Bruce Fund NPORT-P Bruce Fund (Sep 2023 report)

Bruce

Fund,

Inc.

Schedule

of

Investments

September

30,

2023

-

(Unaudited)

COMMON

STOCKS

—

59.7%

Shares

Fair

Value

Communications

—

4.1%

AT&T,

Inc.

1,050,000‌

$

15,771,000‌

Sirius

XM

Holdings,

Inc.

557,843‌

2,521,450‌

18,292,450‌

Consumer

Staples

—

0.8%

Darling

Ingredients,

Inc.

(a)

70,000‌

3,654,000‌

Financials

—

3.7%

Allstate

Corp.

(The)

150,000‌

16,711,500‌

Health

Care

—

21.1%

908

Devices,

Inc.

(a)

68,286‌

454,785‌

Abbott

Laboratories

154,500‌

14,963,325‌

AbbVie,

Inc.

150,000‌

22,359,000‌

Bausch

Health

Cos.,

Inc.

(Canada)

(a)

750,000‌

6,165,000‌

Caribou

Biosciences,

Inc.

(a)

200,000‌

956,000‌

EDAP

TMS

SA

-

ADR

(France)

(a)

529,794‌

3,719,154‌

Fate

Therapeutics,

Inc.

(a)

200,000‌

424,000‌

IGM

Biosciences,

Inc.

(a)

120,000‌

1,002,000‌

Kodiak

Sciences,

Inc.

(a)

473,000‌

851,400‌

LAVA

Therapeutics

N.V.

(Netherlands)

(a)

771,874‌

1,150,092‌

MannKind

Corp.

(a)

195,073‌

805,651‌

Merck

&

Co.,

Inc.

210,000‌

21,619,500‌

Organon

&

Co.

30,000‌

520,800‌

Personalis,

Inc.

(a)

150,000‌

181,500‌

Pfizer,

Inc.

500,000‌

16,585,000‌

Supernus

Pharmaceuticals,

Inc.

(a)

82,105‌

2,263,635‌

Viatris,

Inc.

55,835‌

550,533‌

94,571,375‌

Industrials

—

9.5%

Insteel

Industries,

Inc.

343,423‌

11,147,511‌

U-Haul

Holding

Co.

(a)

68,000‌

3,710,760‌

U-Haul

Holding

Co.,

Class

B

533,000‌

27,923,870‌

42,782,141‌

Materials

—

0.8%

Ashland

Global

Holdings,

Inc.

15,000‌

1,225,200‌

Newmont

Corp.

65,600‌

2,423,920‌

3,649,120‌

Technology

—

1.6%

Apple,

Inc.

35,000‌

5,992,350‌

Vicor

Corp.

(a)

20,000‌

1,177,800‌

7,170,150‌

Utilities

—

18.0%

Avista

Corp.

200,000‌

6,474,000‌

CMS

Energy

Corp.

350,000‌

18,588,500‌

Duke

Energy

Corp.

210,000‌

18,534,600‌

NextEra

Energy,

Inc.

310,000‌

17,759,900‌

Bruce

Fund,

Inc.

Schedule

of

Investments

(continued)

September

30,

2023

-

(Unaudited)

COMMON

STOCKS

—

59.7%

-

continued

Shares

Fair

Value

Utilities

—

18.0%

-

continued

Xcel

Energy,

Inc.

340,000‌

$

19,454,800‌

80,811,800‌

Total

Common

Stocks

(Cost $174,420,566)

267,642,536‌

U.S.

GOVERNMENT

BONDS

—

4.6%

Principal

Amount

U.S.

Treasury

"Strips",

0.00

%

,

2/15/2036

$

20,000,000‌

11,609,732‌

U.S.

Treasury

"Strips",

0.00

%

,

2/15/2041

10,000,000‌

4,358,724‌

U.S.

Treasury

"Strips",

0.00

%

,

5/15/2049

15,000,000‌

4,467,278‌

Total

U.S.

Government

Bonds

(Cost $25,745,719)

20,435,734‌

CONVERTIBLE

CORPORATE

BONDS

—

2.9%

Health

Care

—

2.9%

Accelerate

Diagnostics,

Inc.,

5.00%,

12/15/2026

(b)

(c)

3,055,000‌

3,055,000‌

Acorda

Therapeutics,

Inc.,

6.00%,

12/1/2024

5,000,000‌

2,925,000‌

Paratek

Pharmaceuticals,

Inc.,

4.75%,

5/1/2024

7,000,000‌

7,035,170‌

Synergy

Pharmaceuticals,

Inc.,

7.50%,

11/1/2019

(b)

(c)(d)

(e)

1,500,000‌

150‌

Total

Convertible

Corporate

Bonds

(Cost $15,348,537)

13,015,320‌

MONEY

MARKET

FUNDS

-

32.1%

Shares

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Class,

5.27%

(f)

143,691,105‌

143,691,105‌

Total

Money

Market

Funds

(Cost

$143,691,105)

143,691,105‌

Total

Investments

—

99.3%

(Cost

$359,205,927)

444,784,695‌

Other

Assets

in

Excess

of

Liabilities — 0.7%

3,206,538‌

NET

ASSETS

—

100.0%

$

447,991,233‌

(a)

Non-income

producing

security.

(b)

Illiquid

security.

The

total

fair

value

of

these

securities

as

of

September

30,

2023

was

$3,055,150,

representing

0.7%

of

net

assets.

(c)

Security

is

currently

being

valued

according

to

the

fair

value

procedures

approved

by

the

Board

of

Directors.

(d)

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

September

30,

2023

was

$150,

representing

0.0%

of

net

assets.

(e)

In

default.

(f)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2023.

ADR

-

American

Depositary

Receipt

Bruce

Fund,

Inc.

Schedule

of

Investments

(continued)

September

30,

2023

-

(Unaudited)

Restricted

Securities

The

Fund

has

acquired

securities,

the

sale

of

which

is

restricted,

through

private

placement.

At September

30,

2023,

the

aggregate

market

value

of

such

securities

listed

below

amounted

to

$150,

or

0.0%

of

the

Fund’s

net

assets.

100%

of

the

restricted

securities

are

valued

according

to

fair

value

procedures

approved

by

the

Board

of

Directors.

It

is

possible

that

the

estimated

value

may

differ

significantly

from

the

amount

that

might

ultimately

be

realized

in

the

near

term,

and

the

difference

could

be

material.

The

table

below

shows

the

restricted

securities

held

by

the

Fund

as

of September

30,

2023:

Issuer

Description 

Acquisition

Date 

Principal

Amount

Cost 

Value

Convertible

Corporate

Bonds 

Synergy

Pharmaceuticals,

Inc.,

7.50%,

11/1/19 

3/4/2015 

$1,500,000 

$702,290 

$150 

COMMON

STOCKS

—

59.7%

-

continued

Shares

Fair

Value

Utilities

—

18.0%

-

continued

Xcel

Energy,

Inc.

340,000‌

$

19,454,800‌

80,811,800‌

Total

Common

Stocks

(Cost $174,420,566)

267,642,536‌

U.S.

GOVERNMENT

BONDS

—

4.6%

Principal

Amount

U.S.

Treasury

"Strips",

0.00

%

,

2/15/2036

$

20,000,000‌

11,609,732‌

U.S.

Treasury

"Strips",

0.00

%

,

2/15/2041

10,000,000‌

4,358,724‌

U.S.

Treasury

"Strips",

0.00

%

,

5/15/2049

15,000,000‌

4,467,278‌

Total

U.S.

Government

Bonds

(Cost $25,745,719)

20,435,734‌

CONVERTIBLE

CORPORATE

BONDS

—

2.9%

Health

Care

—

2.9%

Accelerate

Diagnostics,

Inc.,

5.00%,

12/15/2026

(b)

(c)

3,055,000‌

3,055,000‌

Acorda

Therapeutics,

Inc.,

6.00%,

12/1/2024

5,000,000‌

2,925,000‌

Paratek

Pharmaceuticals,

Inc.,

4.75%,

5/1/2024

7,000,000‌

7,035,170‌

Synergy

Pharmaceuticals,

Inc.,

7.50%,

11/1/2019

(b)

(c)(d)

(e)

1,500,000‌

150‌

Total

Convertible

Corporate

Bonds

(Cost $15,348,537)

13,015,320‌

MONEY

MARKET

FUNDS

-

32.1%

Shares

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Class,

5.27%

(f)

143,691,105‌

143,691,105‌

Total

Money

Market

Funds

(Cost

$143,691,105)

143,691,105‌

Total

Investments

—

99.3%

(Cost

$359,205,927)

444,784,695‌

Other

Assets

in

Excess

of

Liabilities — 0.7%

3,206,538‌

NET

ASSETS

—

100.0%

$

447,991,233‌

(a)

Non-income

producing

security.

(b)

Illiquid

security.

The

total

fair

value

of

these

securities

as

of

September

30,

2023

was

$3,055,150,

representing

0.7%

of

net

assets.

(c)

Security

is

currently

being

valued

according

to

the

fair

value

procedures

approved

by

the

Board

of

Directors.

(d)

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

September

30,

2023

was

$150,

representing

0.0%

of

net

assets.

(e)

In

default.

(f)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2023.

ADR

-

American

Depositary

Receipt