Renaissance Capital Greenwich Funds NPORT-P Renaissance IPO ETF (Jun 2021 report)

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2021

Shares					Value (US$)
	COMMON STOCKS - 99.9%
		COMMUNICATION SERVICES - 5.3%
			Entertainment - 3.8%
24,583			Endeavor Group Holdings, Inc. - Cl. A *	$	681,195
88,912			Playtika Holding Corp. *		2,119,662
234,799			ROBLOX Corp. - Cl. A *		21,127,214
					23,928,071
			Interactive Media & Services - 1.5%
64,434			Bumble, Inc. - Cl. A *		3,711,399
109,266			ZoomInfo Technologies, Inc. - Cl. A *		5,700,407
					9,411,806
					33,339,877
		CONSUMER DISCRETIONARY - 25.0%
			Automobiles - 6.1%
536,496			Li Auto, Inc. - ADR *		18,745,170
439,648			XPeng, Inc. - ADR *		19,529,164
					38,274,334
			Hotels, Restaurants & Leisure - 4.4%
179,550			Airbnb, Inc. - Cl. A *		27,496,287
			Household Durables - 0.1%
17,048			Cricut, Inc. - Cl. A * (a)		726,245
			Internet & Direct Marketing Retail - 6.9%
418,283			ContextLogic, Inc. - Cl. A * (a)		5,508,787
139,693			Coupang, Inc. - Cl. A * (a)		5,841,962
68,399			Dada Nexus, Ltd. - ADR *		1,984,255
153,331			DoorDash, Inc. - Cl. A *		27,343,517
42,018			Ozon Holdings PLC - ADR * (a)		2,463,095
					43,141,616
			Leisure Equipment & Products - 6.1%
43,281			Hayward Holdings, Inc. *		1,126,172
300,926			Peloton Interactive, Inc. - Cl. A *		37,320,842
					38,447,014
			Multiline Retail - 0.2%
76,480			MINISO Group Holding, Ltd. - ADR *		1,590,019
			Specialty Retail - 1.2%
86,905			Petco Health & Wellness Co., Inc. *		1,947,541
131,274			Vroom, Inc. *		5,495,130
					7,442,671
					157,118,186
		CONSUMER STAPLES - 1.5%
			Food & Staples Retailing - 0.5%
174,370			Albertsons Cos., Inc. - Cl. A (a)		3,428,114
			Food Products - 0.4%
99,385			Oatly Group AB - ADR *		2,430,957
			Household Products - 0.3%
61,675			Reynolds Consumer Products, Inc.		1,871,836
			Personal Products - 0.1%
76,166			Yatsen Holding, Ltd. - ADR *		713,676
			Tobacco - 0.2%
148,794			RLX Technology, Inc. - ADR * (a)		1,298,972
					9,743,555

See accompanying Notes to Financial Statements

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2021 (Continued)

Shares				Value (US$)
	FINANCIALS - 9.4%
		Capital Markets - 6.8%
219,494		XP, Inc. - Cl. A *	$	9,558,963
130,483		Coinbase Global, Inc. - Cl. A *		33,051,344
				42,610,307
		Consumer Finance - 1.4%
617,934		Lufax Holding, Ltd. - ADR *		6,982,654
14,227		Upstart Holdings, Inc. *		1,776,952
				8,759,606
		Insurance - 0.7%
41,892		Lemonade, Inc. *		4,583,404
		Thrifts & Mortgage Finance - 0.5%
156,876		Rocket Cos., Inc. - Cl. A		3,035,551
				58,988,868
	HEALTH CARE - 14.8%
		Biotechnology - 1.9%
126,399		Bridgebio Pharma, Inc. *		7,705,283
56,598		CureVac NV * (a)		4,158,821
				11,864,104
		Health Care Equipment & Supplies - 1.3%
186,171		Envista Holdings Corp. *		8,044,449
		Health Care Providers & Services - 2.1%
55,301		agilon health, Inc. *		2,243,562
119,918		Oak Street Health, Inc. *		7,023,597
68,986		Progyny, Inc. *		4,070,174
				13,337,333
		Health Care Technology - 1.4%
280,459		Change Healthcare, Inc. *		6,461,775
75,156		GoodRx Holdings, Inc. - Cl. A *		2,706,368
				9,168,143
		Life Sciences Tools & Services - 5.6%
96,782		10X Genomics, Inc. - Cl. A *		18,951,851
28,344		AbCellera Biologics, Inc. *		623,568
125,562		Adaptive Biotechnologies Corp. *		5,130,464
182,379		PPD, Inc. *		8,405,848
84,092		Sotera Health Co. *		2,037,549
				35,149,280
		Pharmaceuticals - 2.5%
378,121		Royalty Pharma PLC - Cl. A		15,499,179
				93,062,488
	INDUSTRIALS - 2.4%
		Building Products - 0.8%
123,136		The AZEK Co., Inc. *		5,228,355
		Commercial Services & Supplies - 0.7%
135,451		GFL Environmental, Inc.		4,323,596
		Professional Services - 0.6%
181,843		Dun & Bradstreet Holdings, Inc. *		3,885,985
		Road & Rail - 0.3%
27,035		TuSimple Holdings, Inc. - Cl. A *		1,925,973
				15,363,909

See accompanying Notes to Financial Statements

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2021 (Continued)

Shares					Value (US$)
		INFORMATION TECHNOLOGY - 39.5%
			IT Services - 10.9%
28,554			Affirm Holdings, Inc. *	$	1,923,112
48,406			Chindata Group Holdings, Ltd. - ADR *		730,447
101,046			Kingsoft Cloud Holdings, Ltd. - ADR *		3,428,491
247,260			Snowflake, Inc. - Cl. A *		59,787,468
44,898			Squarespace, Inc. - Cl. A *		2,667,390
					68,536,908
			Software - 28.6%
69,253			Agora, Inc. - ADR *		2,905,856
28,181			AppLovin Corp. - Cl. A *		2,118,366
78,602			Asana, Inc. - Cl. A * (a)		4,875,682
82,882			Bill.com Holdings, Inc. *		15,182,325
21,249			C3.ai, Inc. - Cl. A *		1,328,700
282,388			Cloudflare, Inc. - Cl. A *		29,887,946
254,542			Datadog, Inc. - Cl. A *		26,492,731
10,223			DoubleVerify Holdings, Inc. *		432,842
205,857			Dynatrace, Inc. *		12,026,166
69,544			Lightspeed POS, Inc. *		5,814,574
52,851			nCino, Inc. *		3,166,832
138,683			OneConnect Financial Technology Co., Ltd. - ADR *		1,666,969
1,864,478			Palantir Technologies, Inc. - Cl. A *		49,147,640
10,363			Procore Technologies, Inc. *		983,967
71,295			Qualtrics International, Inc. - Cl. A *		2,727,034
51,709			Tuya, Inc. - ADR *		1,266,870
31,456			UiPath, Inc. - Cl. A *		2,136,806
165,923			Unity Software, Inc. *		18,223,323
					180,384,629
					248,921,537
		REAL ESTATE - 2.0%
			Real Estate Management & Development - 2.0%
262,634			KE Holdings, Inc. - ADR *		12,522,389
	TOTAL COMMON STOCKS (Cost - $630,210,568)				629,060,809
	SHORT-TERM INVESTMENTS - 2.9%
17,999,955			State Street Navigator Securities Lending Government Money Market Portfolio (b)		17,999,955
	TOTAL SHORT-TERM INVESTMENTS (Cost - $17,999,955)				17,999,955

See accompanying Notes to Financial Statements

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2021 (Continued)

	TOTAL INVESTMENTS - 102.8% (Cost - $648,210,523) (c)	$	647,060,764
	LIABILITIES LESS OTHER ASSETS - (2.8) %		(17,723,245)
	NET ASSETS - 100.0%	$	629,337,519
* Non-income producing security.
(a) Securities (or a portion of the security) on loan. As of June 30, 2021, the market value of securities loaned was $19,838,607. The loaned securities were secured with cash collateral of $17,999,955 and non-cash collateral with a value of $2,256,506. The non-cash collateral received consists primarily of U.S. treasuries, 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 $648,210,523. At June 30, 2021, net depreciation for all securities was $1,149,759. This consists of aggregate gross unrealized appreciation of $33,016,559 and aggregate gross unrealized depreciation of $34,166,318.
ADR - American Depositary Receipt
PLC - Public Limited Company

See accompanying Notes to Financial Statements

Renaissance International IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2021

Shares					Value (US$)
	COMMON STOCKS - 99.6%
		BRAZIL - 4.0%
86,380			Caixa Seguridade Participacoes S/A *	$	226,987
218,057			CSN Mineracao SA		401,585
45,633			Neoenergia SA		159,364
43,459			Rede D'Or Sao Luiz SA		603,155
					1,391,091
		BRITAIN - 8.8%
198,623			Airtel Africa PLC		211,699
34,730			Allfunds Group PLC *		604,456
149,800			Deliveroo PLC *		597,617
92,140			Dr. Martens PLC *		567,185
123,278			THG PLC *		1,040,236
					3,021,193
		CHINA - 36.7%
94,340			Akeso, Inc. *		761,228
145,630			Blue Moon Group Holdings, Ltd. (a)		205,945
525,980			China Feihe, Ltd.		1,135,379
72,050			China Resources Mixc Lifestyle Services, Ltd.		493,213
24,020			Hangzhou Tigermed Consulting Co., Ltd. - Cl. H		563,044
45,450			Hygeia Healthcare Holdings Co., Ltd.		597,079
120,820			InnoCare Pharma, Ltd. *		444,265
30,040			JD Health International, Inc. *		430,619
19,500			Jinke Smart Services Group Co., Ltd. - Cl. H		182,962
125,720			Jiumaojiu International Holdings, Ltd.		514,098
8,218			Joinn Laboratories China Co., Ltd. - Cl. H		132,304
56,800			Kuaishou Technology *		1,425,066
43,370			Linklogis, Inc. - Cl. B * (a)		97,417
32,320			Microport Cardioflow Medtech Corp. *		68,018
108,970			Ming Yuan Cloud Group Holdings, Ltd.		541,039
25,810			Pharmaron Beijing Co., Ltd. - Cl. H		688,107
27,710			Poly Property Services Co., Ltd. - Cl. H (a)		188,081
30,470			Pop Mart International Group, Ltd. (a)		302,177
15,970			Remegen Co., Ltd. - Cl. H *		243,531
37,270			Shenzhen Hepalink Pharmaceutical Group Co., Ltd. - Cl. H (a)		50,690
148,430			Shimao Services Holdings, Ltd.		513,291
360,510			Smoore International Holdings, Ltd.		1,998,887
344,550			Topsports International Holdings, Ltd.		564,465
56,000			Venus MedTech Hangzhou, Inc. - Cl. H *		467,009
					12,607,914
		FRANCE - 4.2%
17,657			La Francaise des Jeux SAEM		1,038,046
11,000			Verallia SA		407,732
					1,445,778
		GERMANY - 8.4%
13,416			Auto1 Group SE *		589,392
7,510			SUSE SA *		294,310
11,370			Synlab AG *		239,710
26,097			TeamViewer AG *		981,560
10,139			Traton SE		321,477
13,790			Vantage Towers AG		444,106
					2,870,555

See accompanying Notes to Financial Statements

Renaissance International IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2021 (Continued)

Shares				Value (US$)
	HONG KONG - 7.7%
335,610		Budweiser Brewing Co., APAC, Ltd.	$	1,059,007
361,160		ESR Cayman, Ltd. *		1,218,705
127,400		JS Global Lifestyle Co., Ltd.		358,524
40,580		Tianhe Chemicals Group, Ltd. * (b)		—
				2,636,236
	INDIA - 2.6%
9,379		Gland Pharma, Ltd. *		430,150
36,823		SBI Cards & Payment Services, Ltd.		480,586
				910,736
	JAPAN - 2.0%
7,320		Freee KK *		672,732
	MALAYSIA - 1.0%
380,080		MR DIY Group M Bhd		328,673
	NETHERLANDS - 2.5%
12,090		CTP NV *		243,707
17,103		JDE Peet's NV		620,565
				864,272
	POLAND - 5.8%
65,788		Allegro.eu SA *		1,132,181
42,392		InPost SA *		850,808
				1,982,989
	RUSSIA - 0.9%
34,710		Fix Price Group, Ltd. - GDR *		303,713
	SOUTH KOREA - 4.4%
3,321		HYBE Co., Ltd. *		862,578
4,809		SK Biopharmaceuticals Co., Ltd. *		525,247
850		SK IE Technology Co., Ltd. *		138,126
				1,525,951
	SWEDEN - 6.5%
46,850		EQT AB		1,700,332
32,300		Nordnet AB publ		545,184
				2,245,516
	SWITZERLAND - 1.4%
20,882		Softwareone Holding AG		493,134
	THAILAND - 2.7%
1,490,900		Asset World Corp. PCL		201,888
241,080		SCG Packaging PCL (a)		466,364
194,430		Sri Trang Gloves Thailand PCL		253,274
				921,526
	TOTAL COMMON STOCKS (Cost - $33,485,764)			34,222,009
	SHORT-TERM INVESTMENTS - 0.3%
93,679		State Street Navigator Securities Lending Government Money Market Portfolio (c)		93,679
	TOTAL SHORT-TERM INVESTMENTS (Cost - $93,679)			93,679

See accompanying Notes to Financial Statements

Renaissance International IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2021 (Continued)

	TOTAL INVESTMENTS - 99.9% (Cost - $33,579,443) (d)	$	34,315,688
	LIABILITIES LESS OTHER ASSETS - 0.1 %		49,861
	NET ASSETS - 100.0%	$	34,365,549
* Non-income producing security.
(a) Securities (or a portion of the security) on loan. As of June 30, 2021, the market value of securities loaned was $757,213. The loaned securities were secured with cash collateral of $93,679 and non-cash collateral with a value of $691,926. The non-cash collateral received consists primarily of U.S. treasuries, 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) Security has been deemed worthless by the Advisor in accordance with the valuation policies and procedures approved by the Board of Trustees. The Advisor has determined this security to be a Level 3.
(c) Represents investments of cash collateral received in connection with securities lending.
(d) Represents cost for financial reporting purposes. The cost for Federal income tax purposes is $33,579,443. At June 30, 2021, net appreciation for all securities was $736,245. This consists of aggregate gross unrealized appreciation of $3,813,640 and aggregate gross unrealized depreciation of $3,077,395.
GDR - Global Depositary Receipt
PLC - Public Limited Company

See accompanying Notes to Financial Statements

Renaissance IPO ETFs
Notes to Financial Statements

For the Period Ended June 30, 2021 (Unaudited)

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At June 30, 2021, all of the Funds' investments were valued based on Level 1 inputs, except as noted and detailed on the Portfolio of Investments.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.