United States Securities and Exchange Commission Form N-PX Annual Report of Proxy Voting Record of Registered Investment Management Companies Investment Company Act file number: 811-01528 Name of Registrant: Bruce Fund, Inc. Address: 20 North Wacker Drive Suite 2414 Chicago, IL 60606 Agent of Service: Robert B. Bruce 20 N. Wacker Dr. Suite 2414 Chicago, IL 60606 (312) 236-9160 Date of fiscal year end: June 30, 2004 Date of reporting period: July 1, 2003 to June 30, 2004 Proxy Voting Policy The Fund's Adviser has the discretion to vote each issue as they see fit. It is the Fund's intent to vote each proxy issue in the best interests of its shareholders. The Fund's most recent proxy voting record can be obtained in writing by calling (800) 347-8607 or at the company website at www.thebrucefund.com. Security Name Ticker CUSIP Meeting Date RLI Corp. RLI 749607107 5-6-04 1. Four Directors (Issuer) Cast vote For Mgt Rec For 2. Directors Stockplan (Iss) Cast Vote For Mgt Rec For Gainsco GNAC 363127101 5-12-04 1. Eight Directors (Iss.) Cast Vote For Mgt Rec For Atrix Labs ATRX 04962L101 5-2-04 1. Elect Directors (Iss.) Cast Vote For Mgt Rec For 2. Stock Incentive Plan (Iss) Cast vote For Mgt Rec For 3. Deloitte Touche Audit (Iss) Cast Vote For Mgt Rec For Elan ELN 284131208 6-17-04 1. Directors Option Plan(Iss) Cast Vote For Mgt Rec For 2. Restricted Stock Plan (Iss) Cast Vote For Mgt Rec For 3. Emp. Equity Purchase Plan(Iss) Cast V For Mgt Rec For 4. Share Issuance Auth (Iss) Cast Vote For Mgt Rec For 5. New Share Auth (Iss) Cast Vote For Mgt Rec For 6. Share Repurchase (Iss) Cast Vote For Mgt Rec For Serologicals SERO 817523103 5-12-04 1. 3 Class 3 Directors(Issuer) Cast Vote For Mgt Rec For Security Name Ticker CUSIP Meeting Date Assisted Living ASLC 04543M107 6-3-04 1. 7 Directors (Issuer) Cast Vote For Mgt Rec For 2. Incentive Award Stock Plan(I) C. Vote For Mgt Rec For Health Grades HGRD 42218Q102 6-23-04 1. 5 Directors (Issuer) Cast Vote For Mgt Rec For America Service ASGR 02364L109 6-16-04 1. 7 Directors (Issuer) Cast Vote For Mgt Rec For 2. Incentive Stock Plan (Iss) Cast Vote For Mgt Rec For 3. Increased Share Auth (Iss) Cast Vote For Mgt Rec For Team Inc. TMI 878155100 9-25-03 1. 2 Class @ Directors (Iss) Cast Vote For Mgt Rec For 2. KPMG Auditors (Issuer) Cast Vote For Mgt Rec For Amerco UHAL 023586100 11-7-03 1. 2 Class I Directors(Iss) Cast Vote For Mgt Rec For Rural Metro RURL 781748108 6-10-04 1. 2 Directors (Issuer) Cast Vote For Mgt Rec For 2. Amended Auth. Shares (Iss) Cast Vote For Mgt Rec For AirBoss of Amer. BOS 00927V200 5-12-04 1. Directors (Issuer) Cast Vote For Mgt Rec For 2.KPMG Auditors (Iss) Cast Vote For Mgt Rec For Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: Bruce Fund, Inc. By: Robert B. Bruce Date: September 14, 2004