Company Profile for Renaissance Capital Growth & Income Fund III, Inc.Renaissance Capital Renaissance Capital is a major investment bank concentrating on Russia and the Commonwealth of Independent States (CIS). Renaissance Capital is wholly owned by management and employees. Major lines of business are: sales and trading, investment banking and asset management. Growth & Income Fund III, Inc. (the Fund) is a non-diversified, closed-end investment company closed-end investment company: see mutual fund. . The investment objective of the Fund is to provide its shareholders with long-term capital appreciation by investing primarily in privately placed convertible securities and equity securities. The Fund concentrates on emerging growth companies with entrepreneurial management. The Fund's current portfolio consists of investments in 32 businesses in various industries. The Fund was established in 1994 when shares were issued at $10.00 per share. Since 1994, the Fund has paid dividends of $17.84 per share (cash dividends of $13.81 and a deemed dividend of $4.03 per share). In total, an investment in the Fund of $100,000 in 1994 was worth $383,000 as of June 30, 2007, the date of the last statement (assuming full participation in the Fund's dividend reinvestment program A dividend reinvestment program or dividend reinvestment plan (DRIP) is an equity investment option offered directly from the underlying company. The investor does not receive quarterly dividends directly as cash; instead, the investor's dividends are directly reinvested in ). The selection of portfolio companies is based upon a process outlined in the book Finding Midas, authored by fund manager Russell Cleveland. The Fund subscribes to the policy of entrepreneurial investing - finding the companies that are led by strong entrepreneurial CEOs dedicated to growth and innovation. The entrepreneurial economy is driving much of the wealth creation and value in today's global environment, and many of the businesses behind this economy are creating outstanding value for their shareholders. More information on entrepreneurial investing can be found at www.ceoinvesting.net. Closed-end funds Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. differ from open-end funds Open-End Fund A mutual fund that continues to sell shares to investors, and will buy back shares when investors wish to sell. Notes: Open-end funds have no limit to the number of shares they can issue. The majority of mutual funds are open end. (commonly referred to as mutual funds) in that shares in the fund are not sold and redeemed directly by the fund to the public. Instead, the shares of the fund trade on a major exchange such as the NYSE NYSE See: New York Stock Exchange or AMEX AMEX See: American Stock Exchange . While mutual funds trade at net asset value, or the aggregate value of the underlying portfolio companies held by the fund, closed-end funds trade according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. market demand. A closed-end fund is not a mutual fund that is closed to new investors. Russell Cleveland is the President, Chief Executive Officer, and Director of the Fund since 1994. He is a Chartered Financial Analyst Chartered Financial Analyst (CFA) An experienced financial analyst who has passed examinations in economics, financial accounting, portfolio management, security analysis, and standards of conduct given by the Institute of Chartered Financial Analysts. with more than 35 years experience as a specialist in investments in smaller capitalization companies. A graduate of the Wharton School of Business, Mr. Cleveland has served as President of the Dallas Association of Investment Analysts. Mr. Cleveland is also the President, Chief Executive Officer, sole Director and the majority shareholder of RENN Capital Group, the investment adviser to the Fund. In addition, he is the author of Finding Midas, a book that details his selection process for finding undervalued companies by focusing on their leadership. For more information on Finding Midas please visit: www.findingmidas.com. For more information on Renaissance Capital Growth and Income Fund III, visit http://www.rencapital.com/renniii.php. [TABLE OMITTED] |
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