We believe that the worldwide economy is fragile and likely to produce weaker than expected activity. Likewise the financial markets continue to entertain high degree of risk and caution is warranted. We continue to feel that asset deflation remains a covert risk, and that the Fund's more conservative posture is still warranted.
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.
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.