# EDGAR Filing Document

**Accession Number:** 0001026634
**File Stem:** 0001580642-25-007565
**Filing Date:** 2025-12
**Character Count:** 152061
**Document Hash:** 2a65dd09f15c93c36a0714d6c34b067e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007565.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001580642-25-007565

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RENAISSANCE CAPITAL GREENWICH FUNDS
- **CENTRAL INDEX KEY:** 0001026634

**ORGANIZATION NAME:**
- **EIN:** 061465404
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08049
- **FILM NUMBER:** 251548682

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FIRST STAMFORD PLACE
- **STREET 2:** SUITE 403
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 2036222978

**MAIL ADDRESS:**
- **STREET 1:** 100 FIRST STAMFORD PLACE
- **STREET 2:** SUITE 403
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RENAISSANCE FUNDS
- **DATE OF NAME CHANGE:** 19970327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RENAISSANCE FUNDS INC
- **DATE OF NAME CHANGE:** 19961107

## Series and Classes Contracts Data

### Renaissance IPO ETF (Series ID: S000041784)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000129677 | Renaissance IPO ETF | IPO             |

### Renaissance International IPO ETF (Series ID: S000046875)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000146463 | Renaissance International IPO ETF | IPOS            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08049

**RENAISSANCE CAPITAL GREENWICH FUNDS**

(Exact name of registrant as specified in charter)

100 FIRST STAMFORD PLACE, SUITE 403

STAMFORD, CONNECTICUT 06902

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)

State Street Bank and Trust Company

Kristin Person, Esq.

One Congress Street

Boston, Massachusetts 02114

Registrant's telephone number, including area code: (203) 622-2978

Date of fiscal year end: September 30<sup>th</sup>

Date of reporting period: September 30, 2025

**<u>Item 1: Shareholder Report</u>**

(a) The
 Report to Shareholders is attached herewith.

#### Renaissance International IPO ETF

#### Annual Shareholder Report

#### September 30, 2025

#### Ticker: IPOS

#### Principal Listing Exchange: NYSE Arca, Inc.
![Image](i38a6922dcf71d75f836d1306.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the Renaissance International IPO ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at http://etfs.renaissancecapital.com/document-center?tab=regulatory. You can also request this information by contacting us at 1-866-486-6645.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Renaissance International IPO ETF | $94 | 0.80% |

---

# **How did the Fund perform last year and what affected its performance?** 
For the period from October 1, 2024 to September 30, 2025, the Fund's total return based on net asset value was 33.76% compared with 17.14% for the MSCI ACWI ex-US Index. During the period, the international IPO market picked up steam, particularly in Hong Kong, while European issuance remained muted.

**What contributed to performance?**

Key contributors to Fund performance included Galderma, a Swiss skincare firm, and JX Advanced Metals, a Japanese manufacturer of sputtering targets, which are used in semiconductors.

**What detracted from performance?** 

Key detractors to Fund performance included German luxury car manufacturer Porsche and European private equity firm CVC Capital Partners.

# **Fund Performance** 

# Growth of a $10,000 Investment
![Growth of 10K Chart](i5e908da19ebc087c6c7297f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Renaissance International IPO ETF (NAV Return)** | **MSCI ACWI ex-US Index** | **Renaissance International IPO Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10343 | $10746 | $10407 |
| **11/30/2015** | $10234 | $10525 | $10286 |
| **12/31/2015** | $10116 | $10330 | $10270 |
| **1/31/2016** | $9414 | $9629 | $9394 |
| **2/29/2016** | $9018 | $9521 | $9051 |
| **3/31/2016** | $9957 | $10303 | $10063 |
| **4/30/2016** | $10003 | $10583 | $10181 |
| **5/31/2016** | $9915 | $10414 | $10061 |
| **6/30/2016** | $9363 | $10261 | $9432 |
| **7/31/2016** | $9895 | $10771 | $10042 |
| **8/31/2016** | $10095 | $10841 | $10231 |
| **9/30/2016** | $10342 | $10980 | $10458 |
| **10/31/2016** | $10114 | $10823 | $10281 |
| **11/30/2016** | $9675 | $10574 | $9812 |
| **12/31/2016** | $9616 | $10848 | $9822 |
| **1/31/2017** | $10013 | $11233 | $10173 |
| **2/28/2017** | $10130 | $11414 | $10344 |
| **3/31/2017** | $10448 | $11714 | $10667 |
| **4/30/2017** | $10808 | $11972 | $11081 |
| **5/31/2017** | $11120 | $12372 | $11441 |
| **6/30/2017** | $11291 | $12416 | $11567 |
| **7/31/2017** | $11611 | $12877 | $12098 |
| **8/31/2017** | $11872 | $12947 | $12322 |
| **9/30/2017** | $12159 | $13192 | $12663 |
| **10/31/2017** | $12347 | $13442 | $12822 |
| **11/30/2017** | $12587 | $13553 | $13073 |
| **12/31/2017** | $13052 | $13860 | $13379 |
| **1/31/2018** | $13892 | $14633 | $14312 |
| **2/28/2018** | $13496 | $13946 | $13917 |
| **3/31/2018** | $13763 | $13711 | $14108 |
| **4/30/2018** | $13121 | $13941 | $13676 |
| **5/31/2018** | $12671 | $13633 | $13299 |
| **6/30/2018** | $12403 | $13383 | $12944 |
| **7/31/2018** | $12392 | $13707 | $12877 |
| **8/31/2018** | $12111 | $13423 | $12697 |
| **9/30/2018** | $12122 | $13490 | $12686 |
| **10/31/2018** | $10574 | $12394 | $11130 |
| **11/30/2018** | $10676 | $12513 | $11286 |
| **12/31/2018** | $10499 | $11951 | $11250 |
| **1/31/2019** | $11162 | $12856 | $11767 |
| **2/28/2019** | $11820 | $13109 | $12251 |
| **3/31/2019** | $11753 | $13198 | $12223 |
| **4/30/2019** | $12394 | $13557 | $12797 |
| **5/31/2019** | $11775 | $12844 | $12267 |
| **6/30/2019** | $12291 | $13624 | $12805 |
| **7/31/2019** | $11934 | $13463 | $12581 |
| **8/31/2019** | $12081 | $13050 | $12665 |
| **9/30/2019** | $12240 | $13392 | $12800 |
| **10/31/2019** | $12983 | $13862 | $13538 |
| **11/30/2019** | $13085 | $13986 | $13701 |
| **12/31/2019** | $13828 | $14596 | $14502 |
| **1/31/2020** | $13908 | $14206 | $14641 |
| **2/29/2020** | $13777 | $13085 | $14478 |
| **3/31/2020** | $12022 | $11201 | $12870 |
| **4/30/2020** | $13351 | $12057 | $14233 |
| **5/31/2020** | $15197 | $12457 | $15952 |
| **6/30/2020** | $16113 | $13026 | $16986 |
| **7/31/2020** | $17460 | $13612 | $18361 |
| **8/31/2020** | $19529 | $14198 | $20301 |
| **9/30/2020** | $18353 | $13854 | $19368 |
| **10/31/2020** | $18290 | $13559 | $19245 |
| **11/30/2020** | $19427 | $15384 | $20536 |
| **12/31/2020** | $20949 | $16220 | $22313 |
| **1/31/2021** | $21686 | $16258 | $23044 |
| **2/28/2021** | $21074 | $16582 | $22434 |
| **3/31/2021** | $19874 | $16804 | $20889 |
| **4/30/2021** | $20766 | $17309 | $22127 |
| **5/31/2021** | $20697 | $17862 | $22073 |
| **6/30/2021** | $20663 | $17752 | $22029 |
| **7/31/2021** | $19040 | $17465 | $20331 |
| **8/31/2021** | $18811 | $17800 | $20205 |
| **9/30/2021** | $17194 | $17241 | $18536 |
| **10/31/2021** | $16708 | $17657 | $18111 |
| **11/30/2021** | $15404 | $16864 | $16655 |
| **12/31/2021** | $14501 | $17566 | $15808 |
| **1/31/2022** | $12895 | $16920 | $13893 |
| **2/28/2022** | $12106 | $16588 | $13223 |
| **3/31/2022** | $11232 | $16629 | $12340 |
| **4/30/2022** | $10186 | $15595 | $11277 |
| **5/31/2022** | $10569 | $15723 | $11481 |
| **6/30/2022** | $10403 | $14377 | $11198 |
| **7/31/2022** | $10060 | $14874 | $10910 |
| **8/31/2022** | $9477 | $14400 | $10342 |
| **9/30/2022** | $8265 | $12968 | $9028 |
| **10/31/2022** | $7454 | $13357 | $8106 |
| **11/30/2022** | $9494 | $14937 | $10121 |
| **12/31/2022** | $9648 | $14831 | $10564 |
| **1/31/2023** | $10203 | $16036 | $11145 |
| **2/28/2023** | $9437 | $15476 | $10354 |
| **3/31/2023** | $9397 | $15870 | $10326 |
| **4/30/2023** | $9243 | $16157 | $10049 |
| **5/31/2023** | $8740 | $15586 | $9640 |
| **6/30/2023** | $8726 | $16293 | $9496 |
| **7/31/2023** | $9493 | $16961 | $10288 |
| **8/31/2023** | $8365 | $16198 | $9155 |
| **9/30/2023** | $7838 | $15694 | $8644 |
| **10/31/2023** | $7305 | $15049 | $7958 |
| **11/30/2023** | $7958 | $16406 | $8731 |
| **12/31/2023** | $8056 | $17235 | $8803 |
| **1/31/2024** | $7173 | $17066 | $7895 |
| **2/29/2024** | $7740 | $17501 | $8492 |
| **3/31/2024** | $7855 | $18038 | $8637 |
| **4/30/2024** | $8010 | $17754 | $8883 |
| **5/31/2024** | $8050 | $18286 | $8918 |
| **6/30/2024** | $7515 | $18276 | $8325 |
| **7/31/2024** | $7405 | $18705 | $8212 |
| **8/31/2024** | $7694 | $19242 | $8570 |
| **9/30/2024** | $7629 | $19769 | $8600 |
| **10/31/2024** | $7149 | $18808 | $8021 |
| **11/30/2024** | $7172 | $18641 | $8014 |
| **12/31/2024** | $7061 | $18285 | $8054 |
| **1/31/2025** | $7518 | $19025 | $8469 |
| **2/28/2025** | $7581 | $19292 | $8529 |
| **3/31/2025** | $7405 | $19265 | $8349 |
| **4/30/2025** | $7706 | $19977 | $8733 |
| **5/31/2025** | $8209 | $20913 | $9326 |
| **6/30/2025** | $8584 | $21634 | $9691 |
| **7/31/2025** | $8911 | $21579 | $10112 |
| **8/31/2025** | $9624 | $22342 | $10857 |
| **9/30/2025** | $10248 | $23156 | $11643 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Renaissance International IPO ETF (NAV Return) | 33.76% | -10.81% | 0.37% |
| MSCI ACWI ex-US Index | 17.14% | 10.82% | 8.76% |
| Renaissance International IPO Index | 35.38% | -9.68% | 1.53% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* Visit https://etfs.renaissancecapital.com/intl-ipo-etf#performance for more recent performance information.

# Key Fund Statistics (as of 9/30/2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund Stats | &nbsp;&nbsp;&nbsp;Fund Stats.1 |
| Total Net Assets | $5301979 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid | $34762 |

---

# **What did the Fund invest in? (as of September 30, 2025)** 

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Galderma Group AG | 9.1% |
| Horizon Robotics | 7.5% |
| J&T Global Express Ltd. | 5.5% |
| RENK Group AG | 5.4% |
| JX Advanced Metals Corp. | 5.2% |
| Lottomatica Group SpA | 5.0% |
| Midea Group Co. Ltd., Class H | 4.8% |
| Contemporary Amperex Technology Co. Ltd., Class H | 4.7% |
| Zhejiang Leapmotor Technology Co. Ltd., Class H | 4.5% |
| Kokusai Electric Corp. | 4.1% |

---

# Industry Weightings (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Pharmaceuticals | 10.7% |
| Metals & Mining | 9.7% |
| Automobiles | 8.6% |
| Software | 7.5% |
| Semiconductors & Semiconductor Equipment | 6.8% |
| Machinery | 6.7% |
| Air Freight & Logistics | 6.5% |
| Hotels, Restaurants & Leisure | 5.4% |
| Household Durables | 4.8% |
| Electrical Equipment | 4.7% |
| Others | 28.2% |
| Cash | 0.4% |

---

#### Additional Information
Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, is available on the Fund's website at http://etfs.renaissancecapital.com/document-center?tab=regulatory and https://etfs.renaissancecapital.com/document-center?tab=holdings or by scanning the QR code.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etfs.renaissancecapital.com/document-center?tab=regulatory](i9292a169f634369bb2023327.jpg)

#### Renaissance International IPO ETF
![Image](i9072258bcd00fbc6ff5a7ec1.jpg)

Annual Shareholder Report

September 30, 2025

#### Ticker: IPOS

#### Renaissance IPO ETF

#### Annual Shareholder Report

#### September 30, 2025

#### Ticker: IPO

#### Principal Listing Exchange: NYSE Arca, Inc.
![Image](i38a6922dcf71d75f836d1306.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the Renaissance IPO ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at http://etfs.renaissancecapital.com/document-center?tab=regulatory. You can also request this information by contacting us at 1-866-486-6645.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Renaissance IPO ETF | $65 | 0.60% |

---

# **How did the Fund perform last year and what affected its performance?** 
For the period from October 1, 2024 to September 30, 2025, the Fund's total return based on net asset value was 16.61% compared with 17.60% for the S&P 500<sup>®</sup> Index. The US IPO market weathered volatility in the first half of the period due to uncertainties around tariffs and monetary policy, but rebounded strongly in the second half.

**What contributed to performance?** 

Key contributors to Fund performance included Reddit, a forum-based social media platform, and Astera Labs, which makes connectivity products for AI infrastructure.

**What detracted from performance?** 

Key detractors to Fund performance included Brazilian digital bank Nu Holdings (no longer held at fiscal year-end) and Mediterranean fast casual restaurant chain Cava Group.

# **Fund Performance** 

# Growth of a $10,000 Investment
![Growth of 10K Chart](iaa131602f6057344f6c5d3ef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Renaissance IPO ETF (NAV Return)** | **S&P 500<sup>®</sup> Index** | **Renaissance IPO Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10772 | $10844 | $10787 |
| **11/30/2015** | $10812 | $10876 | $10825 |
| **12/31/2015** | $10457 | $10704 | $10492 |
| **1/31/2016** | $8897 | $10173 | $8920 |
| **2/29/2016** | $8972 | $10159 | $8976 |
| **3/31/2016** | $9722 | $10849 | $9731 |
| **4/30/2016** | $10039 | $10891 | $10045 |
| **5/31/2016** | $10165 | $11086 | $10181 |
| **6/30/2016** | $9728 | $11115 | $9777 |
| **7/31/2016** | $10196 | $11525 | $10237 |
| **8/31/2016** | $10544 | $11541 | $10604 |
| **9/30/2016** | $10654 | $11543 | $10719 |
| **10/31/2016** | $10235 | $11332 | $10297 |
| **11/30/2016** | $10467 | $11752 | $10534 |
| **12/31/2016** | $10437 | $11984 | $10525 |
| **1/31/2017** | $10840 | $12212 | $10944 |
| **2/28/2017** | $11364 | $12697 | $11482 |
| **3/31/2017** | $11657 | $12711 | $11783 |
| **4/30/2017** | $12026 | $12842 | $12130 |
| **5/31/2017** | $12747 | $13023 | $12804 |
| **6/30/2017** | $12679 | $13104 | $12755 |
| **7/31/2017** | $13048 | $13373 | $13139 |
| **8/31/2017** | $13235 | $13414 | $13319 |
| **9/30/2017** | $13486 | $13691 | $13546 |
| **10/31/2017** | $14205 | $14011 | $14284 |
| **11/30/2017** | $14094 | $14440 | $14153 |
| **12/31/2017** | $14271 | $14601 | $14370 |
| **1/31/2018** | $14368 | $15437 | $14476 |
| **2/28/2018** | $14352 | $14868 | $14480 |
| **3/31/2018** | $14550 | $14490 | $14681 |
| **4/30/2018** | $14479 | $14546 | $14622 |
| **5/31/2018** | $14793 | $14896 | $14945 |
| **6/30/2018** | $15116 | $14988 | $15230 |
| **7/31/2018** | $15034 | $15545 | $15208 |
| **8/31/2018** | $15609 | $16052 | $15795 |
| **9/30/2018** | $15373 | $16143 | $15560 |
| **10/31/2018** | $13385 | $15040 | $13548 |
| **11/30/2018** | $13396 | $15346 | $13574 |
| **12/31/2018** | $11794 | $13961 | $11937 |
| **1/31/2019** | $13909 | $15079 | $14086 |
| **2/28/2019** | $15414 | $15564 | $15500 |
| **3/31/2019** | $15552 | $15866 | $15692 |
| **4/30/2019** | $15975 | $16508 | $16132 |
| **5/31/2019** | $15135 | $15459 | $15299 |
| **6/30/2019** | $16087 | $16549 | $16336 |
| **7/31/2019** | $16505 | $16787 | $16740 |
| **8/31/2019** | $15618 | $16521 | $15862 |
| **9/30/2019** | $14369 | $16830 | $14594 |
| **10/31/2019** | $15118 | $17195 | $15325 |
| **11/30/2019** | $16000 | $17819 | $16199 |
| **12/31/2019** | $15910 | $18356 | $16087 |
| **1/31/2020** | $16702 | $18349 | $16902 |
| **2/29/2020** | $16130 | $16839 | $16354 |
| **3/31/2020** | $13532 | $14759 | $13694 |
| **4/30/2020** | $15852 | $16651 | $16095 |
| **5/31/2020** | $18762 | $17444 | $19078 |
| **6/30/2020** | $20749 | $17791 | $21028 |
| **7/31/2020** | $22711 | $18794 | $23058 |
| **8/31/2020** | $24754 | $20145 | $25090 |
| **9/30/2020** | $26731 | $19380 | $27144 |
| **10/31/2020** | $26004 | $18864 | $26453 |
| **11/30/2020** | $32985 | $20929 | $33686 |
| **12/31/2020** | $33001 | $21734 | $33754 |
| **1/31/2021** | $34829 | $21514 | $35638 |
| **2/28/2021** | $34225 | $22108 | $35054 |
| **3/31/2021** | $31843 | $23076 | $32594 |
| **4/30/2021** | $31894 | $24307 | $32690 |
| **5/31/2021** | $31490 | $24477 | $32281 |
| **6/30/2021** | $33923 | $25049 | $34793 |
| **7/31/2021** | $32125 | $25644 | $32943 |
| **8/31/2021** | $34235 | $26423 | $35158 |
| **9/30/2021** | $32948 | $25194 | $33836 |
| **10/31/2021** | $35137 | $26960 | $36068 |
| **11/30/2021** | $32299 | $26773 | $33167 |
| **12/31/2021** | $29641 | $27973 | $30433 |
| **1/31/2022** | $23807 | $26525 | $24440 |
| **2/28/2022** | $23505 | $25731 | $24130 |
| **3/31/2022** | $22572 | $26686 | $23159 |
| **4/30/2022** | $18234 | $24359 | $18723 |
| **5/31/2022** | $15914 | $24404 | $16404 |
| **6/30/2022** | $15427 | $22389 | $15908 |
| **7/31/2022** | $16703 | $24454 | $17251 |
| **8/31/2022** | $16426 | $23457 | $16973 |
| **9/30/2022** | $14536 | $21296 | $15019 |
| **10/31/2022** | $14336 | $23020 | $14807 |
| **11/30/2022** | $14152 | $24307 | $14645 |
| **12/31/2022** | $12661 | $22907 | $13101 |
| **1/31/2023** | $14674 | $24346 | $15172 |
| **2/28/2023** | $14459 | $23752 | $14963 |
| **3/31/2023** | $14992 | $24624 | $15517 |
| **4/30/2023** | $14213 | $25008 | $14733 |
| **5/31/2023** | $15325 | $25117 | $15851 |
| **6/30/2023** | $16749 | $26776 | $17307 |
| **7/31/2023** | $18762 | $27637 | $19422 |
| **8/31/2023** | $16738 | $27197 | $17275 |
| **9/30/2023** | $16375 | $25900 | $16803 |
| **10/31/2023** | $15243 | $25355 | $15646 |
| **11/30/2023** | $17287 | $27671 | $17754 |
| **12/31/2023** | $19315 | $28928 | $19862 |
| **1/31/2024** | $17435 | $29414 | $17916 |
| **2/29/2024** | $20098 | $30985 | $20702 |
| **3/31/2024** | $21266 | $31982 | $21891 |
| **4/30/2024** | $19038 | $30675 | $19628 |
| **5/31/2024** | $20093 | $32196 | $20715 |
| **6/30/2024** | $20651 | $33352 | $21335 |
| **7/31/2024** | $20610 | $33758 | $21297 |
| **8/31/2024** | $21398 | $34577 | $22095 |
| **9/30/2024** | $21972 | $35315 | $22680 |
| **10/31/2024** | $22925 | $34995 | $23714 |
| **11/30/2024** | $23606 | $37049 | $24393 |
| **12/31/2024** | $22342 | $36166 | $23124 |
| **1/31/2025** | $24060 | $37173 | $24904 |
| **2/28/2025** | $21598 | $36688 | $22388 |
| **3/31/2025** | $19291 | $34621 | $19987 |
| **4/30/2025** | $19702 | $34386 | $20410 |
| **5/31/2025** | $21947 | $36550 | $22736 |
| **6/30/2025** | $23116 | $38409 | $23932 |
| **7/31/2025** | $23677 | $39271 | $24477 |
| **8/31/2025** | $25611 | $40067 | $26460 |
| **9/30/2025** | $25579 | $41530 | $26466 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Renaissance IPO ETF (NAV Return) | 16.61% | -0.84% | 9.85% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Renaissance IPO Index | 16.69% | -0.50% | 10.22% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* Visit https://etfs.renaissancecapital.com/us-ipo-etf#performance for more recent performance information.

# Key Fund Statistics (as of 9/30/2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund Stats | &nbsp;&nbsp;&nbsp;Fund Stats.1 |
| Total Net Assets | $178634851 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 93% |
| Total Advisory Fees Paid | $906123 |

---

# **What did the Fund invest in? (as of September 30, 2025)** 

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Reddit, Inc., Class A | 9.4% |
| Kenvue, Inc. | 8.9% |
| Astera Labs, Inc. | 8.9% |
| ARM Holdings PLC, ADR | 8.2% |
| NEXTracker, Inc., Class A | 5.2% |
| Viking Holdings Ltd. | 5.2% |
| Rubrik, Inc., Class A | 5.2% |
| Kaspi.KZ JSC, ADR | 4.1% |
| Tempus AI, Inc. | 3.8% |
| Circle Internet Group, Inc., Class A | 3.8% |

---

# Industry Weightings (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductors & Semiconductor Equipment | 17.1% |
| Software | 14.1% |
| Interactive Media & Services | 9.4% |
| Personal Care Products | 8.9% |
| Hotels, Restaurants & Leisure | 8.8% |
| Electrical Equipment | 5.2% |
| Aerospace & Defense | 5.2% |
| Textiles, Apparel & Luxury Goods | 5.0% |
| Consumer Finance | 4.1% |
| Life Sciences Tools & Services | 3.8% |
| Others | 18.3% |
| Cash | 0.1% |

---

#### Additional Information
Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, is available on the Fund's website at http://etfs.renaissancecapital.com/document-center?tab=regulatory and https://etfs.renaissancecapital.com/document-center?tab=holdings or by scanning the QR code.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etfs.renaissancecapital.com/document-center?tab=regulatory](i9292a169f634369bb2023327.jpg)

#### Renaissance IPO ETF
![Image](i9072258bcd00fbc6ff5a7ec1.jpg)

Annual Shareholder Report

September 30, 2025

#### Ticker: IPO
(b) Not applicable.

<u>**Item 2. Code of Ethics**</u>

(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies
 to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed
 to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
 personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a Registrant files
 with, or submits to, the Commission and in other public communications made by the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in
 the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: None.

(d) Waivers: During the period covered by the report, the Registrant has not granted any express or implicit waivers
 from the provisions of the code of ethics.

(e) Not applicable.

(f) The Code of Ethics is included with this Form N-CSR as Exhibit 19(a)(1).

<u>**Item 3. Audit Committee Financial Experts**</u>

The Registrant's Board of Trustees has determined that Deborah Fuhr is the independent audit committee financial expert.

<u>**Item 4. Principal Accountant Fees and Services**</u>

(a) <u>**Audit Fees**</u> 

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY 09/30/25 | $28500 | N/A |
| FY 09/30/24 | $28250 | N/A |

---

(b) <u>**Audit-Related Fees**</u> 

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FYE 09/30/25 | $0 | N/A |
| FYE 09/30/24 | $0 | N/A |

---

(c) <u>**Tax Fees**</u> 

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FYE 09/30/25 | $5300 | N/A |
| FYE 09/30/24 | $5200 | N/A |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) <u>**All Other Fees**</u> 

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FYE 09/30/25 | $0 | N/A |
| FYE 09/30/24 | $0 | N/A |

---

(e) (1) <u>**Audit Committee's Pre-Approval Policies**</u> 

The Registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the Registrant. The Registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the Registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>**Percentages of Services Approved by the Audit Committee**</u>

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| Audit-Related Fees: | N/A | N/A |
| Tax Fees: | N/A | N/A |
| All Other Fees: | N/A | N/A |

---

(f) During the audit of Registrant's financial statements for the most recent fiscal year, less than 50
 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the
 principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant,
 and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the Registrant:

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FYE 09/30/25 | $5300 | N/A |
| FYE 09/30/24 | $5200 | N/A |

---

(h) Not applicable

(i) Not applicable

(j) Not applicable

<u>**Item 5. Audit Committee of Listed Registrants**</u>

The Registrant has an audit committee which was established by the Board of Trustees of the Registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Registrant's Audit Committee are Walter E. Auch, Jr. and Deborah Fuhr.

<u>**Item 6. Schedule of Investments**</u>

(a) Schedules of Investments are included as part of the reports to shareholders
 filed under Item 7(a) of this Form N-CSR.

(b) Not applicable.

<u>**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**</u>

(a) The Registrant's Financial Statements are attached herewith.

![](img_001.jpg)

**Renaissance** **IPO ETF**

**Renaissance International** **IPO ETF**

***2025 Annual Financial Statements and Additional Information***

**September 30, 2025**

***Renaissance Capital LLC***

**Contents**

---

| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm |  |
| Portfolios of Investments | 1 |
| Statements of Assets and Liabilities | 5 |
| Statements of Operations | 6 |
| Statements of Changes in Net Assets | 7 |
| Financial Highlights | 8 |
| Notes to Financial Statements | 10 |
| Other Information | 12 |
| Changes in and Disagreements with Accountants (N-CSR Item 8) | 19 |
| Proxy Disclosures (N-CSR Item 9) | 19 |
| Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) | 19 |
| Statement Regarding Basis for Approval of Investment Advisory Contracts (N-CSR Item 11) | 19 |

---

*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 etfs.renaissancecapital.com/docs/renaissance-ipo-etfs-prospectus.pdf or call (866) 486-6645. Read the prospectus or summary prospectus carefully before investing.*

![](img_001.jpg)

**Report of Independent Registered Public Accounting Firm**

---

| | |
|:---|:---|
| ![(TAITWELLER LOGO)](img_002.jpg) | taitweller.com |

---

**To the Shareholders and Board of Trustees**

**of Renaissance Capital Greenwich Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Renaissance IPO ETF and the Renaissance International IPO ETF, each a series of shares of Renaissance Capital Greenwich Funds (the "Trust"), including the schedules of investments, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1997.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**November 24, 2025**

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 1&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETF

**Portfolio of Investments**

September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value (US$)** |
|  | **COMMON STOCKS - 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES - 9.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services - 9.4%** |  |
| 73218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reddit, Inc. - Class A \* | $16839408 |
|  | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY - 17.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components - 2.1%** |  |
| 268558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobileye Global, Inc. - Class A \* | 3792039 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles - 1.2%** |  |
| 68567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZEEKR Intelligent Technology Holding Ltd. - ADR \* (a) | 2089922 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 8.8%** |  |
| 105730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cava Group, Inc. \* | 6387149 |
| 149436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Holdings Ltd. \* | 9288942 |
|  |  | 15676091 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 5.0%** |  |
| 166855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports, Inc. \* | 5798211 |
| 69098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birkenstock Holding PLC \* | 3126685 |
|  |  | 8924896 |
|  |  | 30482948 |
|  | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES - 13.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 3.5%** |  |
| 170345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear, Inc. \* | 6261882 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products - 0.8%** |  |
| 57400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | 1347752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products - 8.9%** |  |
| 980436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 15912477 |
|  |  | 23522111 |
|  | &nbsp;&nbsp;&nbsp;**ENERGY - 1.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.0%** |  |
| 118830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A | 1686198 |
|  | &nbsp;&nbsp;&nbsp;**FINANCIALS - 5.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets - 1.4%** |  |
| 38289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullish \* | 2435563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance - 4.1%** |  |
| 89750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC - ADR | 7330780 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 0.4%** |  |
| 40742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chime Financial, Inc. - Class A \* | 821766 |
|  |  | 10588109 |
|  | &nbsp;&nbsp;&nbsp;**HEALTH CARE - 4.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology - 0.5%** |  |
| 28460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc. \* | 860915 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 3.8%** |  |
| 84166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc. \* | 6793038 |
|  |  | 7653953 |

---

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 2&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETF

**Portfolio of Investments**

September 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value (US$)** |
|  | &nbsp;&nbsp;&nbsp;**INDUSTRIALS - 12.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense - 5.2%** |  |
| 54186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings, Inc. \* | $4334880 |
| 179994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StandardAero, Inc. \* | 4912036 |
|  |  | 9246916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment - 5.2%** |  |
| 125612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A \* | 9294032 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services - 1.9%** |  |
| 48862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc. - Class A | 3462361 |
|  |  | 22003309 |
|  | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY - 34.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services - 3.6%** |  |
| 47162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc. - Class A \* | 6454120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 17.1%** |  |
| 104090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARM Holdings PLC - ADR \* | 14727694 |
| 81126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs, Inc. \* | 15884471 |
|  |  | 30612165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software - 14.1%** |  |
| 51208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. - Class A \* | 6789157 |
| 47028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figma, Inc. - Class A \* | 2439342 |
| 104955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klaviyo, Inc. - Class A \* | 2906204 |
| 15445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pivotal Software, Inc. - Escrow \* |  |
| 33690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pony AI, Inc. - ADR \* (a) | 757688 |
| 112459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc. - Class A \* | 9249753 |
| 76390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint, Inc. \* | 1686691 |
| 12769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan, Inc. - Class A \* | 1287498 |
|  |  | 25116333 |
|  |  | 62182618 |
|  | &nbsp;&nbsp;&nbsp;**REAL ESTATE - 1.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial REIT's - 1.9%** |  |
| 89739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lineage, Inc. (a) | 3467515 |
|  | **TOTAL COMMON STOCKS** |  |
|  | **(Cost - $169,917,263)** | **178426169** |
|  | **SHORT-TERM INVESTMENTS - 1.9%** |  |
| 3395383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio (b) | 3395383 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | **(Cost - $3,395,383)** | **3395383** |
|  | **TOTAL INVESTMENTS - 101.8% (Cost - $173,312,646) (c)** | $**181821552** |
|  | **OTHER ASSETS AND LIABILITIES - (1.8)%** | **(3186701)** |
|  | **NET ASSETS - 100.0%** | $**178634851** |

---

\* Non-income producing security.

(a) Securities (or a portion of the security) on loan. As of September 30, 2025, the market value of securities loaned was $3,887,840. The loaned securities were secured with cash collateral of $3,395,383 and non-cash collateral with a value of $621,562. The non-cash collateral received consists of securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. 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 $174,160,482. At September 30, 2025, net appreciation for all securities was $7,661,070. This consists of aggregate gross unrealized appreciation of $24,644,794 and aggregate gross unrealized depreciation of $16,983,724.

ADR - American Depositary Receipt

PLC - Public Limited Company

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 3&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance International IPO ETF

**Portfolio of Investments**

September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value (US$)** |
|  | **COMMON STOCKS - 99.6%** |  |
|  | &nbsp;&nbsp;&nbsp;**CHINA - 42.6%** |  |
| 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chifeng Jilong Gold Mining Co. Ltd. - Class H (a) | $31272 |
| 17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Resources Beverage Holdings Co. Ltd. (a) | 24901 |
| 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - Class H (a) | 249693 |
| 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd. - Class H | 23149 |
| 321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horizon Robotics \* | 395168 |
| 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InnoScience Suzhou Technology Holding Co. Ltd. - Class H \* | 25935 |
| 232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J&T Global Express Ltd. \* | 291567 |
| 7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class H \* | 82159 |
| 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laopu Gold Co. Ltd. - Class H (a) | 91494 |
| 9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lens Technology Co. Ltd - Class H | 37872 |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mao Geping Cosmetics Co. Ltd. (a) | 53303 |
| 24100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Co. Ltd. - Class H | 254721 |
| 10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onewo, Inc. - Class H | 32189 |
| 10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SF Holding Co. Ltd. - Class H (a) | 50590 |
| 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. - Class H \* (a) | 158521 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WuXi XDC Cayman, Inc. - Class H \* | 150926 |
| 27837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology Co. Ltd. - Class H \* | 237342 |
| 12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls Co. Ltd. - Class H \* | 69824 |
|  |  | 2260626 |
|  | &nbsp;&nbsp;&nbsp;**GERMANY - 12.7%** |  |
| 4489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Ing hc F Porsche AG - Class H | 217558 |
| 2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IONOS Group SE \* | 101271 |
| 2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RENK Group AG | 284507 |
| 1531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schott Pharma AG & Co. KGaA | 37927 |
| 1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springer Nature AG & Co. KGaA - Class H | 32086 |
|  |  | 673349 |
|  | &nbsp;&nbsp;&nbsp;**HONG KONG - 0.4%** |  |
| 6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guming Holdings Ltd. \* (a) | 18340 |
|  | &nbsp;&nbsp;&nbsp;**INDONESIA - 4.2%** |  |
| 473100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amman Mineral Internasional PT \* | 205109 |
| 188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pertamina Geothermal Energy PT | 15737 |
|  |  | 220846 |
|  | &nbsp;&nbsp;&nbsp;**ITALY - 5.0%** |  |
| 9931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group SpA | 267236 |
|  | &nbsp;&nbsp;&nbsp;**JAPAN - 18.3%** |  |
| 20800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JX Advanced Metals Corp. | 275744 |
| 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kioxia Holdings Corp. \* | 115377 |
| 7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kokusai Electric Corp. | 218632 |
| 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Bank Ltd. \* | 212477 |
| 12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Metro Co. Ltd. (a) | 146665 |
|  |  | 968895 |
|  | &nbsp;&nbsp;&nbsp;**LUXEMBOURG - 5.3%** |  |
| 9329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners PLC | 162319 |
| 18662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zabka Group SA \* | 120404 |
|  |  | 282723 |
|  | &nbsp;&nbsp;&nbsp;**SPAIN - 2.0%** |  |
| 6428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puig Brands SA - Class B | 103240 |
|  | &nbsp;&nbsp;&nbsp;**SWITZERLAND - 9.1%** |  |
| 2781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galderma Group AG | 483151 |
|  | **TOTAL COMMON STOCKS** |  |
|  | **(Cost - $3,928,620)** | **5278406** |
|  | **TOTAL INVESTMENTS - 99.6% (Cost - $3,928,620) (b)** | $**5278406** |
|  | **OTHER ASSETS AND LIABILITIES - 0.4%** | **23573** |
|  | **NET ASSETS - 100.0%** | $**5301979** |

---

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 4&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance International IPO ETF

**Portfolio of Investments**

September 30, 2025 (Continued)

\* Non-income producing security.

(a) Securities (or a portion of the security) on loan. As of September 30, 2025, the market value of securities loaned was $697,227. The loaned securities were secured with non-cash collateral with a value of $735,932. The non-cash collateral received consists of securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.

(b) Represents cost for financial reporting purposes. The cost for Federal income tax purposes is $3,946,757. At September 30, 2025, net appreciation for all securities was $1,331,649. This consists of aggregate gross unrealized appreciation of $1,633,013 and aggregate gross unrealized depreciation of $301,365.

PLC - Public Limited Company

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 5&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETFs

**Statements of Assets and Liabilities**

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Renaissance**<br> **IPO ETF** | **Renaissance<br> International<br> IPO ETF** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities |  |  |
| &nbsp;&nbsp;&nbsp;At Cost | $173312646 | $3928620 |
| &nbsp;&nbsp;&nbsp;At Value\* | 181821552 | 5278406 |
| &nbsp;&nbsp;&nbsp;Cash | 241972 | 17464 |
| &nbsp;&nbsp;&nbsp;Dividends Receivable | 56182 | 13213 |
| &nbsp;&nbsp;&nbsp;Total Assets | 182119706 | 5309083 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payable Upon Receipt of Securities Loaned | 3395383 |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian (Cost $0 and $3,773, respectively) |  | 3750 |
| &nbsp;&nbsp;&nbsp;Accrued Management Fees | 89472 | 3354 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 3484855 | 7104 |
| **Net Assets** | $178634851 | $5301979 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in-Capital | $427075985 | $19103583 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (Accumulated Loss) | (248441134) | (13801604) |
| **Total Net Assets** | $178634851 | $5301979 |
| Net Asset Value Per Share | $49.62 | $17.67 |
| Shares Outstanding (Unlimited Amount Authorized) | 3600000 | 300001 |
| \* Includes Investments in Securities on Loan, at Value | $3887840 | $697227 |

---

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 6&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETFs

**Statements of Operations**

For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Renaissance<br> IPO ETF** | **Renaissance<br> International<br> IPO ETF** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (Net of Foreign Tax Withheld of $0 and $7,218, respectively) | $1272009 | $62997 |
| &nbsp;&nbsp;&nbsp;Securities Lending Income, Net of Rebates Received or Paid to Borrowers | 829587 | 28386 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 2101596 | 91383 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees | 906123 | 34762 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 906123 | 34762 |
| **Net Investment Income (Loss)** | 1195473 | 56621 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | (3523803) | (898024) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on In-Kind Transactions | 16616376 | 93247 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Foreign Currency Transactions |  | (5241) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 6979217 | 2065720 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translations |  | 188 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 20071790 | 1255890 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $21267263 | $1312511 |

---

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 7&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETF

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $1195473 | $225064 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 13092573 | (7369938) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 6979217 | 55042461 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | 21267263 | 47897587 |
| **Distributions to Shareholders From** |  |  |
| &nbsp;&nbsp;&nbsp;Retained Earnings | (1113143) | (65453) |
| &nbsp;&nbsp;&nbsp;Return of Capital | (68363) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1181506) | (65453) |
| **Fund Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | 70634821 | 19151291 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (64236427) | (100252082) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Fund Share Transactions | 6398394 | (81100791) |
| &nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | 26484151 | (33268657) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 152150700 | 185419357 |
| &nbsp;&nbsp;&nbsp;End of Period | $178634851 | $152150700 |
| **Increase (Decrease) in Fund Shares Issued** |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Sold | 1500000 | 500000 |
| &nbsp;&nbsp;&nbsp;Number of Shares Redeemed | (1450000) | (2750000) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Fund Shares | 50000 | (2250000) |

---

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 8&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance International IPO ETF

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $56621 | $45548 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (810018) | (1969552) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 2065908 | 1840045 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | 1312511 | (83959) |
| **Distributions to Shareholders From** |  |  |
| &nbsp;&nbsp;&nbsp;Retained Earnings | (50024) | (37066) |
| **Fund Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (637971) | (1407276) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Fund Share Transactions | (637971) | (1407276) |
| &nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | 624516 | (1528301) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 4677463 | 6205764 |
| &nbsp;&nbsp;&nbsp;End of Period | $5301979 | $4677463 |
| **Increase (Decrease) in Fund Shares Issued** |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Redeemed | (50000) | (100000) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Fund Shares | (50000) | (100000) |

---

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 9&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETF

**Financial Highlights**

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Assets Value, Beginning of Year** | $42.86 | $31.97 | $28.39 | $64.33 | $52.05 |
| **Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(1)</sup> | 0.35 | 0.05 | 0.05 | (0.13) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 6.75 | 10.86 | 3.53 | (35.81) | 12.46 |
| **Total from Investment Operations** | 7.10 | 10.91 | 3.58 | (35.94) | 12.27 |
| &nbsp;&nbsp;&nbsp;Other Capital<sup>(1)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| **Distribution to Shareholders** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net Investment Income | (0.32) | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;From Return of Capital | (0.02) |  |  |  |  |
| **Total Distributions** | (0.34) | (0.02) |  |  |  |
| **Net Asset Value, End of Year** | $49.62 | $42.86 | $31.97 | $28.39 | $64.33 |
| **Total Return<sup>(2)</sup>** | 16.61% | 34.12% | 12.62% | (55.87)% | 23.59% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Year (000s) | $178635 | $152151 | $185419 | $156123 | $498533 |
| &nbsp;&nbsp;&nbsp;Ratio of Net Expenses to Average Net Assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets | 0.79% | 0.13% | 0.18% | (0.28)% | (0.30)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(3)</sup> | 93% | 123% | 60% | 57% | 156% |

---

(1) Calculated
 using average shares method.

(2) 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
 year reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the payment
 date. Broker commission charges are not included in this calculation.

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

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 10&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance International IPO ETF

**Financial Highlights**

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Assets Value, Beginning of Year** | $13.36 | $13.79 | $14.57 | $30.08 | $32.21 |
| **Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(1)</sup> | 0.18 | 0.12 | 0.09 | (0.01) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 4.30 | (0.44) | (0.82) | (15.50) | (1.95) |
| **Total from Investment Operations** | 4.48 | (0.32) | (0.73) | (15.51) | (1.93) |
| **Distribution to Shareholders** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net Investment Income | (0.17) | (0.11) | (0.05) |  | (0.13) |
| &nbsp;&nbsp;&nbsp;From Realized Gain on Investments |  |  |  |  | (0.07) |
| **Total Distributions** | (0.17) | (0.11) | (0.05) |  | (0.20) |
| **Net Asset Value, End of Year** | $17.67 | $13.36 | $13.79 | $14.57 | $30.08 |
| **Total Return<sup>(2)</sup>** | 33.76% | (2.32)% | (5.04)% | (51.57)% | (6.09)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Year (000s) | $5302 | $4677 | $6206 | $8741 | $24066 |
| &nbsp;&nbsp;&nbsp;Ratio of Net Expenses to Average Net Assets | 0.80% | 0.80% | 0.80% | 0.81% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets | 1.30% | 0.87% | 0.56% | (0.03)% | 0.06% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(3)</sup> | 68% | 81% | 68% | 118% | 137% |

---

(1) Calculated
 using average shares method.

(2) 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
 year 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 years of less than one year is not annualized. Broker commission charges are not included in this calculation.

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

See accompanying Notes to Financial Statements.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 11&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETFs

**Notes to financial statements**

For the Year Ended September 30, 2025

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 statutory trust, each 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 Funds are referred to herein as "Shares." 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 year. 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 for which market quotations are readily available as defined in Rule 2a-5 under the 1940 Act are based on the securities' last quoted sales prices on their principal exchanges.

In the absence of a last reported sales price, values may be based on the mean between the current bid and ask prices, if available. Any Fund's securities for which market quotations are not readily available, as well as restricted securities or other investment assets, are to be valued at fair value as determined in good faith in accordance with Valuation Procedures, approved by the Board of Trustees (the "Board"). To carry out the responsibility to determine the Fair Value of any securities or other assets for which market quotations are not readily available, the Board has designated Renaissance Capital LLC (the "Adviser" or "Valuation Designee") as the Valuation Designee. The Funds' Administrator, State Street Bank and Trust Company, assists the Valuation Designee with its responsibilities as set forth in the Valuation Procedures. As a general principle, the "fair value" of a security is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the Valuation Designee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the Adviser with respect to the valuation of the security; (v) whether the same or similar securities are held by other Funds managed by the Adviser and the methodologies used to value comparable or similar securities in those Funds; (vi) the extent to which the fair value determination will be based on data or formulae produced by third parties independent of the Adviser; (vii) the liquidity or illiquidity of the market for the security; (viii) the existence of merger proposals, tender offers or other types of "exit" events for shareholders of the security's issuer; (ix) court action or governmental intervention with respect to a security or its issuer; and (x) price changes of a relevant market index that serves as a reasonable proxy instrument for the fair valued security. Short-term instruments with maturities of 60 days or less at the date of the purchase generally are valued at amortized cost, which approximates fair value; short-term

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 12&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETFs

**Notes to financial statements**

For the Year Ended September 30, 2025 (Continued)

instruments with maturities greater than 60 days at the date of purchase are valued at the midpoint between the latest available and representative bid and ask prices, and commencing 60 days prior to maturity such securities are valued at amortized cost. Money market-type instruments that at a valuation time have a remaining maturity of 60 days or less may be valued at amortized cost (purchase price or last valuation, as applicable, adjusted for accretion of discount or amortization of premium), unless the Valuation Designee believes another valuation is more appropriate. Municipal daily or weekly variable rate demand instruments may be priced at par plus accrued interest. Investments in money market funds are valued at that day's published NAV. 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 received 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 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. The following table summarizes the valuations inputs of the Fund's investments by each fair value hierarchy level as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Renaissance IPO ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(1)</sup> | $178426169 | $— | $— | $178426169 |
| Short-Term Investments | 3395383 |  |  | 3395383 |
| **Total Investments** | $181821552 | $— | $— | $181821552 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Renaissance International IPO ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(1)</sup> | $5278406 | $— | $— | $5278406 |
| **Total Investments** | $5278406 | $— | $— | $5278406 |

---

(1) See the Portfolio of Investments
 for industry/country classification.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. During the year September 30, 2025, there were no transfers between levels.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of Level 3 securities held at the beginning and at the end of the year.

---

| | |
|:---|:---|
| **Renaissance International IPO ETF** | **Common Stocks** |
| Balance as of September 30, 2024 | $119 |
| Change in Unrealized Appreciation (Depreciation) | (119) |
| Balance as of September 30, 2025 | $— |

---

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 13&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETFs

**Notes to financial statements**

For the Year Ended September 30, 2025 (Continued)

**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.

**E. RECENT ACCOUNTING PRONOUNCEMENTS:** In this reporting year, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating

results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President, William K. Smith, acts as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio manager. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, creations and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**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 to distribute all of their taxable income to relieve them 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 their current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

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 Funds' 2025 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.

The components of accumulated earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Renaissance IPO ETF** | **2025** | **Renaissance International IPO ETF** | **2025** |
| Undistributed Ordinary Income | $— | Undistributed Ordinary Income | $1378 |
| Undistributed Long-Term Gains |  | Undistributed Long-Term Gains |  |
| Capital Loss Carry Forwards | (256102204) | Capital Loss Carry Forwards | (15134755) |
| Post October and Late Year |  | Post October and Late Year |  |
| Unrealized Appreciation | 7661070 | Unrealized Appreciation | 1331773 |
| Total Accumulated Earnings | (248441134) | Total Accumulated Earnings | (13801604) |

---

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Renaissance IPO ETFs

**Notes to financial statements**

For the Year Ended September 30, 2025 (Continued)

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

Capital loss carry forwards are available through the date specified below to offset future realized net capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. To the extent future gains are offset by capital loss carry forwards, such gains will not be distributed. As of September 30, 2025, the Renaissance IPO ETF and Renaissance International IPO ETF had non-expiring short term capital loss carry forwards of $151,622,311 and $9,311,905, respectively and long term capital loss carry forwards of $104,479,893 and $5,822,850, respectively.

The Renaissance IPO ETF and Renaissance International IPO ETF have elected to defer losses incurred from November 1, 2024 through September 30, 2025 in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. As of September 30, 2025, Renaissance IPO ETF and Renaissance International IPO ETF did not have any late year ordinary loss deferrals.

The tax character of distributions paid during the year ended September 30, 2025 was ordinary income of $1,113,143 and $50,024 for the Renaissance IPO ETF and Renaissance International IPO ETF, respectively, and return of capital of $68,363 for Renaissance IPO ETF. The tax character of distributions paid during the year ended September 30, 2024 was ordinary income of $65,453 and $37,066 for the Renaissance IPO ETF and Renaissance International IPO ETF, respectively.

**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. 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.

Permanent book and tax differences resulted in reclassifications for the fiscal year ended September 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase<br> (Decrease)<br> to Paid-In<br> Capital** | **Distributable<br> earnings<br> (accumulated loss)** |
| Renaissance IPO ETF | $16298762 | $(16298762) |
| Renaissance International IPO ETF | 42605 | (42605) |

---

For the year ended September 30, 2025, the Renaissance IPO ETF and the Renaissance International IPO ETF reclassified non-taxable security gain/loss realized on the in-kind redemption of Creation Units (Note 4) as an increase to paid-in-capital in the Statement of Assets and Liabilities in the amounts of $16,616,376 and $93,247 respectively.

**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 Administrative 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 Administrative Agreement, the Advisor also bears all the fees and expenses incurred in connection with its obligations under the Supervision and Administrative 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.

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Renaissance IPO ETFs

**Notes to financial statements**

For the Year Ended September 30, 2025 (Continued)

Pursuant to the terms of each of the Investment Management Agreement and the Supervision and Administrative 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 Administrative 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, acquired fund fees and expenses, interest and extraordinary expenses (such as litigation and indemnification expenses).

**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.

**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 year for such distribution (the "Accumulation Year"), net of expenses and liabilities for such year, as if all of the Fund Securities had been held by the Trust for the entire Accumulation Year. The Accumulation Year 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 $300 per Creation Unit for the Renaissance IPO ETF and $750 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. Variable transaction fees are received by the Trust and are used to defray trading costs. These amounts are included in Other Capital on the Statements of Changes in Net Assets. Fixed transaction fees are received by the Custodian.

For the year ended September 30, 2025, the Renaissance IPO ETF had in-kind contributions of $70,629,674 and in-kind redemptions of $64,235,242. For the year ended September 30, 2025, the Renaissance International IPO ETF had in-kind contributions of $0 and in-kind redemptions of $634,445.

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

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Renaissance IPO ETFs

**Notes to financial statements**

For the Year Ended September 30, 2025 (Continued)

**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:** 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 year ended September 30, 2025, the Renaissance IPO ETF made purchases with a cost of $140,908,194 and sales with proceeds of $140,815,672 of investment securities (excluding short-term securities and in-kind transactions of $70,629,674 in purchases and $64,235,242 in sales) and the Renaissance International IPO ETF made purchases with a cost of $2,979,022 and sales with proceeds of $2,992,067 of investment securities (excluding short-term securities and in-kind transactions of $0 in purchases and $634,445 in sales).

**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 year 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, net of rebates received or paid to borrowers.

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 September 30, 2025, 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 not offset in the Statement of Financial Position** | **Gross Amounts not offset in the Statement of Financial Position** | **Gross Amounts not offset in the Statement of Financial Position** | **Gross Amounts not offset in the Statement of Financial Position** |
| <br>**Securities Lending** |<br>**Gross<br> Amounts of<br> Recognized<br> Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of<br> Financial Position** | **Net Amounts<br> Presented in the<br> Statement of<br> Financial Position** | **Financial<br> Instruments** | **Collateral<br> Pledged<br> (Received)** | **Net<br> Amount** |
| Renaissance IPO ETF | $3395383 | $— | $3395383 | $3395383 <sup>(a)</sup> | $— | $— |

---

**(a)** **Collateral for securities on loan is included in the Schedule of Investments** 

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 17&nbsp;&nbsp;&nbsp;&nbsp;*![](img_001.jpg)

Renaissance IPO ETFs

**Notes to financial statements**

For the Year Ended September 30, 2025 (Continued)

The following tables represent the amount of payables for cash collateral received on securities on loan as shown on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Renaissance IPO ETF** | **** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of September 30, 2025** |
|  | **** | **Overnight and<br> Continuous** | **** | **<30 days** | **** | **Between<br> 30 & 90 days** | **** | **>90 days** | **** | **Total** |
| **Securities Lending Transactions** Common Stocks | | $3395383 | | $— | | $— | | $— | | $3395383 |
| **Total Borrowings** | **** | $**3395383** | **** | $**—** | **** | $**—** | **** | $**—** | **** | $**3395383** |
| Gross amount of recognized liabilities for securities lending transactions | |  | |  | |  | |  | | $3395383 |

---

**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. The Funds are subject to the principal investment risks noted below, any of which may adversely affect the Funds' NAV, trading price, yield, total return and ability to meet its investment objective. An investment in a Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 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. 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. In addition, regional, national or global events such as regulatory changes, recessions, banking instability, shifts in monetary or trade policies could have a significant negative impact on securities markets and the Funds' investments. Any of these events may lead to unexpected suspensions or closures of securities exchanges, business disruptions and closures, and reduced or disrupted operations for the Funds' service providers or issuers in which the Funds invest. Government intervention in markets may impact interest rates, market volatility and security pricing.

**B. 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 sector or 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.

**C. 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.

**9. 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 Year Ended September 30, 2025 (Unaudited)

**Additional Tax Information**

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2025.

**Dividend Received Deduction**

The percentage of distributions which qualify for the corporate dividends received is 76.73% and 2.30% for the Renaissance IPO ETF and Renaissance International IPO ETF Fund, respectively.

**Foreign Taxes Credit**

Renaissance International IPO ETF designates $6,103 as foreign taxes paid and $68,892 as foreign source income earned for regular Federal income tax purposes.

**Qualified Dividend Income**

A portion of dividends distributed by the Fund during the fiscal year ended September 30, 2025 is considered qualified dividend income, and is eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual's tax bracket. The Renaissance IPO ETF Fund and Renaissance International IPO ETF Fund had qualified dividend income of $984,447 and $58,228, respectively, for the year ended September 30, 2025.

**Long Term Capital Gains**

Renaissance IPO ETF and Renaissance International IPO ETF had no long term capital gain dividends during the year ended September 30, 2025.

**Changes in and Disagreements with Accountants (N-CSR Item 8)**

During the year ended September 30, 2025, there were no changes in or disagreements with Accountants.

**Proxy Disclosures (N-CSR Item 9)**

During the year ended September 30, 2025, there were no matters submitted to a vote of security holders through the solicitation of proxies or otherwise.

**Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)**

The Adviser does not pay any remuneration to any Trustees who serve as Interested Trustees.

**Statement Regarding Basis for Approval of Investment Advisory Contracts (N-CSR Item 11)**

During the most recent fiscal half-year ended September 30, 2025, the Board did not approve any investment advisory contracts.

*&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp; P a g e 19&nbsp;&nbsp;&nbsp;&nbsp;* 

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item
 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>**

There were no matters submitted to a vote of security holders through the solicitation of proxies or otherwise during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included within the Financial Statements filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract</u>**

During the most recent fiscal half-year ended September 30, 2025, the Registrant's Board of Trustees did not approve any investment advisory contracts.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>**

Not applicable to the Registrant.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies</u>.**

Not applicable to the Registrant.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>.**

Not applicable to the Registrant.

**<u>Item 15. Submission of Matters to a Vote of Security Holders</u>.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees that have been implemented since the registrant last provided disclosure in response to the requirements of this Item.

**<u>Item 16. Controls and Procedures</u>.**

(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) The registrant's principal
 executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
 registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to the Registrant.

**<u>Item 18. Recovery of Erroneously Awarded Compensation</u>**

Not applicable.

**<u>Item 19. Exhibits</u>.**

(a)(1) [Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.](renaissance_ex99codeeth.htm)

Code of Ethics filed herewith.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrants securities are listed.

Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), is attached hereto.](renaissance_ex99cert.htm) |

---

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(a)(5) Change in Registrant's independent public accountant.

Not applicable.

(b) [The certification by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.](renaissance_ex99-906cert.htm)

**SIGNATURES**

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.

RENAISSANCE CAPITAL GREENWICH FUNDS

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| | |
|:---|:---|
| By: | /s/ William K. Smith |
|  | William K. Smith, |
|  | President, Treasurer, Principal Executive Officer and Principal Financial Officer |
| Date: | December 4, 2025 |

---

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 person on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ William K. Smith |
|  | William K. Smith, |
|  | President, Treasurer, Principal Executive Officer and Principal Financial Officer |
| Date: | December 4, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, William K. Smith, certify that:

1. I have reviewed
 this report on Form N-CSR of the Renaissance Capital Greenwich Funds;

2. Based on my knowledge,
 this report does not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under which such
 statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge,
 the financial statements, and other financial information included in this report, fairly
 present in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include a statement
 of cash flows) of the registrant as of, and for, the periods presented in this report;

4. I am responsible
 for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
 have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board
 of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant
 deficiencies and material weaknesses in the design or operation of internal control over
 financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud,
 whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: November 25, 2025

<u>/s/ William K. Smith</u> 

William K. Smith

President, Treasurer,

Principal Executive Officer and

Principal Financial Officer

## Exhibit 99.906

**Exhibit 19(b)**

**EX-99.906CERT**

<u>Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>

William K. Smith, President, Treasurer, Principal Executive Officer and Principal Financial Officer of the Renaissance Capital Greenwich Funds (the "Registrant"), certifies to the best of his knowledge that:

1. The Registrant's
 periodic report on Form N-CSR for the period ended September 30, 2025 (the "Report")
 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
 Act of 1934, as amended; and

2. The information
 contained in the Report fairly presents, in all material respects, the financial condition
 and results of operations of the Registrant.

President, Treasurer,

Principal Executive Officer and

Principal Financial Officer

Renaissance Capital Greenwich Funds

<u>/s/ William K. Smith</u> 

William K. Smith

Date: November 25, 2025

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Renaissance Capital Greenwich Funds and will be retained by the Renaissance Capital Greenwich Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**EX-99.CODE ETH**

![](codeeth_001.jpg)

**RENAISSANCE CAPITAL GREENWICH FUNDS**

**RENAISSANCE CAPITAL LLC**

**<u>CODE OF ETHICS</u>**

Dated: February 19, 2021

WHEREAS, RENAISSANCE CAPITAL GREENWICH FUNDS (the "Trust") is a registered investment company under the Investment Company Act of 1940, as amended (the "ICA"); and

WHEREAS, RENAISSANCE CAPITAL LLC (the "Investment Adviser") is registered as an investment adviser under the Investment Advisers Act of 1940, as amended; and

WHEREAS, Rule 17j-1 under the ICA requires the Trust and the Investment Adviser to each adopt a Code of Ethics and Rule 204A-1 under the Investment Advisers Act, as amended ("Rule 204A-1") requires that the Investment Adviser establish, maintain and enforce a Code of Ethics;

WHEREAS, the purpose of Rule 17j-1 is to prevent affiliated persons of the Trust in connection with the purchase or sale of a security held or to be acquired by the Trust from (i) employing any device, scheme or artifice to defraud the Trust; (ii) making any untrue statements of material fact to the Trust or omitting to state a material fact necessary in order to make the statements made to the Trust, in light of the circumstances under which they are made, not misleading; (iii) engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on the Trust; (iv) or engaging in any manipulative practice with respect to the Trust and the purpose of Rule 204A-1 is to ensure that the Investment Adviser establishes a standard of business conduct for its supervised persons, which standard must reflect the fiduciary obligations of the Investment Adviser and its supervised persons;

WHEREAS, the Trust and Investment Adviser hereby adopted this Code of Ethics on the 15th day of May, 2009, as amended on the 17th day of February, 2012, the 5th day of October, 2015, the 10th day of May, 2018, and the 16th day of November, 2018;

NOW, THEREFORE, the Trust and Investment Adviser adopt this amendment to the Code of Ethics as of the 19th day of February, 2021.

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I. <u>DEFINITIONS</u> 

For purposes of this Code of Ethics the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. " <u>Access Person</u> " means any director<sup>1</sup>, officer, or advisory person of the Trust, the Investment Adviser or Principal Underwriter; provided, however, that any persons who are access persons of any investment adviser of, administrator or principal underwriter for the Trust and who reports his or her securities and transactions to such investment adviser, administrator or principal underwriter in accordance with Rule 17j-1 of the ICA, shall not be deemed an access person of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Advisory Person</u> " means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any officer, director or employee of the Trust, the Investment Adviser or administrator (or of any entity in a control relationship with the Trust, its Investment Adviser or administrator, who, in connection with his or her regular functions or duties, makes, participates in, or obtains information (other than publicly available information) regarding the purchase or sale of Covered Securities by the Trust, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any natural person directly or indirectly owning, controlling, or holding with power to vote, 25% or more of the outstanding voting securities of the Trust or its investment advisers who obtains information (other than publicly available information) concerning recommendations made by the Trust or its investment advisers with regard to the purchase or sale of a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>Affiliated Persons</u> " or " <u>Affiliates</u> " means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any employee or Access Person of the Trust or the Investment Adviser, and any member of the immediate family (defined as spouse, child, mother, father, brother, sister, in-law or any other relative) of any such person who lives in the same household as such person or who is financially dependent upon such person;

<sup>1</sup> This Code of Ethics in places refers to directors. The definition of "director" in Section 2(a)(12) of the 1940 Act includes any director of a corporation or any person performing similar functions, including "any natural person who is a member of aboard of trustees of a management company created as a common-law trust". For convenience, in this memorandum the term "director" also refers to "trustee", and the term "board of directors" also refers to "board of trustees".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any account for which any of the persons described above is a custodian, trustee or otherwise acting in a fiduciary capacity, or with respect to which any such person either has the authority to make investment decisions or from time to time gives investment advice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any partnership, corporation, joint venture, trust or other entity in which any employee of the Trust or the Investment Adviser or Access Person of the Trust or the Investment Adviser directly or indirectly, in the aggregate, has a 10% or more beneficial interest or for which any such person is a general partner or an executive officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>Beneficial ownership of a security</u> " by any person includes securities held by: (a) a spouse, minor children or relatives who share the same home with such person; (b) an estate for such person's benefit; (c) a trust, of which (i) such person is a trustee or such person or members of such person's immediate family have a vested interest in the income or corpus of the trust, or (ii) such person owns a vested beneficial interest, or (iii) such person is the settlor and such person has the power to revoke the trust without the consent of all the beneficiaries; (d) a partnership in which such person is a partner; (e) a corporation (other than with respect to treasury shares of the corporation) of which such person is an officer, director or 10% stockholder; (f) any other person if, by reason of contract, understanding, relationship, agreement or other arrangement, such person obtains therefrom benefits substantially equivalent to those of ownership; or (g) such person's spouse or minor children or any other person, if, even though such person does not obtain therefrom the above-mentioned benefits of ownership, such person can vest or revest title in himself at once or at some future time. A beneficial owner of a security also includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power and/or investment power with respect to such security. Voting power includes the power to vote, or to direct the voting of such security, and investment power includes the power to dispose, or to direct the disposition of such security. A person is the beneficial owner of a security if he has the right to acquire beneficial ownership of such security at any time within sixty (60) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Control</u> " means the power to exercise a controlling influence over the management or policies of a corporation. Any person who owns beneficially, either directly or through one or more controlled corporations, more than 25% of the voting securities of a corporation shall be presumed to control such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Covered Security</u> " means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or
 participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or

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subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call straddle, option or privilege entered into on a national securities exchange relating to foreign currency, or in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing; <u>provided</u>, <u>however</u>, that "security" shall not mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Securities issued or guaranteed by the Government of the United States, its agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares of registered open-end investment companies other than funds for which the Investment Adviser serves as investment adviser and any other "Reportable Funds" as defined by section (e)(9)(ii) of Rule 204A-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. An " <u>Initial Public Offering</u> " means an offering of securities registered under the Securities Act of 1933 [15 U.S.C. 77a], the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934 [15 U.S.C. 78m or 78o(d)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Investment Adviser</u> " means Renaissance Capital and any successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A " <u>Limited Offering</u> " means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) [15 U.S.C. 77d(2) or 77d(6)] or pursuant to rule 504, rule 505, or rule 506 [17 CFR 230.504, 230.505, or 230.506] under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>Principal Underwriter</u> " of or for the Trust (unless the Trust becomes a closed-end company), or of any security issued by the Trust, means any underwriter who as principal purchases from the Trust, or pursuant to contract has the right (whether absolute or conditional) from time to time to purchase from the Trust, any security issued by the Trust for distribution, or who as agent for the Trust sells or has the right to sell any security issued by the Trust to a dealer or to the public or both, but does not include a dealer who purchases from the Trust through a principal underwriter acting as agent for such company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. " <u>Purchase or sale of a Covered Security</u> " includes, among other things, the writing of an option to purchase or sell a security.

II. <u>COMPLIANCE WITH GOVERNING LAWS, REGULATIONS AND PROCEDURES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All employees shall have and maintain knowledge of and shall comply strictly with all applicable Federal and state laws and all rules and regulations of any governmental agency or self-regulatory organization governing his or her activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each employee will be given a copy of the Code of Ethics at the time of his or her employment and will be provided with any amendments thereto no less than annually. Each Access Person is required to submit a statement at least annually that he or she has reviewed the Code of Ethics and any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. All employees shall comply strictly with procedures established by the Trust and the Investment Adviser to ensure compliance with applicable Federal and state laws and regulations of governmental agencies and self-regulatory organizations. The employees shall not knowingly participate in, assist, or condone any acts in violation of any statute or regulation governing securities matters, nor any act which would violate any provision of this Code of Ethics, or any rules adopted thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Each employee having supervisory responsibility shall exercise reasonable supervision over employees subject to his or her control, with a view to preventing any violation by such persons of applicable statutes or regulations, the procedures of the Trust, the Investment Adviser or the provisions of this Code of Ethics or procedures adopted in furtherance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Any employee encountering evidence that acts in violation of applicable statutes or regulations or provisions of this Code of Ethics or procedures adopted in furtherance thereof have occurred shall report such evidence to the President of the Trust who will report to the Board of Trustees of the Trust.

III. <u>CONFIDENTIALITY OF TRANSACTIONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Information relating to the Trust's portfolio and research and studies activities is confidential until publicly available. Whenever statistical information or research is supplied to or requested by the Trust, such information must not be disclosed to any persons other than persons designated by the President or the Board of Trustees of the Trust. If the Trust is considering a particular purchase or sale of a security, this must not be disclosed except to such duly authorized persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any employee authorized to place orders for the purchase or sale of securities on behalf of the Trust shall take all steps reasonably necessary to provide that all brokerage orders for the purchase and sale of securities for the account of the Trust will be so executed as to ensure that the nature of the transactions shall be kept confidential until the information is reported to the Securities and Exchange Commission or the Trust's shareholders in the normal course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If any employee of the Trust or the Investment Adviser or any Access Person should obtain information concerning the Trust's portfolio (including, the consideration by the Trust of acquiring, or recommending any security for the Trust's portfolio), whether in the course of such person's duties or otherwise, such person shall respect the confidential nature of this information and shall not divulge it to anyone unless it is properly part of such person's services to the Trust to do so or such person is specifically authorized to do so by the President of the Trust.

IV. <u>ETHICAL STANDARDS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Every employee, in making any investment recommendation or taking any investment action, shall exercise diligence and thoroughness, and shall have a reasonable and adequate basis for any such recommendations or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conflicts of interest generally result from a situation in which an individual has personal interests in a matter that is or may be competitive with his responsibilities to another person or entity (such as the Trust) or where an individual has or may have competing obligations or responsibilities to two or more persons or entities. In the case of the relationship between the Trust on the one hand, and its employees and Access Persons and their respective affiliates, on the other hand, such conflicts may result from the purchase or sale of securities for the account of the Trust and for the account of any affiliated person or from the purchase or sale for the account of the Trust of securities in which an Access Person or employee of the Trust, or his or her affiliates, has an interest. In these cases, all potential or actual conflicts must be disclosed and the first preference and priority must be to avoid such conflicts of interest wherever possible and, where they unavoidably occur, to resolve them in a manner not disadvantageous to the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No employee shall engage in outside employment in competition with the Trust or Investment Adviser, nor shall any employee engage in outside employment that constitutes a conflict of interest or the appearance of a conflict of interest with the Trust or Investment Adviser. Every employee seeking to engage in outside employment must submit a written request in order to obtain written approval from the Investment Adviser prior to engagement in such employment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Every employee and Access Person and their respective affiliates, shall conduct themselves in a manner consistent with the highest ethical standards. They shall avoid any action, whether for personal profit or otherwise, that results in an actual or potential conflict of interest, or the appearance of a conflict of interest, with the Trust or which may be otherwise detrimental to the interests of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. An employee having discretion as to the selection of broker-dealers to execute securities transactions for the Trust shall select broker-dealers solely on the basis of the services provided directly or indirectly by such broker-dealers to the Trust. An employee shall not, directly or indirectly, receive a fee or commission from any source in connection with the sale or purchase of any security for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. In addition, the Trust shall take all actions reasonably calculated to ensure that they engage broker-dealers to transact business with the Trust whose partners, officers and employees, and their respective affiliates, will conduct themselves in a manner consistent with the provisions of this Section IV.

V. <u>ACTIVITIES AND TRANSACTIONS OF ACCESS PERSONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person or affiliate of such Access Person shall engage in a purchase or sale of a security (including any option, warrant or other right or interest relating to such security), other than on behalf of the Trust, which security such Access Person or affiliate of such Access Person knows or reasonably expects the Trust to acquire or dispose of at a future time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Under no circumstances will an Access Person or affiliate of such Access Person engage in the purchase or sale of any security (including any option, warrant or other right or interest relating to such security) which, within the most recent thirty (30) calendar days, has had an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person shall recommend to, or cause or attempt to cause, the Trust to acquire, dispose of, or hold any security (including any option, warrant or other right or interest relating to such security) which such Access Person or an affiliate of such Access Person has direct or indirect beneficial ownership unless the Access Person shall first disclose in writing to the President of the Trust all facts reasonably necessary to identify the nature of the ownership of such Access Person or his or her affiliate in such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. No Access Person shall acquire an unregistered security issued in a Limited Offering without obtaining the prior written approval of the President of the Trust. Under normal circumstances, such approval will not be withheld if the Access Person demonstrates in writing that: (1) the investment is not suitable for the Trust; (2) the investment opportunity was unique to the individual circumstances

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of the Access Person; and (3) no overreaching would or could occur. An Access Person who has been authorized to acquire securities in a private placement must disclose such investment to the President of the Trust when such Access Person plays a part in any subsequent consideration of any investment in the issuer by the Trust. The decision to purchase securities of the issuer for the Trust shall be subject to an independent review by the President of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. No Access Person shall acquire direct or indirect beneficial ownership of, or otherwise purchase, securities issued during an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If, as a result of fiduciary obligations to other persons or entities, an Access Person believes that such person or an affiliate of such person is unable to comply with certain provisions of the Code of Ethics, such Access Person shall so advise the President of the Trust in writing, setting forth with reasonable specificity the nature of such fiduciary obligations and the reasons why such Access Person believes such person is unable to comply with any such provisions. The President of the Trust may, in his discretion, exempt such Access Person or an affiliate of such person from any such provisions, if the President of the Trust shall determine that the services of such Access Person are valuable to the Trust and the failure to grant such exemption is likely to cause such Access Person to be unable to render services to the Trust. Any Access Person granted an exemption (including, an exception for an affiliate of such person), pursuant to this Section shall, within three business days after engaging in a purchase or sale of the pertinent security, furnish the President of the Trust with a written report concerning such transaction, setting forth the information specified in Section VI.B hereof.

VI. <u>REPORTING PROCEDURES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Except as provided by Section VI.E hereof, every Access Person shall report to the President of the Trust or a designee of the President the information described in Sections VI.B and VI.C hereof with respect to transactions in any security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in a covered security, <u>provided</u>, <u>however</u>, that any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Initial Holdings Report</u>. Each Access Person, within ten (10) days of becoming an Access Person, shall report to the President of the Trust or a designee of the President the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, the type, the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each Covered Security in which the

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Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became and Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Quarterly Transactions Report</u>. Every report required to be made pursuant to Section VI.A hereof shall be made not later than ten business days after the end of the calendar quarter in which the transaction to which the report relates was effected and shall contain the following information for all transactions during such calendar quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>With Respect to Transactions During the Quarter In Covered Securities:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The date of transaction, the title, the type, the exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The nature of the transaction (<u>i.e.</u>, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>With Respect to Accounts In Which Any Securities Were Held</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The date that the report is submitted by the Access Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Annual Holdings Report</u>. Access Persons must report the following information to the President of the Trust on an annual basis no later than 20 calendar days after December 31 of each year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, the type, the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Access Person.

In the event that no securities are held as of December 31, the report should specify that securities were not held as of such date. This report should include all securities and other financial property, including book entry shares held at companies, broker/dealers, investment advisers or other institutions and physically issued certificates held in a safe deposit box, at one's home, or in the trust department of a bank or trust company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Notwithstanding the provisions of Sections VI.A and VI.C hereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No person shall be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A Trustee of the Trust who is not an interested person of the Trust and who would be required to report solely by reason of being a Trustee of the Trust is not required to make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) An Initial Holdings Report under Section VI.B or an Annual Holdings Report under Section VI.D; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A Quarterly Transactions Report under Section VI.C, unless the Trustee knew, or in the ordinary course of fulfilling his or her official duties as a Trustee of the Trust, should have known that during the 15-day period immediately before or after the Trustee's transaction in a Covered Security, the Trust purchased or sold the Covered Security, or the Trust or its Investment Adviser considered purchasing or selling the Covered Security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A Trustee of the Trust who is not an interested person of the Trust and who would be required to pre-clear transactions solely by reason of being a Trustee of the Trust is not required to obtain any such pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No report is required from an Access Person of an investment company registered under the ICA if such investment company is a money market fund or an investment company that does not invest in Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No Quarterly Transactions Report is required from an Access Person of the Trust if the report would duplicate information contained in broker trade confirmations or account statements received by the Trust, its Investment Adviser, Administrator or its Principal Underwriter with respect to that Access Person, if all of the information required to be contained in the Quarterly Transactions Report is contained in such broker trade confirmations or account statements that are received within ten days after the end of the calendar quarter.

VII. <u>REVIEW PROCEDURES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The reports submitted by Access Persons pursuant to Section VI.C hereof shall be reviewed at least quarterly by the Chief Compliance Officer of the Investment Adviser and the President of the Trust, or such other persons or committees as shall be designated by the Chief Compliance Officer of the Investment Adviser and President of the Trust, in order to monitor compliance with this Code of Ethics. The persons reviewing the reports will document such review by certifying on a quarterly basis that such review has been completed and whether any violations of the Code of Ethics were detected. The President or Chief Compliance Officer shall report all failures to comply with this Code of Ethics to the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If it is determined by the Chief Compliance Officer of the Investment Adviser or President of the Trust that a violation of this Code of Ethics has occurred and that the person violating this Code of Ethics has purchased or sold a security at a more advantageous price than that obtained by the Trust, such person shall be required to offer to sell to or purchase from the Trust, as the case may be, such security at the more advantageous price. If this cannot be consummated, then the Chief Compliance Officer of the Investment Adviser or President of the Trust shall take such other course of action as it may deem appropriate. With respect to any violation of this Code of Ethics, the Board of Trustees may take any preventive, remedial or other action which it may deem appropriate. In determining whether or not there has been, or may be, a conflict of interest between the Trust and any person subject to this Code of Ethics, the Board of Trustees shall consider all of the relevant facts and circumstances.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. At least annually, the Trust shall furnish to the Board of Trustees a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Describes any issues arising under this Code of Ethics or procedures adopted in furtherance thereof, including but not limited to, any information about material violations of this Code of Ethics, procedures adopted in furtherance thereof, and sanctions impose in response to such material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certifies that the Trust has adopted procedures reasonably necessary to prevent Access Persons from violating this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The records created and maintained under this Code of Ethics shall be maintained as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All approvals of the purchase of securities in a Limited Offering shall be maintained for at least five years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each Code of Ethics for the Trust, the Investment Adviser and Principal Underwriter in effect at any time in the last five years must be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of any records of violations of the Code of Ethics or any action taken as a result of a violation must be maintained in an easily accessible place for five years after the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Initial Holdings Reports, Quarterly Transactions Reports and Annual Holdings Reports from Access Persons, and all reports from the Trust, its investment adviser(s) and its principal underwriter, shall be maintained for at least five years after the end of the fiscal year in which the report was made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A record of all persons currently or within the past five years who are or were required to make reports and persons designated to review the reports required under this Code of Ethics shall be maintained in an easily accessible place for at least five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All certifications of review by the persons designated to review the reports required under this Code of Ethics shall be maintained in an easily accessible place for at least five years.

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VIII. <u>Audit Committee Financial Expert for the Trust</u> 

The Audit Committee of the Trust must include at least one financial expert who is independent of management.

IX. <u>EXECUTIVE GUIDELINES CONCERNING CORPORATE GOVERNANCE</u> 

This section of the Code of Ethics is to ensure that the principal executive officers, principal financial officers, principal accounting officers or controllers, or persons performing similar functions, regardless of whether these persons are employed by the Trust, the Investment Adviser or a third party, promote professional conduct in the practice of corporate governance and management (the "Executives"). The Executives hold an important and elevated role in corporate governance because they are uniquely capable and empowered to ensure that all stockholders interests are appropriately balanced, protected and preserved. This section provides principles to which the Executives are expected to adhere and advocate.

The purpose behind these guidelines is to promote i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission and in other public communications made by the Trust; iii) compliance with applicable governmental laws, rule and regulations; iv) the prompt internal reporting of violations of this Code of Ethics to an appropriate person or persons identified in this Code of Ethics; and v) accountability for adherence to this Code of Ethics. All Executives will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide shareholders with information that is accurate, complete, objective, relevant, timely and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with rules and regulations of federal, state, provincial and local governments, and other appropriate private and public regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing one's independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Respect the confidentiality of information acquired in the course of one's work except when authorized or otherwise legally obligated to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Take reasonable efforts to keep confidential from non-trading employees of the Investment Adviser and Trust information about trading by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Confidential information acquired in the course of one's work will not be used for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Share knowledge and maintain skills important and relevant to the Trust's and the Investment Adviser's needs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Proactively promote and be an example of ethical behavior as a responsible partner among peers, in the work environment and the community.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Achieve responsible use of and control over all assets and resources employed or entrusted.

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