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

4020 South 147^th Street, Omaha, Nebraska, 68137  

(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:3/31/10

Item 1.  Reports to Stockholders.

IPO PLUS

AFTERMARKET FUND

2010 Semi-Annual Report

March 31, 2010

Renaissance Capital LLC

The IPO Expert

Letter to Shareholders

Dear Fellow Shareholders:

For the 12 months ended March 31, 2010, the IPO Plus Fund’s total return was up 28.48%, compared with a 49.77% rise in the S&P 500, 62.77% for the Russell 2000 and 56.78% for the NASDAQ OTC Composite.

While the IPO Fund’s results were strongly positive, they significantly underperformed the broad indexes.  The principal reason for this is that the financial crisis has resulted in an uneven and unusual recovery, with lower quality and relatively illiquid stocks producing extremely high returns, sometimes several thousand percent.  Because the IPO Fund focuses on higher quality growth and value companies, which did not rise as much, it was unable to match the performance of the indexes.

During the period, IPO issuance activity continued to accelerate and the IPO Fund participated in a number of these offerings.  IPO activity during the period also signaled a transition to growth stocks from the mature, private equity-backed companies that dominated 2009 activity.  Recent IPOs included in the Fund are diverse: financial service provider Financial Engines, biotech Ironwood Pharmaceutical, teen retailer Rue21 and materials producer Kraton Performance.  We view this as a welcome sign for both the IPO market and the US economy, as the increase in fast growing companies accessing the IPO markets to raise capital ultimately results in higher capital spending and increased employment.

While the aftershocks of the global financial crisis are not yet over, we are optimistic about the resilience of the US economy and believe that US innovation and entrepreneurialism will thrive.

Thank you for being an IPO Plus Fund investor.

Sincerely,

IPO Plus Fund

May 28, 2010

*Past performance is no guarantee of future results. Investment return and principal value will fluctuate. Investor shares, when redeemed, may be worth more or less than their 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 initial public offerings and newly public companies and should be read carefully before investing. The S&P 500 is a widely recognized index of common stocks. The Russell 2000 Index is an unmanaged index that measures the performance of the 2000 smallest companies in the Russell 3000, which represents approximately 98% of the investable U.S. equity market.

IPO+
HOLDINGS BY INDUSTRY
March 31, 2010 (Unaudited)
	% of		% of
Holdings By Industry	Net Assets	Holdings By Industry	Net Assets
Software	11.9%	Reits	3.6%
Retail	10.5%	Oils & Gas	3.3%
Commercial Services	10.4%	Semiconductors	3.3%
Internet	8.0%	Banks	3.1%
Healthcare Services	6.1%	Healthcare Products	2.9%
Chemicals	5.1%	Computers	2.5%
Mining	4.8%	Insurance	2.5%
Packaging & Containers	4.2%	Diversified Financial Services	2.4%
Biothechnology	3.9%	Lodging	1.8%
Miscellaneous Manufacturing	3.7%	Telecommunications	0.4%
Electric	3.6%	Other/Cash & Equivalents	2.0%
		Total	100.0%

IPO+
PORTFOLIO OF INVESTMENTS
March 31, 2010 (Unaudited)
		Shares	Value
	COMMON STOCK - 98.0 %
	BANKS - 3.1 %
	First Interstate Bancsystem, Inc.	20,000	$               325,000
	BIOTECHNOLOGY - 3.9 %
	AVEO Pharmaceuticals, Inc.  *	20,000	180,000
	Ironwood Pharmaceuticals, Inc.  *	16,950	229,164
			409,164
	CHEMICALS - 5.1 %
	Kraton Performance Polymers, Inc.  *	30,000	535,800
	COMMERCIAL SERVICES - 10.4 %
	MSCI, Inc.  *	14,000	505,400
	Verisk Analytics, Inc.  *	5,000	141,000
	Visa, Inc.	5,000	455,150
			1,101,550
	COMPUTERS - 2.5 %
	Fortinet, Inc.  *	15,000	263,700
	DIVERSIFIED FINANCIAL SERVICES - 2.4 %
	Financial Engines, Inc.  *	15,000	253,500
	ELECTRIC - 3.6 %
	ITC Holdings Corp.	7,000	385,000
	HEALTHCARE PRODUCTS - 2.9 %
	Mead Johnson Nutrition Co.	6,000	312,180
	HEALTHCARE SERVICES - 6.1 %
	Emdeon, Inc.  *	15,000	247,800
	Team Health Holdings, Inc.  *	24,000	403,200
			651,000
	INSURANCE - 2.5 %
	Symetra Financial Corp.  *	20,000	263,600
	INTERNET - 8.0 %
	Ancestry.com, Inc.  *	30,000	508,500
	QuinStreet, Inc.  *	20,000	340,200
			848,700
	LODGING - 1.8 %
	Hyatt Hotels Corp.  *	5,000	194,800
	MINING - 4.8 %
	Globe Specialty Metals, Inc.  *	45,000	503,550
	MISCELLANEOUS MANUFACTURING - 3.7 %
	STR Holdings, Inc.  *	16,700	392,450
	OIL & GAS - 3.3 %
	Concho Resources, Inc.  *	7,000	352,520
See Notes to Financial Statements
IPO+
PORTFOLIO OF INVESTMENTS
March 31, 2010 (Unaudited) (Continued)
		Shares	Value
	PACKAGING & CONTAINERS - 4.2 %
	Graham Packaging Co., Inc.  *	35,000	$               439,250
	REITS - 3.6 %
	Piedmont Office Realty Trust, Inc.	19,000	377,150
	RETAIL - 10.5 %
	Dollar General Corp.  *	10,000	252,500
	Rue21, Inc.  *	15,000	520,050
	Vitamin Shoppe, Inc.  *	15,000	336,750
			1,109,300
	SEMICONDUCTORS - 3.3 %
	Avago Technologies Ltd.  *	17,000	349,520
	SOFTWARE - 11.9 %
	Salesforce.com, Inc.  *	6,000	446,700
	SolarWinds, Inc.  *	15,000	324,900
	SS&C Technologies Holdings  *	20,000	301,600
	VMware, Inc.  *	3,500	186,550
			1,259,750
	TELECOMMUNICATIONS - 0.4 %
	Meru Networks, Inc.  *	2,000	38,340
	TOTAL COMMON STOCK ( Cost - $8,799,675)		10,365,824
	SHORT-TERM INVESTMENTS - 0.3 %
	MONEY MARKET FUND - 0.3 %
	Dreyfus Institutional Reserves Money Fund	17,338	17,338
	Milestone Treasury Obligations Portfolio	17,337	17,337
	TOTAL SHORT-TERM INVESTMENTS ( Cost - $34,675)		34,675
	TOTAL INVESTMENTS - 98.3 % ( Cost - $8,834,350) (a)		$           10,400,499
	OTHER ASSETS LESS LIABILITIES - 1.7 %		176,682
	NET ASSETS - 100.0%		$        10,577,181
*	Non-income producing security.
(a)	Represents cost for financial reporting purposes. Aggregate cost for Federal income tax purposes is substantially similar.
	At March 31, 2010, net unrealized appreciation for all securities based on tax cost was $1,566,149. This consists of aggregate
	gross unrealized appreciation of $1,597,727and aggregate gross unrealized depreciation of $31,578.
See Notes to Financial Statements

IPO+
STATEMENT OF ASSETS AND LIABILITIES
	As of March 31, 2010 (Unaudited)
	Investment securities
	At cost	$           8,834,350
	At value	$         10,400,499
	Receivable for Investments Sold	569,231
	Dividends and Interest Receivable	10,131
	Due From Advisor	3,038
	Prepaid Expenses and Other Assets	19,435
	Total Assets	11,002,334
	Liabilities
	Payable for Investments Purchased	350,270
	Payable for Fund Shares Redeemed	2,869
	Payable for Distribution Fees	4,310
	Payable for Shareholder Service Fees	2,327
	Due to Custodian	6,528
	Accrued Expenses and Other Liabilities	58,849
	Total Liabilities	425,153
	Net Assets	$         10,577,181
	Net Assets Consist of:
	Paid-in-Capital	$         16,351,208
	Accumulated Net Investment Loss	(86,293)
	Accumulated Net Realized Loss on Investments	(7,253,883)
	Net Unrealized Appreciation on Investments	1,566,149
		$         10,577,181
	Net Asset Value, Offering and Redemption Price Per Share*
	($10,577,181/887,888 shares of beneficial interest,
	without par value, unlimited number of shares authorized)	$                  11.91
	*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, 2010 (Unaudited)
	Investment Income
	Dividends (net of foreign tax withheld of $2,883)	$                39,819
	Interest	38
	Total Investment Income	39,857
	Expenses
	Investment Adviser	76,082
	Administration Fees	29,582
	Transfer Agent Fees and Expenses	19,456
	Professional Fees	18,696
	Federal and State Registration	14,774
	Distribution Fees	12,680
	Shareholder Service Fees	12,680
	Shareholder Reports	11,184
	Trustees' Fees	6,162
	Custody Fees	3,690
	Insurance	1,387
	Other Expenses	2,169
	Total Expenses	208,542
	Less:
	Expenses Reimbursed	(6,310)
	Fees Waived by the Adviser	(76,082)
	Net Expenses	126,150
	Net Investment Loss	(86,293)
	Net Realized and Unrealized Gain (Loss) on Investments
	Net Realized Gain (Loss) on Investments	1,207,412
	Net Change in Unrealized Appreciation (Depreciation)
	During the Period on Investments	(373,375)
	Net Realized and Unrealized Gain (Loss) on Investments	834,037
	Net Increase in Net Assets Resulting from Operations	$              747,744
	See Notes to Financial Statements

IPO+
STATEMENTS OF CHANGES IN NET ASSETS
		Six Months Ended	Year Ended
		March 31, 2010	September 30,
		(Unaudited)	2009
	Increase (Decrease) in Net Assets
	from Operations
	Net Investment Income (Loss)	$               (86,293)	$             (138,460)
	Net Realized Gain (Loss) on Investments	1,207,412	(1,571,802)
	Net Change in Unrealized Appreciation
	(Depreciation) of Investments	(373,375)	1,507,920
	Net Increase (Decrease) in Net Assets
	Resulting from Operations	747,744	(202,342)
	Fund Share Transactions
	Proceeds from Shares Sold	546,680	593,659
	Cost of Shares Redeemed	(805,825)	(1,378,044)
	Redemption Fee Proceeds	1,803	201
	Net Decrease in Net Assets
	from Fund Share Transactions	(257,342)	(784,184)
	Total Increase (Decrease) in Net Assets	490,402	(986,526)
	Net Assets
	Beginning of Year	10,086,779	11,073,305
	End of Period *	$         10,577,181	$         10,086,779
	Increase (Decrease) in Fund Shares Issued
	Number of Shares Sold	48,230	57,159
	Number of Shares Redeemed	(70,906)	(140,478)
	Net Decrease in Fund Shares	(22,676)	(83,319)
	See Notes to Financial Statements

IPO+
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout Each Period
		Six Months Ended							;
		March 31, 2010	Year Ended September 30,
		2010		2009		2008	2007	2006	2005
Net Asset Value,
	Beginning of Year	$         11.08		$   11.14		$    15.06	$    11.79	$    12.58	$    10.55
Income (Loss) From
Investment Operations
	Net Investment Loss	(0.10)		(0.15)		(0.12)	(0.18)	(0.20)	(0.25)
	Net Realized and
	Unrealized Gain (Loss)	0.93		0.09		(3.81)	3.43	(0.60)	2.28
Total from Investment
	Operations	0.83		(0.06)		(3.93)	3.25	(0.80)	2.03
Paid-in-Capital From
	Redemption Fees	0.00	*	0.00	*	0.01	0.02	0.01	0.00	*
Net Asset Value,
	End of Year	$         11.91		$   11.08		$    11.14	$    15.06	$    11.79	$    12.58
Total Return (1)		7.49%	(2)	(0.54)%		(26.03)%	27.74%	(6.28)%	19.24%
Ratios and
	Supplemental Data
Net Assets,
	End of Year (000s)	$       10,577		$ 10,087		$  11,073	$  18,095	$  15,761	$  20,096
Ratio of Net Expenses
	to Average Net Assets (3)	2.50%	(4)	2.50%		2.50%	2.50%	2.50%	2.50%
Ratio of Net Expenses
	to Average Net Assets
	including dividends on
	short sales (3)	2.50%	(4)	2.50%		2.50%	2.51%	2.51%	2.50%
Ratio of Net Investment Income
	(Loss) to Average Net Assets (3)	(1.71)%	(4)	(1.52)%		(0.83)%	(1.19)%	(1.42)%	(2.00)%
Ratio of Expense
	to Average Net Assets,
	excluding waivers (3)	4.13%	(4)	4.35%		3.47%	3.07%	3.18%	3.27%
Ratio of Net Investment Income
	(Loss) to Average Net Assets,
	excluding waivers (3)	(3.34)%	(4)	(3.37)%		(1.79)%	(1.76)%	(2.09)%	(2.77)%
Portfolio Turnover Rate		188.81%	(2)	227.91%		429.90%	231.80%	260.25%	158.00%
(1)	Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.
(2)	Not Annualized
(3)	The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investments companies in which the Fund invests.
(4)	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, 2010 (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 is a summary of significant accounting policies followed by the Fund in preparation of its financial statements.  These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

1.SECURITY VALUATION: 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 most recent bid 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 Securities 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, 2010, the Fund did not hold any securities for which market quotations were not readily available. Investments in open-end investment companies are valued at net asset value.

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

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

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices

Notes to Financial Statements

For the Six Months Ended March 31, 2010 (Continued) (Unaudited)

for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following tables summarize the inputs used as of March 31, 2010 for the Fund’s assets and liabilities measured at fair value:

Assets *	Level 1	Level 2	Level 3	Total
Common Stocks	10,365,824	-	-	10,365,824
Money Market Funds	34,675	-	-	34,675
Total	10,400,499	-	-	10,400,499

The Fund did not hold any Level 3 securities during the period.

* Refer to the Portfolio of Investments for industry classification.

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. ASU 2010-06 amends FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, to require additional disclosures regarding fair value measurements. Certain disclosures required by ASU No. 2010-06 are effective for interim and annual reporting periods beginning after December 15, 2009, and other required disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact ASU No. 2010-06 will have on its financial statement disclosures.

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.

Notes to Financial Statements

For the Six Months Ended March 31, 2010 (Continued) (Unaudited)

The Fund recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities.  Management has reviewed the tax positions in the open tax year of 2006 to 2009 and during the six months  ended March 31, 2010 and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the above open tax years.  The Fund identifies its major tax jurisdictions as U.S. Federal.  The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Fund did not incur any interest or penalties. Generally tax authorities can examine tax returns filed for the last three years.

As of September 30, 2009, the IPO+ Fund had a federal income tax capital loss carry forward of $7,337,025.  Federal capital loss carry forwards expire as follows: $1,806,048 expiring in 2010, $2,277,259 expiring in 2011 and $3,253,718 expiring in 2017.  To the extent future capital gains are offset by capital loss carry forwards, such gains will not be distributed.  Capital loss carry forwards of $65,326,226 expired on September 30, 2009.  

As of September 30, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed	Undistributed	Capital	Post	Unrealized	Total
Ordinary	Long-Term	Loss	October	Appreciation/	Accumulated
Income	Gains	Carry Forwards	Losses	(Depreciation)	Earnings/(Deficits)
$                      -	$                      -	$      (7,337,025)	$  (975,024)	$       1,790,278	$                (6,521,771)

The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales.  In addition, capital losses incurred after October 31 within the Fund’s fiscal year are deemed to arise on the first business day of the following year for tax purposes.  The Fund incurred and elected to defer $975,024 of such capital losses.

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 GAAP.  These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.  Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund.

Permanent book and tax differences attributable to net operating losses and expiration of capital loss carry forwards, resulted in reclassification for the fiscal year ended September 30, 2009 as follows:  a decrease in paid-in-capital of $65,460,618; a decrease in undistributed net investment losses of $138,460; and a decrease in accumulated net realized losses on investments of $65,322,158.

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

Notes to Financial Statements

For the Six Months Ended March 31, 2010 (Continued) (Unaudited)

B. INVESTMENT ADVISER: Under the terms of an Investment Advisory Agreement with Renaissance Capital, LLC, a registered investment adviser, the IPO+ Fund agrees to pay Renaissance Capital, LLC an annual fee equal to 1.50% of the average daily net assets of the IPO+ Fund, payable monthly. Additionally, Renaissance Capital, LLC has voluntarily agreed to defer or waive fees or absorb some or all of the expenses (excluding dividends on short sales) of the IPO+ Fund in order to limit Total Fund Operating Expenses to 2.50%.  During the six months ended March 31, 2010, Renaissance Capital, LLC deferred fees of $76,082 and reimbursed $6,310 of expenses.

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 $410,408.  These deferrals and reimbursements will expire as follows: $102,525 expiring in 2010, $139,074 expiring in 2011 and $168,809 expiring in 2012.

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.

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 $1,803 for the six months ended March 31, 2010.

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, 2010, the IPO+ Fund made purchases with a cost of $16,684,779 and sales with proceeds of $17,072,705 of investment securities other than long-term U.S. Government and short-term securities.

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

Notes to Financial Statements

For the Six Months Ended March 31, 2010 (Continued) (Unaudited)

5.    SUBSEQUENT EVENTS

The Fund is 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 Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made.  In addition, the Fund is required to disclose the date through which subsequent events have been evaluated.   Management has evaluated subsequent events through the issuance of these financial statements on May 31, 2010, and has noted no such events.

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 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 onForm 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-Qis available without charge, upon request, by calling 1-888-476-3863.

Supplemental Information

March 31, 2010 (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, 2009 through March 31, 2010.

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 (10/1/09)	Ending Account Value (3/31/10)	Expenses Paid During Period* (10/1/09-3/31/10)
Actual	$1,000.00	$1,074.90	$12.93
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 reporting period).

Supplemental Information (Continued)

March 31, 2010 (Unaudited)

At an in-person meeting (the “Meeting”) of the Board of Trustees (the “Board”) held on November 13, 2009, the Board, including the Trustees who are not “interested persons” as that term is defined by the Investment Company Act of 1940, as amended (hereafter, the “Independent Trustees”), approved the continuance of the investment advisory agreement (the “Advisory Agreement”) between Renaissance Capital (the “Adviser”) and  Renaissance Capital Funds on behalf of the IPO Plus Aftermarket  Fund (the “Fund”).

The Independent Trustees were provided with a memorandum from independent counsel (“Fund Counsel”) describing their responsibilities in acting in the best interests of the Fund’s shareholders when considering the continuance of the Advisory Agreement and certain material factors for their consideration.  Fund Counsel advised the Independent Trustees to examine information provided to them, including a report comparing advisory fees paid by a universe of similar, no-load equity funds, and to consider the advisory fee information in light of the Fund’s performance history.  The Independent Trustees also met with Fund Counsel in executive session to discuss the information provided by the Adviser including, that information provided by the Adviser in advance of the Meeting.  

The Independent Trustees, considered the following material factors during their deliberations, which upon due consideration ultimately led to their support for continuing the Advisory Agreement for another year:  (1) the nature, extent and quality of services provided by the Adviser; (2) the investment performance of the Fund and the Adviser; (3) the cost of services to be provided and the profits to be realized by the Adviser and its affiliates; (4) the extent to which economies of scale will be realized as the Fund grows; and (5) whether the fee levels reflect these economies of scale for the benefit of investors.

Nature, Extent and Quality of Services Provided by the Adviser  

The Board reviewed the services that the Adviser provides to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund and generally managing the Fund’s investments in accordance with the stated investment objective and policies of the Fund.  The Board received information concerning the Adviser’s independent research and analysis of its proprietary statistical information on initial public offerings.  Additionally, representatives from the Adviser joined the Meeting to answer questions posed by the Board.  The Board considered and discussed, among other things, the Adviser’s notable expertise in investing in initial public offerings, the Fund’s performance, market conditions and the Adviser’s investment process.  On this basis, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided by the Adviser.

Investment Performance of the Fund and the Adviser  

The Board considered the Fund’s performance on an absolute basis and compared to a benchmark index and other similar mutual funds for various trailing periods.  The Board concluded that it was satisfied with the investment performance of the Fund under the Adviser’s management.

Costs of Advisory Services, Profitability and Economies of Scale  

In concluding that the advisory fee payable by the Fund was reasonable, the Board reviewed a report of the advisory fee paid by the Fund to the Adviser and the costs and other expenses incurred by the Adviser in providing advisory services and noted that the advisory fee charged by the Adviser was comparable to that of other investment advisers.  The Board considered the level of profitability of the Adviser from its relationship with the Fund, noting the Adviser’s contractual agreement to waive its advisory fee in an effort to control the Fund’s expense ratio and demonstrate its commitment to the Fund and its Shareholders.  In addition, the Board

Supplemental Information (Continued)

March 31, 2010 (Unaudited)

considered whether economies of scale were realized during the current contract period, but did not believe that such economies had yet occurred.  

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, unanimously: (a) concluded that terms of the Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser provides to the Fund; and (c) agreed to continue the Advisory Agreement for another year.

IPO PLUS AFTERMARKET FUND

NASDAQ Symbol: IPOSX

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.RenaissanceCapital.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, 2010, 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

6/9/10

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

6/9/10

By (Signature and Title)

*

s/ Kathleen S. Smith

Kathleen S. Smith, Treasurer

Date

6/9/10

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