All Time Largest Global IPOs - Top 25
Company Name Offer Date Exchange Industry Underwriter Deal Size
(US$MM)
ABC Bank 07/07/10 Hong Kong / Shanghai Financial Goldman Sachs (Asia) $19,228
ICBC Bank 10/20/06 Hong Kong / Shanghai Financial Merrill Lynch $19,092
NTT Mobile 10/22/98 Tokyo Stock Exchange Communications Goldman Sachs (Asia) $18,099
Visa 03/18/08 NYSE Financial J.P. Morgan $17,864
AIA 10/21/10 Hong Kong Financial Citi $17,816
ENEL SpA 11/01/99 NYSE Utilities Merrill Lynch $16,452
Facebook 05/17/12 NASDAQ Technology Morgan Stanley $16,007
General Motors 11/17/10 NYSE Capital Goods & Services Morgan Stanley $15,774
Nippon Tel 02/09/87 Tokyo Stock Exchange Communications Nomura Securities $15,301
Deutsche Telekom 11/17/96 NYSE Communications Goldman, Sachs & Co. $13,034
Bank of China 05/24/06 Hong Kong / Shanghai Financial Goldman, Sachs & Co $11,186
Dai-ichi Mutual Life Insu 03/23/10 Tokyo Stock Exchange Financial BofA Merrill Lynch $10,986
AT&T Wireless Group 04/26/00 NYSE Communications Goldman, Sachs & Co. $10,620
Rosneft Oil Company 07/13/06 Russian Trading System Energy ABN AMRO $10,421
Glencore International 05/19/11 LSE Main / Hong Kong Basic Resources Citi $10,316
Japan Tobacco Inc. (JT) 10/27/94 Tokyo Stock Exchange Consumer Nomura Securities $9,576
China Construction Bank 10/20/05 Hong Kong / Shanghai Financial Morgan Stanley $9,227
Kraft Foods 06/12/01 NYSE Consumer Credit Suisse $8,680
Electricite De France 11/18/05 Euronext/Paris Utilities ABN AMRO $8,328
Water Holding Co 11/22/89 LSE Main Utilities Credit Suisse $8,199
VTB Bank 05/10/07 LSE Main Financial Citi $7,988
Banader Hotels Co 11/20/05 Bahrain Stock Exchange Consumer KPMG Corporate $7,958
Telia AB 06/13/00 OMX Nordic Exchange Communications Morgan Stanley $7,728
British Gas PLC 12/08/86 LSE Main Energy Goldman, Sachs & Co. $7,610
DDI Corp 09/03/93 Tokyo Stock Exchange Communications Daiwa Securities $7,592
China Engineering 07/23/09 Shanghai Capital Goods & Services China International Capital $7,343
France Telecom 10/17/97 NYSE Communications Merrill Lynch $7,289
Banco Santander Brasil 10/06/09 NYSE / Bovespa Financial Santander Investment $7,026
Performance Disclosure: Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Investors should consider the investment objectives, risks, charges and expenses carefully before investing.

As stated in the Prospectus, the total annual operating expenses for the Fund was 3.48%. The Adviser has contractually agreed to keep net expenses from exceeding 2.50% of the Fund’s average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual re-approval of the agreement by the Board of Trustees. An investor cannot invest directly in an index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

Definitions: Net Asset Value (NAV) of the fund is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. Market Price is current value at which an asset or service can be bought or sold. Premium/Discount is provided to show the comparison of the daily net asset value (NAV) and the midpoint of the closing bid/ask for each of the funds. The Renaissance IPO Index® (IPOUSA) is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The S&P 500® Index (SPX) is a stock market index based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE. The S&P 500 index components are determined by S&P Dow Jones Indices.

Risk Disclosure: Investments in the Renaissance IPO ETF, symbol "IPO" (the “ETF”) and the Global IPO Fund, symbol "IPOSX" (the “Mutual Fund”) are subject to investment risk, including possible loss of the principal amounts invested. The ETF and the Mutual Fund (the “Funds”) invest in companies that have recently completed their initial public offerings. These stocks are unseasoned equities lacking trading history, a track record of reporting to investors and widely available research coverage which many result in extreme price volatility. The Funds may also be subject to information technology risk and small and mid-capitalization company risk due to a greater number of IPOs in these sectors. The Funds may hold securities in the form of Depository Receipts, REITs, Master Limited Partnerships (MLPs) which have greater risks than common shares. The strategy has high portfolio turnover and securities lending risks. ETF returns may not match the return of the respective index. The ETF is classified as a non-diversified investment company and is subject to concentration risk.

Prospectus: Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus and/or summary prospectus with information about the Funds, please visit www.renaissancecapital.com. Read the prospectus carefully before investing. Renaissance Capital Investments, Inc., distributor for the Mutual Fund. Foreside Fund Services, LLC, distributor for the ETF, 1-866-486-6645.