Bruce
Fund,
Inc.
Schedule
of
Investments
March
31,
2024
-
(Unaudited)
COMMON
STOCKS
—
65.1%
Shares
Fair
Value
Communications
—
4.1%
AT&T,
Inc.
900,000
$
15,840,000
Sirius
XM
Holdings,
Inc.
557,843
2,164,431
18,004,431
Consumer
Staples
—
3.5%
Archer-Daniels-Midland
Co.
50,000
3,140,500
Bunge
Global
SA
50,000
5,126,000
Darling
Ingredients,
Inc.
(a)
150,000
6,976,500
15,243,000
Financials
—
4.8%
Allstate
Corp.
(The)
120,000
20,761,200
Health
Care
—
22.2%
908
Devices,
Inc.
(a)
68,286
515,559
Abbott
Laboratories
144,500
16,423,870
AbbVie,
Inc.
125,000
22,762,500
Bausch
Health
Cos.,
Inc.
(Canada)
(a)
550,000
5,835,500
Caribou
Biosciences,
Inc.
(a)
200,000
1,028,000
EDAP
TMS
SA
-
ADR
(France)
(a)
529,794
3,893,986
Fate
Therapeutics,
Inc.
(a)
143,000
1,049,620
IGM
Biosciences,
Inc.
(a)
65,000
627,250
Kodiak
Sciences,
Inc.
(a)
423,000
2,224,980
LAVA
Therapeutics
N.V.
(Netherlands)
(a)
771,874
2,570,340
MannKind
Corp.
(a)
195,073
883,681
Merck
&
Co.,
Inc.
210,000
27,709,500
Organon
&
Co.
30,000
564,000
Personalis,
Inc.
(a)
300,000
447,000
Pfizer,
Inc.
250,000
6,937,500
Supernus
Pharmaceuticals,
Inc.
(a)
82,105
2,800,602
Viatris,
Inc.
55,835
666,670
96,940,558
Industrials
—
11.3%
Insteel
Industries,
Inc.
343,423
13,125,627
U-Haul
Holding
Co.
(a)
68,000
4,592,720
U-Haul
Holding
Co.,
Class
B
470,000
31,339,600
49,057,947
Materials
—
0.9%
Ashland
Global
Holdings,
Inc.
15,000
1,460,550
Newmont
Corp.
65,600
2,351,104
3,811,654
Technology
—
1.6%
Apple,
Inc.
30,000
5,144,400
Vicor
Corp.
(a)
45,000
1,720,800
6,865,200
Utilities
—
16.8%
Avista
Corp.
200,000
7,004,000
CMS
Energy
Corp.
310,000
18,705,400
Duke
Energy
Corp.
200,000
19,342,000
NextEra
Energy,
Inc.
280,000
17,894,800
Bruce
Fund,
Inc.
Schedule
of
Investments
(continued)
March
31,
2024
-
(Unaudited)
COMMON
STOCKS
—
65.1%
-
continued
Shares
Fair
Value
Utilities
—
16.8%
-
continued
Xcel
Energy,
Inc.
190,000
$
10,212,500
73,158,700
Total
Common
Stocks
(Cost $152,036,010)
283,842,690
U.S.
GOVERNMENT
BONDS
—
3.2%
Principal
Amount
U.S.
Treasury
"Strips",
0.00
%
,
2/15/2036
$
20,000,000
12,554,526
U.S.
Treasury
"Strips",
0.00
%
,
5/15/2053
5,000,000
1,474,552
Total
U.S.
Government
Bonds
(Cost $12,874,693)
14,029,078
CONVERTIBLE
CORPORATE
BONDS
—
1.0%
Health
Care
—
1.0%
Accelerate
Diagnostics,
Inc.,
5.00%,
12/15/2026
(b)
3,133,920
1,509,906
Acorda
Therapeutics,
Inc.,
6.00%,
12/1/2024
(b)
(c)
(d)
5,000,000
2,850,000
Synergy
Pharmaceuticals,
Inc.,
7.50%,
11/1/2019
(b)
(c)
(d)(e)
1,500,000
150
Total
Convertible
Corporate
Bonds
(Cost $8,690,885)
4,360,056
MONEY
MARKET
FUNDS
-
30.5%
Shares
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Class,
5.22%
(f)
133,141,756
133,141,756
Total
Money
Market
Funds
(Cost
$133,141,756)
133,141,756
Total
Investments
—
99.8%
(Cost
$306,743,344)
435,373,580
Other
Assets
in
Excess
of
Liabilities — 0.2%
677,547
NET
ASSETS
—
100.0%
$
436,051,127
(a)
Non-income
producing
security.
(b)
Illiquid
security.
The
total
fair
value
of
these
securities
as
of
March
31,
2024
was
$4,360,056,
representing
1.0%
of
net
assets.
(c)
In
default.
(d)
Security
is
currently
being
valued
according
to
the
fair
value
procedures
approved
by
the
Board
of
Directors.
(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,
2024
was
$150,
representing
0.0%
of
net
assets.
(f)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2024.
ADR
-
American
Depositary
Receipt
Bruce
Fund,
Inc.
Schedule
of
Investments
(continued)
March
31,
2024
-
(Unaudited)
Restricted
Securities
The
Fund
has
acquired
securities,
the
sale
of
which
is
restricted,
through
private
placement.
At March
31,
2024,
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 March
31,
2024:
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
—
65.1%
-
continued
Shares
Fair
Value
Utilities
—
16.8%
-
continued
Xcel
Energy,
Inc.
190,000
$
10,212,500
73,158,700
Total
Common
Stocks
(Cost $152,036,010)
283,842,690
U.S.
GOVERNMENT
BONDS
—
3.2%
Principal
Amount
U.S.
Treasury
"Strips",
0.00
%
,
2/15/2036
$
20,000,000
12,554,526
U.S.
Treasury
"Strips",
0.00
%
,
5/15/2053
5,000,000
1,474,552
Total
U.S.
Government
Bonds
(Cost $12,874,693)
14,029,078
CONVERTIBLE
CORPORATE
BONDS
—
1.0%
Health
Care
—
1.0%
Accelerate
Diagnostics,
Inc.,
5.00%,
12/15/2026
(b)
3,133,920
1,509,906
Acorda
Therapeutics,
Inc.,
6.00%,
12/1/2024
(b)
(c)
(d)
5,000,000
2,850,000
Synergy
Pharmaceuticals,
Inc.,
7.50%,
11/1/2019
(b)
(c)
(d)(e)
1,500,000
150
Total
Convertible
Corporate
Bonds
(Cost $8,690,885)
4,360,056
MONEY
MARKET
FUNDS
-
30.5%
Shares
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Class,
5.22%
(f)
133,141,756
133,141,756
Total
Money
Market
Funds
(Cost
$133,141,756)
133,141,756
Total
Investments
—
99.8%
(Cost
$306,743,344)
435,373,580
Other
Assets
in
Excess
of
Liabilities — 0.2%
677,547
NET
ASSETS
—
100.0%
$
436,051,127
(a)
Non-income
producing
security.
(b)
Illiquid
security.
The
total
fair
value
of
these
securities
as
of
March
31,
2024
was
$4,360,056,
representing
1.0%
of
net
assets.
(c)
In
default.
(d)
Security
is
currently
being
valued
according
to
the
fair
value
procedures
approved
by
the
Board
of
Directors.
(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,
2024
was
$150,
representing
0.0%
of
net
assets.
(f)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2024.
ADR
-
American
Depositary
Receipt