Blu Giant, LLC

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please visit our website at http://www.renaissancecapital.com/Docs/Global-IPO-Fund-Prospectus.pdf or call (888) 476-3863. Read the prospectus or summary prospectus carefully before investing.

The Global IPO Fund (“Global IPO Fund” or “Fund”) is a series of Renaissance Capital Greenwich Funds (“Trust”), a Delaware Trust, operating as a registered, diversified, open-end investment company. The Trust, organized on February 3, 1997, may issue an unlimited number of shares and classes of the Global IPO Fund.

The investment objective of the Global IPO Fund is to seek capital appreciation by investing in the common stocks of Initial Public Offerings on the offering and in post-IPO trading.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.

A. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

1. SECURITY VALUATION: The values of the Fund’s securities are based on the securities’ closing prices on their principal markets, where available. In the absence of a last reported sales price, values may be based on the mean between the last bid and ask prices, if available. Short-term investments that mature in 60 days or less may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value. For restricted securities, as well as securities or other assets for which market quotations are not readily available or are unreliable, those securities are to be valued at fair value using good faith estimates as determined in accordance with the Trust’s Fund Securities Valuation Procedures, which is approved annually by the Board. There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the Fair Value Committee, after consulting with representatives of the Fund’s Advisor and/or the Fund’s Administrator, shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) market prices for a security or securities deemed comparable, including the frequency of trades or quotes for the security and comparable securities; (ii) dealer valuations of a security or securities deemed comparable; and (iii) determinations of value by one or more pricing services for a security or securities deemed comparable. The Funds may also use fair value pricing in a variety of circumstances, including, but not limited to, situations where the value of a security in a Fund’s portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded, or where trading in a security has been suspended or halted. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of the security.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The security is valued at book value which represents the issuer’s buy-back price.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2017 for the Fund’s assets measured at fair value:

There were no transfers in to or out of Level 1 and 2 during the current period presented. It is the Fund’s policy to record transfers at the end of the reporting period.

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

The total change in unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments still held at March 31, 2017 is $862.

Level 3 investments are valued using methods the Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The investments did not have a material impact on the Fund’s net assets, therefore unobservable inputs used in formulating such valuations are not presented.

2. FEDERAL INCOME TAXES: It is the Global IPO Fund’s intention to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and intends to distribute all of its taxable income to relieve it from all, or substantially all, Federal income and excise taxes. Accordingly, no provision for Federal income taxes is required in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions in the open tax years of (2015 – 2016) or expected to be taken in the Fund’s 2017 tax returns and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the above open tax years. The Fund identifies its major tax jurisdiction as U.S. Federal and foreign jurisdictions where the Fund makes significant investments.

The tax character of distributions paid during the fiscal year ended September 30, 2016 was as follows:

As of September 30, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

The difference between book basis and tax basis accumulated net investment loss and net realized loss, and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $114,298.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $268,272.

Permanent book and tax differences, primarily attributable to the reclass of net operating losses and publicly traded partnerships, resulted in reclassification for the year ended September 30, 2016 as follows:

3. DISTRIBUTIONS TO SHAREHOLDERS: The Global IPO Fund will normally distribute substantially all of its net investment income in December. Any realized net capital gains will be distributed annually. All distributions are recorded on the ex-dividend date. The amount and character of income and capital gain distributions to be paid are determined in accordance with Federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund.

4. OTHER: Security transactions are accounted for on a trade date basis. In determining the gain or loss from the sale of securities, the cost of securities sold is determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

5. INDEMNIFICATION: Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties for the Fund. In addition, in the normal course of business, the Fund may enter into contracts with vendors that contain a variety of representations and warranties that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the risk of loss due to these warranties appears to be remote.

B. INVESTMENT ADVISER: Under the terms of an Investment Advisory Agreement with Renaissance Capital LLC (“the Adviser”), a registered investment adviser, the Global IPO Fund agrees to pay Renaissance Capital LLC an annual fee equal to 1.50% of the average daily net assets of the Global IPO Fund, payable monthly. For the six months ended March 31, 2017, the Adviser earned advisory fees of $48,265. Additionally, the Adviser has contractually agreed to defer or waive fees or absorb some or all of the expenses (excluding dividends on short sales) of the Global IPO Fund in order to limit Total Fund Operating Expenses to 2.50% through January 31, 2018. During the six months ended March 31, 2017, the Adviser deferred fees and reimbursed expenses of $75,636. These deferrals are subject to later recapture by Renaissance Capital for a period of three years. Total deferrals subject to recapture by Renaissance Capital are $353,121. These deferrals and reimbursements will expire as follows: $72,986 expiring in 2017, $129,438 expiring in 2018, and expiring $150,697 in 2019.

C. FUND ADMINISTRATION: Under an Administration and Fund Accounting Agreement (the “Administration Agreement”), the Administrator generally supervises certain operations of the Global IPO Fund, subject to the overall authority of the Board. For its services, the Administrator receives a fee computed daily at an annual rate based on average daily net assets of the Global IPO Fund, subject to an annual minimum plus out of pocket expenses.

D. SHAREHOLDER SERVICES: The Global IPO Fund has adopted a Distribution and Shareholder Servicing Plan (“the Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes the Global IPO Fund, as determined from time to time by the Board, to pay an annual fee on the Global IPO Fund’s average daily net assets for distribution and shareholder servicing.

The total annual fee for distribution and shareholder servicing of the Global IPO Fund’s shares, which is payable monthly, will not exceed 0.25% of the average daily net asset value of shares invested in the Global IPO Fund by customers of broker-dealers or distributors or by investors for whom the shareholder servicing agent maintains a servicing relationship.

To discourage short-term investing and recover certain administrative, transfer agency, shareholder servicing and other costs associated with such short-term investing, the Global IPO Fund charges a 2% fee on such redemptions of shares held less than 90 days. Such fees amounted to $88 for the six months ended March 31, 2017.

E. TRUSTEES’ FEES: Independent Trustees’ fees are $6,000 per year per Trustee.

F. PURCHASES AND SALES: For the six months ended March 31, 2017, the Global IPO Fund made purchases with a cost of $4,293,510 and sales with proceeds of $4,901,553 of investment securities other than long-term U.S. Government and short-term securities.

G. OTHER: Investing in Initial Public Offerings entails special risks, including limited operating history of the companies, unseasoned trading, high portfolio turnover and limited liquidity.

H. RECENT ACCOUNTING PRONOUNCEMENT: On October 13, 2016 the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

I. SUBSEQUENT EVENTS: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

Information regarding how the Fund voted proxies related to portfolio securities during the year ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-476-3863 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-888-476-3863.

Shareholders of the Fund will pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1 fees), and other expenses. The following examples are intended to help the shareholder understand the ongoing cost (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs on redemptions or redemption fees on shares sold that were held 90 days or fewer. Further, the expenses shown do not include account service fees, which may or may not be applicable, as described in the prospectus.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period from October 1, 2016 through March 31, 2017.

Actual Expenses: The first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $ 1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical Examples for Comparison Purposes: The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

At an in-person meeting (the “Meeting”) of the Board of Trustees (the “Board” or “Trustees”) of Renaissance Capital Greenwich Funds (the “Trust”) held on November 18, 2016, the Board, including the Trustees who are not “interested persons” as that term is defined by the Investment Company Act of 1940, as amended (the “1940 Act”) (hereafter, the “Independent Trustees”), approved the continuance of the investment advisory agreement (the “Advisory Agreement”) between Renaissance Capital LLC (the “Adviser”) and the Trust, on behalf of the Global IPO Fund (the “Fund”).

In connection with considering the approval of the continuance of the Advisory Agreement, the Independent Trustees met in executive session with counsel (“Counsel”) to discuss the continuance of the Advisory Agreement and the information provided in connection with the renewal. The Board, including the Independent Trustees, evaluated the terms of the Advisory Agreement, reviewed the information provided by the Adviser in connection with its consideration of the continuation of the Advisory Agreement, and reviewed the duties and responsibilities of the Trustees in evaluating and approving such an agreement.

In considering whether to approve the continuation of the Advisory Agreement for an additional year, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting and other information from Counsel and from the Adviser, including: (i) a copy of the Advisory Agreement; (ii) information describing the nature, quality and extent of the services that the Adviser provided to the Fund; (iii) information concerning the Adviser’s financial condition, business, operations, portfolio management team and compliance programs; (iv) information describing the Fund’s advisory fee and expenses; and (v) a memorandum from Counsel on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. The Board considered the information presented at Board meetings over the last year. In addition, the Board considered presentations made by, and discussions held with, representatives of the Adviser. The Board also received information comparing the advisory fees and expenses of the Fund with the advisory fees and expenses of comparably managed funds.

The Board, including the Independent Trustees, considered the following factors during their deliberations: (1) the nature, extent and quality of services provided by the Adviser; (2) the investment performance of the Fund and the Adviser; (3) the cost of services provided and the profits realized by the Adviser and its affiliates; (4) the extent to which economies of scale were realized as the Fund grew; (5) whether the fee levels reflected these economies of scale; (6) services and fees relating to other accounts and clients managed by the Adviser; (7) the depth of experience and knowledge of the Adviser with respect to the IPO market; and (8) “fall-out” or ancillary benefits derived by the Adviser and its affiliates from their relationship with the Fund.

The Board, including the Independent Trustees, considered and discussed the following with respect to the Fund:

Nature, Extent and Quality of Services Provided by the Adviser. The Board reviewed the services that the Adviser provides to the Fund, including, but not limited to, specialized IPO research, making the day-to-day investment decisions for the Fund and managing the Fund’s investments in accordance with the stated investment objective and policies of the Fund. The Board reviewed the professional personnel of the Adviser and discussed their qualifications. The Board considered and discussed, among other things, the Adviser’s experience and expertise in IPO investment services and the Adviser’s resources, and the proprietary research used to manage the Fund. On this basis, the Board concluded that they were satisfied with the nature, extent and quality of the services provided by the Adviser.

Investment Performance of the Fund and the Adviser. The Board considered the Fund’s performance history and market conditions over the last year. They reviewed the performance of the Fund as compared to the benchmark index the Fund uses for performance comparison purposes, and considered the unique nature of the Fund as an IPO portfolio. The Board concluded that they were satisfied with the investment performance of the Fund under the Adviser’s management.

Costs of Advisory Services. The Board reviewed the report of the advisory fee and expenses of the Fund as compared to the advisory fees and expenses of other comparably managed funds. The Board considered the peer group report and concluded that the Fund’s advisory fee and expenses were comparable to similar funds managed by specialized research-driven investment advisers, in light of the unique nature of the Fund as an IPO-focused fund. The Board also considered the fee rates charged to other accounts and clients managed by the Adviser, including the differences in services provided to the non-investment company clients. In addition, the Board considered “fall-out” or ancillary benefits derived by the Adviser and its affiliates from their relationship with the Fund. After review of this information, the Board concluded that the Fund’s advisory fee and expenses were reasonable.

Profitability. The Board considered the level of profitability of the Adviser from its relationship with the Fund. The Board noted the Adviser’s contractual agreement to waive its advisory fee and reimburse expenses in an effort to limit the Fund’s expense ratio. The Board concluded that the Adviser’s current level of profitability was reasonable.

Economies of Scale. The Board reviewed the Fund’s current asset level and concluded that the Fund had not yet reached the level where economies of scale could be achieved.

Conclusion. Based on their deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that terms of the Advisory Agreement were fair and reasonable; (b) concluded that the Fund’s advisory fee and expenses were reasonable in light of the services that the Adviser provides to the Fund; and (c) agreed to continue the Advisory Agreement for another year.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please visit our website at www.renaissancecapital.com/Docs/Renaissance-IPO-ETFs-Prospectus.pdf or call (866) 486-6645. Read the prospectus or summary prospectus carefully before investing.

Renaissance IPO ETF

Portfolio Summary (Unaudited)

Top Ten Holdings

As of March 31, 2017

	% of Net Assets
Ferrari NV	11.0%
TransUnion	7.7%
First Data Corp.	7.1%
Shopify, Inc.	5.8%
Snap, Inc.	4.4%
Univar, Inc.	4.1%
Square, Inc.	3.7%
US Foods Holding Corp.	3.2%
Atlassian Corp. PLC	2.9%
Blue Buffalo Pet Products, Inc.	2.8%

(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Holdings By Industry

As of March 31, 2017

	% of Net		% of Net
	Assets		Assets
IT Services	12.0%	Semiconductors & Semiconductor Equipment	1.3%
Internet Software & Services	11.3%	Health Care Technology	1.3%
Automobiles	11.0%	Air Freight & Logistics	1.2%
Software	9.1%	Life Sciences Tools & Services	1.1%
Professional Services	7.6%	Building Products	1.1%
Oil, Gas & Consumable Fuels	6.2%	Electronic Equipment, Instruments & Components	1.1%
Food & Staples Retailing	5.0%	Computers & Peripherals	1.0%
Food Products	4.4%	Chemicals	1.0%
Real Estate Investment Trusts (REITs)	4.2%	Specialty Retail	0.9%
Trading Companies & Distributors	4.1%	Commercial Services & Supplies	0.6%
Health Care Equipment & Supplies	2.8%	Diversified Consumer Services	0.5%
Hotels, Restaurants & Leisure	2.6%	Short-Term Investments	5.6%
Multiline Retail	2.1%	Other assets less liabilities	(5.6%)
Commercial Banks	2.1%	Total	100.0%
Insurance	1.5%
Capital Markets	1.5%
Independent Power Producers & Energy Traders	1.4%

R e n a i s s a n c e C a p i t a l — T h e I P O E x p e r t Page 1

Renaissance International IPO ETF

Portfolio Summary (Unaudited)

Top Ten Holdings

As of March 31, 2017

	% of Net Assets
Covestro AG	6.5%
Worldpay Group PLC	6.1%
ABN AMRO Group NV	6.0%
Japan Post Holdings Co., Ltd.	5.0%
Japan Post Bank Co., Ltd.	4.5%
Kyushu Railway Co.	4.3%
Innogy SE	4.3%
Auto Trader Group PLC	4.1%
DONG Energy AS	3.7%
Huatai Securities Co., Ltd.	2.9%

(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Holdings By Industry

As of March 31, 2017

	% of Net		% of Net
	Assets		Assets
Commercial Banks	15.9%	Beverages	0.8%
Insurance	13.6%	Leisure Equipment & Products	0.6%
Capital Markets	11.3%	Airlines	0.6%
IT Services	7.8%	Real Estate Management & Development	0.5%
Chemicals	6.5%	Health Care Providers & Services	0.4%
Electric Utilities	6.5%	Marine	0.4%
Road & Rail	4.3%	Other assets less liabilities	0.4%
Multi-Utilities	4.3%	Total	100.0%
Internet Software & Services	4.1%
Auto Components	3.2%
Diversified Telecommunication Services	3.2%
Machinery	2.3%
Health Care Equipment & Supplies	2.0%
Life Sciences Tools & Services	1.9%
Electrical Equipment	1.7%
Computers & Peripherals	1.5%
Construction & Engineering	1.2%
Electronic Equipment, Instruments & Components	1.1%
Biotechnology	1.1%
Food Products	1.0%
Trading Companies & Distributors	1.0%
Pharmaceuticals	0.8%

R e n a i s s a n c e C a p i t a l — T h e I P O E x p e r t Page 2

Renaissance IPO ETF

Portfolio of Investments (Unaudited)

March 31, 2017

Shares			Value (US$)
		COMMON STOCKS - 95.4%
		CONSUMER DISCRETIONARY - 17.1%
		Automobiles - 11.0%
	20,552	Ferrari NV	$	1,528,247
		Diversified Consumer Services - 0.5%
	5,190	Laureate Education, Inc. - Cl. A *		74,061
		Hotels, Restaurants & Leisure - 2.6%
	10,100	Planet Fitness, Inc. - Cl. A		194,627
	7,411	Red Rock Resorts, Inc. - Cl. A		164,376
				359,003
		Multiline Retail - 2.1%
	8,680	Ollie’s Bargain Outlet Holdings, Inc. *		290,780
		Specialty Retail - 0.9%
	2,100	Camping World Holdings, Inc. - Cl. A		67,704
	4,050	Party City Holdco, Inc. *		56,902
				124,606
				2,376,697
		CONSUMER STAPLES - 9.4%
		Food & Staples Retailing - 5.0%
	10,460	Performance Food Group Co. *		248,948
	15,780	US Foods Holding Corp. *		441,525
				690,473
		Food Products - 4.4%
	7,020	AdvancePierre Foods Holdings, Inc.		218,813
	17,183	Blue Buffalo Pet Products, Inc. *		395,209
				614,022
				1,304,495
		ENERGY - 1.6%
		Oil, Gas & Consumable Fuels - 1.6%
	7,380	Extraction Oil & Gas, Inc. *		136,899
	6,800	Jagged Peak Energy, Inc. *		88,672
				225,571

		FINANCIALS - 9.3%
		Capital Markets - 1.5%
	4,784	Virtu Financial, Inc. - Cl. A		81,328
	3,730	Houlihan Lokey, Inc.		128,499
				209,827
		Commercial Banks - 2.1%
	9,480	First Hawaiian, Inc.		283,642
		Insurance - 1.5%
	4,260	Athene Holding, Ltd. - Cl. A *		212,957
		Real Estate Investment Trusts (REITs) - 4.2%
	14,030	Invitation Homes, Inc. *		306,275
	10,284	MGM Growth Properties LLC - Cl. A		278,182
				584,457
				1,290,883
		HEALTH CARE - 5.2%
		Health Care Equipment & Supplies - 2.8%
	4,640	Penumbra, Inc. *		387,208
		Health Care Technology - 1.3%
	4,330	Cotiviti Holdings, Inc. *		180,258
		Life Sciences Tools & Services - 1.1%
	5,710	Patheon NV *		150,401
				717,867
		INDUSTRIALS - 14.6%
		Air Freight & Logistics - 1.2%
	13,150	ZTO Express Cayman, Inc. - ADR * (a)		172,134
		Building Products - 1.1%
	4,500	JELD-WEN Holding, Inc. *		147,825

See Accompanying Notes to Financial Statements.

R e n a i s s a n c e C a p i t a l — T h e I P O E x p e r t Page 3

Renaissance IPO ETF

Portfolio of Investments (Unaudited)

March 31, 2017 (continued)

Shares			Value (US$)
		Commercial Services & Supplies - 0.6%
	3,610	Advanced Disposal Services, Inc. *	$	81,586
		Professional Services - 7.6%
	27,701	TransUnion *		1,062,333
		Trading Companies & Distributors - 4.1%
	18,517	Univar, Inc. *		567,731
				2,031,609
		INFORMATION TECHNOLOGY - 35.8%
		Computers & Peripherals - 1.0%
	14,792	Pure Storage, Inc. - Cl. A *		145,405
		Electronic Equipment, Instruments & Components - 1.1%
	24,949	Fitbit, Inc. - Cl. A * (a)		147,698
		Internet Software & Services - 11.3%
	10,009	GoDaddy, Inc. - Cl. A *		379,341
	7,993	Match Group, Inc. * (a)		130,526
	3,050	Nutanix, Inc. - Cl. A *		57,249
	11,761	Shopify, Inc. - Cl. A *		800,806
	5,370	Trivago NV - ADR *		69,971
	4,430	Twilio, Inc. - Cl. A * (a)		127,894
				1,565,787
		IT Services - 12.0%
	4,197	Black Knight Financial Services, Inc. - Cl. A *		160,745
	63,874	First Data Corp. - Cl. A *		990,047
	29,746	Square, Inc. - Cl. A *		514,011
				1,664,803
		Semiconductors & Semiconductor Equipment - 1.3%
	3,080	Acacia Communications, Inc. * (a)		180,550
		Software - 9.1%
	13,440	Atlassian Corp. PLC - Cl. A *		402,528
	6,601	LINE Corp. - ADR * (a)		253,874
	27,230	Snap, Inc. - Cl. A *		613,492
				1,269,894
				4,974,137
		MATERIALS - 1.0%
		Chemicals - 1.0%
	5,490	Valvoline, Inc. (a)		134,780

		UTILITIES - 1.4%
		Independent Power Producers & Energy Traders - 1.4%
	11,227	NRG Yield, Inc. - Cl. C		198,718

		TOTAL COMMON STOCKS (Cost - $11,908,242)		13,254,757

See Accompanying Notes to Financial Statements.

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Renaissance IPO ETF

Portfolio of Investments (Unaudited)

March 31, 2017 (continued)

Units			Value (US$)
		LIMITED PARTNERSHIPS - 2.2%
		ENERGY - 2.2%
		Oil, Gas & Consumable Fuels - 2.2%
	10,393	Tallgrass Energy GP LP	$	298,902

		TOTAL LIMITED PARTNERSHIPS (Cost - $220,923)		298,902

		MASTER LIMITED PARTNERSHIPS - 2.4%
		ENERGY - 2.4%
		Oil, Gas & Consumable Fuels - 2.4%
	13,420	Black Stone Minerals LP		221,564
	3,804	EQT GP Holdings LP		104,154
				325,718

		TOTAL MASTER LIMITED PARTNERSHIPS (Cost - $321,515)		325,718

Shares
		SHORT-TERM INVESTMENTS - 5.6%
	780,797	State Street Navigator Securities Lending Government Money Market Portfolio (b)	$	780,797
		TOTAL SHORT-TERM INVESTMENTS (Cost - $780,797)		780,797

		TOTAL INVESTMENTS - 105.6% (Cost - $13,231,477) (c)	$	14,660,174
		LIABILITIES LESS OTHER ASSETS - (5.6)%		(772,360	)
		NET ASSETS - 100.0%	$	13,887,814

Non- income producing security.

(a)

Securities (or a portion of the security) on loan. As of March 31, 2017, the market value of securities loaned was $766,074. The loaned securities were secured with cash collateral of $780,797. Collateral is calculated based on prior day’s prices.

(b)

Represents investments of cash collateral received in connection with securities lending.

(c)

Represents cost for financial reporting purposes. The cost for Federal income tax purposes is $13,231,477. At March 31, 2017, net appreciation for all securities was $1,428,697. This consists of aggregate gross unrealized appreciation of $1,772,343 and aggregate gross unrealized depreciation of $343,646.

ADR - American Depositary Receipt

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

See Accompanying Notes to Financial Statements.

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Renaissance International IPO ETF

Portfolio of Investments (Unaudited)

March 31, 2017

Shares			Value (US$)
		COMMON STOCKS - 99.6%
		BRITAIN - 17.6%
	16,647	Auto Trader Group PLC (a)	$	81,822
	11,180	ConvaTec Group PLC * (a)		39,081
	15,315	CYBG PLC *		53,266
	1,289	Metro Bank PLC *		52,552
	32,657	Worldpay Group PLC (a)		120,866
				347,587
		CANADA - 3.4%
	2,995	Hydro One, Ltd. (a)		54,614
	410	Spin Master Corp. * (a)		11,929
				66,543
		CHINA - 17.7%
	17,045	3SBio, Inc. * (a)		21,055
	12,419	China International Capital Corp., Ltd. - Cl. H * (a)		18,697
	6,270	China Merchants Securities Co., Ltd. - Cl. H * (a)		9,601
	27,366	China Railway Signal & Communication Corp., Ltd. - Cl. H (a)		22,044
	117,247	China Reinsurance Group Corp. - Cl. H		27,005
	14,190	China Resources Pharmaceutical Group, Ltd. * (a)		16,579
	9,970	CSC Financial Co., Ltd. - Cl. H * (a)		9,186
	35,684	Dali Foods Group Co., Ltd. (a)		20,617
	3,904	Everbright Securities Co., Ltd. - Cl. H * (a)		6,008
	8,788	Fuyao Glass Industry Group Co., Ltd. - Cl. H (a)		30,475
	26,905	GF Securities Co., Ltd. - Cl. H		56,361
	29,867	Huatai Securities Co., Ltd. - Cl. H (a)		58,108
	6,954	Legend Holdings Corp. - Cl. H (a)		17,807
	8,080	Meitu, Inc. * (a)		12,664
	14,272	Orient Securities Co., Ltd. - Cl. H * (a)		13,920
	9,145	Red Star Macalline Group Corp., Ltd. - Cl. H (a)		10,143
	40,580	Tianhe Chemicals Group, Ltd. * (a) (b)		—
				350,270
		DENMARK - 5.4%
	1,890	DONG Energy AS (a)		72,878
	2,090	Nets AS * (a)		33,716
				106,594
		FRANCE - 3.9%
	877	Amundi SA (a)		51,747
	1,014	SPIE SA		24,463
				76,210
		GERMANY - 12.3%
	1,678	Covestro AG (a)		129,173
	273	Hapag-Lloyd AG * (a)		8,009
	2,240	Innogy SE * (a)		84,557
	1,277	Schaeffler AG - (Preference Shares)		22,451
				244,190
		INDIA - 1.9%
	4,490	ICICI Prudential Life Insurance Co., Ltd. (a)		26,559
	670	InterGlobe Aviation, Ltd. (a)		10,839
				37,398
		INDONESIA - 0.4%
	44,247	Mitra Keluarga Karyasehat Tbk PT		8,766

		ITALY - 3.8%
	4,218	Infrastrutture Wireless Italiane S.p.A. (a)		22,238
	8,007	Poste Italiane S.p.A. (a)		53,386
				75,624
		JAPAN - 15.1%
	7,154	Japan Post Bank Co., Ltd.		88,742
	7,862	Japan Post Holdings Co., Ltd.		98,655
	1,143	Japan Post Insurance Co., Ltd.		26,190
	2,780	Kyushu Railway Co.		85,525
				299,112

See Accompanying Notes to Financial Statements.

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Renaissance International IPO ETF

Portfolio of Investments (Unaudited)

March 31, 2017 (continued)

Shares			Value (US$)
		MEXICO - 1.3%
	8,850	Becle SAB de CV *	$	15,689
	9,561	Nemak SAB de CV (a)		10,617
				26,306
		NETHERLANDS - 9.6%
	4,927	ABN AMRO Group NV (a)		119,577
	1,282	ASR Nederland NV *		36,550
	1,153	Philips Lighting NV * (a)		32,977
				189,104
		SINGAPORE - 1.0%
	3,620	BOC Aviation, Ltd. (a)		19,308

		SOUTH KOREA - 2.6%
	410	Doosan Bobcat, Inc.		13,455
	240	Samsung Biologics Co., Ltd. *		37,128
				50,583
		SPAIN - 2.0%
	2,428	Cellnex Telecom SAU (a)		40,083

		SWITZERLAND - 1.6%
	300	VAT Group AG * (a)		32,676

		TOTAL COMMON STOCKS (Cost - $1,914,536)		1,970,354

		TOTAL INVESTMENTS - 99.6% (Cost - $1,914,536) (c)	$	1,970,354
		LIABILITIES LESS OTHER ASSETS - 0.4 %		7,045
		NET ASSETS - 100.0%	$	1,977,399

Non- income producing security.

(a)

Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors.

(b)

Security has been deemed worthless by the Advisor in accordance with the valuation policies and procedures approved by the Board of Trustees. The Advisor has determined this security to be a Level 3.

(c)

Represents cost for financial reporting purposes. The cost for Federal income tax purposes is $1,914,536 . At March 31, 2017, net appreciation for all securities was $55,818. This consists of aggregate gross unrealized appreciation of $136,341 and aggregate gross unrealized depreciation of $80,523.

PLC - Public Limited Company

See Accompanying Notes to Financial Statements.

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Renaissance IPO ETFs

Statements of Assets and Liabilities

March 31, 2017 (Unaudited)

				Renaissance
	Renaissance			International
	IPO ETF			IPO ETF
Assets
Investment Securities
At Cost	$	13,231,477		$	1,914,536
At Value*		14,660,174			1,970,354
Cash		17,249			4,133
Foreign Cash, at Value (Cost $0 and $353, respectively)		—			354
Dividends Receivable		4,228			5,061
Total Assets		14,681,651			1,979,902

Liabilities
Payable Upon Receipt of Securities Loaned		780,797			—
Payable for Investments Purchased		—			2
Accrued Management Fees		13,040			2,501
Total Liabilities		793,837			2,503
Net Assets	$	13,887,814		$	1,977,399

Net Assets Consist of:
Paid-in-Capital	$	15,544,037		$	2,150,294
Accumulated Net Investment Income (Loss)		20,472			(3,238	)
Accumulated Net Realized Loss on Investments and Foreign Currency		(3,105,392	)		(225,456	)
Net Unrealized Appreciation on Investments and Foreign Currency		1,428,697			55,799
Total Net Assets	$	13,887,814		$	1,977,399

Net Asset Value Per Share	$	23.15		$	19.77
Shares Outstanding (no par value, unlimited amount authorized)		600,000			100,001
* Includes investments in securities on loan, at value	$	766,074			—

See Accompanying Notes to Financial Statements.

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Renaissance IPO ETFs

Statements of Operations

For the Period Ended March 31, 2017 (Unaudited)

			Renaissance
	Renaissance		International
	IPO ETF		IPO ETF
Investment Income
Dividends (net of foreign tax withheld of $0 and $953, respectively)	$	52,052	$	6,904
Securities Lending Income		19,841		219
Total Investment Income		71,893		7,123
Expenses
Management Fees		38,383		7,544
Net Investment Income (Loss)		33,510		(421	)
Net Realized and Unrealized Gain on Investments and Foreign Currency
Net Realized Gain (Loss) on Investments		18,949		(35,586	)
Net Realized Gain (Loss) on Foreign Currency Transactions		—		(2,722	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		1,157,789		66,077
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translations		—		15
Net Realized and Unrealized Gain on Investments and Foreign Currency		1,176,738		27,784
Net Increase in Net Assets Resulting from Operations	$	1,210,248	$	27,363

See Accompanying Notes to Financial Statements.

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Renaissance IPO ETF

Statement of Changes in Net Assets

	Six
	Months Ended
	March 31,			Year Ended
	2017			September 30,
	(Unaudited)			2016
Increase (Decrease) in Net Assets from Operations
Net Investment Income	$	33,510		$	63,219
Net Realized Gain (Loss) on Investments and Foreign Currency		18,949			(3,240,579	)
Net Realized Gain (Loss) on In-Kind Transactions		—			(142,264	)
Net Change in Unrealized Appreciation of Investments		1,157,789			3,735,973
Net Increase in Net Assets Resulting from Operations		1,210,248			416,349
Distributions to Shareholders From
Net Investment Income		(13,038	)		(66,974	)
Net Realized Gain on Investments		—			—
Total Distributions to Shareholders		(13,038	)		(66,974	)
Fund Share Transactions
Proceeds from Shares Sold		—			—
Cost of Shares Redeemed		—			(8,616,024	)
Other Capital (Note 4)		—			1,750
Net Increase (Decrease) in Net Assets from Fund Share Transactions		—			(8,614,274	)
Total Increase (Decrease) in Net Assets		1,197,210			(8,264,899	)
Net Assets
Beginning of Period		12,690,604			20,955,503
End of Period*	$	13,887,814		$	12,690,604
* Includes Accumulated Net Investment Income of	$	20,472		$	—
Increase (Decrease) in Fund Shares Issued
Number of Shares Sold		—			—
Number of Shares Redeemed		—			(450,000	)
Net Increase (Decrease) in Fund Shares		—			(450,000	)

See Accompanying Notes to Financial Statements.

R e n a i s s a n c e C a p i t a l — T h e I P O E x p e r t Page 10

Renaissance International IPO ETF

Statement of Changes in Net Assets

	Six Months
	Ended
	March 31,			Year Ended
	2017			September
	(Unaudited)			30, 2016
Increase (Decrease) in Net Assets from Operations
Net Investment Income (Loss)	$	(421	)	$	36,960
Net Realized Loss on Investments and Foreign Currency		(38,308	)		(152,166	)
Net Change in Unrealized Appreciation of Investments		66,092			183,457
Net Increase in Net Assets Resulting from Operations		27,363			68,251
Distributions to Shareholders From
Net Investment Income		—			(31,470	)
Net Realized Gain on Investments		—			—
Total Distributions to Shareholders		—			(31,470	)
Fund Share Transactions
Proceeds from Shares Sold		—			—
Cost of Shares Redeemed		—			—
Net Increase (Decrease) in Net Assets from Fund Share Transactions		—			—
Total Increase in Net Assets		27,363			36,781
Net Assets
Beginning of Period		1,950,036			1,913,255
End of Period*	$	1,977,399		$	1,950,036
* Includes Accumulated Net Investment Income (Loss) of	$	(3,238	)	$	(2,817	)
Increase (Decrease) in Fund Shares Issued
Number of Shares Sold		—			—
Number of Shares Redeemed		—			—
Net Increase (Decrease) in Fund Shares		—			—

See Accompanying Notes to Financial Statements.

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Renaissance IPO ETF

Financial Highlights

For a Share Outstanding Throughout the Period

	Six Months Ended			Year Ended			Year Ended			Period Ended
	March 31, 2017			September 30,			September 30,			September 30,
	(Unaudited)			2016			2015			2014⁽¹⁾
Net Assets Value, Beginning of Period	$	21.15		$	19.96		$	22.98		$	20.00
Income (Loss) From Investment Operations
Net Investment Income⁽²⁾		0.06			0.08			0.07			0.06
Net Realized and Unrealized Gain (Loss)		1.96			1.21			(2.57	)		2.98
Total from Investment Operations		2.02			1.29			(2.50	)		3.04
Other Capital⁽²⁾		0.00	*		0.00	*		0.00	*		0.00	*
Distribution to Shareholders From Net Investment Income		(0.02	)		(0.10	)		(0.07	)		(0.06	)
Realized Gain on Investments		—			—			(0.45	)		—
Net Asset Value, End of Period	$	23.15		$	21.15		$	19.96		$	22.98
Total Return⁽³⁾		9.38	%		6.50	%		(11.18	)%		15.22	%
Ratios and Supplemental Data
Net Assets, End of Period (000s)	$	13,888		$	12,691		$	20,956		$	33,325
Ratio of Net Expenses to Average Net Assets		0.60	% ⁽⁴⁾		0.60	%		0.60	%		0.60	% ⁽⁴⁾
Ratio of Net Investment Income to Average Net Assets		0.52	% ⁽⁴⁾		0.41	%		0.30	%		0.30	% ⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		84	%		109	%		86	%		127

(1)

Commenced operations October 14, 2013.

(2)

Calculated using average shares method.

(3)

Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the payment date. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(4)

Annualized.

(5)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

Per share amount represents less than $0.005 per share.

See Accompanying Notes to Financial Statements.

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Renaissance International IPO ETF

Financial Highlights

For a Share Outstanding Throughout the Period

	Six Months Ended			Year Ended			Period Ended
	March 31, 2017			September 30,			September 30,
	(Unaudited)			2016			2015⁽¹⁾
Net Assets Value, Beginning of Period	$	19.50		$	19.13		$	20.00
Income (Loss) From Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.00	) *		0.37			0.24
Net Realized and Unrealized Gain (Loss)		0.27			0.31			(0.87	)
Total from Investment Operations		0.27			0.68			(0.63	)
Distribution to Shareholders From Net Investment Income		—			(0.31	)		(0.24	)
Net Asset Value, End of Period	$	19.77		$	19.50		$	19.13
Total Return⁽³⁾		1.40	%		3.73	%		(3.24	)%
Ratios and Supplemental Data
Net Assets, End of Period (000s)	$	1,977		$	1,950		$	1,913
Ratio of Net Expenses to Average Net Assets		0.80	%		0.80	%		0.80	% ⁽⁴⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.04	)% ⁽⁴⁾		1.95	%		1.18	% ⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		56	% ⁽⁴⁾		81	%		101	%

(1)

Commenced operations October 6, 2014.

(2)

Calculated using average shares method.

(3)

(4)

Annualized.

(5)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

Per share amount represents less than $0.005 per share.

See Accompanying Notes to Financial Statements.

R e n a i s s a n c e C a p i t a l — T h e I P O E x p e r t Page 13

Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited)

The Renaissance IPO ETF and the Renaissance International IPO ETF (each a “Fund” and collectively, the “Funds”) are a series of Renaissance Capital Greenwich Funds (“the Trust”), a Delaware Trust, operating as a registered, non-diversified, open-end investment company under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust, organized on February 3, 1997, may issue an unlimited number of shares of the Funds. The shares of the Fund are referred to herein as “Shares.”

The Trust currently consists of three series: an open-end mutual fund and the Funds. The Renaissance IPO ETF commenced operations on October 14, 2013 and the Renaissance International IPO ETF commenced operations on October 6, 2014. The financial statements herein relate solely to those of the Funds.

The Funds are exchange-traded funds (“ETFs”). As ETFs, the Funds trade like other publicly-traded securities and are designed to track an index. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), Shares of the Funds may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. The Shares of the Funds are listed on the NYSE Arca (the “Exchange”), and trade in the secondary market at market prices that may differ from the Shares’ NAV.

1. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services - Investment Companies”.

A. FOREIGN CURRENCY TRANSLATIONS: Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day. Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

B. SECURITY VALUATION: The values of the Funds’ securities are based on the securities’ closing prices on their principal markets, where available. In the absence of a last reported sales price, values may be based on the mean between the last bid and ask prices, if available. For restricted securities, as well as securities or other assets for which market quotations are not readily available or are unreliable, those securities are to be valued at fair value using good faith estimates as determined in accordance with the Trust’s Fund Securities Valuation Procedures, which is approved annually by the Board of Trustees (the “Board”). There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the Fair Value Committee, after consulting with representatives of the Fund’s Adviser, Renaissance Capital LLC (the “Advisor”), and/or the Fund’s Administrator, State Street Bank and Trust, shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) market prices for a security or securities deemed comparable, including the frequency of trades or quotes for the security and comparable securities; (ii) dealer valuations of a security or securities deemed comparable; (iii) short-term instruments with maturities of 60 days or less at the date of the purchase are valued at amortized cost, which approximates fair value; short-term instruments with maturities greater than 60 days at the date of purchase are valued at the midpoint between the latest available and representative asked and bid prices, and commencing 60 days prior to maturity such securities are valued at amortized cost; and (iv) determinations of value by one or more pricing services for a security or securities deemed comparable. The Funds may also use fair value pricing in a variety of circumstances, including, but not limited to, situations where the value of a security in a Fund’s portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded, or where trading in a security has been suspended or halted. Fair value pricing involves

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Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited) (continued)

subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of the security. In addition, fair value pricing could result in a difference between the prices used to calculate the NAV of the Funds and the prices used by each of the Funds’ benchmark indices, the Renaissance IPO Index and the Renaissance International IPO Index, respectively (the “Indices”). This may adversely affect the Funds’ ability to track the Indices.

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At March 31, 2017, all of the Funds’ investments were valued based on Level 1 inputs, except as noted and detailed on the Portfolio of Investments.

It is the Funds’ policy to record transfers in to or out of Level 1, Level 2, and Level 3 at the end of the reporting period. There were no significant transfers in to or out of any level during the current period presented.

C. INVESTMENT INCOME: Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on an accrual basis.

D. INVESTMENT TRANSACTIONS: Security transactions are accounted for on a trade date basis for financial reporting purposes. In determining the gain or loss from the sale of securities, the cost of securities sold is determined on the basis of identified cost.

2. FEDERAL INCOME TAXES: It is the Funds’ intention to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and intend to distribute all of their taxable income to relieve it from all, or substantially all, Federal income and excise taxes. Accordingly, no provision for Federal income taxes is required in the financial statements.

The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Funds recognize the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions in the open tax years (current and prior years, as applicable) or expected to be taken in the Fund’s 2017 tax returns and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the above open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Funds make significant investments.

A. DISTRIBUTIONS TO SHAREHOLDERS: The Funds will normally distribute substantially all of their net investment income at least annually. Any realized net capital gains will be distributed annually. The Funds may also pay a special distribution at any time to comply with U.S. federal tax requirements. All distributions are recorded on the ex-dividend date.

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Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited) (continued)

The amount and character of income and capital gain distributions to be paid are determined in accordance with Federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds.

3. FEES AND EXPENSES

A. MANAGEMENT FEE: The Advisor serves as investment advisor to the Funds pursuant to an investment management agreement between the Trust and the Advisor (the “Investment Management Agreement”). Under the Investment Management Agreement, the Advisor, subject to the supervision of the Board and in conformity with the stated investment policies of the Funds, manages the investment of the Funds’ assets. The Advisor is responsible for placing purchase and sale orders and providing continuous supervision of the investment portfolio of the Funds.

Pursuant to a Supervision and Administration Agreement between the Trust, on behalf of the Funds, and the Advisor, the Advisor oversees the operation of the Funds, provides or causes to be furnished the advisory, supervisory, administrative, distribution, transfer agency, custody and all other services necessary for the Funds to operate, and exercises day-to-day oversight over the Funds’ service providers. Under the Supervision and Administration Agreement, the Advisor also bears all the fees and expenses incurred in connection with its obligations under the Supervision and Administration Agreement, including, but not limited to, the costs of various third-party services required by the Funds, including audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, except those fees and expenses specifically assumed by the Trust on behalf of the Funds.

Pursuant to the terms of each of the Investment Management Agreement and the Supervision and Administration Agreement, the Trust has agreed to indemnify the Advisor for certain liabilities, including certain liabilities arising under the federal securities laws, unless such loss or liability results from willful misfeasance, bad faith or gross negligence in the performance of its duties or the reckless disregard of its obligations and duties. The Investment Management Agreement also provides that the Advisor may engage in other businesses, devote time and attention to any other business, whether of a similar or dissimilar nature, and render investment advisory services to others.

As compensation for its services, the Advisor is paid a monthly management fee for providing investment advisory, supervisory, administrative and other services the Funds require under an all-in fee structure based on a percentage of the Funds’ average daily net assets at the annual rate of 0.60% for Renaissance IPO ETF and 0.80% for Renaissance International IPO ETF.

The Funds also bear certain other expenses, which are specifically excluded from being covered under the management fee and the Supervision and Administration Agreement (“Excluded Expenses”) and may vary and will affect the total level of expenses paid by the Funds. Such Excluded Expenses include taxes, brokerage fees, commissions and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses). The Funds also bear asset-based custodial fees not covered by the Supervision and Administration Agreement.

B. DISTRIBUTION AND SERVICING FEES: Foreside Fund Services, LLC (the “Distributor”) serves as the distributor of the Shares of the Funds. The Board of Trustees of the Trust has adopted a distribution and services plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees in connection with the sale and distribution of their Shares and pay service fees in connection with the provision of ongoing services to shareholders and the maintenance of shareholder accounts in an amount up to 0.25% of the Funds’ average daily net assets each year. No Rule 12b-1 fees are currently paid by the Funds, and there are no current plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because these fees are paid out of the Funds’ assets on an ongoing basis, these fees will increase the cost of your investment in the Funds.

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Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited) (continued)

4. SHAREHOLDER TRANSACTIONS: The Funds issue and redeem Shares at NAV only in a large specified number of Shares each called a “Creation Unit,” or multiples thereof. Creation Units are sold to and from institutional brokers through participation agreements. Except when aggregated in Creation Units, Shares of the Funds are not redeemable. Such transactions generally consist of the in-kind deposit of a designated portfolio of equity securities (the “Deposit Securities”) that comprise the Index and an amount of cash computed as described below (the “Cash Component”) or, as permitted or required by the Funds, of cash. The Cash Component together with the Deposit Securities, as applicable, are referred to as the “Fund Deposit,” which represents the minimum initial and subsequent investment amount for Shares. The Cash Component represents the difference between the NAV of a Creation Unit and the market value of Deposit Securities and may include a Dividend Equivalent Payment. The “Dividend Equivalent Payment” enables the Funds to make a complete distribution of dividends on the next dividend payment date, and is an amount equal, on a per Creation Unit basis, to the dividends on all the securities held by the Funds (“Fund Securities”) with ex-dividend dates within the accumulation period for such distribution (the “Accumulation Period”), net of expenses and liabilities for such period, as if all of the Fund Securities had been held by the Trust for the entire Accumulation Period. The Accumulation Period begins on the ex-dividend date for the Funds and ends on the next ex-dividend date. Transactions in capital shares for the Funds are disclosed in detail in the Statements of Changes in Net Assets.

A fixed transaction fee of $500 per Creation Unit for the Renaissance IPO ETF and $1,000 per Creation Unit for the Renaissance International IPO ETF, regardless of the number of Creation Units that are created or redeemed on the same day, is charged to the institutional broker creating or redeeming Creation Units. An additional variable fee may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and are used to defray related expenses. The amounts are included in Other Capital on the Statements of Changes in Net Assets.

5. INDEMNIFICATION: Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties for the Funds. In addition, in the normal course of business, the Funds may enter into contracts with vendors that contain a variety of representations and warranties that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the risk of loss due to these warranties appears to be remote.

6. INVESTMENT TRANSACTIONS: For the six months ended March 31, 2017, the Renaissance IPO ETF and the Renaissance International IPO ETF did not have any in-kind transactions.

The in-kind contributions and in-kind redemptions may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The amounts represent the accumulation of each Fund’s daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transaction.

The length of time the Funds have held a particular security is not generally a consideration in investment decisions. A change in the securities held by each Fund is known as “portfolio turnover.” The Funds may engage in frequent and active trading of portfolio securities to achieve their investment objective, including, without limitation, to reflect changes in the component securities of the Index, such as reconstitutions or additions or deletions of component securities. To the extent that Creation Unit purchases from and redemptions by the Funds are effected in cash, frequent purchases and redemptions may increase the rate of portfolio turnover. High portfolio turnover involves correspondingly greater expenses to the Funds, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Funds’ performance. The portfolio turnover rates are reported in the Financial Highlights.

For the six months ended March 31, 2017, the Renaissance IPO ETF made purchases with a cost of $11,079,578 and sales with proceeds of $10,825,866 of investment securities and the Renaissance International IPO ETF made purchases with a cost of $1,065,443 and sales with proceeds of $1,072,202 of investment securities (excluding short-term securities).

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Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited) (continued)

7. SECURITIES LENDING: The Funds may lend their portfolio securities to brokers, dealers and other financial institutions desiring to borrow securities to complete transactions and for other purposes. In connection with such loans, the Funds receive liquid collateral equal to at least 102% for U.S. securities and 105% for international securities of the value of the portfolio securities being loaned. This collateral is marked-to-market on a daily basis. Although the Funds will receive collateral in connection with all loans of its securities holdings, the Funds would be exposed to a risk of loss should a borrower fail to return the borrowed securities (e.g., the loaned securities may have appreciated beyond the value of the collateral held by the Funds) or become insolvent. The Funds may pay fees to the party arranging the loan of securities. In addition, the Funds will bear the risk of loss of any cash collateral that it invests. The Funds will then invest the cash collateral received in the State Street Navigator Securities Lending Government Money Market Portfolio, and record a liability for the return of the collateral, during the period the securities are on loan. The Funds are subject to a lending limit of 33⅓% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Funds have the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments. The lending fees and the Funds’ portion of the interest income earned on the cash collateral are included on the Statements of Operations as securities lending income.

See the Portfolio of Investments for information about the value of the securities on loan and their related collateral. The loaned securities are subject to enforceable netting arrangements and as of March 31, 2017, the value of the related collateral exceeded the value of the securities loaned.

Gross Amounts not offset in the

Statement of Financial Position

Gross Amounts

Net Amounts

Gross Amounts

Offset in the

Presented in the

Collateral

of Recognized

Statement of

Financial

Pledged

Net

Securities Lending

Liabilities

Financial Position

Instruments

(Received)

Amount

Renaissance IPO ETF

780,797

—

780,797

(a)

—

(a)

Collateral for securities on loan is included in the Schedule of Investments

The following table represents the amount of payables for cash collateral received on securities on loan as shown on the Statements of Assets and Liabilities for the six months ended March 31, 2017:

	Remaining Contractual Maturity of the Agreements
	As of March 31, 2017
	Overnight and				Between
	Continuous		<30 days		30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	780,797	$	—	$	—	$	—	$	780,797
Total Borrowings	$	780,797	$	—	$	—	$	—	$	780,797
Gross amount of recognized liabilities for securities lending transactions									$	780,797

8. PRINCIPAL RISKS: Investors in the Funds should be willing to accept a high degree of volatility in the price of the Funds’ Shares and the possibility of significant losses. An investment in the Funds involves a substantial degree of risk. Therefore, you should consider carefully the following risks before investing in the Funds. In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such

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Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited) (continued)

things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of selected principal risks. For a more comprehensive list of potential risks the Funds may be subject to, please see the Funds’ Prospectus.

A. RISK OF INVESTING IN IPOs. The Funds invest in companies that have recently completed an initial public offering. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors, widely available research coverage and often may have a limited operating history. IPOs are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the initial public offering prior to inclusion in the Indices. The price of stocks included in the Indices may not continue to appreciate and the performance of these stocks may not replicate the performance exhibited in the past. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often include large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.

B. FINANCIAL SECTOR RISK. Financial companies frequently represent the largest sector in the Renaissance International IPO Index. Financial companies are especially subject to the adverse effects of economic recession, currency exchange rates, government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets and in commercial and residential real estate loans, and competition from new entrants in their fields of business.

C. INFORMATION TECHNOLOGY RISK. Information technology companies frequently represent the largest sector in the Renaissance IPO Index. Information technology companies are generally subject to the risks of rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are internet-related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

D. SMALL AND MID-CAPITALIZATION COMPANY RISK. The Funds invest in small and mid-capitalization companies. Such companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies.

E. DEPOSITARY RECEIPT RISK. The Funds may hold the securities of non-U.S. companies in the form of ADRs and GDRs. ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange, such as the New York Stock Exchange. GDRs are certificates issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank. The shares trade as domestic shares, but are offered for sale globally through the various bank branches. Sponsored ADRs or GDRs are issued with the support of the issuer of the foreign stock underlying the ADRs or GDRs and carry all of the rights of common shares, including voting rights. The underlying securities of the ADRs and GDRs in the Funds’ portfolios are usually denominated or quoted in currencies other than the U.S. Dollar. As a result, changes in foreign currency exchange rates may affect the value of the Funds’ portfolios. In addition, because the underlying securities of ADRs or GDRs trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the ADRs or GDRs may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares of the Funds.

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Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited) (continued)

F. REIT RISK. Investments in securities of real estate companies involve risks. These risks include, among others, adverse changes in foreign, national, state or local real estate conditions; obsolescence of properties; changes in the availability, cost and terms of mortgage funds; and the impact of changes in environmental laws. In addition, a Real Estate Investment Trust (a “REIT”) that fails to comply with foreign or domestic tax requirements affecting REITs may be subject to income taxation, including the U.S. federal tax requirement that a REIT distribute substantially all of its net income to its shareholders may result in a REIT having insufficient capital for future expenditures. The value of a REIT can depend on the structure of and cash flow generated by the REIT. In addition, like mutual funds, REITs have expenses, including advisory and administration fees that are paid by their shareholders. As a result, you will absorb duplicate levels of fees when the Funds invest in REITs. In addition, REITs are subject to certain provisions under federal tax law. The failure of a company to qualify as a REIT could have adverse consequences for a Fund, including significantly reducing return to the Fund on its investment in such company.

G. PARTNERSHIP UNIT RISK. Investments in partnership units, such as master limited partnerships and trusts, involve risks that differ from an investment in common stock. Holders of partnership units have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in partnership units. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of a partnership, including a conflict arising as a result of incentive distribution payments.

H. NON-U.S. ISSUER RISK. Certain companies in which the Funds may invest may be non-U.S. issuers whose securities are listed on U.S. exchanges. These securities involve risks beyond those associated with investments in U.S. securities, including greater market volatility, higher transactional costs, the possibility that the liquidity of such securities could be impaired because of future political and/or economic developments, taxation by foreign governments, political instability, the possibility that foreign governmental restrictions may be adopted which might adversely affect such securities and that the selection of such securities may be more difficult because there may be less publicly available information concerning such non-U.S. issuers or the accounting, auditing and financial reporting standards, practices and requirements applicable to non-U.S. issuers may differ from those applicable to U.S. issuers. Current political uncertainty surrounding the European Union (the “EU”) and its membership, including the 2016 referendum in which the United Kingdom voted to exit the EU, may increase market volatility.

I. EMERGING MARKETS RISK. The funds may invest a portion of their portfolios in securities of issuers located in emerging markets. Emerging market companies involve certain risks not associated with investing in developed market countries because emerging market countries are often in the initial stages of their industrialization cycles and have low per capita income. These increased risks include the possibility of investment and trading limitations, greater liquidity concerns, higher price volatility, greater delays and possibility of disruptions in settlement transactions, greater political uncertainties and greater dependence on international trade or development assistance. In addition, emerging market countries may be subject to overburdened infrastructures and environmental problems.

J. EQUITY SECURITIES RISK. The value of the equity securities held by the Funds may fall due to general market and economic conditions, perceptions regarding the markets in which the issuers of securities held by the Funds participate, or factors relating to specific issuers in which the Funds invest. Equity securities are subordinated to preferred securities and debt in a company’s capital structure with respect to priority in right to a share of corporate income, and therefore will be subject to greater dividend risk than preferred securities or debt instruments. In addition, while broad market measures of equity securities have historically generated higher average returns than fixed income securities, equity securities have also experienced significantly more volatility in those returns.

K. MARKET RISK. The prices of the securities in the Funds are subject to the risk associated with investing in the securities market, including general economic conditions and sudden and unpredictable drops in value. An investment in the Funds may lose money.

L. INDEX TRACKING RISK. The Funds’ returns may not match the returns of the Indices for a number of reasons. For example, a Fund incurs a number of operating expenses not applicable to its Index and incurs costs associated with buying and selling securities, especially when rebalancing a Fund’s securities holdings to reflect changes in the composition of its

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Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited) (continued)

Index. Because the Funds bear the costs and risks associated with buying and selling securities while such costs and risks are not factored into the returns of the Indices, the Funds’ returns may deviate significantly from the returns of the Indices. In addition, the Funds may not be able to invest in certain securities included in the Indices, or invest in them in the exact proportions in which they are represented in the Indices, due to legal restrictions or other limitations. To the extent that a Fund calculates its NAV based on fair value prices and the value of the Index is based on securities’ closing prices, a Fund’s ability to track its Index may be adversely affected.

M. REPLICATION MANAGEMENT RISK. An investment in the Funds involves risks similar to those of investing in any fund of equity securities traded on an exchange, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security prices. However, because the Funds are not “actively” managed, unless a specific security is removed from one of the Indices, the Funds generally would not sell a security because the security’s issuer was in financial trouble. Therefore, the Funds’ performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.

N. PREMIUM/DISCOUNT RISK. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares may result in Shares trading at a significant premium or discount to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholders may sustain losses.

O. NON-DIVERSIFIED RISK. The Funds are classified as a “non-diversified” investment company under the 1940 Act. Therefore, the Funds may invest a relatively high percentage of their assets in a smaller number of issuers or may invest a larger proportion of their assets in a single company. As a result, the gains and losses on a single investment may have a greater impact on the Funds’ NAV and may make the Funds more volatile than more diversified funds. The Funds may be particularly vulnerable to this risk because they seek to replicate indices that are comprised of a limited number of securities.

P. CONCENTRATION RISK. A Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to the extent its Index concentrates in a particular sector or sectors or industry or group of industries. The Funds may be subject to the risk that economic, political or other conditions that have a negative effect on that industry will negatively impact the Funds to a greater extent than if the Funds’ assets were invested in a wider variety of sectors or industries.

Q. SECURITIES LENDING RISK. The Funds may engage in securities lending. Securities lending involves the risk that the fund may lose money because the borrower of the Funds’ loaned securities fails to return the securities in a timely manner or at all. The Funds could also lose money in the event of a decline in the value of the collateral provided for the loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Funds.

R. CUSTODY RISK. The Renaissance International IPO ETF invests in securities on non-U.S. exchanges. Custody risk refers to risks in the process of clearing and settling trades and to the holding of securities by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle. Local agents are held only to the standard of care of the local markets. Governments or trade groups may compel local agents to hold securities in designated depositories that are subject to independent evaluation. The less developed a country’s securities market is, the greater the likelihood of custody problems occurring.

S. CURRENCY RISK. The Funds hold investments that are denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Funds’ investment and the value of the Funds’ Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Funds may change quickly and without warning and you may lose money.

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Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended March 31, 2017 (Unaudited) (continued)

T. VALUATION RISK. The sales price the Renaissance International IPO ETF could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Renaissance International IPO Index, particularly for securities that trade in low value or volatile markets or that are valued using a fair value methodology. Because non-U.S. exchanges may be open on days when the Fund does not price its Shares, the value of the securities in the Renaissance International IPO ETF portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s Shares.

U. AUTHORIZED PARTICIPANT CONCENTRATION RISK. Only an authorized participant may engage in creation or redemption transactions directly with the Funds. The Funds have a limited number of institutions that act as authorized participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Funds and no other authorized participant is able to step forward to create or redeem Creation Units (as defined above), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs generally.

9. ACCOUNTING PRONOUNCEMENTS: In December 2016, FASB issued Accounting Standards update 2016-19 - Technical Corrections and Improvements (“ASU 2016-19”), which is effective for interim periods for all entities beginning after December 15, 2016. ASU 2016-19 includes an amendment to Topic 820, Fair Value Measurement, which clarifies the difference between a valuation approach and a valuation technique when applying the guidance in that Topic. That amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The transition guidance for the amendment must be applied prospectively because it could potentially involve the use of hindsight that includes fair value measurements. Although still evaluating the potential impacts of ASU 2016-19 to the Portfolio, management expects that the impact of the Portfolio’s adoption will be limited to additional financial statement disclosures.

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, which, among other provisions, amends Regulation S-X to require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Compliance with the guidance is effective for financial statements filed with the SEC on or after August 1, 2017; adoption will have no effect on the Portfolio’s net assets or results of operations. Although still evaluating the potential impacts of the Investment Company Reporting Modernization to the Portfolio, management expects that the impact of the Portfolio’s adoption will be limited to additional financial statement disclosures.

10. SUBSEQUENT EVENTS: The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of their financial effect, or a statement that such an estimate cannot be made. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

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Renaissance IPO ETFs

Other Information

For the Period Ended March 31, 2017 (Unaudited)

Proxy Voting Policies and Procedures and Records

Information regarding how the Funds voted proxies related to portfolio securities during the year ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-866-486-6645 or by referring to the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedule

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-866-486-6645.

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund during the past calendar year, when available can be found at www.renaissancecapital.com.

Cost of Investing

Shareholders of the Funds will incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees and other Fund expenses. The following example is intended to help the shareholder understand the ongoing cost (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period ended March 31, 2017.

Actual Expenses: The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Examples for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Renaissance IPO ETF charges a transaction fee of $500 per Creation Unit and the Renaissance International IPO ETF charges a transaction fee of $1,000 per Creation Unit to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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Renaissance IPO ETFs

Other Information

For the Period Ended March 31, 2017 (Unaudited) (Continued)

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*		Annualized
	(10/1/16)		(3/31/17)		(10/1/16-3/31/17)		Expense Ratio
Renaissance IPO ETF
Actual	$	1,000	$	1,094	$	3.13		0.60	%
Hypothetical	$	1,000	$	1,022	$	3.02		0.60	%
(5% return before expenses)

Renaissance International IPO ETF
Actual	$	1,000	$	1,014	$	4.02		0.80	%
Hypothetical	$	1,000	$	1,021	$	4.03		0.80	%
(5% return before expenses)

Expenses are equal to the Funds’ annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 365.

Investment Advisory Agreement

Renewal of Investment Advisory Agreement

In considering whether to approve the continuation of the Advisory Agreement for an additional year, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting and other information from Counsel and from the Adviser, including: (1 ) a copy of the Advisory Agreement; (2) information describing the nature, quality and extent of the services that the Adviser provided to the Funds; (3) information concerning the Adviser’s financial condition, business, operations, portfolio management team and compliance programs; (4) information describing each Fund’s advisory fee and expenses; and (5) a memorandum from Counsel on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. The Board considered the information presented at Board meetings over the last year. In addition, the Board considered presentations made by, and discussions held with, representatives of the Adviser. The Board also received information comparing the advisory fees and expenses of the Funds with the advisory fees and expenses of comparably managed exchange- traded funds (“ETFs”).

The Board, including the Independent Trustees, considered the following factors during their deliberations: (1) the nature, extent and quality of services provided by the Adviser; (2) the investment performance of each Fund and the Adviser; (3) the cost of services provided and the profits realized by the Adviser and its affiliates; (4) the extent to which economies of scale were realized as each Fund grew; (5) whether the fee levels reflected these economies of scale; (6) services and fees relating to other accounts and clients managed by the Adviser; (7) the depth of experience and knowledge of the Adviser with respect to the IPO market; and (8) “fall-out” or ancillary benefits derived by the Adviser and its affiliates from their relationship with the Funds.

R e n a i s s a n c e C a p i t a l — T h e I P O E x p e r t Page 24

(IPO LOGO)

The Board, including the Independent Trustees, considered and discussed the following with respect to each Fund:

Nature, Extent and Quality of Services Provided by the Adviser. The Board reviewed the services that the Adviser provides to the Funds, including, but not limited to, managing the day-to-day investment of the assets of the Funds in accordance with the stated investment objective and policies of each Fund. The Board reviewed the professional personnel of the Adviser and discussed their qualifications. The Board considered and discussed, among other things, the Adviser’s experience and expertise in IPO investment services and the Adviser’s resources. On this basis, the Board concluded that they were satisfied with the nature, extent and quality of the services provided by the Adviser.

Investment Performance of the Funds and the Adviser. The Board considered the Funds’ performance history and market conditions over the last year. The Board considered that each Fund had closely tracked its respective underlying index. The Board considered tracking error data provided by the Adviser to the Board for the Meeting and at prior meetings. The Board also considered information about the premium/discount history of the Funds provided by the Adviser to the Board for the Meeting and at prior meetings, which illustrated the number of times that the market price of the Funds trading on the secondary market closed above or below the net asset value of the Funds, and by how much, measured in basis points. The Board concluded that they were satisfied with the investment performance of the Funds under the Adviser’s management, including the tracking error of the Funds.

Costs of Advisory Services. The Board reviewed the report of the advisory fee and expenses of each Fund as compared to the advisory fees and expenses of other comparably managed ETFs. The Trustees noted the Funds’ unitary fee structure. The Board considered the peer group report and concluded that each Fund’s respective advisory fee and expenses were comparable to similar ETFs managed by specialized research-driven investment advisers, in light of the unique nature of the Funds as IPO-focused ETFs. The Board also considered the fee rates charged to other accounts and clients managed by the Adviser, including the differences in services provided to the non-investment company clients. In addition, the Board considered “fall-out” or ancillary benefits derived by the Adviser and its affiliates from their relationship with the Funds. After review of this information, the Board concluded that each Fund’s advisory fee and expenses were reasonable.

Profitability. The Board considered the level of profitability of the Adviser from its relationship with the Funds. The Board concluded that the Adviser’s current level of profitability was reasonable.

Economies of Scale. The Board reviewed each Fund’s current asset level and concluded that the Funds had not yet reached the level where economies of scale could be achieved.

Conclusion. Based on their deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (1) concluded that terms of the Advisory Agreement were fair and reasonable; (2) concluded that each Fund’s advisory fee and expenses were reasonable in light of the services that the Adviser provides to the Funds; and (3) agreed to continue the Advisory Agreement for another year.

R e n a i s s a n c e C a p i t a l — T h e I P O E x p e r t Page 25

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report (in the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

(a)(2) Certification(s) required by Rule 30a-2 of the Investment Company Act of 1940, as amended (the “1940 Act”) are attached hereto.

(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Sections 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	Shares		Value
COMMON STOCK - 99.8%
BANKS - 5.5%
Bank of NT Butterfield & Son Ltd.		5,000	$	159,550
First Republic Bank		2,000		187,620
				347,170
BUILDING MATERIALS - 4.3%
Forterra, Inc.		9,000		175,500
JELD-WEN Holdings, Inc.		3,000		98,550
				274,050
COMMERCIAL SERVICES - 10.0%
IHS Markit Ltd.*		6,000		251,700
TransUnion*		10,000		383,500
				635,200
COSMETICS/PERSONAL CARE - 3.6%
elf Beauty, Inc.*		8,000		230,400

DISTRIBUTION/WHOLESALE - 3.8%
SiteOne Landscape Supply, Inc.*		5,000		242,050

DIVERSIFIED FINANCIAL SERVICES - 1.9%
Black Knight Financial Services, Inc.*		3,000		114,900
Depository Trust & Clearing Corp.* ^{(a) (c)}		—		5,136
				120,036
FOOD SERVICE - 4.1%
AdvancePierre Foods Holdings, Inc.		2,000		62,340
US Foods Holding Corp.*		7,000		195,860
				258,200
HEALTH SERVICES - 7.5%
INC Research Holdings, Inc.*		2,000		91,700
iRhythm Technologies, Inc.*		6,000		225,600
Quintiles IMS Holdings, Inc.*		2,000		161,060
				478,360
INSURANCE - 5.4%
Athene Holding Ltd.*		3,000		149,970
Kinsale Capital Group, Inc.		6,000		192,240
				342,210

	Shares		Value
INTERNET - 13.7%
Alibaba Group Holding Ltd.* - ADR		1,000	$	107,830
Facebook, Inc.*		1,500		213,076
GoDaddy, Inc.*		5,000		189,500
Snap, Inc.		6,000		135,180
Trade Desk, Inc.*		6,000		223,500
				869,086
LEISURE TIME - 1.0%
Camping World Holdings, Inc.		2,000		64,480

OIL & GAS - 3.7%
Extraction Oil & Gas, Inc.*		4,000		74,200
Parsley Energy, Inc.*		5,000		162,550
				236,750
PACKAGING & CONTAINERS - 3.8%
Berry Plastics Group, Inc.*		5,000		242,850

PHARMACEUTICALS - 3.4%
Zoetis, Inc.		4,000		213,480

RETAIL - 7.5%
J. Jill, Inc.*		10,000		141,000
Ollie’s Bargain Outlet Holdings, Inc.*		10,000		335,000
				476,000
SOFTWARE - 16.9%
Alteryx, Inc.*		10,000		156,300
Blackline, Inc.*		5,000		148,800
Cotiviti Holdings, Inc.*		7,000		291,410
Coupa Software, Inc.*		2,000		50,800
MuleSoft, Inc.*		8,000		194,640
Twilio, Inc.*		8,000		230,960
				1,072,910
TELECOMMUNICATIONS - 3.7%
Acacia Communications, Inc.*		4,000		234,480

TOTAL COMMON STOCK (Cost - $4,884,399)				6,337,712

	Shares		Value
SHORT-TERM INVESTMENTS - 3.2%
MONEY MARKET FUNDS - 3.2%
Dreyfus Institutional Reserve Money Fund Premier Shares, 0.01%**		100,113	$	100,113
Milestone Treasury Obligations Fund Institutional Shares, 0.30%**		100,113		100,113
TOTAL SHORT-TERM INVESTMENTS (Cost - $200,226)				200,226

TOTAL INVESTMENTS - 103.0% (Cost - $5,084,625) ^(b)			$	6,537,938
LIABILITIES LESS OTHER ASSETS - (3.0)%				(185,964	)
NET ASSETS - 100.0%			$	6,351,974

Assets
Investment securities
At cost	$	5,084,625
At value	$	6,537,938
Receivable for Investments Sold		123,453
Dividends and Interest Receivable		31
Due From Advisor		4,384
Prepaid Expenses and Other Assets		21,575
Total Assets		6,687,381

Liabilities
Payable for Investments Purchased		287,227
Payable for Distribution Fees		1,338
Payable to Related Parties		11,778
Accrued Expenses and Other Liabilities		35,064
Total Liabilities		335,407

Net Assets	$	6,351,974

Net Assets Consist of:
Paid-in-Capital	$	5,239,653
Accumulated Net Investment Loss		(181,047	)
Accumulated Net Realized Loss on Investments		(159,945	)
Net Unrealized Appreciation on Investments		1,453,313
	$	6,351,974

Net Asset Value, Offering and Redemption Price Per Share* ($6,351,974/425,479 shares of beneficial interest, without par value, unlimited number of shares authorized)	$	14.93

Investment Income
Dividends	$	10,395
Interest		3,202
Total Investment Income		13,597

Expenses
Investment Adviser		48,265
Federal and State Registration		13,961
Administration Fees		29,917
Transfer Agent Fees and Expenses		17,149
Professional Fees		16,706
Shareholder Reports		12,465
Distribution Fees		8,044
Trustees’ Fees		4,987
Custody Fees		4,239
Other Expenses		249
Total Expenses		155,982
Less:
Fees Waived and Expenses Reimbursed by the Adviser		(75,636	)
Net Expenses		80,346
Net Investment Loss		(66,749	)

Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments		134,874
Net Change in Unrealized Appreciation (Depreciation) During the year on Investments		(311,874	)

Net Realized and Unrealized Gain (Loss) on Investments		(177,000	)

Net Decrease in Net Assets Resulting from Operations	$	(243,749	)

	% of				% of
Holdings By Industry	Net Assets			Holdings By Industry	Net Assets
Software		16.9	%	Packaging & Containers		3.8	%
Internet		13.7	%	Distribution/Wholesale		3.8	%
Commercial Services		10.0	%	Oil & Gas		3.7	%
Health Services		7.5	%	Telecommunications		3.7	%
Retail		7.5	%	Cosmetics/Personal Care		3.6	%
Banks		5.5	%	Pharmaceuticals		3.4	%
Insurance		5.4	%	Diversified Financial Services		1.9	%
Building Materials		4.3	%	Leisure Time		1.0	%
Food Service		4.1	%	Other/Cash & Equivalents		0.2	%
				Total		100.0	%

	Six Months			Year
	Ended			Ended
	March 31,			September 30,
	2017			2016
	(Unaudited)
Increase in Net Assets from Operations
Net Investment Loss	$	(66,749	)	$	(151,860	)
Net Realized Gain (Loss) on Investments		134,874			(49,079	)
Net Change in Unrealized Appreciation (Depreciation) of Investments		(311,874	)		687,766
Net Increase (Decrease) in Net Assets Resulting from Operations		(243,749	)		486,827

Distributions To Shareholders
From net realized gains		—			(157,497	)
Net decrease in net assets from distributions to shareholders		—			(157,497	)

Fund Share Transactions
Proceeds from Shares Sold		116,561			91,596
Shares reinvested		—			153,997
Cost of Shares Redeemed		(638,065	)		(1,245,170	)
Redemption Fee Proceeds		88			202
Net Decrease in Net Assets from Fund Share Transactions		(999,375	)		(2,600,847	)

Total Decrease in Net Assets		(765,165	)		(670,045	)

Net Assets
Beginning of Period		7,117,139			7,787,184
End of Period*	$	6,351,974		$	7,117,139
* Includes Accumulated Net Investment Loss of	$	(181,047	)	$	(114,298	)

Increase (Decrease) in Fund Shares Issued
Number of Shares Sold		7,974			6,288
Shares reinvested		—			10,791
Number of Shares Redeemed		(44,185	)		(88,407	)
Net Decrease in Fund Shares		(36,211	)		(71,328	)

	Six Months Ended
	March 31, 2017			Year Ended September 30,
	(Unaudited)			2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.41		$	14.61		$	16.28		$	15.60		$	11.03		$	9.83
Income (Loss) From Investment Operations
Net Investment Loss		(0.15	) **		(0.30	) **		(0.38	) **		(0.32	) **		(0.15	) **		(0.20	)
Net Realized and Unrealized Gain (Loss)		(0.33	)		1.40			(1.29	)		0.98			4.72			1.39
Total from Investment Operations		(0.48	)		1.10			(1.67	)		0.66			4.57			1.19
Less distributions from:
Net realized gains		—			(0.30	)		—			—			—			—
Total from distributions		—			(0.30	)		—			—			—			—
Paid-in-Capital From Redemption Fees		0.00	*		0.00	*		0.00	*		0.02			0.00	*		0.01
Net Asset Value, End of Period	$	14.93		$	15.41		$	14.61		$	16.28		$	15.60		$	11.03
Total Return⁽¹⁾		(3.11	)% (⁴⁾		7.70	%		(10.26	)%		4.36	%		41.43	%		0.1221
Ratios and Supplemental Data
Net Assets, End of Period (000s)	$	6,352	⁽³⁾	$	7,117		$	7,787		$	11,277		$	53,927		$	8,182
Ratio of Net Expenses to Average Net Assets⁽²⁾		2.50	% ⁽³⁾		2.49	%		2.49	%		2.50	%		2.50	%		2.50	%
Ratio of Net Investment Loss to Average Net Assets⁽²⁾		(2.08	)% ⁽³⁾		(2.14	)%		(2.29	)%		(2.04	)%		(1.15	)%		(1.74	)%
Ratio of Expense to Average Net Assets, excluding waivers⁽²⁾		4.85	% ⁽³⁾		4.62	%		3.86	%		2.83	%		3.47	%		4.46	%
Ratio of Net Investment Loss to Average Net Assets, excluding waivers⁽²⁾		(4.43	)% ⁽³⁾		(4.26	)%		(3.66	)%		(2.37	)%		(2.12	)%		(3.70	)%
Portfolio Turnover Rate		66.78	% ⁽⁴⁾		109.24	%		112.50	%		198.00	%		142.01	%		127.64	%

Assets	Level 1		Level 2		Level 3		Total
Common Stocks*	$	6,332,576	$	—	$	5,136	$	6,337,712
Money Market Funds		200,226		—		—		200,226
Total	$	6,532,802	$	—	$	5,136	$	6,537,938

	Common Stock
Beginning Balance	$	4,232
Net realized gain (loss)		—
Change in unrealized appreciation (depreciation)		862
Cost of purchases		42
Proceeds from sales		—
Accrued interest		—
Ending balance	$	5,136

	Fiscal Year Ended		Fiscal Year Ended
	September 30, 2016		September 30, 2015
Ordinary Income	$	—	$	—
Long-Term Capital Gain		157,497		—
Return of Capital		—		—
	$	157,497	$	—

													Total
Undistributed		Undistributed		Post October			Capital		Other		Unrealized		Accumulated
Ordinary		Long-Term		and Late			Loss Carry		Book/Tax		Appreciation/		Earnings/
Income		Gains		Year Losses			Forwards		Differences		(Depreciation)		(Deficits)
$	—	$	—	$	(382,570	)	$	—	$	—	$	1,738,640	$	1,356,070

Paid In			Undistributed Net		Accumulated Net
Capital			Investment Income (Loss)		Realized Gains (Loss)
$	(178,186	)	$	205,268	$	(27,082	)