0001752724-20-181779.txt : 20200909 0001752724-20-181779.hdr.sgml : 20200909 20200909125559 ACCESSION NUMBER: 0001752724-20-181779 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200909 DATE AS OF CHANGE: 20200909 EFFECTIVENESS DATE: 20200909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRUCE FUND INC CENTRAL INDEX KEY: 0000047071 IRS NUMBER: 066104682 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-01528 FILM NUMBER: 201166063 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 0000047071 S000011411 BRUCE FUND C000031584 BRUCE FUND BRUFX N-CEN 1 primary_doc.xml X0201 N-CEN LIVE 0000047071 XXXXXXXX 811-01528 true false false N-1A S000011411 true BRUCE FUND INC 811-01528 0000047071 549300KR3RLFC5M6KA98 20 N Wacker Drive Suite 2414 Chicago 60606 US-IL US 312-236-9160 Ultimus Asset Services 225 Pictoria Drive Suite 450 Cincinnati 45246 513.587.3400 Books and records related to fund accounting, financial reporting, and transfer agency services Bruce and Company Inc 20 North Wacker Drive Suite 2414 Chicago 60606 312.236.9160 Books and records related to investment advisory services and fund administration services Huntington National Bank 41 South High Street Columbus 45263 614.331.9967 Books and records related to Custody services Ultimus Fund Distributors LLC 225 Pictoria Drive Suite 450 Cincinnati 45246 513-587-3400 Books and records related to distribution services N N N N-1A 1 Y Robert B Bruce 001511351 Y Robert DeBartolo N/A N Ward M Johnson N/A N Robert B Bruce 001511351 20 North Wacker Drive Suite 2414 Chicago 60606 XXXXXX N N N N N N N N Ultimus Fund Distributors LLC 008-52643 000104177 N/A N Y Grant Thornton LLP 248 549300V6SBN782HF4N65 N N N N N N N Bruce Fund S000011411 549300KR3RLFC5M6KA98 N 1 0 0 N/A N N N N Other N/A 0 0 Rule 12d1-1 (17 CFR 270.12d1-1) N N N N Bruce and Company Inc 801-10193 000104735 N/A N Ultimus Asset Services LLC 084-00142 N/A N N N Intercontinental Exchange Inc 5493000F4ZO33MV32P92 N N Huntington National Bank 2WHM8VNJH63UN14OL754 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Asset Services LLC 084-00142 SEC file number N N N Ultimus Asset Services LLC 084-00142 SEC file number N N N ODEON CAPITAL GROUP LLC 008-68033 000148493 549300S158163H2DN048 4500.00000000 RBC CAPITAL MARKETS 008-45411 000031194 549300LCO2FLSSVFFR64 1250.00000000 STIFEL NICOLAUS & COMPANY 008-01447 000000793 5WUVMA08EYG4KEUPW589 3500.00000000 PIPER JAFFRAY & CO 008-15204 000000665 549300GRQCWQ3XGH0H10 29258.00000000 CL KING 008-17025 000006183 549300LY7AXPXQMUO474 5533.00000000 JONES TRADING 008-26089 000006888 2138008JJ5PA8H5UIL69 32577.00000000 OPPENHEIMER AND CO., INC. 008-04077 000000249 254900VH02JQR2L8XD64 14250.00000000 COWEN AND COMPANY LLC 008-22522 000007616 549300WR155U7DVMIW58 10743.00000000 J P MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 7000.00000000 SIDOTI & COMPANY LLC 008-52141 000102860 254900FHBEGNA4NAO961 2000.00000000 110611.00000000 MESIROW FINANCIAL INC 008-28816 000002764 549300BIV46SUHPOFE54 938000.00000000 J P MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 4267169.00000000 STIFEL NICOLAUS & COMPANY 008-01447 000000793 5WUVMA08EYG4KEUPW589 2072500.00000000 COWEN AND COMPANY LLC 008-22522 000007616 549300WR155U7DVMIW58 7740000.00000000 CENTENNIAL SECURITIES COMPANY LLC 008-23406 000007763 N/A 47963500.00000000 WEDBUSH SECURITIES INC 008-12987 000000877 549300CSX55MXZ47EI78 9637850.00000000 72814017.00000000 N 522221382.00000000 N N N N false false true false false false INTERNAL CONTROL RPT 2 fp0057095_g1aiii.htm

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grant thornton llp

Grant Thornton Tower

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Board of Directors and Shareholders

Bruce Fund, Inc.

 

In planning and performing our audit of the financial statements of Bruce Fund, Inc. (the “Fund”) as of and for the year ended June 30, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing audit procedures for the purpose of expressing an opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed 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. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the fund’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or the degree of compliance with policies and procedures may deteriorate.

 

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 Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership

 

 

 

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A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

 

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, which we consider to be material weaknesses as defined above as of June 30, 2020.

 

This report is intended solely for the information and use of management and the Board of Directors of Bruce Fund, Inc. and the U.S. Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.

 

/s/ GRANT THORNTON LLP

 

Chicago, Illinois

August 27, 2020