Bruce
Fund,
Inc.
Schedule
of
Investments
September
30,
2021
(Unaudited)
COMMON
STOCKS
—
73.1%
Shares
Fair
Value
Communications
—
0.9%
Actua
Corp.
(a)
(b)
(c)
130,000
$
1,300
Sirius
XM
Holdings,
Inc.
857,843
5,232,842
5,234,142
Energy
—
0.1%
Flotek
Industries,
Inc.
(c)
390,671
492,245
PetroQuest
Energy,
Inc.
(a)
(b)
(c)
2,834,246
56,685
548,930
Financials
—
6.2%
Allstate
Corp.
(The)
280,000
35,646,800
Health
Care
—
28.3%
Abbott
Laboratories
164,500
19,432,385
AbbVie,
Inc.
280,000
30,203,600
Amryt
Pharma
PLC
-
ADR
(United
Kingdom)
(c)
407,440
4,925,950
Bausch
Health
Cos.,
Inc.
(Canada)
(c)
1,250,000
34,812,500
EDAP
TMS
SA
-
ADR
(France)
(c)
529,794
3,380,086
Fate
Therapeutics,
Inc.
(c)
57,000
3,378,390
IGM
Biosciences,
Inc.
(c)
55,000
3,616,800
MannKind
Corp.
(c)
395,073
1,718,568
Merck
&
Co.,
Inc.
300,000
22,533,000
Organon
&
Co.
30,000
983,700
Paratek
Pharmaceuticals,
Inc.
(c)
1,213,312
5,896,696
Pfizer,
Inc.
500,000
21,505,000
Supernus
Pharmaceuticals,
Inc.
(c)
402,105
10,724,140
Viatris
,
Inc.
55,835
756,564
163,867,379
Industrials
—
9.8%
AMERCO
72,000
46,514,160
General
Electric,
Co.
100,000
10,303,000
56,817,160
Materials
—
1.0%
Ashland
Global
Holdings,
Inc.
25,000
2,228,000
Newmont
Corp.
65,600
3,562,080
5,790,080
Technology
—
5.6%
Apple,
Inc.
230,000
32,545,000
Utilities
—
21.2%
Avista
Corp.
200,000
7,824,000
CMS
Energy
Corp.
450,000
26,878,500
Duke
Energy
Corp.
275,000
26,837,250
NextEra
Energy,
Inc.
460,000
36,119,200
Xcel
Energy,
Inc.
400,000
25,000,000
122,658,950
Total
Common
Stocks
(Cost $199,995,265)
423,108,441
Bruce
Fund,
Inc.
Schedule
of
Investments
(continued)
September
30,
2021
(Unaudited)
U.S.
GOVERNMENT
BONDS
—
9.1%
Principal
Amount
Fair
Value
U.S.
Treasury
"Strips",
0.00
%
,
8/15/2029
$
15,000,000
$
13,474,968
U.S.
Treasury
"Strips",
0.00
%
,
2/15/2036
20,000,000
15,763,399
U.S.
Treasury
"Strips",
0.00
%
,
2/15/2041
10,000,000
6,827,090
U.S.
Treasury
"Strips",
0.00
%
,
5/15/2049
30,000,000
16,703,223
Total
U.S.
Government
Bonds
(Cost $42,697,225)
52,768,680
CONVERTIBLE
CORPORATE
BONDS
—
3.2%
Health
Care
—
3.2%
Acorda
Therapeutics,
Inc.,
6.00%,
12/1/2024
5,000,000
4,075,000
Novavax
,
Inc.,
3.75%,
2/1/2023
600,000
1,038,750
Paratek
Pharmaceuticals,
Inc.,
4.75%,
5/1/2024
15,000,000
13,292,701
Synergy
Pharmaceuticals,
Inc.,
7.50%,
11/1/2019
(a)
(b)(d)
(e)
1,500,000
150
Total
Convertible
Corporate
Bonds
(Cost $19,938,286)
18,406,601
MONEY
MARKET
FUNDS
-
14.5%
Shares
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Class,
0.03%
(f)
84,002,450
84,002,450
Total
Money
Market
Funds
(Cost
$84,002,450)
84,002,450
Total
Investments
—
99.9%
(Cost
$346,633,226)
578,286,172
Other
Assets
in
Excess
of
Liabilities — 0.1%
648,200
NET
ASSETS
—
100.0%
$
578,934,372
(a)
Security
is
currently
being
valued
according
to
the
fair
value
procedures
approved
by
the
Board
of
Directors.
(b)
Illiquid
security.
The
total
fair
value
of
these
securities
as
of
September
30,
2021
was
$58,135,
representing
0.0%
of
net
assets.
(c)
Non-income
producing
security.
(d)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
total
fair
value
of
these
securities
as
September
30,
2021
was
$150,
representing
0.0%
of
net
assets.
(e)
In
default.
(f)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2021.
ADR
-
American
Depositary
Receipt