RENN Fund, Inc.
2015 Annual Report

Dear Shareholders,


Enclosed is the 2015 Annual Report.  Last year and early 2016 have been very challenging for investors as you know.  At this writing, your Fund Board of Directors is considering whether to liquidate the Fund or do a management change and recapitalization because the size of Fund is too small to be economic to shareholders.  This decision will be made shortly. 


Meanwhile, our largest holding Bovie Medical Corp. (NYSE:BVX) continues to make progress in developing J-Plasma as a revolutionary device in surgery.  A recent recommendation came out from “SmallCAPS, Investment Research Featuring Blue Chip Small Caps” entitled “Bovie Medical is Making Its Move.”  The trading price of Bovie has yet to make its move but in time could be in for substantial appreciation.  Several other holdings could show above average growth in 2016. 


We hope to announce our Board recommendations soon.  Whatever we do, shareholders will need to approve the actions recommended.  To date the Fund has distributed $83.4 million.






Russell Cleveland

President and CEO



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