EX-1 2 portfolio.txt PORTFOLIO "BRUCE FUND, INC." SCHEDULE OF INVESTEMENTS "June 30, 2004" COMMON STOCKS (47.21%) No. of Shares Issue Cost Market Value Property-Casualty Insurance (3.54%) "5,000" RLI Corp. "$134,836" "$182,500" "492,500" *Gainsco "142,161" "344,750" Pharmacuetical/Drug Delivery (12.11%) "17,600" *Atrix Labs "176,311" "603,328" "25,000" *Elan "51,789" "618,500" "11,000" *Sepracor "366,024" "581,900" Life Science Products (1.34%) "10,000" *Serologicals "69,847" "199,900" Health Services (6.56%) "10,071" *Assisted Living "60,771" "104,738" "108,000" *Health Grades "15,225" "156,600" "18,000" *America Service Group "104,904" "625,500" "20,000" *Radiologix "42,400" "90,400" Business Services (9.26%) "50,000" *Darling International 182,035" "210,000" "75,000" *Danka Business Systems"305,629" "338,250" "20,000" *Internet Capital Group "141,996" "154,000" "150,000" *Open TV "390,785" "310,500" "149,500" *Private Business "336,228" "366,275" Energy Services (3.34%) "50,000" *Capstone Turbine "121,710" "108,000" "24,000" "*Team, Inc." "64,920" "388,560" Transportation (6.54%) "25,600" *Amerco "345,018" "605,696" "244,180" *Rural Metro "332,344" "368,667" Rubber Manufacturing (1.64%) "162,900" *AirBoss of America 284,945" "244,350" Electronics Manufacturing (1.22%) "24,665" *Reptron Electronics 102,353" "181,781" Mineral Exploration (1.65%) "140,000" *Crown Resources "108,000" "245,000" Total Common Stocks 3,880,231" "7,029,195" PREFERRED STOCK (5.76%) Power Producers (5.76%) "10,000" AES Convt. C 6.75% "331,030" "420,600" "10,000" Calpine 5.0% due 8-1-2005 "304,275" "437,500" Total Preferred Stocks "635,305" "858,100" BONDS (36.30%) Principal Issue Cost Market Value U.S. Government (6.99%) "$4,000,000""U.S. Treasury ""Strips"" bp due 8-15-2028" "967,805" "1,040,000" Municipal (4.67%) "$1,000,000"*Indianapolis Airport Auth. 6.5% due 11-15-2031 "295,180" "280,000" "$500,000"Robbins 7.25% due 10-15-2024 "344,500" "360,000" "$100,000"Robbins 0% due 10-15-2009 "54,000" "55,000" Total Municipal Bonds "693,680" "695,000" Corporate (4.73%) "$155,782"Reptron 7.00% due 3-3-2009 "64,647" "143,320" "$150,000"Rural Metro 7.875% due 3-15-2008 "55,500" "132,000" "$300,000"*Cone Mills 8.125% due 3-15-2005 (flat) "109,500" "43,500" "$400,000"Titan Intl. 8.75% due 4-01-2007 "301,500" "386,000" Total Corporate Bonds "531,147" "704,820" Corporate Convertibles (19.91%) "$100,000"Cubist 5.5% due 11-1-2008 "55,880" "91,500" "$500,000"Emeritus 6.25% due 1-1-2006 "408,000" "450,000" "$200,000"Silcon Graphics 6.125% due 2-1-2011 "76,000" "154,000" "$500,000"PMA Group 4.25% due 9-30-2022 "422,000" "475,000" "$1,200,000"*Adelphia 6.00% due 2-15-2006(flat) "546,125" "450,000" "$100,000"Curagen 6.00% due 2-2-2007 65,000" "97,500" "$200,000"Calpine 4.75% due 11-15-2023 "162,000" "173,500" "$2,500,000"*Kellstrom 5.5% due 6-15-2003(liquidating)"143,750"150,000" "$1,000,000"*Kellstrom 5.75% due 10-15-2002(liquidating)"53,750""60,000" "$700,000"Ibasis 6.75% due 6-18-2009 "153,000" "738,500" "$200,000"Level 3 Comm. 6.00% due 3-15-2010 "34,000" "125,000" Total Corporate Convertibles "2,119,505" "2,965,000" Total Bonds "$4,312,137" "$5,404,820" Total Investments (89.28%) "$8,827,673" "$13,292,115" "Cash, other assets less liabilities (10.72%)" "$1,596,681" TOTAL NET ASSETS (100%) "$14,888,796" The accompanying notes to financial statements are an integral part of this schedule. *Non-cash income producing