# EDGAR Filing Document

**Accession Number:** 0000047071
**File Stem:** 0000910472-25-005314
**Filing Date:** 2025-12
**Character Count:** 22886
**Document Hash:** c9508461ea086136c00692ea4ab76ea8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005314.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005314

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20260630

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01528
- **FILM NUMBER:** 251537741

**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           |

## Nport-Ex

Bruce

Fund,

Inc.

Schedule

of

Investments

September

30,

2025

-

(Unaudited)

COMMON

STOCKS

—

83.5%

Shares

Fair

Value

Communications

—

4.0%

AT&T,

Inc.

450,000

$

12,708,000

Sirius

XM

Holdings,

Inc.

55,784

1,298,373

14,006,373

Consumer

Staples

—

4.6%

Archer-Daniels-Midland

Co.

100,000

5,974,000

Bunge

Global

SA

80,000

6,500,000

Darling

Ingredients,

Inc.

(a) 120,000

3,704,400

16,178,400

Energy

—

0.4%

Venture

Global,

Inc.

100,000

1,419,000

Financials

—

12.9%

AerCap

Holdings

N.V.

(Ireland)

180,000

21,780,000

Allstate

Corp.

(The)

110,000

23,611,500

45,391,500

Health

Care

—

22.4%

908

Devices,

Inc.

(a) 68,286

598,185

Abbott

Laboratories

130,000

17,412,200

AbbVie,

Inc.

100,000

23,153,999

Bausch

Health

Cos.,

Inc.

(Canada)

(a) 70,000

451,500

Caribou

Biosciences,

Inc.

(a) 250,000

582,500

EDAP

TMS

SA

-

ADR

(France)

(a) 414,794

958,174

Eli

Lilly

&

Co.

2,000

1,526,000

Fate

Therapeutics,

Inc.

(a) 729,188

918,777

Kodiak

Sciences,

Inc.

(a) 279,308

4,572,272

MannKind

Corp.

(a) 195,073

1,047,542

Merck

&

Co.,

Inc.

180,000

15,107,400

Personalis,

Inc.

(a) 253,000

1,649,560

Pfizer,

Inc.

250,000

6,370,000

Supernus

Pharmaceuticals,

Inc.

(a) 82,105

3,923,798

Viatris,

Inc.

55,835

552,767

78,824,674

Industrials

—

10.4%

Insteel

Industries,

Inc.

343,423

13,166,838

U-Haul

Holding

Co.

(a) 68,000

3,880,760

U-Haul

Holding

Co.,

Class

B

385,000

19,596,500

36,644,098

Materials

—

4.6%

Ashland,

Inc.

15,000

718,650

Chemours

Co.

(The)

250,000

3,960,000

LyondellBasell

Industries

N.V.,

Class

A

60,000

2,942,400

Newmont

Corp.

100,000

8,431,000

16,052,050

Technology

—

3.4%

Apple,

Inc.

30,000

7,638,900

Vicor

Corp.

(a) 90,000

4,474,800

12,113,700

Bruce

Fund,

Inc.

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

COMMON

STOCKS

—

83.5%

-

continued

Shares

Fair

Value

Utilities

—

20.7%

Avista

Corp.

200,000

$

7,562,000

CMS

Energy

Corp.

150,000

10,989,000

Duke

Energy

Corp.

150,000

18,562,500

NextEra

Energy,

Inc.

270,000

20,382,300

Xcel

Energy,

Inc.

190,000

15,323,500

72,819,300

Total

Common

Stocks

(Cost $150,792,439)

293,449,095

U.S.

GOVERNMENT

BONDS

—

4.1%

Principal

Amount

U.S.

Treasury

"Strips",

0.00 %

,

2/15/2036

$

20,000,000

13,118,483

U.S.

Treasury

"Strips",

0.00 %

,

5/15/2053

5,000,000

1,331,835

Total

U.S.

Government

Bonds

(Cost $13,793,419)

14,450,318

CONVERTIBLE

CORPORATE

BONDS

—

0.0%

(f) Health

Care

—

0.0%

(f) Accelerate

Diagnostics,

Inc.,

5.00%,

12/15/2026

(b) (c) (d) 3,292,574

16,463

Acorda

Therapeutics,

Inc.,

6.00%,

12/1/2024

(b) (c) (d) 5,000,000

100,000

Total

Convertible

Corporate

Bonds

(Cost $4,898,608)

116,463

MONEY

MARKET

FUNDS

-

12.5%

Shares

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Class,

4.05%

(e) 43,860,199

43,860,199

Total

Money

Market

Funds

(Cost

$43,860,199)

43,860,199

Total

Investments

—

100.1%

(Cost

$213,344,665)

351,876,075

Liabilities

in

Excess

of

Other

Assets — (0.1)%

(325,975)

NET

ASSETS

—

100.0%

$

351,550,100

(a) Non-income

producing

security.

(b) Illiquid

security.

The

total

fair

value

of

these

securities

as

of

September

30,

2025

was

$116,463,

representing

0.03%

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

September

30,

2025. (f) Less

than

(0.05%)

ADR

-

American

Depositary

Receipt

## 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:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $352417093.02

**Total Liabilities:** $262123.68

**Net Assets:** $352154969.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031584 | -0.41%               | 4.91%                | 2.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $392499.89               | $-2298241.12                               |
| Month 2  | $3329211.46              | $12122221.51                               |
| Month 3  | $601522.44               | $8857880.77                                |

### 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        |    150000 | NS      | $18562500.00  | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co.                            | U-Haul Holdings Co.                                                 | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    385000 | NS      | $19596500.00  | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                            | NextEra Energy, Inc.                                                | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    270000 | NS      | $20382300.00  | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fate Therapeutics Inc.                        | Fate Therapeutics, Inc.                                             | CUSIP: 31189P102<br>LEI: 549300L14Q4UHOODLA90 | Long             | EC               | CORP              | US        |    729188 | NS      | $918776.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Caribou Biosciences Inc                       | Caribou Biosciences, Inc.                                           | CUSIP: 142038108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250000 | NS      | $582500.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals, Inc                 | Supernus Pharmaceuticals, Inc.                                      | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     82105 | NS      | $3923797.95   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                   | Viatris, Inc.                                                       | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     55835 | NS      | $552766.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc.                       | Insteel Industries, Inc.                                            | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |    343423 | NS      | $13166837.82  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment | U,S, Treasury Strips                                                | CUSIP: 912803GS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $1331835.45   | 0.38%             | 2053-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                               | Xcel Energy, Inc.                                                   | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    190000 | NS      | $15323500.00  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Personalis Inc                                | Personalis, Inc.                                                    | CUSIP: 71535D106<br>LEI: 549300EZ2NYFK7H0US48 | Long             | EC               | CORP              | US        |    253000 | NS      | $1649560.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelerate Diagnostics Inc.                   | Accelerate Diagnostics, Inc.                                        | CUSIP: 00430HAC6<br>LEI: 2549007HE5QY1QEQ8K43 | Long             | DBT              | CORP              | US        |   3292574 | PA      | $16462.87     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| The Chemours Company LLC                      | Chemours Co./The                                                    | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    250000 | NS      | $3960000.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                      | AT&T, Inc.                                                          | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    450000 | NS      | $12708000.00  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                           | Abbott Laboratories                                                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    130000 | NS      | $17412200.00  | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                        | CMS Energy Corp.                                                    | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    150000 | NS      | $10989000.00  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mannkind Corporation                          | Mannkind Corp.                                                      | CUSIP: 56400P706<br>LEI: 213800GFBCNY1ZFST722 | Long             | EC               | CORP              | US        |    195073 | NS      | $1047542.01   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Sciences Inc                           | Kodiak Sciences, Inc.                                               | CUSIP: 50015M109<br>LEI: 254900IXI5NI8C9OQE24 | Long             | EC               | CORP              | US        |    279308 | NS      | $4572271.96   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                            | Avista Corp.                                                        | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |    200000 | NS      | $7562000.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                      | Allstate Corp.                                                      | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    110000 | NS      | $23611500.00  | 6.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc.                                  | Ashland, Inc.                                                       | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     15000 | NS      | $718650.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global Inc                            | Venture Global, Inc.                                                | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               | CORP              | US        |    100000 | NS      | $1419000.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                           | Newmont Goldcorp Corp.                                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    100000 | NS      | $8431000.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients, Inc                      | Darling Ingredients, Inc.                                           | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    120000 | NS      | $3704400.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                              | Merck & Co., Inc.                                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    180000 | NS      | $15107400.00  | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Edap Tms SA                                   | EDAP TMS SA                                                         | CUSIP: 268311107<br>LEI: 9695007G9BC43P81WC36 | Long             | EC               | CORP              | FR        |    414794 | NS      | $958174.14    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Companies Inc.                  | Bausch Health Cos, Inc.                                             | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |     70000 | NS      | $451500.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                   | AbbVie, Inc.                                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    100000 | NS      | $23154000.00  | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                    | Apple, Inc.                                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     30000 | NS      | $7638900.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                          | AerCap Holdings NV                                                  | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |    180000 | NS      | $21780000.00  | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds  | Morgan Stanley Institutional Liquidity Fund  - Government Portfolio | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |  43860199 | PA      | $43860198.80  | 12.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                    | Archer-Daniels-Midland Co.                                          | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    100000 | NS      | $5974000.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                  | Lyondellbasell Industries NV                                        | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     60000 | NS      | $2942400.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co.                            | U-Haul Holdings Co.                                                 | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |     68000 | NS      | $3880760.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| 908 Devices Inc.                              | 908 Devices, Inc.                                                   | CUSIP: 65443P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68286 | NS      | $598185.36    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                               | Eli Lilly & Co.                                                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2000 | NS      | $1526000.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                               | Bunge Global SA                                                     | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     80000 | NS      | $6500000.00   | 1.85%             |  |  |  | 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      | $13118482.80  | 3.73%             | 2036-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Acorda Therapeutics Inc                       | Acorda Therapeutics, Inc.                                           | CUSIP: 00484MAC0<br>LEI: 5493007NPB5YRM8QGL53 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $100000.00    | 0.03%             | 2024-12-01      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| Pfizer Inc.                                   | Pfizer, Inc.                                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    250000 | NS      | $6370000.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusXM Holdings Inc                         | Sirius XM Holdings, Inc.                                            | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55784 | NS      | $1298372.60   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicor Corp                                    | Vicor Corp.                                                         | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Long             | EC               | CORP              | US        |     90000 | NS      | $4474800.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller