Renaissance Capital Greenwich Funds NCSRS Certified semi-annual shareholder report (management investment company)

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)

2 Greenwich Plaza, Greenwich, CT 06830

(Address of principal executive offices) (Zip code)

Emile R. Molineaux, Gemini Fund Services, LLC

150 Motor Parkway, Suite 205, Hauppauge, NY 11788

(Name and address of agent for service)

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

Date of fiscal year end: 9/30

Date of reporting period:3/31/05

Item 1. Reports to Stockholders.

[semi2005ofc002.jpg]

IPO PLUS

AFTERMARKET FUND

2005 Semi-Annual Report

March 31, 2005

Renaissance Capital Corporation

The IPO Experts

[semi2005ifc002.jpg]

THE IPO PLUS

AFTERMARKET FUND

SIMPLIFY YOUR LIFE

WITH ELECTRONIC DELIVERY!

Electronic delivery will help simplify your record keeping. With electronic delivery, you’ll receive an email with a link to your IPO Plus Fund quarterly statement, report or prospectus each time one is available. You don’t need to wait for the mail or deal with paperwork. With electronic delivery, you can:

▪ Receive your statements, reports and updates

▪ Check the value of your account

▪ View recent transactions

▪ Monitor the performance of your funds

▪ Invest in your account or open a new account

Choose one option or all of the options. It’s up to you. To sign up for electronic delivery, just visit our web site: www.IPOhome.com. Click on “IPO Plus Fund”, then click on “Register for Online Access”. It’s that simple!

1-888-IPO-FUND

(1-888-476-3863)

IPOs for Everyone

^{Renaissance Capital}^¾^{The IPO Experts}

[semi2005shltr004.jpg]

Dear Fellow Shareholders:

We are pleased to present you with the IPO Plus Aftermarket Fund’s 2005 Semi-Annual Report. For the six months ended March 31, 2005, the IPO Plus Fund’s total return was 9.29%, compared with a 6.88% return for the S&P 500*, 5.40% for the NASDAQ OTC Composite* and 8.00% for the Russell 2000 Index*.

Contributing to the out-performance for the period were the Fund’s holdings in the retail, energy and defense sectors. Strong gains were also made from various healthcare stocks including drugs, devices and services. Partly offsetting these gains were weak performances in some of the e-commerce and technology stocks.

The IPO market continues to repair itself after the bubble of 1999-2000. After a very weak period from 2001 to 2003, the level of IPO activity in 2004 began approaching historical norms. In addition, those companies that have been going public have been fundamentally stronger, as more issuers are coming to market with profits than during the bubble**. Finally, many IPOs have been discounted from their original proposed prices to satisfy a more selective IPO market.

We continue to be encouraged by the diversity and quality of new companies that are filing to go public. Thank you for being an IPO Plus Fund shareholder.

Sincerely,

Renaissance Capital

April 29, 2005

*Past performance is no guarantee of future results. Investment return and principal value will vary. Investors’ shares when redeemed may be worth more or less than original cost. Returns do not reflect the deduction of taxes a shareholder would pay on distributions or redemption of fund shares. The IPO Fund made no distributions during the period under review. The S&P 500 is a widely recognized index of common prices. An investment cannot be made directly in an index. The Russell 2000 Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000, which represents approximately 98% of the investable U.S. equity market. The NASDAQ Composite Index measures all NASDAQ domestic and international-based common type stocks listed on the NASDAQ Stock Market.

**Source: Renaissance Capital’s IPOhome.com.

IPO⁺

PORTFOLIO OF INVESTMENTS
	……………………………………………………………………………………………………………………………………
As of March 31, 2005 (Unaudited)

			Shares	Value
	Common Stock - 91.98%
	Airlines - 1.31%
	Republic Airways Holdings, Inc. *		20,880	$ 261,000

	Automotive - 0.50%
	Commercial Vehicle Group, Inc. *		5,000	100,000

	Biomedical - 9.78%
	Aspreva Pharmaceuticals Corp. *		28,000	407,400
	Genentech, Inc. *		11,000	622,710
	PRA International *		14,256	383,914
	Syneron Medical Ltd. *		17,000	541,620
				1,955,644
	Casino Hotels - 2.25%
	Las Vegas Sands Corp. *		10,000	450,000

	Chemicals - 6.79%
	Celanese Corp., Series A *		30,000	539,700
	Huntsman Corp. *		17,000	396,440
	Westlake Chemical Corp.		13,000	420,550
				1,356,690

	Coal - 1.76%
	Foundation Coal Holdings, Inc.		15,000	352,650

	Commercial Services - 5.51%
	Accenture Ltd., Class A *		10,000	241,500
	Coinmach Service Corp.		7,000	92,050
	Huron Consulting Group, Inc. *		15,500	321,005
	iPayment Holdings, Inc. *		10,600	447,320
				1,101,875

	Computer Services / Technology - 17.15%
	Anteon International Corp. *		10,000	389,300
	Cogent, Inc. *		20,000	503,600
	Google, Inc., Class A *		2,000	361,020
	Motive, Inc. *		9,000	90,000
	NAVTEQ Corp. *		20,000	867,000
	PortalPlayer, Inc. *		15,000	342,450
	SRA International, Inc., Class A *		9,900	596,475
	Xyratex Ltd. *		15,000	280,500
				3,430,345

	Construction / Building Materials - 1.95%
	Bucyrus International, Inc.		10,000	390,600

See Notes to Financial Statements

IPO⁺

PORTFOLIO OF INVESTMENTS
	……………………………………………………………………………………………………………………………………
As of March 31, 2005 (Unaudited) (Continued)

			Shares	Value
	Education - 4.97%
	Universal Technical Institute, Inc. *		27,000	$ 993,600

	Financial Services - 4.03%
	Calamos Asset Management, Inc., Class A		20,000	538,400
	GFI Group, Inc. *		10,000	268,300
				806,700

	Health Instruments - 5.36%
	Alcon, Inc.		12,000	1,071,480

	Home Furnishings - 3.45%
	Tempur-Pedic International, Inc. *		37,000	690,420

	Insurance - 2.06%
	Genworth Financial, Inc., Class A		15,000	412,800

	Motion Pictures - 2.24%
	DreamWorks Animation SKG, Inc., Class A *		11,000	447,810

	Oil / Gas - 8.48%
	Bill Barrett Corp. *		5,000	144,550
	Hornbeck Offshore Services, Inc. *		20,000	501,200
	Todco, Class A *		5,000	129,200
	W&T Offshore, Inc.		11,000	228,360
	Whiting Petroleum Corp. *		17,000	693,260
				1,696,570

	Real Estate & Real Estate Investment Trusts [REITs] - 5.34%
	CB Richard Ellis Group, Inc., Class A *		15,000	524,850
	Desarrolladora Homex S.A. de C.V. *		15,000	368,700
	U-Store-It Trust		10,000	174,000
				1,067,550

	Retail - 9.05%
	Coach, Inc. *		14,000	792,820
	Dick's Sporting Goods, Inc. *		10,000	367,300
	PETCO Animal Supplies, Inc. *		10,000	368,100
	Texas Roadhouse, Inc., Class A *		10,000	280,800
				1,809,020

	Total Common Stocks (Cost $14,748,669)			18,394,754


See Notes to Financial Statements



IPO⁺

PORTFOLIO OF INVESTMENTS
	……………………………………………………………………………………………………………………………………
As of March 31, 2005 (Unaudited) (Continued)

			Shares	Value
	Short-Term Investments - 2.66%
	Registered Investment Companies - 2.66%
	BNY Hamilton Money Fund, Hamilton Shares,
		due 4/1/05 (Cost $531,885)	531,885	$ 531,885

	Total Investments - 94.64%
		(Cost $15,280,554)(a)		18,926,639
	Other Assets in Excess of Liabilities - 5.36%			1,072,910
	Net Assets 100.00%			$ 19,999,549

	Securities Sold Short
	TRW Automotive Holdings Corp. (Proceeds $204,393)*		10,000	$ 194,300


*	Non-income producing security.
(a)	The cost for Federal income tax purposes was $15,280,554. At March 31, 2005 net unrealized appreciation for all
	securities (excluding securities sold short) based on tax cost was $3,646,085. This consists of aggregate gross unrealized
	appreciation of $3,926,787 and aggregate gross unrealized depreciation of $280,702.

Holdings By Industry	% of Net Assets
Airlines	1.31%
Automotive	0.50%
Biomedical	9.78%
Casino Hotels	2.25%
Chemicals	6.79%
Coal	1.76%
Commercial Services	5.51%
Computer Services / Technology	17.15%
Construction / Building Materials	1.95%
Education	4.97%
Financial Services	4.03%
Health Instruments	5.36%
Home Furnishings	3.45%
Insurance	2.06%
Motion Pictures	2.24%
Oil / Gas	8.48%
Real Estate & REITs	5.34%
Retail	9.05%
Other	8.02%

See Notes to Financial Statements

IPO⁺

STATEMENT OF ASSETS AND LIABILITIES
	……………………………………………………………………………………..
	As of March 31, 2005 (Unaudited)


	Assets
	Investments in Securities, at Value
	(Cost $14,748,669)	$ 18,394,754
	Short-Term Investments, at Cost	531,885
	Cash-Segregated	465,258
	Receivable for Investments Sold	961,505
	Receivable for Fund Shares Sold	2,307
	Dividends and Interest Receivable	1,763
	Prepaid Expenses and Other Assets	25,492
	Total Assets	20,382,964

	Liabilities
	Securities Sold Short, at Value (Proceeds $204,393)	194,300
	Payable for Investments Purchased	115,500
	Payable for Fund Shares Redeemed	14,216
	Payable for Advisory Fee	12,198
	Payable for Distribution Fees	7,785
	Payable for Shareholder Service Fees	4,343
	Accrued Expenses and Other Liabilities	35,073
	Total Liabilities	383,415

	Net Assets	$ 19,999,549

	Net Assets Consist of:
	Paid-in-Capital	$ 96,988,911
	Accumulated Net Investment Income (Loss)	(232,304)
	Accumulated Net Realized Gain (Loss) on Investments	(80,413,236)
	Net Unrealized Appreciation (Depreciation) of Investments	3,656,178

		$ 19,999,549

	Net Asset Value, Offering and Redemption Price Per Share*
	($19,999,549/1,734,756 shares of beneficial interest,
	without par value, unlimited number of shares authorized)	$ 11.53

	*The Fund imposes a 2% redemption fee on shares sold, other than those received from the reinvestment of
	dividends and capital gains, that were held 90 days or fewer.


See Notes to Financial Statements

IPO⁺

STATEMENT OF OPERATIONS
	……………………………………………………………………………………..
	For the Six Months Ended March 31, 2005 (Unaudited)


	Investment Income
	Dividends	$ 19,109
	Interest	8,355
	Total Investment Income (Loss)	27,464

	Expenses
	Investment Adviser	155,845
	Transfer Agent Fees and Expenses	40,318
	Administration Fees	26,056
	Distribution Fees	25,974
	Shareholder Service Fees	25,974
	Trustees' Fees	19,168
	Federal and State Registration	12,791
	Auditing Fees	7,813
	Shareholder Reports	7,346
	Legal Fees	6,653
	Custody Fees	6,371
	Insurance	225
	Other Expenses	3,857
	Total Expenses	338,391
	Less:
	Fees Waived by the Adviser	(78,623)
	Net Expenses	259,768
	Net Investment Income (Loss)	(232,304)

	Net Realized and Unrealized Gain (Loss) on Investments
	Net Realized Gain (Loss) on:
	Investment Securities	1,483,228
	Short Sales	-
	Net Realized Gain (Loss) on Investments and Short Sales	1,483,228

	Net Change in Unrealized Appreciation (Depreciation)
	During the Period on:
	Investment Securities	562,757
	Short Sales	10,093
	Net Change in Unrealized Appreciation (Depreciation)
	of Investments and Short Sales	572,850

	Net Realized and Unrealized Gain (Loss) on Investments	2,056,078

	Net Increase (Decrease) in Net Assets Resulting from Operations	$ 1,823,774


See Notes to Financial Statements

Renaissance Capital Greenwich Funds N-CSRSCertified semi-annual shareholder report (management investment company)