Certified Shareholder Report, Semi-Annual

STYLE="font: 10pt Times New Roman, Times, Serif">

UNITED STATES

SECURITES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03150

BMC FUND, INC.

(Exact name of registrant as specified in charter)

800 GOLFVIEW PARK (P. O. BOX 500)

LENOIR, NC 28645

(Address of principal executive offices) (Zip code)

CAROL FRYE

BMC FUND, INC.

P. O. BOX 500

LENOIR, NC 28645

(Name and address of agent for service)

Registrant's telephone number including area code: 828-758-6100

Date of fiscal year end: October 31, 2014

Date of reporting period: April 30, 2014

Item 1. Report to Stockholders.

BMC FUND, INC.

FINANCIAL STATEMENTS AND

SUPPLEMENTARY INFORMATION

(UNAUDITED)

Six Months Ended April 30, 2014

BMC FUND, INC.

TABLE OF CONTENTS

Page No.
Letter to Shareholders 1
Graphic Presentation of Portfolio Holdings and Sector Diversification 2
Statement of Assets and Liabilities 3
Statement of Operations 4
Statements of Changes In Net Assets 5
Notes to Financial Statements 6
Directors and Officers 16
Additional Information 20
Financial Highlights 21
Schedule of Investments 22
Schedule of Open Written Option Contracts 35

BMC FUND, INC.

LETTER TO SHAREHOLDERS

Six Months Ended April 30, 2014 (Unaudited)

TO OUR SHAREHOLDERS:

We are happy to present to you our semi-annual report (unaudited) for the six months ended April 30, 2014, which we believe contains complete and pertinent financial information.

BMC Fund, Inc. became a Regulated Investment Company (“RIC”) on April 1, 1981. During the six months ended April 30, 2014, the Company paid the following dividends per share:

December 10, 2013 to shareholders of record November 25, 2013 $ 0.25
March 10, 2014 to shareholders of record February 25, 2014 0.25
Total $ 0.50

The attached Schedule of Investments is a listing of the entire Company’s diversified securities at April 30, 2014, with a total market value of $112,555,535.

M. Hunt Broyhill

Chairman, President and Chief Executive Officer

1

BMC FUND, INC.

GRAPHIC PRESENTATION OF PORTFOLIO HOLDINGS AND

SECTOR DIVERSIFICATION

Six Months Ended April 30, 2014 (Unaudited)

2

BMC FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2014

ASSETS AT MARKET VALUE:
Investment securities (cost - $104,808,392) $ 112,555,535
Cash and short-term investments 97,016
Receivables, accrued interest and dividends 152,629
Receivable from broker 173,936
Receivable from hedge fund liquidation 50,774
Other assets 56,615
Total assets 113,086,505
LIABILITIES:
Call and put options written, at fair value (premiums received $163,729) 194,630
Accounts payable and accrued expenses 3,371
Payable to custodian 12,698
Accounts payable to affiliates 73,246
Total liabilities 283,945
NET ASSETS AT APRIL 30, 2014 - EQUIVALENT TO $22.87 PER
SHARE ON 4,933,281 SHARES OF COMMON STOCK OUTSTANDING $ 112,802,560
SUMMARY OF SHAREHOLDERS' EQUITY:
Common stock, par value $5.00 per share - authorized 70,000,000 shares;
outstanding, 4,933,281 shares $ 24,666,405
Retained earnings prior to becoming investment company 74,927,017
Undistributed net investment income 512,893
Realized gain on investments (214,711 )
Undistributed nontaxable gain 5,194,714
Unrealized appreciation of investments 7,716,242
NET ASSETS APPLICABLE TO COMMON STOCK OUTSTANDING $ 112,802,560

See accompanying notes to financial statements.

3

BMC FUND, INC.
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2014

INVESTMENT INCOME:
Income:
Interest - fixed income $ 63,392
Other interest and dividends 1,744,994
Total income 1,808,386
Expenses:
Legal and professional fees 41,034
Directors' fees (Note 8) 33,000
Investment expense 30,466
Salaries 308,147
Property and liability insurance 25,074
Depreciation expense 2,379
Taxes and licenses 33,830
Rent 14,595
Office supplies and expense 27,076
Dues and subscriptions 16,647
Travel and entertainment 11,239
Total expenses 543,487
Investment income, net 1,264,899
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain from investments sold 141,645
Realized gain from expiration or closing of options contracts written 96,897
Change in unrealized appreciation of investments for the period 2,408,240
Net gain on investments 2,646,782
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 3,911,681

See accompanying notes to financial statements.

4

BMC FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended April 30, 2014 and 2013

2014 2013
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $ 1,264,899 $ 1,503,414
Realized gains from investment securities sold 238,542 465,033
Change in unrealized appreciation of
investments for the year 2,408,240 2,539,803
Net increase in net assets resulting from operations 3,911,681 4,508,250
Distributions to shareholders from:
Net realized gain on investment securities (1,007,445 ) (641,270 )
Net investment income (1,128,146 ) (1,473,908 )
Retained earnings prior to becoming an investment company (331,049 ) (696,792 )
TOTAL INCREASE (DECREASE) IN NET ASSETS 1,445,041 1,696,280
NET ASSETS AT BEGINNING OF PERIOD 111,357,519 111,378,561
NET ASSETS AT END OF PERIOD (Including
undistributed net investment income:
(2014 - $512,893, 2013 - $430,790)
$ 112,802,560 $ 113,074,841

See accompanying notes to financial statements.

5

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

1. ORGANIZATION

BMC Fund, Inc. (the “Company”) is a closed-end, diversified investment company registered under the Investment Company Act of 1940, as amended. Prior to becoming a regulated investment company on April 1, 1981, BMC Fund, Inc. operated as a regular corporation. The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuations – The investment securities are stated at fair value as determined by closing prices on national securities exchanges. Investment securities include corporate bonds, mutual funds, and common and preferred stocks.

The investments in limited partnerships, other investments and venture capital are stated at estimated fair value as determined by the management of these investments and are approved by the Company’s Valuation Committee after giving consideration to historical and projected financial results, economic conditions, financial condition of investee and other factors and events subject to change, and ratified by the Company’s Board of Directors. Because of the inherent uncertainty of those valuations, the estimated values may differ significantly from the values that would have been used had a ready market value for the investments existed, and these differences could be material.

B. Basis of Presentation - The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“SEC”).

C. Investment Transactions – Investment transactions are accounted for on the date the order to buy or sell is executed. Realized gains and losses on investments are determined on the basis of specific identification of issues sold or matured. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities.

For the six months ended April 30, 2014, the Company purchased and sold securities in the amount of $14,525,032 and $12,421,615 (excluding short-term investments and options), respectively.

6

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

D. Option Writing – When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Company on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Company has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Company. The Company as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

E. Income Taxes – No federal tax provision is required as it is the Company’s policy to comply with the provisions of Subchapter M of the Internal Revenue Code of 1954, as amended, including the distribution to its shareholders of substantially all of its income and any capital gains not offset by capital losses. Also, no state income tax provision has been provided because the states in which the Company has income recognize the tax exempt status of a regulated investment company.

The Company did not have an accrual for uncertain tax positions as deductions taken and benefits accrued are based on widely understood administrative practices and procedures, and are based on clear and unambiguous tax law. Tax returns for all years 2009 and thereafter are subject to possible future examinations by tax authorities.

F. Dividend Policy – It is the Company’s policy to pay dividends during the year in sufficient amounts to meet the requirements to maintain its status as a regulated investment company.

G. Cash and Short-Term Investments – For purposes of financial reporting, the Company considers all investments at financial institutions with original maturities of three months or less to be equivalent to cash. Short-term money market investments managed by third party investors are included in investment securities.

H. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

7

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

I. Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.

In determining fair value, the Company uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy 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.

8

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

J. Investments in Limited Partnerships - Investments in limited partnerships are valued, as a practical expedient, utilizing the net asset valuations provided by the underlying limited partnerships when the net asset valuations of the investments are calculated (or adjusted by the Company if necessary) in a manner consistent with GAAP for investment companies. The Company applies the practical expedient to its investments in limited partnerships on an investment-by-investment basis, and consistently with the Company's entire position in a particular investment, unless it is probable that the Company will sell a portion of an investment at an amount different from the net asset valuation.

Investments in limited partnerships are included in Level 3 of the fair value hierarchy. In determining the level, the Company considers the length of time until the investment is redeemable, including notice and lock-up periods or any other restriction on the disposition of the investment. The Company also considers the nature of the portfolios of the underlying limited partnership and their ability to liquidate their underlying investments. If the Company does not know when it will have the ability to redeem the investment or it does not have the ability to redeem its investment in the near term, the investment is included in Level 3 of the fair value hierarchy. In addition, investments which are not valued using the practical expedient are included in Level 3 in the fair value hierarchy.

K. Fair Value-Valuation Processes - The Company establishes valuation processes and procedures to ensure that the valuation techniques are fair, consistent, and verifiable. The Company has designated a valuation subcommittee, that is comprised of senior management employees of the Company, that meets on a quarterly basis, or more frequently as needed, to approve the valuations of the Fund's investments. The valuation subcommittee establishes valuations which are then provided to the Company’s valuation committee, which is comprised of disinterested directors, who review and recommend the valuations to the Company’s Board of Directors to ratify. The Company’s valuations committee is responsible for developing the Company’s written valuation processes and procedures, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation processes.

The valuations of investments in limited partnerships are supported by information received from the limited partnerships, such as monthly net asset values, investor reports, and audited financial statements, when available. If it is probable that the Company will sell an investment at an amount different from the net asset valuation or in other situations where the practical expedient is not available, or when the Company believes alternative valuation techniques are more appropriate, the valuation committee may consider other factors, including subscription and redemption rights, expected discounted cash flows, transactions in the secondary market, bids received from potential buyers, and overall market conditions in its determination of fair value.

9

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

The Company's Level 3 investments have been valued using the unadjusted net asset value of investments in limited partnerships. As a result, there were no unobservable inputs that have been internally developed by the Company in determining the fair values of its investments as of April 30, 2014.

The following is a summary of the inputs used to value the Company’s investments as of April 30, 2014 .

Asset Description

Quoted Prices

in Active Markets for Identical Assets

(Level 1)

Significant

Other

Observable Inputs

(Level 2)

Significant Unobservable Inputs

(Level 3)

Total

Fixed Income $ 2,779,915 $ - $ - $ 2,779,915
Mutual Funds
Bond Mutual Funds 21,763,547 - - 21,763,547
Stock Mutual Funds 8,774,479 - - 8,774,479
Other Investments
Limited Partnerships - - 22,044,795 22,044,795
Common Stocks
Common Stocks – Publicly Traded 34,607,304 - - 34,607,304
Call Options (61,790 ) - - (61,790 )
Put Options (132,840 ) - - (132,840 )
Cash and Cash Equivalents 22,585,495 - - 22,585,495
Total Investments $ 90,316,110 $ - $ 22,044,795 $ 112,360,905

The table below presents a reconciliation for the year ended April 30, 2014, for all Level 3 assets that are measured at fair value on a recurring basis.

Balance Accrued Unrealized Realized Net Transfers Balance
as of Discounts/ Gains & Gains & Net Return of Net in (out of) as of
Level 3 Assets 10/31/2013 Premiums Losses Losses Purchases Capital Sales Level 3 4/30/2014
Other Investments
Limited Partnerships $ 20,758,738 $ - $ 789,027 $ 82,903 $ 1,311,514 $ (290,604 ) $ (606,783 ) $ - $ 22,044,795
Total Investments $ 20,758,738 $ - $ 789,027 $ 82,903 $ 1,311,514 $ (290,604 ) $ (606,783 ) $ - $ 22,044,795

Realized gains and losses are included in the realized gain from investments sold on the Statement of Operation. Unrealized gains and losses are included in the change in unrealized appreciation of investments on the Statement of Operations.

L. Investments in Limited Partnerships - As of April 30, 2014, the Company was invested in limited partnerships. Each of these investments has certain restrictions with respect to rights of withdrawal by the Company as specified in the respective agreements. Generally, the Company is required to provide notice of its intent to withdraw after the investment has been maintained for a certain period of time. The management agreements of the limited partnerships provide for compensation to the managers in the form of fees ranging from 1% to 2% annually of net assets and performance incentive allowances or fees ranging from 10% to 20% of net profits earned.

10

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

The following table summarizes the Company's investments in other limited partnerships as of April 30, 2014. The Company's investments in limited partnerships have certain redemption and liquidity restrictions which are described in the below table.

Investment

Redemptions

Notice Period

Redemptions

Permitted

Liquidity

Restrictions

Limited Partnerships
Stark Investments LP N/A N/A See below (1)
Stark Structured Finance Onshore LP N/A N/A See below (1)
Elliott Associates, LP 60 days January 1 or July 1 See below (2) (3)
RiverNorth Capital Partners, LP 60 days Monthly See below (4)
Greenlight Masters Qualified, LP 105 days December 31 See below (5)
Hayman Capital Partners, LP 45 days Quarterly See below (6) (7)
Morrocroft Special Opportunity Fund II, LP 90 days Quarterly See below (5) (8)
Privet Fund LP 90 days Quarterly See below (9)
Civic Capital Currency Fund, LP 15 days Monthly None
Worldwide Opportunity Fund (Cayman), Ltd. 30 days June 30 or Dec. 31 See below (10)
400 Capital Credit Opportunities Fund LP 60 days Quarterly See below (11)
Virgo Societas Partnership III (Onshore), LP N/A N/A See below (12)
Serengeti Multi-Series, LP 87 days Quarterly See below (13)
Passport Long Short Fund, LP 15 days Monthly See below (14)
Walnut Investment Partners, LP N/A N/A See below (15)

(1) In liquidation.

(2) There is a gate provision if requests for redemptions would cause a decline in aggregate net asset value of 20%. Investors shall be required to submit a new withdrawal request until the intended payout is achieved.

(3) There is a capital surcharge of 1 3/4% for a partial or full withdrawal which may be waived in whole or in part.

(4) There is a gate provision if requests for redemptions would cause a decline in aggregate net asset value of 15%.

(5) There is a gate provision regarding requests for redemptions, subject to various unspecified terms.

(6) There is a redemption provision stating the general partner may disallow a partial withdrawal if the investor would not have a capital account balance at least equal to $1,000,000 thereafter.

(7) There is a gate provision if requests for redemptions would cause a decline in aggregate net asset value of 20%. Investors subject to this provision in any calendar quarter (i) shall have no priority in the next calendar quarter or in subsequent calendar quarters, and (ii) they shall receive the full amount of their requested withdrawal no later than the last business day of the fourth calendar quarter following the withdrawal date.

(8) Minimum withdrawal is $100,000, and subsequent withdrawals may only be made in increments of $100,000. Withdrawal maximum limits: up to 1/5 of investment on initial withdrawal date, up to 1/4 of the remainder as of any subsequent withdrawal date, up to 1/3 of the remainder as of any subsequent withdrawal date, up to 1/2 of the remainder as of any subsequent withdrawal date, and up to the remainder as of any subsequent withdrawal date.

(9) Redemptions from portions of capital balance attributable to special investments are permitted only in the general partner's discretion.

(10) Partial redemption may not reduce capital account below the lesser of $100,000 or 1% of the capital accounts of all investors.

(11) Withdrawal proceeds are available as follows: 25% at withdrawal date; 33 1/3% of the remaining account three months after withdrawal date; 50% of the remaining amount six months after withdrawal date, and the remaining balance nine months after withdrawal date.

(12) Redemptions are not permitted. Unless the general partner elects an earlier date, the partnership expires April 17, 2019, which is the seventy-two month anniversary date of the initial closing of April 17, 2013, subject to a discretionary extension by the general partner of up to two consecutive additional one-year periods.

(13) There is a three-year lock-up period for the contribution to the underlying fund which expires May 31, 2016.

(14) There is a gate provision if aggregate requested withdrawal amounts exceed 65% of the net asset value. Withdrawals to investors subject to this provision may be reduced pro rata based on their respective withdrawal requests. Any unpaid withdrawal amounts will be automatically submitted for the next withdrawal date.

(15) Redemptions are not permitted.

11

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

The Company is subject to credit risk to the extent that the investment managers of the underlying limited partnerships are unable to fulfill their obligations according to their organizational documents. The Company, through its investments in limited partnerships, is subject to risk inherent when investing in securities and private investments. In connection with its investments, the Company is subject to the market and credit risk of those investments held or sold short by the limited partnerships. Due to the nature of the Company's investments, the above described risks are limited to the Fund's investment balances and unfunded commitments to limited partnerships.

3. UNREALIZED APPRECIATION AND DEPRECIATION ON INVESTMENTS

(tax basis)

The amount of net unrealized appreciation (depreciation) and the cost of investment securities for tax purposes, including short-term securities as April 30, 2014, were as follows:

Gross appreciation (excess of value over tax cost) $ 14,870,601
Gross depreciation (excess of tax cost over value) (7,123,458 )
Net unrealized appreciation $ 7,747,143
Cost of investments for income tax purposes $ 104,808,392

4. OPTIONS WRITTEN

As of April 30, 2014, portfolio securities valued at $1,267,260 were held in escrow by the custodian as cover for call options written by the Company.

Transactions in options written during the year ended April 30, 2014 were as follows:

Number of
Contracts
Premiums
Received
Options outstanding at October 31, 2013 3,590 $ 422,753
Options written 3,351 452,301
Options terminated in closing purchase transactions (2,166 ) (292,713 )
Options expired (2,130 ) (259,310 )
Options exercised (1,925 ) (159,303 )
Options outstanding at April 30, 2014 720 $ 163,728

5. PLEDGED COLLATERAL

As of April 30, 2014, short-term investments in the amount of $5,540,063 were pledged as collateral for put options sold by the Company.

12

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

6. DISTRIBUTIONS TO SHAREHOLDERS

Classifications of distributions, net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Company.

On December 10, 2013, a distribution of $0.25 per share was paid to shareholders of record on November 25, 2013.

On March 10, 2014, a distribution of $0.25 per share was paid to shareholders of record on February 25, 2014.

The tax character of distributions paid during 2014 was as follows:

2014
Distributions paid from:
Ordinary income $ 1,486,715
Retained earnings prior to becoming an investment company 979,925
$ 2,466,640

7. LINE OF CREDIT

On April 22, 2010, (renewed April 21, 2013), the Company entered into an agreement with a bank for an unsecured line of credit in the amount of $3,500,000 to provide the Company more flexibility in its payment of dividends and management of its investments. The interest rate on any borrowings is at the one month LIBOR market index rate plus 150 basis points, with a floor of 3.00 percent. The Company will pay a commitment fee of 35 basis points on any unused balance. As of April 30, 2014, the Company had no borrowings from this line of credit, which expires on April 21, 2016.

8. ADVISORY BOARD AND REMUNERATION OF DIRECTORS

The Company does not have an advisory board. The independent directors are paid an annual fee of $3,000 plus $1,000 for each meeting attended in person or $500 for each meeting attended by telephone. Each such independent director is paid an additional $1,000 for each day attending a committee meeting in person or $500 by telephone other than on the date of a board meeting. In addition, all directors are reimbursed for their reasonable expenses incurred in attending meetings.

13

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

9. RELATED PARTIES

The Company leases office space from Broyhill Investments, Inc., which is controlled by M. Hunt Broyhill, director and officer, and Paul H. Broyhill, director of the Company. The expense associated with this related party lease for the six months ended April 30, 2014 amounted to $14,595. Broyhill Investments, Inc. also acts as a common paymaster for payroll and other shared services. This service is provided at no cost to the Company. All amounts paid by Broyhill Investments, Inc. on behalf of the Company are reimbursed by the Company. The outstanding payable related to these transactions at April 30, 2014 was $73,246.

10. IMPAIRED SECURITIES

Selected securities at the end of the year have significant investment impairment issues. These selected securities have an aggregate cost basis of $5,244,089 and have been assigned no value at April 30, 2014.

11. SUPPLEMENTAL PROXY INFORMATION AND 2014 ANNUAL MEETING OF SHAREHOLDERS

The Annual Meeting of Shareholders of BMC Fund, Inc. was held on February 21, 2014 at the Company’s offices in Lenoir, North Carolina. The meeting was held for the following purposes:

1. To elect the following 11 directors to serve as follows:

Director Term Expiring
Kevin P. Boudreau 1 year 2015
James T. Broyhill 1 year 2015
M. Hunt Broyhill 1 year 2015
Paul H. Broyhill 1 year 2015
W. Charles Campbell 1 year 2015
R. Donald Farmer 1 year 2015
Robert G. Fox, Jr. 1 year 2015
Jan E. Gordon 1 year 2015
Brent B. Kincaid 1 year 2015
Mark E. Roberts 1 year 2015
Allene B. Stevens 1 year 2015

2. To vote upon such other business as may come before the meeting.

14

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2014 (Unaudited)

12. SUPPLEMENTAL INFORMATION

M. Hunt Broyhill, Chairman, President and Chief Executive Officer, and Christopher R. Pavese, CFA, Vice President and Chief Investment Officer, are primarily responsible for the day-to-day management of the Company’s portfolio. Mr. Broyhill has had such responsibility since 2001. Mr. Broyhill has been engaged in asset management for various institutions and high net worth individuals for more than five years. Prior to joining the Company on March 1, 2005, Mr. Pavese was a Vice President and Portfolio Manager at JP Morgan Private Bank from January 1999 until February 2005. At JP Morgan, Mr. Pavese was engaged in asset management, portfolio strategy, and asset allocation for high net worth individuals, personal trusts, endowments and foundations.

15

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2014 (Unaudited)

The directors of the Fund were elected for a one-year term at the 2014 annual meeting of shareholders of the Fund.

The following table provides information about the directors and the officers of the Fund:

Directors Who Are Interested Persons

Name,

Address and Age

Position(s)
Held

with Fund

Term of
Office and

Length of

Time Served

Principal

Occupation(s)

During Past

5 Years

Other

Directorships Held by Director

During at Least

the Past 5 Years

James T. Broyhill (87)

1930 Virginia Road

Winston-Salem, NC 27104

Director

Vice Chairman

Since 1976

Since 2005

Retired; Director of Shepherd Street Equity Fund (1998-2008); Vice President of Old Clemmons School Properties, Inc. (2006-present); President of Old Clemmons School Properties, Inc. (1998-2006); former Secretary of the North Carolina Department of Commerce (1989-1991); former Chairman of the North Carolina Economic Development Board (1987-1989); former member, U. S. Senate (1986); former member, U.S. House of Representatives (1963-1986)

None

M. Hunt Broyhill (50)

1870 9 th Street Court, NW

Hickory, NC 28601

Director

Chairman and Chief Executive Officer

President

Vice President

Since 2008

Since Feb. 2014

Since 2007

2001-2007

Chairman and Chief Executive Officer of the Fund since Feb. 2014; President of the Fund since February 2007; former Vice President of the Fund (2001-2007); Chief Executive of Broyhill Asset Management, LLC and Broyhill Wakin General Partners, LLC (1997-present); Director and President of Broyhill Investments, Inc. (1988-present); Director (1983-present) and President of Broyhill Family Foundation, Inc. (1988-present); Senior Managing Partner and Director of Flagship Capital Partners, LLC (2007-present); Manager and Vice President of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (1995-present); General Partner of CapitalSouth Partners Fund I, LP and CapitalSouth Partners Fund II, LP (2000-2013); General Partner of CapitalSouth Partners

Capitala Finance Corp. (Sept. 2013-present)

16

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2014 (Unaudited)

Directors Who Are Interested Persons

Name,

Address and Age

Position(s)
Held

with Fund

Term of
Office and

Length of

Time Served

Principal

Occupation(s)

During Past

5 Years

Other

Directorships Held
by Director

During at Least

the Past 5 Years

Fund III, LP (2007-2013); Chief Executive Officer of Broyhill Affinity Fund, LLC (2008-2012)

Paul H. Broyhill (90)

135 Claron Place, SE

Lenoir, NC 28645

Director

Chairman Emeritus

Since 1976

Since Feb. 2014

Chairman Emeritus of the Fund (Feb. 2014-present); former Chairman (1976-Feb. 2014) and Chief Executive Officer (2001-Feb. 2014) of the Fund; former President of the Fund (2001-2007); Director (1972-present) and Chairman of Broyhill Investments, Inc. (1988-present); Director (1946-present) and Chairman of Broyhill Family Foundation, Inc. (1989-present); former President of Broyhill Family Foundation, Inc. (1980-1988); Manager and President of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (1983-present)

None

W. Charles Campbell (47)

1031 Huntington Park Drive

Charlotte, NC 28211

Director Since 2011

President and Chief Executive Officer of Flagship Capital Partners, LLC, a private investment real estate firm (2005-present); Co-manager of Brackett Flagship Properties, LLC, a commercial real estate firm (2010-present)

None

Allene B. Stevens (92)

153 Hillhaven Place SE

Lenoir, NC 28645

Director

Since 1983

Private Investor

None

17

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2014 (Unaudited)

Directors Who Are Not Interested Persons

Name,

Address and Age

Position(s)
Held

with Fund

Term of
Office and

Length of

Time Served

Principal

Occupation(s)

During Past

5 Years

Other

Directorships Held
by Director

During at Least

the Past 5 Years

Kevin P. Boudreau (51)

117 Shannon Court

Rocky Mount, NC 27804

Director Since 2011

Vice President of Tax and Risk Management, Boddie-Noell Enterprises, Inc., a diversified company with interests in restaurant and land-development projects (2005-present)

None

R. Donald Farmer (67)

273 Leeward Point Loop

Taylorsville, NC 28681

Director Since 2008

President of Don Farmer, CPA, PA, an independent public accounting firm and producer of federal income tax seminars and seminar materials (1984-present)

None

Robert G. Fox, Jr. (64)

330 Lams Way

Vilas, NC 28692

Director Since 2008

Former President and Chief Banking Officer of NewDominion Bank (2005-April 2010); Executive Vice President of First Charter Bank/First Charter Corporation (1993-2005)

None

Jan E. Gordon (62)

3075 Rolling Woods Drive

Palm Harbor, FL 34683

Director Since 2001

Retired; former election assistant, Pinellas County, FL Supervisor of Elections (1992-2005)

None

Brent B. Kincaid (83)

2703 Lakeview Drive

Lenoir, NC 28645

Director Since 2005

Retired since 1998; former President and CEO of Broyhill Furniture Industries, Inc.

None

Mark E. Roberts (51)

269 River Ridge Drive

Wallace, NC 28466

Director

Since Feb. 2014

Chief Investment Officer of Biltmore Family Offices, LLC (May 2013-present); Chief Investment Officer of Ironsides Asset Advisors, LLC, a registered investment advisory firm (2009-present); former Director of Global Equities and Hedged Strategies, State of North Carolina Retirement System (2003-2009)

None

18

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2014 (Unaudited)

Other Executive Officers

Name,

Address and Age

Positions
Held

with Fund

Length of

Time Served

Principal

Occupation

During Past

5 Years

Directorships Held
by Officer

During at Least

the Past 5 Years

Boyd C. Wilson, Jr. (61)

646 Pleasant Hill Road

Lenoir, NC 28645

Vice President and Chief Financial Officer

Since 2006

Vice President and Chief Financial Officer of the Fund since February 2006; Director (2007-present) and Executive Vice President of Broyhill Investments, Inc. (2005-present); Vice President of Broyhill Family Foundation, Inc. (2007-present); Treasurer of Broyhill Wakin General Partners, LLC (2008-present); Manager and Vice President of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (2006-present); Vice President – Finance & Administration of Kincaid Furniture Company, Incorporated (1990-2005)

CommunityOne Bancorp (2011-present); Bank of Granite Corp. (1996-2013)

Christopher R. Pavese (37)

166 Pleasant Point Drive

Hickory, NC 28601

Vice President and Chief Investment Officer

Since 2013

Since 2011

Vice President (2013-present) and Chief Investment Officer of the Fund since 2011; Chief Investment Officer of Broyhill Asset Management, LLC since 2008; Portfolio Manager of the Fund (2005-2011); Chief Investment Officer of Broyhill Affinity Fund, LLC (2008-2012)

None

Carol Frye (56)

210 Beall Street, NW

Lenoir, NC 28645

Secretary and Treasurer

Since 2001

Secretary and Treasurer of the Fund since 2001; Secretary and Treasurer of Broyhill Investments, Inc. (2000-present); Director (2001-present), Secretary and Treasurer of Broyhill Family Foundation, Inc. (2003-present); Secretary of Broyhill Wakin General Partners, LLC (1997-present); Secretary and Treasurer of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (2001-present) None

19

BMC FUND, INC.

ADDITIONAL INFORMATION

Six Months Ended April 30, 2014 (Unaudited)

Proxy Voting - The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available without charge, upon request, by calling 828-758-6100; on the Fund’s website at http://www.bmcfund.com ; and on the Securities and Exchange Commission’s website at http://www.sec.gov .

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 828-758-6100, and on the SEC’s website at http://www.sec.gov (see Form N-PX).

Portfolio Holdings - The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-202-551-8090.

20

BMC FUND, INC.
FINANCIAL HIGHLIGHTS
Six months ended April 30, 2014 (unaudited), Years Ended October 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005 and 2004

The following table presents financial information divided into three parts: per share operating performance, total investment return and ratios and supplemental data for the six months ended April 30, 2014 (unaudited), the years ended October 31, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005 and 2004. The first part, per share operating performance, details the changes on a per share basis of the Company's beginning net asset value to its ending net asset value. The second part, total investment return, is based on the market price of the Company's shares of stock. Part three, ratios and supplemental data, provides additional financial information related to the Company's performance.

Six Months
Ended
April 30,
PER SHARE OPERATING 2014
PERFORMANCE (Unaudited) 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Net asset value, beginning of period $ 22.57 $ 22.58 $ 22.11 $ 22.41 $ 21.20 $ 20.79 $ 36.28 $ 33.55 $ 32.84 $ 30.94 $ 29.17
Net investment income 0.26 0.46 0.35 0.49 0.46 0.48 0.73 0.78 1.06 0.88 0.82
Net gains (losses) on investments 0.53 0.60 1.18 0.21 1.70 1.65 (10.98 ) 4.25 2.43 2.48 2.08
Total from investment operations 0.79 1.06 1.53 0.70 2.16 2.13 (10.25 ) 5.03 3.49 3.36 2.90
Less distributions:
Dividends from net investment income 0.23 0.47 0.56 0.27 0.46 0.92 1.04 2.03 2.37 - 0.65
Distributions from capital gains 0.20 0.33 0.48 0.53 - - 1.42 0.27 0.41 1.46 0.48
Distributions from retained earnings 0.07 0.27 0.02 0.20 0.49 0.80 - - - - -
P. B. Realty, Inc. Spin-off - - - - - - 2.78 - - - -
Total distributions 0.50 1.07 1.06 1.00 0.95 1.72 5.24 2.30 2.78 1.46 1.13
Net asset value, end of period $ 22.86 $ 22.57 $ 22.58 $ 22.11 $ 22.41 $ 21.20 $ 20.79 $ 36.28 $ 33.55 $ 32.84 $ 30.94
Per share market value, end of period 1 $ 18.00 $ 18.00 $ 18.00 $ 18.45 $ 18.00 $ 16.75 $ 26.00 $ 26.00 $ 26.00 $ 26.00 $ 26.00
TOTAL INVESTMENT RETURN 2 4.39 % 5.89 % 8.50 % 3.79 % 11.83 % 12.72 % (39.42 )% 19.35 % 13.40 % 12.95 % 11.14 %
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $ 112,803 $ 111,358 $ 111,379 $ 109,069 $ 110,576 $ 104,603 $ 102,574 $ 178,975 $ 165,500 $ 162,027 $ 152,623
Ratio of expenses to average net assets 3 0.98 % * 0.95 % 1.01 % 0.97 % 1.11 % 1.18 % 1.02 % 0.75 % 0.73 % 0.60 % 0.73 %
Ratio of net investment income to
average net assets 3 2.27 % * 2.04 % 1.57 % 2.15 % 2.11 % 2.40 % 2.37 % 2.26 % 3.20 % 2.77 % 2.70 %
Portfolio turnover rate 11.13 % 33.12 % 32.90 % 60.41 % 38.08 % 69.62 % 67.44 % 51.23 % 48.22 % 57.54 % 40.10 %

1 Unaudited - Based on stock trades, which are very limited, during that year.

2 Unaudited - Computed as follows: income from investment operations divided by per share market value.

3 Average is computed on a quarterly basis.

* Annualized

21

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2014

Coupon Percent
Interest Maturity Face Market of Net
Debt Issuer Rate Date Amount Cost Value Assets
FIXED INCOME:
ENTERGY CORP NEW 3.625 % 9/15/2015 $ 250,000 $ 251,630 $ 258,612
XEROX CORP MEDIUM TERM 7.200 % 4/1/2016 500,000 533,647 556,159
EXPRESS SCRIPTS INC 3.125 % 5/15/2016 250,000 250,944 261,987
HUMANA INC 6.450 % 6/1/2016 250,000 264,753 276,899
HEWLETT PACKARD CO 3.000 % 9/15/2016 250,000 249,726 261,109
TRANSOCEAN INC 5.050 % 12/15/2016 250,000 251,869 271,978
AMBEV INTL FIN CO LTD 9.500 % 7/24/2017 430,769 464,454 375,315
AVON PRODUCTS INC 4.200 % 7/15/2018 500,000 502,093 517,856
LEHMAN BROTHERS HLDGS NIKKEI INDEX 1,2,3 0.000 % 9/29/2008 3,000,000 2,192,130 -
LEHMAN BROTHERS HLDGS EAFE INDEX 1,2,3 0.000 % 11/15/2008 1,000,000 725,882 -
LEHMAN BROTHERS HLDGS MEDIUM TERM NOTE 1,2,3 0.000 % 3/15/2011 2,500,000 1,826,076 -
TOTAL INVESTMENTS IN FIXED INCOME $ 9,180,769 $ 7,513,204 $ 2,779,915 2.46 %

22

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2014

Percent
Shares Market of Net
Company Name Held Cost Value Assets
MUTUAL FUNDS:
BOND MUTUAL FUNDS:
AVENUE INCOME CREDIT STRATEGIES COM 34,329.00 $ 581,083 $ 605,907
DOUBLELINE TOTAL RETURN BOND I 226,010.04 2,500,000 2,470,290
EATON VANCE FLOATING RATE A 26,315.79 250,000 248,158
EATON VANCE TAX-MANAGED GLOBAL 2,500.00 23,813 25,500
FAIRHOLME FOCUSED INCOME FUND 68,685.46 750,000 802,933
FLAHERTY & CRUMRINE PREFERRED I 11,833.00 87,440 173,235
FPA NEW INCOME INC COM 716,128.81 7,500,000 7,354,643
LOOMIS SAYLES BOND INSTITUTIONAL 120,930.18 1,612,500 1,884,092
OSTERWEIS STRATEGIC INCOME 19,861.83 230,000 238,739
PIMCO DYNAMIC CREDIT INCOME FUND 25,000.00 565,060 581,000
PIMCO DYNAMIC INCOME FUND COM 25,000.00 715,425 808,000
PIMCO FDS INCOME FUND INSTL 128,944.70 1,500,000 1,614,387
PIMCO ALL ASSET ALL AUTHORITY INST 219,641.25 2,442,500 2,235,948
PIMCO FUNDAMENTAL ADVTG ABS RET STRAT I 248,756.22 1,000,000 992,537
PIMCO REAL RETURN INSTL 81,159.11 960,113 919,533
PUTNAM HIGH INC SECURITIES FUND 5,000.00 40,837 42,200
RIVERNORTH/OAKTREE HIGH INCOME I 24,533.86 250,000 256,624
THIRD AVENUE FOCUSED CREDIT INSTL 42,698.55 500,000 509,821
TOTAL BOND MUTUAL FUNDS 21,508,771 21,763,547 19.29 %
STOCK MUTUAL FUNDS:
INTERNATIONAL EQUITIES
Foreign Large Blend
VANGUARD TOTAL INTL STOCK INDEX INV 3,501.49 51,962 59,455 0.05 %
Foreign Large Value
OAKMARK INTERNATIONAL FUND I 2,531.26 44,019 67,787 0.06 %
Foreign Small/Mid Growth
JANUS TRITON FUND T SHARES 2,916.88 31,006 66,272 0.06 %
Asia Ex-Japan Stock
ISHARES INC MSCI SINGAPORE 20,000.00 255,572 272,200 0.24 %
TOTAL INTERNATIONAL EQUITIES 382,559 465,714 0.41 %

23

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2014

Percent
Shares Market of Net
Company Name Held Cost Value Assets
MUTUAL FUNDS:
SPECIALTY FUNDS
Energy
NUVEEN ENERGY MLP TOTAL RETURN 10,295.00 138,065 208,474 0.18 %
Utilities
UTILITIES SELECT SECTOR SPDR 23,000.00 734,317 993,830 0.88 %
Large Cap Blend
COOK & BYNUM FUND 33738.19 500,000 526,653
SELECTED AMERICAN SHARES D 2,059.31 100,000 103,748
T ROWE PRICE PERSONAL STRATEGY GROWTH 4,370.83 90,476 134,665
WISDOMTREE LARGECAP DIVIDEND 1,500.00 63,693 103,035
YACKTMAN FUND SVC 24,771.08 506,985 592,277
1,261,154 1,460,378 1.29 %
Mid Cap Growth
MERIDIAN GROWTH LEGACY 2,009.07 93,000 71,824 0.06 %
Foreign Large Value
ISHARES INTL SELECT DIV 2,500.00 84,611 99,875 0.09 %
Financial
FRANKLIN INCOME FUND ADVIS 119,047.62 250,000 298,810 0.26 %
Precious Metals
MARKET VECTORS GOLD MINERS 25,000.00 1,223,726 602,750
SPDR GOLD SHARES 3 10,000.00 969,550 1,242,200
2,193,276 1,844,950 1.64 %
Conservative Allocation
VANGUARD WELLESLEY INCOME INV 20,045.04 422,892 512,752 0.45 %

24

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2014

Percent
Shares Market of Net
Company Name Held Cost Value Assets
MUTUAL FUNDS:
Moderate Allocation
FPA CRESCENT PORTFOLIO 33,641.26 1,025,302 1,129,337
OAKMARK EQUITY & INCOME I 8,920.47 263,600 295,892
SEQUOIA FD INC COM 740.54 108,371 168,354
1,397,273 1,593,583 1.41 %
World Allocation
WELLS FARGO ADVANTAGE ASSET ALLOC ADM 75,379.17 1,010,000 1,096,013
WINTERGREEN FD INVESTOR 7,005.79 102,985 128,276
1,112,985 1,224,289 1.09 %
TOTAL SPECIALTY FUNDS 7,687,573 8,308,765 7.37 %
TOTAL STOCK MUTUAL FUNDS 8,070,132 8,774,479 7.78 %
TOTAL INVESTMENTS IN MUTUAL FUNDS $ 29,578,903 $ 30,538,026 27.07 %

25

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2014

Market Percent of
Company Name Cost Value Net Assets
OTHER INVESTMENTS:
LIMITED PARTNERSHIPS:
400 CAPITAL CREDIT OPPORTUNITIES FUND LP 2, 3 $ 500,000 $ 601,488
CIVIC CAPITAL CURRENCY FUND LP 2, 3 1,500,000 1,472,124
ELLIOTT ASSOCIATES LP 2, 3 2,000,000 3,579,417
GREENLIGHT MASTERS QUALIFIED LP 2, 3 2,500,000 3,308,783
HAYMAN CAPITAL PARTNERS LP 2, 3 2,501,138 2,950,738
MORROCROFT SPECIAL OPPORTUNITY FUND II, LP 2, 3 919,590 1,298,528
PASSPORT LONG SHORT FUND 2,3 1,000,000 1,030,287
PRIVET FUND LP 2, 3 1,000,000 1,427,923
RIVERNORTH CAPITAL PARTNERS, LP 2, 3 2,000,000 2,923,186
SERENGETI MULTI SERIES LLC 2,3 982,396 1,070,393
STARK INVESTMENTS LP 2, 3 220,823 589,791
STARK STRUCTURED FINANCE ONSHORE FUND 2, 3 80,435 72,727
VIRGO SOCIETAS III (ONSHORE) LP 2, 3 1,081,632 1,176,190
WALNUT INVESTMENT PARTNERS 2, 3 235,567 43,220
WORLDWIDE OPPORTUNITY FUND (CAYMAN) LTD. 2, 3 500,000 500,000
TOTAL LIMITED PARTNERSHIPS 17,021,581 22,044,795 19.54 %
TOTAL OTHER INVESTMENTS $ 17,021,581 $ 22,044,795 19.54 %

26

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2014

Percent
Sectors and Shares Market of Net
Industries Held Company Name Cost Value Assets
COMMON STOCKS:
CONSUMER DISCRETIONARY
Consumer Services 15,000.00 HERTZ GLOBAL HOLDINGS INC COM 3 $ 350,969 $ 427,050
1,000.00 MCDONALDS CORP COM 95,695 101,380
1,500.00 RENT A CENTER INC NEW COM 51,495 43,815
10,000.00 RICKS CABARET INTL INC COM 3 109,893 101,000
1,000.00 THE ADT CORP COM 42,194 30,240
650,246 703,485 0.62 %
Retailing 2,500.00 KOHLS CORP COM 128,062 136,975
1,000.00 LULULEMON ATHLETICA INC COM 3 57,915 45,930
1,000.00 PANERA BREAD CO CL A 3 162,658 152,970
348,635 335,875 0.30 %
Automobiles & Components 15,000.00 GENERAL MOTORS CORP COM 535,030 517,200 0.46 %
Household & Personal Products 5,000.00 COACH INC COM 258,535 223,250 0.20 %
Recreation 15,000.00 CEDAR FAIR LP 446,330 778,200 0.69 %
TOTAL CONSUMER DISCRETIONARY 2,238,776 2,558,010 2.27 %
CONSUMER STAPLES
Food & Staples Retailing 40,000.00 DANONE SPONSORED ADR 544,985 593,600 0.53 %
Food, Beverage & Tobacco 25,000.00 AMBEV SA SPONSORED ADR 142,690 181,250
10,000.00 COCA COLA CO COM 376,151 407,900
5,000.00 COCA COLA FEMSA SA SPONS ADR 494,172 559,800
3,500.00 GENERAL MILLS INC COM 122,082 185,570
1,000.00 HERSHEY CO COM 61,459 96,240
10,000.00 NESTLE S A SPONSORED ADR 3 396,900 771,800
7,500.00 PEPSICO INC COM 617,894 644,175
7,500.00 PHILIP MORRIS INTL COM 612,957 640,725
4,000.00 REYNOLDS AMERICAN INC COM 143,516 225,720
2,000.00 SMUCKER J M CO COM NEW 121,939 193,360
1,000.00 WHITEWAVE FOODS CO COM 3 24,151 27,690
3,113,911 3,934,230 3.49 %
Household & Personal Products 100,000.00 AVON PRODUCTS INC COM 1,489,317 1,528,000
11,500.00 PROCTER & GAMBLE CO COM 840,716 949,325
2,330,033 2,477,325 2.20 %
TOTAL CONSUMER STAPLES 5,988,929 7,005,155 6.21 %

27

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2014

Percent
Sectors and Shares Market of Net
Industries Held Company Name Cost Value Assets
ENERGY 2,000.00 ATLAS PIPELINE PRTNS UNIT 75,028 64,760
3,000.00 BP PRUDHOE BAY ROYALTY TRU 256,047 262,440
2,000.00 BUCKEYE PARTNERS L P UNIT 124,792 152,420
1,000.00 CHEVRON CORP 106,870 125,520
4,500.00 CPFL ENERGIA S A SPONSORED 103,020 75,420
750.00 DEVON ENERGY CORP NEW COM 59,334 52,500
250.00 ENCANA CORP COM 6,581 5,802
8,000.00 ENERGY TRANSFER EQUITY LP 150,093 372,720
1,000.00 ENSCO PLC 51,645 50,450
17,440.00 ENTERPRISE PRODS PARTNERS COM 463,200 1,275,387
2,004.00 EXXON MOBIL CORP COM 151,432 205,230
8,000.00 KINDER MORGAN ENERGY PARTNERS LP 491,126 603,040
30,000.00 KINDER MORGAN INC COM 1,016,628 979,800
235.32 KINDER MORGAN MANAGEMENT L 3 7,882 16,990
8,500.00 MARKWEST ENERGY PARTNERS L 160,976 538,390
25,000.00 NORTHERN TIER ENERGY LP 568,819 675,250
1,000.00 OCCIDENTAL PETROLEUM COM 88,813 95,750
1,250.00 ONE GAS INC COM 13,604 45,725
5,000.00 ONEOK INC COM 93,934 316,100
750.00 PEA

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

To receive a free e-mail notification whenever BMC Software makes a similar move, sign up!

   Auto Refresh

Feedback