Bruce & Co., Inc. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABT	Abbott	113,800 (-14.9%)	$14,258 (-20.4%)	4.4%	$34.90	+264.8%	Common	002824100
ABBV	Abbvie	122,500 (-3.9%)	$27,990 (-5.2%)	8.7%	$63.21	+260.0%	Common	00287Y109
—	Nextera Energy	310,300 (-1.5%)	$24,911 (+4.8%)	7.7%	$79.61	—	Common	302571104
BG	Bunge	70,000 (-12.5%)	$6,236 (-4.1%)	1.9%	$91.77	+0.1%	Common	H11356104
—	Bausch Health	124,000 (-27.5%)	$862 (-21.9%)	0.3%	$18.84	—	Common	91911K102
DAR	Darling Ingredients	106,000 (-19.1%)	$3,816 (-5.6%)	1.2%	$49.32	-31.4%	Common	237266101
PSNL	Personalis	233,000 (-7.9%)	$1,855 (+12.4%)	0.6%	$2.00	+336.7%	Common	71535D106
KOD	Kodiak Sciences	165,000 (-40.9%)	$4,613 (+0.9%)	1.4%	$7.00	+192.6%	Common	50015M109

Unchanged Positions (31)

VICR Vicor 3.1%

Value ($000) $9,864 Shares 90,000 Est. Cost $45.62 Unrealized +86.3%

AER AerCap Holdings 8.2%

Value ($000) $26,380 Shares 183,500 Est. Cost $94.60 Unrealized +40.0%

— Merck 6.3%

Value ($000) $20,294 Shares 192,800 Est. Cost $49.25 Unrealized —

IIIN Insteel 3.4%

Value ($000) $10,876 Shares 343,423 Est. Cost $24.92 Unrealized +28.2%

UHAL/B Uhaul B 6.6%

Value ($000) $21,126 Shares 452,000 Est. Cost $58.37 Unrealized -16.6%

T AT & T 4.0%

Value ($000) $12,991 Shares 523,000 Est. Cost $14.97 Unrealized +68.9%

NEM Newmont 3.1%

Value ($000) $9,985 Shares 100,000 Est. Cost $31.96 Unrealized +182.2%

XEL XCEL Energy 4.5%

Value ($000) $14,366 Shares 194,500 Est. Cost $25.32 Unrealized +209.2%

DUK Duke Energy 5.7%

Value ($000) $18,263 Shares 155,816 Est. Cost $47.24 Unrealized +157.3%

CC Chemours 0.9%

Value ($000) $2,948 Shares 250,000 Est. Cost $15.08 Unrealized -15.2%

ALL Allstate 8.1%

Value ($000) $26,123 Shares 125,500 Est. Cost $49.57 Unrealized +311.7%

VG Venture Global 0.2%

Value ($000) $682 Shares 100,000 Est. Cost $14.48 Unrealized -42.6%

AAPL Apple 3.3%

Value ($000) $10,575 Shares 38,900 Est. Cost $97.66 Unrealized +174.8%

LLY Eli Lilly 0.7%

Value ($000) $2,149 Shares 2,000 Est. Cost $821.14 Unrealized +16.4%

CMS CMS Energy 3.4%

Value ($000) $10,909 Shares 156,000 Est. Cost $25.58 Unrealized +183.4%

UHAL Uhaul 1.2%

Value ($000) $3,725 Shares 73,900 Est. Cost $23.99 Unrealized +121.8%

EDAP EDAP 0.4%

Value ($000) $1,443 Shares 438,652 Est. Cost $2.73 Unrealized —

LYB Lyondellbasell 0.8%

Value ($000) $2,598 Shares 60,000 Est. Cost $54.29 Unrealized -18.1%

MASS 908 Devices 0.1%

Value ($000) $359 Shares 68,286 Est. Cost $12.10 Unrealized -42.3%

ADM Archer Daniels 1.8%

Value ($000) $5,749 Shares 100,000 Est. Cost $56.33 Unrealized +5.6%

FATE Fate Theraputics 0.2%

Value ($000) $717 Shares 729,188 Est. Cost $3.31 Unrealized -63.7%

CRBU Caribou Biosciences 0.1%

Value ($000) $398 Shares 250,000 Est. Cost $4.64 Unrealized -54.8%

— XM Sirius 0.3%

Value ($000) $1,115 Shares 55,784 Est. Cost $3.50 Unrealized —

— Ashland 0.3%

Value ($000) $880 Shares 15,000 Est. Cost $97.00 Unrealized —

PFE Pfizer 2.1%

Value ($000) $6,770 Shares 271,900 Est. Cost $19.10 Unrealized +31.1%

SUPN Supernus 1.3%

Value ($000) $4,081 Shares 82,105 Est. Cost $28.47 Unrealized +70.8%

VTRS Viatris 0.2%

Value ($000) $726 Shares 58,279 Est. Cost $11.72 Unrealized -8.5%

AVA Avista 2.4%

Value ($000) $7,766 Shares 201,500 Est. Cost $21.15 Unrealized +83.4%

MNKD Mannkind 0.3%

Value ($000) $1,106 Shares 195,073 Est. Cost $4.01 Unrealized +37.4%

RLI RLI 0.8%

Value ($000) $2,610 Shares 40,800 Est. Cost $67.55 Unrealized -9.0%

WEC WEC Energy 0.1%

Value ($000) $416 Shares 3,945 Est. Cost $76.80 Unrealized +43.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VICR	Vicor	90,000	$9,864	3.1%	$45.62	+86.3%	Common	925815102
AER	AerCap Holdings	183,500	$26,380	8.2%	$94.60	+40.0%	Common	N00985106
—	Merck	192,800	$20,294	6.3%	$49.25	—	Common	589331107
IIIN	Insteel	343,423	$10,876	3.4%	$24.92	+28.2%	Common	45774W108
UHAL/B	Uhaul B	452,000	$21,126	6.6%	$58.37	-16.6%	Common	023586506
T	AT & T	523,000	$12,991	4.0%	$14.97	+68.9%	Common	00206R102
NEM	Newmont	100,000	$9,985	3.1%	$31.96	+182.2%	Common	651639106
XEL	XCEL Energy	194,500	$14,366	4.5%	$25.32	+209.2%	Common	98389B100
DUK	Duke Energy	155,816	$18,263	5.7%	$47.24	+157.3%	Common	26441C204
CC	Chemours	250,000	$2,948	0.9%	$15.08	-15.2%	Common	163851108
ALL	Allstate	125,500	$26,123	8.1%	$49.57	+311.7%	Common	020002101
VG	Venture Global	100,000	$682	0.2%	$14.48	-42.6%	Common	92333F101
AAPL	Apple	38,900	$10,575	3.3%	$97.66	+174.8%	Common	037833100
LLY	Eli Lilly	2,000	$2,149	0.7%	$821.14	+16.4%	Common	532457108
CMS	CMS Energy	156,000	$10,909	3.4%	$25.58	+183.4%	Common	125896100
UHAL	Uhaul	73,900	$3,725	1.2%	$23.99	+121.8%	Common	023586100
EDAP	EDAP	438,652	$1,443	0.4%	$2.73	—	Common	268311107
LYB	Lyondellbasell	60,000	$2,598	0.8%	$54.29	-18.1%	Common	N53745100
MASS	908 Devices	68,286	$359	0.1%	$12.10	-42.3%	Common	65443P102
ADM	Archer Daniels	100,000	$5,749	1.8%	$56.33	+5.6%	Common	039483102
FATE	Fate Theraputics	729,188	$717	0.2%	$3.31	-63.7%	Common	31189P102
CRBU	Caribou Biosciences	250,000	$398	0.1%	$4.64	-54.8%	Common	142038108
—	XM Sirius	55,784	$1,115	0.3%	$3.50	—	Common	82968B103
—	Ashland	15,000	$880	0.3%	$97.00	—	Common	044209104
PFE	Pfizer	271,900	$6,770	2.1%	$19.10	+31.1%	Common	717081103
SUPN	Supernus	82,105	$4,081	1.3%	$28.47	+70.8%	Common	868459108
VTRS	Viatris	58,279	$726	0.2%	$11.72	-8.5%	Common	92556V106
AVA	Avista	201,500	$7,766	2.4%	$21.15	+83.4%	Common	05379B107
MNKD	Mannkind	195,073	$1,106	0.3%	$4.01	+37.4%	Common	56400P706
RLI	RLI	40,800	$2,610	0.8%	$67.55	-9.0%	Common	749607107
WEC	WEC Energy	3,945	$416	0.1%	$76.80	+43.6%	Common	92939U106