<SUBMISSION>
<ACCESSION-NUMBER>0000919567-09-000022
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20090331
<FILING-DATE>20090512
<DATE-OF-FILING-DATE-CHANGE>20090512
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>RENAISSANCE CAPITAL GROWTH & INCOME FUND III INC
<CIK>0000919567
<IRS-NUMBER>752533518
<STATE-OF-INCORPORATION>TX
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>001-11701
<FILM-NUMBER>09817819
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>8080 N CENTRAL EXPRWY
<STREET2>STE 210 LB59
<CITY>DALLAS
<STATE>TX
<ZIP>75206
<PHONE>2148918294
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>8080 N CENTRAL EXPWY., SUITE 210 LB 59
<CITY>DALLAS
<STATE>TX
<ZIP>75206
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>renn310q1st2009.htm
<TEXT>
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                    <font style="FONT-SIZE: 4pt">______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">UNITED STATES<br>
                    SECURITIES AND EXCHANGE COMMISSION<br>
                    Washington, D.C. 20549<br>
                    ________________</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font style="FONT-SIZE: 10pt">Form 10-Q</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font style="FONT-SIZE: 10pt">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)<br>
                    OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">For the quarterly period ended March 31, 2009</font><br>
                    &nbsp;<br>
                    <font style="FONT-SIZE: 10pt">OR</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font style="FONT-SIZE: 10pt">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)<br>
                    OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">For the Transition period from ________ to ________ .<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font style="FONT-SIZE: 10pt">Commission file number: 0-20671</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.</font></b></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: 22px" align="left">
                    <b><font style="FONT-SIZE: 10pt">TX</font></b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font style="FONT-SIZE: 10pt">75-2533518</font></b></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 36px" align="left"><font style="FONT-SIZE: 10pt">(State or other jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I.R.S. Employer</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of incorporation or organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification No.)<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 36px" align="left"><b><font style="FONT-SIZE: 10pt">8080 N. Central Expressway, Suite 210, LB-59, Dallas, TX 75206</font></b></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left"><font style="FONT-SIZE: 10pt">(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left"></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Registrant's telephone number, including area code:</font> <b><font style="FONT-SIZE: 10pt">214-891-8294</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">None<br>
                    (Former name, former address and former fiscal year<br>
                    if changed since last report)<br>
                    ___________________</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify"><font style="FONT-SIZE: 10pt">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
                    days.</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Yes</font>&nbsp; <u><font style="FONT-SIZE: 10pt">x&nbsp;</font></u> &nbsp;<font style="FONT-SIZE: 10pt">No</font> <font style="FONT-SIZE: 10pt">___</font></p>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of</font>
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">accelerated filer and large accelerated filer</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">in Rule12b-2 of the Exchange Act. (Check one):</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer</font> <font size="2">x</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left"><font style="FONT-SIZE: 10pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Yes&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font> &nbsp;<font style="FONT-SIZE: 10pt">No</font>&nbsp;<u>&nbsp; <font style="FONT-SIZE: 10pt">x&nbsp;&nbsp;</font></u>&nbsp;&nbsp;</p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="center"><font style="FONT-SIZE: 10pt">As of April 30,</font> <font style="FONT-SIZE: 10pt">2009</font> <font style="FONT-SIZE: 10pt">the issuer</font> <font style="FONT-SIZE: 10pt">had 4,463,967 shares</font> <font style="FONT-SIZE: 10pt">of common stock outstanding.<br>
                    <br>
                    </font></p>

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                                <th width="546"><font size="2">RENAISSANCE CAPITAL GROWTH &amp; INCOME FUND III, INC.</font></th>

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                                <th width="546"><font face="Times New Roman, Times, serif" size="2">INDEX</font></th>

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                                </th>

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                                <th>
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                                <th width="546">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</th>

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                                </th>

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                                </th>

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                                </th>

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                                </th>

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                                    <p><font face="Times New Roman, Times, serif" size="2">Page</font> <font face="Times New Roman, Times, serif" size="2">Number</font></p>
                                </th>

                                <th>
                                </th>
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                                <th width="546"><font size="2">PART I - FINANCIAL INFORMATION</font></th>

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                                </th>

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                                </th>

                                <th>
                                </th>
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                                </td>

                                <td align="left" width="4">
                                </td>

                                <td width="37">
                                </td>

                                <td>
                                </td>
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                            <tr valign="bottom" height="18">
                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 1. <u>Financial Statements (Unaudited)</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="37">
                                </td>

                                <td>
                                </td>
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                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td width="37">
                                </td>

                                <td>
                                </td>
                            </tr>

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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities as of March 31, 2009 and December 31, 2008</font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="37">
                                    <p align="right"><font size="2">3</font></p>
                                </td>

                                <td>
                                </td>
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                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;&nbsp;</td>

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                                </td>

                                <td width="37">
                                </td>

                                <td>
                                </td>
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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedules of Investments as of March 31, 2009 and December 31, 2008</font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="37">
                                    <p align="right"><font size="2">4</font></p>
                                </td>

                                <td>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;</td>

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                                </td>

                                <td width="37">
                                </td>

                                <td>
                                </td>
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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations for the three months ended March 31, 2009 and 2008</font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="37">
                                    <p align="right"><font size="2">15</font></p>
                                </td>

                                <td>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td width="37">
                                </td>

                                <td>
                                </td>
                            </tr>

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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets for the three months ended March 31, 2009 and 2008</font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="37">
                                    <p align="right"><font size="2">16</font></p>
                                </td>

                                <td>
                                </td>
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                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td width="37">
                                </td>

                                <td align="left">
                                </td>
                            </tr>

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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Cash Flows for the three months ended March 31, 2009 and 2008</font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="37">
                                    <p align="right"><font size="2">17</font></p>
                                </td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td width="37">
                                </td>

                                <td align="left">
                                </td>
                            </tr>

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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements</font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font size="2">18</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left">
                                </td>
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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 2. <u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font size="2">24</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left">
                                </td>
                            </tr>

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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 3. <u>Quantitative and Qualitative Disclosures About Market Risk</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font size="2">26</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left">
                                </td>
                            </tr>

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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 4. <u>Controls and Procedures</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font size="2">26</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="546">
                                </td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37">
                                </td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td width="546">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>PART II - OTHER INFORMATION</strong></font></p>
                                </td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37">
                                </td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="546">
                                </td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37">
                                </td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom" height="11">
                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 1. <u>Legal Proceedings</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font face="Times New Roman, Times, serif" size="2">27</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left">
                                </td>
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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 1A. <u>Risk Factors</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font face="Times New Roman, Times, serif" size="2">27</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
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                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;&nbsp;</td>

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                                </td>

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                                </td>

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                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 2. <u>Unregistered Sales of Equity Securities and Use of Proceeds</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font size="2">29</font></td>

                                <td>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left">
                                </td>
                            </tr>

                            <tr valign="bottom" height="15">
                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 3. <u>Defaults Upon Senior Securities</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font size="2">29</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 4. <u>Submission of Matters to a Vote of Security Holders</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font face="Times New Roman, Times, serif" size="2">29</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 5. <u>Other Information</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font size="2">29</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="546">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="4">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left">
                                </td>
                            </tr>

                            <tr valign="bottom" height="15">
                                <td align="left" width="546"><font face="Times New Roman, Times, serif" size="2"><strong>Item 6. <u>Exhibits</u></strong></font></td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="37"><font face="Times New Roman, Times, serif" size="2">29</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        &nbsp;
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">2</font></a>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><strong>PART 1 - FINANCIAL INFORMATION</strong></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Statements of Assets and Liabilities<br>
                    (Unaudited)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom" height="20">
                                <th width="315">
                                    <p align="left"><font size="2">Item 1. Financial Statements</font></p>
                                </th>

                                <th width="9">
                                </th>

                                <th width="93">
                                </th>

                                <th width="18">
                                </th>

                                <th width="7">
                                </th>

                                <th width="113">
                                </th>

                                <th width="4">
                                </th>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom" height="19">
                                <td align="center" colspan="6"><font face="Times New Roman, Times, serif" size="2"><u>ASSETS</u>&nbsp;</font></td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr height="23">
                                <td align="left" width="315">
                                </td>

                                <td align="right" width="9">
                                </td>

                                <td width="93">
                                    <p align="center"><font size="2"><u>&nbsp;March 31, 2009</u></font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td valign="bottom" align="right" width="7">
                                </td>

                                <td width="113">
                                    <p align="center"><font size="2"><u>December 31, 2008</u></font></p>
                                </td>

                                <td align="left" width="4">
                                </td>
                            </tr>

                            <tr valign="bottom" height="14">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="right" width="9">
                                </td>

                                <td align="left" width="93">
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td valign="bottom" align="right" width="7">
                                </td>

                                <td align="left" width="113">
                                </td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">Cash and cash equivalents</font></td>

                                <td valign="bottom" align="right" width="9">
                                    <p><font size="2">$</font></p>
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;2,193,252</font></p>
                                </td>

                                <td align="right" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td valign="bottom" align="right" width="7">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td width="113">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2,558,630</font></p>
                                </td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">Investments at fair value, cost of $41,681,034</font></td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td valign="bottom" align="right" width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom" height="20">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and $41,524,234 at March 31, 2009 and</font></td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td valign="bottom" align="right" width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2008, respectively</font></td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;15,713,115</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td valign="bottom" align="right" width="7">
                                </td>

                                <td width="113">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">15,931,925</font></p>
                                </td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">Interest and dividends receivable</font></td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;122,271</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td valign="bottom" align="right" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="113">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">91,428</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">Prepaid and other assets</font></td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;8,822</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td valign="bottom" align="right" width="7">
                                    <p>&nbsp;</p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="113">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">37,178</font></p>
                                </td>

                                <td align="left" width="4">
                                    <p align="right">&nbsp;</p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                                </td>

                                <td valign="bottom" align="right" width="9">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;18,037,460</font></p>
                                </td>

                                <td align="right" width="18">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                                </td>

                                <td valign="bottom" align="right" width="7">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="113">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">18 ,619,161</font></p>
                                </td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="315">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td valign="bottom" align="right" width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="center" colspan="7"><font face="Times New Roman, Times, serif" size="2"><u>LIABILITIES AND NET ASSETS</u>&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">Liabilities:</font></td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</font></td>

                                <td width="9">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;116,287</font></p>
                                </td>

                                <td align="right" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="7">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td width="113">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">105,273</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate</font></td>

                                <td align="right" width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;80,134</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="113">
                                    <p align="right"><font size="2">&nbsp;&nbsp;86,872</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">196,421</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="113">
                                    <p align="right"><font size="2">192,145</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">Commitments and contingencies</font></td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="315">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">Net assets:</font></td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $1 par value; 20,000,000 shares&nbsp;&nbsp;</font> </td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="315">&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">authorized; 4,673,867 shares issued;</font></td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="315">&nbsp;&nbsp;&nbsp; <font size="2">4,463,967 shares outstanding</font></td>

                                <td align="right" width="9">
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;4,673,867</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td width="113">
                                    <p align="right"><font size="2">4,673,867</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital</font></td>

                                <td align="right" width="9">
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;26,396,738</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="113">
                                    <p align="right"><font size="2">26,617,105</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom" height="19">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock at cost, 209,900 shares</font></td>

                                <td align="right" width="9">
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(1,734,967</font></p>
                                </td>

                                <td width="18">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">)</font></p>
                                </td>

                                <td align="right" width="7">
                                </td>

                                <td width="113">
                                    <p align="right"><font size="2">(1,734,967</font></p>
                                </td>

                                <td width="4">)</td>
                            </tr>

                            <tr valign="bottom" height="17">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings</font></td>

                                <td align="right" width="9">
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;10,000</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="113">
                                    <p align="right"><font size="2">-</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments retained</font></td>

                                <td align="right" width="9">
                                </td>

                                <td width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;14,463,320</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="113">
                                    <p align="right"><font size="2">14,463,320</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation of investments</font></td>

                                <td align="right" width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(25,967,919</font></p>
                                </td>

                                <td width="18">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2"><u>)</u></font></p>
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="113">
                                    <p align="right"><font size="2">(25,592,309</font></p>
                                </td>

                                <td width="4"><u>)</u></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, equivalent to $4.00 and $4.13 per share</font></td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at March 31, 2009 and December 31, 2008,</font></td>

                                <td width="9">
                                </td>

                                <td width="93">
                                </td>

                                <td width="18">
                                </td>

                                <td width="7">
                                </td>

                                <td width="113">
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;respectively</font></td>

                                <td align="right" width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;17,841,039</font></p>
                                </td>

                                <td align="right" width="18">
                                </td>

                                <td align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="113">
                                    <p align="right"><font size="2">18,427,016</font></p>
                                </td>

                                <td width="4">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="315"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="right" width="9"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" width="93">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;18,037,460</font></p>
                                </td>

                                <td align="right" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="7">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" width="113">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">18,619,161</font></p>
                                </td>

                                <td align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2">3</font></p>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom">
                                <th width="212">
                                </th>

                                <th width="10">
                                </th>

                                <th width="36">
                                </th>

                                <th width="25">
                                </th>

                                <th width="54">
                                </th>

                                <th width="31">
                                </th>

                                <th width="56">
                                </th>

                                <td width="15">
                                </td>

                                <th width="23">
                                </th>

                                <th width="61">
                                </th>

                                <th width="28">
                                </th>

                                <th width="33">
                                </th>

                                <th width="23">
                                </th>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="11"><font size="2">March 31, 2009</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td align="center" width="0" colspan="2"><font size="2">&nbsp;% of</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="212">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="center" colspan="2"><font size="2">Interest</font></td>

                                <td width="54">
                                    <p align="center"><font size="2">Maturity</font></p>
                                </td>

                                <td align="left" width="31">
                                </td>

                                <td align="right" width="56">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23">
                                </td>

                                <td width="61">
                                    <p align="center"><font size="2">Fair</font></p>
                                </td>

                                <td align="left" width="28">
                                </td>

                                <td align="center" width="0" colspan="2"><font size="2">Investment</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="212">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="2"><font size="2">Rate</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="54">
                                    <p align="center"><font size="2">Date</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="31">&nbsp;&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="56">
                                    <p align="center"><font size="2">Cost</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="15">&nbsp;&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="23">&nbsp;&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="61">
                                    <p align="center"><font size="2">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="28">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" width="0" colspan="2"><font size="2">Assets</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36">
                                </td>

                                <td align="left" width="25">
                                </td>

                                <td align="left" width="54"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61">
                                </td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33">
                                </td>

                                <td align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">Eligible Portfolio Investments -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Debentures and</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory Notes</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="212">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">CaminoSoft Corp. -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory note (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">7</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00%</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">&nbsp;09/30/09</font></td>

                                <td align="right" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;250,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;250,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.59%</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="212">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">iLinc Communications, Inc. -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">Convertible promissory note</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">12</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">03/29/12</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">3</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.18</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="212">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">Integrated Security Systems, Inc. -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible promissory note (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">6</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">06/16/09</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">400,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">400,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">2</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.55</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory note (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">09/30/09</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">525,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">525,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">3</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.34</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory note (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">7</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">09/30/09</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">200,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">200,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.27</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory note (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">09/30/09</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">175,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">175,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.12</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory note (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">09/30/09</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">450,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">450,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">2</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.86</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible promissory note (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">09/30/09</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">3</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.18</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory note (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">09/30/09</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">300,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">300,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.91</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="212">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">PetroHunter Energy Corp-</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.50</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">11/05/12</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="61"><font face="Times New Roman, Times, serif" size="2">360,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">2</font></td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.29</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="212">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom" height="18">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">Pipeline Data, Inc. -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="36">
                                </td>

                                <td width="25">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td width="31">
                                </td>

                                <td width="56">
                                </td>

                                <td width="15">
                                </td>

                                <td width="23">
                                </td>

                                <td width="61">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">06/29/10</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">569,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="61"><font face="Times New Roman, Times, serif" size="2">569 ,000</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="33"><font face="Times New Roman, Times, serif" size="2">3</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.62</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="212"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="36">
                                </td>

                                <td align="left" width="25">
                                </td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="31">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">4,869,000</font></td>

                                <td align="left" width="15">
                                </td>

                                <td width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="61"><font face="Times New Roman, Times, serif" size="2">4,229,000</font></td>

                                <td align="left" width="28">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="33">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">26</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="23">
                                    <p align="left">.<font face="Times New Roman, Times, serif" size="2">91%</font></p>
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">4</font></font></p>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom">
                                <th width="246">
                                </th>

                                <th width="25">
                                </th>

                                <th width="67">
                                </th>

                                <th width="13">
                                </th>

                                <th width="83">
                                </th>

                                <th width="18">
                                </th>

                                <th width="63">
                                </th>

                                <th width="25">
                                </th>

                                <th width="17">
                                </th>

                                <th width="44">
                                </th>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="8"><font size="2">March 31, 2009</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">
                                </td>

                                <td align="left" width="25">
                                </td>

                                <td align="right" width="67">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="right" width="83">
                                </td>

                                <td align="left" width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td align="center" width="-1" colspan="2"><font size="2">&nbsp;% of</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">
                                </td>

                                <td align="left" width="25">
                                </td>

                                <td align="right" width="67">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="right" width="83">
                                </td>

                                <td align="left" width="18">
                                </td>

                                <td width="63">
                                    <p align="center"><font size="2">Fair</font></p>
                                </td>

                                <td width="25">
                                </td>

                                <td align="center" width="-1" colspan="2"><font size="2">Investment</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">
                                </td>

                                <td align="left" width="25">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="67">
                                    <p align="center"><font size="2">Shares</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="13">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="83">
                                    <p align="center"><font size="2">Cost</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="18">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="63">
                                    <p align="center"><font size="2">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="25">&nbsp;&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" width="-1" colspan="2"><font size="2">Assets</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td align="right" width="67">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="right" width="83">
                                </td>

                                <td align="left" width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">Eligible Portfolio Investments -</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, Preferred Stock,</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Miscellaneous Securities</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">AuraSound, Inc. -</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">20,000</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.13%</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">BPO Management Services, Inc. &amp;#65533;</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, preferred (2)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">1,685,886</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">2,000,000</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">98,587</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.63</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">Business Process Outsourcing &amp;#65533;</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (1)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">18,349</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">20,000</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">79,268</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.50</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">CaminoSoft Corp. -</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (2)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">9,341,223</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">5,353,671</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">8,374</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.05</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">eOriginal, Inc. -</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, preferred stock (2)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">10,680</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">4,692,207</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">40,904</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.26</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, preferred stock (2)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">25,646</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">620,329</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">98,224</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.62</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, preferred stock (2)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">51,249</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">1,059,734</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">196,284</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.25</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, preferred stock (2)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">36,711</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">140,603</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.89</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom" height="13">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">Global Axcess Corporation -</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">953,333</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">1,261,667</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">209,733</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.33</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">Hemobiotech, Inc. -</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">1,200,000</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">1,284,117</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">840,000</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">5</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.37</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">i2 Telecom -</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">4,624,484</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">760,952</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">256,895</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.63</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="25">
                                </td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">Integrated Security Systems, Inc. -</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="67">
                                </td>

                                <td width="13">
                                </td>

                                <td width="83">
                                </td>

                                <td width="18">
                                </td>

                                <td width="63">
                                </td>

                                <td width="25">
                                </td>

                                <td width="17">
                                </td>

                                <td width="44">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (2)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">42,737,708</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">6,374,011</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">844,505</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">5</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.38</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, preferred stock (2)</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="67"><font face="Times New Roman, Times, serif" size="2">7,500</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="83"><font face="Times New Roman, Times, serif" size="2">150,000</font></td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">3,750</font></td>

                                <td align="left" width="25"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="17"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">.02</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;</p>

                    <p align="left"></p>

                    <p style="FONT-SIZE: 12pt; MARGIN: 0pt 0.1in" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p style="FONT-SIZE: 12pt; MARGIN: 0pt 0.1in" align="left"></p>

                    <p align="left"><!-- PAGE BREAK  --></p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p style="FONT-SIZE: 12pt; MARGIN: 0pt 0.1in" align="left"></p>

                    <p align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">5</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr>
                        </div>
                    </div>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">(Unaudited)</font></font></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom">
                                <th width="281">
                                </th>

                                <th width="10">
                                </th>

                                <th width="49">
                                </th>

                                <td width="16">
                                </td>

                                <th width="10">
                                </th>

                                <th width="66">
                                </th>

                                <td width="11">
                                </td>

                                <th width="10">
                                </th>

                                <th width="56">
                                </th>

                                <th width="19">
                                </th>

                                <th width="39">
                                </th>

                                <th width="22">
                                </th>
                            </tr>

                            <tr valign="bottom" height="17">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" colspan="10">
                                    <p align="center"><font size="2">March 31, 2009</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="281">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="49">
                                </td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td align="center" colspan="2">
                                    <p><font size="2">&nbsp;&nbsp;&nbsp;% of</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="281">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="49">
                                </td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td width="56">
                                    <p align="center"><font size="2">Fair</font></p>
                                </td>

                                <td width="19">
                                </td>

                                <td align="center" colspan="2">
                                    <p><font size="2">Investment</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="49">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><font size="2">Shares</font></font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="16">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="10">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="66">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><font size="2">Cost</font></font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="11">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="10">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="56">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><font size="2"><font size="2">Value</font></font></font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="19">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="2">
                                    <p><font size="2">Assets</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="281">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">Eligible Portfolio Investments -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, Preferred Stock,</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Miscellaneous Securities, continued</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="281">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">Murdoch Security &amp; Investigations, Inc. -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (1)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="49"><font face="Times New Roman, Times, serif" size="2">2,650,000</font></td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">1,250,000</font></td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">1,325,000</font></td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="39"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">.43</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="281">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">Narrowstep, Inc. -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="49"><font face="Times New Roman, Times, serif" size="2">4,000,000</font></td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">4,000</font></td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="39"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">.02</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="281">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">Riptide Worldwide, Inc. (Shea Development Corp.) -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="49"><font face="Times New Roman, Times, serif" size="2">941,962</font></td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">754,387</font></td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">28,259</font></td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="39"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">.18</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="281">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">Symbollon Pharmaceuticals, Inc. -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="49"><font face="Times New Roman, Times, serif" size="2">607,143</font></td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">4,250</font></td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="39"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">.03</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="281">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">Vertical Branding, Inc. &amp;#65533;</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="49">
                                </td>

                                <td width="16">
                                </td>

                                <td width="10">
                                </td>

                                <td width="66">
                                </td>

                                <td width="11">
                                </td>

                                <td width="10">
                                </td>

                                <td width="56">
                                </td>

                                <td width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="49"><font face="Times New Roman, Times, serif" size="2">1,686,725</font></td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">1,008,628</font></td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="56"><font face="Times New Roman, Times, serif" size="2">141,529</font></td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="39"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">.90</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="281">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="49">
                                </td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="56">
                                </td>

                                <td align="left" width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">Miscellaneous Securities (3)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="49">
                                </td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">8,878</font></td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">-</font></td>

                                <td valign="bottom" align="right" width="19">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="39">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;0</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="baseline" align="left" width="22">.<font size="2">00</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="281">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="49">
                                </td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="56">
                                </td>

                                <td align="left" width="19">
                                </td>

                                <td width="39">
                                </td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="281"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="49">
                                </td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">29,598,581</font></td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">4,340,165</font></td>

                                <td align="left" width="19">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="39">
                                    <p align="right"><font size="2">27</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="22"><font size="2">.62%</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <font style="FONT-SIZE: 10pt">&nbsp;&nbsp;</font><br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">6</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom" height="18">
                                <td align="left" width="271">
                                </td>

                                <td width="36">
                                </td>

                                <td width="7">
                                </td>

                                <td width="38">
                                </td>

                                <td width="7">
                                </td>

                                <td width="11">
                                </td>

                                <td width="48">
                                </td>

                                <td width="7">
                                </td>

                                <td width="3">
                                </td>

                                <td width="22">
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td width="29">
                                </td>

                                <td width="35">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" colspan="13">
                                    <p align="center"><font size="2">March 31, 2009</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="271">
                                </td>

                                <td align="left" width="36">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="38">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="48">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="3">
                                </td>

                                <td width="22">
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td align="center" colspan="2">
                                    <p><font size="2">% of</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="36">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Interest</font></p>
                                </td>

                                <td align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="38">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Maturity</font></p>
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="48">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="22">
                                    <p align="center"><font size="2">Fair</font></p>
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td colspan="2">
                                    <p align="center"><font size="2">Investment</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="36">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;Rate</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="38">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Date</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="7">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="48">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Cost</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="7">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="22">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="19">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="19">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" colspan="2">
                                    <p align="center"><font size="2">Assets</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="271">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="36">
                                </td>

                                <td width="7">
                                </td>

                                <td width="38">
                                </td>

                                <td width="7">
                                </td>

                                <td width="11">
                                </td>

                                <td width="48">
                                </td>

                                <td width="7">
                                </td>

                                <td width="3">
                                </td>

                                <td width="22">
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td width="29">
                                </td>

                                <td width="35">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">Other Portfolio Investments -</font></td>

                                <td width="36">
                                </td>

                                <td width="7">
                                </td>

                                <td width="38">
                                </td>

                                <td width="7">
                                </td>

                                <td width="11">
                                </td>

                                <td width="48">
                                </td>

                                <td width="7">
                                </td>

                                <td width="3">
                                </td>

                                <td width="22">
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td width="29">
                                </td>

                                <td width="35">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Debentures and</font></td>

                                <td width="36">
                                </td>

                                <td width="7">
                                </td>

                                <td width="38">
                                </td>

                                <td width="7">
                                </td>

                                <td width="11">
                                </td>

                                <td width="48">
                                </td>

                                <td width="7">
                                </td>

                                <td width="3">
                                </td>

                                <td width="22">
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td width="29">
                                </td>

                                <td width="35">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory Notes</font></td>

                                <td width="36">
                                </td>

                                <td width="7">
                                </td>

                                <td width="38">
                                </td>

                                <td width="7">
                                </td>

                                <td width="11">
                                </td>

                                <td width="48">
                                </td>

                                <td width="7">
                                </td>

                                <td width="3">
                                </td>

                                <td width="22">
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td width="29">
                                </td>

                                <td width="35">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="271">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="36">
                                </td>

                                <td width="7">
                                </td>

                                <td width="38">
                                </td>

                                <td width="7">
                                </td>

                                <td width="11">
                                </td>

                                <td width="48">
                                </td>

                                <td width="7">
                                </td>

                                <td width="3">
                                </td>

                                <td width="22">
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td width="29">
                                </td>

                                <td width="35">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">Dynamic Green Energy Limited. -</font></td>

                                <td width="36">
                                </td>

                                <td width="7">
                                </td>

                                <td width="38">
                                </td>

                                <td width="7">
                                </td>

                                <td width="11">
                                </td>

                                <td width="48">
                                </td>

                                <td width="7">
                                </td>

                                <td width="3">
                                </td>

                                <td width="22">
                                </td>

                                <td width="19">
                                </td>

                                <td width="19">
                                </td>

                                <td width="29">
                                </td>

                                <td width="35">
                                </td>
                            </tr>

                            <tr valign="bottom" height="11">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Promissory note (1)</font></td>

                                <td width="36">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">7.00</font></p>
                                </td>

                                <td align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">06/10/11</font></td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="48"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="22"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></td>

                                <td align="left" width="19">
                                </td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="29">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="35"><font face="Times New Roman, Times, serif" size="2">.37%</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="271">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="36">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="38">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="48">
                                </td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="3">
                                </td>

                                <td align="right" width="22">
                                </td>

                                <td align="left" width="19">
                                </td>

                                <td align="left" width="19">
                                </td>

                                <td align="left" width="29">
                                </td>

                                <td align="left" width="35">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="48"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></td>

                                <td align="left" width="7">
                                </td>

                                <td align="left" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="22"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></td>

                                <td align="left" width="19">
                                </td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="29">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="35"><font face="Times New Roman, Times, serif" size="2">.37%</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p align="left"></p>

                    <p align="left"><!-- PAGE BREAK  --></p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">7</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" border="0">
                            <tr valign="bottom">
                                <th width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></th>

                                <th width="14">
                                </th>

                                <th width="57">
                                </th>

                                <td width="8">
                                </td>

                                <th width="9">
                                </th>

                                <th width="56">
                                </th>

                                <td width="8">
                                </td>

                                <th width="8">
                                </th>

                                <th width="62">
                                </th>

                                <th width="12">
                                </th>

                                <th width="37">
                                </th>

                                <th width="25">
                                </th>
                            </tr>

                            <tr>
                                <td align="left" width="299">
                                </td>

                                <td align="left" width="14">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="10"><font size="2">March 31, 2009</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299">
                                </td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="8">
                                </td>

                                <td width="9">
                                </td>

                                <td width="56">
                                </td>

                                <td width="8">
                                </td>

                                <td width="8">
                                </td>

                                <td width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td align="center" colspan="2">
                                    <p><font size="2">% of&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="15">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="57">
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="right" width="56">
                                    <p align="center">&nbsp;</p>
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td align="left" width="8">
                                    <p align="center">&nbsp;</p>
                                </td>

                                <td width="62">
                                    <p align="center"><font size="2">Fair</font></p>
                                </td>

                                <td width="12">
                                    <p align="center">&nbsp;</p>
                                </td>

                                <td align="center" width="-45" colspan="2">
                                    <p><font size="2">Investment</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="21">
                                <td align="left" width="299">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                                </td>

                                <td align="left" width="14">
                                    <p align="center">&nbsp;</p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Shares</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="8">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="9">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="56">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Cost</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="8">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="62">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font> </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" width="-45" colspan="2">
                                    <p><font size="2">Assets</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td width="57">
                                </td>

                                <td width="8">
                                </td>

                                <td width="9">
                                </td>

                                <td width="56">
                                </td>

                                <td width="8">
                                </td>

                                <td width="8">
                                </td>

                                <td width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td width="37">
                                </td>

                                <td width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">Other Portfolio Investments -</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="8">
                                </td>

                                <td width="9">
                                </td>

                                <td width="56">
                                </td>

                                <td width="8">
                                </td>

                                <td width="8">
                                </td>

                                <td width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td width="37">
                                </td>

                                <td width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, Preferred Stock,</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="8">
                                </td>

                                <td width="9">
                                </td>

                                <td width="56">
                                </td>

                                <td width="8">
                                </td>

                                <td width="8">
                                </td>

                                <td width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td width="37">
                                </td>

                                <td width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Miscellaneous Securities</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="8">
                                </td>

                                <td width="9">
                                </td>

                                <td width="56">
                                </td>

                                <td width="8">
                                </td>

                                <td width="8">
                                </td>

                                <td width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td width="37">
                                </td>

                                <td width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="8">
                                </td>

                                <td width="9">
                                </td>

                                <td width="56">
                                </td>

                                <td width="8">
                                </td>

                                <td width="8">
                                </td>

                                <td width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td width="37">
                                </td>

                                <td width="25">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="299"><font size="2">Access Plans USA, Inc. (Precis)-</font></td>

                                <td align="left" width="14">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="right" width="56">
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td align="right" width="62">
                                </td>

                                <td align="left" width="12">
                                </td>

                                <td align="right" width="37">
                                </td>

                                <td align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (2)</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">890,500</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">&nbsp;2,139,777</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;187,005</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="37"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td valign="bottom" align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.19%</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">Asian Financial, Inc. -</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (1)</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">130,209</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="37"><font face="Times New Roman, Times, serif" size="2">3</font></td>

                                <td valign="bottom" align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.18</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">A-Power Energy Generation Systems, Ltd. -</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom" height="18">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (2)</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">48,000</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">409,256</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">208,320</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="37"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td valign="bottom" align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.33</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">Bovie Medical Corporation -</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom" height="13">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">907,845</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">3,299,500</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="37"><font face="Times New Roman, Times, serif" size="2">21</font></td>

                                <td valign="bottom" align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.00</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">COGO Group, Inc. (Comtech Group, Inc.) -</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">200,000</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">836,019</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">1,336,000</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="37"><font face="Times New Roman, Times, serif" size="2">8</font></td>

                                <td valign="bottom" align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.50</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">HLS Systems International, Ltd. -</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">58,500</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">498,557</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">190,125</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="37"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td valign="bottom" align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.21</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">Points International, Ltd. -</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">900,000</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">492,000</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">360,000</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="37"><font face="Times New Roman, Times, serif" size="2">2</font></td>

                                <td valign="bottom" align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.29</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">Silverleaf Resorts, Inc. -</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">100,000</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">430,000</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">63,000</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="37"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="left" width="25"><font face="Times New Roman, Times, serif" size="2">.40</font></td>
                            </tr>

                            <tr height="21">
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td align="left" width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">6,213,454</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">6,143,950</font></td>

                                <td align="left" width="12">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="37">
                                    <p align="right"><font size="2">39</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="left" width="25"><font size="2">.10%</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="299">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="14">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9">
                                </td>

                                <td valign="bottom" align="right" width="56">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="62">
                                </td>

                                <td align="left" width="12">
                                </td>

                                <td valign="bottom" align="right" width="37">
                                </td>

                                <td valign="bottom" align="left" width="25">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="299"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="9"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="56"><font face="Times New Roman, Times, serif" size="2">41,681,035</font></td>

                                <td valign="bottom" align="right" width="8">
                                </td>

                                <td valign="bottom" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="62"><font face="Times New Roman, Times, serif" size="2">15,713,115</font></td>

                                <td align="left" width="12">
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="37"><font size="2">100</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="left" width="25"><font size="2">.00%</font></td>
                            </tr>
                        </table>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" border="0">
                            <tr valign="bottom">
                                <th width="349">
                                </th>

                                <th width="10">
                                </th>

                                <th width="71">
                                </th>

                                <th width="16">
                                </th>

                                <th width="6">
                                </th>

                                <th width="69">
                                </th>

                                <th width="22">
                                </th>

                                <th width="25">
                                </th>

                                <td valign="bottom" align="left" width="36">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="349"><font face="Times New Roman, Times, serif" size="2">Allocation of Investments -</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="71">
                                </td>

                                <td width="16">
                                </td>

                                <td width="6">
                                </td>

                                <td width="69">
                                </td>

                                <td width="22">
                                </td>

                                <td width="25">
                                </td>

                                <td width="36">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="349"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Shares, Unrestricted Shares,</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="71">
                                </td>

                                <td width="16">
                                </td>

                                <td width="6">
                                </td>

                                <td width="69">
                                </td>

                                <td width="22">
                                </td>

                                <td width="25">
                                </td>

                                <td width="36">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="349"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Other Securities</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="71">
                                </td>

                                <td width="16">
                                </td>

                                <td width="6">
                                </td>

                                <td width="69">
                                </td>

                                <td width="22">
                                </td>

                                <td width="25">
                                </td>

                                <td width="36">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="349">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="right" width="71">
                                </td>

                                <td align="left" width="16">
                                </td>

                                <td align="right" width="6">
                                </td>

                                <td align="left" width="69">
                                </td>

                                <td align="right" width="22">
                                </td>

                                <td align="left" width="25">
                                </td>

                                <td align="left" width="36">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="349"><font face="Times New Roman, Times, serif" size="2">Private Securities (1)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td align="right" width="71"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;2,770,000</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="6">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td width="69">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;2,904,268</font></p>
                                </td>

                                <td align="right" width="22">
                                </td>

                                <td valign="bottom" align="right" width="25">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;18</font></p>
                                </td>

                                <td valign="bottom" align="left" width="36"><font size="2">.48%</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="349"><font face="Times New Roman, Times, serif" size="2">Restricted Securities (2)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td align="right" width="71"><font face="Times New Roman, Times, serif" size="2">27,862,000</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" width="6">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">$&nbsp;</font></p>
                                </td>

                                <td width="69">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;4,796,344</font></p>
                                </td>

                                <td align="right" width="22">
                                </td>

                                <td valign="bottom" align="right" width="25">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">30</font></p>
                                </td>

                                <td valign="bottom" align="left" width="36">.<font size="2">52%</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="349"><font face="Times New Roman, Times, serif" size="2">Unrestricted Securities</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td align="right" width="71"><font face="Times New Roman, Times, serif" size="2">11,040,157</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" width="6">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2"><font face="Times New Roman, Times, serif" size="2">$&nbsp;</font></font></p>
                                </td>

                                <td width="69">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;8,012,503</font></p>
                                </td>

                                <td align="right" width="22">
                                </td>

                                <td valign="bottom" align="right" width="25">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">51</font></p>
                                </td>

                                <td valign="bottom" align="left" width="36">.<font face="Times New Roman, Times, serif" size="2">00%</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="349"><font face="Times New Roman, Times, serif" size="2">Other Securities (3)</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="71"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,878</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="6">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="69">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;-</font></p>
                                </td>

                                <td align="right" width="22">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="25">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="left" width="36"><font size="2">.00%</font></td>
                            </tr>

                            <tr>
                                <td align="right" width="349">
                                </td>

                                <td align="left" width="10">
                                    <p><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="71"><font face="Times New Roman, Times, serif" size="2">41,681,035</font></td>

                                <td align="left" width="16">
                                </td>

                                <td width="6">
                                    <p align="left"><font size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" width="69">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">15,713,115</font></p>
                                </td>

                                <td align="right" width="22">
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="25">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">100</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="left" width="36"><font face="Times New Roman, Times, serif" size="2">.00%</font></td>
                            </tr>
                        </table>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom">
                                <th width="14">
                                </th>

                                <th width="12">
                                </th>

                                <th width="555">
                                </th>
                            </tr>

                            <tr valign="bottom">
                                <td align="right" width="14"><font face="Times New Roman, Times, serif" size="2">(1</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="left" width="555"><font face="Times New Roman, Times, serif" size="2">Securities in a privately owned company.</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td valign="top" align="right" width="14"><font face="Times New Roman, Times, serif" size="2">(2</font></td>

                                <td valign="top" align="left" width="12"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="left" width="555"><font face="Times New Roman, Times, serif" size="2">Restricted securities due to the Fund having a director on issuer's board or held less than 6 months.</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="right" width="14"><font face="Times New Roman, Times, serif" size="2">(3</font></td>

                                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="left" width="555"><font face="Times New Roman, Times, serif" size="2">Other securities such as warrants and options.</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">8</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;<font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">(Unaudited)</font></font></p>

                    <p align="left"></p>

                    <p align="left"></p>

                    <p align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom">
                                <th width="246">
                                </th>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="13"><font face="Times New Roman, Times, serif" size="2">December 31, 2008</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246">
                                </td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td align="center" width="-7" colspan="2">
                                    <p><font size="2">% of</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="14">
                                <td align="left" width="246">
                                </td>

                                <td align="center" colspan="2">
                                    <p><font size="2">Interest</font></p>
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td width="52">
                                    <p align="center"><font size="2">Maturity</font></p>
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                    <p align="center"><font size="2">Fair</font></p>
                                </td>

                                <td width="20">
                                </td>

                                <td align="center" width="-7" colspan="2">
                                    <p><font size="2">Investment</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="19">
                                <td align="left" width="246">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="2">
                                    <p><font size="2">Rate&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="21">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="52">
                                    <p align="center"><font size="2">Date</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="15"><font size="2">&nbsp;&nbsp;</font> </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="11">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="51">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;Cost</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="17"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font> </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="9">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="54">
                                    <p align="center"><font size="2">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="20"><font size="2">&nbsp;&nbsp;</font> </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" width="-7" colspan="2">
                                    <p><font face="Times New Roman, Times, serif" size="2">&nbsp;Assets</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="20">
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">Eligible Portfolio Investments -</font></td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Convertible Debentures and</font></td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Promissory Notes</font></td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51">
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">CaminoSoft Corp. -</font></td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom" height="14">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Promissory note (2)</font></td>

                                <td align="right" width="41"><font size="2">7</font></td>

                                <td valign="bottom" align="left" width="20">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.00%</font></p>
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font size="2">4/30/2009</font></p>
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11"><font size="2">$</font></td>

                                <td width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;250,000&nbsp;</font></p>
                                </td>

                                <td width="17">
                                </td>

                                <td width="9"><font size="2">$</font></td>

                                <td width="54">
                                    <p align="right"><font size="2">250,000</font></p>
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                                </td>

                                <td width="21"><font size="2">.57%</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51">
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">Integrated Security Systems, Inc. -</font></td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Convertible Promissory note (2)</font></td>

                                <td width="41">
                                    <p align="right"><font size="2">6</font></p>
                                </td>

                                <td align="left" width="20">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.00</font></p>
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font size="2">9/30/2009</font></p>
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;400,000</font></p>
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td align="right" width="54"><font size="2">400,000</font> </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                    <p align="right"><font size="2">2</font></p>
                                </td>

                                <td width="21">
                                    <p align="left"><font size="2">.51</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Convertible Promissory note (2)</font></td>

                                <td width="41">
                                    <p align="right"><font size="2">8</font></p>
                                </td>

                                <td align="left" width="20">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.00</font></p>
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52"><font size="2">&nbsp;9/30/2009</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;750,000</font></p>
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                    <p align="right"><font size="2">750,000</font></p>
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                    <p align="right"><font size="2">4</font></p>
                                </td>

                                <td width="21">.<font size="2">71</font></td>
                            </tr>

                            <tr valign="bottom" height="18">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Promissory note (2)</font> </td>

                                <td width="41">
                                    <p align="right"><font size="2">7</font></p>
                                </td>

                                <td align="left" width="20">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.00</font></p>
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font size="2">9/30/2009</font></p>
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;200,000</font></p>
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                    <p align="right"><font size="2">200,000</font></p>
                                </td>

                                <td width="20">
                                </td>

                                <td align="right" width="33"><font size="2">1</font></td>

                                <td width="21"><font size="2">.26</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Promissory note (2)</font></td>

                                <td width="41">
                                    <p align="right"><font size="2">8</font></p>
                                </td>

                                <td align="left" width="20">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.00</font></p>
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font size="2">9/30/2009</font></p>
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;1,200,000</font> </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                    <p align="right"><font size="2">1,200,000</font></p>
                                </td>

                                <td width="20">
                                </td>

                                <td align="right" width="33"><font size="2">7</font></td>

                                <td width="21"><font size="2">.52</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51">
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">iLinc Communications, Inc. -</font></td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Convertible debenture&nbsp;</font> </td>

                                <td width="41">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">12</font></p>
                                </td>

                                <td align="left" width="20">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.00</font></p>
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font size="2">3/29/2012</font></p>
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp; 500,000</font></p>
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                    <p align="right"><font size="2">&nbsp;500,000</font></p>
                                </td>

                                <td width="20">
                                </td>

                                <td align="right" width="33"><font size="2">3</font></td>

                                <td width="21"><font size="2">.14</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51">
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">PetroHunter Energy Corp -</font></td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Convertible debenture&nbsp;</font> </td>

                                <td width="41">
                                    <p align="right"><font size="2">8</font></p>
                                </td>

                                <td align="left" width="20"><font size="2">.50</font></td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font size="2">11/5/2012</font></p>
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></p>
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                    <p align="right"><font size="2">1,000,000</font></p>
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                    <p align="right"><font size="2">6</font></p>
                                </td>

                                <td width="21"><font size="2">.27</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51">
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">Pipeline Data, Inc. -</font></td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Convertible debenture&nbsp;&nbsp;&nbsp;</font> </td>

                                <td width="41">
                                    <p align="right"><font size="2">8</font></p>
                                </td>

                                <td align="left" width="20">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.00</font></p>
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font size="2">6/29/2010</font></p>
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;569,000</font></p>
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="54">
                                    <p align="right"><font size="2">569,000</font></p>
                                </td>

                                <td width="20">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="33">
                                    <p align="right"><font size="2">3</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="21"><font size="2">.57</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="246">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="51">
                                </td>

                                <td width="17">
                                </td>

                                <td width="9">
                                </td>

                                <td width="54">
                                </td>

                                <td width="20">
                                </td>

                                <td width="33">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="246">
                                </td>

                                <td align="left" width="41">
                                </td>

                                <td align="left" width="20">
                                </td>

                                <td align="left" width="21">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="left" width="11"><font size="2">$</font> </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="baseline" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">&nbsp;4,869,000</font> </td>

                                <td valign="bottom" width="17">
                                </td>

                                <td valign="bottom" width="9"><font size="2">$</font> </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="baseline" align="right" width="54"><font size="2">4,869,000</font> </td>

                                <td width="20">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="33"><font size="2">30</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="left" width="21"><font size="2">.55%</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">9</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><br>
                    &nbsp;</font></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr>
                                <td align="left" width="259">
                                </td>

                                <td align="left" width="32">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="57">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="56">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="6">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font face="Times New Roman, Times, serif" size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">December 31,</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">2008</font></font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="16">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="2">&nbsp;</td>
                            </tr>

                            <tr>
                                <td align="left" width="259">
                                </td>

                                <td align="left" width="32">
                                </td>

                                <td width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td align="center" colspan="2"><font size="2">% of</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="259">
                                </td>

                                <td align="left" width="32">
                                </td>

                                <td width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td width="72">
                                    <p align="center"><font size="2">Fair</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td align="center" colspan="2">
                                    <p><font size="2">Investment</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="12">
                                <td align="left" width="259">
                                </td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="57">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Shares</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="56">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="29">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="27">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="48">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Cost</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="18">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="23">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="72">
                                    <p align="center"><font size="2">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="16">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="2">
                                    <p><font size="2">Assets</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="57">
                                </td>

                                <td align="left" width="56"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="29">
                                </td>

                                <td align="left" width="27"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="48">
                                </td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="23">
                                </td>

                                <td align="left" width="72">
                                </td>

                                <td align="left" width="16">
                                </td>

                                <td align="left" width="23">
                                </td>

                                <td align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">Other Portfolio Investments -</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td width="23">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, Preferred Stock,</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td width="23">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Miscellaneous Securities</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td width="23">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="259">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="32">
                                </td>

                                <td width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td width="23">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">AuraSound, Inc.-</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td width="23">
                                </td>

                                <td width="23">
                                </td>
                            </tr>

                            <tr valign="bottom" height="19">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,000</font></p>
                                </td>

                                <td align="left" width="56"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="29">
                                </td>

                                <td width="27">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;1,000,000</font></p>
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">20,000</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.13%</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="259">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">BPO Management Services, Inc.-</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, preferred (2)&nbsp;</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,685,886</font></p>
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;2,000,000</font></p>
                                </td>

                                <td width="18">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="23">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">270,111</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.69</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="259">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">Business Process Outsourcing Ltd.&nbsp;-</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (1)</font> </td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,349</font></p>
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000</font></p>
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">79,268</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.50</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="259">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">CaminoSoft Corp.-</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="18">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="23">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="16">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="left" width="23">
                                    <p align="right">&nbsp;</p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock&nbsp; (2)</font></p>
                                </td>

                                <td align="left" width="32">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,813,321</font></p>
                                </td>

                                <td width="56">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="29">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="27">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;5,295,521</font></p>
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">38,050</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.24</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="259">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom" height="18">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">eOriginal, Inc.&nbsp;-</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr valign="bottom" height="20">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Series A, preferred stock (1)</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,680</font></p>
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;4,692,207</font></p>
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">40,904</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.26&nbsp;</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="17">
                                <td align="left" width="259">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; &nbsp;Series B, preferred stock (1)</font></p>
                                </td>

                                <td align="left" width="32">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,646</font></p>
                                </td>

                                <td width="56">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="29">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="27">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620,329</font></p>
                                </td>

                                <td width="18">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="23">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">98,224</font></p>
                                </td>

                                <td width="16">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.62</font></td>
                            </tr>

                            <tr valign="bottom" height="20">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, preferred stock (1)</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,249</font></p>
                                </td>

                                <td width="56">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;1,059,734</font></p>
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">196,284</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.23</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="13">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Series D, preferred stock (1)</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,711</font></p>
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000</font></p>
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">140,603</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.88</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="32"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">Global Axcess Corporation -</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr height="14">
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Common Stock</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953,333</font></p>
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;1,261,667</font></p>
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">123,933</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.78</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">i2 Telecom-</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="259">&nbsp;&nbsp;&nbsp;&nbsp; <font size="2">Common Stock</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,165,316</font></td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711,200</font></td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">208,266</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font size="2">.31</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">Integrated Security Systems, Inc. -</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57">
                                </td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                </td>

                                <td valign="bottom" align="left" width="23">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="259"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Common stock&nbsp; (2)</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,626,430</font></td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td width="27">
                                </td>

                                <td valign="bottom" align="right" width="48">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;6,325,113</font></p>
                                </td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">789,309</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font face="Times New Roman, Times, serif" size="2">.95</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="259">&nbsp;&nbsp;&nbsp; <font size="2">Series D, preferred stock (2)</font></td>

                                <td align="left" width="32">
                                </td>

                                <td valign="bottom" align="right" width="57"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500</font></td>

                                <td width="56">
                                </td>

                                <td width="29">
                                </td>

                                <td valign="bottom" align="right" width="27">
                                </td>

                                <td valign="bottom" align="right" width="48"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150,000</font></td>

                                <td width="18">
                                </td>

                                <td width="23">
                                </td>

                                <td valign="bottom" align="right" width="72">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,750</font></p>
                                </td>

                                <td width="16">
                                </td>

                                <td valign="bottom" align="right" width="23">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td valign="bottom" align="left" width="23"><font size="2">.02</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left"></p>

                    <p align="left"></p>

                    <p align="left">&nbsp;</p>

                    <p align="left"><br>
                    <br>
                    &nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left"></p>
                    <!-- PAGE BREAK  -->

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        &nbsp;
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        &nbsp;
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        &nbsp;
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        &nbsp;
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">10</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">(Unaudited)</font></font></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom" height="22">
                                <th width="300">
                                </th>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <th width="38">
                                </th>

                                <th width="21">
                                </th>
                            </tr>

                            <tr valign="bottom" height="21">
                                <td align="left" width="300">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="10"><font size="2">December 31, 2008</font></td>
                            </tr>

                            <tr valign="bottom" height="20">
                                <td align="left" width="300">
                                </td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td align="center" width="-10" colspan="2"><font size="2">&nbsp;&nbsp;% of</font></td>
                            </tr>

                            <tr valign="bottom" height="16">
                                <td align="left" width="300">
                                </td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                    <p align="center"><font size="2">Fair</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td align="center" width="-10" colspan="2"><font size="2">Investment</font></td>
                            </tr>

                            <tr valign="bottom" height="23">
                                <td align="left" width="300">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="60">
                                    <p align="center"><font size="2">&nbsp;Shares</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="11">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="6">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="52">
                                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><font size="2">Cost</font></font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="10">
                                    <p align="center">&nbsp;</p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="9">&nbsp;&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="55">
                                    <p align="center"><font size="2">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="8">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" width="-10" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;Assets</font></td>
                            </tr>

                            <tr valign="bottom" height="18">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">Other Portfolio Investments -</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td align="right" width="52">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, Preferred Stock,</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom" height="19">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Miscellaneous Securities</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300">
                                </td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom" height="25">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">Hemobiotech, Inc. -</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="300">&nbsp;&nbsp; <font face="Times New Roman, Times, serif" size="2">Common Stock</font></td>

                                <td width="60">
                                    <p align="right"><font size="2"><font face="Times New Roman, Times, serif">1<font face="Times New Roman, Times, serif">,</font>200,000</font></font></p>
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52"><font size="2">&nbsp;&nbsp;1,284,117</font></td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">876,000</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">5</font></p>
                                </td>

                                <td width="21"><font size="2">.50</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300">
                                </td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">Murdoch Security &amp; Investigations, Inc.</font> </td>

                                <td align="left" width="60">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="55">
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td align="left" width="38">
                                </td>

                                <td align="left" width="21"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock (1)</font></td>

                                <td width="60">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2,612,250</font></p>
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;1,250,000</font></p>
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,306,250</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">8</font></p>
                                </td>

                                <td width="21"><font face="Times New Roman, Times, serif" size="2">.20</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300">
                                </td>

                                <td align="left" width="60">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="55">
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td align="left" width="38">
                                </td>

                                <td align="left" width="21"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">Narrowstep, Inc. -</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="6">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="10">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="9">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="55">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="8">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock</font></td>

                                <td align="left" width="60">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4,000,000</font></p>
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;1,000,000</font></p>
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="55">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">28,000</font></p>
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td align="left" width="38">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2"><font face="Times New Roman, Times, serif" size="2">0</font></font></p>
                                </td>

                                <td align="left" width="21"><font face="Times New Roman, Times, serif" size="2">&nbsp;.18</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300">
                                </td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;Riptide Worldwide, Inc. (Shea Development Corp.) -</font></td>

                                <td width="60">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="11">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="6">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="9">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="55">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="8">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="38">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="21">
                                    <p align="left">&nbsp;</p>
                                </td>
                            </tr>

                            <tr valign="bottom" height="15">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Common Stock</font></td>

                                <td width="60">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">941,962</font></p>
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754,387</font></p>
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">9,419</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td width="21">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.06</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">Symbollon Pharmaceuticals, Inc. -</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="8">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="38">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="21">
                                    <p align="right">&nbsp;</p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Common stock</font></p>
                                </td>

                                <td width="60">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">607,143</font></p>
                                </td>

                                <td width="11">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="6">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000</font></p>
                                </td>

                                <td width="10">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="9">
                                    <p align="right">&nbsp;</p>
                                </td>

                                <td width="55">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4,250</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td width="21"><font face="Times New Roman, Times, serif" size="2">.03</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">Vertical Branding, Inc.</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock (2)</font></td>

                                <td width="60">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,686,725</font></p>
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;1,008,628</font></p>
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">235,789</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                                </td>

                                <td width="21"><font face="Times New Roman, Times, serif" size="2">.48</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300">
                                </td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr valign="bottom" height="21">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">Miscellaneous Securities (3)</font></td>

                                <td align="left" width="60">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="52">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,877</font></p>
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="55">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">-</font></p>
                                </td>

                                <td align="left" width="8">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="38">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="21"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; -</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="300"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td valign="bottom" align="right" width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="300">
                                </td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td align="right" width="6"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="52">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">29,441,780</font></p>
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="55">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4,468,410</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="38">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">28</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="21"><font face="Times New Roman, Times, serif" size="2">.06%</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="300">
                                </td>

                                <td width="60">
                                </td>

                                <td width="11">
                                </td>

                                <td width="6">
                                </td>

                                <td width="52">
                                </td>

                                <td width="10">
                                </td>

                                <td width="9">
                                </td>

                                <td width="55">
                                </td>

                                <td width="8">
                                </td>

                                <td width="38">
                                </td>

                                <td width="21">
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p align="left">&nbsp;</p>

                    <p align="left"></p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">11</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <p align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" width="600" border="0">
                            <tr>
                                <td width="259">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px">&nbsp;</p>
                                </td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" colspan="12">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">December 31,</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">2008</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="259">
                                </td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                </td>

                                <td width="49">
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                </td>

                                <td width="46">
                                </td>

                                <td width="39">
                                </td>

                                <td align="center" colspan="2">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font style="FONT-SIZE: 10pt">% of</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="259">
                                </td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Interest</font></p>
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Maturity</font></p>
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                </td>

                                <td width="49">
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                </td>

                                <td width="46">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Fair</font></p>
                                </td>

                                <td width="39">
                                </td>

                                <td colspan="2">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Investment</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="259">
                                </td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="27">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Rate</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="6">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="61">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Date</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="9">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="13">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="49">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Cost</font></font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="8">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="46">
                                    <p align="center"><font size="2">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="39">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="2">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font style="FONT-SIZE: 10pt">Assets</font></p>
                                </td>
                            </tr>

                            <tr height="18">
                                <td width="259">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Other Portfolio Investments -</font></p>
                                </td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                </td>

                                <td width="49">
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                </td>

                                <td width="46">
                                </td>

                                <td width="39">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>
                            </tr>

                            <tr height="13">
                                <td width="259">&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">Convertible Debentures and</font></td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                </td>

                                <td width="49">
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                </td>

                                <td width="46">
                                </td>

                                <td width="39">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>
                            </tr>

                            <tr height="9">
                                <td width="259">&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">Promissory Notes</font></td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                </td>

                                <td width="49">
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                </td>

                                <td width="46">
                                </td>

                                <td width="39">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>
                            </tr>

                            <tr>
                                <td width="259">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                </td>

                                <td width="49">
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                </td>

                                <td width="46">
                                </td>

                                <td width="39">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>
                            </tr>

                            <tr>
                                <td width="259"><font size="2">Dynamic Green Energy Limited. -</font> </td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                </td>

                                <td width="49">
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                </td>

                                <td width="46">
                                </td>

                                <td width="39">
                                </td>

                                <td width="28">
                                </td>

                                <td width="33">
                                </td>
                            </tr>

                            <tr>
                                <td width="259">&nbsp;&nbsp;&nbsp;&nbsp; <font face="Times New Roman, Times, serif" size="2">Convertible Promissory note (1)</font></td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                    <p align="center"><font size="2">7.00<font style="FONT-SIZE: 10pt">%</font></font></p>
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">6/10/2011</font></p>
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="49">
                                    <p align="right"><font size="2">1,000,000</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="46">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">1,000,000</font></p>
                                </td>

                                <td valign="bottom" align="right" width="39">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="left" width="28">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="33">.<font face="Times New Roman, Times, serif" size="2">27%</font></td>
                            </tr>

                            <tr>
                                <td width="259">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                </td>

                                <td width="49">
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                </td>

                                <td width="46">
                                </td>

                                <td width="39">
                                </td>

                                <td valign="bottom" align="right" width="28">
                                </td>

                                <td width="33">
                                </td>
                            </tr>

                            <tr>
                                <td width="259">
                                </td>

                                <td width="14">
                                </td>

                                <td width="11">
                                </td>

                                <td width="27">
                                </td>

                                <td width="6">
                                </td>

                                <td width="61">
                                </td>

                                <td width="9">
                                </td>

                                <td width="13">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="49">
                                    <p align="right"><font size="2">1,000,000</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td width="7">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="46">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">1,000,000</font></p>
                                </td>

                                <td width="39">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="28">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="33"><font size="2">.27%</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                        <br>
                        <br>
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">12</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <p align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" width="600" border="0">
                            <tr>
                                <td width="294">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="10">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">December 31,</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">2008</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="294">
                                </td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td width="51">
                                </td>

                                <td width="39">
                                </td>

                                <td align="center" colspan="2">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font style="FONT-SIZE: 10pt; COLOR: #000000">% of</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="294">
                                </td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td width="51">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Fair</font></p>
                                </td>

                                <td width="39">
                                </td>

                                <td align="center" colspan="2">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font style="FONT-SIZE: 10pt; COLOR: #000000">Investment</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="294">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="63">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Shares</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="12">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="13">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="66">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Cost</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="13">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="10">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="51">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="39">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="2">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font style="FONT-SIZE: 10pt; COLOR: #000000">Assets</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="294">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Other Portfolio Investments -</font></p>
                                </td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td width="51">
                                </td>

                                <td width="39">
                                </td>

                                <td width="30">
                                </td>

                                <td width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font size="2">&nbsp;&nbsp;&nbsp; Common Stock, Preferred Stock,</font></td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td width="51">
                                </td>

                                <td width="39">
                                </td>

                                <td width="30">
                                </td>

                                <td width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font size="2">&nbsp;&nbsp;&nbsp; and Miscellaneous Securities</font></td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td width="51">
                                </td>

                                <td width="39">
                                </td>

                                <td width="30">
                                </td>

                                <td width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td width="51">
                                </td>

                                <td width="39">
                                </td>

                                <td width="30">
                                </td>

                                <td width="31">
                                </td>
                            </tr>

                            <tr height="20">
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">Access Plans (Precis)-</font></td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td width="51">
                                </td>

                                <td width="39">
                                </td>

                                <td width="30">
                                </td>

                                <td width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock (2)</font></td>

                                <td width="63">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">890,500</font></p>
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td width="66">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2,139,777</font></p>
                                </td>

                                <td width="13">
                                </td>

                                <td valign="bottom" align="right" width="10">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td valign="bottom" align="right" width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;<font style="FONT-SIZE: 10pt; COLOR: #000000">204,815</font></font></font></p>
                                </td>

                                <td width="39">
                                </td>

                                <td valign="bottom" align="justify" width="30">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                                </td>

                                <td valign="bottom" width="31">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000" face="Times New Roman, Times, serif">.29%</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td width="39">
                                </td>

                                <td width="30">
                                </td>

                                <td width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">A-Power Energy Generation Systems, Ltd -</font></td>

                                <td width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td width="39">
                                </td>

                                <td width="30">
                                </td>

                                <td width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Common stock</font></td>

                                <td width="63">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">48,000</font></p>
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66"><font face="Times New Roman, Times, serif" size="2">409,256</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">206,400</font></td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.30</font></td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr height="18">
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">Asian Fiancial, Inc.</font></td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock (1)</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">130,209</font></td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30"><font face="Times New Roman, Times, serif" size="2">3</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.14</font></td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">Bovie Medical Corporation -</font></td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Common stock</font> </td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">500,000</font></td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66"><font face="Times New Roman, Times, serif" size="2">907,845</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">3,120,000</font></td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30"><font face="Times New Roman, Times, serif" size="2">19</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.58</font></td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">COGO Group, Inc. (Comtech Group, Inc.) -</font></td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Common stock</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">200,000</font></td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66"><font face="Times New Roman, Times, serif" size="2">836,019</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">972,000</font></td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30"><font face="Times New Roman, Times, serif" size="2">6</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.10</font></td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">HLS Sytems international, Ltd. -</font></td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Common stock</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">58,500</font></td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66"><font face="Times New Roman, Times, serif" size="2">498,557</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">163,800</font></td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30"><font face="Times New Roman, Times, serif" size="2">1</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.03</font></td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">Points Internation, Ltd. -</font></td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Common stock</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">900,000</font></td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66"><font face="Times New Roman, Times, serif" size="2">492,000</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">355,500</font></p>
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30"><font face="Times New Roman, Times, serif" size="2">2</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.23</font></td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">Silverleaf Resorts, Inc. -</font></td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr height="13">
                                <td width="294"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Common stock</font></td>

                                <td align="right" width="63"><font face="Times New Roman, Times, serif" size="2">100,000</font></td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66"><font face="Times New Roman, Times, serif" size="2">430,000</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">72,000</font></td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.45</font></td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">Miscellaneous Securities -</font></p>
                                </td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="66">-</td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="51">-</td>

                                <td align="right" width="39">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="30">&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="31">-</td>
                            </tr>

                            <tr>
                                <td width="294">
                                </td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">6,213,454</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">5,594,515</font></td>

                                <td align="right" width="39">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="30"><font face="Times New Roman, Times, serif" size="2">35</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.12%</font></td>
                            </tr>

                            <tr>
                                <td width="294">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="66">
                                </td>

                                <td width="13">
                                </td>

                                <td align="right" width="10">
                                </td>

                                <td valign="bottom" align="right" width="51">
                                </td>

                                <td align="right" width="39">
                                </td>

                                <td align="right" width="30">
                                </td>

                                <td align="left" width="31">
                                </td>
                            </tr>

                            <tr>
                                <td width="294">
                                </td>

                                <td align="right" width="63">
                                </td>

                                <td width="12">
                                </td>

                                <td width="13"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="66"><font face="Times New Roman, Times, serif" size="2">41,524,234</font></td>

                                <td width="13">
                                </td>

                                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">15,931,925</font></td>

                                <td align="right" width="39">
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="30"><font face="Times New Roman, Times, serif" size="2">100</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="left" width="31"><font face="Times New Roman, Times, serif" size="2">.00%</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p align="left">&nbsp;</p>

                    <p align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">13</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Schedules of Investments (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" width="600" border="0">
                            <tr>
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">Allocation</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">of Investments -</font></p>
                                </td>

                                <td width="19">
                                </td>

                                <td width="70">
                                </td>

                                <td width="8">
                                </td>

                                <td width="19">
                                </td>

                                <td width="72">
                                </td>

                                <td width="8">
                                </td>

                                <td width="33">
                                </td>

                                <td width="28">
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp; Restricted Shares, Unrestricted Shares,</font></p>
                                </td>

                                <td width="19">
                                </td>

                                <td width="70">
                                </td>

                                <td width="8">
                                </td>

                                <td width="19">
                                </td>

                                <td width="72">
                                </td>

                                <td width="8">
                                </td>

                                <td width="33">
                                </td>

                                <td width="28">
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp; Miscellaneous Securities, and Cash and</font></p>
                                </td>

                                <td width="19">
                                </td>

                                <td width="70">
                                </td>

                                <td width="8">
                                </td>

                                <td width="19">
                                </td>

                                <td width="72">
                                </td>

                                <td width="8">
                                </td>

                                <td width="33">
                                </td>

                                <td width="28">
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp; Cash Equivalents</font></p>
                                </td>

                                <td width="19">
                                </td>

                                <td width="70">
                                </td>

                                <td width="8">
                                </td>

                                <td width="19">
                                </td>

                                <td width="72">
                                </td>

                                <td width="8">
                                </td>

                                <td width="33">
                                </td>

                                <td width="28">
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="0" colspan="8">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">December 31,</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">2008</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                </td>

                                <td width="19">
                                </td>

                                <td width="70">
                                </td>

                                <td width="8">
                                </td>

                                <td width="19">
                                </td>

                                <td width="72">
                                </td>

                                <td width="8">
                                </td>

                                <td align="center" colspan="2">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font style="FONT-SIZE: 10pt; COLOR: #000000">% of</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                </td>

                                <td width="19">
                                </td>

                                <td width="70">
                                </td>

                                <td width="8">
                                </td>

                                <td width="19">
                                </td>

                                <td width="72">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Fair</font></p>
                                </td>

                                <td width="8">
                                </td>

                                <td align="center" colspan="2">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font style="FONT-SIZE: 10pt; COLOR: #000000">Investment</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="19">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="70">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Cost</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="8">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="19">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="72">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Value</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="8">&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="2">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px"><font style="FONT-SIZE: 10pt; COLOR: #000000">Assets</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">Private <font face="Times New Roman, Times, serif">Securities (1)</font></font></p>
                                </td>

                                <td width="19">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td align="right" width="70"><font face="Times New Roman, Times, serif" size="2">2,770,000</font></td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="19"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td align="right" width="72"><font face="Times New Roman, Times, serif" size="2">2,885,518</font></td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">18</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">.11%</font></td>
                            </tr>

                            <tr height="14">
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000" face="Times New Roman, Times, serif">Restricted Securities (2)</font></p>
                                </td>

                                <td width="19">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td align="right" width="70"><font face="Times New Roman, Times, serif" size="2">26,591,309</font></td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="19"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td align="right" width="72"><font face="Times New Roman, Times, serif" size="2">4,817,839</font></td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">30</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">.24%</font></td>
                            </tr>

                            <tr>
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000" face="Times New Roman, Times, serif">Unrestricted Securities</font></p>
                                </td>

                                <td width="19">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td align="right" width="70"><font face="Times New Roman, Times, serif" size="2">12,154,048</font></td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="19"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td align="right" width="72"><font face="Times New Roman, Times, serif" size="2">8,228,568</font></td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="33"><font face="Times New Roman, Times, serif" size="2">51</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">.65%</font></td>
                            </tr>

                            <tr>
                                <td width="343">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000" face="Times New Roman, Times, serif">Miscellaneous Securities (3)</font></p>
                                </td>

                                <td width="19">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="70"><font face="Times New Roman, Times, serif" size="2">8,877</font></td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="19"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="72">-</td>

                                <td align="right" width="8">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="33"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="28"><font face="Times New Roman, Times, serif" size="2">.00%</font></td>
                            </tr>

                            <tr>
                                <td width="343">
                                </td>

                                <td width="19">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="70"><font face="Times New Roman, Times, serif" size="2">41,524,234</font></td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="19"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="72"><font face="Times New Roman, Times, serif" size="2">15,931,925</font></td>

                                <td align="right" width="8">
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="33"><font face="Times New Roman, Times, serif" size="2">100</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="left" width="28"><font face="Times New Roman, Times, serif" size="2">.00%</font></td>
                            </tr>

                            <tr>
                                <td width="343">
                                </td>

                                <td width="19">
                                </td>

                                <td align="right" width="70">
                                </td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="19">
                                </td>

                                <td align="right" width="72">
                                </td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="33">
                                </td>

                                <td align="left" width="28">
                                </td>
                            </tr>

                            <tr>
                                <td width="343">
                                </td>

                                <td width="19">
                                </td>

                                <td align="right" width="70">
                                </td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="19">
                                </td>

                                <td align="right" width="72">
                                </td>

                                <td align="right" width="8">
                                </td>

                                <td align="right" width="33">
                                </td>

                                <td align="left" width="28">
                                </td>
                            </tr>
                        </table>
                    </div>

                    <p align="left"></p>
                    <!-- PAGE BREAK  -->

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <table cellspacing="0" cellpadding="0" width="600" border="0">
                        <tr>
                            <td width="1"><font size="2">(1)</font></td>

                            <td width="10">
                            </td>

                            <td width="563"><font size="2">Securities in a privately owned company.</font> </td>

                            <td width="12">
                            </td>
                        </tr>

                        <tr>
                            <td width="1"><font size="2">(2)</font></td>

                            <td width="10">
                            </td>

                            <td width="563"><font size="2">Restricted securities due to the Fund's having a director on issuer's board or held less than 6 months.</font> </td>

                            <td width="12">
                            </td>
                        </tr>

                        <tr>
                            <td width="1"><font size="2">(3)</font></td>

                            <td width="10">
                            </td>

                            <td width="563"><font size="2">Other securities such as warrants and options.</font></td>

                            <td width="12">
                            </td>
                        </tr>
                    </table>
                    <font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br>
                    <br>

                    <p align="left"></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">14</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Statements of Operations</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom" height="18">
                                <th width="369">
                                </th>

                                <th width="15">
                                </th>

                                <th width="51">
                                </th>

                                <th width="9">
                                </th>

                                <th width="44">
                                </th>

                                <th width="15">
                                </th>

                                <th width="57">
                                </th>

                                <th width="16">
                                </th>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Three Months Ended March 31,</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="3"><font face="Times New Roman, Times, serif" size="2">2009</font></td>

                                <td width="44">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="3">
                                    <p><font size="2">2008</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="369">
                                </td>

                                <td width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">Investment income:</font></td>

                                <td width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income</font></td>

                                <td width="15">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td align="right" width="51"><font face="Times New Roman, Times, serif" size="2">99,224</font></td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="15">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td align="right" width="57"><font face="Times New Roman, Times, serif" size="2">112, 147</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="51"><font face="Times New Roman, Times, serif" size="2">52,695</font></td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="57"><font face="Times New Roman, Times, serif" size="2">18,399</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">1,107</font></td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">11,307</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr height="10">
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="51">
                                    <p align="right"><font size="2">153, 026</font></p>
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font size="2">141,853</font></td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">Expenses:</font></td>

                                <td width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="51"><font face="Times New Roman, Times, serif" size="2">71,990</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57"><font size="2">96,984</font></td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal and professional fees</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="51"><font face="Times New Roman, Times, serif" size="2">223,005</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57"><font size="2">175,210</font></td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee to affiliate</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">78,398</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font size="2">146,797</font></td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="51">
                                    <p align="right"><font size="2">373, 393</font></p>
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font size="2">418,991</font></td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="15">
                                </td>

                                <td align="right" width="51">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss</font></td>

                                <td align="left" width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">(220,367</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font size="2">(277,138</font></td>

                                <td width="16"><font size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">Realized and unrealized gain (loss) on investments:</font></td>

                                <td width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation</font></td>

                                <td width="15">
                                </td>

                                <td width="51">
                                </td>

                                <td width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of investments</font></td>

                                <td align="left" width="15">
                                </td>

                                <td align="right" width="51"><font face="Times New Roman, Times, serif" size="2">(375,610</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="57"><font face="Times New Roman, Times, serif" size="2">(4,915,956</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">)</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">10,000</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font size="2">1,287,083</font></td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="15">
                                </td>

                                <td align="right" width="51">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on investments</font></td>

                                <td align="left" width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">(365,610</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font size="2">(3,628,873</font></td>

                                <td width="16"><font size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="15">
                                </td>

                                <td align="right" width="51">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="44">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td align="left" width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">Net loss</font></td>

                                <td width="15">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">(585,977</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="left" width="44">
                                </td>

                                <td width="15">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">(3,906,011</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">)</font></td>
                            </tr>

                            <tr height="20">
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="15">
                                </td>

                                <td align="right" width="51">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="44">
                                </td>

                                <td align="left" width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td align="left" width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">Net loss per share</font></td>

                                <td width="15">
                                    <p align="right"><font size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">(0.13</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="left" width="44"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="15">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="57"><font face="Times New Roman, Times, serif" size="2">&nbsp;(0.88</font></td>

                                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="369">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="15">
                                </td>

                                <td align="right" width="51">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td align="right" width="57">
                                </td>

                                <td width="16">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="369"><font face="Times New Roman, Times, serif" size="2">Weighted average shares outstanding</font></td>

                                <td align="left" width="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="51"><font face="Times New Roman, Times, serif" size="2">4,463,967</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="44">
                                </td>

                                <td width="15">
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="57"><font size="2">4,463,967</font></td>

                                <td width="16">
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p align="left"><br>
                    <br>
                    &nbsp;</p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">15</font></font></p>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Statements of Changes in Net Assets</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom">
                                <th width="291">
                                </th>

                                <th width="40">
                                </th>

                                <th width="74">
                                </th>

                                <th width="6">
                                </th>

                                <th width="59">
                                </th>

                                <th width="10">
                                </th>

                                <th width="52">
                                </th>

                                <th width="9">
                                </th>

                                <th width="61">
                                </th>

                                <th width="10">
                                </th>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291">
                                </td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="74">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">&nbsp;&nbsp;&nbsp;Three Months Ended March 31,</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="74">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="3">
                                    <p><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                                </td>

                                <td width="52">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">
                                    <p align="center"><font size="2">2008</font></p>
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="291">
                                </td>

                                <td align="left" width="40">
                                </td>

                                <td width="74">
                                </td>

                                <td width="6">
                                </td>

                                <td width="59">
                                </td>

                                <td width="10">
                                </td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td width="61">
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">From operations:</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="74">
                                </td>

                                <td width="6">
                                </td>

                                <td width="59">
                                </td>

                                <td width="10">
                                </td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td width="61">
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="74"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="6">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td align="right" width="59"><font face="Times New Roman, Times, serif" size="2">(220,367</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="left" width="52"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="9">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td width="61">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(277,138</font></p>
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">)</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="74">
                                </td>

                                <td align="left" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="59"><font face="Times New Roman, Times, serif" size="2">10,000</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td width="61">
                                    <p align="right"><font size="2">1,287,083</font></p>
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation of investments</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="74">
                                </td>

                                <td width="6">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="59">
                                    <p align="right"><font size="2">(375,610</font></p>
                                </td>

                                <td width="10"><font size="2">)</font></td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="61">
                                    <p align="right"><font size="2">(4,915,956</font></p>
                                </td>

                                <td width="10"><font size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="291">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="40">
                                </td>

                                <td align="right" width="74">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td align="right" width="59">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td width="61">
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">Net loss</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="74">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="59"><font face="Times New Roman, Times, serif" size="2">(585,977</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="61">
                                    <p align="right"><font size="2">(3,906,011</font></p>
                                </td>

                                <td width="10"><font size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="291">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="40">
                                </td>

                                <td width="74">
                                </td>

                                <td width="6">
                                </td>

                                <td width="59">
                                </td>

                                <td width="10">
                                </td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td width="61">
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">From distributions to stockholders:</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="74">
                                </td>

                                <td width="6">
                                </td>

                                <td width="59">
                                </td>

                                <td width="10">
                                </td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td width="61">
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared from realized gains</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="74">
                                </td>

                                <td align="left" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="59"><font face="Times New Roman, Times, serif" size="2">-</font></td>

                                <td align="left" width="10">
                                </td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="61">
                                    <p align="right"><font size="2">(446,397</font></p>
                                </td>

                                <td width="10"><font size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="291">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="40">
                                </td>

                                <td align="right" width="74">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td align="right" width="59">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="61">
                                </td>

                                <td align="left" width="10">
                                </td>
                            </tr>

                            <tr valign="bottom" height="-159">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total decrease in net assets</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="74">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td align="right" width="59"><font face="Times New Roman, Times, serif" size="2">(585,977</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="left" width="52"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="61">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(4,352,408</font></p>
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="291">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="40">
                                </td>

                                <td width="74">
                                </td>

                                <td width="6">
                                </td>

                                <td width="59">
                                </td>

                                <td width="10">
                                </td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td width="61">
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">Net assets:</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="74">
                                </td>

                                <td width="6">
                                </td>

                                <td width="59">
                                </td>

                                <td width="10">
                                </td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td width="61">
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="74">
                                </td>

                                <td align="left" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="59"><font face="Times New Roman, Times, serif" size="2">18,427,016</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="52">
                                </td>

                                <td width="9">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="61">
                                    <p align="right"><font size="2">37,759,148</font></p>
                                </td>

                                <td width="10">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="291">&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="40">
                                </td>

                                <td align="right" width="74">
                                </td>

                                <td align="left" width="6">
                                </td>

                                <td align="right" width="59">
                                </td>

                                <td align="left" width="10">
                                </td>

                                <td align="left" width="52">
                                </td>

                                <td align="left" width="9">
                                </td>

                                <td align="left" width="61">
                                </td>

                                <td align="left" width="10">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="291"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period</font></td>

                                <td align="left" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="74"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="6">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="59"><font face="Times New Roman, Times, serif" size="2">17,841,039</font></td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="left" width="52">
                                </td>

                                <td width="9">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" width="61">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">33,406,740</font></p>
                                </td>

                                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

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                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">16</font></font></p>
                    </div>

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                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
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                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Statements of Cash Flows</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">(Unaudited)</font></p>

                    <p align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom">
                                <th width="367">
                                </th>

                                <th width="13">
                                </th>

                                <th width="54">
                                </th>

                                <th width="11">
                                </th>

                                <th width="47">
                                </th>

                                <th width="13">
                                </th>

                                <th width="59">
                                </th>

                                <th width="6">
                                </th>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font face="Times New Roman, Times, serif" size="2">Three Months Ended March 31,&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;2009</font></td>

                                <td align="right" width="47">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="3"><font size="2">2008</font></td>
                            </tr>

                            <tr valign="bottom" height="16">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">Cash flows from operating activities:</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="54">
                                </td>

                                <td width="11">
                                </td>

                                <td width="47">
                                </td>

                                <td width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">Net loss</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(585,977</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="right" width="47">
                                </td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td width="59">
                                    <p align="right"><font size="2">(3,906,011</font></p>
                                </td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="54">
                                </td>

                                <td width="11">
                                </td>

                                <td width="47">
                                </td>

                                <td width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net cash used in operating activities:</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="54">
                                </td>

                                <td width="11">
                                </td>

                                <td width="47">
                                </td>

                                <td width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in unrealized depreciation of</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="54">
                                </td>

                                <td width="11">
                                </td>

                                <td width="47">
                                </td>

                                <td width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">375,610</font></td>

                                <td align="left" width="11">
                                </td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="59">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4,915,956</font></p>
                                </td>

                                <td align="left" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">(10,000</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59"><font size="2">(1,287,083</font></td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in due from broker</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">-</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                    <p align="right"><font size="2">(519</font></p>
                                </td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in interest and dividend</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="54">
                                </td>

                                <td width="11">
                                </td>

                                <td width="47">
                                </td>

                                <td width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;receivables</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">(30,843</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                    <p align="right"><font size="2">(13,232</font></p>
                                </td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in prepaid and other assets</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">28,356</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="59">
                                    <p align="right"><font size="2">41,092</font></p>
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">11,014</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">112,736</font></p>
                                </td>

                                <td align="left" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts payable-affiliate</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">(6,738</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                    <p align="right"><font size="2">(46,203</font></p>
                                </td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in taxes payable on behalf of shareholders</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">-</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(1,485,135</font></p>
                                </td>

                                <td width="6">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">)</font></p>
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="54"><font face="Times New Roman, Times, serif" size="2">(156,800</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                    <p align="right"><font size="2">(315,380</font></p>
                                </td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="54"><font face="Times New Roman, Times, serif" size="2">10,000</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="59">
                                    <p align="right"><font size="2">1,815,558</font></p>
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="367">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="13">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">Net cash used in operating activities</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="54"><font face="Times New Roman, Times, serif" size="2">(365,378</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="59">
                                    <p align="right"><font size="2">(168,221</font></p>
                                </td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="367">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="13">
                                </td>

                                <td width="54">
                                </td>

                                <td width="11">
                                </td>

                                <td width="47">
                                </td>

                                <td width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">Cash flows from financing activities:</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="54">
                                </td>

                                <td width="11">
                                </td>

                                <td width="47">
                                </td>

                                <td width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="54"><font face="Times New Roman, Times, serif" size="2">-</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="59">
                                    <p align="right"><font size="2">(892,794</font></p>
                                </td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="367">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="13">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">Net decrease in cash and cash equivalents</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="54"><font face="Times New Roman, Times, serif" size="2">(365,378</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="59">
                                    <p align="right"><font size="2">(1,061,015</font></p>
                                </td>

                                <td width="6"><font size="2">)</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="367">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="13">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">Cash and cash equivalents at beginning of the period</font></td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="54"><font face="Times New Roman, Times, serif" size="2">2,558,630</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="47">
                                </td>

                                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="59">
                                    <p align="right"><font size="2">3,679,949</font></p>
                                </td>

                                <td width="6">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="367">&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="13">
                                </td>

                                <td align="right" width="54">
                                </td>

                                <td align="left" width="11">
                                </td>

                                <td align="right" width="47">
                                </td>

                                <td width="13">
                                </td>

                                <td width="59">
                                </td>

                                <td align="left" width="6">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="367"><font face="Times New Roman, Times, serif" size="2">Cash and cash equivalents at end of the period</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="54"><font face="Times New Roman, Times, serif" size="2">2,193,252</font></td>

                                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td align="right" width="47"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" width="59">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2,618, 934</font></p>
                                </td>

                                <td align="left" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif" size="2">See accompanying notes</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font size="2">17</font></font></p>
                    </div>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Notes to Unaudited Financial Statements</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">March 31, 2009</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p align="left"></p>
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                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Note</font> <font style="FONT-SIZE: 10pt">1</font> <font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt">Organization and Business Purpose</font></u></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc., (the "Fund" or the "Registrant") is a non-diversified, closed-end fund that has elected to be treated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund, a Texas corporation, was organized and commenced operations in 1994.<br>
                    &nbsp;<br>
                    The investment objective of the Fund is to provide its stockholders long-term capital appreciation by investing primarily in privately placed convertible securities and equity securities of emerging growth companies.<br>
                    &nbsp;<br>
                    RENN Capital Group, Inc. ("RENN Group" or the "Investment Adviser"), a Texas corporation, serves as the Investment Adviser to the Fund. In this capacity, RENN Group is primarily responsible for the selection, evaluation, structure, valuation, and administration of the Fund's investment portfolio, subject to the supervision of the Board of Directors. RENN Group is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers
                    Act").</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">Note</font> <font style="FONT-SIZE: 10pt">2</font> <font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt">Summary of Significant Accounting Policies</font></u></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><b><font style="FONT-SIZE: 10pt">Basis of Presentation<br>
                    &nbsp;</font></b></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">We have prepared the accompanying unaudited interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission, which reflect all adjustments which, in the opinion of management, are necessary to present fairly the results for the interim periods. We have omitted certain information and disclosures normally included in
                    annual financial statements prepared in accordance with accounting principles generally accepted in the United States pursuant to those rules and regulations, although we believe that the disclosures we have made are adequate to make the information presented not misleading. You should read these unaudited interim financial statements in conjunction with our audited financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31,
                    2008.<br>
                    &nbsp;<br>
                    The results of operations for the interim periods are not necessarily indicative of the results we expect for the full year.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><b><font style="FONT-SIZE: 10pt">Valuation of Investments</font></b><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">Portfolio investments are stated at quoted market or fair value as determined by the Investment Adviser (Note 6).</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><b><font style="FONT-SIZE: 10pt">Other</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">The Fund follows industry practice and records security transactions on the trade date. Dividend income is recorded on the record date. Interest income is recorded as earned on the accrual basis.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><b><font style="FONT-SIZE: 10pt">Cash and Cash Equivalents</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">The Fund considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. As of March 31, 2009, cash and cash equivalents are at risk to the extent that they exceed Federal Deposit Insurance Corporation insured amounts. To minimize this risk, the Fund places its cash and cash equivalents with major U.S.
                    financial institutions.</font></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">18</font></a>
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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Notes to Unaudited Financial Statements (continued)</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">March 31, 2009</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">Note</font> <font style="FONT-SIZE: 10pt">2</font> <font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt">Summary of Significant Accounting Policies</font></u><u><font style="FONT-SIZE: 10pt">, continued</font></u></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><b><font style="FONT-SIZE: 10pt">Income Taxes</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">The Fund has elected the special income tax treatment available to "regulated investment companies"&nbsp; ("RIC") under Subchapter M of the Internal Revenue Code ("IRC") which allows the Fund to be relieved of federal income tax on that part of its net investment income and realized capital gains that it pays out to its stockholders. Such
                    requirements include, but are not limited to certain qualifying income tests, asset diversification tests and distribution of substantially all of the Fund's taxable investment income to its stockholders. It is the intent of management to comply with all IRC requirements as they pertain to a RIC and to distribute all of the Fund's taxable investment income and realized long-term capital gains within the defined period under the IRC to qualify as a RIC. Failure to qualify as
                    a RIC would subject the Fund to federal income tax as if the Fund were an ordinary corporation, which could result in a substantial reduction in the Fund's net assets as well as the amount of cash available for distribution to stockholders. Continued qualification as a RIC requires management to satisfy certain investment diversification requirements in future years. There can be no assurance that the Fund will qualify as a RIC in subsequent years.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">Federal income taxes payable on behalf of stockholders on realized gains that the Fund elects to retain are accrued and reflected as tax expense paid on behalf of stockholders on the last day of the tax year in which such gains are realized.</font><font size="2">&nbsp;</font></font></p>

                    <p align="left"></p>

                    <div align="left">
                        <b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loss Per Share</font></b>
                    </div>

                    <p align="left"></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">Net loss per share is based on the weighted average number of shares outstanding of 4,463,967 during the three months ended</font> <font size="2"><font style="FONT-SIZE: 10pt">March 31, 2009</font> <font style="FONT-SIZE: 10pt">and</font> <font style="FONT-SIZE: 10pt">2008.</font></font></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><b><font style="FONT-SIZE: 10pt">Use of Estimates</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Actual results could differ from these estimates.</font></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">19</font></a>
                    </div>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif" size="2"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Notes to Unaudited Financial Statements (continued)</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif" size="2"><font style="FONT-SIZE: 10pt">March 31, 2009</font></font></p>

                    <p align="justify"><font face="Times New Roman, Times, serif" size="2">Note 3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Due to/from Broker</u></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">The Fund conducts business with various brokers for its investment activities.&nbsp; The clearing and depository operations for the investment activities are performed pursuant to agreements with these brokers.&nbsp; "Due to broker" represents unsettled purchase transactions and "due from broker" represents unsettled sales transactions. The Fund is subject to
                    credit risk to the extent the brokers are unable to deliver cash balances or securities, or clear security transactions on the Fund's behalf.&nbsp; The Investment Adviser actively monitors the Fund's exposure to these brokers and believes the likelihood of loss under those circumstances is remote. At March 31, 2009</font> <font style="FONT-SIZE: 10pt">and 2008, there were no</font> "<font style="FONT-SIZE: 10pt">due from broker" or "due to broker" balances.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Note 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt">Management</font> <font style="FONT-SIZE: 10pt">Fees</font> <font style="FONT-SIZE: 10pt">and Incentive Fees and Reimbursement</font></u></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">The Investment Adviser for the Fund is registered as an investment adviser under the Investment Advisers Act of 1940. Pursuant to an Investment Advisory Agreement (the "Agreement"), the Investment Adviser performs certain services, including certain management, investment advisory and administrative services
                    necessary for the operation of the Fund. In addition, under the Agreement, the Investment Adviser is reimbursed by the Fund for certain directly allocable administrative expenses. A summary of fees and reimbursements paid by the Fund under either the Agreement or the prospectus is as follows:</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">The Investment Adviser receives a management fee equal to a quarterly rate of 0.4375% of the Fund's net assets, as determined at the end of such quarter, each payment to be due as of the last day of the calendar quarter. The Fund incurred $78,398, and $146,797</font>
                    <font size="2"><font style="FONT-SIZE: 10pt">during the</font> <font style="FONT-SIZE: 10pt">quarters ended</font> <font style="FONT-SIZE: 10pt">March 31, 2009</font> <font style="FONT-SIZE: 10pt">and</font> <font style="FONT-SIZE: 10pt">March 31, 2008, respectively, for such management fees.</font></font></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">The Investment Adviser receives an incentive fee in an amount equal to 20% of the Fund's cumulative realized capital gains in excess of cumulative realized capital losses of the Fund after allowance for any unrealized capital depreciation on the portfolio investments of the Fund at the end of the period
                    being calculated less cumulative incentive fees previously accrued. Unrealized capital depreciation equals net unrealized capital losses on each class of security without netting net unrealized capital gains on other classes of securities.</font> <font size="2"><font style="FONT-SIZE: 10pt">The incentive fee is calculated, accrued, and paid on an annual basis as of year-end. Because</font> <font style="FONT-SIZE: 10pt">of this,</font> <font style="FONT-SIZE: 10pt">no
                    probability or estimate of the ultimate fee can be ascertained prior to year-end.</font> <font style="FONT-SIZE: 10pt">No incentive fee was&nbsp;recorded during the</font> <font style="FONT-SIZE: 10pt">three months</font> <font style="FONT-SIZE: 10pt">ended</font> <font style="FONT-SIZE: 10pt">March 31, 2009</font> <font style="FONT-SIZE: 10pt">and</font> <font style="FONT-SIZE: 10pt">2008.</font></font></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">The Investment Adviser was reimbursed by the Fund for directly allocable administrative expenses paid by the Investment Adviser on behalf of the Fund. Such reimbursements were $7,127 and $3,885 during the quarters</font> <font size="2"><font style="FONT-SIZE: 10pt">ended</font>
                    <font style="FONT-SIZE: 10pt">March 31, 2009</font> <font style="FONT-SIZE: 10pt">and</font> <font style="FONT-SIZE: 10pt">2008, respectively.</font></font></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">As of</font> <font size="2"><font style="FONT-SIZE: 10pt">March 31, 2009</font> <font style="FONT-SIZE: 10pt">and</font> <font style="FONT-SIZE: 10pt">December 31, 2008, the Fund had an account payable of $80,134</font> <font style="FONT-SIZE: 10pt">and $86,872, respectively, for the amount due for the
                    fees and expense reimbursements disclosed above.</font></font></font></p>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Notes to Unaudited Financial Statements (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">March 31, 2009</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4px" align="left"><font style="FONT-SIZE: 10pt">Note 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt">Eligible Portfolio Companies and Investments</font></u></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligible Portfolio Companies</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">The Fund invests primarily in convertible securities and equity investments of companies that qualify as Eligible Portfolio Companies as defined in Section 2(a)(46) of the 1940 Act or in securities that otherwise qualify for investment as permitted in Section 55(a)(1) through (7) of the 1940 Act. Under
                    the provisions of the 1940 Act at least 70% of the Fund's assets, as defined under Section 55 of the 1940 Act, must be invested in</font> <font size="2"><font style="FONT-SIZE: 10pt">securities listed in Paragraphs 55(a)(1) through (6) of the 1940 Act ("Eligible Portfolio Investments").</font> <font style="FONT-SIZE: 10pt">In the event the Fund has less than 70% of its assets invested in Eligible Portfolio Investments, then the Fund will be prohibited from making
                    non-eligible investments until such time as the percentage of Eligible Portfolio Investments again exceeds the 70% threshold.</font> <font style="FONT-SIZE: 10pt">The Fund was in compliance with these provisions at</font> <font style="FONT-SIZE: 10pt">March 31, 2009.</font></font></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt">Investments are carried in the statements of assets and liabilities</font> <font style="FONT-SIZE: 10pt">as of March 31, 2009 and December 31, 2008, at fair value, as determined in good faith by the Investment Adviser, subject to the approval of the Fund's Board of Directors. The convertible debt securities held by the Fund generally have
                    maturities between five and seven years and are convertible (at the discretion of the Fund) into the common stock of the issuer at a set conversion price. The common stock underlying these securities is generally unregistered and thinly-to-moderately traded. Generally, the Fund negotiates registration rights at the time of purchase and the portfolio companies are required to register the shares within a designated period and the cost of registration is borne by the portfolio
                    company. Interest on the convertible securities is generally payable monthly. The convertible debt securities generally contain embedded call options giving the issuer the right to call the&nbsp;underlying issue.&nbsp; In these instances, the Fund has the&nbsp;right of redemption or conversion. The embedded call option will generally not vest until certain conditions are achieved by the issuer. Such conditions may require that minimum thresholds be met relating to underlying
                    market prices, liquidity, and other factors.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 9px" align="left"><font style="FONT-SIZE: 10pt">Note 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt">Valuation of Investment</font></u><u><font style="FONT-SIZE: 10pt">s</font></u></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000">Effective January 1, 2008, the Fund adopted FAS 157,</font> <i><font style="FONT-SIZE: 10pt; COLOR: #000000">Fair Value Measurements</font></i><font style="FONT-SIZE: 10pt; COLOR: #000000">, which establishes a framework for measuring fair value and applies to existing accounting pronouncements that require or permit fair value measurements. A fair
                    value hierarchy is established within FAS 157 that prioritizes the sources ("inputs") used to measure fair value into three broad levels: inputs based on quoted market prices in active markets (Level 1 inputs); observable inputs based on corroboration with available market data (Level 2 inputs); and unobservable inputs based on uncorroborated market data or a reporting entity's own assumptions (Level 3 inputs). The adoption of FAS 157 has not had significant impact on the
                    Fund's financial statements and has not resulted in any significant changes in the valuation of investments. The Fund's valuation policies are as follows:<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000">On a weekly basis, RENN Group prepares a valuation to determine fair value of the investments of the Fund. The Board of Directors of the Fund approves the valuation on a quarterly basis. Interim board involvement may occur if material issues arise before quarter end. The valuation principles are described below.</font></p>

                    <p align="left"></p>

                    <p align="left"></p>

                    <div align="left">
                        <table>
                            <tr>
                                <td width="42">
                                </td>

                                <td valign="top">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; COLOR: #000000; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif"><strong>.&nbsp;&nbsp;</strong> &nbsp;&nbsp;</p>
                                </td>

                                <td valign="top">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000">Unrestricted common stock of companies listed on an exchange, NASDAQ</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">or in the over-the-counter market is valued at the closing price on the date of valuation.</font></p>
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                    </div>

                    <p align="left"></p>

                    <p align="left"></p>

                    <div align="left">
                        <table>
                            <tr>
                                <td width="44">
                                </td>

                                <td valign="top">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; COLOR: #000000; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif"><strong>.&nbsp;</strong> &nbsp;&nbsp;&nbsp;</p>
                                </td>

                                <td valign="top">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000">Restricted common stock of companies listed on an exchange, NASDAQ</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">or in the over-the-counter market is valued based on the quoted price for an otherwise identical unrestricted security of the same issuer that trades in a public market, adjusted to
                                    reflect the effect of any significant restrictions.</font></p>
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                    </div>

                    <p align="left"></p>

                    <p align="left"></p>

                    <div align="left">
                        <table>
                            <tr>
                                <td width="44">
                                </td>

                                <td valign="top">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; COLOR: #000000; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif"><strong>.</strong>&nbsp;&nbsp;&nbsp;</p>
                                </td>

                                <td valign="top">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000">The unlisted preferred stock of companies with common stock listed on an exchange, NASDAQ</font> <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">or in the over-the-counter market is valued at the closing price of the common stock into which the
                                    preferred stock is convertible on the date of valuation.</font></font></font></p>
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                    </div>

                    <p align="left"></p>

                    <p align="left"></p>

                    <div align="left">
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                            <tr>
                                <td width="44">
                                </td>

                                <td valign="top" width="36">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; COLOR: #000000; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif">&nbsp;<strong>.&nbsp;</strong> &nbsp;&nbsp;&nbsp;</p>
                                </td>

                                <td valign="top" width="512">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000">Debt securities are valued at fair value.</font> <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">The Fund</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">considers, among other things, whether a debt issuer is in default or
                                    bankruptcy.</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">It</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">also considers</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">the underlying collateral. Fair value is generally determined to be the greater of the face value of the debt or the market value of the underlying common stock into which the instrument may be converted.</font></font></font></p>
                                </td>
                            </tr>
                        </table>
                    </div>

                    <p align="center">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
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                    </div>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Notes to Unaudited Financial Statements (continued)</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">March 31, 2009</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="2">Note 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font style="FONT-SIZE: 10pt">Valuation of Investment</font></u><u><font style="FONT-SIZE: 10pt">s (continued)</font></u></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <div align="left">
                        <table>
                            <tr>
                                <td width="44">
                                </td>

                                <td valign="top">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; COLOR: #000000; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif"><strong>.</strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
                                </td>

                                <td valign="top">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000">The unlisted in-the-money options or warrants of companies with the underlying common stock listed on an exchange, NASDAQ</font> <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">or in the over-the-counter market are valued at fair value (the
                                    positive difference between the closing price of the underlying common stock and the strike price of the warrant or option).</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">An out-of-the money warrant or option has no value; thus,</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">the Fund</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">assigns</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">no value to it.</font></font></font></p>
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                    </div>

                    <p align="left"></p>

                    <p align="left"></p>

                    <div align="left">
                        <table>
                            <tr>
                                <td width="44">
                                </td>

                                <td valign="top" width="65">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; COLOR: #000000; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif"><strong>.</strong></p>
                                </td>

                                <td valign="top" width="480">
                                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000" face="Times New Roman, Times, serif">Investments in privately held entities are valued at fair value. If there is no independent and objective pricing authority (i.e. a public market) for such investments, fair value is based on the latest sale of equity securities to independent third parties. If a
                                    private entity does not have an independent value established over an extended period of time, then the Investment Adviser will determine fair value on the basis of appraisal procedures established in good faith and approved by the Board of Directors.</font></p>
                                </td>
                            </tr>
                        </table>
                    </div>
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                    <div align="left">
                        <br>
                    </div>

                    <p align="left"></p>

                    <div align="left">
                        <table style="MARGIN-LEFT: 0.4in" cellspacing="0" cellpadding="0" width="644" border="0">
                            <tr>
                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" colspan="5">
                                    <p style="MARGIN: 0pt 0.3in 0pt 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000">The following table shows a summary of investments measured at fair value on a recurring basis classified under the appropriate level of fair value hierarchy as of March 31, 2009:</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="49">
                                </td>
                            </tr>

                            <tr style="HEIGHT: 51.8pt">
                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="82">&nbsp;</td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="92">&nbsp;</td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Quoted Prices in Active Markets for Identical Assets</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="116">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Significant Other Observable Inputs</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="147">
                                    <p style="MARGIN: 0pt 0.1in 0pt 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Significant Unobservable Inputs</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="49">
                                </td>
                            </tr>

                            <tr style="HEIGHT: 15pt">
                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="82">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Description</font></u></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="92">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in" align="center"><u><font style="FONT-SIZE: 10pt; COLOR: #000000">March 31, 200</font></u><u><font style="FONT-SIZE: 10pt; COLOR: #000000">9</font></u></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><u><font style="FONT-SIZE: 10pt; COLOR: #000000">(Level 1)</font></u></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="116">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><u><font style="FONT-SIZE: 10pt; COLOR: #000000">(Level 2)</font></u></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="147">
                                    <p style="MARGIN: 0pt 0.1in 0pt 0in; TEXT-INDENT: 0px" align="center"><u><font style="FONT-SIZE: 10pt; COLOR: #000000">(Level 3)</font></u></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="49">
                                </td>
                            </tr>

                            <tr style="HEIGHT: 15pt">
                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="82">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">Investments</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="92">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt; COLOR: #000000">$</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">15,713,115</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">
                                    <p style="MARGIN: 0pt 0.1in 0pt 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">$</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">7,910,567</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="116">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">$</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">7,802,548</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="147">
                                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000">$ -</font></p>
                                </td>

                                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="49">
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                    </div>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">As of</font> <font size="2"><font style="FONT-SIZE: 10pt">March 31, 2009</font> <font style="FONT-SIZE: 10pt">and</font> <font style="FONT-SIZE: 10pt">December 31, 2008, the net unrealized depreciation associated with investments held by the Fund was $25,967,919</font> <font style="FONT-SIZE: 10pt">and $25,592,309,
                    respectively. As of</font> <font style="FONT-SIZE: 10pt">March 31, 2009</font> <font style="FONT-SIZE: 10pt">and</font> <font style="FONT-SIZE: 10pt">December 31, 2008, the Fund had gross unrealized&nbsp;appreciation of $3,028,999</font> <font style="FONT-SIZE: 10pt">and $2,463,654, respectively, and gross unrealized&nbsp;depreciation of $28,996,918</font> <font style="FONT-SIZE: 10pt">and $28,055,963, respectively.</font></font></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">Note</font>&nbsp;<font style="FONT-SIZE: 10pt">7&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt">Commitments and Contingencies</font></u><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">As disclosed in Note 4, the Fund is obligated to pay to the Investment Adviser an incentive fee equal to 20% of the Fund's cumulative realized capital gains in excess of cumulative</font> <font size="2"><font style="FONT-SIZE: 10pt">realized</font> <font style="FONT-SIZE: 10pt">capital losses of the Fund after allowance
                    for any capital depreciation on the portfolio investments of the Fund and for incentive fees already paid. As incentive fees on capital gains are not due to the Investment Adviser until the capital gains are realized, any obligations for incentive fees based on unrealized capital gains are not reflected in the accompanying financial statements as there is no assurance that the unrealized gains as of the end of any period will ultimately become realized. Had an incentive fee
                    been accrued as a liability based on all unrealized capital gains, net assets of the Fund would</font> <font style="FONT-SIZE: 10pt">not</font> <font style="FONT-SIZE: 10pt">have been reduced as of</font> <font style="FONT-SIZE: 10pt">March 31, 2009</font> <font style="FONT-SIZE: 10pt">or</font> <font style="FONT-SIZE: 10pt">December 31, 2008.</font></font></font></p>

                    <p align="left"></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">22</font></a>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Notes to Unaudited Financial Statements (continued)</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">March 31, 2009</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Note</font>&nbsp;<font style="FONT-SIZE: 10pt">8&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt">Financial Highlights - Unaudited</font></u></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="left"><font face="Times New Roman, Times, serif"><font size="1"><font style="FONT-SIZE: 10pt">Selected per-share data and ratios for each share of common stock outstanding throughout the</font> <font style="FONT-SIZE: 10pt">quarters ended</font> <font style="FONT-SIZE: 10pt">March 31, 2009, and</font> <font style="FONT-SIZE: 10pt">March 31, 2008</font> <font style="FONT-SIZE: 10pt">are as
                    follows:</font></font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in" align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom" height="20">
                                <th width="317">
                                </th>

                                <th style="BORDER-BOTTOM: black 1px solid" align="center" colspan="3"><font face="Times New Roman, Times, serif" size="2">2009</font></th>

                                <th width="40">
                                </th>

                                <th width="90">
                                </th>

                                <th style="BORDER-BOTTOM: black 1px solid" align="center" colspan="3"><font face="Times New Roman, Times, serif" size="2">2008</font></th>

                                <th width="19">
                                </th>
                            </tr>

                            <tr>
                                <td align="left" width="317">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="28">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="left" width="27">
                                </td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Net asset value, beginning of period</font></td>

                                <td width="28">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.13</font></td>

                                <td align="right" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;8</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="18">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">.46</font></p>
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="28">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="left" width="27">
                                </td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Net investment loss</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(0</font></p>
                                </td>

                                <td align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.05)</font></td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(0</font></p>
                                </td>

                                <td width="18"><font face="Times New Roman, Times, serif" size="2">.06)</font></td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="28">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="left" width="27">
                                </td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Net realized and unrealized loss on investments</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(0</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.08)</font></td>

                                <td align="left" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(0</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="18"><font face="Times New Roman, Times, serif" size="2">.82)</font></td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="28">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="left" width="27">
                                </td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return from investment operations</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(0</font></p>
                                </td>

                                <td align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.13)</font></td>

                                <td width="40">
                                    <p align="left">&nbsp;</p>
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td align="right" width="20"><font face="Times New Roman, Times, serif" size="2">(0</font></td>

                                <td width="18"><font face="Times New Roman, Times, serif" size="2">.88)</font></td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="317">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left" width="28">
                                </td>

                                <td width="13">
                                </td>

                                <td width="27">
                                </td>

                                <td width="40">
                                </td>

                                <td width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Distributions:</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                </td>

                                <td width="27">
                                </td>

                                <td width="40">
                                </td>

                                <td width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net capital gains</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="13">&nbsp;&nbsp;&nbsp;</td>

                                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="27"><font face="Times New Roman, Times, serif" size="2">-</font></td>

                                <td width="40">
                                    <p align="left">&nbsp;</p>
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(0</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 1px solid" width="18"><font face="Times New Roman, Times, serif" size="2">.10)</font></td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317">
                                </td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                </td>

                                <td width="27">
                                </td>

                                <td width="40">
                                </td>

                                <td width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Net asset value, end of period</font></td>

                                <td width="28">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$&nbsp;</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.00</font></td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="19">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;7</font></p>
                                </td>

                                <td style="BORDER-BOTTOM: black 2.25pt double" align="left" width="18"><font face="Times New Roman, Times, serif" size="2">.48</font></td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="28">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="left" width="27">
                                </td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Per-share market value, end of period</font></td>

                                <td width="28">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$&nbsp;</font></p>
                                </td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2</font></p>
                                </td>

                                <td align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.86</font></td>

                                <td align="right" width="40"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$</font></p>
                                </td>

                                <td align="right" width="20"><font face="Times New Roman, Times, serif" size="2">&nbsp;5</font></td>

                                <td width="18"><font face="Times New Roman, Times, serif" size="2">.65</font></td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="28">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="left" width="27">
                                </td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td align="left" width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td align="left" width="18">
                                </td>

                                <td align="left" width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Portfolio turnover rate</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">0</font></p>
                                </td>

                                <td align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.06%</font></td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;0</font></p>
                                </td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">.94%</font> </td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                                <td align="left" width="28">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="left" width="27">
                                </td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Quarterly return (a)</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(2</font></p>
                                </td>

                                <td align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.05)%</font></td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(8</font></p>
                                </td>

                                <td valign="bottom" align="left" width="18"><font face="Times New Roman, Times, serif" size="2">.13)%</font></td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Ratio to average net assets (b):</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                </td>

                                <td width="27">
                                </td>

                                <td width="40">
                                </td>

                                <td width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr>
                                <td align="left" width="317">
                                </td>

                                <td align="left" width="28">
                                </td>

                                <td align="left" width="13">
                                </td>

                                <td align="left" width="27">
                                </td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                </td>

                                <td width="18">
                                </td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Net investment loss</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(1</font></p>
                                </td>

                                <td align="left" width="27"><font face="Times New Roman, Times, serif" size="2">.22)%</font></td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td width="19">
                                </td>

                                <td width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">(0</font></p>
                                </td>

                                <td width="18"><font face="Times New Roman, Times, serif" size="2">.78)%</font></td>

                                <td width="19">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="317"><font face="Times New Roman, Times, serif" size="2">Expenses</font></td>

                                <td align="left" width="28"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="13">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2</font></p>
                                </td>

                                <td align="left" width="27"><font face="Times New Roman, Times, serif"><font size="2"><font face="Times New Roman, Times, serif">.06</font>%</font></font></td>

                                <td align="right" width="40">
                                </td>

                                <td align="left" width="90">
                                </td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                                <td width="20">
                                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                                </td>

                                <td align="left" width="18"><font face="Times New Roman, Times, serif" size="2">.18%</font></td>

                                <td align="left" width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left"></p>

                    <div align="left">
                        <table cellspacing="0" cellpadding="0" align="left" border="0">
                            <tr valign="bottom">
                                <td align="left" width="1">
                                </td>

                                <td valign="top" width="24">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;(a)</font></p>
                                </td>

                                <td width="516"><font face="Times New Roman, Times, serif" size="2">Quarterly return (not annualized) was calculated by comparing the common stock price on the first day of the period to the common stock price on the last day of the period, in accordance with American Institute of Certified Public Accountant guidelines.</font></td>

                                <td width="22">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="left" width="1">
                                </td>

                                <td width="24">
                                    <p align="left"><font face="Times New Roman, Times, serif" size="2">(b)</font></p>
                                </td>

                                <td align="left" width="516"><font face="Times New Roman, Times, serif" size="2">&nbsp;Average net assets have been computed based on quarterly valuations</font></td>

                                <td align="left" width="22">
                                </td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 328px" align="left">&nbsp;</p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -21px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -21px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -21px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -21px" align="left">&nbsp;</p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">23</font></a>
                    </div>

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                            <hr>
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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Notes to Unaudited Financial Statements (continued)</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">March 31, 2009</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">Item 2.</font></b> <b><font style="FONT-SIZE: 10pt">Management's Discussion and Analysis of Financial Condition and Results of Operations.</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman', Times, serif">Material Changes in Portfolio Investments</font></u></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">The following material portfolio transactions occurred during the quarter ended March 31, 2009:<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif" align="justify"><b><i><font style="FONT-FAMILY: 'Times New Roman', Times, serif">CaminoSoft Corporation</font></i></b> <font style="FONT-FAMILY: 'Times New Roman', Times, serif">(OTCBB:CMSF): In the quarter ended March 31, 2009, the Fund received 153,986 shares of common stock as payment in kind for interest on promissory notes
                    held by the Fund. The shares had a cost basis of $4,411. The Fund also purchased 5,373,916 shares of common stock for $53,739.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif" align="justify"><b><i><font style="FONT-FAMILY: 'Times New Roman', Times, serif">i2 Telecom International, Inc.</font></i></b> <font style="FONT-FAMILY: 'Times New Roman', Times, serif">(OTCBB:ITUI): In the quarter ended March 31, 2009, the Fund received 459,168 shares of common stock as payment in kind for&nbsp;dividend on
                    preferred stock previously held by the Fund. The shares had a cost basis of $49,752.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif" align="justify"><b><i><font style="FONT-FAMILY: 'Times New Roman', Times, serif">Integrated Security Systems, Inc.</font></i></b> <font style="FONT-FAMILY: 'Times New Roman', Times, serif">(OTCBB:IZZI): In the first quarter of 2009, the Fund received 3,111,278 shares of common stock as payment in kind for interest on promissory
                    notes held by the Fund. The shares had a cost basis of $48,899.<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif" align="justify"><b><i><font style="FONT-FAMILY: 'Times New Roman', Times, serif">Murdoch Security and Investigations, Inc.</font></i></b> <font style="FONT-FAMILY: 'Times New Roman', Times, serif">(Private): In the first quarter of 2009, the Fund received 37,500 shares of common stock as compensation for the company not going
                    public by a specified date.<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman', Times, serif" align="justify"><b><i><font style="FONT-FAMILY: 'Times New Roman', Times, serif">PetroHunter Energy Corporation</font></i></b> <font style="FONT-FAMILY: 'Times New Roman', Times, serif">(OTCBB:PHUN): In the first quarter of 2009, the Fund received warrants to purchase 133,333 shares of common stock at $0.255 per share. The warrants
                    were received in connection with an extension of the interest payment due dates associated with a promissory note held by the Fund.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><u><font style="FONT-SIZE: 10pt">Results of Operations for the Three Months Ended March 31, 2009<br>
                    </font></u></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">For the three months ended March 31, 2009, the Fund experienced a net investment loss in the amount of $220,367, compared to a net investment loss in the amount of $277,138 for the same three-month period in 2008. This change was due in part to an increase in investment income from $141,853 for the three months ended March 31, 2008 to $153,026 for
                    the comparable period of 2009, and a decrease in expenses from $418,991 for the first quarter of 2008 to $373,393 for the same quarter of 2009. The increase in investment income was primarily attributable to the receipt of a dividend from portfolio investments during the quarter ended March 31, 2009. Dividend income for the three-month period ended March 31, 2009 was $52,695 versus $18,399 for the same period in 2008. Interest income decreased from $112,147 for the three
                    months ended March 31, 2008 to $99,224 for the same period of 2009, primarily due to the disposition of interest-bearing investments during 2008.<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">General and administrative expenses decreased from $96,984 in the three months ended March 31, 2008 to $71,990 for the same period in 2009, primarily due to lower expenses related to travel, printing, consulting fees, bank charges and stockholder relations expenses. Legal and professional fees increased from $175,210 for the three months ended
                    March 31, 2008 to $223,005 for the three months ended March 31, 2009 as a result of an increase in legal and consulting services during the three months ended March 31, 2009.&nbsp;&nbsp;The increase in legal and consulting expenses relates primarily to the proposed de-election of the Fund's BDC status, a matter which has been submitted to a vote of the stockholders.&nbsp; Management fees decreased from $146,797 for the three months ended March 31, 2008, to $78,398 for the
                    same period in 2009, due to a decline in net asset values in 2009.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">The net change in unrealized depreciation on investments for the quarter ended March 31, 2009 increased $375,610 compared to an increase of $4,915,956 for the quarter ended March 31, 2008. This change in unrealized depreciation was due to the fluctuation of market values at each quarter end.<br>
                    &nbsp;<br>
                    Net realized gains on investments for the quarter ended March 31, 2009 were $10,000 compared to $1,287,083 for the same period of 2008.</font></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">24</font></a>
                    </div>

                    <div align="left">
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                            <hr width="100%" noshade>
                        </div>
                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Renaissance Capital Growth &amp; Income Fund III, Inc.<br>
                    Notes to Unaudited Financial Statements (continued)</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">March 31, 2009</font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><u><font style="FONT-SIZE: 10pt">Liquidity and Capital Resources</font></u></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif" size="1">Net assets decreased $585,977 during the three month period from $18,427,016 at December 31, 2008, to $17,841,039 at March 31, 2009. This change is attributable to the net realized gains being offset by the net unrealized losses on investments, and the net investment loss for the three-month period
                    ended March 31, 2009.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif" size="2">At the end of the first quarter of 2009, the Fund had cash and cash equivalents of $2,193,252 compared to $2,558,630 at December 31, 2008. This decrease of $365,878 is primarily attributable to cash used for new investments and payments of operating expenses.</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; BACKGROUND: #00ffff"><br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Accounts payable increased from $105,273 at December 31, 2008 to $116,287 at March 31, 2009 primarily due to an increase in legal and consulting services during 2009.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif" size="1">The majority of the Fund's investments in portfolio companies are individually negotiated, are initially not registered for public trading, and are subject to legal and contractual investment restrictions. Accordingly, many of the portfolio investments are considered non-liquid. This lack of liquidity
                    primarily affects the Fund's ability to make new investments.<br>
                    &nbsp;<br>
                    From time to time, funds or securities are deposited in margin accounts and invested in government securities. Government securities used as cash equivalents typically consist of U.S. Treasury securities or other U.S. Government and agency obligations having slightly higher yields and maturity dates of three months or less when purchased. These investments qualify for investment as permitted in Section 55(a)(1) through (5) of the&nbsp;1940 Act. These securities are generally
                    valued at market price as market prices are generally available for these securities.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><u><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif" size="1">Contractual Obligations</font></u></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><font size="1"><font style="FONT-SIZE: 10pt">The Fund has</font> <font style="FONT-SIZE: 10pt">one</font> <font style="FONT-SIZE: 10pt">contract for the purchase of services under which it will have future commitments: the</font> <font style="FONT-SIZE: 10pt">Investment</font> <font style="FONT-SIZE: 10pt">Advisory Agreement, pursuant
                    to which RENN Group has agreed to serve as the Fund's Investment Adviser. Such agreement has contractual obligations with fees which are based on values of the portfolio investments which the Fund owns. For further information regarding the Fund's obligations under the Investment Advisory Agreement, see Note 4 of the Financial Statements.</font></font></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><font size="1"><font style="FONT-SIZE: 10pt">Because the Fund does not enter into other long-term debt obligations, capital</font> <font style="FONT-SIZE: 10pt">lease obligations, operating lease obligations, or purchase obligations that would otherwise be reflected on the Fund's Statement of Assets and Liabilities, a table of
                    contractual obligations has not been presented.</font></font></font></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">25</font></a>
                    </div>

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                    </div>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">Item 3. Quantitative and Qualitative Disclosure</font></b><b><font style="FONT-SIZE: 10pt">s</font></b> <b><font style="FONT-SIZE: 10pt">About Market Risk</font></b><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif"><font face="Times New Roman, Times, serif">The Fund is subject to financial market risks, including changes in market interest rates as well as changes in marketable equity security prices. The Fund does not use derivative financial instruments to mitigate any of these risks. The return on the Fund's investments
                    is generally not affected by foreign currency fluctuations.<br>
                    &nbsp;<br>
                    </font>A majority of the Fund's net assets consists of common stocks and warrants and options to purchase common stock in publicly traded companies. These investments are directly exposed to equity price risk, in that a percentage change in these equity prices would result in a similar percentage change in the fair value of these securities.<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">A lesser percentage of the Fund's net assets consist of fixed-rate convertible debentures and other debt instruments as well as convertible preferred securities. Since these instruments are generally priced at a fixed rate, changes in market interest rates do not directly impact interest income, although
                    they could impact the Fund's yield on future investments in debt instruments. In addition, changes in market interest rates are not typically a significant factor in the Fund's determination of fair value of its debt instruments,</font> <font size="2"><font style="FONT-SIZE: 10pt">because the Fund</font> generally assumes that <font style="FONT-SIZE: 10pt">the</font> <font style="FONT-SIZE: 10pt">debt instruments</font> <font style="FONT-SIZE: 10pt">will be held to maturity,
                    and the</font> <font style="FONT-SIZE: 10pt">fair value</font> <font style="FONT-SIZE: 10pt">of the debt instruments is</font></font></font> <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">determined on the basis of the terms of the particular instrument and the financial condition of the issuer.<br>
                    &nbsp;<br>
                    Approximately 20% of the Fund's net assets consist of equity investments in private companies. The Fund would anticipate no impact on these investments from modest changes in public market equity prices. However, should significant changes in market prices occur, there could be a longer-term effect on valuations of private companies which could affect the carrying value and the amount and timing of proceeds realized on these investments.</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">Item 4. Controls and Procedures.</font></b><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif" size="2">Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange
                    Act") required by Exchange Act Rules 13a-15</font><font face="Times New Roman, Times, serif"><font size="2"><font style="FONT-SIZE: 10pt">and</font> <font style="FONT-SIZE: 10pt">15d-15,</font> <font style="FONT-SIZE: 10pt">as of the end of the period covered by this report. Based upon that</font> <font style="FONT-SIZE: 10pt">evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of that
                    date to provide reasonable assurance that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and include controls and procedures designed to ensure that information required to be disclosed by us in such reports is accumulated and communicated to our management, including the principal executive officer and principal
                    financial officer, as appropriate to allow timely decision regarding required disclosure.</font><br>
                    &nbsp;<br>
                    <font style="FONT-SIZE: 10pt">There were no changes in our internal control over financial reporting during our most recent quarter that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.</font></font></font></p>

                    <p align="left"></p>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>PART II</b></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b>I</b><b><font style="FONT-SIZE: 10pt">tem 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.9in; TEXT-INDENT: 21px" align="justify"><font style="FONT-SIZE: 10pt">None</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b><font style="FONT-SIZE: 10pt">Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">Risk Factors</font></b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">You should carefully consider the risks described below and all other information contained in this quarterly report on Form 10-Q, including our financial statements and the related notes thereto before making a decision to purchase our common stock. The risks and uncertainties described below are not the only ones facing us. Additional risks and
                    uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance. If any of the following risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the trading price of our common stock could decline, and you may lose all or part of your investment.<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">We May be Unable to Participate in Certain Investment Opportunities</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. As a Business Development Company, we are required to invest at least 70% of our assets directly in "Eligible Portfolio Companies". As a result, we will be unable to make new investments in
                    companies that are not considered Eligible Portfolio Companies if at any time we have less than 70% of our portfolio invested in companies that are Eligible Portfolio Companies.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Our Growth is Dependent on Investing in Quality Transactions</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Sustaining growth depends on our ability to identify, evaluate, finance, and invest in companies that meet our investment criteria. Accomplishing such results on a cost-effective basis is a function of our
                    marketing capabilities and skillful management of the investment process. Failure to achieve future growth could have a material adverse effect on our business, financial condition, and results of operations.</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Failure to Invest Capital Effectively May Decrease Our Stock Price</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. If we fail to invest our capital effectively, our return on equity may be decreased, which could reduce the price of the shares of our common stock.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Highly Competitive Market for Investments</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. The Fund has significant competition for investment opportunities. Competitive sources for growth capital include insurance companies, banks, equipment leasing firms, investment
                    bankers, venture capital and</font> <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">other</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">private equity funds, money managers, hedge funds, and private investors. Many of these sources have substantially greater financial resources than are available</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">from</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">the Fund. Therefore, the Fund will have to compete
                    for investment opportunities based on its ability to respond to the needs of the prospective portfolio company and its willingness to provide management assistance. In some instances, the requirement that the Fund provide management assistance will cause the Fund to be non-competitive.</font><br>
                    </font></font>&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><i><u><font style="FONT-SIZE: 10pt">We&nbsp; will&nbsp; be&nbsp; particularly&nbsp;&nbsp; sensitive&nbsp; to&nbsp; the&nbsp; risks&nbsp; associated&nbsp; with&nbsp; equity investments in small-cap and micro-cap companies.</font></u></i><font style="FONT-SIZE: 10pt">Our equity&nbsp; investments&nbsp; are focused on
                    common stocks of small-cap and micro-cap companies. We will therefore be&nbsp; particularly&nbsp; sensitive to the risks&nbsp; associated with smaller&nbsp; companies.&nbsp; The general risks associated with equity securities are particularly&nbsp; pronounced for</font> <font size="2"><font style="FONT-SIZE: 10pt">securities issued by companies with small market capitalizations.&nbsp; Micro-cap and</font> <font style="FONT-SIZE: 10pt">other small capitalization companies may
                    offer greater opportunities for capital appreciation than larger companies,&nbsp; but may also involve certain special risks. They are more&nbsp; likely than&nbsp; larger&nbsp; companies&nbsp; to have&nbsp; limited&nbsp; product&nbsp; lines, markets&nbsp; or&nbsp; financial&nbsp; resources,&nbsp; or&nbsp; to&nbsp; depend&nbsp; on&nbsp; a&nbsp; small management group.&nbsp; Securities of smaller companies may trade less frequently and in lesser volume than more widely held
                    securities and their values may fluctuate</font> <font style="FONT-SIZE: 10pt">more sharply than other securities.&nbsp; They may also trade in the over-the-counter market or may otherwise have limited liquidity. These securities&nbsp; may&nbsp; therefore&nbsp; be more&nbsp; vulnerable&nbsp; to&nbsp; adverse&nbsp; developments&nbsp; than securities&nbsp; of larger&nbsp; companies. In addition,&nbsp; we may have&nbsp; difficulty&nbsp; establishing&nbsp; or closing out our
                    securities&nbsp; positions in smaller&nbsp; companies at prevailing market prices.&nbsp; Also, there may be less&nbsp; publicly-available&nbsp; information&nbsp; about smaller companies&nbsp; or less&nbsp; market&nbsp; interest in their&nbsp; securities&nbsp; as compared to larger companies,&nbsp; and it may take longer for the prices of the&nbsp; securities&nbsp; to reflect the full value of the issuers' earnings potential or assets.</font></font></font></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
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                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Lack of Publicly Available Information on Certain Portfolio Companies</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Some of the securities in our portfolio are issued by privately held companies. There is generally little or no publicly available information about such companies, and we must
                    rely on the diligence of our management to obtain the information necessary for our decision to invest. There can be no assurance that such diligence efforts will uncover all material information necessary to make fully informed investment decisions.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Dependence on Key Management</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Selecting, structuring and closing our investments depends upon the diligence and skill of our management, which is responsible for identifying, evaluating, negotiating, monitoring and disposing of our investments. Our
                    management's capabilities will significantly impact our results of operations. If we lose any member of our management team and he or she cannot be promptly replaced with an equally capable team member, our results of operations could be significantly impacted.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Failure to Deploy Capital May Lower Returns</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Our failure to successfully deploy sufficient capital may reduce our return on equity.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Results May Fluctuate</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Our operating results may fluctuate materially due to a number of factors including, among others, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter
                    competition in our portfolio companies' markets, the ability to find and close suitable investments, and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Uncertain Value of Certain Restricted Securities</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Our net asset value is based on the values assigned to the various investments in our portfolio, determined in good faith by our board of directors. Because of the inherent uncertainty of the
                    valuation of portfolio securities which do not have readily ascertainable market values, our fair value determinations may differ materially from the values which would be applicable to unrestricted securities having a public market.</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Illiquid Securities May Adversely Affect Our Business</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Our portfolio contains securities which are subject to restrictions on sale because they were acquired from issuers in "private placement" transactions or because we are deemed to be an affiliate of the issuer.
                    Unless an exemption from the registration requirements of the Securities Act of 1933 is available, we will not be able to sell these securities publicly without the expense and time required to register the securities under applicable federal and state securities laws. In addition, contractual or practical limitations may restrict our ability to liquidate our securities in portfolio companies, because we may own a relatively large percentage of the issuer's outstanding
                    securities. Sales may also be limited by unfavorable market conditions. The illiquidity of our investments may preclude or delay the disposition of such securities, which may make it difficult for us to obtain cash equal to the value at which we record our investments.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Regulated Industry</font></u></i><i><font style="FONT-SIZE: 10pt; COLOR: #000000">.</font></i> <font style="FONT-SIZE: 10pt; COLOR: #000000">Publicly traded investment funds are highly regulated. Changes in securities laws or regulations governing our operations or our failure to comply with those laws or regulations may
                    adversely affect our business.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Failure to Qualify for Favorable Tax Treatment</font></u></i><i><font style="FONT-SIZE: 10pt; COLOR: #000000">.</font></i> <font style="FONT-SIZE: 10pt; COLOR: #000000">We may not qualify for pass-through tax treatment as a regulated investment company ("RIC") if we are unable to comply with the requirements of Subchapter M of
                    the Internal Revenue Code. Failure to qualify as a regulated investment company would subject the Fund to federal income tax as if it were an ordinary corporation, which would result in a substantial reduction in both the Fund's net assets and the amount of income available for distribution to stockholders. The loss of this pass-through tax treatment could have a material adverse effect on the total return, if any, obtainable from an investment in our common
                    stock.</font></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Highly Leveraged Portfolio Companies</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Some of our portfolio companies could incur substantial indebtedness in relation to their overall capital base. Such indebtedness often requires the balance of the loan to be refinanced when it matures. If portfolio companies
                    cannot generate adequate cash flow to meet the principal and interest payments on their indebtedness, the value of our investments could be reduced or eliminated through foreclosure on the portfolio company's assets or by the portfolio company's reorganization or bankruptcy.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Our Common Stock Often Trades at a Discount</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. The Fund's stock frequently trades at a discount from net asset value. Stockholders desiring liquidity usually sell their shares at current market value, and therefore may not realize the full net asset value of their
                    shares. This is a risk separate and distinct from the risk that a fund's performance may cause its net asset value to decrease.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Nature of Investment in Our Common Stock</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. Our stock is intended for investors seeking long-term capital appreciation. Our investments in portfolio securities generally require some time to reach maturity, and such investments generally are illiquid. An investment in
                    our shares should not be considered a complete investment program. Each prospective purchaser should take into account his or her investment objectives as well as his or her other investments when considering the purchase of our shares.</font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Our Stock Price May Fluctuate Significantly</font></u></i><font style="FONT-SIZE: 10pt; COLOR: #000000">. The market price of our common stock may fluctuate significantly. The market price and marketability of shares of our common stock may from time to time be significantly affected by numerous factors, including our
                    investment results, market conditions, and other influences and events over which we have no control and that may not be directly related to us.</font><br>
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font face="Times New Roman, Times, serif"><i><u><font style="FONT-SIZE: 10pt; COLOR: #000000">Failure to Meet Listing Standards</font></u></i><i><font style="FONT-SIZE: 10pt; COLOR: #000000">.</font></i> <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">We are current in our SEC filings, and we believe we have met all our listing requirements on the</font>
                    <font style="FONT-SIZE: 10pt; COLOR: #000000">NYSE Amex Exchange. However, there can be no assurance that we will continue to meet the</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">NYSE Amex</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">Exchange listing standards or any other listing standards,</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">and the stock could be delisted.</font></font></font></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">Unregistered Sales of Equity Securities and Use of Proceeds<br>
                    &nbsp;<br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font style="FONT-SIZE: 10pt">None</font></p>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities<br>
                    &nbsp;<br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font style="FONT-SIZE: 10pt">None</font></p>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders<br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font style="FONT-SIZE: 10pt">None</font></p>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information<br>
                    &nbsp;<br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font style="FONT-SIZE: 10pt">None</font></p>

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                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><font style="FONT-SIZE: 10pt">Exhibits</font></b></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

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                                <td align="right"><font face="Times New Roman, Times, serif" size="2">31</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">.1</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">Certification of the principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
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                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="right"><font face="Times New Roman, Times, serif" size="2">31</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">.2</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">Certification of the principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="right">
                                </td>

                                <td align="left">
                                </td>

                                <td align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="right"><font face="Times New Roman, Times, serif" size="2">32</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">.1</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">Certification of the principal executive officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>

                            <tr>
                                <td align="right">
                                </td>

                                <td align="left">
                                </td>

                                <td align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                                <td align="left">
                                </td>
                            </tr>

                            <tr valign="bottom">
                                <td align="right"><font face="Times New Roman, Times, serif" size="2">32</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">.2</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">Certification of the principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></td>

                                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                            </tr>
                        </table>
                    </div>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;</font></p>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">29</font></a>
                    </div>

                    <div align="left">
                        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                            <hr>
                        </div>
                    </div>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>SIGNATURES</b></p>

                    <p align="left"></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.<br>
                    &nbsp;</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 10pt">RENAISSANCE CAPITAL GROWTH &amp; INCOME FUND III, INC.</font></b></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt">___________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 12, 2009</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Russell Cleveland, President and<br>
                    Chief Executive Officer<br>
                    (Principal Executive Officer)<br>
                    &nbsp;<br>
                    &nbsp;<br>
                    </font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">___________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 12, 2009</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Barbe Butschek, Chief Financial Officer<br>
                    (Principal Financial Officer)</font></p>

                    <div align="left">
                        <br>
                        <br>
                    </div>

                    <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
                        <a name="PAGENUM"><font face="Times New Roman, Times, serif" size="2">30</font></a>
                    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>ex31russell509.htm
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
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        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
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        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">EXHIBIT 31.1<br>
            &nbsp;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font style="FONT-SIZE: 10pt">Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></b></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">I, Russell Cleveland, certify that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify"><a name="_DV_M646"></a>&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify"></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr height="30">
                    <td valign="top" align="left" width="18"><font face="Times New Roman, Times, serif" size="2">1.&nbsp;</font> </td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">I have reviewed this quarterly report on Form 10-Q of Renaissance Capital Growth &amp; Income Fund III, Inc.;</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="18">
                    </td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td width="456">&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" align="left" width="18"><font size="2">2.&nbsp;&nbsp;</font></td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font face="Times New Roman, Times, serif"><font size="2">Based on my knowledge, this <font style="FONT-SIZE: 10pt; COLOR: #000000">quarterly</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
                        this <a name="_DV_M648"></a>report;</font></font></font></p>
                    </td>
                </tr>

                <tr>
                    <td width="18">
                    </td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td width="456">&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" align="left" width="18"><font size="2">3.&nbsp;</font></td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations</font><a name="_DV_M650"></a> <font face="Times New Roman, Times, serif" size="2">and cash flows of the registrant as of, and for, the periods presented in this</font><a name="_DV_M651"></a>
                        <font face="Times New Roman, Times, serif" size="2">report;</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="18">
                    </td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td width="456">&nbsp;&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" align="left" width="18"><font size="2">4.&nbsp;&nbsp;&nbsp;</font></td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font size="2">The registrant&rsquo;s other certifying officer <font style="FONT-SIZE: 10pt">and I are responsible for establishing and maintaining disclosure&nbsp; controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15 for the registrant and have:</font></font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify"></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="17"><a name="_DV_M659"></a><font size="2">a)&nbsp;</font></td>

                    <td align="justify" width="534">
                        <p align="justify"><font size="2">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,&nbsp;<font style="FONT-SIZE: 10pt">to ensure that material information relating to the registrant is made&nbsp;known to us by others, particularly during the period in which this report is being
                        prepared;&nbsp;&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="17">
                    </td>

                    <td align="justify" width="534">&nbsp;&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="17"><a name="_DV_M659"></a><font size="2">b)&nbsp;</font></td>

                    <td align="justify" width="534">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures</font> <a name="_DV_M660"></a><font face="Times New Roman, Times, serif" size="2">and</font> <a name="_DV_M661"></a><font face="Times New Roman, Times, serif" size="2">presented in this</font> <a name="_DV_M662"></a><font face="Times New Roman, Times, serif" size="2">report our conclusions about the effectiveness
                        of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="17">
                    </td>

                    <td align="justify" width="534">&nbsp;&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="17"><font size="2">c)&nbsp;&nbsp;</font></td>

                    <td align="justify" width="534">
                        <p align="justify"><font size="2">disclosed in this report any change in the registrant's internal control over financial reporting&nbsp;that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify"></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td valign="top" align="left" width="45">
                    </td>

                    <td valign="top" align="left" width="22"><font size="2">d)</font></td>

                    <td width="530">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting: and</font></p>
                    </td>

                    <td width="3">
                    </td>
                </tr>

                <tr>
                    <td width="45">
                    </td>

                    <td width="22">
                    </td>

                    <td width="530">
                    </td>

                    <td width="3">
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify">&nbsp;</p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td valign="top" align="left" width="24"><a name="_DV_M664"></a><font size="2">5.&nbsp;&nbsp;</font></td>

                    <td width="7">
                    </td>

                    <td width="16">
                    </td>

                    <td width="5">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">The registrant&rsquo;s other certifying officer <font style="FONT-SIZE: 10pt">and I have disclosed, based on our most recent evaluation of internal control over financial reporting,&nbsp;&nbsp;to the registrant&rsquo;s auditors an<a name="_DV_M667"></a>d the audit committee of the registrant&rsquo;s board of directors&nbsp;(or persons performing the equivalent function):</font></font></p>
                    </td>
                </tr>
            </table>
            <font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp;</font>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="48">
                    </td>

                    <td valign="top" align="left" width="19"><a name="_DV_M669"></a><font size="2">a)&nbsp;&nbsp;</font></td>

                    <td width="533">
                        <p align="justify"><font size="2">all significant deficiencies and material weaknesses <font style="FONT-SIZE: 10pt">in the design or operation of internal control over financial reporting&nbsp;which are reasonably likely to&nbsp;adversely affect the registrant's&nbsp;ability to record, process,
                        summarize</font></font><a name="_DV_C159"><font style="FONT-SIZE: 10pt; COLOR: #ff0000; TEXT-DECORATION: line-through">,</font></a><font style="FONT-SIZE: 10pt"><a name="_DV_M674"></a> and report financial <a name="_DV_C161"></a>information<a name="_DV_M675"></a>; and</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="48">
                    </td>

                    <td width="19">
                    </td>

                    <td width="533">&nbsp;&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td width="48">
                    </td>

                    <td valign="top" align="left" width="19"><a name="_DV_M676"></a><font size="2">b)&nbsp;</font></td>

                    <td width="533">
                        <p align="justify"><font size="2">any <font style="FONT-SIZE: 10pt">fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.&nbsp;</font></font></p>
                    </td>
                </tr>

                <tr>
                    <td width="48">
                    </td>

                    <td width="19">
                    </td>

                    <td width="533">
                    </td>
                </tr>
            </table>

            <p></p>
            <font style="FONT-SIZE: 10pt"><a name="_DV_M652"></a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;</font></font></font>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="192">
                    </td>

                    <td width="155">
                    </td>

                    <td width="206"><font size="2"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u><font style="FONT-SIZE: 10pt; COLOR: #000000">/s/ Russell Cleveland&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></font></font></td>

                    <td width="18">
                    </td>

                    <td width="17">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="155">
                    </td>

                    <td width="206"><a name="_DV_M680"></a><font size="2">Russell Cleveland</font></td>

                    <td width="18">
                    </td>

                    <td width="17">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="155">
                    </td>

                    <td width="206"><a name="_DV_M681"></a><font size="2">President and Chief Executive Officer&nbsp;</font></td>

                    <td width="18">
                    </td>

                    <td width="17">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="155">
                    </td>

                    <td width="206"><font size="2">(Principal Executive Officer)</font></td>

                    <td width="18">
                    </td>

                    <td width="17">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="155">
                    </td>

                    <td width="206"><font size="2">May 12<font style="FONT-SIZE: 10pt">, 2009</font></font></td>

                    <td width="18">
                    </td>

                    <td width="17">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="155">
                    </td>

                    <td width="206">
                    </td>

                    <td width="18">
                    </td>

                    <td width="17">
                    </td>

                    <td width="12">
                    </td>
                </tr>
            </table>
            <br>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.9in; TEXT-INDENT: -28px"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.9in; TEXT-INDENT: -28px" align="center"><a name="_DV_M664"></a></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 36px" align="left"><a name="_DV_M681"></a>&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 36px" align="left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 36px" align="left">&nbsp;</p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>ex31barbe509.htm
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
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            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">EXHIBIT 31.1<br>
            &nbsp;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font style="FONT-SIZE: 10pt">Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></b></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">I, Barbe Butschek, certify that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify"><a name="_DV_M646"></a>&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify"></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr height="30">
                    <td valign="top" align="left" width="18"><font face="Times New Roman, Times, serif" size="2">1.&nbsp;</font> </td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600"><font face="Times New Roman, Times, serif" size="2">I have reviewed this quarterly report on Form 10-Q of Renaissance Capital Growth &amp; Income Fund III, Inc.;</font></td>
                </tr>

                <tr>
                    <td width="18">
                    </td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" align="left" width="18"><font size="2">2.&nbsp;&nbsp;</font></td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font size="2">Based on my knowledge, this</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">quarterly</font> <font style="FONT-SIZE: 10pt; COLOR: #000000">report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
                        <a name="_DV_M648"></a>report;</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="18">
                    </td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" align="left" width="18"><font size="2">3.&nbsp;</font></td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font size="2">Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations</font><a name="_DV_M650"></a> <font size="2">and cash flows of the registrant as of, and for, the periods presented in this</font><a name="_DV_M651"></a> <font size="2">report;</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="18">
                    </td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">&nbsp;&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" align="left" width="18"><font size="2">4.&nbsp;&nbsp;&nbsp;</font></td>

                    <td width="6">
                    </td>

                    <td width="15">
                    </td>

                    <td width="3">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font size="2">The registrant&rsquo;s other certifying officer <font style="FONT-SIZE: 10pt">and I are responsible for establishing and maintaining disclosure&nbsp; controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15 for the registrant and have:</font></font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify">&nbsp;</p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="9"><a name="_DV_M659"></a><font size="2">a)&nbsp;</font></td>

                    <td align="justify" width="543">
                        <p align="justify"><font size="2">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,&nbsp;<font style="FONT-SIZE: 10pt">to ensure that material information relating to the registrant is made&nbsp;known to us by others, particularly during the period in which this report is being
                        prepared;&nbsp;&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="9">
                    </td>

                    <td align="justify" width="543">&nbsp;&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="9"><a name="_DV_M659"></a><font size="2">b)&nbsp;</font></td>

                    <td align="justify" width="543">
                        <p align="justify"><font size="2">evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures</font> <a name="_DV_M660"></a><font size="2">and</font> <a name="_DV_M661"></a><font size="2">presented in this</font> <a name="_DV_M662"></a><font size="2">report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="9">
                    </td>

                    <td align="justify" width="543">&nbsp;&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td width="49">
                    </td>

                    <td valign="top" align="left" width="9"><font size="2">c)&nbsp;&nbsp;</font></td>

                    <td align="justify" width="543">
                        <p align="justify"><font size="2">disclosed in this report any change in the registrant's internal control over financial reporting&nbsp;that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -36px" align="justify"></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td valign="top" width="48">
                    </td>

                    <td valign="top" align="left" width="18"><font size="2">d)</font></td>

                    <td align="justify" width="534">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting: and</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="48">
                    </td>

                    <td align="justify" width="18">
                    </td>

                    <td align="justify" width="534">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td valign="top" align="left" width="24"><a name="_DV_M664"></a><font size="2">5.&nbsp;&nbsp;</font></td>

                    <td width="7">
                    </td>

                    <td width="16">
                    </td>

                    <td width="5">
                    </td>

                    <td align="justify" width="600">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">The registrant&rsquo;s other certifying officer <font style="FONT-SIZE: 10pt">and I have disclosed, based on our most recent evaluation of internal control over financial reporting,&nbsp;&nbsp;to the registrant&rsquo;s auditors an<a name="_DV_M667"></a>d the audit committee of the registrant&rsquo;s board of directors&nbsp;(or persons performing the equivalent function):</font></font></p>
                    </td>
                </tr>
            </table>
            <font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;</font>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="47">
                    </td>

                    <td valign="top" align="left" width="12"><a name="_DV_M669"></a><font size="2">a)&nbsp;&nbsp;</font></td>

                    <td width="542">
                        <p align="justify"><font size="2">all significant deficiencies and material weaknesses <font style="FONT-SIZE: 10pt">in the design or operation of internal control over financial reporting&nbsp;which are reasonably likely to&nbsp;adversely affect the registrant's&nbsp;ability to record, process,
                        summarize</font></font><a name="_DV_C159"><font style="FONT-SIZE: 10pt; COLOR: #ff0000; TEXT-DECORATION: line-through">,</font></a><font style="FONT-SIZE: 10pt"><a name="_DV_M674"></a> and report financial <a name="_DV_C161"></a>information<a name="_DV_M675"></a>; and</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="47">
                    </td>

                    <td width="12">
                    </td>

                    <td width="542">&nbsp;&nbsp;&nbsp;</td>
                </tr>

                <tr>
                    <td width="47">
                    </td>

                    <td valign="top" align="left" width="12"><a name="_DV_M676"></a><font size="2">b)&nbsp;</font></td>

                    <td width="542">
                        <p align="justify"><font size="2">any <font style="FONT-SIZE: 10pt">fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.&nbsp;</font></font></p>
                    </td>
                </tr>

                <tr>
                    <td width="47">
                    </td>

                    <td width="12">
                    </td>

                    <td width="542">
                    </td>
                </tr>
            </table>

            <p></p>
            <font style="FONT-SIZE: 10pt"><a name="_DV_M652"></a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;</font></font></font>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="192">
                    </td>

                    <td width="166">
                    </td>

                    <td width="171"><font size="2"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u><font style="FONT-SIZE: 10pt; COLOR: #000000">/s/&nbsp;Barbe Butschek&nbsp;&nbsp;&nbsp;</font></u></font></font></font></td>

                    <td width="15">
                    </td>

                    <td width="44">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="166">
                    </td>

                    <td width="171"><a name="_DV_M680"></a><font face="Times New Roman, Times, serif" size="2">Barbe Butschek</font></td>

                    <td width="15">
                    </td>

                    <td width="44">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="166">
                    </td>

                    <td width="171"><a name="_DV_M681"></a><font size="2">Chief Financial Officer&nbsp;</font></td>

                    <td width="15">
                    </td>

                    <td width="44">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="166">
                    </td>

                    <td width="171"><font size="2">(Principal Financial Officer)</font></td>

                    <td width="15">
                    </td>

                    <td width="44">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="166">
                    </td>

                    <td width="171"><font size="2">May 12<font style="FONT-SIZE: 10pt">, 2009</font></font></td>

                    <td width="15">
                    </td>

                    <td width="44">
                    </td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="192">
                    </td>

                    <td width="166">
                    </td>

                    <td width="171">
                    </td>

                    <td width="15">
                    </td>

                    <td width="44">
                    </td>

                    <td width="12">
                    </td>
                </tr>
            </table>
            <br>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.9in; TEXT-INDENT: -28px"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.9in; TEXT-INDENT: -28px" align="center"><a name="_DV_M664"></a></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 36px" align="left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 36px" align="left">&nbsp;</p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>ex32russell509.htm
<TEXT>
<html>
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        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000"><a name="_DV_M724"></a><a name="_DV_M725"></a><a name="_DV_M726"></a></font>&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
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                    <td width="582">
                        <p align="center"><font face="Times New Roman, Times, serif" size="2">EXHIBIT 32.1</font></p>
                    </td>

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                    </td>

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                    </td>

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                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2in; TEXT-INDENT: 36px" align="left">&nbsp;</p>
                    </td>

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                    </td>

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                        <p align="center"><font face="Times New Roman, Times, serif" size="2">CERTIFICATION PURSUANT TO</font></p>
                    </td>

                    <td width="2">
                    </td>

                    <td width="1">
                    </td>

                    <td width="6">
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                    <td width="4">
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                    <td width="5">
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                    <td width="582">
                        <p align="center"><a name="_DV_M724"></a><font size="2">18 U.S.C. SECTION 1350</font></p>
                    </td>

                    <td width="2">
                    </td>

                    <td width="1">
                    </td>

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                    <td width="582">
                        <p align="center"><a name="_DV_M724"></a><a name="_DV_M725"></a><font size="2">AS ADOPTED PURSUANT TO</font></p>
                    </td>

                    <td width="2">
                    </td>

                    <td width="1">
                    </td>

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                    </td>
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                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000"><a name="_DV_M724"></a><a name="_DV_M725"></a><a name="_DV_M726"></a>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
                    </td>

                    <td width="2">
                    </td>

                    <td width="1">
                    </td>

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                    </td>
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            </table>
            <font style="FONT-SIZE: 10pt; COLOR: #000000"><br>
            &nbsp;</font><br>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000"><a name="_DV_M727"></a><font face="Times New Roman, Times, serif">Pursuant to 18 U.S.C. &sect;1350, the undersigned officer of Renaissance Capital Growth &amp; Income Fund III, Inc. (the &ldquo;Company&rdquo;), hereby certifies, to such officer&rsquo;s knowledge, that the Company&rsquo;s Quarterly Report on Form 10-Q for the period
            ended</font></font><font face="Times New Roman, Times, serif"><font size="2">&nbsp;<font style="FONT-SIZE: 10pt; COLOR: #000000">March 31, 2009</font>&nbsp;<font style="FONT-SIZE: 10pt; COLOR: #000000">(the &ldquo;Report&rdquo;), fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of
            operations of the</font> <font style="FONT-SIZE: 10pt">Company as of, and for, the periods presented in the Report.</font></font></font></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000"><a name="_DV_M729"></a>Dated:</font>&nbsp;<font style="FONT-SIZE: 10pt">May 12, 2009</font><font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u><font style="FONT-SIZE: 10pt; COLOR: #000000">/s/ Russell
            Cleveland&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; COLOR: #000000">Russell Cleveland</font></font></font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">President and Chief Executive Officer&nbsp;</font></font></font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">(Principal Executive Officer)</font></font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000"><!-- PAGE BREAK  --></font></p>

            <p>&nbsp;</p>

            <p>&nbsp;</p>

            <p align="justify"><font size="2">A signed original of this written statement required by section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.</font></p>

            <p align="justify"><font size="2">The foregoing certification is being furnished as an exhibit to the Form 10-Q pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and accordingly, is not being filed as part of the Form 10-Q for purposed of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into&nbsp;any
            filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.</font><font style="FONT-SIZE: 10pt; COLOR: #0000ff"><br>
            &nbsp;<br>
            &nbsp;<br>
            &nbsp;<br>
            </font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #0000ff">-</font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>ex32barbe509.htm
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
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                <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 21px" align="center"></p>
                <br>
                <br>

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                            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 21px" align="left"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">EXHIBIT 32.1</font></font></p>
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                        <td width="568">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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                            <p align="center"><font size="2">CERTIFICATION PURSUANT TO</font></p>
                        </td>

                        <td width="4">
                        </td>

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                        </td>

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                        </td>
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                            <p align="center"><a name="_DV_M724"></a><font size="2">18 U.S.C. SECTION 1350</font></p>
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                        <td width="568">
                            <p align="center"><a name="_DV_M724"></a><a name="_DV_M725"></a><font size="2">AS ADOPTED PURSUANT TO</font></p>
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                        </td>

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                        </td>

                        <td width="568">
                            <a name="_DV_M724"></a><a name="_DV_M725"></a>

                            <p align="center"><font size="2">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
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                        <td width="4">
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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; COLOR: #000000"><br>
                &nbsp;</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000"><a name="_DV_M727"></a><font face="Times New Roman, Times, serif">Pursuant to 18 U.S.C. &sect;1350, the undersigned officer of Renaissance Capital Growth &amp; Income Fund III, Inc. (the &ldquo;Company&rdquo;), hereby certifies, to such officer&rsquo;s knowledge, that the Company&rsquo;s Quarterly Report on Form 10-Q for the period
                ended</font></font><font face="Times New Roman, Times, serif"><font size="2">&nbsp;<font style="FONT-SIZE: 10pt; COLOR: #000000">March 31, 2009</font>&nbsp;<font style="FONT-SIZE: 10pt; COLOR: #000000">(the &ldquo;Report&rdquo;), fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of
                operations of the</font> <font style="FONT-SIZE: 10pt">Company as of, and for, the periods presented in the Report.</font></font></font></p>

                <p></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; COLOR: #000000"><a name="_DV_M729"></a>Dated:</font>&nbsp;<font style="FONT-SIZE: 10pt">May 12, 2009</font><font style="FONT-SIZE: 10pt; COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font style="FONT-SIZE: 10pt; COLOR: #000000">/s/&nbsp;Barbe
                Butschek&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; COLOR: #000000"><a name="_DV_M730"></a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barbe
                Butschek<br>
                <a name="_DV_M731"></a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief&nbsp;Financial Officer</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal&nbsp;Financial Officer)</font></p>

                <p>&nbsp;</p>

                <p>&nbsp;</p>

                <p align="justify"><font size="2">A signed original of this written statement required by section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.</font></p>

                <p align="justify"><font size="2">The foregoing certification is being furnished as an exhibit to the Form 10-Q pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and accordingly, is not being filed as part of the Form 10-Q for purposed of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference
                into&nbsp;any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.</font><font style="FONT-SIZE: 10pt; COLOR: #0000ff"><br>
                &nbsp;<br>
                &nbsp;<br>
                &nbsp;<br>
                </font></p>

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