Loan, USD 115,000 152 148
Avaya Inc. 4.36% 2027/12/15 Term Loan, USD 189,449 247 242
Avaya Inc. 4.11% 2027/12/15 Term Loan, USD 150,000 190 192
Bass Pro Group LLC 5.75% 2024/09/25 Term Loan, USD 44,654 57 57
Berry Global Inc. 2.12% 2024/01/19 Term Loan, USD 168,233 221 214
Blackhawk Network Holdings Inc. 3.12% 2025/06/16 Term Loan, USD 89,567 118 113
Blackstone CQP Holdco L.P. 3.74% 2024/09/30 Term Loan, USD 73,751 98 94
Boyd Gaming Corp. 2.34% 2023/09/15 Term Loan, USD 150,104 203 191
Brand Industrial Services Inc. 5.25% 2024/06/21 Term Loan, USD 44,589 57 57
Brightview Landscapes LLC 2.63% 2025/08/15 Term Loan, USD 107,250 140 137
Buckeye Partners L.P. 2.37% 2026/11/01 Term Loan, USD 59,550 78 76
Caesars Resort Collection LLC 2.87% 2024/12/23 Term Loan, USD 191,875 253 242
Caesars Resort Collection LLC 4.62% 2025/07/21 Term Loan, USD 44,888 59 57
Calpine Corp. 2.13% 2026/04/05 Term Loan, USD 244,193 326 309
Castle US Holding Corp. 4.00% 2027/01/29 Term Loan, USD 114,292 149 145
Cengage Learning Inc. 5.25% 2023/06/07 Term Loan, USD 39,483 49 50
Change Healthcare Holdings LLC 3.50% 2024/03/01 Term Loan, USD 202,487 267 258
Charter Communications Operating LLC 1.88% 2025/04/30 Term Loan, USD 154,041 195 196
Charter NEX US Inc. 5.00% 2027/12/01 Term Loan, USD 65,000 84 84
Clear Channel Outdoor Holdings Inc. 3.71% 2026/08/21 Term Loan, USD 34,812 43 43
ClubCorp Holdings Inc. 3.00% 2024/09/18 Term Loan, USD 64,642 79 78
Cornerstone Building Brands Inc. 3.86% 2025/04/12 Term Loan, USD 135,713 176 173
Cornerstone OnDemand Inc. 4.36% 2027/04/22 Term Loan, USD 59,374 81 76
CP Atlas Buyer Inc. 4.25% 2027/11/23 Term Loan, USD 115,000 149 146
CSC Holdings LLC 2.61% 2027/04/15 Term Loan, USD 148,500 198 189
Cvent Inc. 3.87% 2024/11/30 Term Loan, USD 93,713 120 115
CWGS Group LLC 3.50% 2023/11/08 Term Loan, USD 119,378 153 152
DCert Buyer Inc. 4.12% 2026/10/16 Term Loan, USD 238,800 311 305
Deerfield Dakota Holding LLC 4.75% 2027/04/09 Term Loan, USD 79,612 106 102
Delta Topco Inc. 4.50% 2027/12/01 Term Loan, USD 60,000 79 77
E.W. Scripps Co. (The) 3.31% 2026/05/01 Term Loan, USD 138,365 182 176
E.W. Scripps Co. (The) 3.75% 2028/01/07 Term Loan, USD 120,000 152 153
Edelmen Financial Center LLC (The) 3.12% 2025/07/21 Term Loan, USD 63,774 85 81
Endure Digital Inc. 4.25% 2028/02/10 Term Loan, USD 155,000 197 196
Energizer Holdings Inc. 2.75% 2027/12/22 Term Loan, USD 100,000 127 128
Entercom Media Corp. 2.62% 2024/11/18 Term Loan, USD 15,089 19 19
Envision Healthcare Corp. 3.87% 2025/10/10 Term Loan, USD 87,694 102 96
Filtration Group Corp. 3.12% 2025/03/31 Term Loan, USD 167,661 217 213
Finastra USA Inc. 4.50% 2024/06/13 Term Loan, USD 47,529 63 60
Finastra USA Inc. 8.25% 2025/06/13 Term Loan, USD 20,000 26 26
Flex Acquisition Co. Inc. 4.00% 2023/12/29 Term Loan, USD 66,649 87 85
Flex Acquisition Co. Inc. 3.24% 2025/06/30 Term Loan, USD 4,981 6 6
Flexential Intermediate Corp. 3.75% 2024/08/01 Term Loan, USD 29,693 33 36
Focus Financial Partners LLC 2.12% 2024/07/03 Term Loan, USD 108,608 145 138
Foundation Building Materials Inc. 3.75% 2028/01/29 Term Loan, USD 75,000 96 95
Gainwell Acquisition Corp. 4.75% 2027/10/01 Term Loan, USD 215,000 274 273
Genesee & Wyoming Inc. 2.25% 2026/12/30 Term Loan, USD 133,988 178 171
Gentiva Health Services Inc. 2.88% 2025/07/02 Term Loan, USD 144,073 190 184
Global Medical Response Inc. 5.75% 2025/10/02 Term Loan, USD 233,718 316 298
Go Daddy Operating Co. LLC 2.62% 2027/08/10 Term Loan, USD 59,700 79 76
GOBP Holdings Inc. 2.87% 2025/10/22 Term Loan, USD 82,516 107 105
Golden Nugget LLC 3.25% 2023/10/04 Term Loan, USD 130,151 146 165
GrafTech Finance Inc. 3.50% 2025/02/12 Term Loan, USD 18,065 24 23
Graham Packaging Co. Inc. 4.50% 2027/08/04 Term Loan, USD 58,780 78 75
Greeneden U.S. Holdings II LLC 4.75% 2027/12/01 Term Loan, USD 220,000 288 282
Grifols Worldwide Operations USA Inc. 2.09% 2027/11/15 Term Loan, USD 99,000 133 126
GTT Communications Inc. 3.00% 2025/05/30 Term Loan, USD 26,738 34 27
Harbor Freight Tools USA Inc. 4.00% 2027/10/19 Term Loan, USD 89,775 117 115
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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30
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
HCA Inc. 1.87% 2025/03/13 Term Loan, USD 58,166 75 74
H-Food Holdings LLC 3.81% 2025/05/23 Term Loan, USD 44,481 58 56
Hilton Worldwide Finance LLC 1.88% 2026/06/22 Term Loan, USD 150,651 202 191
Hyland Software Inc. 4.25% 2024/07/01 Term Loan, USD 200,279 264 256
INEOS US Petrochem LLC 3.25% 2026/01/29 Term Loan, USD 125,000 158 160
IRB Holding Corp. 3.75% 2025/02/05 Term Loan, USD 113,819 148 146
Leslie's Poolmart Inc. 3.62% 2023/08/16 Term Loan, USD 198,479 265 253
Level 3 Financing Inc. 1.87% 2027/03/01 Term Loan, USD 128,185 169 163
LifePoint Health Inc. 3.87% 2025/11/17 Term Loan, USD 305,377 408 390
Lower Cadence Holdings LLC 4.12% 2026/05/22 Term Loan, USD 80,523 107 101
Lummus Technology Holdings V LLC 3.61% 2027/06/30 Term Loan, USD 64,838 86 83
Mavis Tire Express Services Corp. 3.50% 2025/03/20 Term Loan, USD 34,564 44 44
McAfee LLC 3.87% 2024/09/30 Term Loan, USD 115,661 154 148
Messer Industries USA Inc. 2.75% 2026/03/02 Term Loan, USD 19,255 25 25
Michaels Stores Inc. 4.25% 2027/10/01 Term Loan, USD 143,541 192 183
Mister Car Wash Holdings Inc. 3.36% 2026/05/14 Term Loan, USD 49,448 66 62
Mitchell International Inc. 3.37% 2024/11/29 Term Loan, USD 138,462 181 175
MLN US Holdco LLC 4.61% 2025/11/30 Term Loan, USD 20,949 27 25
Nexstar Broadcasting Inc. 2.87% 2026/09/18 Term Loan, USD 43,137 58 55
OneDigital Borrower LLC 0.00% 2027/11/16 Term Loan, USD 13,477 18 17
OneDigital Borrower LLC 5.25% 2027/11/16 Term Loan, USD 136,523 177 175
Option Care Health Inc. 3.87% 2026/08/06 Term Loan, USD 381,200 503 486
Ortho-Clinical Diagnostics SA 3.50% 2025/06/30 Term Loan, EUR 119,100 173 183
PAREXEL International Corp. 2.87% 2024/09/27 Term Loan, USD 261,976 335 332
Petco Animal Supplies Inc. 4.25% 2023/01/26 Term Loan, USD 241,110 287 307
PetSmart Inc. 4.25% 2028/01/28 Term Loan, USD 75,000 95 96
PG&E Corp. 3.50% 2025/06/23 Term Loan, USD 54,725 73 70
Playtika Holding Corp. 7.00% 2024/12/10 Term Loan, USD 34,103 46 44
Prime Security Services Borrower LLC 3.50% 2026/09/23 Term Loan, USD 204,872 270 261
Project Alpha Intermediate Holding Inc. 4.15% 2024/04/26 Term Loan, USD 137,023 184 175
Rackspace Technology Global Inc. 3.50% 2028/02/03 Term Loan, USD 160,000 204 204
Radiate Holdco LLC 4.25% 2026/09/25 Term Loan, USD 120,000 157 154
Radiology Partners Inc. 4.80% 2025/07/09 Term Loan, USD 114,062 148 145
RealPage Inc. 4.00% 2028/02/18 Term Loan, USD 140,000 177 179
RentPath LLC 7.00% 2021/12/17 Term Loan, USD 47,438 60 53
RentPath LLC 8.00% 2021/02/28 Term Loan, USD 8,238 10 11
Reynolds Consumer Products LLC 1.87% 2027/02/04 Term Loan, USD 27,620 37 35
Reynolds Group Holdings Inc. 2.87% 2023/02/06 Term Loan, USD 71,556 93 91
Scientific Games International Inc. 2.87% 2024/08/14 Term Loan, USD 232,068 293 291
Securus Technologies Holdings LLC 5.50% 2024/11/01 Term Loan, USD 40,792 53 48
Sedgwick Claims Management Services Inc. 3.37% 2025/12/31 Term Loan, USD 276,474 361 350
Sedgwick Claims Management Services Inc. 4.12% 2026/09/03 Term Loan, USD 19,700 26 25
Select Medical Corp. 2.53% 2025/03/06 Term Loan, USD 135,000 175 172
SolarWinds Holdings Inc. 2.87% 2024/02/05 Term Loan, USD 134,308 174 169
Solenis International L.P. 4.23% 2025/06/26 Term Loan, USD 68,875 90 88
Solera LLC 2.87% 2023/03/03 Term Loan, USD 170,086 221 216
Sophia L.P. 4.50% 2027/10/07 Term Loan, USD 135,000 179 173
Sotera Health Holdings LLC 3.25% 2026/12/11 Term Loan, USD 275,000 350 351
Surf Holdings LLC 3.73% 2027/03/05 Term Loan, USD 94,525 123 120
Tapstone Energy Holdings III LLC 5.00% 2024/04/17 Term Loan, USD 607 – 1
Team Health Holdings Inc. 3.75% 2024/02/06 Term Loan, USD 24,743 27 30
Tech Data Corp. 3.62% 2025/06/30 Term Loan, USD 79,800 107 102
Tempo Acquisition LLC 3.75% 2026/11/02 Term Loan, USD 134,325 174 171
TIBCO Software Inc. 3.88% 2026/06/30 Term Loan, USD 84,538 112 108
TKC Holdings Inc. 4.75% 2023/02/01 Term Loan, USD 89,390 121 112
Trans Union LLC 1.87% 2026/11/16 Term Loan, USD 79,687 108 102
TransDigm Inc. 2.37% 2025/12/09 Term Loan, USD 130,114 169 164
TricorBraun Holdings Inc. 3.75% 2028/01/29 Term Loan, USD 75,000 96 96
Uber Technologies Inc. 3.50% 2025/04/04 Term Loan, USD 215,000 271 274
UFC Holdings LLC. 3.75% 2026/04/29 Term Loan, USD 236,578 315 302
UKG Inc. 4.00% 2026/05/04 Term Loan, USD 79,800 107 102
Ultimate Software Group Inc. (The) 3.87% 2026/05/04 Term Loan, USD 94,084 126 120
United Natural Foods Inc. 3.62% 2025/10/22 Term Loan, USD 14,204 16 18
Univision Communications Inc. 4.75% 2026/03/16 Term Loan, USD 253,635 331 325
Verscend Holding Corp. 4.00% 2025/08/27 Term Loan, USD 75,000 95 96
Vertical U.S. Newco Inc. 4.48% 2027/07/30 Term Loan, USD 149,625 199 192
VICI Properties 1 LLC 1.86% 2024/12/20 Term Loan, USD 78,636 98 100
Virgin Media Bristol LLC 2.63% 2028/01/31 Term Loan, USD 332,120 441 422
VS Buyer LLC 3.37% 2027/02/28 Term Loan, USD 134,124 178 171
Whatabrands LLC 2.86% 2026/08/03 Term Loan, USD 239,902 314 306
Wynn Resorts Finance LLC 1.88% 2024/09/20 Term Loan, USD 215,625 286 268
Zayo Group Holdings Inc. 3.12% 2027/03/09 Term Loan, USD 155,888 208 198
22,797 22,243 5.0%
TOTAL INTERNATIONAL TERM LOANS 24,860 24,310 5.5%
TOTAL TERM LOANS 26,804 26,194 5.9%
Less: Transaction costs included in average cost –
TOTAL INVESTMENTS 442,974 431,088 96.7%
Derivative assets 130 0.0%
Renaissance Multi-Sector Fixed Income Private Pool
Schedule of Investment Portfolio (unaudited) As at February 28, 2021 (cont'd)
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31
The accompanying notes are an integral part of these financial statements.
Security
Coupon
Rate (%)
Maturity
Date Additional Details Par Value
Average
Cost
($000s)
Fair
Value
($000s)
% of
Net
Assets
Derivative liabilities (277) (0.1)%
Other Assets, less Liabilities 15,009 3.4%
TOTAL NET ASSETS ATTRIBUTABLE TO HOLDERS OF
REDEEMABLE UNITS 445,950 100.0%
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+ 2021/03/16 AUD 8,852 CAD 8,687 0.981 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 3,159 CAD 3,151 0.997 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 2,530 CAD 2,505 0.990 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 2,306 CAD 2,269 0.984 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 2,204 CAD 2,164 0.981 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 1,520 CAD 1,514 0.996 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 1,079 CAD 1,072 0.993 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 973 CAD 960 0.987 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 960 CAD 946 0.985 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 783 CAD 781 0.997 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 606 CAD 600 0.990 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 582 CAD 573 0.984 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 387 CAD 386 0.996 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 267 CAD 265 0.993 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 242 CAD 239 0.987 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 238 CAD 235 0.985 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 86 CAD 84 0.981 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 47 CAD 46 0.982 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 31 CAD 31 0.997 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 25 CAD 25 0.990 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 23 CAD 22 0.984 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 17 CAD 17 0.998 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 15 CAD 15 0.995 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 14 CAD 13 0.990 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 12 CAD 12 0.984 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 11 CAD 10 0.993 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 9 CAD 9 0.986 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 9 CAD 9 0.985 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 8 CAD 8 0.995 0.980 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 6 CAD 6 0.993 0.979 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 5 CAD 5 0.986 0.978 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 AUD 5 CAD 5 0.986 0.978 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,084 AUD 1,099 1.013 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 831 AUD 844 1.016 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 727 AUD 730 1.004 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 300 AUD 306 1.019 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 282 AUD 285 1.013 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 207 AUD 211 1.016 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 164 AUD 165 1.004 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 159 AUD 160 1.004 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 132 AUD 134 1.016 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 75 AUD 76 1.019 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 71 AUD 72 1.021 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 44 AUD 45 1.016 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 11 AUD 11 1.013 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 8 AUD 8 1.016 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 7 AUD 7 1.005 1.022 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 6 AUD 6 1.013 1.022 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 4 AUD 4 1.016 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 4 AUD 4 1.003 1.020 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 3 AUD 3 1.021 1.021 –
1 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2 AUD 2 1.019 1.019 –
1 JPMorgan Chase & Co., London A-2 2021/05/18 USD 1,272,535 AUD 1,648,131 1.295 1.299 5
2 Bank of New York Mellon (The), New York A-1+ 2021/03/16 BRL 14,517 CAD 3,428 0.236 0.227 –
2 Bank of New York Mellon (The), New York A-1+ 2021/03/16 BRL 6,879 CAD 1,564 0.227 0.227 –
2 Bank of New York Mellon (The), New York A-1+ 2021/03/16 BRL 5,299 CAD 1,207 0.228 0.227 –
2 Bank of New York Mellon (The), New York A-1+ 2021/03/16 BRL 3,799 CAD 893 0.235 0.227 –
2 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 199,624 BRL 847,389 4.245 4.406 7
2 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 49,717 BRL 211,044 4.245 4.406 2
2 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,934 BRL 8,208 4.245 4.406 –
2 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,049 BRL 4,452 4.245 4.406 –
2 JPMorgan Chase & Co., London A-2 2021/03/04 BRL 2,200,000 USD 407,234 0.185 0.178 (19)
2 JPMorgan Chase & Co., London A-2 2021/03/04 USD 410,073 BRL 2,200,000 5.365 5.605 22
2 JPMorgan Chase & Co., London A-2 2021/06/10 USD 405,597 BRL 2,200,000 5.424 5.630 19
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CNY 16,964 CAD 3,350 0.197 0.196 –
Renaissance Multi-Sector Fixed Income Private Pool
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32
The accompanying notes are an integral part of these financial statements.
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)
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CNY 9,513 CAD 1,843 0.194 0.196 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CNY 5,197 CAD 1,016 0.196 0.196 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CNY 4,205 CAD 829 0.197 0.196 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 185,382 CNY 943,170 5.088 5.092 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 46,170 CNY 234,899 5.088 5.092 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,889 CNY 9,720 5.145 5.092 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,796 CNY 9,136 5.088 5.092 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 974 CNY 4,955 5.088 5.092 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 600 CNY 3,104 5.170 5.092 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 21 CNY 109 5.170 5.093 –
3 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 12 CNY 60 5.171 5.092 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 EUR 1,786 CAD 2,751 1.540 1.536 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 EUR 1,715 CAD 2,625 1.531 1.536 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 EUR 663 CAD 1,019 1.537 1.536 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 EUR 600 CAD 919 1.532 1.536 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 EUR 460 CAD 705 1.532 1.536 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 EUR 19 CAD 28 1.532 1.536 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 EUR 10 CAD 15 1.532 1.536 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 261,098 EUR 169,541 0.649 0.651 1
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 65,027 EUR 42,225 0.649 0.651 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2,529 EUR 1,642 0.649 0.651 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,372 EUR 891 0.649 0.651 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 780 EUR 513 0.657 0.651 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 36 EUR 24 0.657 0.651 –
4 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 20 EUR 13 0.657 0.651 –
4 Citibank, London A-1 2021/05/18 EUR 164,000 USD 197,805 1.206 1.209 1
4 Goldman Sachs Group Inc. (The), London A-2 2021/05/18 EUR 435,000 USD 529,076 1.216 1.209 (4)
4 JPMorgan Chase & Co., London A-2 2021/05/18 EUR 1,804,000 USD 2,193,868 1.216 1.209 (17)
4 Royal Bank of Canada, London A-1+ 2021/05/18 EUR 309,794 USD 373,394 1.205 1.209 1
4 BNP Paribas SA, Paris A-1 2021/05/18 USD 3,268,367 EUR 2,716,000 0.831 0.827 (18)
4 Citibank, London A-1 2021/05/18 USD 111,770 EUR 92,000 0.823 0.827 1
4 JPMorgan Chase & Co., London A-2 2021/05/18 USD 1,207,144 EUR 995,903 0.825 0.827 4
4 JPMorgan Chase & Co., London A-2 2021/05/18 USD 170,173 EUR 140,000 0.823 0.827 1
4 UBS AG, Stamford A-1 2021/05/18 USD 4,047,906 EUR 3,358,553 0.830 0.827 (15)
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 1,201 CAD 2,116 1.762 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 790 CAD 1,397 1.767 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 706 CAD 1,244 1.761 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 703 CAD 1,247 1.774 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 509 CAD 897 1.763 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 487 CAD 861 1.770 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 349 CAD 622 1.782 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 305 CAD 538 1.762 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 304 CAD 534 1.759 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 229 CAD 402 1.758 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 196 CAD 346 1.767 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 192 CAD 341 1.774 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 188 CAD 332 1.761 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 137 CAD 243 1.769 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 121 CAD 213 1.763 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 113 CAD 200 1.770 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 69 CAD 124 1.782 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 63 CAD 111 1.764 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 57 CAD 100 1.758 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 52 CAD 91 1.771 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 12 CAD 21 1.762 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 8 CAD 14 1.767 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 8 CAD 13 1.774 1.774 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 7 CAD 13 1.761 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 6 CAD 11 1.763 1.774 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 5 CAD 9 1.764 1.774 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 4 CAD 8 1.770 1.774 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 4 CAD 7 1.766 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 4 CAD 7 1.774 1.774 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 4 CAD 7 1.761 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 3 CAD 5 1.781 1.774 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 3 CAD 5 1.762 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 2 CAD 4 1.769 1.773 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 2 CAD 4 1.757 1.775 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 1 CAD 3 1.779 1.772 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 GBP 1 CAD 2 1.760 1.777 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 30,522 GBP 17,385 0.570 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 7,602 GBP 4,330 0.570 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,136 GBP 645 0.568 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 471 GBP 268 0.570 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 296 GBP 168 0.570 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 282 GBP 160 0.568 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 160 GBP 91 0.570 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 116 GBP 66 0.570 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 11 GBP 6 0.568 0.564 –
Renaissance Multi-Sector Fixed Income Private Pool
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33
The accompanying notes are an integral part of these financial statements.
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)
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 6 GBP 3 0.568 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 4 GBP 3 0.570 0.564 –
5 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2 GBP 1 0.569 0.565 –
5 Goldman Sachs Group Inc. (The), London A-2 2021/05/18 USD 228,617 GBP 165,000 0.722 0.718 (2)
5 Royal Bank of Canada, London A-1+ 2021/05/18 USD 4,477,971 GBP 3,258,223 0.728 0.718 (80)
5 Royal Bank of Canada, London A-1+ 2021/05/18 USD 193,213 GBP 140,000 0.725 0.718 (2)
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 36,008,930 CAD 3,263 0.000091 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 33,967,230 CAD 3,066 0.000090 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 23,976,501 CAD 2,108 0.000088 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 21,959,822 CAD 1,931 0.000088 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 11,505,114 CAD 1,039 0.000090 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 8,491,509 CAD 746 0.000088 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 6,876,132 CAD 621 0.000090 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 5,594,904 CAD 492 0.000088 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 369,290 CAD 33 0.000090 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 225,749 CAD 20 0.000088 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 198,944 CAD 18 0.000090 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 IDR 122,280 CAD 11 0.000088 0.000089 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 199,957 IDR 2,210,358,047 11,054.187 11,271.542 4
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 49,800 IDR 550,494,936 11,054.188 11,271.543 1
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2,200 IDR 24,857,640 11,300.725 11,271.568 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,937 IDR 21,411,104 11,054.202 11,271.553 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,050 IDR 11,611,692 11,054.227 11,271.518 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 671 IDR 7,581,195 11,300.711 11,271.476 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 26 IDR 299,243 11,300.718 11,270.923 –
6 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 14 IDR 163,533 11,301.520 11,270.365 –
6 Citibank, London A-1 2021/03/04 IDR 8,147,898,351 USD 573,998 0.000070 0.000070 (3)
6 Citibank, London A-1 2021/03/04 USD 569,620 IDR 8,147,898,351 14,304.100 14,254.756 (3)
6 Citibank, London A-1 2021/06/10 USD 566,534 IDR 8,147,898,351 14,382.000 14,611.520 11
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 JPY 276,236 CAD 3,343 0.012 0.012 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 JPY 159,742 CAD 1,882 0.012 0.012 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 JPY 87,298 CAD 1,038 0.012 0.012 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 JPY 70,009 CAD 841 0.012 0.012 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 192,095 JPY 15,843,040 82.475 83.750 3
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 47,842 JPY 3,945,747 82.475 83.750 1
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,879 JPY 157,402 83.750 83.750 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,861 JPY 153,467 82.475 83.750 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,009 JPY 83,228 82.475 83.751 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 592 JPY 50,158 84.751 83.750 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 21 JPY 1,774 84.759 83.758 –
7 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 12 JPY 981 84.715 83.775 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 68,079 CAD 4,106 0.060 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 65,644 CAD 4,159 0.063 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 50,663 CAD 3,098 0.061 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 45,173 CAD 2,766 0.061 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 40,681 CAD 2,443 0.060 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 21,798 CAD 1,315 0.060 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 18,419 CAD 1,155 0.063 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 15,567 CAD 953 0.061 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 15,541 CAD 940 0.060 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 890 CAD 54 0.060 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 680 CAD 42 0.061 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 482 CAD 29 0.060 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 MXN 366 CAD 22 0.061 0.061 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 258,831 MXN 4,103,779 15.855 16.468 10
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 64,462 MXN 1,022,056 15.855 16.468 3
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2,736 MXN 44,665 16.322 16.468 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2,507 MXN 39,752 15.855 16.468 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,360 MXN 21,558 15.855 16.468 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 716 MXN 11,715 16.356 16.468 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 28 MXN 463 16.358 16.468 –
8 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 15 MXN 253 16.357 16.463 –
Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 0 PLN 0 3.000 3.000 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 385,600 CAD 6,614 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 249,913 CAD 4,286 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 141,751 CAD 2,392 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 104,142 CAD 1,786 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 99,527 CAD 1,688 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 60,771 CAD 1,045 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 2,315 CAD 40 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 1,576 CAD 27 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 1,252 CAD 22 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 RUB 850 CAD 15 0.017 0.017 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 279,139 RUB 16,305,275 58.413 58.720 2
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 69,520 RUB 4,060,867 58.413 58.720 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2,905 RUB 171,734 59.120 58.720 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2,704 RUB 157,945 58.413 58.720 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,466 RUB 85,657 58.413 58.720 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 745 RUB 43,875 58.926 58.720 –
Renaissance Multi-Sector Fixed Income Private Pool
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34
The accompanying notes are an integral part of these financial statements.
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)
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 30 RUB 1,740 58.928 58.729 –
9 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 16 RUB 953 58.928 58.710 –
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 USD 304,140 CAD 386,366 1.270 1.273 1
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 USD 203,084 CAD 255,942 1.260 1.273 3
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 USD 200,198 CAD 250,535 1.251 1.273 4
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 USD 120,553 CAD 152,640 1.266 1.273 1
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 USD 73,420 CAD 93,440 1.273 1.273 –
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 25,174,236 USD 19,850,557 0.789 0.786 (86)
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 6,269,703 USD 4,943,829 0.789 0.786 (22)
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 265,994 USD 211,018 0.793 0.786 (3)
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 243,856 USD 192,287 0.789 0.786 (1)
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 132,248 USD 104,281 0.789 0.786 (1)
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 62,197 USD 49,740 0.800 0.786 (1)
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2,838 USD 2,270 0.800 0.786 –
10 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,569 USD 1,255 0.800 0.786 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 10,180 CAD 870 0.085 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 6,079 CAD 525 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 5,616 CAD 484 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 5,261 CAD 451 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 3,897 CAD 327 0.084 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 2,527 CAD 220 0.087 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 2,519 CAD 215 0.085 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 2,292 CAD 199 0.087 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 1,800 CAD 156 0.087 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 1,515 CAD 131 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 1,433 CAD 123 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 1,290 CAD 111 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 1,287 CAD 108 0.084 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 924 CAD 77 0.084 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 659 CAD 57 0.087 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 593 CAD 51 0.087 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 554 CAD 48 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 488 CAD 41 0.083 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 100 CAD 9 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 60 CAD 5 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 55 CAD 5 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 54 CAD 5 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 51 CAD 4 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 38 CAD 3 0.084 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 33 CAD 3 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 30 CAD 3 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 28 CAD 2 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 26 CAD 2 0.087 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 23 CAD 2 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 20 CAD 2 0.084 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 14 CAD 1 0.087 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 ZAR 13 CAD 1 0.086 0.084 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 11,531 ZAR 134,171 11.635 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2,872 ZAR 33,416 11.635 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1,072 ZAR 12,419 11.589 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 650 ZAR 7,486 11.525 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 283 ZAR 3,306 11.662 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 282 ZAR 3,289 11.649 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 277 ZAR 3,211 11.589 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 161 ZAR 1,857 11.524 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 112 ZAR 1,300 11.635 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 77 ZAR 893 11.650 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 70 ZAR 822 11.663 11.915 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 61 ZAR 705 11.635 11.916 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 11 ZAR 127 11.585 11.911 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 6 ZAR 72 11.520 11.919 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 6 ZAR 69 11.598 11.919 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 3 ZAR 39 11.524 11.909 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 3 ZAR 35 11.650 11.926 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 3 ZAR 32 11.672 11.933 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 2 ZAR 19 11.677 11.894 –
11 Bank of New York Mellon (The), New York A-1+ 2021/03/16 CAD 1 ZAR 17 11.644 11.884 –
11 JPMorgan Chase & Co., London A-2 2021/05/18 USD 846,011 ZAR 12,660,000 14.964 15.281 22
Derivative Assets and Liabilities - Forwards (147)
* 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 Multi-Sector Fixed Income Private Pool
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35
The accompanying notes are an integral part of these financial statements.
Supplemental Schedule to Schedule of Investment Portfolio (unaudited)
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 February 28, 2021 and August 31, 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 February 28, 2021
OTC Derivative Assets $ 130 $ – $ 130 $ (86) $ – $ 44
OTC Derivative Liabilities (277) – (277) 86 – (191)
Total (147) – (147) – – (147)
As at August 31, 2020
OTC Derivative Assets $ 519 $ – $ 519 $ (74) $ – $ 445
OTC Derivative Liabilities (205) – (205) 74 – (131)
Total 314 – 314 – – 314
Interest in Underlying Funds (note 4)
As at February 28, 2021 and August 31, 2020, the Pool had no investments in Underlying Funds where the ownership exceeded 20% of each Underlying Fund.
Renaissance Multi-Sector Fixed Income Private Pool
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
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x
.
x
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x
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x
x
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x
x
x
x
x
x
x
x
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x
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x
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x
x
x
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x
x
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x
x
x
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x
x
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x
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x
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x
x
x
x
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x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
36
The accompanying notes are an integral part of these financial statements.
Financial Instrument Risks
Investment Objective: Renaissance Multi-Sector Fixed Income Private Pool (referred to
as the Pool) seeks to generate a high level of current income from a diversified portfolio
investing primarily in high yielding debt and investment grade fixed income securities of
issuers located anywhere in the world.
Investment Strategies: The Pool seeks current income and capital appreciation by active
asset allocation among market sectors in the fixed income universe, which may include
U.S. Government securities, corporate debt securities, mortgage and asset backed
securities, foreign debt securities, emerging market debt securities, loans and high yield
debt securities.
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 February 28, 2021 and August 31, 2020
The Schedule of Investment Portfolio presents the securities held by the Pool as at
February 28, 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
United States Equities 0.3
Canadian Bonds
Corporate 2.9
International Bonds
Argentina 0.4
Australia 0.3
Austria 0.1
Bermuda 0.5
Brazil 1.0
British Virgin Islands 0.7
Cayman Islands 12.4
Chile 0.3
China 0.3
Colombia 0.4
Côte d'Ivoire 0.1
Curacao 0.2
Dominican Republic 0.1
Egypt 0.2
France 1.1
Germany 0.7
Ghana 0.1
Honduras 0.1
Hong Kong 0.1
India 0.2
Indonesia 1.0
Ireland 0.1
Israel 0.1
Italy 0.6
Japan 0.7
Jersey, Channel Islands 0.1
Kazakhstan 0.1
Luxembourg 0.8
Malaysia 0.2
Mauritius 0.3
Mexico 1.6
Morocco 0.1
Netherlands 2.0
Nigeria 0.1
Panama 0.8
Peru 0.4
Philippines 0.1
Qatar 0.4
Russia 0.9
Saudi Arabia 0.2
Singapore 0.8
South Africa 0.4
South Korea 0.3
Spain 0.1
Sweden 0.2
Switzerland 0.2
Thailand 0.1
Turkey 0.1
Portfolio Breakdown
% of
Net Assets
United Arab Emirates 0.4
United Kingdom 1.1
United States 51.4
Canadian Term Loans 0.3
International Term Loans
Denmark 0.1
Luxembourg 0.1
United Kingdom 0.1
United States 4.1
Short-Term Investments 0.6
Derivative Assets (Liabilities) 0.1
Other Assets, less Liabilities 6.4
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 February 28, 2021 and August 31, 2020, the Pool invested in debt securities with
the following credit ratings:
% of Net Assets
Debt Securities by Credit Rating (note 2b) February 28, 2021 August 31, 2020
'AAA' 13.7 15.2
'AA' 6.3 5.6
'A' 6.0 5.3
'BBB' 19.6 19.3
Below 'BBB' 45.7 43.8
Unrated 5.1 4.0
Total 96.4 93.2
Currency Risk
The tables that follow indicate the currencies to which the Pool had significant
exposure as at February 28, 2021 and August 31, 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 February 28, 2021
Currency (note 2n)
Total Currency
Exposure* ($000s)
% of
Net Assets
USD 386,153 86.6
RUB 4,144 0.9
EUR 3,941 0.9
MXN 3,701 0.8
IDR 2,986 0.7
BRL 2,919 0.7
JPY 2,897 0.6
CNY 2,848 0.6
* 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 380,277 87.3
RUB 3,706 0.9
JPY 2,995 0.7
EUR 2,944 0.7
IDR 2,854 0.7
BRL 2,378 0.5
MXN 2,264 0.5
* Amounts reflect the carrying value of monetary and non-monetary items (including the notional
amount of forward foreign currency contracts, if any).
Renaissance Multi-Sector Fixed Income Private Pool
x
x
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x
x
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x
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x
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37
The accompanying notes are an integral part of these financial statements.
The table that follows indicates how net assets as at February 28, 2021 and August 31,
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.
February 28, 2021 August 31, 2020
Impact on Net Assets ($000s) 4,112 4,006
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
February 28, 2021
($000s)
August 31, 2020
($000s)
Less than 1 year 5,640 3,330
1-3 years 54,863 75,352
3-5 years 70,586 58,147
> 5 years 298,716 266,860
Total 429,805 403,689
The table that follows indicates how net assets as at February 28, 2021 and August 31,
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.
February 28, 2021 August 31, 2020
Impact on Net Assets ($000s) 5,131 4,461
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 February 28, 2021 and August 31,
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 February 28, 2021 August 31, 2020
Bloomberg Barclays U.S. Aggregate Bond Index
686 1,586
LIBOR USD 3 Month
47 1,426
90% LIBOR USD 3 Month
10% Bank of America Merrill Lynch BB-B US Cash Pay
High Yield Index
373 1,790
Fair Value Measurement of Financial Instruments
The following is a summary of the inputs used as at February 28, 2021 and August 31,
2020, in valuing the Pool’s financial assets and financial liabilities, carried at fair value:
As at February 28, 2021
Classification
Level 1 (i)
($000s)
Level 2 (ii)
($000s)
Level 3 (iii)
($000s)
Total
($000s)
Financial Assets
x
Fixed Income Securities – 429,805 – 429,805
Equities 1,279 4 – 1,283
Derivative assets – 130 – 130
Total Financial Assets 1,279 429,939 – 431,218
Financial Liabilities
x
Derivative liabilities – (277) – (277)
Total Financial Liabilities – (277) – (277)
Total Financial Assets and Liabilities 1,279 429,662 – 430,941
(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
x
Fixed Income Securities – 403,689 – 403,689
Short-Term Investments – 2,608 – 2,608
Equities 1,120 3 – 1,123
Derivative assets – 519 – 519
Total Financial Assets 1,120 406,819 – 407,939
Financial Liabilities
x
Derivative liabilities – (205) – (205)
Total Financial Liabilities – (205) – (205)
Total Financial Assets and Liabilities 1,120 406,614 – 407,734
(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 February 28, 2021 and August 31, 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 February 28, 2021 and August 31, 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.
e
x
x
..
..
..
..
..
..
..
..
..
..
..
..
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..
..
..
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..
38
Notes to Financial Statements (unaudited)
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, Renaissanc
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
✓ ✓ ✓ ✓
p / 2 Notes to Financial Statements (unaudited)
..
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
..
..
..
x
x
39
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. They may have to pay a short-term trading fee, if
applicable.
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. They may have to pay a short-term trading fee, if applicable.
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 February 28, 2021. The Statements of Financial Position are as at February 28, 2021 and August 31, 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 six-month periods ended February 28, 2021 and February 29, 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 February 28, 2021 or February 29, 2020.
These financial statements were approved for issuance by the Manager on April 20, 2021.
2. Summary of Significant Accounting Policies
These financial statements have been prepared in accordance with International Accounting Standards Interim Financial Reporting (referred to as IAS) 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.
Notes to Financial Statements (unaudited) p / 3
40
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.
p / 4 Notes to Financial Statements (unaudited)
41
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.
Notes to Financial Statements (unaudited) p / 5
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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.
p / 6 Notes to Financial Statements (unaudited)
43
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. Interest 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 six-month periods ended February 28, 2021 and February 29, 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).
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.
Notes to Financial Statements (unaudited) p / 7
44
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.
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.