# EDGAR Filing Document

**Accession Number:** 0000047071
**File Stem:** 0001752724-23-046804
**Filing Date:** 2023-2
**Character Count:** 18886
**Document Hash:** f5441fa3d9c1a8f357996cf6c914b1e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046804.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046804

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRUCE FUND INC
- **CENTRAL INDEX KEY:** 0000047071
- **IRS NUMBER:** 066104682
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01528
- **FILM NUMBER:** 23683226

**BUSINESS ADDRESS:**
- **STREET 1:** 20 N WACKER DR
- **STREET 2:** STE 2414
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3122369160

**MAIL ADDRESS:**
- **STREET 1:** 20 N WACKER DR
- **STREET 2:** STE 2414
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEROLD FUND INC
- **DATE OF NAME CHANGE:** 19831114

## Series and Classes Contracts Data

### BRUCE FUND (Series ID: S000011411)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000031584 | BRUCE FUND   | BRUFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Bruce Fund, Inc.

- **b. Investment Company Act file number:** 811-01528

- **c. CIK number of Registrant:** 0000047071

- **d. LEI of Registrant:** 549300KR3RLFC5M6KA98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 20 N. Wacker Dr.

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-236-9160

**Item A.2. Information about the Series.**

- **a. Name of Series:** BRUCE FUND

- **b. EDGAR series identifier (if any):** S000011411

- **c. LEI of Series:** 549300KR3RLFC5M6KA98

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $526883017.61

**Total Liabilities:** $483546.84

**Net Assets:** $526399470.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031584 | 3.89%                | 5.04%                | -1.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3445701.27             | $21814599.58                               |
| Month 2  | $7820915.61              | $16653664.81                               |
| Month 3  | $852910.75               | $-8146325.34                               |

### Schedule of Portfolio Investments

| Name                                          | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Duke Energy Corp                              | Duke Energy Corp.                                                   | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    250000 | NS      | $25747500.00  | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERCO                                        | AMERCO                                                              | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    600000 | NS      | $32988000.00  | 6.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelerate Diagnostics Inc.                   | Accelerate Diagnostics, Inc.                                        | CUSIP: 00430HAB8<br>LEI: 2549007HE5QY1QEQ8K43 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2776875.00   | 0.53%             | 2023-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nextera Energy Inc                            | NextEra Energy, Inc.                                                | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    310000 | NS      | $25916000.00  | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Fate Therapeutics Inc.                        | Fate Therapeutics, Inc.                                             | CUSIP: 31189P102<br>LEI: 549300L14Q4UHOODLA90 | Long             | EC               | CORP              | US        |     57000 | NS      | $575130.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroquest Energy Inc / Petroquest Energy LLC | PetroQuest Energy, Inc.                                             | CUSIP: 716748405<br>LEI: 5493006TFRWYUQCKTQ17 | Long             | EC               | CORP              | US        |   2834246 | NS      | $14171.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Novavax Inc                                   | Novavax, Inc.                                                       | CUSIP: 670002AB0<br>LEI: 529900J4GJHPEPQ23205 | Long             | DBT              | CORP              | US        |    600000 | PA      | $598140.00    | 0.11%             | 2023-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment | U.S. Treasury Strips                                                | CUSIP: 912803DQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $4937143.90   | 0.94%             | 2041-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Supernus Pharmaceuticals, Inc                 | Supernus Pharmaceuticals, Inc.                                      | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     92105 | NS      | $3285385.35   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                   | Viatris, Inc.                                                       | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     55835 | NS      | $621443.55    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc.                       | Insteel Industries, Inc.                                            | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |    274000 | NS      | $7540480.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                               | Xcel Energy, Inc.                                                   | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    360000 | NS      | $25239600.00  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Personalis Inc                                | Personalis, Inc.                                                    | CUSIP: 71535D106<br>LEI: 549300EZ2NYFK7H0US48 | Long             | EC               | CORP              | US        |     50000 | NS      | $99000.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amryt Pharma PLC (NEW)                        | Amryt Pharma PLC                                                    | CUSIP: 03217L106<br>LEI: 213800YNUJEOJ84L4T95 | Long             | EC               | CORP              | GB        |    315182 | NS      | $2300828.60   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Paratek Pharmaceuticals Inc                   | Paratek Pharmaceuticals, Inc.                                       | CUSIP: 699374302<br>LEI: 5493007V5QDIWECEYV79 | Long             | EC               | CORP              | US        |   1427412 | NS      | $2669260.44   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | Synergy Pharmaceuticals, Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1500000 | PA      | $150.00       | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Paratek Pharmaceuticals Inc                   | Paratek Pharmaceuticals                                             | CUSIP: 699374AB0<br>LEI: 5493007V5QDIWECEYV79 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $13188000.00  | 2.51%             | 2024-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                      | AT&T, Inc.                                                          | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |   1050000 | NS      | $19330500.00  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                           | Abbott Laboratories                                                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    154500 | NS      | $16962555.00  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                        | CMS Energy Corp.                                                    | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    400000 | NS      | $25332000.00  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mannkind Corporation                          | Mannkind Corp.                                                      | CUSIP: 56400P706<br>LEI: 213800GFBCNY1ZFST722 | Long             | EC               | CORP              | US        |    195073 | NS      | $1028034.71   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                            | Avista Corp.                                                        | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |    200000 | NS      | $8868000.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                      | Allstate Corp.                                                      | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    150000 | NS      | $20340000.00  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc.                                  | Ashland, Inc.                                                       | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     15000 | NS      | $1612950.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                           | Newmont Goldcorp Corp.                                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     65600 | NS      | $3096320.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                              | Merck & Co., Inc.                                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    280000 | NS      | $31066000.00  | 5.90%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment | United States Treasury Strip Principal                              | CUSIP: 912803FJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $5343210.45   | 1.02%             | 2049-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Edap Tms SA                                   | EDAP TMS SA                                                         | CUSIP: 268311107<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    529794 | NS      | $5647604.04   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Companies Inc                   | Bausch Health Cos, Inc.                                             | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |    800000 | NS      | $5024000.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                   | AbbVie, Inc.                                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    180000 | NS      | $29089800.00  | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                    | Apple, Inc.                                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     55000 | NS      | $7146150.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds  | Morgan Stanley Institutional Liquidity Fund  - Government Portfolio | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        | 144963219 | PA      | $144963218.83 | 27.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                  | Organon & Co.                                                       | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |     30000 | NS      | $837900.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IGM Biosciences Inc                           | IGM Biosciences, Inc.                                               | CUSIP: 449585108<br>LEI: 5493008XCQES2N0VY969 | Long             | EC               | CORP              | US        |     55000 | NS      | $935550.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERCO                                        | AMERCO                                                              | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |     68000 | NS      | $4092920.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| 908 Devices Inc.                              | 908 Devices, Inc.                                                   | CUSIP: 65443P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68286 | NS      | $520339.32    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment | U.S. Treasury Strips                                                | CUSIP: 912803CX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $12394104.40  | 2.35%             | 2036-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sirius XM Holdings Inc                        | Sirius XM Holdings, Inc.                                            | CUSIP: 82968B103<br>LEI: 54930055RWDMVXAGZK98 | Long             | EC               | CORP              | US        |    657843 | NS      | $3841803.12   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Acorda Therapeutic                            | Acorda Therapeutics, Inc.                                           | CUSIP: 00484MAC0<br>LEI: 5493007NPB5YRM8QGL53 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3749847.10   | 0.71%             | 2024-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                   | Pfizer, Inc.                                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    500000 | NS      | $25620000.00  | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lava Therapeutics Nv                          | LAVA Therapeutics NV                                                | CUSIP: N51517105<br>LEI: 724500HENIO3AVE6KA30 | Long             | EC               | CORP              | NL        |    100000 | NS      | $350000.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Bruce Fund, Inc.

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller