BMC FUND, INC.
SCHEDULE OF INVESTMENTS
July 31, 2026

													Percent
	Interest	Base Rate			Maturity		Face				Market		of Net
Debt Issuer	Rate	Floor			Date		Amount		Cost		Value		Assets
FIXED INCOME:
CORPORATE BONDS:
BALL CORP	5.500%		5.500	%		9/15/2033	$	250,000	$	251,372.00	$	248,382.00
CANADIAN PACIFIC RAILWAY	2.450%		2.450	%		12/2/2031		250,000		227,409		220,328
FIRST CITIZENS	SOFR +423		5.800	%		12/31/2049		250,000		252,311		250,335
FPL GROUP CAP INC	SOFR +233		6.350	%		10/1/2066		586,000		563,237		526,140
PP&L CAP FUNDING FLT RATE	SOFR +293		5.051	%		3/30/2067		250,000		250,000		247,245
THERMO FISHER SCIENTIFIC	4.473%		4.473	%		10/7/2032		250,000		251,171		242,765
TRANSCANADA PIPELINES LTD	SOFR +247		6.350	%		5/15/2067		250,000		199,627		230,695
								2,086,000		1,995,127		1,965,890		5.11	%

GOVERNMENT BONDS:
US TREASURY NOTE			4.625	%		10/15/2026		500,000		499,768		500,740
US TREASURY NOTE			4.875	%		10/31/2028		500,000		500,949		505,995
								1,000,000		1,000,717		1,006,735		2.62	%

TOTAL INVESTMENTS IN FIXED INCOME							$	3,086,000		2,995,844		2,972,625		7.72	%

See accompanying notes to financial statements.

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued)
July 31, 2026

							Percent
		Shares			Market		of Net
Company Name		Held	Cost		Value		Assets
MUTUAL FUNDS:

ISHARES 1-3 YEAR TREASURY BOND ETF		1	$	108	$	82
BLACKROCK TAXABLE MUNICIPAL BOND TRUST	dblt.x	67,658		1,097,844		1,070,350
GMO U.S. QUALITY ETF		7,900		301,172		330,062
STATE STREET SPDR S&P 500 EFT TRUST		100		68,416		74,703
GMO INTERNATIONAL QUALITY ETF		11,200		298,505		303,232
ISHARES TR MSCI EMERG MKTS		5,100		300,463		326,859
PZENA EMERGING MARKETS VALUE FUND INSTITUTIONAL CLASS		27,010		273,570		472,134
ISHARES INTL SELECT DIV		7,000		298,154		310,660
VANECK GOLD MINERS ETF	gdx	571		16,168		42,311
INVESCO QQQ TRUST		200		125,464		137,598
VANGUARD DIVIDEND APPRECIATION ETF		1,400		315,198		334,838

TOTAL INVESTMENTS IN MUTUAL FUNDS			$	3,095,062	$	3,402,829	8.84	%

See accompanying notes to financial statements.

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued)
July 31, 2026

	Acquisition					Market		Percent of
Company Name	Date			Cost		Value		Net Assets
OTHER INVESTMENTS:

LIMITED PARTNERSHIPS (NOTE 2):
BAM CREDIT OPPORTUNITIES FUND		12/8/2020	^{1, 2, 5, 6}	$	388,155	$	617,828
ELLIOTT ASSOCIATES, L.P. CL B		11/3/2008	^{1, 2}		846,415		6,525,643
GRAHAM INSTITUTIONAL PARTNERS, L.P.		7/1/2016	^{1, 2}		1,365,123		2,399,968
GREENLIGHT MASTERS QUALIFIED, L.P.		12/1/2010	^{1, 2}		350,000		3,848,325
MUDRICK DISTRESSED OPPORTUNITY DRAWDOWN FUND II, L.P.		3/1/2019	^{1, 2}		877,406		1,989,949
OLD WELL SPECIAL OPPORTUNITIES FUND II, LLC		11/4/2021	^{1, 2}		113,322		56,461
SJC ONSHORE DIRECT LENDING FUND IV - 5 YEAR, L.P.		10/1/2020	^{1, 7}		1,530,273		1,498,457
TOTAL LIMITED PARTNERSHIPS					5,470,694		16,936,631	44.01	%

TOTAL OTHER INVESTMENTS				$	5,470,694	$	16,936,631	44.01	%

See accompanying notes to financial statements.

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued)
July 31, 2026

							Percent
Sectors and	Shares				Market		of Net
Industries	Held	Company Name	Cost		Value		Assets
COMMON STOCKS:

COMMUNICATION SERVICES
Media and Entertainment	740	ALPHABET INC CAP STK CL C	$	136,908	$	263,921
				136,908		263,921		0.69	%

TOTAL COMMUNICATION SERVICES				136,908		263,921		0.69	%

CONSUMER DISCRETIONARY
Automobiles & Components	17,600	VALVOLINE, INC.		608,780		676,016
				608,780		676,016		1.76	%

Specialty Retial	2,650	LVMH Moet Hennessy-Louis Vuitton, Societe		315,005		289,742
				315,005		289,742		0.75	%

TOTAL CONSUMER DISCRETIONARY				923,785		965,758		2.51	%

CONSUMER STAPLES
Consumer Durables & Apparel
	1,850	FLOOR & DÉCOR HOLDINGS, INC.		105,317		106,505
	5,200	SMURFIT WESTROCK PLC		209,060		239,044
				314,377		345,549

Discount Stores	3,570	DOLLAR TREE INC COM STK		254,511		454,140
				254,511		454,140		1.18	%

Specialty Retail	125	AMAZON.COM, INC.		24,179		33,947
				24,179		33,947		0.09	%

Food & Staples Retailing	228	WAL-MART STORES INC COM		10,261		25,354
				10,261		25,354		0.07	%

Food, Beverage & Tobacco	4,319	COCA COLA FEMSA S A B SPON		325,234		467,618
	4,250	NESTLE S A SPONSORED ADR		414,497		425,552
	3,060	PHILIP MORRIS INTL COM		285,403		583,909
				1,025,134		1,477,079		3.84	%

TOTAL CONSUMER STAPLES				1,628,462		2,336,069		6.07	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued)
July 31, 2026

						Percent
Sectors and	Shares				Market	of Net
Industries	Held		Company Name	Cost	Value	Assets
COMMON STOCKS:
ENERGY
Energy	250		CHENIERE ENERGY, INC.	42,466	65,893
	1,200		CVR ENERGY, INC.	43,491	42,744
	1,500		FREEHOLD ROYALTIES, LTD	19,007	18,360
	2,000		FLEX LNG LTD.	62,848	62,420
	473		SUNOCO INC COM	13,246	36,274
				181,058	225,691	0.59	%

Pipelines	630		ENBRIDGE INC	18,339	34,310
	329		ENERGY TRANSFER OPERATING, L.P.	3,369	6,698
				21,708	41,008	0.11	%

TOTAL ENERGY				202,766	266,699	0.69	%

FINANCIALS
Banks	263		BANK OF AMERICA CORP COM	6,063	16,293
	100		FIRST CITIZENS BANCSHARES, INC.	208,159	218,665
				214,222	234,958	0.61	%

Diversified Financials	1,312		ALLIANCE BERNSTEIN HLDG UN	54,061	48,229
	179	²	BERKSHIRE HATHAWAY INC CL B	36,098	91,566
	456		BLACKSTONE GROUP LP COM	14,682	58,254
	470		CARLYLE GROUP LP COM	12,271	21,629
	136		CME GROUP	33,407	36,419
	918		GOLUB CAPITAL BDC INC COM	-	11,778
	176		INTERNCONTINENTAL EXCHANGE COM	26,326	26,836
	300		MORGAN STANLEY COM NEW	31,210	63,126
				208,055	357,837	0.93	%

Insurance	79		AON PLC SHS CL A	6,409	28,483
	263		OLD REP INTL CORP COM	4,433	11,364
	129		TRAVELERS COMPANIES COM	10,711	48,292
	526		ZURICH INS GROUP LTD SPONS ARD	6,984	20,018
				28,537	108,157	0.28	%

Financial	500		NXG NEXTGEN INFRASTRUTURE INC. FD	24,166	28,895
				24,166	28,895	0.08	%

TOTAL FINANCIALS				474,980	729,847	1.90	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued)
July 31, 2026

						Percent
Sectors and	Shares				Market	of Net
Industries	Held		Company Name	Cost	Value	Assets
COMMON STOCKS:
HEALTH CARE
Health Care Equipment & Services	150		LABORATORY CORP AMER HLDGS	34,292	46,380
	206		QUEST DIAGNOSTICS INC COM	24,052	48,000
	40,100		SOTERA HEALTH COMPANY	626,878	716,186
	24		STRYKER CORP	4,486	7,817
				689,708	818,383	2.13	%

Pharmaceuticals & Biotechnology	180		ABBVIE INC	14,612	45,169
	162		ASTRAZENECA PLC SPONSORED	8,115	27,482
	85		ELI LILLY & CO COM	3,744	97,651
	3,610	²	IQVIA HOLDINGS INC COM	548,803	848,422
	400		MERCK & CO INC COM	35,967	52,080
				611,241	1,070,804	2.78	%

TOTAL HEALTH CARE				1,300,949	1,889,187	4.91	%

INDUSTRIALS
Capital Goods	208		ABB LTD SPONSORED ADR	5,057	20,444
	975		THERMO FISHER SCIENTIFIC	440,338	559,943
				445,395	580,387	1.51	%

Commercial Services & Supplies	18,900		RENTOKIL INITIAL PLC	523,260	441,504
	110		WASTE MGMT INC DEL COM	20,497	24,921
				543,757	466,425	1.21	%

Industrials	775		HONEYWELL AEROSPACE INC	-	160,224
	775		HONEYWELL INTL INC COM	299,009	188,364
	4,700		MASCO CORPORATION	328,472	335,956
	2,480		MIDERA FOOD PROCESSING, INC	-	118,916
	2,480		THE MIDDLEBY CORPORATION	314,997	331,278
				942,478	1,134,738	2.95	%

TOTAL INDUSTRIALS				1,931,630	2,181,550	5.67	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued)
July 31, 2026

					Percent
Sectors and	Shares			Market	of Net
Industries	Held	Company Name	Cost	Value	Assets
COMMON STOCKS:
INFORMATION TECHNOLOGY

Hardware & Equipment	535	CISCO SYSTEMS INC	20,733	62,055
	548	CORNING INC COM	33,198	75,761
			53,931	137,816	0.36	%

Software & Services	995	MICROSOFT CORP COM	392,483	462,396
	138	ORACLE CORP COM	9,119	17,922
	1,800	SERVICENOW, INC.	167,548	200,214
	1,400	UBER TECHNOLOGIES, INC	92,815	98,504
			661,965	779,036	2.02	%

Technology Hardware & Equipment	329	APPLE INC COM	23,108	101,631
	1,270	INTEL CORP COM	52,404	114,554
	102	NETAPP INC COM	5,350	18,207
	140	SEAGATE TECHNOLOGY SHS	5,333	119,858
			86,195	354,250	0.92	%

Technology	220	CACI INTL INC CLA	105,331	109,505
			105,331	109,505	0.28	%

TOTAL INFORMATION TECHNOLOGY			907,422	1,380,607	3.59	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued)
July 31, 2026

								Percent
Sectors and	Shares						Market	of Net
Industries	Held		Company Name		Cost		Value	Assets
COMMON STOCKS:
REAL ESTATE
Real Estate	101		DIGITAL RLTY TR INC COM		11,872		19,041
	524		HA SUSTAINABLE INFRASTUCTURE CAPITAL		8,023		19,844
	840		IRON MTN INC NEW COM		34,076		102,749
	1	²	NET LEASE OFFICE PROPERTIES		-		12
					53,971		141,646	0.37	%

TOTAL REAL ESTATE					53,971		141,646	0.37	%

UTILITIES	339		DOMINION RES INC VA COM		17,456		23,449
	174		DUKE ENERGY CORP COM		15,663		21,825
	102		ENTERGY CORP NEW COM		3,539		10,977
	500		NEXTERA ENERGY INC COM		36,757		43,460
	262		SOUTHERN CO COM		11,431		24,769
	116		WEC ENERGY GROUP INC COM		4,622		12,693
TOTAL UTILITIES					89,468		137,173	0.36	%

RIGHTS ATTACHED TO COMMON STOCKS
	365		HOLOGIC, INC.		-		-
	725	²	OCCIDENTAL PETROLEUM CORP COM		-		25,426
					-		25,426	0.07	%

TOTAL INVESTMENTS IN COMMON STOCKS				$	7,650,341	$	10,317,883	26.81	%

See accompanying notes to financial statements.

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued)
July 31, 2026

		Coupon											Percent
		Interest			Maturity		Shares				Market		of Net
Company Name		Rate			Date		Held		Cost		Value		Assets
PREFERRED STOCKS:
COMPASS DIV HOLDINGS FIXED FLTG RAT CUM PFD	^{3, 4}		7.875	%		N/A		4,000	$	93,349	$	88,360

TOTAL INVESTMENTS IN PREFERRED STOCKS									$	93,349	$	88,360	0.23	%

See accompanying notes to financial statements.

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Concluded)
July 31, 2026

				Market		Percent of
	Company Name	Cost		Value		Net Assets
Short-term Investments	MFB NI Treasury Money Market Fund	$	4,659,753	$	4,659,753		12.11	%

TOTAL INVESTMENTS - MARKET VALUE		$	23,965,043		38,378,081		99.73	%

TOTAL OTHER LIABILITIES IN EXCESS OF ASSETS					103,550		0.27	%

TOTAL NET ASSETS				$	38,481,631		100.00	%

¹Market value ratified by the Company's Board of Directors per policy.

²Non-income producing security

³Perpetual security. Maturity date is not applicable.

⁴Variable rate security. The rate shown is the coupon as of the end of the reporting period.

⁵Affiliate Investment

⁶Unfunded Commitment of $250,000

⁷Unfunded Commitment of $159,409

See accompanying notes to financial statements.

BMC FUND, INC.

NOTES TO QUARTERLY SCHEDULE OF INVESTMENTS

July 31, 2026

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.

Under the Company’s organizational documents, its officers and Board of Directors (“Board”) are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the Company may enter into contracts with vendors and others that provide for general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company. However, based on experience, the fund expects that risk of loss to be remote.

2.     SIGNIFICANT ACCOUNTING POLICIES

A. 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 (“FASB”) Accounting Standards Codification (“ASC”). The Company also follows the accounting and reporting guidance applicable to investment companies in ASC Topic 946, Financial Services – Investment Companies.

B. Investment Valuations – The investment securities and valuation of fixed income and mutual funds are stated at fair value as determined by closing prices on national securities exchanges or based on inputs other than quoted prices on national securities exchanges. Investment securities include corporate bonds, mutual funds, and common and preferred stocks.

Pursuant to rule 2a-5 under the 1940 Act, the Board has designated the Fund’s investment adviser Broyhill Asset Management (“BAM” or the “Adviser”), as the valuation designee with respect to the fair valuation of the fund’s portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations are not readily available, including circumstances under which the Adviser determines that prices received are not reflective of their market values.

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.

BMC FUND, INC.

NOTES TO QUARTERLY SCHEDULE OF INVESTMENTS

July 31, 2026

Pursuant to ASC Topic 820, Fair Value Measurement, the Fund may elect to use net asset value per share or its equivalent (“NAV”) as a practical expedient to measure the Company’s interest in certain pooled investment companies at fair value, unless it is probable that the investment will be sold at a value different from its NAV. However, in order for the Company to use this methodology, the investment company must calculate NAV in a manner consistent with the measurement principles established by ASC Topic 820. The Company is using the practical expedient.

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. Realized gains and losses on foreign currency transactions are included with realized gains and losses on investments.

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.

BMC FUND, INC.

NOTES TO QUARTERLY SCHEDULE OF INVESTMENTS

July 31, 2026

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 2022 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 GAAP 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.

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.

BMC FUND, INC.

NOTES TO QUARTERLY SCHEDULE OF INVESTMENTS

July 31, 2026

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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes fair value information for assets and liabilities measured on a recurring basis as of July 31, 2026.

Asset Description ⁽¹⁾	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income		-	$	2,972,625		-	$	2,972,625
Mutual Funds		3,402,829		-		-		3,402,829
Common Stocks – Publicly Traded		10,317,883		-		-		10,317,883
Preferred Stocks – Publicly Traded		88,360		-		-		88,360
Cash and Cash Equivalents		4,659,753		-		-		4,659,753
Limited Partnerships – Measured at NAV ⁽¹⁾		-		-		-		16,936,631
Total Investments	$	18,468,825	$	2,972,625	$	-	$	38,378,081

⁽¹⁾   Certain investments measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

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 July 31, 2026, were as follows:

Gross appreciation (excess of value over tax cost)	$	14,819,847
Gross depreciation (excess of tax cost over value)		(7,124,422	)
Net unrealized appreciation	$	7,695,425
Cost of investments for income tax purposes	$	23,965,043

4.     OPTIONS WRITTEN

The Company had $0 cash pledged as collateral for options on July 31, 2026. No options were written in the current quarter.