Renaissance Capital Greenwich Funds NPORT-P Renaissance IPO ETF (Dec 2022 report)

Renaissance IPO ETF
          PORTFOLIO OF INVESTMENTS (UNAUDITED)          
December 31, 2022

Shares					Value (US$)
	COMMON STOCKS - 99.6%
		COMMUNICATION SERVICES - 7.7%
			Entertainment - 4.0%
46,733			Endeavor Group Holdings, Inc. - Class A *	$	1,053,362
32,454			Playtika Holding Corp. *		276,183
132,828			ROBLOX Corp. - Class A *		3,780,285
					5,109,830
			Interactive Media & Services - 3.7%
31,142			Bumble, Inc. - Class A *		655,539
49,097			Kanzhun Ltd. - ADR *		1,000,106
100,501			ZoomInfo Technologies, Inc. *		3,026,085
					4,681,730
					9,791,560
		CONSUMER DISCRETIONARY - 28.6%
			Auto Components - 0.5%
17,137			Mobileye Global, Inc. - Class A *		600,823
			Automobiles - 7.3%
192,258			Li Auto, Inc. - ADR *		3,922,063
190,145			Rivian Automotive, Inc. - Class A *		3,504,373
192,062			XPeng, Inc. - ADR *		1,909,096
					9,335,532
			Diversified Consumer Services - 0.5%
8,492			Duolingo, Inc. *		604,036
			Hotels, Restaurants & Leisure - 9.7%
137,525			Airbnb, Inc. - Class A *		11,758,387
12,287			Dutch Bros, Inc. - Class A * (a)		346,371
24,460			Sportradar Holding AG - Class A * (a)		243,622
					12,348,380
			Internet & Direct Marketing Retail - 8.2%
368,098			Coupang, Inc. *		5,414,722
91,462			DoorDash, Inc. - Class A *		4,465,175
29,631			Global-e Online Ltd. *		611,584
13,440			Ozon Holdings PLC - ADR * ±		134
					10,491,615
			Specialty Retail - 1.4%
28,120			Academy Sports & Outdoors, Inc.		1,477,425
28,841			Petco Health & Wellness Co., Inc. *		273,412
					1,750,837
			Textiles, Apparel & Luxury Goods - 1.0%
75,679			On Holding AG - Class A *		1,298,652
					36,429,875
		CONSUMER STAPLES - 1.6%
			Food & Staples Retailing - 1.0%
61,372			Albertsons Cos., Inc. - Class A		1,272,855
			Household Products - 0.4%
19,696			Reynolds Consumer Products, Inc.		590,486
			Personal Products - 0.2%
43,843			Olaplex Holdings, Inc. *		228,422
					2,091,763
		ENERGY - 0.2%
			Energy Equipment & Services - 0.2%
8,265			ProFrac Holding Corp. - Class A *		208,278

See accompanying Notes to Financial Statements.

Renaissance IPO ETF
          PORTFOLIO OF INVESTMENTS (UNAUDITED)          
December 31, 2022 (continued)

Shares				Value (US$)
	FINANCIALS - 7.8%
		Banks - 2.4%
746,166		NU Holdings Ltd. - Class A * (a)	$	3,036,896
		Capital Markets - 3.4%
58,337		Coinbase Global, Inc. - Class A * (a)		2,064,546
205,172		Robinhood Markets, Inc. - Class A *		1,670,100
22,408		TPG, Inc. (a)		623,615
				4,358,261
		Consumer Finance - 0.4%
248,883		Lufax Holding Ltd. - ADR		482,833
		Diversified Financial Services - 0.4%
29,069		Corebridge Financial, Inc.		583,124
		Insurance - 1.0%
30,377		Ryan Specialty Holdings, Inc. *		1,260,949
		Thrifts & Mortgage Finance - 0.2%
10,693		Enact Holdings, Inc.		257,915
				9,979,978
	HEALTH CARE - 13.1%
		Biotechnology - 2.5%
22,998		Beam Therapeutics, Inc. * (a)		899,452
20,062		Legend Biotech Corp. - ADR *		1,001,495
25,982		Vaxcyte, Inc. *		1,245,837
				3,146,784
		Health Care Equipment & Supplies - 1.0%
12,315		Bausch + Lomb Corp. *		191,006
17,482		Inari Medical, Inc. *		1,111,156
				1,302,162
		Health Care Providers & Services - 3.4%
65,961		1Life Healthcare, Inc. *		1,102,208
68,906		agilon health, Inc. * (a)		1,112,143
42,385		Oak Street Health, Inc. * (a)		911,701
16,425		Privia Health Group, Inc. *		373,012
29,446		Signify Health, Inc. - Class A *		843,923
				4,342,987
		Health Care Technology - 1.1%
40,782		Doximity, Inc. - Class A * (a)		1,368,644
		Life Sciences Tools & Services - 0.5%
8,884		AbCellera Biologics, Inc. *		89,995
39,811		Maravai LifeSciences Holdings, Inc. - Class A *		569,695
				659,690
		Pharmaceuticals - 4.6%
9,442		Harmony Biosciences Holdings, Inc. *		520,254
136,139		Royalty Pharma PLC - Class A		5,380,213
				5,900,467
				16,720,734
	INDUSTRIALS - 6.0%
		Commercial Services & Supplies - 1.7%
22,561		Driven Brands Holdings, Inc. *		616,141
55,293		GFL Environmental, Inc.		1,616,214
				2,232,355
		Electrical Equipment - 1.0%
50,034		Shoals Technologies Group, Inc. - Class A *		1,234,339

See accompanying Notes to Financial Statements.

Renaissance IPO ETF
          PORTFOLIO OF INVESTMENTS (UNAUDITED)          
December 31, 2022 (continued)

Shares					Value (US$)
			Marine - 0.4%
29,662			ZIM Integrated Shipping Services Ltd. (a)	$	509,890
			Professional Services - 0.9%
91,629			Dun & Bradstreet Holdings, Inc.		1,123,371
			Road & Rail - 1.6%
233,171			Full Truck Alliance Co. Ltd. - ADR * (a)		1,865,368
11,384			Hertz Global Holdings, Inc. *		175,200
					2,040,568
			Trading Companies & Distributors - 0.4%
25,796			Core & Main, Inc. - Class A *		498,121
					7,638,644
		INFORMATION TECHNOLOGY - 32.0%
			IT Services - 14.0%
79,065			Affirm Holdings, Inc. * (a)		764,559
25,175			DigitalOcean Holdings, Inc. *		641,207
37,645			Dlocal Ltd. * (a)		586,133
157,123			Marqeta, Inc. - Class A *		960,021
18,378			Shift4 Payments, Inc. - Class A *		1,027,881
94,494			Snowflake, Inc. - Class A *		13,563,669
30,574			Thoughtworks Holding, Inc. *		311,549
					17,855,019
			Semiconductors & Semiconductor Equipment - 1.5%
24,082			Allegro MicroSystems, Inc. *		722,942
23,127			GLOBALFOUNDRIES, Inc. * (a)		1,246,314
					1,969,256
			Software - 16.5%
79,567			AppLovin Corp. - Class A * (a)		837,840
26,384			Asana, Inc. - Class A * (a)		363,308
61,610			Bentley Systems, Inc. - Class B		2,277,106
17,779			Braze, Inc. - Class A * (a)		485,011
22,446			Clear Secure, Inc. - Class A		615,694
45,238			Confluent, Inc. - Class A *		1,006,093
26,598			DoubleVerify Holdings, Inc. *		584,092
35,654			Freshworks, Inc. - Class A * (a)		524,470
17,771			Gitlab, Inc. - Class A * (a)		807,514
12,882			HashiCorp, Inc. - Class A * (a)		352,194
13,108			Informatica, Inc. - Class A *		213,529
6,050			Instructure Holdings, Inc. *		141,812
4,370			Monday.com Ltd. *		533,140
673,192			Palantir Technologies, Inc. - Class A *		4,321,893
19,823			Paycor HCM, Inc. *		485,069
16,342			PowerSchool Holdings, Inc. - Class A *		377,173
25,930			Procore Technologies, Inc. *		1,223,377
45,247			Qualtrics International, Inc. - Class A *		469,664
69,518			SentinelOne, Inc. - Class A *		1,014,268
137,636			UiPath, Inc. - Class A *		1,749,354
90,704			Unity Software, Inc. *		2,593,227
					20,975,828
					40,800,103
		REAL ESTATE - 2.6%
			Real Estate Management & Development - 2.6%
234,460			KE Holdings, Inc. - ADR *		3,273,062
	TOTAL COMMON STOCKS (Cost - $234,376,792)				126,933,997

See accompanying Notes to Financial Statements.

Renaissance IPO ETF
          PORTFOLIO OF INVESTMENTS (UNAUDITED)          
December 31, 2022 (continued)

Shares				Value (US$)
	SHORT-TERM INVESTMENTS - 13.8%
17,572,988		State Street Navigator Securities Lending Government Money Market Portfolio (b)	$	17,572,988
	TOTAL SHORT-TERM INVESTMENTS (Cost - $17,572,988)			17,572,988
	TOTAL INVESTMENTS - 113.4% (Cost - $251,949,780) (c)		$	144,506,985
	LIABILITIES LESS OTHER ASSETS - (13.4) %			(17,075,056)
	NET ASSETS - 100.0%		$	127,431,929
* Non-income producing security.
± Investments categorized as a significant unobservable input (Level 3). At December 31, 2022, the aggregate value of these securities amounted to $134 or less than 0.01% of Net Assets.
(a) Securities (or a portion of the security) on loan. As of December 31, 2022, the market value of securities loaned was $13,998,855. The loaned securities were secured with cash collateral of $12,472,488 and non-cash collateral with a value of $1,946,272. 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 $251,949,780. At December 31, 2022, net depreciation for all securities was $107,442,795. This consists of aggregate gross unrealized appreciation of $820,863 and aggregate gross unrealized depreciation of $108,263,658.
ADR - American Depositary Receipt
PLC - Public Limited Company

See accompanying Notes to Financial Statements.

Renaissance International IPO ETF
          PORTFOLIO OF INVESTMENTS (UNAUDITED)          
December 31, 2022

Shares					Value (US$)
	COMMON STOCKS - 99.4%
		BELGIUM - 2.6%
7,783			Azelis Group NV	$	220,946
		BRITAIN - 8.9%
27,015			Allfunds Group PLC		188,691
44,828			Dr. Martens PLC		103,296
8,679			Pepco Group NV *		78,285
56,628			Wise PLC - Class A *		385,295
					755,567
		CANADA - 3.5%
5,861			Definity Financial Corp.		166,566
5,130			Nuvei Corp. * (a)		130,372
					296,938
		CHINA - 46.4%
39,000			Akeso, Inc. - Class B *		214,850
2,145			Asymchem Laboratories Tianjin Co. Ltd. - Class H (a)		31,548
68,032			Blue Moon Group Holdings Ltd.		45,672
8,825			CALB Co. Ltd. *		20,442
46,427			China Resources Mixc Lifestyle Services Ltd.		235,839
6,200			China Tourism Group Duty Free Corp. Ltd. - Class H *		182,693
257,103			Evergrande Property Services Group Ltd. * ±		18,940
9,759			Hangzhou Tigermed Consulting Co. Ltd. - Class H		112,775
26,953			Hygeia Healthcare Holdings Co. Ltd. * (a)		193,374
58,960			JD Health International, Inc. *		538,956
133,734			JD Logistics, Inc. *		259,057
49,936			Jiumaojiu International Holdings Ltd.		133,390
4,729			JL Mag Rare-Earth Co. Ltd. - Class H		13,571
5,958			Joinn Laboratories China Co. Ltd. - Class H		30,494
86,990			Kuaishou Technology *		791,836
88,954			Nongfu Spring Co. Ltd. - Class H		502,581
5,000			Onewo, Inc. - Class H *		31,420
56,230			Pop Mart International Group Ltd. (a)		142,782
11,500			Remegen Co. Ltd. - Class H *		85,306
6,500			Shanghai MicroPort MedBot Group Co. Ltd. *		26,482
37,000			Simcere Pharmaceutical Group Ltd.		55,082
142,236			Smoore International Holdings Ltd. (a)		220,859
8,400			Tianqi Lithium Corp. - Class H * (a)		60,050
					3,947,999
		FRANCE - 0.5%
2,090			Antin Infrastructure Partners SA		45,416
		GERMANY - 9.6%
8,069			Dr Ing hc F Porsche AG - (Preference Shares) *		818,399
		INDONESIA - 1.2%
1,409,600			Avia Avian Tbk PT		57,045
1,400,100			Global Digital Niaga Tbk PT *		42,271
					99,316
		ITALY - 0.5%
2,816			Industrie De Nora SpA *		43,226
		NETHERLANDS - 3.3%
8,205			CTP NV		96,965
6,438			JDE Peet's NV		186,210
					283,175

See accompanying Notes to Financial Statements.

Renaissance International IPO ETF
          PORTFOLIO OF INVESTMENTS (UNAUDITED)          
December 31, 2022 (continued)

Shares					Value (US$)
		NORWAY - 2.5%
56,804			AutoStore Holdings Ltd. * (a)	$	103,933
32,304			Var Energi ASA		110,809
					214,742
		PHILIPPINES - 1.3%
576,569			Monde Nissin Corp.		114,636
		POLAND - 3.8%
31,793			Allegro.eu SA *		182,355
16,294			InPost SA *		137,407
					319,762
		RUSSIA - 0.0%
11,913			Fix Price Group Ltd. - GDR * ±		119
		SPAIN - 2.1%
4,558			Corp. ACCIONA Energias Renovables SA		176,331
		SWEDEN - 4.4%
13,700			Nordnet AB publ		198,184
39,440			Volvo Car AB - Class B *		179,079
					377,263
		THAILAND - 8.2%
222,557			Central Retail Corp. PCL		297,192
222,588			PTT Oil & Retail Business PCL		152,955
95,840			SCG Packaging PCL		157,727
198,921			Thai Life Insurance PCL *		85,576
					693,450
		UNITED STATES - 0.6%
50,600			GQG Partners, Inc.		48,059
	TOTAL COMMON STOCKS (Cost - $11,171,545)				8,455,344
	SHORT-TERM INVESTMENTS - 2.4%
199,886			State Street Navigator Securities Lending Government Money Market Portfolio (b)		199,886
	TOTAL SHORT-TERM INVESTMENTS (Cost - $199,886)				199,886

See accompanying Notes to Financial Statements.

Renaissance International IPO ETF
          PORTFOLIO OF INVESTMENTS (UNAUDITED)          
December 31, 2022 (continued)

	TOTAL INVESTMENTS - 101.8% (Cost - $11,371,431) (c)	$	8,655,230
	LIABILITIES LESS OTHER ASSETS - (1.8) %		(151,304)
	NET ASSETS - 100.0%	$	8,503,926
* Non-income producing security.
± Investments categorized as a significant unobservable input (Level 3). At December 31, 2022, the aggregate value of these securities amounted to $19,059 or less than 0.22% of Net Assets.
(a) Securities (or a portion of the security) on loan. As of December 31, 2022, the market value of securities loaned was $710,003. The loaned securities were secured with cash collateral of $199,886 and non-cash collateral with a value of $547,623. 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 $11,371,431. At December 31, 2022, net depreciation for all securities was $2,716,201. This consists of aggregate gross unrealized appreciation of $182,876 and aggregate gross unrealized depreciation of $2,899,077.
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 December 31, 2022 (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’ last quoted sales prices on their principal exchanges, where available. In the absence of a last reported sales price, values may be based on the mean between the current bid and ask prices, if available. Any Fund’s securities for which market quotations are not readily available, as well as restricted securities or other investment assets, are to be valued at fair value as determined in good faith in accordance with the Trust’s Valuation Procedures, which are approved annually by the Board of Trustees (the “Board”). To carry out the responsibility to determine the Fair Value of any securities or other assets for which market quotations are not readily available at a Valuation Time, the Board has designated Renaissance Capital LLC (the “Adviser” or “Valuation Designee”) as the Valuation Designee. As a general principle, the “fair value” of a security is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the Valuation Designee, after consulting with representatives of the Adviser’s Valuation Committee, 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) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the Adviser with respect to the valuation of the security; (v) whether the same or similar securities are held by other Funds managed by the Adviser and the methodologies used to value comparable or similar securities in those Funds; (vi) the extent to which the fair value determination will be based on data or formulae produced by third parties independent of the Adviser; (vii) the liquidity or illiquidity of the market for the security; (viii) the existence of merger proposals, tender offers or other types of “exit” events for shareholders of the security’s issuer; (ix) court action or governmental intervention with respect to a security or its issuer; and (x) price changes of a relevant market index that serves as a reasonable proxy instrument for the fair valued security. Short-term instruments with maturities of 60 days or less at the date of the purchase 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. The Funds may also use fair value pricing in a variety of circumstances, including, but not limited to, situations where the value of a security in a Fund’s portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded, or where trading in a security has been suspended or halted. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be received upon the sale of the security. In addition, fair value pricing could result in a difference between the prices used to calculate the NAV of the Funds and the prices used by each of the Funds’ benchmark indices, the Renaissance IPO Index and the Renaissance International IPO Index, respectively (the “Indices”). This may adversely affect the Funds’ ability to track the Indices.

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

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

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

RENAISSANCE IPO ETFS
          NOTES TO FINANCIAL STATEMENTS          
For the Period Ended December 31, 2022 (Unaudited) (continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the valuations inputs of the Fund’s investments by each fair value hierarchy level as of December 31, 2022:

Renaissance IPO ETF		Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	126,933,863	$	—	$	134	$	126,933,997
Short-Term Investments		17,572,988		—		—		17,572,988
Total Investments	$	144,506,851	$	—	$	134	$	144,506,985
Renaissance International IPO ETF		Level 1		Level 1		Level 1		Total
Common Stocks(1)	$	8,436,285	$	—	$	19,059	$	8,455,344
Short-Term Investments		199,886		—		—		199,886
Total Investments	$	8,636,171	$	—	$	19,059	$	8,655,230

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

During the period ended December 31, 2022 there were no transfers between levels. The Fund's policy is to recognize transfers between levels as of the end of the period.

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

Renaissance IPO ETF		Common Stocks
Balance as of September 30, 2022	$	135
Change in Unrealized Appreciation (Depreciation)		(1)
Balance as of December 31, 2022	$	134
Renaissance International IPO ETF		Common Stocks
Balance as of September 30, 2022	$	18,952
Change in Unrealized Appreciation (Depreciation)		107
Balance as of December 31, 2022	$	19,059

.