Renaissance Capital Greenwich Funds N-CSRS 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

450 Wireless Blvd., 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:3/31/06

Item 1.  Reports to Stockholders.

IPO PLUS AFTERMARKET FUND

2006 Semi-Annual Report

March 31, 2006

Renaissance Capital Corporation

The IPO Experts

IPO⁺

THE IPO PLUS

AFTERMARKET FUND

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IPOs for Everyone

^{Renaissance Capital¾The IPO Experts}

Dear Fellow Shareholders:

We are pleased to present you with the IPO Plus Aftermarket Fund’s 2006 Semi-Annual Report. For the six months ended March 30, 2006, the IPO Plus Fund’s total return was 9.22%, compared with 6.38% for the S&P 500, 8.74% for the NASDAQ OTC Composite and 15.23% for the Russell 2000 Index*.

During the period under review, the IPO Plus Fund benefited from its investments in the energy sector because of the rising crude oil and commodities prices.  Also benefiting the Fund were its investments in financial services securities as a result of the growing use of options and derivatives.

Offsetting these gains were investments in some of the technology companies, some of which faced growing competition and, therefore, pricing pressures.

We are seeing increased activity in the IPO market, particularly in the energy, technology and biotech sectors.

Thank you for being an IPO Plus Fund shareholder.

Sincerely,

IPO Plus Aftermarket Fund

May 24, 2006

*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 Fund’s prospectus contains more complete information, including fees, expenses and risks involved in investing in newly public companies and should be read carefully before investing. 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.

IPO+
Holdings By Industry
………………………………………………………………………
	% of		% of
Holdings By Industry	Net Assets	Holdings By Industry	Net Assets
Advertising	4.40%	Oil/Gas	10.93%
Airlines	1.35%	Pharmaceuticals	5.17%
Coal	3.54%	Real Estate & REITs	1.05%
Commercial Printing	2.72%	Rental Auto Equipment	1.47%
Computer Svcs/Technology	8.56%	Restaurants	2.68%
Construction/Bldg. Materials	2.68%	Schools	1.11%
Electronics	1.72%	Semiconductor	3.14%
Financial Serviccs	14.37%	Software	3.52%
Furniture	1.62%	Telecom Services	4.69%
Healthcare Services	3.02%	Transportation	2.39%
Insurance	3.99%	Utilities	4.40%
Lodging	3.44%	Other	6.77%
Leasing Companies	1.27%	Total	100.00%

IPO+
PORTFOLIO OF INVESTMENTS
	……………………………………………………………………………………………………………………………………
As of March 31, 2006 (Unaudited)
			Shares	Value
	Common Stock - 93.23%
	Advertising - 4.40%
	Focus Media Holding Ltd. *		15,000	$       870,300
	Airlines - 1.35%
	Gol Linhas Aereas Inteligentes, SA		10,000	268,000
	Coal - 3.54%
	Foundation Coal Holdings, Inc.		17,000	699,380
	Commercial Printing - 2.72%
	VistaPrint Ltd. *		18,000	537,300
	Computer Services / Technology - 8.56%
	IHS, Inc. *		12,000	328,200
	NAVTEQ Corp. *		18,000	911,700
	SRA International, Inc., Class A *		12,000	452,760
				1,692,660
	Construction / Building Materials - 2.68%
	Desarrolladora Homex *		15,000	529,950
	Electronics - 1.72%
	Ituran Location and Control Ltd.		22,500	340,425
	Financial Services - 14.37%
	Clayton Holdings, Inc. *		20,000	421,600
	Global Cash Access, Inc. *		18,000	315,360
	Lazard Ltd., Class A		12,500	553,125
	OptionsXpress Holdings, Inc.		20,000	581,600
	Thomas Weisel Partners Group, Inc. *		20,000	438,000
	Wright Express Corp. *		19,000	532,950
				2,842,635
	Furniture - 1.62%
	Knoll, Inc.		15,000	319,800
	Healthcare Services - 3.02%
	Nighthawk Radiology Holdings, Inc. *		25,000	597,250
See Notes to Financial Statements
IPO+
PORTFOLIO OF INVESTMENTS
	……………………………………………………………………………………………………………………………………
As of March 31, 2006 (Unaudited) (Continued)
			Shares	Value
	Insurance - 3.99%
	Amerisafe, Inc. *		10,000	$       120,000
	Genworth Financial, Inc., Class A		20,000	668,600
				788,600
	Lodging - 3.44%
	Las Vegas Sands Corp. *		12,000	679,920
	Leasing Companies - 1.27%
	Williams Scotsman International, Inc. *		10,000	250,500
	Oil / Gas - 10.93%
	Basic Energy Services, Inc. *		23,000	685,400
	Bill Barrett Corp. *		13,000	423,670
	Dresser-Rand Group, Inc. *		18,000	447,300
	W&T Offshore, Inc.		15,000	604,650
				2,161,020
	Pharmaceuticals - 5.17%
	Adams Respiratory Therapeutics, Inc. *		13,000	517,010
	Herbalife Ltd. *		15,000	506,550
				1,023,560
	Real Estate & Real Estate Investment Trusts [REITs] - 1.05%
	DiamondRock Hospitality Co.		15,000	207,150
	Rental Auto Equipment - 1.47%
	H&E Equipment Services, Inc. *		10,000	291,200
	Restaurants - 2.68%
	Tim Hortons, Inc. *		20,000	531,000
	Schools - 1.11%
	Lincoln Educational Services *		12,900	218,655
	Semiconductors - 3.14%
	Saifun Semiconductors, Ltd. *		20,000	622,000
See Notes to Financial Statements
IPO+
PORTFOLIO OF INVESTMENTS
	……………………………………………………………………………………………………………………………………
As of March 31, 2006 (Unaudited) (Continued)
			Shares	Value
	Software - 3.52%
	VeriFone Holdings, Inc. *		23,000	$       696,670
	Telecom Services - 4.69%
	Neustar, Inc., Class A *		28,000	868,000
	WiderThan Co., Ltd. *		4,500	59,490
				927,490
	Transportation - 2.39%
	American Commercial Lines, Inc. *		10,000	472,000
	Utilities - 4.40%
	CPFL Energia SA		7,600	319,200
	ITC Holdings Corp.		21,000	551,250
				870,450
	Total Common Stocks (Cost $15,486,135)			18,437,915
	Short-Term Investments - 4.55%
	Registered Investment Companies - 4.55%
	BNY Hamilton Money Fund, Hamilton Shares,
		due 4/3/06 (Cost $900,000)		900,000
	Total Investments - 97.78%
		(Cost $16,386,135)(a)		$  19,337,915
	Assets in Excess of Other Liabilities - 2.22%			441,464
	Net Assets 100.00%			$  19,779,379
*	Non-income producing security.
(a)	The cost for Federal income tax purposes was $16,386,135.  At March 31, 2006 net unrealized appreciation for all
	securities (excluding securities sold short) based on tax cost was $2,951,780.   This consists of aggregate gross unrealized
	appreciation of $3,045,380 and aggregate gross unrealized depreciation of $93,600.
See Notes to Financial Statements

IPO+
STATEMENT OF ASSETS AND LIABILITIES
	……………………………………………………………………………………..
	As of March 31, 2006 (Unaudited)
	Assets
	Investments in Securities, at Value
	(Cost $15,486,135)	$         18,437,915
	Short-Term Investments, at Cost	900,000
	Cash	57,202
	Cash-Segregated	427,116
	Receivable for Investments Sold	563,282
	Receivable for Fund Shares Sold	125
	Dividends and Interest Receivable	14,807
	Prepaid Expenses and Other Assets	3,928
	Total Assets	20,404,375
	Liabilities
	Payable for Investments Purchased	578,176
	Payable for Advisory Fee	11,924
	Payable for Distribution Fees	3,585
	Payable for Fund Shares Redeemed	2,856
	Payable for Shareholder Service Fees	4,139
	Accrued Expenses and Other Liabilities	24,316
	Total Liabilities	624,996
	Net Assets	$         19,779,379
	Net Assets Consist of:
	Paid-in-Capital	$         92,952,299
	Accumulated Net Investment Income (Loss)	(164,958)
	Accumulated Net Realized Gain (Loss) on Investments	(75,959,742)
	Net Unrealized Appreciation (Depreciation) of Investments	2,951,780
		$         19,779,379
	Net Asset Value, Offering and Redemption Price Per Share*
	($19,779,379/1,439,406 shares of beneficial interest,
	without par value, unlimited number of shares authorized)	$                  13.74
	*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, 2006 (Unaudited)
	Investment Income
	Dividends	$                37,970
	Interest	39,886
	Total Investment Income (Loss)	77,856
	Expenses
	Investment Adviser	145,695
	Transfer Agent Fees and Expenses	27,622
	Federal and State Registration	27,300
	Administration Fees	25,200
	Distribution Fees	24,283
	Shareholder Service Fees	24,282
	Trustees' Fees	8,964
	Auditing Fees	7,739
	Custody Fees	7,726
	Legal Fees	7,136
	Shareholder Reports	6,394
	Insurance	92
	Other Expenses	6,158
	Total Expenses	318,591
	Less:
	Fees Waived by the Adviser	(75,777)
	Net Expenses	242,814
	Net Investment Income (Loss)	(164,958)
	Net Realized and Unrealized Gain (Loss) on Investments
	Net Realized Gain (Loss) on:
	Investment Securities	2,762,442
	Net Realized Gain (Loss) on Investments and Short Sales	2,762,442
	Net Change in Unrealized Appreciation (Depreciation)
	During the Period on:
	Investment Securities	(885,942)
	Short Sales	(9,126)
	Net Change in Unrealized Appreciation (Depreciation)
	of Investments and Short Sales	(895,068)
	Net Realized and Unrealized Gain (Loss) on Investments	1,867,374
	Net Increase (Decrease) in Net Assets Resulting from Operations	$           1,702,416

See Notes to Financial Statements

IPO+
STATEMENTS OF CHANGES IN NET ASSETS
	……………………………………………………………………………………..
		Six Months Ended	Year
		March 31,	Ended
		2006	September 30,
		(Unaudited)	2005
	Increase (Decrease) in Net Assets
	from Operations
	Net Investment Income (Loss)	$             (164,958)	$             (407,066)
	Net Realized Gain (Loss) on Investments
	and Short Sales	2,762,442	3,174,280
	Net Change in Unrealized Appreciation
	(Depreciation) of Investments and Short Sales	(895,068)	763,520
	Net Increase (Decrease) in Net Assets
	Resulting from Operations	1,702,416	3,530,734
	Fund Share Transactions
	Proceeds from Shares Sold	691,895	2,116,834
	Cost of Shares Redeemed	(2,711,992)	(5,134,260)
	Redemption Fee Proceeds	1,106	3,395
	Net Increase (Decrease) in Net Assets
	from Fund Share Transactions	(2,018,991)	(3,014,031)
	Total Increase (Decrease) in Net Assets	(316,575)	516,703
	Net Assets
	Beginning of Period	20,095,954	19,579,251
	End of Period	$         19,779,379	$         20,095,954
	Increase (Decrease) in Fund Shares Issued
	Number of Shares Sold	53,911	181,593
	Number of Shares Redeemed	(211,829)	(440,563)
	Net Increase (Decrease) in Fund Shares	(157,918)	(258,970)

See Notes to Financial Statements

IPO+
FINANCIAL HIGHLIGHTS
	……………………………………………………………………………………………………………….
For a Share Outstanding Throughout Each Period
		Six Months
		Ended
		March 31,
		2006		Year Ended September 30,
		(Unaudited)		2005		2004	2003		2002		2001
Net Asset Value,
	Beginning of Period	$      12.58		$    10.55		$      9.63	$      7.40		$      8.36		$      30.48
Income (Loss) From
Investment Operations
	Net Investment Income (Loss)	(0.11)		(0.25)		(0.26)	(0.15)		(0.18)		(0.32)
	Net Realized and
	Unrealized Gain (Loss)	1.27		2.28		1.17	2.38		(0.78)		(21.80)
Total from Investment
	Operations	1.16		2.03		0.91	2.23		(0.96)		(22.12)
Paid-in-Capital From
	Redemption Fees	0.00	*	0.00	*	0.01	0.00	*	0.00	*	-
Net Asset Value,
	End of Period	$      13.74		$    12.58		$    10.55	$      9.63		$      7.40		$        8.36
Total Return (1)		9.22%		19.24%		9.55%	30.14%		(11.48)%		(72.57)%
Ratios and
	Supplemental Data
Net Assets,
	End of Period (000s)	$    19,779		$  20,096		$  19,579	$  19,574		$  15,871		$    23,038
Ratio of Net Expenses
	to Average Net Assets	2.50%	(2)	2.50%		2.50%	2.50%		2.50%		2.50%
Ratio of Net Investment Income
	(Loss) to Average Net Assets	(1.70)%	(2)	(2.00)%		(2.24)%	(1.92)%		(1.89)%		(1.76)%
Ratio of Expense
	to Average Net Assets,
	excluding waivers	3.28%	(2)	3.27%		3.28%	3.93%		3.79%		2.93%
Ratio of Net Investment Income
	(Loss) to Average Net Assets,
	excluding waivers	(2.48)%	(2)	(2.77)%		(3.02)%	(3.35)%		(3.18)%		(2.19)%
Portfolio Turnover Rate		121.02%		158.00%		159.73%	212.31%		263.74%		69.17%
(1)	Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.
	Total returns for periods less than one year are not annualized.
(2)	Annualized.
*	Per share amount represents less than $0.01 per share.

See Notes to Financial Statements

Notes to Financial Statements

………………………………………………………………….

For the Six Months Ended March 31, 2006 (unaudited)

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

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

A. SIGNIFICANT ACCOUNTING POLICIES: The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are followed by the IPO+ Fund in the preparation of its financial statements. Accounting principles generally accepted in the United States of America may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements.  Actual results may differ from those estimates.

1.SECURITY VALUATION: Portfolio securities are valued at the last sale price on the securities exchange or national securities market on which such securities primarily are traded.   NASDAQ traded securities are valued at the NASDAQ Official Closing Price (NOCP). Securities not listed on an exchange or national securities market, or securities in which there were no transactions, are valued at the average of the most recent bid and asked prices. Short-term investments are carried at amortized cost, which approximates value.   Restricted securities, as well as securities or other assets for which market quotations are not readily available, or are not valued by a pricing service approved by the Fund’s Board of Trustees (the “Board”), are valued at fair value using good faith estimates as determined in accordance with the Trust’s “Procedures for Valuing Illiquid S ecurities and Securities for Which Market Quotations are Not Readily Available or May be Unreliable.”   There is no single standard for determining the fair value of such securities.   Rather, in determining the fair value of a security, the Board, after consulting with representatives of the Fund’s Advisor and/or the Fund’s Administrator, shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) market prices for a security or securities deemed comparable, including the frequency of trades or quotes for the security and comparable securities; (ii) dealer valuations of a security or securities deemed comparable; and (iii) determinations of value by one or more pricing services for a security or securities deemed comparable.   As of March 31, 2006, the Fund did not hold any securities for which market quotations were not readily available.

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

As of September 30, 2005, the IPO+ Fund had a federal income tax capital loss carry forward of $78,721,743.  Federal capital loss carry forwards expire as follows: $9,312,210 expiring in 2008, $65,326,226 expiring in 2009, $1,806,048 expiring in 2010 and $2,277,259 expiring in 2011.  To the extent future capital gains are offset by capital loss carry forwards, such gains will not be distributed.

As of September 30, 2005 the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	Net unrealized  appreciation (depreciation) on investments	Total accumulated earnings (deficit)
$(78,721,743)	$3,846,407	$(74,875,336)

Notes to Financial Statements

………………………………………………………………….

For the Six Months Ended March 31, 2006 (unaudited) (continued)

The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on washes sales.

3. DISTRIBUTIONS TO SHAREHOLDERS: The IPO+ Fund will normally distribute substantially all of its net investment income in December. Any realized net capital gains will be distributed annually.  All distributions are recorded on the ex-dividend date.  The amount and character of income and capital gain distributions to be paid are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America.  These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterizations of distributions made by the Fund.  

Permanent book and tax differences resulted in reclassification for the year ended September 30, 2005 as follows: a decrease in paid-in-capital of $407,066 and a decrease in undistributed net investment loss of $407,066.

4. OTHER: Security transactions are accounted for on a trade date basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date.   Interest income is recorded on an accrual basis.

B. INVESTMENT ADVISER: Under the terms of an Investment Advisory Agreement with Renaissance Capital, a registered investment adviser, the IPO+ Fund agrees to pay Renaissance Capital an annual fee equal to 1.50% of the average daily net assets of the IPO+ Fund, payable monthly. Additionally, Renaissance Capital has voluntarily agreed to defer or waive fees or absorb some or all of the expenses of the IPO+ Fund in order to limit Total Fund Operating Expenses to 2.50%.  During the six months ended March 31, 2006, Renaissance Capital deferred fees of $75,777.  These deferrals are subject to later recapture by Renaissance Capital for a period of three years.  Total deferrals subject to recapture by Renaissance Capital are $547,253.   These deferrals will expire as follows: $224,092 expiring in 2006, $166,481 expiring in 2007 and $156,680 expiring in 2008.

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

D. SHAREHOLDER SERVICES: The IPO+ Fund has adopted a Distribution and Shareholder Services Plan (“the Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes the IPO+ Fund, as determined from time to time by the Board of Trustees, to pay up to 0.50% of the IPO+ Fund’s average daily net assets for distribution and shareholder servicing.

The total annual fee for distribution of the IPO+ Fund’s shares, which is payable monthly, will not exceed 0.25% of the average daily net asset value of shares invested in the IPO+ Fund by customers of the broker-dealers or distributors.

Each shareholder servicing agent receives an annual fee, which is payable monthly up to 0.25% of the average daily net assets of shares of the IPO+ Fund held by investors for whom the shareholder servicing agent maintains a servicing relationship.

Notes to Financial Statements

………………………………………………………………….

For the Six Months Ended March 31, 2006 (unaudited) (continued)

To discourage short-term investing and recover certain administrative, transfer agency, shareholder servicing and other costs associated with such short-term investing, the IPO+ Fund charges a 2% fee on such redemptions of shares held less than 90 days.  Such fees amounted to $1,106 for the six months ended March 31, 2006, representing 0.02% of average net assets.

E. TRUSTEES' FEES: Trustees’ fees are $4,000 per year plus $500 for each meeting attended per Trustee.  

F. PURCHASES AND SALES: For the six months ended March 31, 2006, the IPO+ Fund made purchases with a cost of $20,162,414 and sales with proceeds of $20,077,078 of investment securities other than long-term U.S. Government and short-term securities.

G. SHORT SALES AND SEGREGATED CASH: Short sales are transactions in which the IPO+ Fund sells a security it does not own, in anticipation of a decline in the market value of that security.  To complete such a transaction, the IPO+ Fund must borrow the security to deliver to the buyer upon the short sale; the IPO+ Fund is then obligated to replace the security borrowed by purchasing it in the open market at some later date.  

The IPO+ Fund will incur a loss if the market price of the security increases between the date of the short sale and the date on which the IPO+ Fund replaces the borrowed security.  The IPO+ Fund will realize a gain if the security declines in value between those dates.

All short sales must be fully collateralized.  The IPO+ Fund maintains the collateral in segregated accounts consisting of cash and/or U.S. Government securities sufficient to collateralize the market value of its short positions.  Typically, the segregated cash with brokers and other financial institutions exceeds the minimum requirements.

The IPO+ Fund may also sell short “against the box” (i.e. the Fund enters into a short sale as described above while holding an offsetting long position in the security which it sold short).  If the IPO+ Fund enters into a short sale against the box, it will segregate an equivalent amount of securities owned by the IPO+ Fund as collateral while the short sale is outstanding.  

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

OBTAINING ADDITIONAL INFORMATION (Unaudited)

…………………………………………………………………………………………

HOW TO OBTAIN PROXY VOTING INFORMATION

Information regarding how the Fund voted proxies related to portfolio securities during the year ended June 30, 2005 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-476-3863 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

HOW TO OBTAIN 1^st and 3^rd FISCAL QUARTER PORTFOLIO HOLDINGS

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

Supplemental Information

…………………………………………………………………………………………

March 31, 2006 (Unaudited)

Shareholders of funds will pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1 fees), and other expenses.   The following examples are intended to help the shareholder understand the ongoing cost  (in dollars) of investing in a fund and to compare theses costs with the ongoing costs of investing in other mutual funds.   Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), contingent deferred sales charges (CDSCs) on redemptions or redemption fees on shares sold that were held 90 days or fewer.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period from October 1, 2005 through March 31, 2006.

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

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

	Beginning Account Value (10/1/05)	Ending Account Value (3/31/06)	Expenses Paid During Period** (10/1/05-3/31/06)
Actual	$1,000.00	$1,092.20	$13.04
Hypothetical (5% return before expenses)	1,000.00	1,012.47	12.54

** Expenses are equal to the Fund’s annualized expense ratio of 2.50%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the days in the

Supplemental Information

…………………………………………………………………………………………

March 31, 2006(Continued)

At a meeting (the “Meeting”) of the Board of Trustees (the “Board”) held on November 18, 2005, the Board, including the disinterested Trustees (the “Independent Trustees”), approved the continuance of the investment advisory agreement (the “Agreement”) between the Adviser and the Fund.

The Independent Trustees met in executive session and considered:  (1) fees charged by the Adviser in relation to the industry; (2) the extent and quality of services provided by the Adviser; (3) costs of services provided and the resulting profits to the Adviser and its affiliates, including the extent to which the Adviser has realized economies of scale as the Fund grows; (4) other revenue to the Adviser and its affiliates from their relationship with the Fund; (5) the control of operating expenses of the Fund; and (6) the manner in which portfolio transaction of the Fund are conducted, including the use of soft dollars.  

With respect to profitability, it was noted that the Adviser currently reimburses Fund expenses and/or waives advisory fees to keep fund expenses down and, therefore, realizes no profit at this time. With respect to the extent and quality of services provided by the Adviser, it was noted that the Adviser is a leading provider of IPO research in the financial industry. The Board, including the Independent Trustees, concluded that, based on their collective business judgment, the terms of the Agreement are fair and reasonable, the Adviser’s fee is reasonable in light of the services that the Adviser provides to the Fund and that the most appropriate course of action in the best interests of the Fund’s shareholders would be to approve continuance of the Agreement.

IPO⁺

Trustees and Officers*

…………………………………………………………………………………………

(Unaudited)

Name

Principal

Other

Address

Position(s)

Length of

Occupation(s)

Directorships

Date of Birth

Held with Fund (a)

Service (b)

During Past 5 Years

Held

William K. Smith

President

Trustee from

Chairman of the Board,

None

Two Greenwich Plaza

12/18/97 through

President and Director -

Greenwich, CT  06830

09/30//05

Renaissance Capital LLC

05/10/51

Linda R. Killian

VP, Secretary,

Trustee from

Vice President and Director -

None

Two Greenwich Plaza

Chief Investment

12/18/97 through

Renaissance Capital LLC

Greenwich, CT  06830

Officer  

09/30//05

08/09/50

Kathleen Shelton Smith

Affiliated Trustee

Trustee since

Vice President, Treasurer,

None

Two Greenwich Plaza

Chairperson

December 1997

Secretary and Director -

Greenwich, CT  06830

VP, Treasurer, CCO

Renaissance Capital LLC

05/27/54

Warren K. Greene

Independent Trustee

Trustee since

Senior Vice President and

EII Realty

North Coast Asset Management LLC.

December 1997

Investment Manager -

Securities Trust

35 Mason Street

NorthCoast Asset Management LLC*

Greenwich, CT  06830

02/03/36

Gerald W. Puschel

Independent Trustee

Trustee since

President and

None

F. Schumacher & Co.

December 1997

Chief Executive Officer

79 Madison Ave.

F. Schumacher & Co.

New York, NY  10016

12/16/41

(a) As of September 30, 2005, there is only one (1) portfolio in the complex and it is overseen by all Trustees

(b) The term of service for each trustee is indefinite until a successor is elected.

The IPO+ Fund's Statement of Additional Information (SAI) includes information about the Fund's trustees and officers.

The SAI is available, without charge, upon request by calling toll-free 1-888-476-3863.

*FKA Trendlogic

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AFTERMARKET FUND

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IPOhome is a leading online destination for up-to-date information on Initial Public Offerings.  As a free registered user, you will receive access to additional information designed to make you a superior IPO investor. This includes (all available on our website):

*

Hot and Cold IPO Rankings

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Past Highlighted IPOs

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IPO Secrets

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IPO PLUS AFTERMARKET FUND

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ADDING TO YOUR ACCOUNT IS SIMPLE!

To make an additional investment in your IPO Plus Fund account, complete the form below, detach and mail it with your check payable to the IPO Plus Fund:

Name on Account: ________________________________

IPO Plus Fund Account Number: ____________________

Amount: ____________________

Mail to: The IPO Plus Fund ● 4020 South 14^th Street, Suite 2

Omaha, NE  68137

Questions? Call us toll-free 1-888-476-3863

www.IPOhome.com

Item 2. Code of Ethics.    Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.   Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.   Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Companies.  Not applicable to open-end investment companies.

Item 6.  Schedule of Investments.   See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.  Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.   Not applicable to open-end investment companies.

Item 10.   Submission of Matters to a Vote of Security Holder.   None.

Item 11.  Controls and Procedures.  

(a)

Based on an evaluation of the registrant’s disclosure controls and procedures as of March 31, 2006, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b)

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Exhibits.  

(a)(1)   Not applicable.

(a)(2)   Certification(s) required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3)   Not applicable.

(b)   Certification(s) required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

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

(Registrant)

Renaissance Capital Greenwich Funds

By (Signature and Title)

*

/s/ William K. Smith

William K. Smith, President

Date

6/6/06

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

By (Signature and Title)

*

/s/ William K. Smith

William K. Smith, President

Date

6/6/06

By (Signature and Title)

*

s/ Kathleen S. Smith

Kathleen S. Smith, Treasurer

Date

6/6/06

* Print the name and title of each signing officer under his or her signature.