Renaissance Capital Greenwich Funds NPORT-P Renaissance International IPO ETF (Dec 2023 report)

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (UNAUDITED)

December 31, 2023

Shares			Value (US$)
		COMMON STOCKS - 99.9%
		COMMUNICATION SERVICES - 10.0%
		Entertainment - 7.9%
	100,907	Endeavor Group Holdings, Inc. - Class A	$	2,394,523
	14,837	Playtika Holding Corp. *		129,379
	296,634	ROBLOX Corp. - Class A *		13,562,106
				16,086,008
		Interactive Media & Services - 2.1%
	64,098	Bumble, Inc. - Class A *		944,804
	205,655	Kanzhun Ltd. - ADR		3,415,930
				4,360,734
				20,446,742
		CONSUMER DISCRETIONARY - 17.7%
		Automobile Components - 1.2%
	54,831	Mobileye Global, Inc. - Class A * (a)		2,375,279
		Automobiles - 4.9%
	423,549	Rivian Automotive, Inc. - Class A (a)		9,936,460
		Broadline Retail - 6.7%
	700,046	Coupang, Inc. *		11,333,745
	58,786	Global-e Online Ltd. *		2,329,689
				13,663,434
		Diversified Consumer Services - 2.0%
	18,524	Duolingo, Inc. *		4,202,169
		Hotels, Restaurants & Leisure - 0.6%
	10,681	Cava Group, Inc. * (a)		459,069
	21,770	Dutch Bros, Inc. - Class A *		689,456
				1,148,525
		Textiles, Apparel & Luxury Goods - 2.3%
	20,650	Birkenstock Holding PLC *		1,006,274
	134,807	On Holding AG - Class A *		3,635,745
				4,642,019
				35,967,886
		CONSUMER STAPLES - 9.8%
		Consumer Staples Distribution & Retail - 0.2%
	14,085	Maplebear, Inc. *		330,575
		Personal Care Products - 9.6%
	908,948	Kenvue, Inc.		19,569,651
				19,900,226
		FINANCIALS - 27.8%
		Banks - 6.1%
	1,493,646	NU Holdings Ltd. - Class A *		12,442,071
		Capital Markets - 12.8%
	108,245	Coinbase Global, Inc. - Class A *		18,825,970
	429,386	Robinhood Markets, Inc. - Class A *		5,470,378
	40,978	TPG, Inc.		1,769,020
				26,065,368

See accompanying Notes to Financial Statements.

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (UNAUDITED)

December 31, 2023 (Continued)

Shares			Value (US$)
		Financial Services - 7.6%
	143,795	Affirm Holdings, Inc. *	$	7,066,087
	146,083	Corebridge Financial, Inc.		3,164,158
	58,296	Dlocal Ltd. *		1,031,256
	18,757	Enact Holdings, Inc.		541,890
	304,139	Marqeta, Inc. - Class A *		2,122,890
	84,310	Remitly Global, Inc. *		1,637,300
				15,563,581
		Insurance - 1.3%
	60,564	Ryan Specialty Holdings, Inc. *		2,605,463
				56,676,483
		HEALTH CARE - 3.2%
		Health Care Equipment & Supplies - 0.2%
	22,407	Bausch & Lomb Corp. *		382,264
		Health Care Providers & Services - 1.9%
	185,571	agilon health, Inc. *		2,328,916
	71,299	Privia Health Group, Inc. * (a)		1,642,016
				3,970,932
		Health Care Technology - 1.1%
	76,507	Doximity, Inc. - Class A *		2,145,256
				6,498,452
		INDUSTRIALS - 6.0%
		Electrical Equipment - 2.0%
	37,132	Fluence Energy, Inc. * (a)		885,598
	31,430	NEXTracker, Inc. - Class A *		1,472,496
	108,623	Shoals Technologies Group, Inc. - Class A *		1,688,001
				4,046,095
		Ground Transportation - 1.9%
	427,839	Full Truck Alliance Co. Ltd. - ADR *		2,999,151
	83,850	Hertz Global Holdings, Inc. * (a)		871,202
				3,870,353
		Professional Services - 0.4%
	41,089	Paycor HCM, Inc. *		887,112
		Trading Companies & Distributors - 1.7%
	85,574	Core & Main, Inc. - Class A *		3,458,045
				12,261,605
		INFORMATION TECHNOLOGY - 25.4%
		IT Services - 1.3%
	40,160	DigitalOcean Holdings, Inc. * (a)		1,473,470
	31,976	Squarespace, Inc. - Class A *		1,055,528
				2,528,998
		Semiconductors & Semiconductor Equipment - 3.9%
	65,618	ARM Holdings PLC - ADR *		4,930,865
	50,095	GLOBALFOUNDRIES, Inc. * (a)		3,035,757
				7,966,622

See accompanying Notes to Financial Statements.

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (UNAUDITED)

December 31, 2023 (Continued)

Shares			Value (US$)
		Software - 20.2%
	134,167	AppLovin Corp. - Class A *	$	5,346,555
	33,189	Braze, Inc. - Class A *		1,763,331
	52,054	Clear Secure, Inc. - Class A		1,074,915
	118,197	Confluent, Inc. - Class A *		2,765,810
	87,814	DoubleVerify Holdings, Inc. *		3,229,799
	30,774	EngageSmart, Inc. *		704,725
	102,626	Freshworks, Inc. - Class A *		2,410,685
	56,013	Gitlab, Inc. - Class A *		3,526,578
	62,107	HashiCorp, Inc. - Class A *		1,468,209
	27,153	Informatica, Inc. - Class A *		770,874
	12,350	Instructure Holdings, Inc. *		333,573
	12,291	Klaviyo, Inc. - Class A *		341,444
	15,783	Monday.com Ltd. *		2,964,205
	35,500	PowerSchool Holdings, Inc. - Class A *		836,380
	50,826	Procore Technologies, Inc. *		3,518,176
	149,225	SentinelOne, Inc. - Class A *		4,094,734
	243,026	UiPath, Inc. - Class A *		6,036,766
				41,186,759
				51,682,379
		TOTAL COMMON STOCKS (Cost - $218,668,636)		203,433,773
		SHORT-TERM INVESTMENTS - 2.3%
	4,707,708	State Street Navigator Securities Lending Government Money Market Portfolio (b)		4,707,708
		TOTAL SHORT-TERM INVESTMENTS (Cost - $4,707,708)		4,707,708
		TOTAL INVESTMENTS - 102.2% (Cost - $223,376,344) (c)	$	208,141,481
		LIABILITIES LESS OTHER ASSETS - (2.2)%		(4,560,949	)
		NET ASSETS - 100.0%	$	203,580,532

* Non-income producing security.

(a) Securities (or a portion of the security) on loan. As of December 31, 2023, the market value of securities loaned was $10,156,391. The loaned securities were secured with cash collateral of $4,707,708 and non-cash collateral with a value of $5,862,060. The non-cash collateral received consists of securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, 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 $223,376,344. At December 31, 2023, net depreciation for all securities was $15,234,863. This consists of aggregate gross unrealized appreciation of $7,833,558 and aggregate gross unrealized depreciation of $23,068,421.

ADR - American Depositary Receipt

PLC - Public Limited Company

See accompanying Notes to Financial Statements.

Renaissance International IPO ETF 

PORTFOLIO OF INVESTMENTS (UNAUDITED) 

December 31, 2023

Shares			Value (US$)
		COMMON STOCKS - 99.6%
		BELGIUM - 2.7%
	6,151	Azelis Group NV	$	150,611
		BRITAIN - 18.8%
	19,937	Allfunds Group PLC		141,411
	24,163	Darktrace PLC *		112,941
	68,088	Deliveroo PLC *		110,742
	35,873	Oxford Nanopore Technologies PLC *		95,201
	8,793	Pepco Group NV *		58,236
	16,964	Petershill Partners PLC		36,673
	44,805	Wise PLC - Class A *		499,148
				1,054,352
		CANADA - 2.2%
	4,374	Definity Financial Corp. (a)		123,920
		CHINA - 22.9%
	1,645	Asymchem Laboratories Tianjin Co. Ltd. - Class H (a)		19,171
	8,225	CALB Group Co. Ltd. *		18,539
	6,500	China Tourism Group Duty Free Corp. Ltd. - Class H		63,805
	29,000	HUTCHMED China Ltd. *		106,589
	99,734	JD Logistics, Inc. *		124,915
	7,446	JL Mag Rare-Earth Co. Ltd. - Class H		9,574
	6,840	Joinn Laboratories China Co. Ltd. - Class H		11,265
	72,690	Kuaishou Technology *		492,916
	8,100	Onewo, Inc. - Class H (a)		25,830
	919,858	SenseTime Group, Inc. - Class B *		136,650
	13,500	Shanghai MicroPort MedBot Group Co. Ltd. *		36,047
	1,000	Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. *		13,178
	6,200	Tianqi Lithium Corp. - Class H		34,261
	34,337	Zhejiang Leapmotor Technologies Ltd. * (a)		156,987
	29,400	ZJLD Group, Inc. *		36,974
				1,286,701
		FRANCE - 0.4%
	1,574	Antin Infrastructure Partners SA		23,944
		GERMANY - 10.7%
	5,195	Dr Ing hc F Porsche AG - (Preference Shares)		458,228
	1,443	Ionos SE *		27,814
	2,070	Schott Pharma AG & Co. KGaA *		76,782
	1,809	Thyssenkrupp Nucera AG & Co. KGaa *		36,845
				599,669
		INDONESIA - 16.2%
	378,200	Amman Mineral Internasional PT *		160,889
	937,900	Barito Renewables Energy Tbk. PT		455,335
	43,820,187	GoTo Gojek Tokopedia Tbk. PT *		244,758
	247,500	Pertamina Geothermal Energy PT		18,807
	475,900	Trimegah Bangun Persada Tbk. PT		30,909
				910,698
		ITALY - 2.2%
	6,070	Ariston Holding NV		41,981
	2,137	Industrie De Nora SpA (a)		37,015
	3,984	Lottomatica Group SpA *		43,058
				122,054
		JAPAN - 6.1%
	3,500	Kokusai Electric Corp. *		76,082
	5,100	Rakuten Bank Ltd. * (a)		76,391
	10,500	Socionext, Inc.		190,638
				343,111

See accompanying Notes to Financial Statements.

Renaissance International IPO ETF

PORTFOLIO OF INVESTMENTS (UNAUDITED)

December 31, 2023 (Continued)

Shares			Value (US$)
		NETHERLANDS - 1.8%
	6,141	CTP NV	$	103,589
		NORWAY - 3.4%
	42,502	AutoStore Holdings Ltd. *		83,583
	33,516	Var Energi ASA		106,091
				189,674
		PHILIPPINES - 1.1%
	431,069	Monde Nissin Corp.		65,235
		POLAND - 3.0%
	12,164	InPost SA *		168,057
		RUSSIA - 0.0%
	11,913	Fix Price Group PLC - GDR * ±		119
		SPAIN - 1.9%
	3,398	Corp. ACCIONA Energias Renovables SA		105,334
		SWEDEN - 2.0%
	34,907	Volvo Car AB - Class B *		112,688
		THAILAND - 2.4%
	166,088	PTT Oil & Retail Business PCL		92,940
	149,021	Thai Life Insurance PCL		39,949
				132,889
		TURKEY - 1.0%
	12,550	Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS		40,160
	6,845	Kaleseramik Canakkale Kalebodur Seramik Sanayi AS *		14,947
				55,107
		UNITED STATES - 0.8%
	38,130	GQG Partners, Inc.		44,302
		TOTAL COMMON STOCKS (Cost - $7,276,516)		5,592,054

See accompanying Notes to Financial Statements.

Renaissance International IPO ETF 

PORTFOLIO OF INVESTMENTS (UNAUDITED) 

December 31, 2023 (Continued)

Shares			Value (US$)
		SHORT-TERM INVESTMENTS - 1.1%
	64,349	State Street Navigator Securities Lending Government Money Market Portfolio (b)	$	64,349
		TOTAL SHORT-TERM INVESTMENTS (Cost - $64,349)		64,349
		TOTAL INVESTMENTS - 100.7% (Cost - $7,340,865) (c)	$	5,656,403
		LIABILITIES LESS OTHER ASSETS - (0.7)%		(39,101	)
		NET ASSETS - 100.0%	$	5,617,302

*	Non-income producing security.
±	Investments categorized as a significant unobservable input. At December 31, 2023, the aggregate value of these securities amounted to $119 or less than 0.01% of Net Assets.
(a)	Securities (or a portion of the security) on loan. As of December 31, 2023, the market value of securities loaned was $278,277. The loaned securities were secured with cash collateral of $64,349 and non-cash collateral with a value of $228,011. The non-cash collateral received consists of securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, 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 $7,340,865. At December 31, 2023, net depreciation for all securities was $1,684,462. This consists of aggregate gross unrealized appreciation of $172,887 and aggregate gross unrealized depreciation of $1,857,349.

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, 2023  (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 for which market quotations are readily available as defined in Rule 2a-5 under the 1940 Act are based on the securities’ last quoted sales prices on their principal exchanges. 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 Valuation Procedures, approved 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, the Board has designated Renaissance Capital LLC (the “Adviser” or “Valuation Designee”) as the Valuation Designee. The Funds’ Administrator, State Street Bank and Trust Company, assists the Valuation Designee with its responsibilities as set forth in the Valuation Procedures. 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 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 generally 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, 2023  (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, 2023:

Renaissance IPO ETF	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	203,433,773	$	—	$	—	$	203,433,773
Short-Term Investments		4,707,708		—		—		4,707,708
Total Investments	$	208,141,481	$	—	$	—	$	208,141,481
Renaissance International IPO ETF	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	5,591,935	$	—	$	119	$	5,592,054
Short-Term Investments		64,349		—		—		64,349
Total Investments	$	5,656,284	$	—	$	119	$	5,656,403

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. During the period ended December 31, 2023, 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, 2023	$	134
Change in Unrealized Appreciation (Depreciation)		(134	)
Balance as of December 31, 2023	$	—
Renaissance International IPO ETF	Common Stocks
Balance as of September 30, 2023	$	119
Change in Unrealized Appreciation (Depreciation)		_—
Balance as of December 31, 2023	$	119