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    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_S000011411Member" xlink:to="bruce_S000011411Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_S000011411Member_lbl" xml:lang="en-US">BRUCE FUND</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_StockMarketAndGeopoliticalRiskMember" xlink:label="bruce_StockMarketAndGeopoliticalRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_StockMarketAndGeopoliticalRiskMember" xlink:to="bruce_StockMarketAndGeopoliticalRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_StockMarketAndGeopoliticalRiskMember_lbl" xml:lang="en-US">Stock Market and Geopolitical Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_IssuerSpecificChangesRiskMember" xlink:label="bruce_IssuerSpecificChangesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_IssuerSpecificChangesRiskMember" xlink:to="bruce_IssuerSpecificChangesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_IssuerSpecificChangesRiskMember_lbl" xml:lang="en-US">Issuer-Specific Changes Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_ManagementRiskMember" xlink:label="bruce_ManagementRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_ManagementRiskMember" xlink:to="bruce_ManagementRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_ManagementRiskMember_lbl" xml:lang="en-US">Management Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_DistressedInvestmentRiskMember" xlink:label="bruce_DistressedInvestmentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_DistressedInvestmentRiskMember" xlink:to="bruce_DistressedInvestmentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_DistressedInvestmentRiskMember_lbl" xml:lang="en-US">Distressed Investment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_LiquidityRiskMember" xlink:label="bruce_LiquidityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_LiquidityRiskMember" xlink:to="bruce_LiquidityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_LiquidityRiskMember_lbl" xml:lang="en-US">Liquidity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestRateRiskMember" xlink:label="us-gaap_InterestRateRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateRiskMember" xlink:to="us-gaap_InterestRateRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestRateRiskMember_lbl" xml:lang="en-US">Interest Rate Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_ValueRiskMember" xlink:label="bruce_ValueRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_ValueRiskMember" xlink:to="bruce_ValueRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_ValueRiskMember_lbl" xml:lang="en-US">Value Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_GrowthRiskMember" xlink:label="bruce_GrowthRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_GrowthRiskMember" xlink:to="bruce_GrowthRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_GrowthRiskMember_lbl" xml:lang="en-US">Growth Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_CashInvestmentsRiskMember" xlink:label="bruce_CashInvestmentsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_CashInvestmentsRiskMember" xlink:to="bruce_CashInvestmentsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_CashInvestmentsRiskMember_lbl" xml:lang="en-US">Cash Investments Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_SmallOrMicroCapInvestingRiskMember" xlink:label="bruce_SmallOrMicroCapInvestingRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_SmallOrMicroCapInvestingRiskMember" xlink:to="bruce_SmallOrMicroCapInvestingRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_SmallOrMicroCapInvestingRiskMember_lbl" xml:lang="en-US">Small- or Micro-Cap Investing Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_GovernmentSecuritiesRiskMember" xlink:label="bruce_GovernmentSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_GovernmentSecuritiesRiskMember" xlink:to="bruce_GovernmentSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_GovernmentSecuritiesRiskMember_lbl" xml:lang="en-US">Government Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_MaturityRiskMember" xlink:label="bruce_MaturityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_MaturityRiskMember" xlink:to="bruce_MaturityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_MaturityRiskMember_lbl" xml:lang="en-US">Maturity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CreditRiskMember" xlink:label="us-gaap_CreditRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditRiskMember" xlink:to="us-gaap_CreditRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CreditRiskMember_lbl" xml:lang="en-US">Credit Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_ForeignInvestingRiskMember" xlink:label="bruce_ForeignInvestingRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_ForeignInvestingRiskMember" xlink:to="bruce_ForeignInvestingRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_ForeignInvestingRiskMember_lbl" xml:lang="en-US">Foreign Investing Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_SectorConcentrationRiskMember" xlink:label="bruce_SectorConcentrationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_SectorConcentrationRiskMember" xlink:to="bruce_SectorConcentrationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_SectorConcentrationRiskMember_lbl" xml:lang="en-US">Sector Concentration Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_IssuerCybersecurityRiskMember" xlink:label="bruce_IssuerCybersecurityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_IssuerCybersecurityRiskMember" xlink:to="bruce_IssuerCybersecurityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_IssuerCybersecurityRiskMember_lbl" xml:lang="en-US">Issuer Cybersecurity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_BusinessContinuityRiskMember" xlink:label="bruce_BusinessContinuityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_BusinessContinuityRiskMember" xlink:to="bruce_BusinessContinuityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_BusinessContinuityRiskMember_lbl" xml:lang="en-US">Business Continuity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_C000031584Member" xlink:label="bruce_C000031584Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_C000031584Member" xlink:to="bruce_C000031584Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bruce_C000031584Member_lbl" xml:lang="en-US">BRUCE FUND</link:label>
      <link:loc xlink:type="locator" xlink:href="bruce-20261026.xsd#bruce_SAndP500StockIndexReflectsNoDeductionForFeesMember" xlink:label="bruce_SAndP500StockIndexReflectsNoDeductionForFeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_SAndP500StockIndexReflectsNoDeductionForFeesMember" xlink:to="bruce_SAndP500StockIndexReflectsNoDeductionForFeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_SAndP500StockIndexReflectsNoDeductionForFeesMember_lbl" xml:lang="en-US">S&amp;P 500 Stock Index (reflects no deduction for fees)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bruce_C000031584Member" xlink:to="bruce_C000031584Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bruce_C000031584Member_2_lbl" xml:lang="en-US">BRUCE FUND [Default Label]</link:label>
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