Bruce
Fund,
Inc.
Schedule
of
Investments
March
31,
2022
(Unaudited)
COMMON
STOCKS
—
74.6%
Shares
Fair
Value
Communications
—
4.3%
Actua
Corp.
(a)
(b)
(c)
130,000
$
1,300
AT&T,
Inc.
850,000
20,085,500
Sirius
XM
Holdings,
Inc.
757,843
5,016,921
25,103,721
Energy
—
0.0%
(d)
PetroQuest
Energy,
Inc.
(a)
(b)
(c)
2,834,246
56,685
Financials
—
6.2%
Allstate
Corp.
(The)
260,000
36,012,600
Health
Care
—
27.0%
Abbott
Laboratories
154,500
18,286,620
AbbVie,
Inc.
220,000
35,664,199
Acorda
Therapeutics,
Inc.
(c)
19,494
31,385
Amryt
Pharma
PLC
-
ADR
(United
Kingdom)
(c)
315,182
2,603,403
Bausch
Health
Cos.,
Inc.
(Canada)
(c)
1,250,000
28,562,500
EDAP
TMS
SA
-
ADR
(France)
(c)
529,794
3,841,007
Fate
Therapeutics,
Inc.
(c)
57,000
2,209,890
IGM
Biosciences,
Inc.
(c)
55,000
1,470,150
MannKind
Corp.
(c)
395,073
1,453,869
Merck
&
Co.,
Inc.
300,000
24,615,000
Organon
&
Co.
30,000
1,047,900
Paratek
Pharmaceuticals,
Inc.
(c)
1,427,412
4,239,414
Pfizer,
Inc.
500,000
25,885,000
Supernus
Pharmaceuticals,
Inc.
(c)
222,105
7,178,434
Viatris
,
Inc.
55,835
607,485
157,696,256
Industrials
—
8.5%
AMERCO
68,000
40,591,920
General
Electric,
Co.
100,000
9,150,000
49,741,920
Materials
—
1.3%
Ashland
Global
Holdings,
Inc.
25,000
2,460,250
Newmont
Corp.
65,600
5,211,920
7,672,170
Technology
—
3.7%
Apple,
Inc.
125,000
21,826,250
Utilities
—
23.6%
Avista
Corp.
200,000
9,030,000
CMS
Energy
Corp.
450,000
31,473,000
Duke
Energy
Corp.
275,000
30,706,500
NextEra
Energy,
Inc.
450,000
38,119,499
Xcel
Energy,
Inc.
400,000
28,868,000
138,196,999
Total
Common
Stocks
(Cost $212,972,872)
436,306,601
Bruce
Fund,
Inc.
Schedule
of
Investments
(continued)
March
31,
2022
(Unaudited)
U.S.
GOVERNMENT
BONDS
—
7.0%
Principal
Amount
Fair
Value
U.S.
Treasury
"Strips",
0.00
%
,
8/15/2029
$
5,000,000
$
4,213,365
U.S.
Treasury
"Strips",
0.00
%
,
2/15/2036
20,000,000
14,801,020
U.S.
Treasury
"Strips",
0.00
%
,
2/15/2041
10,000,000
6,227,198
U.S.
Treasury
"Strips",
0.00
%
,
5/15/2049
30,000,000
15,583,651
Total
U.S.
Government
Bonds
(Cost $36,466,802)
40,825,234
CONVERTIBLE
CORPORATE
BONDS
—
3.4%
Health
Care
—
3.4%
Accelerate
Diagnostics,
Inc.,
2.50%,
3/15/2023
3,000,000
1,996,875
Acorda
Therapeutics,
Inc.,
6.00%,
12/1/2024
5,000,000
3,790,625
Novavax
,
Inc.,
3.75%,
2/1/2023
600,000
646,272
Paratek
Pharmaceuticals,
Inc.,
4.75%,
5/1/2024
15,000,000
13,282,500
Synergy
Pharmaceuticals,
Inc.,
7.50%,
11/1/2019
(a)
(b)(e)
(f)
1,500,000
150
Total
Convertible
Corporate
Bonds
(Cost $22,450,431)
19,716,422
MONEY
MARKET
FUNDS
-
14.9%
Shares
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Class,
0.23%
(g)
87,040,219
87,040,219
Total
Money
Market
Funds
(Cost
$87,040,219)
87,040,219
Total
Investments
—
99.9%
(Cost
$358,930,324)
583,888,476
Other
Assets
in
Excess
of
Liabilities — 0.1%
736,013
NET
ASSETS
—
100.0%
$
584,624,489
(a)
Security
is
currently
being
valued
according
to
the
fair
value
procedures
approved
by
the
Board
of
Directors.
(b)
Illiquid
security.
The
total
fair
value
of
these
securities
as
of
March
31,
2022
was
$58,135,
representing
0.0%
of
net
assets.
(c)
Non-income
producing
security.
(d)
Rounds
to
less
than
0.05%.
(e)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
total
fair
value
of
these
securities
as
March
31,
2022
was
$150,
representing
0.0%
of
net
assets.
(f)
In
default.
(g)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2022.
ADR
-
American
Depositary
Receipt