IPO Plus Aftermarket Fund

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

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We are pleased to present you with the IPO Plus Aftermarket Fund’s 2006 Annual Report. For the 12 months ended September 30, 2006, the IPO Plus Fund’s total return was -6.28%, compared with 10.79% for the S&P 500, 4.96% for the NASDAQ OTC Composite and 9.92% for the Russell 2000 Index*.

During the period under review, the IPO Plus Fund was negatively impacted by its investments in some of its small cap growth stocks, which typify the IPO market. This sector was hurt when investors shifted to large cap stocks. In addition, the Fund was slightly impacted by its investments in energy issues, which were affected by a sudden shift in energy prices.

To a lesser extent, the Fund was positively impacted by its investments in the securities of financial and commodities exchanges, which are benefiting from very robust secular growth trends, industry consolidation and volatile oil prices. The Fund also benefited from its investments in the IPOs of well recognized growth stories from a variety of sectors, including consumer, Internet and alternative energy.

Looking ahead into the fourth of 2006 and the first quarter of 2007, we see an active and diverse pipeline. Many of the companies are innovative small and mid-cap companies in the medical, technology and energy sectors. In contrast to earlier in the year, the small cap sector appears to be improving.

*Past performance is no guarantee of future results. Investment return and principal value will vary. Investors’ shares when redeemed may be worth more or less than 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 newly public companies and should be read carefully before investing. The S&P 500 is a widely recognized index of common prices. An investment cannot be made directly in an index. The Russell 2000 Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000, which represents approximately 98% of the investable U.S. equity market. The NASDAQ Composite Index measures all NASDAQ domestic and international-based common type stocks listed on the NASDAQ Stock Market.

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				Average Annual
	Year Ended	Five Years Ended		Total Return
	September 30, 2006	September 30, 2006		Since Inception*
IPO Plus Aftermarket Fund	-6.28%	7.14%		-0.66%
Russell 2000 Index	9.92%	13.78%		7.74%
Nasdaq OTC Composite	4.96%	8.55%		4.57%
S&P 500 Index	10.79%	6.97%		5.63%

* The line chart above represents the changes in value of a hypothetical $10,000 investment made at the Fund’s inception (12/19/97) through 9/30/06. Returns include the reinvestment of all Fund distributions. The returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than original cost. Past performance is not predictive of future performance. This chart is for illustrative purposes only and may not represent your returns.

IPO Plus Fund's Best Quarter	12/99	71.64	%
IPO Plus Fund's Worst Quarter	12/00	-38.81	%


	% of		% of
Holdings By Industry	Net Assets	Holdings By Industry	Net Assets
Advertising	4.78%	Personal Care	1.92%
Commercial Services	10.60%	Pharmaceutical	3.75%
Electronics	1.23%	Restaurants	9.40%
Energy - Alternative Sources	3.40%	Retail	2.54%
Financial Services	8.41%	Software	1.47%
Healthcare Services	6.24%	Telecom Services	4.40%
Insurance	5.06%	Transportation	3.02%
Internet	5.38%	Utilities	6.60%
Lodging	5.20%	Other/Cash & Equivalents	10.13%
Misc. Manufacturing	4.71%	Total	100.00%
Oil / Gas	1.76%

We have audited the accompanying statement of assets and liabilities of The IPO Plus Aftermarket Fund, a series of shares of Renaissance Capital Greenwich Funds, including the portfolio of investments as of September 30, 2006 and the related statement of operations for the year the ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the financial statements and financial highlights based on our audits.


IPO⁺

PORTFOLIO OF INVESTMENTS

As of September 30, 2006

			Shares	Value
	Common Stock - 89.87%
	Advertising - 4.78%
	Focus Media Holding Ltd. *		13,000	$ 752,960

	Commercial Services - 10.60%
	DynCorp International, Inc.*		35,000	440,650
	IHS, Inc. *		25,000	802,000
	WNS Holdings LTD - ADR *		15,000	428,250
				1,670,900

	Electronics - 1.23%
	Ituran Location and Control Ltd.		13,500	193,725

	Energy - Alternate Sources - 3.40%
	Sunpower Corp., Class A *		10,000	277,400
	Suntech Power Holdings Co. *		10,000	258,300
				535,700

	Financial Services - 8.41%
	Intercontinental Exchange, Inc. *		11,000	825,770
	Lazard Ltd., Class A		12,500	499,750
				1,325,520

	Healthcare Services - 6.24%
	Brookdale Senior Living, Inc.		15,000	696,300
	Nighthawk Radiology Holdings, Inc. *		15,000	286,950
				983,250

	Insurance - 5.06%
	Allied World Assurance Holdings *		5,000	202,000
	Genworth Financial, Inc., Class A		17,000	595,170
				797,170

	Internet - 5.38%
	Baidu.com - ADR *		8,000	700,320
	Gmarket, Inc. - ADR *		10,100	146,955
				847,275


See Notes to Financial Statements


IPO⁺

PORTFOLIO OF INVESTMENTS

As of September 30, 2006 (Continued)

			Shares	Value
	Lodging - 5.20%
	Las Vegas Sands Corp. *		12,000	$ 820,200

	Miscellaneous Manufacturing - 4.71%
	American Railcar Industries, Inc.		15,000	436,650
	Dresser-Rand Group, Inc. *		15,000	306,000
				742,650

	Oil / Gas - 1.76%
	Basic Energy Services, Inc. *		5,000	122,000
	Hercules Offshore, Inc. *		5,000	155,250
				277,250

	Personal Care - 1.92%
	Herbalife Ltd. *		8,000	303,040

	Pharmaceutical - 3.75%
	Adams Respiratory Therapeutics, Inc. *		13,000	475,670
	Replidyne, Inc. *		12,300	115,743
				591,413

	Restaurants - 9.40%
	Chipotle Mexican Grill, Inc. *		15,000	745,050
	Tim Hortons, Inc.		28,000	736,400
				1,481,450

	Retail - 2.54%
	Under Armour, Inc. *		10,000	400,200

	Software - 1.47%
	Omniture, Inc. *		15,040	118,665
	Synchronoss Technologies, Inc. *		11,900	112,812
				231,477


See Notes to Financial Statements


IPO⁺

PORTFOLIO OF INVESTMENTS

As of September 30, 2006 (Continued)

			Shares	Value
	Telecom Services - 4.40%
	Neustar, Inc., Class A *		25,000	$ 693,750

	Transportation - 3.02%
	American Commercial Lines, Inc. *		8,000	475,600

	Utilities - 6.60%
	CPFL Energia SA		10,000	384,300
	ITC Holdings Corp.		21,000	655,200
				1,039,500

	Total Common Stocks (Cost $13,091,167)			14,163,030

	Short-Term Investments - 16.71%
	Registered Investment Companies - 16.71%
	BNY Hamilton Money Fund, Premier Shares, 4.93%
		due 10/2/06	2,374,373	2,374,373
	BNY Cash Reserves Fund, 2.40% due 10/2/06		259,269	259,269

	Total Short-Term Investments (Cost $2,633,642)			2,633,642

	Total Investments - 106.58%
		(Cost $15,724,809)(a)		$ 16,796,672
	Liabilities in Excess of Other Assets - (6.58%)			(1,035,280)
	Net Assets 100.00%			$ 15,761,392

*	Non-income producing security.
(a)	The cost for Federal income tax purposes was $15,801,880. At September 30, 2006 net unrealized appreciation for all
	securities (excluding securities sold short) based on tax cost was $994,792. This consists of aggregate gross unrealized appreciation of
	$1,186,446 and aggregate gross unrealized depreciation of $191,654.
	ADR - American Depository Receipt


See Notes to Financial Statements


IPO⁺

FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Year




		Year Ended September 30,
		2006		2005		2004	2003		2002
Net Asset Value,
	Beginning of Year	$ 12.58		$ 10.55		$ 9.63	$ 7.40		$ 8.36

Income (Loss) From
Investment Operations
	Net Investment Income (Loss)	(0.20)		(0.25)		(0.26)	(0.15)		(0.18)
	Net Realized and
	Unrealized Gain (Loss)	(0.60)		2.28		1.17	2.38		(0.78)
Total from Investment
	Operations	(0.80)		2.03		0.91	2.23		(0.96)

Paid-in-Capital From
	Redemption Fees	0.01		0.00	*	0.01	0.00	*	0.00

Net Asset Value,
	End of Year	$ 11.79		$ 12.58		$ 10.55	$ 9.63		$ 7.40

Total Return⁽¹⁾		(6.28)%		19.24%		9.55%	30.14%		(11.48)%

Ratios and
	Supplemental Data
Net Assets,
	End of Year (000s)	$ 15,761		$ 20,096		$ 19,579	$ 19,574		$ 15,871
Ratio of Net Expenses
	to Average Net Assets	2.50%	⁽²⁾	2.50%		2.50%	2.50%		2.50%
Ratio of Net Investment Income
	(Loss) to Average Net Assets	(1.42)%		(2.00)%		(2.24)%	(1.92)%		(1.89)%
Ratio of Expense
	to Average Net Assets,
	excluding waivers	3.18%		3.27%		3.28%	3.93%		3.79%
Ratio of Net Investment Income
	(Loss) to Average Net Assets,
	excluding waivers	(2.09)%		(2.77)%		(3.02)%	(3.35)%		(3.18)%

Portfolio Turnover Rate		260.25%		158.00%		159.73%	212.31%		263.74%

(1)	Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.
	Total returns for periods less than one year are not annualized.
(2)	Excludes dividends on short sales. Including dividends on short sales, the ratio of net expenses to average net assets would be 2.51%
	for the year ended September 30, 2006.
*	Per share amount represents less than $0.01 per share.


See Notes to Financial Statements


IPO⁺

STATEMENT OF ASSETS AND LIABILITIES

	As of September 30, 2006


	Assets
	Investments in Securities, at Value
	(Cost $13,091,167)	$ 14,163,030
	Short-Term Investments, at Cost	2,633,642
	Cash-Segregated	480,097
	Receivable for Investments Sold	231,538
	Dividends and Interest Receivable	41,096
	Receivable for Fund Shares Sold	100
	Prepaid Expenses and Other Assets	11,538
	Total Assets	17,561,041

	Liabilities
	Payable for Investments Purchased	1,717,433
	Payable for Fund Shares Redeemed	30,197
	Payable for Advisory Fee	12,505
	Payable for Distribution Fees	5,468
	Payable for Shareholder Service Fees	3,254
	Accrued Expenses and Other Liabilities	30,792
	Total Liabilities	1,799,649

	Net Assets	$ 15,761,392

	Net Assets Consist of:
	Paid-in-Capital	$ 91,458,669
	Accumulated Net Realized Gain (Loss) on Investments	(76,769,140)
	Net Unrealized Appreciation (Depreciation) of Investments	1,071,863

		$ 15,761,392

	Net Asset Value, Offering and Redemption Price Per Share*
	($15,761,392/1,336,751 shares of beneficial interest,
	without par value, unlimited number of shares authorized)	$ 11.79

	*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 Year Ended September 30, 2006


	Investment Income
	Dividends	$ 94,760
	Interest	108,419
	Total Investment Income	203,179

	Expenses
	Investment Adviser	280,786
	Administration Fees	51,925
	Transfer Agent Fees and Expenses	48,215
	Distribution Fees	46,797
	Shareholder Service Fees	46,797
	Federal and State Registration	34,500
	Shareholder Reports	23,069
	Trustees' Fees	16,107
	Auditing Fees	13,723
	Legal Fees	11,949
	Custody Fees	9,764
	Insurance	1,927
	Other Expenses	6,652
	Total Expenses Before Dividends on Short Sales	592,211
	Dividends Expense Related to Short Positions	1,989
	Total Expenses	594,200
	Less:
	Fees Waived by the Adviser	(124,667)
	Net Expenses	469,533
	Net Investment Income (Loss)	(266,354)

	Net Realized and Unrealized Gain (Loss) on Investments
	Net Realized Gain (Loss) on:
	Investment Securities	1,931,861
	Short Sales	21,183
	Net Realized Gain (Loss) on Investments and Short Sales	1,953,044

	Net Change in Unrealized Appreciation (Depreciation)
	During the Period on:
	Investment Securities	(2,765,859)
	Short Sales	(9,126)
	Net Change in Unrealized Appreciation (Depreciation)
	of Investments and Short Sales	(2,774,985)

	Net Realized and Unrealized Gain (Loss) on Investments	(821,941)

	Net Increase (Decrease) in Net Assets Resulting from Operations	$ (1,088,295)


See Notes to Financial Statements


IPO⁺

STATEMENTS OF CHANGES IN NET ASSETS


		Year	Year
		Ended	Ended
		September 30,	September 30,
		2006	2005
	Increase (Decrease) in Net Assets
	from Operations
	Net Investment Income (Loss)	$ (266,354)	$ (407,066)
	Net Realized Gain (Loss) on Investments
	and Short Sales	1,953,044	3,174,280
	Net Change in Unrealized Appreciation
	(Depreciation) of Investments and Short Sales	(2,774,985)	763,520
	Net Increase (Decrease) in Net Assets
	Resulting from Operations	(1,088,295)	3,530,734

	Fund Share Transactions
	Proceeds from Shares Sold	1,641,322	2,116,834
	Cost of Shares Redeemed	(4,894,056)	(5,134,260)
	Redemption Fee Proceeds	6,467	3,395
	Net Increase (Decrease) in Net Assets
	from Fund Share Transactions	(3,246,267)	(3,014,031)

	Total Increase (Decrease) in Net Assets	(4,334,562)	516,703

	Net Assets
	Beginning of Year	20,095,954	19,579,251
	End of Year	$ 15,761,392	$ 20,095,954

	Increase (Decrease) in Fund Shares Issued
	Number of Shares Sold	125,692	181,593
	Number of Shares Redeemed	(386,265)	(440,563)
	Net Increase (Decrease) in Fund Shares	(260,573)	(258,970)

See Notes to Financial Statements

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 significant accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are followed by the IPO+ Fund in the preparation of its financial statements. Accounting principles generally accepted in the United States of America may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may 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 average of the most recent bid and asked 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 September 30, 2006, the Fund did not hold any securities for which market quotations were not readily available.

In September of 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Statement No. 157, “Fair Value Measurement” (“SFAS 157”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The Fund believes the adoption of SFAS 157 will have no material impact on its financial statements.

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.

On July 13, 2006, FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. At this time management believes that the adoption of FIN 48 will have no impact on the financial statements of the Fund.

As of September 30, 2006, the IPO+ Fund had a federal income tax capital loss carry forward of $76,692,069. Federal capital loss carry forwards expire as follows: $7,282,536 expiring in 2008, $65,326,226 expiring in 2009, $1,806,048 expiring in 2010 and $2,277,259 expiring in 2011. To the extent future capital gains are offset by capital loss carry forwards, such gains will not be distributed.

As of September 30, 2006 the components of accumulated earnings (deficit) on a tax basis were as follows:

The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on washes sales.

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 accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterizations of distributions made by the Fund.

Permanent book and tax differences resulted in reclassification for the year ended September 30, 2006 as follows: a decrease in paid-in-capital of $266,354 and a decrease in undistributed net investment loss of $266,354.

4. OTHER: Security transactions are accounted for on a trade date basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

B. INVESTMENT ADVISER: Under the terms of an Investment Advisory Agreement with Renaissance Capital, a registered investment adviser, the IPO+ Fund agrees to pay Renaissance Capital an annual fee equal to 1.50% of the average daily net assets of the IPO+ Fund, payable monthly. Additionally, Renaissance Capital has voluntarily agreed to defer or waive fees or absorb some or all of the expenses of the IPO+ Fund in order to limit Total Fund Operating Expenses to 2.50%. During the year ended September 30, 2006, Renaissance Capital deferred fees of $124,667. 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 $447,828. These deferrals will expire as follows: $166,481 expiring in 2007, $156,680 expiring in 2008 and $124,667 expiring in 2009.

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 o

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 $6,647 for the year ended September 30, 2006, representing 0.01% of average net assets.

E. TRUSTEES' FEES: Trustees’ fees are $4,000 per year plus $500 for each meeting attended per Trustee.

F. PURCHASES AND SALES: For the year ended September 30, 2006, the IPO+ Fund made purchases with a cost of $41,725,421 and sales with proceeds of $43,310,373 of investment securities other than long-term U.S. Government and short-term securities.

G. SHORT SALES AND SEGREGATED CASH: Short sales are transactions in which the IPO+ Fund sells a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the IPO+ Fund must borrow the security to deliver to the buyer upon the short sale; the IPO+ Fund is then obligated to replace the security borrowed by purchasing it in the open market at some later date.

The IPO+ Fund will incur a loss if the market price of the security increases between the date of the short sale and the date on which the IPO+ Fund replaces the borrowed security. The IPO+ Fund will realize a gain if the security declines in value between those dates.

All short sales must be fully collateralized. The IPO+ Fund maintains the collateral in segregated accounts consisting of cash and/or U.S. Government securities sufficient to collateralize the market value of its short positions. Typically, the segregated cash with brokers and other financial institutions exceeds the minimum requirements.

The IPO+ Fund may also sell short “against the box” (i.e. the Fund enters into a short sale as described above while holding an offsetting long position in the security which it sold short). If the IPO+ Fund enters into a short sale against the box, it will segregate an equivalent amount of securities owned by the IPO+ Fund as collateral while the short sale is outstanding.

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

Information regarding how the Fund voted proxies related to portfolio securities during the year ended June 30, 2006 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.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form 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-Q is available without charge, upon request, by calling 1-888-476-3863.

(a) As of March 31, 2006, there is only one (1) portfolio in the complex and it is overseen by all Trustees

(b) The term of service for each trustee is indefinite until a successor is elected.

*At a meeting of the Board of Directors on November 18, 2005, Martin V. Alonzo, Philip D. Gunn and G. Peter O’Brien resigned as Independent Trustees of the Fund,

and Linda R. Killian and William K. Smith resigned as Affiliated Trustees of the Fund.

The IPO+ Fund's Statement of Additional Information (SAI) includes information about the Fund's trustees and officers.

The SAI is available, without charge, upon request by calling toll-free 1-888-476-3863.

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 April 1, 2006 through September 30, 2006.

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.

** Expenses are equal to the Fund’s annualized expense ratio of 2.50%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the days in the reporting period).

As a broker-dealer and the investment advisor to the IPO Plus Aftermarket Fund, we at Renaissance Capital want to assure you that your privacy is important to us. We take every reasonable precaution to safeguard your personal information from unauthorized access.

We collect non-public personal information about you that we receive from you on the New Account or IRA Applications or other forms, correspondence or conversations. We also collect information about your transactions with us, our affiliates, or others.

We do not sell or disclose any nonpublic personal information about you or your IPO Plus Fund Aftermarket account to anyone except as permitted by law. For example, we disclose all of the information we collect, as described above, to our transfer agent so that they can process your transactions. We restrict access to your nonpublic personal information to those employees who need to know that information so that they may provide products and services to you. We maintain physical, electronic and procedural safeguards that comply with federal standard to guard your nonpublic personal information.

If you own shares of the IPO Plus Aftermarket Fund through a financial intermediary including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary may govern how your non-public personal information would be shared with nonaffiliated third parties.

For more information about our privacy policy, visit our web site www.ipohome.com

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:

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

The registrant’s board of trustees has determined that Martin Alonzo is the independent audit committee financial expert.

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

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.

Based on an evaluation of the registrant’s disclosure controls and procedures as of September 30, 2005, 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.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report (in the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

(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.

(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.

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.

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.


	Beginning Account Value (10/1/05)	Ending Account Value (9/30/06)	Expenses Paid During Period** (10/1/05-9/30/06)
Actual	$1,000.00	$937.20	$12.14
Hypothetical (5% return before expenses)	1,000.00	1,012.53	12.61