BMC Fund NPORT-P BMC Fund Inc (Jul 2024 report)

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024

		Coupon										Percent
		Interest			Maturity	Face				Market		of Net
Debt Issuer		Rate			Date	Amount		Cost		Value		Assets
FIXED INCOME:
CORPORATE BONDS:
FIRST CITIZENS			5.800	%	12/31/2049	$	250,000	$	252,400	$	254,155
FPL GROUP CAP INC			6.350	%	10/1/2066		586,000		563,040		568,947
PP&L CAP FUNDING FLT RATE			5.051	%	3/30/2067		250,000		250,000		248,750
TRANSCANADA PIPELINES LTD			6.350	%	5/15/2067		250,000		199,320		227,468
LEHMAN BROTHERS HLDGS NIKKEI INDEX	1,2,3		0.000	%	9/29/2008		3,000,000		1,599,171		-
LEHMAN BROTHERS HLDGS EAFE INDEX	1,2,3		0.000	%	11/15/2008		1,000,000		524,685		-
LEHMAN BROTHERS HLDGS MEDIUM TERM NOTE	1,2,3		0.000	%	3/15/2011		2,500,000		1,331,430		-
							7,836,000		4,720,046		1,299,320	3.23	%
GOVERNMENT BONDS:
US TREASURY BILL			5.515	%	10/3/2024		500,000		495,376		495,465
US TREASURY BILL			5.515	%	10/3/2024		500,000		495,376		495,465
US TREASURY BILL			5.000	%	10/31/2025		500,000		499,916		502,245
US TREASURY BILL			4.625	%	10/15/2026		500,000		497,626		504,180
US TREASURY BILL			4.875	%	10/31/2028		500,000		501,711		517,560
							2,500,000		2,490,005		2,514,915	6.25	%
TOTAL INVESTMENTS IN FIXED INCOME						$	10,336,000	$	7,210,051	$	3,814,235	9.48	%

See accompanying notes to financial statements.              

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

								Percent
		Shares				Market		of Net
Company Name		Held		Cost		Value		Assets
MUTUAL FUNDS:
BOND MUTUAL FUNDS:
MFC BLACKROCK TAXABLE MUNICIPAL BOND TRUST			67,658	$	1,097,844	$	1,152,892
TOTAL BOND MUTUAL FUNDS					1,097,844		1,152,892	2.86	%
STOCK MUTUAL FUNDS:
INTERNATIONAL EQUITIES
Diversified Emerging Markets
ADVISORS SER TR PZENA EMG MK INS			27,010		273,570		346,267
					273,570		346,267	0.86	%
SPECIALTY FUNDS
Precious Metals
ISHARES SILVER TRUST	3		1,252		21,040		33,040
SPDR GOLD SHARES	3		260		25,315		58,903
VANECK VECTORS GOLD MINERS			571		16,168		21,658
					62,523		113,601	0.28	%
TOTAL STOCK MUTUAL FUNDS					336,093		459,868	1.14	%
TOTAL INVESTMENTS IN MUTUAL FUNDS				$	1,433,937	$	1,612,760	4.01	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

				Market		Percent of
Company Name		Cost		Value		Net Assets
OTHER INVESTMENTS:
LIMITED PARTNERSHIPS:
BAM CREDIT OPPORTUNITIES FUND	2, 3, 6	$	733,155	$	949,163
ELLIOTT ASSOCIATES LP CL B	2, 3		996,415		6,618,971
GRAHAM INSTITUTIONAL PARTNERS LP	2, 3		2,365,123		3,426,790
GREENLIGHT MASTERS QUALIFIED LP	2, 3		350,000		2,488,627
INFINITY PREMIER FUND, LP	2, 3		250,000		1,332,502
MUDRICK DISTRESSED OPPORTUNITY DRAWDOWN FUND II, L.P.	2, 3		2,342,218		3,803,060
OAKTREE ENHANCED INCOME FUND II, LP	2, 3		-		11,294
OLD WELL EMERGING MARKETS FUND	2, 3		525,205		476,765
OLD WELL EMERGING SPECIAL OPPORTUNITIES FUND	2, 3		113,322		55,163
SEGRA RESOURCE ONSHORE PARTNERS, LP	2, 3		125,000		688,915
SJC ONSHORE DIRECT LENDING FUND IV - 5 YEAR, L.P.	2, 3		2,242,592		2,246,746
TOTAL LIMITED PARTNERSHIPS			10,043,030		22,097,996	54.90	%
TOTAL OTHER INVESTMENTS		$	10,043,030	$	22,097,996	54.90	%

See accompanying notes to financial statements.                         

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

							Percent
Sectors and	Shares				Market		of Net
Industries	Held	Company Name	Cost		Value		Assets
COMMON STOCKS:
COMMUNICATION SERVICES
Communication Services	238	BCE INC COM	$	10,963	$	8,028
	63	SK TELECOM LTD SPONSORED A		1,262		1,413
	377	TELEFONICA S A SPONSORED A		60		1,711
				12,285		11,152	0.03	%
Media and Entertainment	740	ALPHABET INC CAP STK CL C		47,706		128,131
	5,100	PARAMOUNT GLOBAL		172,761		153,051
				220,467		281,182	0.70	%
Interactive Home Entertainment	32,322	NINTENDO LTD ADR		348,971		450,472
				348,971		450,472	1.12	%
TOTAL COMMUNICATION SERVICES				581,723		742,806	1.85	%
CONSUMER STAPLES
Discount Stores	2,100	DOLLAR GEN CORP NEW COM		288,020		252,819
				288,020		252,819	0.63	%
Food & Staples Retailing	131	KROGER CO COM		4,133		7,139
	228	WAL-MART STORES INC COM		10,261		15,650
				14,394		22,789	0.06	%
Food, Beverage & Tobacco	104	COCA COLA CO COM		4,970		6,941
	1,719	COCA COLA FEMSA S A B SPON		97,294		155,449
	78	CONSTELLATION BRANDS CL A		7,076		19,122
	22,726	DANONE SPONSORED ADR		261,532		295,893
	100	GENERAL MILLS INC COM		7,617		6,714
	11,246	PHILIP MORRIS INTL COM		1,060,413		1,295,089
				1,438,902		1,779,208	4.42	%
Household & Personal Products	126	KIMBERLY CLARK CORP COM		17,492		17,016
	11	PROCTER & GAMBLE CO COM		737		1,769
				18,229		18,785	0.05	%
Materials	3,248	BALL CORP COM		178,871		207,320
				178,871		207,320	0.52	%
TOTAL CONSUMER STAPLES				1,938,416		2,280,921	5.67	%
ENERGY
Energy	250	CHENIERE ENERGY, INC.		42,466		45,660
	1,200	CVR ENERGY, INC.		43,491		34,320
	1,500	FREEHOLD ROYALTIES, LTD		19,007		15,390
	2,000	FLEX LNG LTD.		62,848		53,800
	473	SUNOCO INC COM		13,246		25,977
				181,058		175,147	0.44	%
Pipelines	181	DELEK LOGISTICS PARTNERS LP		5,334		7,459
	630	ENBRIDGE INC		18,339		23,575
	329	ENERGY TRANSFER OPERATING, L.P.		3,369		5,353
				27,042		36,387	0.09	%
TOTAL ENERGY				208,100		211,534	0.53	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

							Percent
Sectors and	Shares				Market		of Net
Industries	Held	Company Name	Cost		Value		Assets
COMMON STOCKS:
FINANCIALS
Banks	263	BANK OF AMERICA CORP COM		6,063		10,602
	1	SVB FINANCIAL GROUP COM		340		-
				6,403		10,602	0.03	%
Diversified Financials	1,312	ALLIANCE BERNSTEIN HLDG UN		54,060		46,300
	179	BERKSHIRE HATHAWAY INC CL B		36,098		78,492
	756	BLACKSTONE GROUP LP COM		24,342		107,465
	420	CARLYLE GROUP LP COM		9,160		20,891
	36	CME GROUP		5,993		6,974
	263	COMPASS DIVERSIFIED HOLDINGS		3,600		6,328
	918	GOLUB CAPITAL BDC INC COM		-		14,027
	51	INTERNCONTINENTAL EXCHANGE COM		3,817		7,729
	52	MORGAN STANLEY COM NEW		2,956		5,367
	3,300	PAYPAL HLDGS INC COM		217,433		217,074
	2,895	THE CHARLES SCHWAB CORPORATION		195,542		188,725
				553,001		699,372	1.74	%
Insurance	79	AON PLC SHS CL A		6,409		25,952
	263	OLD REP INTL CORP COM		4,433		9,105
	129	TRAVELERS COMPANIES COM		10,711		27,921
	263	ZURICH INS GROUP LTD SPONS ARD		6,984		14,437
				28,537		77,415	0.19	%
TOTAL FINANCIALS				587,941		787,389	1.96	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

							Percent
Sectors and	Shares				Market		of Net
Industries	Held	Company Name	Cost		Value		Assets
COMMON STOCKS:
HEALTH CARE
Health Care Equipment & Services	18,497	BAXTER INTL INC COM		695,100		662,563
	157	DAVITA HEALTHCARE PART COM		12,098		21,449
	23,401	FRESENIUS MED CARE AG SPONSORED ADR		457,217		451,405
	365	HOLOGIC INC COM		18,730		29,788
	48	LABORATORY CORP AMER HLDGS		5,942		10,341
	331	MCKESSON CORP COM		143,213		204,234
	206	QUEST DIAGNOSTICS INC COM		24,052		29,314
	24	STRYKER CORP		4,486		7,858
				1,360,838		1,416,952	3.52	%
Pharmaceuticals & Biotechnology	180	ABBVIE INC		14,611		33,358
	524	ASTRAZENECA PLC SPONSORED		13,125		41,475
	79	BRISTOL MYERS SQUIBB CO CO		4,564		3,757
	135	ELI LILLY & CO COM		5,947		108,576
	48	FORTREA HOLDINGS INC.		980		1,324
	20	IQVIA HOLDINGS INC COM		1,982		4,925
	79	MERCK & CO INC COM		5,654		8,937
	200	PFIZER INC COM		7,864		6,108
				54,727		208,460	0.52	%
TOTAL HEALTH CARE				1,415,565		1,625,412	4.04	%
INDUSTRIALS
Capital Goods	208	ABB LTD SPONSORED ADR		5,057		11,527
				5,057		11,527	0.03	%
Commercial Services & Supplies	5,000	RENTOKIL INITIAL PLC		157,390.00		155,000.00
	24	WASTE MGMT INC DEL COM		835		4,864
				158,225		159,864	0.40	%
Transportation	313	FORTRESS TRANS INFRST COM		4,997		34,884
	313	FTAI INFRASTRUCTURE INC.		-		3,227
				4,997		38,111	0.09	%
TOTAL INDUSTRIALS				168,279		209,502	0.52	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

							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		25,921
	498	CORNING INC COM		10,201		19,925
				30,934		45,846	0.11	%
Software & Services	61	MICROSOFT CORP COM		8,924		25,519
	238	ORACLE CORP COM		15,727		33,189
				24,651		58,708	0.15	%
Technology Hardware & Equipment	629	APPLE INC COM		44,179		139,688
	2,470	INTEL CORP COM		101,920		75,928
	102	NETAPP INC COM		5,350		12,952
	140	SEAGATE TECHNOLOGY SHS		5,333		14,304
				156,782		242,872	0.60	%
Technology	626	EPAM SYSTEMS, INC.		157,090		134,671
	5,184	FISERV INC COM		584,344		847,947
	5,505	FIDELITY NATIONAL INFORMATION SERVICES		333,442		422,949
				1,074,876		1,405,567	3.49	%
TOTAL INFORMATION TECHNOLOGY				1,287,243		1,752,993	4.36	%
MATERIALS	23,767	AVANTOR, INC.		490,490.00		635,767.00
	500	BHP GROUP LIMITED		27,434		27,765
	158	CHEMOURS CO COM		2,551		3,819
	400	CVR PARTNERS, LP		50,841		31,340
	104	DOW CHEM CO COM		5,163		5,665
	20	MITSUI & CO LTD SPONSORED		3,643		9,385
	500	RIO TINTO GROUP		30,368		32,580
	600	SOCIEDAD QUIMICA MINER SPON ADR		49,514		22,836
TOTAL MATERIALS				660,004		769,157	1.91	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

							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		15,098
	630	EASTERLY GOVT PPTYS COM		12,410		8,776
	524	HANNON ARMSTRONG SUST COM		8,023		17,171
	840	IRON MTN INC NEW COM		34,076		86,150
	789	MEDICAL PPTYS TR INC COM		10,742		3,795
	1	NET LEASE OFFICE PROPERTIES		-		30
	104	OMEGA HEALTHCARE INVS COM		3,026		3,786
	22	W P CAREY & CO LLC COM		1,405		1,272
				81,554		136,078	0.34	%
TOTAL REAL ESTATE				81,554		136,078	0.34	%
UTILITIES	100	AMERICAN STS WTR CO COM		8,027		8,253
	339	DOMINION RES INC VA COM		17,456		18,123
	174	DUKE ENERGY CORP COM		15,663		19,013
	51	ENTERGY CORP NEW COM		3,539		5,915
	180	NEXTERA ENERGY INC COM		13,503		13,750
	262	SOUTHERN CO COM		11,431		21,882
	116	WEC ENERGY GROUP INC COM		4,622		9,983
TOTAL UTILITIES				74,241		96,919	0.24	%
RIGHTS ATTACHED TO COMMON STOCKS
	725	OCCIDENTAL PETROLEUM CORP COM		-		28,239
				-		28,239	0.07	%
TOTAL INVESTMENTS IN COMMON STOCKS			$	7,003,066	$	8,640,950	21.47	%

See accompanying notes to financial statements.                                

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

							Percent
	Contracts				Market		of Net
Company Name	Held		Cost		Value		Assets
CALL OPTIONS:
None		-	$	-	$	-		0.00	%
TOTAL INVESTMENTS IN OPTIONS			$	-	$	-		0.00	%

See accompanying notes to financial statements.

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2024

		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	4, 5		7.875	%	N/A		4,000	$	93,349	$	100,360
TOTAL INVESTMENTS IN PREFERRED STOCKS								$	93,349	$	100,360		0.25	%

See accompanying notes to financial statements.

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Concluded)

July 31, 2024

				Market		Percent of
	Company Name	Cost		Value		Net Assets
Short-term Investments	MFB NI Treasury Money Market Fund	$	3,654,092	$	3,654,092		9.08	%
TOTAL INVESTMENTS - MARKET VALUE					39,920,393		99.18	%
TOTAL OTHER ASSETS IN EXCESS OF LIABILITIES					330,570		0.82	%
TOTAL NET ASSETS				$	40,250,963		100.00	%

¹In default

²Market value ratified by the Company's Board of Directors per policy.

³Non-income producing security

⁴Perpetual security.  Maturity date is not applicable.

⁵Variable rate security.  The rate shown is the coupon as of the end of the reporting period.

⁶Affiliate Investment

See accompanying notes to financial statements.

BMC FUND, INC.

SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS (Unaudited)

July 31, 2024

							Percent
	Contracts				Market		of Net
Company Name	Held		Cost		Value		Assets
CALL OPTIONS:
None		-	$	-	$	-
TOTAL CALL OPTIONS - LIABILITIES				-		-		0.00	%
PUT OPTIONS:
None		-		-		-
TOTAL PUT OPTIONS - LIABILITIES				-		-		0.00	%
TOTAL CALL AND PUT OPTIONS - LIABILITIES			$	-	$	-		0.00	%

See accompanying notes to financial statements.

BMC FUND, INC.

NOTES TO QUARTERLY SCHEDULE OF INVESTMENTS 

July 31, 2024

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. 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 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.

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.

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.

BMC FUND, INC. 

NOTES TO QUARTERLY SCHEDULE OF INVESTMENTS 

July 31, 2024

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 2019 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.

BMC FUND, INC.

NOTES TO QUARTERLY SCHEDULE OF INVESTMENTS 

July 31, 2024

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.

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

BMC FUND, INC.

NOTES TO QUARTERLY SCHEDULE OF INVESTMENTS 

July 31, 2024

The following table summarizes fair value information for assets and liabilities measured on a recurring basis as of July 31, 2024.

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	$	3,814,235	$	-	$	-	$	3,814,235
Bond Mutual Funds		1,152,892		-		-		1,152,892
Stock Mutual Funds		459,868		-		-		459,868
Common Stocks – Publicly Traded		8,640,950		-		-		8,640,950
Preferred Stocks – Publicly Traded		100,360		-		-		100,360
Cash and Cash Equivalents		3,654,092		-		-		3,654,092
Limited Partnerships – Measured at NAV (1)		-		-		-		22,097,996
Total Investments	$	17,822,397	$	-	$	-	$	39,920,393

⁽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, 2024, were as follows:

Gross appreciation (excess of value over tax cost)	$	14,290,943
Gross depreciation (excess of tax cost over value)		(3,808,078	)
Net unrealized appreciation	$	10,482,865
Cost of investments for income tax purposes	$	29,437,528

4.     OPTIONS WRITTEN

The Company did not have any cash or securities pledged as collateral for written options and there were no outstanding written options at July 31, 2024.

5.     IMPAIRED SECURITIES

Selected securities at the end of the year have significant investment impairment issues. These selected securities have an aggregate cost basis of $3,455,286 and have been assigned no value at July 31, 2024.