# EDGAR Filing Document

**Accession Number:** 0000047071
**File Stem:** 0001580642-25-005709
**Filing Date:** 2025-9
**Character Count:** 76949
**Document Hash:** 74da24869e3033a9afc068ef4e522640
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005709.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001580642-25-005709

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRUCE FUND INC
- **CENTRAL INDEX KEY:** 0000047071

**ORGANIZATION NAME:**
- **EIN:** 066104682
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01528
- **FILM NUMBER:** 251288146

**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           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-01528</u>

**Bruce Fund, Inc.**

(Exact name of registrant as specified in charter)

20 North Wacker Drive, Suite 2414 Chicago, IL 60606

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

R. Jeffrey Bruce

Bruce & Co.

20 North Wacker Drive, Suite 2414

Chicago, IL 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>312-236-9160</u>

Date of fiscal year end: <u>6/30</u> 

Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Bruce Fund
(BRUFX)

#### Annual Shareholder Report - June 30, 2025
![Image](i3d2d5d96136d05ca8600e129.jpg)

# Fund Overview
This annual shareholder report contains important information about Bruce Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://www.thebrucefund.com/document-library**. You can also request this information by contacting us at (800) 872-7823.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Bruce Fund | $63 | 0.61% |

---

# How did the Fund perform during the reporting period?
The Bruce Fund (the "Fund") shares produced a gain of 7.79% for the year ended June 30, 2025, compared to a gain of 15.16% for the S&P 500 Index for the same period. Stock markets continued their rebound during the fiscal year and the Fund's more cautious positioning lagged.

The Fund's large pharma stocks were overall little changed for the period, with a big loss neutralizing some decent gains. Electric utilities were up along with the overall market. The smaller and specialty pharma stocks were poor performers, yet a few produced gains. Cash in the Fund remains at an elevated level, with overall valuation levels at historical extremes. Overall, some dramatic gains were neutralized by the losses.

Policy proclamations have spurred activity but have not dealt with the excessive debt levels. We are in the aftermath of a "zero-interest" rate experiment, where speculation has persisted. We reside at some of the most extreme valuations, spanning a century of market cycles.

We continue to believe the markets are too complacent with the total debt worldwide at extreme levels. We feel growth will slow, corporate profit margins will contract and earnings forecasts will disappoint, with higher input costs.

While we believe the world is overly leveraged and financially vulnerable, U.S. growth has been more durable than expected, and we will attempt to take advantage with our cash position.

Management continues to screen investment opportunities for their long-term capital appreciation potential versus the risks that investment might present. The bonds as well as the stocks in the portfolio encompass significant investment risks, which are again outlined in the prospectus.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic8538f59ef25e83532eee219.jpg)

---

| | | |
|:---|:---|:---|
| | **Bruce Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10873 | $10399 |
| **Jun-2017** | $11280 | $12260 |
| **Jun-2018** | $11732 | $14023 |
| **Jun-2019** | $12766 | $15483 |
| **Jun-2020** | $13144 | $16645 |
| **Jun-2021** | $17011 | $23436 |
| **Jun-2022** | $16201 | $20948 |
| **Jun-2023** | $16063 | $25053 |
| **Jun-2024** | $16596 | $31204 |
| **Jun-2025** | $17890 | $35936 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Bruce Fund | 7.79% | 6.36% | 5.99% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $341657087 |
| Number of Portfolio Holdings | 43 |
| Advisory Fee | $1695617 |
| Portfolio Turnover | 11% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i433d025c745ab209b0d963f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 82.0% |
| Convertible Bonds | 0.2% |
| Money Market Funds | 13.7% |
| U.S. Government & Agencies | 4.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i834fa081664e7e5633052e9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5% |
| Technology | 3.0% |
| Materials | 3.4% |
| U.S. Treasury Obligations | 4.1% |
| Consumer Staples | 4.8% |
| Communications | 5.5% |
| Industrials | 11.1% |
| Financials | 12.6% |
| Money Market Funds | 13.7% |
| Health Care | 20.1% |
| Utilities | 21.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class | 13.7% |
| Allstate Corp. (The) | 6.5% |
| AerCap Holdings N.V. | 6.1% |
| U-Haul Holding Co., Class B | 6.1% |
| Duke Energy Corp. | 5.9% |
| NextEra Energy, Inc. | 5.5% |
| AbbVie, Inc. | 5.4% |
| Abbott Laboratories | 5.2% |
| AT&T, Inc. | 5.1% |
| Merck & Co., Inc. | 4.2% |

---

# Material Fund Changes

#### Change In Or Disagreements With Accountants
On December 2, 2024, Grant Thornton LLP resigned as the independent registered public accounting firm of the Fund, and the Audit Committee of the Board of Directors recommended and approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm for the Fund. There were no disagreements with Grant Thornton LLP during the Fund's two most recent fiscal years or any subsequent interim period. The reports of Grant Thornton LLP for the past two years did not contain an adverse opinion, a disclaimer of opinion, nor qualified or modified as to uncertainty, audit scope, or accounting principles.

![Image](i1777cf77084d0abe890db486.jpg)

#### Bruce Fund - (BRUFX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.thebrucefund.com/document-library**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-BRUFX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed
 to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
 personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
 with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in
 the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions
 of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers
 from the provisions of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Posting: We do not intend to post the Code of Ethics for the Officers or any amendments or waivers on a website.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Availability: The Code of Ethics for the Officers can be obtained, free of charge by calling the toll-free
 number (800) 872-7823.

**Item 3. Audit Committee Financial Expert.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's board of directors has determined that the registrant does not have an audit financial
 expert. The directors determined that, although none of its members meet the technical definition of an audit expert, the group has sufficient
 financial expertise to adequately perform its duties.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> 

---

| | |
|:---|:---|
| <u>Bruce Fund</u> |  |
| FY 2025 | $40000 |
| FY 2024 | $53550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> 

---

| | | |
|:---|:---|:---|
| <u>Bruce Fund</u> | <u>Registrant</u> | <u>Adviser</u> |
| FY 2025 | $0 | $0 |
| FY 2024 | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> 

---

| | |
|:---|:---|
| <u>Bruce Fund</u> |  |
| FY 2025 | $6000 |
| FY 2024 | $9700 |

---

Nature of the fees:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preparation of the 1120 RIC

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> 

---

| | | |
|:---|:---|:---|
| <u>Bruce Fund</u> | <u>Registrant</u> | <u>Adviser</u> |
| FY 2025 | $0 | $0 |
| FY 2024 | $0 | $0 |

---

(e)(1) <u>Board Audit Policies</u>

The Board of Directors are responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) receive the auditors' specific representations as to their independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Percentages of Services Billed Pursuant to Waiver of Pre-Approved Requirement</u> 

---

| | |
|:---|:---|
|  | <u>Registrant</u> |
| Audit-Related Fees: | 0% |
| Tax Fees: | 0% |
| All Other Fees: | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
 of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal
 accountant's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant:

---

| | | |
|:---|:---|:---|
|  | <u>Registrant</u> | <u>Adviser</u> |
| FY 2025 | $6000 | $0 |
| FY 2024 | $9700 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable. The auditor performed no services for the registrant's investment adviser or any entity
 controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) **Bruce Fund, Inc.**

**Annual Financial Statements and Additional Information June 30, 2025**

**20 North Wacker Drive, Suite 2414 Chicago, Illinois 60606 Telephone: (312) 236-9160**

**Bruce Fund**

**Schedule of Investments**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 82.0%** | | |
| **Communications — 5.5%** |  |  |
| AT&T, Inc. | 600000 | $17364000 |
| Sirius XM Holdings, Inc. | 55784 | 1281358 |
|  |  | 18645358 |
| **Consumer Staples — 4.8%** |  |  |
| Archer-Daniels-Midland Co. | 100000 | 5278000 |
| Bunge Global SA | 80000 | 6422400 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 120000 | 4552800 |
|  |  | 16253200 |
| **Energy — 0.5%** |  |  |
| Venture Global, Inc.<sup>(a)</sup> | 100000 | 1558000 |
| **Financials — 12.6%** |  |  |
| AerCap Holdings N.V. (Ireland) | 180000 | 21060000 |
| Allstate Corp. (The) | 110000 | 22144100 |
|  |  | 43204100 |
| **Health Care — 19.9%** |  |  |
| 908 Devices, Inc.<sup>(a)</sup> | 68286 | 486879 |
| Abbott Laboratories | 130000 | 17681300 |
| AbbVie, Inc. | 100000 | 18561999 |
| Bausch Health Cos., Inc. (Canada)<sup>(a)</sup> | 70000 | 466200 |
| Caribou Biosciences, Inc.<sup>(a)</sup> | 250000 | 315000 |
| EDAP TMS SA - ADR (France)<sup>(a)</sup> | 529794 | 868862 |
| Eli Lilly & Co. | 2000 | 1559060 |
| Fate Therapeutics, Inc.<sup>(a)</sup> | 429188 | 480691 |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 323000 | 1204790 |
| LAVA Therapeutics N.V. (Netherlands)<sup>(a)</sup> | 521874 | 688874 |
| MannKind Corp.<sup>(a)</sup> | 195073 | 729573 |
| Merck & Co., Inc. | 180000 | 14248800 |
| Personalis, Inc.<sup>(a)</sup> | 253000 | 1659680 |
| Pfizer, Inc. | 250000 | 6060000 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 82105 | 2587950 |
| Viatris, Inc. | 55835 | 498607 |
|  |  | 68098265 |
| **Industrials — 11.1%** |  |  |
| Insteel Industries, Inc. | 343423 | 12778770 |
| U-Haul Holding Co.<sup>(a)</sup> | 68000 | 4118080 |
| U-Haul Holding Co., Class B | 385000 | 20932450 |
|  |  | 37829300 |
| **Materials — 3.4%** |  |  |
| Ashland, Inc. | 15000 | 754200 |
| Chemours Co. (The)<sup>(a)</sup> | 250000 | 2862500 |
| LyondellBasell Industries N.V., Class A | 40000 | 2314400 |
| Newmont Corp. | 100000 | 5826000 |
|  |  | 11757100 |
| **Technology — 3.0%** |  |  |
| Apple, Inc. | 30000 | 6155100 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Bruce Fund**

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 82.0% - continued** |  |  |
| **Technology — 3.0% - continued** |  |  |
| Vicor Corp.<sup>(a)</sup> | 90000 | $4082400 |
|  |  | 10237500 |
| **Utilities — 21.2%** |  |  |
| Avista Corp. | 200000 | 7590000 |
| CMS Energy Corp. | 190000 | 13163200 |
| Duke Energy Corp. | 170000 | 20060000 |
| NextEra Energy, Inc. | 270000 | 18743400 |
| Xcel Energy, Inc. | 190000 | 12939000 |
|  |  | 72495600 |
| *Total Common Stocks (Cost $155,949,568)* |  | 280078423 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | |
| **U.S. GOVERNMENT BONDS — 4.1%** |  |  |
| U.S. Treasury "Strips", 0.00 *%*, 2/15/2036 | $20000000 | 12872258 |
| U.S. Treasury "Strips", 0.00 *%*, 5/15/2053 | 5000000 | 1302132 |
| *Total U.S. Government Bonds (Cost $13,634,733)* |  | 14174390 |
| **CONVERTIBLE CORPORATE BONDS — 0.2%** |  |  |
| **Health Care — 0.2%** |  |  |
| Accelerate Diagnostics, Inc., 5.00%, 12/15/2026<sup>(b) (c) (d)</sup> | 3292574 | 658515 |
| Acorda Therapeutics, Inc., 6.00%, 12/1/2024<sup>(b) (c) (d)</sup> | 5000000 | 100000 |
| *Total Convertible Corporate Bonds (Cost $4,898,608)* |  | 758515 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **MONEY MARKET FUNDS — 13.7%** |  |  |
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 4.23%<sup>(e)</sup> | 46744423 | 46744423 |
| *Total Money Market Funds (Cost $46,744,423)* |  | 46744423 |
| *Total Investments — 100.0% (Cost $221,227,332)* |  | 341755751 |
| *Liabilities in Excess of Other Assets — 0.0%<sup>(f)</sup>* |  | (98664) |
| *NET ASSETS — 100.0%* |  | $341657087 |

---

(a) Non-income producing security.

(b) Illiquid security. The total fair value of these securities as of June 30, 2025 was $758,515, representing
 0.2% 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) Rate disclosed is the seven day effective yield as of June 30, 2025.

(f) Less than (0.05%)

ADR - American Depositary Receipt

*See accompanying notes which are an integral part of these financial statements.*

**Bruce Fund**

**Statement of Assets and Liabilities**

*June 30, 2025*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at market value (cost $221,227,332) | $341755751 |
| Dividends and interest receivable | 531405 |
| Receivable for fund shares sold | 2815 |
| Prepaid expenses | 22302 |
| **Total Assets** | 342312273 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 435133 |
| Accrued investment advisory fees | 115334 |
| Payable to Administrator | 34016 |
| Other accrued expenses | 70703 |
| **Total Liabilities** | 655186 |
| **Net Assets** | $341657087 |
| **Net Assets consist of** |  |
| Capital stock (659,801 shares of $1 par value capital stock issued and outstanding) | $659801 |
| Paid-in capital | 204697589 |
| Accumulated earnings | 136299697 |
| **Net Assets** | $341657087 |
| **Shares outstanding: 2,000,000 shares authorized** | 659801 |
| **Net asset value, offering and redemption price per share** | $517.82 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Bruce Fund**

**Statement of Operations**

*For the year ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $60,680) | $10847020 |
| Interest income | 739434 |
| **Total investment income** | 11586454 |
| **Expenses** |  |
| Investment advisory | 1695617 |
| Administration | 216712 |
| Transfer agent | 104246 |
| Fund accounting | 82222 |
| Audit and tax preparation | 58517 |
| Registration | 37689 |
| Custodian | 33202 |
| Printing | 26946 |
| Director | 15999 |
| Postage | 12875 |
| Insurance | 1489 |
| Other | 3450 |
| **Net operating expenses** | 2288964 |
| **Net investment income** | 9297490 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on investment securities | 12714894 |
| Change in unrealized appreciation (depreciation) on investment securities | 6955884 |
| **Net realized and change in unrealized gain on investments** | 19670778 |
| **Net increase in net assets resulting from operations** | $28968268 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Bruce Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $9297490 | $13269730 |
| Net realized gain on investment securities | 12714894 | 6476872 |
| Change in unrealized appreciation (depreciation) on investment securities | 6955884 | (5761775) |
| Net increase in net assets resulting from operations | 28968268 | 13984827 |
| **Distributions to Shareholders from** |  |  |
| Earnings | (17721482) | (28019720) |
| **Total distributions** | (17721482) | (28019720) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 3462776 | 1991540 |
| Reinvestment of distributions | 16195759 | 24771433 |
| Amount paid for shares redeemed | (88675791) | (106618920) |
| Net decrease in net assets resulting from capital transactions | (69017256) | (79855947) |
| **Total Decrease in Net Assets** | (57770470) | (93013840) |
| **Net Assets** |  |  |
| Beginning of year | 399427557 | 493318397 |
| End of year | $341657087 | $399427557 |
| **Share Transactions** |  |  |
| Shares sold | 6718 | 3910 |
| Shares issued in reinvestment of distributions | 32832 | 50183 |
| Shares redeemed | (171076) | (210271) |
| **Net decrease in shares outstanding** | (131526) | (156178) |

---

*See accompanying notes which are an integral part of these financial statements.*

**Bruce Fund**

**Financial Highlights**

*Selected data for each share of capital stock oustanding through each year is presented below*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $504.76 | $520.65 | $595.73 | $684.45 | $559.92 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 14.42 | 16.57 | 14.01 | 10.16 | 12.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 23.68 | (0.01) | (17.34) | (36.91) | 148.70 |
| Total from investment operations | 38.10 | 16.56 | (3.33) | (26.75) | 160.94 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (14.82) | (15.79) | (13.09) | (9.75) | (13.58) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (10.22) | (16.66) | (58.66) | (52.22) | (22.83) |
| Total distributions | (25.04) | (32.45) | (71.75) | (61.97) | (36.41) |
| Net asset value, end of year | $517.82 | $504.76 | $520.65 | $595.73 | $684.45 |
| **Total Return<sup>(a)</sup>** | 7.79% | 3.32% | (0.86)% | (4.76)% | 29.42% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year ($ millions) | $341.66 | $399.43 | $493.32 | $527.84 | $590.14 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.61% | 0.69% | 0.67% | 0.66% | 0.66% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.49% | 2.99% | 2.43% | 1.49% | 1.84% |
| Portfolio turnover rate | 11% | 8% | 6% | 6% | 4% |

---

(a) Total return represents the rate that the investor would have earned or lost
 on an investment in the Fund, assuming reinvestment of distributions.

*See accompanying notes which are an integral part of these financial statements.*

**Bruce Fund**

**Notes to the Financial Statements**

*June 30, 2025*

**NOTE A – ORGANIZATION**

Bruce Fund, Inc. (the "Fund") is a Maryland corporation incorporated on June 20, 1967. The Fund is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open end diversified management investment company and the Fund's primary investment objective is long-term capital appreciation. The investment adviser to the Fund is Bruce & Co., Inc. (the "Adviser").

The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Preparation** – The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with the generally accepted accounting principles in the United States of America ("GAAP").

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Securities Valuation** – All investments in securities are recorded at their fair value as described in Note C.

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

As of and during the fiscal year ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related

**Bruce Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025*

to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Fund did not incur any interest or penalties. Management has reviewed the Fund tax positions for all open tax years and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

**Security Transactions and Related Income** – Investment transactions are accounted for no later than the first calculation of the Net Asset Value ("NAV") on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period.

The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the effective interest method. Withholding taxes on foreign dividends has been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political development in the relevant specific country or region.

**Distributions** – Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Fund intends to distribute substantially all of its net investment income as dividends and distributions to its shareholders on at least an annual basis. The Fund intends to distribute its net realized long-term capital gains and its net realized short-term capital gains at least once a year. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Fund.

For the fiscal year ended June 30, 2025, the Fund made the following reclassifications to increase (decrease) the components of net assets:

---

| | |
|:---|:---|
| **Paid - Capital** | **Accumulated Earnings** |
| $525630 | $(525630) |

---

The permanent differences primarily relate to the utilization of earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid reduction.

**Bruce Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025*

**NOTE C – SUMMARY OF SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

In accordance with Accounting Standards Codification 820, "Fair Value Measurements and Disclosures" ("ASC 820"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value such as pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Equity securities, including common stocks, convertible preferred stocks, and American Depositary Receipts (ADR's), are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such

**Bruce Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025*

prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security.

When market quotations are not readily available or when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, such securities are valued as determined by the Adviser, in conformity with guidelines adopted by and subject to review by the Board of Directors (the "Board"). These securities are generally categorized as Level 3 securities.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Fixed income securities, including corporate bonds, convertible corporate bonds, U.S. government bonds, and U.S. municipal bonds are generally categorized as Level 2 securities and valued on the basis of prices furnished by a pricing service. A pricing service uses various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the fixed income securities are categorized as Level 2 securities. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities or when prices are not readily available from a pricing service, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board. These securities are generally categorized as Level 3 securities.

**Bruce Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025*

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025, based on the three levels defined previously:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications | $18645358 | $— | $— | $18645358 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 16253200 |  |  | 16253200 |
| &nbsp;&nbsp;&nbsp;Energy | 1558000 |  |  | 1558000 |
| &nbsp;&nbsp;&nbsp;Financials | 43204100 |  |  | 43204100 |
| &nbsp;&nbsp;&nbsp;Health Care | 68098265 |  |  | 68098265 |
| &nbsp;&nbsp;&nbsp;Industrials | 37829300 |  |  | 37829300 |
| &nbsp;&nbsp;&nbsp;Materials | 11757100 |  |  | 11757100 |
| &nbsp;&nbsp;&nbsp;Technology | 10237500 |  |  | 10237500 |
| &nbsp;&nbsp;&nbsp;Utilities | 72495600 |  |  | 72495600 |
| U.S. Government Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Strips |  | 14174390 |  | 14174390 |
| Convertible Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care |  |  | 758515 | 758515 |
| Money Market Funds | 46744423 |  |  | 46744423 |
| Total | $326822846 | $14174390 | $758515 | $341755751 |

---

In the absence of a listed price quote, or in the case of a supplied price quote which is deemed to be unrepresentative of the actual market price, the Adviser shall use any or all of the following criteria to value Level 3 securities:

● Last sales price

● Price given by pricing service

● Last quoted bid & asked price

● Third party bid & asked price

● Indicated opening range

● Estimated remaining distributions

● Estimated possible recoveries

The significant unobservable inputs that may be used in the fair value measurement of the Fund's investments in common stock, corporate bonds and convertible corporate bonds for which market quotations are not readily available include: broker quotes, discounts from the most recent trade or "stale price" and estimates from trustees (in bankruptcies) on disbursements. A change in the assumption used for each of the inputs listed above may indicate a directionally similar change in the fair value of the investment.

**Bruce Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025*

The following provides quantitative information about the Fund's significant Level 3 fair value measurements as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value at<br> June 30,<br> 2025** | **Valuation<br> Techniques** | **Unobservable Input(s)** | **Range** |
| Convertible Corporate Bonds | $658515 | Market Approach | Third Party Bid & Asked Price | 15%-25% |
|  |  | Asset Liquidation Analysis | Liquidation Proceeds | 10%-30% |
|  | 100000 | Asset Liquidation Analysis | Liquidation Proceeds | 1%-3% |
| Total | $758515 |  |  |  |

---

The significant unobservable inputs used in the fair value measurement of the convertible corporate bonds are third party bid & asked price and liquidation proceeds. Significant increases (decreases) in those inputs in isolation would have resulted in a significantly higher (lower) fair value measurement. Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance as of<br> June 30,<br> 2024** | **Realized gain<br> (loss)** | **Amortization/<br> Accretion** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Purchases** | **Sales** | **Transfer in<br> Level 3\*<sup>(a)</sup>** | **Transfer out<br> Level 3\*<sup>(b)</sup>** | **Balance as of<br> June 30,<br> 2025** |
| Convertible Corporate Bonds | $4785057 | $(771667) | $78816 | $(103370) | $80306 | $(3310627) | $— | $— | $758515 |
| Total | $4785057 | $(771667) | $78816 | $(103370) | $80306 | $(3310627) | $— | $— | $758515 |

---

\* The amount of transfers in and/or out are reflected at the reporting period end.

<sup>(a)</sup> Transfers in relate primarily to securities for which observable inputs became unavailable during the period. Therefore, the securities were valued at fair value by the Adviser, in conformity with guidelines adopted by and subject to review by the Board and are categorized as Level 3 inputs as of June 30, 2025.

<sup>(b)</sup> Transfers out relate primarily to securities for which observable inputs became available during the period, and as of June 30, 2025, the Fund was able to obtain quotes from its pricing service. These quotes represent Level 2 inputs, which is the level of the fair value hierarchy in which these securities are included as of June 30, 2025.

The total change in unrealized appreciation included in the Statement of Operations attributable to Level 3 investments still held at June 30, 2025 was as follows:

---

| | |
|:---|:---|
| | **Total Change<br> in Unrealized<br> Appreciation<br> (Depreciation)** |
| Convertible Corporate Bonds | $(805510) |
| Total | $(805510) |

---

**Bruce Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025*

**NOTE D – PURCHASES AND SALES OF SECURITIES**

For the Fiscal year ended June 30, 2025, cost of purchases and proceeds from maturities and sales of securities, other than short-term investments and short-term U.S. Government obligations were as follows:

---

| | | |
|:---|:---|:---|
| |<br>**Other** | **U.S. Government**<br>**Obligations** |
| Purchases | $34749927 | $— |
| Sales | $44481018 | $— |

---

**NOTE E – RELATED PARTIES**

Bruce & Co., Inc., an Illinois corporation, is the investment adviser of the Fund and furnishes investment advice. In addition, it provides office space and facilities and pays the cost of all prospectuses and financial reports (other than those mailed to current shareholders). Effective October 28, 2024, as approved by the Board, the Adviser changed the annual percentage fee by decreasing the breakpoint for assets over $100,000,000 from 0.50% to 0.30%. Expenses incurred are reflected on the Statement of Operations as "Investment Advisory" fees. Compensation to the Adviser for its services under the Investment Advisory Contract is paid monthly based on the following:

---

| | |
|:---|:---|
| **Annual Percentage Fee** | **Applied to Average Net Assets of Fund** |
| 1.00% | Up to $20,000,000; plus |
| 0.60% | $20,000,000 to $100,000,000; plus |
| 0.30% | over $100,000,000 |

---

At June 30, 2025, R. Jeffrey Bruce was the beneficial owner of 40,249 Fund shares. R. Jeffrey Bruce is an officer of the Fund and the Adviser. The Fund pays two Independent Directors $8,000 per year.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and certain costs related to the pricing of the Fund's portfolio securities. Expenses incurred are reflected on the Statement of Operations.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as the principal underwriter to the Fund. The Distributor is

**Bruce Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025*

a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

**NOTE F – FEDERAL INCOME TAXES**

At June 30, 2025, the breakdown of net unrealized appreciation and tax cost of investments for federal income tax purpose is as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $129000581 |
| Gross unrealized depreciation | (9082007) |
| Net unrealized appreciation on investments | $119918574 |
| Tax cost of investments | $221837177 |

---

The difference between book basis and tax basis of unrealized appreciation (depreciation) is primarily attributable to differences due to wash sales and investment in passive foreign investment companies.

At June 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $4583883 |
| Undistributed long-term capital gains | 11797240 |
| Unrealized appreciation on investments | 119918574 |
| Total accumulated earnings | $136299697 |

---

The tax character of distributions paid during the fiscal year ended June 30, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income(a) | $10491449 | $13632410 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | $7230033 | $14387310 |
| Total distributions paid | $17721482 | $28019720 |

---

**NOTE G – RESTRICTED SECURITIES**

The Fund has acquired securities, the sale of which is restricted, through private placement. 100% of the restricted securities are valued according to fair value procedures approved by the Board. 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. At June 30, 2025, the Fund held no restricted securities.

**Bruce Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025*

**NOTE H – INDEMNIFICATIONS**

The Fund indemnifies its officers and Board for certain liabilities that may arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

**NOTE I – SUBSEQUENT EVENTS**

In accordance with GAAP, management has evaluated subsequent events through the date these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of

Bruce Fund, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Bruce Fund, Inc. comprising Bruce Fund (the "Fund") as of June 30, 2025, the related statements of operations and changes in net assets and the financial highlights for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations, the changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial statements and financial highlights for the years ended June 30, 2024, and prior, were audited by other auditors whose report dated August 29, 2024, expressed an unqualified opinion on those financial statements and financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2025.

![](img_001.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

August 27, 2025

**Other Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Fund's fiscal year end regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Fund designates approximately 69% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

**Qualified Business Income.** The Fund designates 0% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Funds' calendar year 2025 ordinary income dividends, 67% qualifies for the corporate dividends received deduction.

For the year ended June 30, 2025, the Fund designated $7,230,033 as long-term capital gain distributions.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

On December 2, 2024, the Audit Committee of the Board of Directors approved the engagement of Cohen & Company, Ltd. ("Cohen & Co") to serve as the independent registered public accounting firm for the Fund for the fiscal year ending June 30, 2025, in replacement of Grant Thornton LLP which served previously as the independent registered public accounting firm for the Fund. Having been notified of the Audit Committee's intention to make this change, Grand Thornton LLP resigned as the independent registered public accounting firm of the Fund.

The reports on the financial statements of the Fund as of and for the fiscal years ended June 30, 2023 and June 30, 2024 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During such fiscal years, and during the subsequent interim period ended December 2, 2024: (i) there were no disagreements between the Fund and Grant Thornton LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Grant Thornton LLP, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Fund for such years or interim period; and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the fiscal years ended June 30, 2023 and June 30, 2024, and during the subsequent interim period ended December 2, 2024, neither the Fund, nor anyone acting on its behalf, consulted with Cohen & Co on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund's financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**PROXY VOTING**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (800) 872-7823 or through the Fund's website and (2) in Fund documents filed with the SEC on the SEC's website at www. sec.gov.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

On December 2, 2024, the Audit Committee of the Board of Trustees approved the engagement of Cohen & Company, Ltd. ("Cohen & Co") to serve as the independent registered public accounting firm for the Fund for the fiscal year ending June 30, 2025, in replacement of Grant Thornton LLP which served previously as the independent registered public accounting firm for the Fund. Having been notified of the Audit Committee's intention to make this change, Grand Thornton LLP resigned as the independent registered public accounting firm of the Fund.

The reports on the financial statements of the Fund as of and for the fiscal years ended June 30, 2023 and June 30, 2024 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During such fiscal years, and during the subsequent interim period ended December 2, 2024: (i) there were no disagreements between the Trust and Grant Thornton LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Grant Thornton LLP, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Fund for such years or interim period; and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the fiscal years ended June 30, 2023 and June 30, 2024, and during the subsequent interim period ended December 2, 2024, neither the Trust, nor anyone acting on its behalf, consulted with Cohen & Co on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on each Fund's financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None.

**Item 16. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics is filed herewith.](bruce_ex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](bruce_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Change in the registrants independent public accountant. [Attached hereto.](ex19a5.htm)

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](bruce_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and 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

---

| | |
|:---|:---|
| By | /s/ R. Jeffrey Bruce |
|  | R. Jeffery Bruce, Principal Accounting Officer |

---

Date <u>9/3/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ R. Jeffrey Bruce |
|  | R. Jeffery Bruce, Principal Accounting Officer |

---

Date <u>9/3/2025</u>

---

| | |
|:---|:---|
| By | /s/ R. Jeffrey Bruce |
|  | R. Jeffery Bruce, Principal Accounting Officer |

---

Date <u>9/3/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>Form N-CSR Certification</u>**

I, R. Jeffrey Bruce, certify that:

1. I have reviewed this report on Form N-CSR of Bruce Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The other certifying officers and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as
defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The other certifying officers and I have disclosed, based on our most recent evaluations, to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies in the design or operation of internal controls which could adversely affect
the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal controls; and

---

| | | |
|:---|:---|:---|
| Date: | 9/3/2025 | /s/ R. Jeffrey Bruce |
|  |  | R. Jeffrey Bruce |
|  |  | President |

---

**<u>Form N-CSR Certification</u>**

I, R. Jeffrey Bruce, certify that:

1. I have reviewed this report on Form N-CSR of Bruce Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The other certifying officers and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as
defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The other certifying officers and I have disclosed, based on our most recent evaluations, to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies in the design or operation of internal controls which could adversely affect
the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal controls; and

---

| | | |
|:---|:---|:---|
| Date: | 9/3/2025 | /s/ R. Jeffrey Bruce |
|  |  | R. Jeffrey Bruce |
|  |  | Principal Accounting Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**certification**

R. Jeffrey Bruce, President, and R. Jeffrey Bruce, Principal Accounting Officer of Bruce Fund, Inc. (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the
period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| President Bruce Fund, Inc. | President Bruce Fund, Inc. | Principal Accounting Officer Bruce Fund, Inc. | Principal Accounting Officer Bruce Fund, Inc. |
| /s/ R. Jeffrey Bruce | /s/ R. Jeffrey Bruce | /s/ R. Jeffrey Bruce | /s/ R. Jeffrey Bruce |
| R. Jeffrey Bruce | R. Jeffrey Bruce | R. Jeffrey Bruce | R. Jeffrey Bruce |
| Date: | 9/3/2025 | Date: | 9/3/2025 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Bruce Fund, Inc. and will be retained by Bruce Fund, Inc. and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**BRUCE FUND, INC.**

**Code of Ethics for Principal Officers<br> January 14, 2025**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Bruce Fund, Inc. (the "Fund") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-l under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Fund requires its President, Principal Accounting Officer, or other Fund officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Fund, with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Fund. The principles and responsibilities set forth below shall govern the professional conduct of the Principal Officers.

1. **HONEST AND ETHICAL CONDUCT** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict between their interests and those of a Fund to the Audit Committee, the full Board of Directors of the Fund (the "Board"), and, in addition, to any other appropriate person or entity that may reasonably be expected address any conflict of interest in timely and expeditious manner.

No Principal Officer shall:

● use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Principal Officer would benefit personally to the detriment of the Fund:

● cause a Fund to take action, or fail to take action, for the individual personal benefit of the Principal Officer rather than the benefit of the Fund; or

● retaliate against any other Principal Officer or any employee of the Fund or its service providers for reports of potential violations by the Fund, its service providers or the Principal Officer that are made in good faith.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without knowingly misrepresenting material facts about the Fund to others, whether within or outside the, including the Fund's Board and auditors, and governmental regulators and self-regulatory organizations or allowing their independent judgment to be subordinated or compromised.

2. **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers should familiarize themselves with the public disclosure requirements applicable to the Fund.

The Principal Officers shall, to the extent appropriate within their areas of responsibility, promote full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers for the benefit of any party other than the Fund.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Fund's needs; shall proactively promote the ethical behavior of the Fund's employees.

3. **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall promote compliance with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies and shall work with the Fund's Chief Compliance Officer and the Board to promptly address detected deviations from applicable federal, state or local laws, regulations or rules.

4. **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Directors of the Fund and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Directors of the Fund.

5. **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Directors. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

6. **ACKNOWLEDGEMENT** 

The Principal Officers shall, in the form attached hereto as <u>Appendix 1</u>, acknowledge that they have received, read and understand this Code of Ethics upon adoption of this Code of Ethics or when initially hired or appointed, whichever occurs later. The Principal Officers shall annually, in the form attached hereto as <u>Appendix 2</u>, acknowledge receipt of and compliance with this Code of Ethics.

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT OF THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I acknowledge that I have received, read and understand the Code of Ethics for Principal Officers and represent:

&nbsp;&nbsp;&nbsp;&nbsp;1. In
accordance with the Code of Ethics for Principal Officers, I will report all violations of the Code of Ethics for Principal Officers
to the Audit Committee as well as the full Board of Directors of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. I
do not currently know of any violations of the Code of Ethics for Principal Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;3. I
will comply with the Code of Ethics for Principal Officers in all other respects.

---

| | |
|:---|:---|
| By: | /s/ R. Jeffrey Bruce |
| Name: | R. Jeffrey Bruce |
| Title: | President |

---

Fund Organization: <u>Bruce Fund, Inc.</u>

Date: <u>8/29/25</u>

**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE WITH THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reported all violations of the Code of Ethics for Principal Officers of which I was aware;

&nbsp;&nbsp;&nbsp;&nbsp;2. I
have complied with the Code of Ethics for Principal Officers in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;3. I
have read and understand the Code of Ethics for Principal Officers and recognize that I am subject thereto.

---

| | |
|:---|:---|
| By: | /s/ R. Jeffrey Bruce |
| Name: | R. Jeffrey Bruce |
| Title: | President |

---

Fund Organization: <u>Bruce Fund, Inc.</u>

Date: <u>8/29/25</u>

## Ex-99.Ind

![](image_001.jpg)

![](image_001.gif)

GRANT THORNTON LLP

171 N. Clark Street, Suite 200

Chicago, IL 60601

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 3, 2025<br>|
| D | &nbsp;&nbsp;+1 312 856 0200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Securities and Exchange Commission |
| F | &nbsp;&nbsp;+1 312 602 8099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of the Chief Accountant 100 F Street, NE<br> Washington, DC 20549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: Bruce Fund, Inc File No. 811-01528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dear Sir or Madam: |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have read Item 8 of Form N-CSR of Bruce Fund, Inc dated September 3, 2025, and agree with the statements concerning our Firm contained therein. |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Very truly yours, |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](image_002.jpg)<br>|

---

![](image_002.gif)