BRUCE FUND

SCHEDULE OF INVESTMENTS

September 30, 2020 (Unaudited)

COMMON STOCKS — 75.5%	Shares		Fair Value
Communications — 1.4%
Actua Corp.(a)(b)(c)		130,000	$	6,500
Sirius XM Holdings, Inc.		1,357,843		7,278,038
				7,284,538
Energy — 0.9%
Aspire Holdings, LLC(a)(b)(c)		193,069		—
Chevron Corp.		50,000		3,600,001
Flotek Industries, Inc.(c)		390,671		1,058,718
PetroQuest Energy, Inc.(a)(b)(c)		252,248		2,522
				4,661,241
Financials — 5.0%
Allstate Corp.		275,000		25,888,500
Health Care — 23.3%
Abbott Laboratories		164,500		17,902,535
AbbVie, Inc.		228,470		20,011,687
Bausch Health Cos., Inc. (Canada)(c)		1,250,000		19,425,001
Chiasma, Inc.(c)		450,000		1,935,000
EDAP TMS SA - ADR (France)(c)		733,094		3,372,232
Fate Therapeutics, Inc.(c)		100,000		3,997,000
MannKind Corp.(c)		224,380		421,834
Merck & Co., Inc.		300,000		24,885,001
Paratek Pharmaceuticals, Inc.(c)		879,312		4,757,078
Pfizer, Inc.		450,000		16,515,000
Prothena Corporation PLC (Ireland)(c)		3,170		31,668
Supernus Pharmaceuticals, Inc.(c)		352,105		7,337,868
Xtant Medical Holdings, Inc.(c)		182,972		150,714
				120,742,618
Industrials — 9.4%
AMERCO		120,167		42,777,049
General Electric Co.		1,000,000		6,230,000
				49,007,049
Materials — 3.0%
Ashland Global Holdings, Inc.		25,000		1,773,000
Compass Minerals International, Inc.		140,000		8,309,000
Newmont Goldcorp Corp.		65,600		4,162,320
Valvoline, Inc.		68,633		1,306,772
				15,551,092
Technology — 8.2%
Apple, Inc.		260,000		30,110,600
International Business Machines Corp.		100,000		12,167,000
				42,277,600
Utilities — 24.3%
Avista Corp.		200,000		6,824,000
CMS Energy Corp.		450,000		27,634,500
Duke Energy Corp.		300,000		26,568,000
NextEra Energy, Inc.		135,000		37,470,600

	Shares/ Principal Amount		Fair Value
Xcel Energy, Inc.		400,000	$	27,604,000
				126,101,100
Total Common Stocks (Cost $226,602,695)				391,513,738
CONVERTIBLE PREFERRED STOCKS — 0.5%
Consumer Staples — 0.5%
Bunge Ltd. (Bermuda), 4.88%		27,400		2,692,050
Total Convertible Preferred Stocks (Cost $2,864,600)				2,692,050
U.S. GOVERNMENT BONDS — 11.4%
U.S. Treasury "Strips", 0.00%, 8/15/2029	$	15,000,000		14,257,868
U.S. Treasury "Strips", 0.00%, 2/15/2036		20,000,000		17,330,360
U.S. Treasury "Strips", 0.00%, 2/15/2041		10,000,000		7,802,284
U.S. Treasury "Strips", 0.00%, 5/15/2049		30,000,000		19,558,094
Total U.S. Government Bonds (Cost $41,103,967)				58,948,606
CONVERTIBLE CORPORATE BONDS — 5.5%
Health Care — 5.3%
Acorda Therapeutics, Inc., 1.75%, 6/15/2021		11,000,000		6,930,000
Acorda Therapeutics, Inc., 6.00%, 12/1/2024		2,500,000		1,379,549
MannKind Corp., 5.75%, 10/23/2024(a)(b)		5,000,000		3,750,000
Novavax, Inc., 3.75%, 2/1/2023		1,000,000		1,201,480
Paratek Pharmaceuticals, Inc., 4.75%, 5/1/2024		15,000,000		12,330,087
Rocket Pharmaceuticals, Inc., 6.25%, 8/1/2022		2,000,000		2,181,787
Synergy Pharmaceuticals, Inc., 7.50%, 11/1/2019(a)(b)(d)(e)		1,500,000		150
				27,773,053
Industrials — 0.2%
Team, Inc., 5.00%, 8/1/2023(d)		1,000,000		840,527
Total Convertible Corporate Bonds (Cost $36,027,448)				28,613,580
CORPORATE BONDS — 1.5%
Consumer Staples — 0.3%
Land O'Lakes Capital Trust I, 7.45%, 3/15/2028(d)		1,500,000		1,710,000
Energy — 0.1%
PetroQuest Energy, Inc., 10.00%, 2/15/2024(a)(b)(e)(f)		2,629,656		262,966
Financials — 0.6%
Security Benefit Life Insurance Co., 7.45%, 10/1/2033(d)		3,000,000		3,405,000
Health Care — 0.5%
MannKind Corp., 0.00%, 12/30/2020(a)(b)		2,630,750		2,630,750
Total Corporate Bonds (Cost $9,194,236)				8,008,716

	Shares/ Principal Amount		Fair Value
U.S. MUNICIPAL BONDS — 0.0%
Indianapolis Airport Authority, 6.50%, 11/15/2031(b)(c)(e)	$	972,551	$	292
Total U.S. Municipal Bonds (Cost $162,383)				292
MONEY MARKET FUNDS - 5.6%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.02%(g)		28,988,470		28,988,470
Total Money Market Funds (Cost $28,988,470)				28,988,470
Total Investments — 100.0% (Cost $344,943,799)				518,765,452
Liabilities in Excess of Other Assets — 0.0%				(54,393	)
NET ASSETS — 100.0%			$	518,711,059

(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, 2020 was $6,653,180, representing 1.3% 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, 2020 was $5,955,677, representing 1.1% of net assets.
(e)	In default.
(f)	Payment in kind security which may pay interest in additional principal.
(g)	Rate disclosed is the seven day effective yield as of September 30, 2020.

ADR - American Depositary Receipt

See accompanying notes which are an integral part of this schedule of investments.

At September 30, 2020, the breakdown of net unrealized appreciation and tax cost of investments for federal income tax purpose is as follows:

Gross Unrealized Appreciation	$	197,118,377
Gross Unrealized Depreciation		(23,996,575	)
Net Unrealized Appreciation on Investments	$	173,121,802
Tax Cost	$	345,643,650

BRUCE FUND, INC.

NOTES TO THE SCHEDULE OF INVESTMENTS

September 30, 2020 (Unaudited)

The Bruce Fund (the “Fund”) is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

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. 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.

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 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

· 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.)

· 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, convertible preferred 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.

BRUCE FUND, INC.

NOTES TO THE SCHEDULE OF INVESTMENTS - continued

September 30, 2020 (Unaudited)

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 by the Adviser, in conformity with guidelines adopted by and subject to review by the Board of Directors (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 corporate bonds, convertible corporate bonds, U.S. government bonds, and U.S. municipal bonds are generally categorized as Level 2 securities and valued on the basis of prices furnished by a pricing service. 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 guidelines adopted by and subject to review of the Board. These securities are generally categorized as Level 3 securities.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2020 based on the three levels defined previously:

	Level 1		Level 2		Level 3		Total
Common Stocks
Communications	$	7,278,038	$	-	$	6,500	$	7,284,538
Energy		4,658,719		-		2,522		4,661,241
Financials		25,888,500		-		-		25,888,500
Health Care		120,742,618		-		-		120,742,618
Industrials		49,007,049		-		-		49,007,049
Materials		15,551,092		-		-		15,551,092
Technology		42,277,600		-		-		42,277,600
Utilities		126,101,100		-		-		126,101,100
Convertible Preferred Stocks
Consumer Staples		2,692,050		-		-		2,692,050
U.S. Government Bonds
U.S. Treasury Strips		-		58,948,606		-		58,948,606
Convertible Corporate Bonds
Health Care		-		24,022,903		3,750,150		27,773,053
Industrials		-		840,527		-		840,527
Corporate Bonds
Consumer Staples		-		1,710,000		-		1,710,000
Energy		-		-		262,966		262,966
Financials		-		3,405,000		-		3,405,000
Health Care		-		-		2,630,750		2,630,750
U.S. Municipal Bonds		-		292		-		292
Money Market Funds		28,988,470		-		-		28,988,470
Total	$	423,185,236	$	88,927,328	$	6,652,888	$	518,765,452

BRUCE FUND, INC.

NOTES TO THE SCHEDULE OF INVESTMENTS - continued

September 30, 2020 (Unaudited)

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 September 30, 2020:

Quantitative Information about Significant Level 3 Fair Value Measurements
Asset Category	Fair Value At September 30, 2020		Valuation Techniques	Unobservable Input(s)	Range
Common Stocks	$	2,522	Adjusted Broker Quotes	Non-Binding Broker Quotes		N/A
		6,500	Asset Liquidation Analysis	Liquidation Proceeds		N/A
Convertible Corporate Bonds		3,750,150	Adjusted Broker Quotes	Non-Binding Broker Quotes		N/A
				Discount for Lack of Marketability		1%-20%
			Comparable Security Analysis	Matrix Pricing Range		N/A
				Common Stock Valuation		N/A
Corporate Bonds		2,893,716	Price at Par	Liquidation/ Reorganization Valuation		50%-100%

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, 2020		Realized gain (loss)		Amortization/Accretion		Change in unrealized appreciation (depreciation)
Common Stock	$	10,953	$	-	$	-	$	(1,931	)
Convertible Corporate Bonds		3,750,150		-		-		-
Corporate Bonds		2,881,194		-		-		(112,700	)
Total	$	6,642,297	$	-	$	-	$	(114,631	)

Purchases		Sales		Transfer in Level 3* (a)		Transfer out Level 3* (b)		Balance as of September 30, 2020
$	-	$	-	$	-	$	-	$	9,022
	-		-		-		-		3,750,150
	125,222		-		-		-		2,893,716
$	125,222	$	-	$	-	$	-	$	6,652,888

BRUCE FUND, INC.

NOTES TO THE SCHEDULE OF INVESTMENTS - continued

September 30, 2020 (Unaudited)

* 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 September 30, 2020.

(b) Transfers out relate primarily to securities for which observable inputs became available during the period, and as of September 30, 2020, 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 September 30, 2020.

The total change in unrealized appreciation attributable to Level 3 investments still held at September 30, 2020 was as follows:

	Total Change in Unrealized Appreciation (Depreciation)
Common Stock	$	(1,931	)
Convertible Corporate Bonds		-
Corporate Bonds		(112,700	)
Total	$	(114,631	)

Restricted Securities – The Fund has acquired several securities, the sale of which is restricted, through private placement. At September 30, 2020, the aggregate market value of such securities listed below amounted to $5,955,677 or 1.1% of the Fund’s net assets. 100% of the restricted securities are valued using quoted market prices, while the other 0.0% are valued according to fair value procedures approved by the Board. 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 September 30, 2020:

Issuer Description	Acquisition Date	Principal Amount		Cost		Value
Corporate Bonds
Land O' Lakes Capital Trust I, 7.45%, 3/15/28	1/23/09	$	1,500,000	$	1,144,534	$	1,710,000
Security Benefit Life Insurance Co., 7.45%, 10/1/33	(a)		3,000,000		2,789,293		3,405,000
Convertible Corporate Bonds
Synergy Pharmaceuticals, Inc., 7.50%, 11/1/19	3/4/15		1,500,000		932,534		150
Team, Inc., 5.00%, 8/1/23	8/24/17		1,000,000		931,865		840,527

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