N-CSRS

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 811-01528

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) (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: 312-236-9160

Date of fiscal year end: 06/30

Date of reporting period: 12/31/14

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

2014

BRUCE FUND, INC.

SEMI-ANNUAL

REPORT

Report to Shareholders

December 31, 2014

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

Management’s Discussion and Analysis (Unaudited)

The Bruce Fund (the “Fund”) shares produced a total return of -3.19% for the six months ended December 31, 2014, compared to a total return of 6.12% for the S&P 500 Index for the same period. Stock markets improved in the period and the Fund lagged most averages for the six month period. The Fund’s negative performance in the period was mainly due to its exposure to the oil & gas industry, seeing significant declines in the related companies common stock, preferred stock and corporate bonds. Other stocks and the government bonds improved during the period.

We believe that the worldwide economy remains fragile, and is likely to produce weaker than expected activity. With lackluster growth and excessive leverage, the risks are to the downside and we feel caution is still warranted. With asset deflation remaining a risk, a more conservative posture is also warranted. While the consensus feels a more normal like recovery will emerge, we are less certain and don’t mind being out of step with convention.

Management continues to screen investment opportunities for their long-term capital appreciation potential versus the risks that investment might present. Areas of recent interest have been special situations, larger capitalization and dividend paying stocks. The bonds as well as the stocks in the portfolio encompass significant investment risks, which are again outlined in the prospectus.

Shareholders are invited to use the toll-free number (800) 872-7823 to obtain any Fund information (including the proxy voting record), or can visit www.thebrucefund.com, to obtain the same.

1

Investment Results (Unaudited)

Returns for the Periods Ended December 31, 2014

						Average Annual
Fund/Index	Six Months			1 Year		5 Year		10 Year
Bruce Fund		(3.19	)%		13.67%		14.16%		8.41%
S&P 500® Index*		6.12%			13.69%		15.45%		7.67%
The gross expense ratio as of the most recent prospectus dated October 28, 2014 was 0.73%, which represented the fiscal year ended June 30, 2014.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-800-872-7823.

* The S&P 500^® Index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees. The Index is a widely recognized unmanaged index of equity prices and is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in the Index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company and may be obtained by calling the same number as above. Please read it carefully before investing.

The Fund is distributed by Unified Financial Securities, Inc. Member FINRA.

The chart above assumes an initial investment of $10,000 made on December 31, 2004 and held through December 31, 2014. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.

Current performance may be lower or higher than the performance data quoted. For more information on the Bruce Fund, and to obtain performance data current to the most recent month end, please call 1-800-872-7823. Investing in the Fund involves certain risks that are discussed in the Fund’s prospectus. Please read the prospectus carefully before you invest or send money.

The Fund is distributed by Unified Financial Securities, Inc. Member FINRA.

2

Fund Holdings (Unaudited)

¹ As a percent of net assets.

² Ratio rounds to less than 0.005%.

Investment Objective

The investment objective of the Bruce Fund is long-term capital appreciation.

Availability of Portfolio Schedule

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Qs are available at the SEC’s website www.sec.gov. The Fund’s Form N-Qs are also available by calling the Fund at (800) 872-7823. The Fund’s Form N-Qs may be reviewed and copied at the Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

3

Shareholder Expense Example (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period (July 1, 2014) and held for the entire period (through December 31, 2014).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	July 1, 2014		December 31, 2014		July 1 – December 31,  2014
Bruce Fund
Actual	$	1,000.00	$	968.10	$	3.36
Hypothetical**	$	1,000.00	$	1,021.79	$	3.45

* Expenses are equal to the Fund’s six month annualized expense ratio of 0.68%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial year period).

** Assumes a 5% return before expenses.

4

Schedule of Investments (Unaudited)

December 31, 2014

Shares			Fair Value
	COMMON STOCKS – 48.5%
		Consumer Discretionary 4.9%
	1,385,000	AirBoss of America Corp.	$	14,612,304
	75,000	DIRECTV, Class A*		6,502,500
	1,357,843	Sirius XM Holdings, Inc.		4,752,450
				25,867,254
		Consumer Staples 3.8%
	100,000	Bunge Ltd.		9,091,000
	259,000	Diamond Foods, Inc.*		7,311,570
	341,000	Omega Protein Corp.*		3,604,370
				20,006,940
		Energy 0.6%
	200,000	C&J Energy Services, Inc.*		2,642,000
	182,168	SandRidge Energy, Inc.*		331,546
				2,973,546
		Financials 7.1%
	250,000	Allstate Corp./The		17,562,500
	211,502	GAINSCO, Inc.*		2,115,020
	196,952	Phoenix Companies, Inc./The*		13,564,084
	90,000	RLI Corp.		4,446,000
				37,687,604
		Health Care 8.9%
	124,500	Abbott Laboratories		5,604,990
	124,500	AbbVie, Inc.		8,147,280
	155,677	Agenus, Inc.*		618,038
	631,746	Durect Corp.*		498,574
	1,113,694	EDAP TMS S.A. ADR*		2,594,907
	200,000	Merck & Co., Inc.		11,358,000
	9,926	Perrigo Co. PLC		1,659,230
	350,000	Pfizer, Inc.		10,902,500
	3,170	Prothena Corp PLC*		65,809
	694,581	Supernus Pharmaceuticals, Inc.*		5,765,022
				47,214,350
		Industrials 12.3%
	203,665	AMERCO		57,893,813
	1,070,073	Astrotech Corp.*		2,643,080
	300,000	Titan International, Inc.		3,189,000
	25,300	US Ecology, Inc.		1,015,036
				64,740,929

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

5

Schedule of Investments (Unaudited) (continued)

December 31, 2014

Shares			Fair Value
	COMMON STOCKS – (continued)
		Information Technology 3.5%
	130,000	Actua Corp.*	$	2,401,100
	100,000	International Business Machines Corp.		16,044,000
				18,445,100
		Materials 3.6%
	25,000	Ashland, Inc.		2,994,000
	690,671	Flotek Industries, Inc.*		12,936,268
	150,000	Intrepid Potash, Inc.*		2,082,000
	280,000	Kinross Gold Corp.*		789,600
	199,270	Solitario Exploration & Royalty Corp.*		183,328
				18,985,196
		Utilities 3.8%
	296,212	Calpine Corp.*		6,555,172
	20,000	Integrys Energy Group, Inc.		1,557,000
	100,000	NextEra Energy, Inc.		10,629,000
	50,000	Pepco Holdings, Inc.		1,346,500
				20,087,672
		Total Common Stocks (Cost $149,133,446)		256,008,591
	CONVERTIBLE PREFERRED STOCKS – 1.8%
		Consumer Staples 0.6%
	27,400	Bunge Ltd., 4.875%		3,082,500
		Energy 1.1%
	181,500	PetroQuest Energy, Inc., Series B, 6.875%		4,356,000
	29,200	SandRidge Energy, Inc., 8.500%		1,243,920
				5,599,920
		Utilities 0.1%
	10,000	AES Trust III, 6.750%		515,312
		Total Convertible Preferred Stocks (Cost $12,277,136)		9,197,732
	CORPORATE BONDS – 4.2%
		Consumer Discretionary 0.3%
	1,500,000	Land O’Lakes Capital Trust I, 7.450%, 3/15/28(a)		1,560,000
		Energy 0.5%
	27,370,000	ATP Oil & Gas Corp., 11.875%, 5/1/15(b)		145,745
	3,900,000	Endeavour International Corp., 12.000%, 3/1/18		1,521,000
	2,000,000	Gevo, Inc., 7.500%, 7/1/22		1,062,500
				2,729,245

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

6

Schedule of Investments (Unaudited) (continued)

December 31, 2014

Shares			Fair Value
	CORPORATE BONDS – (continued)
		Financials 1.3%
	6,000,000	Security Benefit Life Insurance Co., 7.450%, 10/1/33(a)(c)	$	6,900,000
		Utilities 2.1%
	4,000,000	Constellation Energy Group, Inc., 7.600%, 4/1/32		5,577,644
	5,000,000	GenOn Americas Generation LLC, 9.125%, 5/1/31		4,300,000
	1,000,000	Oneok, Inc., 6.000%, 6/15/35		973,507
				10,851,151
		Total Corporate Bonds (Cost $20,624,190)		22,040,396
	CONVERTIBLE CORPORATE BONDS – 5.4%
		Energy 0.3%
	3,000,000	BPZ Resources, Inc., 6.500%, 3/1/15		1,350,000
		Health Care 4.9%
	12,951,497	deCODE Genetics, Inc., 3.500%, 4/15/11(b)(c)(d)		129,515
	21,690,000	MannKind Corp., 5.750%, 8/15/15		23,221,856
	1,762,892	Oscient Pharmaceuticals Corp., 12.500%, 1/15/11(b)(c)(d)		35,258
	1,500,000	Supernus Pharmaceuticals, Inc., 7.500%, 5/1/19(a)		2,624,063
				26,010,692
		Industrials 0.2%
	1,000,000	Titan International, Inc., 5.625%, 1/15/17(a)		1,221,875
		Total Convertible Corporate Bonds (Cost $37,303,034)		28,582,567
	U.S. GOVERNMENT BONDS 16.9%
	30,000,000	U.S. Treasury “Strips”, 0.000%, 8/15/28		21,597,390
	30,000,000	U.S. Treasury “Strips”, 0.000%, 8/15/29		21,021,690
	20,000,000	U.S. Treasury “Strips”, 0.000%, 2/15/36		11,894,480
	20,000,000	U.S. Treasury “Strips”, 0.000%, 2/15/41		9,878,160
	35,000,000	U.S. Treasury “Strips”, 0.000%, 5/15/42		16,224,915
	20,000,000	U.S. Treasury “Strips”, 0.000%, 5/15/44		8,699,120
		Total U.S. Government Bonds (Cost $68,066,720)		89,315,755
	U.S. MUNICIPAL BONDS 0.0%
	972,551	Indianapolis Airport Authority, 6.500%, 11/15/31(b)(d)		9,726
		Total U.S. Municipal Bonds (Cost $162,383)		9,726
	MONEY MARKET – 23.0%
	121,422,873	Fidelity Institutional Money Market Treasury Only – Class I, 0.010%(e)		121,422,873
		Total Money Market (Cost $121,422,873)		121,422,873
		Total Investments (Cost $408,989,782) 99.8%	$	526,577,640
		Other Assets in Excess of Liabilities 0.2%		989,596
		NET ASSETS 100.0%	$	527,567,236

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

7

Schedule of Investments (Unaudited) (continued)

December 31, 2014

(a) 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.

(b) In default.

(c) Security is currently being valued according to the fair value procedures approved by the Board of Directors.

(d) Illiquid security.

(e) Rate disclosed is the seven day yield as of December 31, 2014.

* Non-income producing security.

ADR – American Depositary Receipt

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

8

Statement of Assets and Liabilities (Unaudited)

December 31, 2014

Assets:
Investments in securities, at market value (cost $408,989,782)	$	526,577,640
Dividends receivable		369,343
Interest receivable		962,150
Receivable for Fund shares sold		45,830
Prepaid expenses and other assets		15,541
Total Assets		527,970,504
Liabilities:
Payable for Fund shares redeemed		93,678
Accrued investment advisory fees		237,535
Other accrued expenses		72,055
Total Liabilities		403,268
Net Assets	$	527,567,236
Net Assets consist of:
Capital stock (1,044,926 shares of $1 par value capital stock issued and outstanding)	$	1,044,926
Paid in capital		408,539,326
Accumulated undistributed net investment (loss)		(560,995	)
Accumulated net realized gain on investments		955,947
Net unrealized appreciation on investments		117,588,032
Net Assets	$	527,567,236
Shares Outstanding: 2,000,000 shares authorized		1,044,926
Net asset value, offering and redemption price per share	$	504.88

9

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

Statement of Operations (Unaudited)

Six Months Ended December 31, 2014

Investment Income
Interest income	$	2,583,420
Dividends (Net of foreign taxes withheld of $19,253)		2,143,236
Total investment income		4,726,656
Expenses:
Investment advisor fee		1,416,517
Transfer agent expense		99,156
Administration expense		132,477
Fund accounting expense		49,202
Report printing expense		27,377
Audit expense		19,569
Registration expense		17,118
Custodian expense		21,668
Postage expense		6,253
Trustee expense		1,008
Insurance expense		662
24f-2 fees		2,755
Total Expenses		1,793,762
Net Investment Income		2,932,894
Realized & Unrealized Gain (Loss)
Net realized gain on investment securities		10,430,186
Change in unrealized depreciation on investment securities		(30,537,300	)
Net realized and unrealized loss on investment securities		(20,107,114	)
Net decrease in net assets resulting from operations	$	(17,174,220	)

10

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

Statements of Changes in Net Assets

	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
Operations
Net investment income	$	2,932,894		$	9,297,629
Net realized gain on investment securities		10,430,186			11,821,539
Change in unrealized appreciation/(depreciation) on investment securities		(30,537,300	)		103,626,546
Net increase (decrease) in net assets resulting from operations		(17,174,220	)		124,745,714
Distributions
From net investment income		(8,938,028	)		(10,537,361	)
From net realized gain on investments		(7,181,338	)		–
Total distributions		(16,119,366	)		(10,537,361	)
Capital Transactions
Proceeds from shares sold		32,349,814			60,516,260
Reinvestments of distributions		14,975,859			9,773,475
Amount paid for shares redeemed		(27,276,162	)		(30,437,423	)
Net increase in net assets resulting from capital transactions		20,049,511			39,852,312
Total increase (decrease) in net assets		(13,244,075	)		154,060,665
Net Assets
Beginning of period		540,811,311			386,750,646
End of period	$	527,567,236		$	540,811,311
Accumulated undistributed net investment income (loss) included in net assets at end of period	$	(560,995	)	$	5,444,139
Share Transactions
Shares Sold		62,120			126,492
Shares issued in reinvestment of distributions		29,673			21,531
Shares redeemed		(52,200	)		(66,053	)
Net increase in shares outstanding resulting from share transactions		39,593			81,970

11

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

Financial Highlights

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

	Six Months Ended December 31, 2014 (Unaudited)			Fiscal Year Ended June 30,
				2014			2013			2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period		$537.94			$418.85			$391.05			$402.03			$330.82			$285.69
Income from investment operations:
Net investment income		2.86			9.51			13.57			14.34			14.62			14.28
Net realized and unrealized gain (loss)		(20.03	)		120.91			28.94			(10.81	)		72.43			43.18
Total from investment operations		(17.17	)		130.42			42.51			3.53			87.05			57.46
Less Distributions to Shareholders:
From net investment income		(8.81	)		(11.33	)		(14.71	)		(14.51	)		(15.84	)		(12.33	)
From net realized gain		(7.08	)		–			–			–			–			–
Total distributions		(15.89	)		(11.33	)		(14.71	)		(14.51	)		(15.84	)		(12.33	)
Net asset value, end of period		$504.88			$537.94			$418.85			$391.05			$402.03			$330.82
Total Return1		-3.19	%2		31.64	%		11.12	%		1.04	%		26.83	%		20.44	%
Ratios and Supplemental Data
Net assets, end of period ($ millions)		$527.57			$540.81			$386.75			$344.91			$299.69			$220.57
Ratio of expenses to average net assets		0.68	%3		0.70	%		0.75	%		0.78	%		0.82	%		0.88	%
Ratio of net investment income to average net assets		1.11	%3		2.10	%		3.29	%		3.95	%		4.07	%		4.48	%
Portfolio turnover rate		4	%2		11	%		7	%		10	%		21	%		11	%

¹  Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

²  Not annualized.

³  Annualized.

12

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

Notes to Financial Statements (Unaudited)

December 31, 2014

NOTE A – ORGANIZATION

Bruce Fund, Inc. (the “Fund”) is a Maryland corporation incorporated on June 20, 1967. The Fund is 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 and Co., Inc. (the “Adviser”).

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 (“FASB”) 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 their 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 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 period ended December 31, 2014, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related 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 of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

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.

13

Notes to Financial Statements (Unaudited) (continued)

December 31, 2014

Discounts and premiums on securities purchased are accreted or amortized using the effective interest method. Withholding taxes on foreign dividends have 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 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 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.

Subsequent Events – In accordance with GAAP, management has evaluated subsequent events through the date these financial statements were issued. All subsequent events determined to be relevant and material to the financial statements as a whole have been accordingly disclosed.

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 – quoted prices in active markets for identical securities

• 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.)

14

Notes to Financial Statements (Unaudited) (continued)

December 31, 2014

• 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 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 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 the 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, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review by 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 convertible preferred stocks, corporate bonds, convertible corporate bonds, U.S. government bonds, and U.S. municipal bonds are valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair value of such securities. 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, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in conformity with

15

Notes to Financial Statements (Unaudited) (continued)

December 31, 2014

guidelines adopted by and subject to review of the Board. These securities are generally categorized as Level 3 securities. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments in a specific country or region.

Short-term investments in fixed income securities, (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity), may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2014, based on the three levels defined above:

	Level 1			Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	25,867,254		$	–	$	–	$	25,867,254
Consumer Staples		20,006,940			–		–		20,006,940
Energy		2,973,546			–		–		2,973,546
Financials		37,687,604	(a)				–		37,687,604
Health Care		47,214,350			–		–		47,214,350
Industrials		64,740,929			–		–		64,740,929
Information Technology		18,445,100			–		–		18,445,100
Materials		18,985,196			–		–		18,985,196
Utilities		20,087,672			–		–		20,087,672
Convertible Preferred Stocks
Consumer Staples		3,082,500			–		–		3,082,500
Energy		5,599,920			–		–		5,599,920
Utilities		515,312			–		–		515,312
Corporate Bonds
Consumer Discretionary		–			1,560,000		–		1,560,000
Energy		–			2,729,245		–		2,729,245
Financials		–			–		6,900,000		6,900,000
Utilities		–			10,851,151		–		10,851,151
Convertible Corporate Bonds
Energy		–			1,350,000		–		1,350,000
Health Care		–			25,845,919		164,773		26,010,692
Industrials		–			1,221,875		–		1,221,875
U.S. Government Bonds
U.S. Treasury Strips		–			89,315,755		–		89,315,755
U.S. Municipal Bonds		–			9,726		–		9,726
Money Market		121,422,873			–		–		121,422,873
Total	$	386,629,196		$	132,883,671	$	7,064,773	$	526,577,640

^(a)  At the reporting period ended December 31, 2014, GAINSCO, Inc. common stock transferred from Level 2 to Level 1 from the previous reporting period due to increased trading activity.

16

Notes to Financial Statements (Unaudited) (continued)

December 31, 2014

In the absence of a listed price quote, or 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

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.

The following provides quantitative information about the Fund’s significant Level 3 fair value measurements as of December 31, 2014:

Quantitative Information about Significant Level 3 Fair Value Measurements
Asset Category	Fair Value At December 31, 2014		Valuation Techniques	Unobservable Input(s)	Range
Corporate Bonds		6,900,000	Adjusted Broker Quotes	Non-Binding Broker Quotes	N/A
Convertible Corporate Bonds		164,773	Adjusted Broker Quotes	Non-Binding Broker Quotes	N/A
				Discount for Lack of Marketability	1%–20%

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 June 30, 2014		Realized gain			Amortization/ Accretion		Change in unrealized Appreciation			Purchases		Sales			Transfer in Level  3*(a)		Transfer out Level  3*(b)		Balance as of December 31, 2014
Common Stock	$	8,738	$	(4,153,314	)	$	–	$	4,144,576		$	–	$	–		$	–	$	–	$	–
Corporate Bonds		6,900,000		–			5,556		(5,556	)		–		–			–		–		6,900,000
Convertible Corporate Bonds		496,844		99,334			–		(194,737	)		–		(236,668	)		–		–		164,773
Total	$	7,405,582	$	(4,053,980	)	$	5,556	$	3,944,283		$	–	$	(236,668	)	$	–	$	–	$	7,064,773

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

^(a)  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 December 31, 2014.

^(b)  Transfer out relate primarily to securities for which observable inputs became available during the period, and as of December 31, 2014, 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 December 31, 2014.

17

Notes to Financial Statements (Unaudited) (continued)

December 31, 2014

The total change in unrealized depreciation included in the Statement of Operations attributable to Level 3 investments still held December 31, 2014 was ($200,293).

	Total Change in Unrealized Depreciation
Corporate Bonds	$	(5,556	)
Convertible Corporate Bonds		(194,737	)
Total	$	(200,293	)

NOTE D – PURCHASES AND SALES OF SECURITIES

For the six months ended December 31, 2014, 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:

	Purchases		Sales
U.S. Government Obligations	$	–	$	–
Other		17,827,401		48,468,892

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). 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
0.50%	over $100,000,000

At December 31, 2014, Robert B. Bruce was the beneficial owner of 16,996 Fund shares, R. Jeffrey Bruce was the beneficial owner of 7,766 Fund shares and Robert DeBartolo was the beneficial owner of 131 Fund shares. Robert B. Bruce and Robert DeBartolo are directors of the Fund; both Robert B. Bruce and R. Jeffrey Bruce are officers of the Fund and are officers, directors and owners of the Adviser.

18

Notes to Financial Statements (Unaudited) (continued)

December 31, 2014

NOTE F – FEDERAL INCOME TAXES

At December 31, 2014, the breakdown of net unrealized appreciation and tax cost of investments for federal income tax purpose is as follows:

Gross Unrealized Appreciation	$	149,161,071
Gross Unrealized (Depreciation)		(31,628,520	)
Net Unrealized Appreciation on
Investments	$	117,532,551
Tax Cost	$	409,045,263

At June 30, 2014, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed Ordinary Income	$	5,499,620
Capital Loss Carryforwards		(2,292,901	)
Unrealized Appreciation		148,069,852
Total	$	151,276,571

At June 30, 2014, the Fund has available for federal tax purposes an unused capital loss carryforward of $2,292,901, which is available for offset against future taxable net capital gains. This loss carryforward expires on June 30, 2019 as shown in the table below. To the extent these carryforwards are used to offset future capital gains, it is probable that the amount offset will not be distributed to shareholders.

Amount	Expires June 30,
$2,292,901		2019

Capital losses generated during the fiscal year ending June 30, 2014 will be subject to the provisions of the Regulated Investment Company Modernization Act of 2010 (the “Act”). Effective for taxable years beginning after the enactment date of the Act (December 22, 2010), if capital losses are not reduced by capital gains during the fiscal year, the losses will be carried forward with no expiration and with the short-term or long-term character of the loss retained. Capital loss carryforwards generated in future years must be fully utilized before those capital loss carryforwards listed with the noted expiration dates above. As of June 30, 2014, the Fund did not have any post-enactment capital loss carryovers.

The tax character of distributions paid during fiscal years 2014 and 2013 was as follows:

	2014		2013
Distributions paid from:
Ordinary Income	$	10,537,361	$	12,687,935

NOTE G – RESTRICTED SECURITIES

The Fund has acquired several securities, the sale of which is restricted, through private placement. At December 31, 2014, the aggregate market value of such securities listed below amounted to $12,305,938 or 2% of the Fund’s net assets. 44% of the restricted securities are valued using quoted market prices, while the other 56% are valued according to fair value procedures approved

19

Notes to Financial Statements (Unaudited) (continued)

December 31, 2014

by the Board of Directors. 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.

The chart below shows the restricted securities held by the Fund as of December 31, 2014:

Issuer Description	Acquisition Date			Principal Amount		Cost		Value
Corporate Bonds
Land O’ Lakes Capital Trust I, 7.450%, 3/15/28		1/23/09		$	1,500,000	$	1,022,429	$	1,560,000
Security Benefit Life Insurance Co., 7.450%, 10/1/33(a)		(b	)		6,000,000		5,495,167		6,900,000
Convertible Corporate Bonds
Supernus Pharmaceuticals, Inc., 7.500%, 5/1/19		(c	)		1,500,000		1,516,048		2,624,063
Titan International, Inc., 5.625%, 1/15/17		2/5/10			1,000,000		996,500		1,221,875

^(a)  Security is currently being valued according to the fair value procedures approved by the Board of Directors.

^(b)  Purchased multiple taxlots beginning on 4/21/11.

^(c)  Purchased multiple taxlots beginning on 4/26/13.

20

Approval of Management Agreement (Unaudited)

The Board approved and renewed the Investment Advisory Agreement at a meeting held on November 19, 2014 using the following as their basis as transcribed from the minutes:

The Directors discussed and reviewed the performance and expenses of the Fund and the Directors held that Fund activities were being conducted for the benefit of the shareholders. Further commenting, director DeBartolo noted that the performance of the Fund has been impressive, that costs have remained very low, taking advantage of economies of scale and achieving really superior long term returns while remaining thoughtful and true to the Fund’s model.

21

Privacy Policy

The following is a description of the Fund’s policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from other sources. In the event that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.

Categories of Information the Fund Collects. The Fund collects the following nonpublic personal information about you:

• Information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and

• Information about your transactions with the Fund, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).

Categories of Information the Fund Discloses. The Fund does not disclose any nonpublic personal information about its current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as described above, to its service providers (such as the Fund’s custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

Confidentiality and Security. The Fund restricts access to your nonpublic personal formation to those persons who require such information to provide products or services to you. The Fund maintains physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

Disposal of Information. The Fund, through its transfer agent, has taken steps to reasonably ensure that the privacy of your nonpublic personal information is maintained at all times, including in connection with the disposal of information that is no longer required to be maintained by the Fund. Such steps shall include whenever possible, shredding paper documents and records prior to disposal, requiring off-site storage vendors to shred documents maintained in such locations prior to disposal, and erasing and/or obliterating any data contained on electronic media in such a manner that the information can no longer be read or reconstructed.

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 without charge upon request by (1) calling the Fund at (800) 872-7823 and (2) from Fund documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.

BRUCE FUND

OFFICERS AND DIRECTORS

Robert B. Bruce

President and Treasurer

R. Jeffrey Bruce

Vice President and Secretary

Robert DeBartolo

Director

W. Martin Johnson

Director

Investment Adviser

Bruce and Co., Inc.

Chicago, Illinois

Custodian

Huntington National Bank

Columbus, Ohio

Administrator, Transfer Agent and

Fund Accountant

Huntington Asset Services, Inc.

Indianapolis, Indiana

Distributor

Unified Financial Securities, Inc.

2960 North Meridian Street, Suite 300

Indianapolis, Indiana 46208

Counsel

Klevatt & Associates

Chicago, Illinois

Independent Registered Public Accounting Firm

Grant Thornton LLP

Chicago, Illinois

This report is intended only for the information of shareholders or those who have received the Fund’s prospectus which contains information about the Fund’s management fees and expenses. Please read the prospectus carefully before investing.

Distributed by Unified Financial Securities, Inc.

Member FINRA/SIPC

Item 2. Code of Ethics. Not Applicable.

Item 3. Audit Committee Financial Expert. Not Applicable.

Item 4. Principal Accountant Fees and Services. Not Applicable.

Item 5. Audit Committee of Listed Companies. Not Applicable.

Item 6. Schedule of Investments.

(a) Not Applicable.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not Applicable - Applies to closed-end funds only.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable - Applies to closed-end funds only.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable - Applies to closed-end funds only.

Item 10. Submission of Matters to a Vote of Security Holders. Not Applicable

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(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 within 90 days of the filing of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of 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 12. Exhibits.

(a)(1)	Not Applicable – File with Annual Report
(a)(2)	Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.
(a)(3)	Not Applicable – there were no written solicitations to purchase securities under Rule 23c-1 during the period
(b)	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.

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, Inc.

By	/s/ Robert B. Bruce
	Robert B. Bruce, President
Date	2/26/15

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/ Robert B. Bruce
	Robert B. Bruce, President
Date	2/26/15
By	/s/ R. Jeffrey Bruce
	R. Jeffrey Bruce, Principal Accounting Officer
Date	2/26/15

EX-99.CERT

Exhibit99.CERT

Form N-CSR Certification

I, Robert B. 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:

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;

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;

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

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter 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):

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

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: 2/26/15	/s/ Robert B. Bruce
	Robert B. Bruce
	President

Form N-CSR Certification

I, R. Jeffrey Bruce, certify that:

1. 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:

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;

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;

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

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter 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):

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

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: 2/26/15	/s/ R. Jeffrey Bruce
	R. Jeffrey Bruce
	Principal Accounting Officer

EX-99.906 CERT

EX-99.906CERT

CERTIFICATION

Robert B. 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:

1. The Registrant’s periodic report on Form N-CSR for the period ended December 31, 2014 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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	Principal Accounting Officer
Bruce Fund, Inc.	Bruce Fund, Inc.
/s/ Robert B. Bruce	/s/ R. Jeffrey Bruce
Robert B. Bruce	R. Jeffrey Bruce
Date: 2/26/15	Date: 2/26/15

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.