Bruce Fund NPORT-P Bruce Fund (Mar 2024 report)

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