Bruce Fund NPORTP (Sep 2022 report)

Bruce

Fund,

Inc.

Schedule

Investments

September

30,

2022

(Unaudited)

COMMON

STOCKS

—

63.5%

Fair

Value

Communications

—

4.1%

Actua

Corp.

(a)

(b)

(c)

130,000‌

1,300‌

AT&T,

Inc.

1,000,000‌

15,339,999‌

Sirius

Holdings,

Inc.

657,843‌

3,756,284‌

Warner

Bros.

Discovery,

Inc.

(c)

105,629‌

1,214,734‌

20,312,317‌

Energy

—

0.0%

(d)

PetroQuest

Energy,

Inc.

(a)

(b)

(c)

2,834,246‌

14,171‌

Financials

—

5.0%

Allstate

Corp.

(The)

200,000‌

24,906,000‌

Health

Care

—

22.9%

Abbott

Laboratories

154,500‌

14,949,420‌

AbbVie,

Inc.

200,000‌

26,842,000‌

Amryt

Pharma

PLC

ADR

(United

Kingdom)

(c)

315,182‌

2,181,059‌

Bausch

Health

Cos.,

Inc.

(Canada)

(c)

800,000‌

5,512,000‌

EDAP

TMS

ADR

(France)

(c)

529,794‌

4,370,801‌

Fate

Therapeutics,

Inc.

(c)

57,000‌

1,277,370‌

IGM

Biosciences,

Inc.

(c)

55,000‌

1,250,700‌

MannKind

Corp.

(c)

195,073‌

602,776‌

Merck

Co.,

Inc.

300,000‌

25,836,000‌

Organon

Co.

30,000‌

702,000‌

Paratek

Pharmaceuticals,

Inc.

(c)

1,427,412‌

3,668,449‌

Pfizer,

Inc.

500,000‌

21,880,000‌

Supernus

Pharmaceuticals,

Inc.

(c)

122,105‌

4,133,254‌

Viatris,

Inc.

55,835‌

475,714‌

113,681,543‌

Industrials

—

8.6%

AMERCO

68,000‌

34,626,960‌

General

Electric,

Co.

10,000‌

619,100‌

Insteel

Industries,

Inc.

274,000‌

7,269,220‌

42,515,280‌

Information

Technology

—

1.5%

Apple,

Inc.

55,000‌

7,601,000‌

Materials

—

1.0%

Ashland

Global

Holdings,

Inc.

25,000‌

2,374,250‌

Newmont

Corp.

65,600‌

2,757,168‌

5,131,418‌

Utilities

—

20.4%

Avista

Corp.

200,000‌

7,410,000‌

CMS

Energy

Corp.

400,000‌

23,296,000‌

Duke

Energy

Corp.

250,000‌

23,255,000‌

NextEra

Energy,

Inc.

310,000‌

24,307,100‌

Xcel

Energy,

Inc.

360,000‌

23,040,000‌

101,308,100‌

Total

Common

Stocks

(Cost $189,299,513)

315,469,829‌

Bruce

Fund,

Inc.

Schedule

Investments

(continued)

September

30,

2022

(Unaudited)

Restricted

Securities

The

Fund

has

acquired

securities,

the

sale

which

restricted,

through

private

placement.

September

30,

2022,

the

aggregate

market

value

such

securities

listed

below

amounted

$150,

0.0%

the

Fund’s

net

assets.

100%

the

restricted

securities

are

valued

according

fair

value

procedures

approved

the

Board.

possible

that

the

estimated

value

may

differ

significantly

from

the

amount

that

might

ultimately

realized

the

near

term,

and

the

difference

could

material.

U.S.

GOVERNMENT

BONDS

—

5.7%

Principal

Amount

Fair

Value

U.S.

Treasury

"Strips",

0.00

2/15/2036

20,000,000‌

12,403,303‌

U.S.

Treasury

"Strips",

0.00

2/15/2041

10,000,000‌

4,891,372‌

U.S.

Treasury

"Strips",

0.00

5/15/2049

30,000,000‌

11,139,421‌

Total

U.S.

Government

Bonds

(Cost $33,523,360)

28,434,096‌

CONVERTIBLE

CORPORATE

BONDS

—

4.1%

Health

Care

—

4.1%

Accelerate

Diagnostics,

Inc.,

2.50%,

3/15/2023

3,000,000‌

2,735,625‌

Acorda

Therapeutics,

Inc.,

6.00%,

12/1/2024

5,000,000‌

3,699,626‌

Novavax,

Inc.,

3.75%,

2/1/2023

600,000‌

589,491‌

Paratek

Pharmaceuticals,

Inc.,

4.75%,

5/1/2024

15,000,000‌

13,419,000‌

Synergy

Pharmaceuticals,

Inc.,

7.50%,

11/1/2019

(a)

(b)(e)

(f)

1,500,000‌

150‌

Total

Convertible

Corporate

Bonds

(Cost $23,036,705)

20,443,892‌

MONEY

MARKET

FUNDS

26.5%

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Class,

2.80%

(g)

131,560,251‌

Total

Money

Market

Funds

(Cost

$131,560,251)

131,560,251‌

Total

Investments

—

99.8%

(Cost

$377,419,829)

495,908,068‌

Other

Assets

Excess

Liabilities — 0.2%

815,050‌

NET

ASSETS

—

100.0%

496,723,118‌

(a)

Security

currently

being

valued

according

the

fair

value

procedures

approved

the

Board

Directors.

(b)

Illiquid

security.

The

total

fair

value

these

securities

September

30,

2022

was

$15,621,

representing

0.0%

net

assets.

(c)

Non-income

producing

security.

(d)

Rounds

less

than

0.05%.

(e)

Security

exempt

from

registration

under

Rule

144A

Section

4(2)

the

Securities

Act

1933.

The

security

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

The

total

fair

value

these

securities

September

30,

2022

was

$150,

representing

0.0%

net

assets.

(f)

default.

(g)

Rate

disclosed

the

seven

day

effective

yield

September

30,

2022.

ADR

American

Depositary

Receipt

Bruce

Fund,

Inc.

Schedule

Investments

(continued)

September

30,

2022

(Unaudited)

The

table

below

shows

the

restricted

securities

held

the

Fund

September

30,

2022:

Issuer

Description

Acquisition

Date

Principal

Amount

Cost

Value

Convertible

Corporate

Bonds

Synergy

Pharmaceuticals,

Inc.,

7.50%,

11/1/19

3/4/2015

$1,500,000

$702,290

$150

Restricted

Securities

The

Fund

has

acquired

securities,

the

sale

which

restricted,

through

private

placement.

September

30,

2022,

the

aggregate

market

value

such

securities

listed

below

amounted

$150,

0.0%

the

Fund’s

net

assets.

100%

the

restricted

securities

are

valued

according

fair

value

procedures

approved

the

Board.

possible

that

the

estimated

value

may

differ

significantly

from

the

amount

that

might

ultimately

realized

the

near

term,

and

the

difference

could

material.

U.S.

GOVERNMENT

BONDS

—

5.7%

Principal

Amount

Fair

Value

U.S.

Treasury

"Strips",

0.00

2/15/2036

20,000,000‌

12,403,303‌

U.S.

Treasury

"Strips",

0.00

2/15/2041

10,000,000‌

4,891,372‌

U.S.

Treasury

"Strips",

0.00

5/15/2049

30,000,000‌

11,139,421‌

Total

U.S.

Government

Bonds

(Cost $33,523,360)

28,434,096‌

CONVERTIBLE

CORPORATE

BONDS

—

4.1%

Health

Care

—

4.1%

Accelerate

Diagnostics,

Inc.,

2.50%,

3/15/2023

3,000,000‌

2,735,625‌

Acorda

Therapeutics,

Inc.,

6.00%,

12/1/2024

5,000,000‌

3,699,626‌

Novavax,

Inc.,

3.75%,

2/1/2023

600,000‌

589,491‌

Paratek

Pharmaceuticals,

Inc.,

4.75%,

5/1/2024

15,000,000‌

13,419,000‌

Synergy

Pharmaceuticals,

Inc.,

7.50%,

11/1/2019

(a)

(b)(e)

(f)

1,500,000‌

150‌

Total

Convertible

Corporate

Bonds

(Cost $23,036,705)

20,443,892‌

MONEY

MARKET

FUNDS

26.5%

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Class,

2.80%

(g)

131,560,251‌

Total

Money

Market

Funds

(Cost

$131,560,251)

131,560,251‌

Total

Investments

—

99.8%

(Cost

$377,419,829)

495,908,068‌

Other

Assets

Excess

Liabilities — 0.2%

815,050‌

NET

ASSETS

—

100.0%

496,723,118‌

(a)

Security

currently

being

valued

according

the

fair

value

procedures

approved

the

Board

Directors.

(b)

Illiquid

security.

The

total

fair

value

these

securities

September

30,

2022

was

$15,621,

representing

0.0%

net

assets.

(c)

Non-income

producing

security.

(d)

Rounds

less

than

0.05%.

(e)

Security

exempt

from

registration

under

Rule

144A

Section

4(2)

the

Securities

Act

1933.

The

security

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

The

total

fair

value

these

securities

September

30,

2022

was

$150,

representing

0.0%

net

assets.

(f)

default.

(g)

Rate

disclosed

the

seven

day

effective

yield

September

30,

2022.

ADR

American

Depositary

Receipt

Bruce Fund NPORT-PBruce Fund (Sep 2022 report)