0001026634 2012-09-30 2012-09-30 0001026634 cik0001026634:S000011069_52Member cik0001026634:S000011069Member 2012-09-30 2012-09-30 0001026634 cik0001026634:S000011069_52Member cik0001026634:S000011069Member cik0001026634:C000030513Member 2012-09-30 2012-09-30 0001026634 cik0001026634:S000011069_52Member cik0001026634:S000011069Member rr:AfterTaxesOnDistributionsMember cik0001026634:C000030513Member 2012-09-30 2012-09-30 0001026634 cik0001026634:S000011069_52Member cik0001026634:S000011069Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001026634:C000030513Member 2012-09-30 2012-09-30 0001026634 cik0001026634:S000011069_52Member cik0001026634:S000011069Member cik0001026634:index_SP_500_IndexMember 2012-09-30 2012-09-30 0001026634 cik0001026634:S000011069_52Member cik0001026634:S000011069Member cik0001026634:index_Russell_3000_IndexMember 2012-09-30 2012-09-30 0001026634 cik0001026634:S000011069_52Member cik0001026634:S000011069Member cik0001026634:index_FTSE_Renaissance_US_IPO_Capped_Index2Member 2012-09-30 2012-09-30 0001026634 cik0001026634:S000011069_52Member cik0001026634:S000011069Member cik0001026634:index_FTSE_Renaissance_Global_IPO_Capped_Index2Member 2012-09-30 2012-09-30 xbrli:pure iso4217:USD Pursuant to an Expense Limitation Agreement and Advisory Fee Waiver Agreement (the "Expense Agreement"), the Global IPO Fund's Adviser has contractually agreed to waive or limit its management fees and to reimburse expenses, exclusive of any redemption fees, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, expenses of investing in underlying funds, or extraordinary expenses such as litigation, such that the total annual operating expenses for the Global IPO Fund do not exceed 2.50% of annual average daily net assets. The Expense Agreement remains in effect until January 31, 2014, subject to possible recoupment from the Global IPO Fund in future years on a rolling three year basis if such recoupment can be achieved within the foregoing expense limits. The Agreement may be terminated by the Global IPO Fund's Board of Trustees. For the fiscal year ended September 30, 2012 , the net expenses for the Global IPO Fund were 2.50 %, taking into account the fee waiver/expense reimbursement. After-tax returns were calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Global IPO Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Returns are based on total return index values. RENAISSANCE CAPITAL GREENWICH FUNDS 485BPOS false 0001026634 2012-09-30 2013-01-28 2013-01-28 2013-01-31 The Global IPO Plus Aftermarket Fund Investment Objective: The Global IPO Plus Aftermarket Fund’s (the “Global IPO Fund”) investment objective is capital appreciation. Principal Risks Investing in IPOs entails special risks, including limited operating history of the companies, limited number of shares available for trading, unseasoned trading, lack of investor knowledge of the company, high portfolio turnover and limited liquidity.  The Global IPO Fund is also subject to risk common to all equity mutual funds.   The Global IPO Fund may invest an unlimited amount of its net assets in foreign securities; and will invest in such securities in a minimum of three countries. Foreign investments involve certain risks not generally associated with investments in securities of U.S. issuers. Foreign securities also involve such risks as currency fluctuation risk, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging markets and in less developed countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries, and the extent of foreign investment may be subject to limitation. Dividends paid on foreign securities may not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Global IPO Fund’s distributions attributable to foreign securities will be designated as Qualified Dividend Income (“QDI”). As with all mutual funds, investing in the Global IPO Fund involves certain risks. There is no guarantee that the Global IPO Fund will meet its investment objective or that it will perform as it has in the past.  You may lose money if you invest in the Global IPO Fund.  Accordingly, you should consider the risks described below, as well as the risks described in the SAI, before you decide to invest in the Global IPO Fund. You may lose money if you invest in the Global IPO Fund. Portfolio Turnover The Global IPO Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Global IPO Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Global IPO Fund's performance.  During the most recent fiscal year, the Global IPO Fund's portfolio turnover rate was <strike></strike> 127.64% of the average value of its portfolio. 1.2764 Principal Strategies The Global IPO Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of (i) the common stocks of domestic and foreign initial public offerings (“IPOs”), without limitation, (“IPOs”) at the time of the offering and in aftermarket trading, and (ii) for the purpose of IPO arbitrage and hedging, securities issued by IPO-related entities, including a parent company spinning off an IPO.  The Global IPO Fund may seek to arbitrage or hedge its IPO portfolio holdings exposure by using a number of investment techniques such as options, futures, indexes and short selling.  Fees and Expenses of the Global IPO Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Global IPO Fund. 0.0000 0.0000 0.0000 -0.0200 0.0150 0.0025 0.0271 0.0446 -0.0196 0.0250 ~ http://gemini.com/20130128/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0001026634_S000011069Member row primary compact * ~ ~ http://gemini.com/20130128/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0001026634_S000011069Member row primary compact * ~ 2014-01-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Example: This Example is intended to help you compare the cost of investing in the Global IPO Fund with the cost of investing in other mutual funds. 253 1172 2102 4469 ~ http://gemini.com/20130128/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0001026634_S000011069Member row primary compact * ~ The example assumes that you invest $10,000 in the Global IPO Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return for each year and that the Global IPO Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance The bar chart that follows shows how the Global IPO Fund’s performance has varied from year to year. The table below the bar chart shows the  Global IPO Fund's average annual returns (before and after taxes) and provides some indication of the risks of investing in the Global IPO Fund by comparing the performance of the  Global IPO Fund over time to the performance of a broad-based market index and two supplemental indices. The Global IPO Fund's past performance (before and after income taxes) is not necessarily an indication of how the Global IPO Fund will perform in the future. Year-by-Year Total Returns 0.5220 0.1314 0.0428 0.1043 0.2774 -0.3277 0.1601 0.1284 -0.2268 0.0911 ~ http://gemini.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact cik0001026634_S000011069Member row primary compact * ~ Global IPO Fund's Best Quarter 0.2404 2003-06-30 Global IPO Fund's Worst Quarter -0.2581 2011-09-30 <table style="margin-top:0px; font-size:10pt" cellpadding="0" cellspacing="0" width="561"> <tr style="font-size:0"> <td width="318"> </td> <td width="162"> </td> <td width="81"> </td> </tr> <tr> <td style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border:1px solid #000000" valign="top" width="298"> Global IPO Fund’s Best Quarter </td> <td style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign="top" width="143"> 2nd Quarter 2003   </td> <td style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width="62"> 24.04% </td> </tr> <tr> <td style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign="top" width="298">   Global IPO Fund’s Worst Quarter      </td> <td style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign="top" width="143"> 3 rd Quarter 2011 </td> <td style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width="62"> -25.81% </td> </tr> </table> Global IPO Fund Average Annual Total Returns for periods ended December 31, 2012 : 0.0911 -0.0578 0.0445 0.0911 -0.0578 0.0445 0.0592 -0.0482 0.0389 0.1600 0.0166 0.0710 0.1642 0.1120 0.0204 0.1451 -0.0369 0.0871 0.1659 -0.0209 ~ http://gemini.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact cik0001026634_S000011069Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns were calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The table below the bar chart shows the Global IPO Fund's average annual returns (before and after taxes) and provides some indication of the risks of investing in the Global IPO Fund by comparing the performance of the Global IPO Fund over time to the performance of a broad-based market index and two supplemental indices. The Global IPO Fund's past performance (before and after income taxes) is not necessarily an indication of how the Global IPO Fund will perform in the future. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Global IPO Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.