Fund Currently Managed

Bruce Fund, since October 1983.

Investment Style Overview

Invests in any type of security and, according to Bruce, the portfolio has no typical composition. Invests in both stocks and bonds, including convertibles. In picking common stocks, the manager focuses on undervalued shares he thinks will rebound. Focuses mostly on small companies.

Key Stock Selection Criteria

*Strong cash flow and balance sheets.

*Company not widely followed by Wall Street analysts.

Key Sell Criteria

*Company financial fundamentals erode.

*Finds better investment.

Biographical Notes

Robert Bruce is president of Chicago-based Bruce & Co., which he founded in 1974. Previously, he was a vice president and director with Mathers & Co., which he helped found in 1964. He holds a BA in business administration from the University of Wisconsin and is a chartered financial analyst.