BMC Fund NCSRS Certified semi-annual shareholder report (management investment company)

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: 811-3150

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, 2009

Date of reporting period: April 30, 2009

Item 1. Report to Stockholders.

BMC FUND, INC.

FINANCIAL STATEMENTS AND

SUPPLEMENTARY INFORMATION

(UNAUDITED)

Six Months Ended April 30, 2009

BMC FUND, INC.

TABLE OF CONTENTS

	Page No.


Directors and Officers	1

Letter to Shareholders	2

Graphic Presentation of Portfolio Holdings and Sector Diversification	3

Statement of Assets and Liabilities	4

Statement of Operations	5

Statements of Changes In Net Assets	6

Notes to Financial Statements	7

Financial Highlights	15

Schedule of Investments	16

Schedule of Open Written Option Contracts	30

BMC FUND, INC.

DIRECTORS AND OFFICERS

DIRECTORS

	James T. Broyhill	Winston-Salem, North Carolina
	M. Hunt Broyhill	Hickory, North Carolina
	Paul H. Broyhill	Lenoir, North Carolina
	R. Donald Farmer	Taylorsville, North Carolina
	Robert G. Fox, Jr.	Charlotte, North Carolina
	Jan E. Gordon	Palm Harbor, Florida
	Gene A. Hoots	Charlotte, North Carolina
	Brent B. Kincaid	Lenoir, North Carolina
	Michael G. Landry	Fort Lauderdale, Florida
	John S. Little	Naples, Florida
	L. Glenn Orr, Jr.	Winston-Salem, North Carolina
	Allene B. Stevens	Lenoir, North Carolina

OFFICERS

	Paul H. Broyhill	Chairman and
		Chief Executive Officer
	M. Hunt Broyhill	President
	Michael G. Landry	Vice President and
		Chief Investment Officer
	Boyd C. Wilson, Jr.	Vice President and
		Chief Financial Officer
	Jeffrey W. Clark	Chief Compliance Officer
	Carol Frye	Secretary and Treasurer

TO OUR SHAREHOLDERS:

We are happy to present to you our semi-annual report (unaudited) for the six months ended April 30, 2009, 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, 2009, the Company paid the following dividends per share:

December 10, 2008 to shareholders of record November 25, 2008	$	1.12
March 10, 2009 to shareholders of record February 25, 2009		.25

Total	$	1.37

The attached Schedule of Investments is a listing of the entire Company’s diversified securities at April 30, 2009, with a total market value of $97,858,457.

Paul H. Broyhill, Chief Executive Officer

M. Hunt Broyhill, President

Michael G. Landry, Vice President

BMC FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
April 30, 2009

ASSETS AT MARKET VALUE:
Investment securities (cost - $113,654,558)	$	97,233,963
Investments in affiliate - wholly owned subsidiary (equity value $527,022)		624,494
Cash and short-term investments		113,872
Receivables, accrued interest and dividends		128,501
Other assets		69,553

Total assets		98,170,383

LIABILITIES:
Call options written, at fair value (preimums received $1,679,043)		696,055
Payable to broker		2,663,814
Accounts payable and accrued expenses		73,809

Total liabilities		3,433,678

NET ASSETS AT APRIL 30, 2009 - EQUIVALENT TO $19.20 PER
SHARE ON 4,933,281 SHARES OF COMMON STOCK OUTSTANDING	$	94,736,705

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		81,460,646
Undistributed net investment income		-
Realized loss on investments		(1,244,927	)
Undistributed nontaxable gain		5,194,714
Unrealized depreciation of investments		(15,340,133	)

NET ASSETS APPLICABLE TO COMMON STOCK OUTSTANDING	$	94,736,705


See accompanying notes to financial statements.

BMC FUND, INC.
STATEMENT OF OPERATIONS (Unaudited)
Six Months Ended April 30, 2009

INVESTMENT INCOME:
Income:
	Interest - fixed income	$	64,312
	Other interest and dividends		2,201,406
	Equity in earnings of wholly-owned subsidiary		(38,946	)

	Total income		2,226,772

Expenses:
	Legal and professional fees		44,373
	Directors' fees (Note 8)		31,000
	Investment expense		47,060
	Salaries		335,088
	Property and liability insurance		28,680
	Depreciation expense		2,232
	Taxes and licenses		60,201
	Rent		11,100
	Office supplies and expense		15,022
	Dues and subscriptions		33,172
	Travel and entertainment		6,034

	Total expenses		613,962

	Investment income, net		1,612,810

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
	Realized gain (loss) from investments sold		(309,058	)
	Change in unrealized appreciation of investments for the period		(2,382,616	)

	Net gain on investments		(2,691,674	)

NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS		$	(1,078,864	)

See accompanying notes to financial statements.

BMC FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
Six Months Ended April 30, 2009 and 2008

	2009			2008

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,612,810		$	3,698,737
Realized gains (losses) from investment securities sold		(309,058	)		4,089,267
Change in unrealized appreciation (depreciation) of
investments for the year		(2,382,615	)		(17,211,566	)

Net increase (decrease) in net assets resulting from operations		(1,078,863	)		(9,423,562	)

Distributions to shareholders from:
Net realized gain on investment securities		-			(7,018,329	)
Net investment income		(4,150,272	)		(2,650,902	)
Retained earnings prior to becoming an investment company		(2,608,324	)		-

TOTAL INCREASE (DECREASE) IN NET ASSETS		(7,837,459	)		(19,092,793	)

NET ASSETS AT BEGINNING OF PERIOD		102,574,164			178,974,814

NET ASSETS AT END OF PERIOD (Including
undistributed net investment income:
2009 none - $; 2007 - $10,524,563)	$	94,736,705		$	159,882,021

See accompanying notes to financial statements.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended April 30, 2009

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. The policies are in conformity with generally accepted accounting principles for investment companies.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuations – The investment securities are stated at market 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.

The carrying value of the investment in the wholly owned subsidiary is based on independent appraisals and internal assessments of the fair market values of the subsidiary’s underlying investments. Equity in earnings of the wholly owned subsidiary in the statement of operations represents the current year earnings of the subsidiary accounted for using the equity method.

B. 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, 2009, the Company purchased and sold securities in the amount of $44,657,546 and $32,736,804 (excluding short-term investments and options), respectively.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended April 30, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

C. 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.

D. 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.

E. 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.

F. 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.

G. 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.

H. Fair Value Measurements – The Company adopted the provisions of Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements,” on November 1, 2008. FAS 157 established a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended April 30, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Company’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Quoted prices in active markets for identical investments

Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – Significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used to value the Company’s investments as of April 30, 2009.

Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1 – Quoted Prices	$	86,499,674		-
Level 2 – Other Significant Observable Inputs		-		-
Level 3 – Significant Unobservable Inputs		10,662,728		-
Total	$	97,162,402		-

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended April 30, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

The table below presents a reconciliation for the quarter ended April 30, 2009, for all Level 3 assets that are measured at fair value on a recurring basis.

For the Six Months Ended April 30, 2009	Fair Value Measurement Using Significant Unobservable Inputs
Balance at October 31, 2008	$	-
Transferred to Level 3		12,126,307
Purchases		2,000,000
Sales		(2,619,959	)
Total realized and unrealized gains or losses		(843,620	)
Balance at April 30, 2009	$	10,662,728

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, 2009, were as follows:

Gross appreciation (excess of value over tax cost)	$	3,203,626
Gross depreciation (excess of tax cost over value)		(18,543,761	)
Net unrealized depreciation	$	(15,340,135	)
Cost of investments for income tax purposes	$	112,502,537

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended April 30, 2009

4. INVESTMENT IN AFFILIATE

Under Section 2(a)(3) of the Investment Company Act of 1940, a portfolio company is defined as “affiliated” if a fund owns five percent or more of its voting stock. The Company held at least five percent of the outstanding voting stock of the following company during the period ended April 30, 2009.

Issuer	Number of Shares Held 4/30/09	Amount of Equity In Net Profit And Loss For the Period	Dividends (1)	Value at 4/30/09

Broyhill Industries, Inc. – Wholly-owned subsidiary	1,000	$ (38,947)	$ -	$ 624,494

(1)	All of the dividends received by BMC Fund, Inc. from its wholly owned subsidiary have been credited to the investment account since BMC Fund, Inc. is accounting for its investment in the subsidiary company on the equity method.

5. 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 six months 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, 2008, an ordinary income distribution of $0.84 per share and a distribution from retained earnings prior to becoming an investment company of $0.28 per share were paid to shareholders of record on November 25, 2008.

On March 10, 2009, a distribution from retained earnings prior to becoming an investment company of $0.25 was paid to shareholders of record on February 25, 2009.

The tax character of distributions paid for the six months ended April 30, 2009 is as follows:

Distributions paid from:
Ordinary income	$	4,150,272
Retained earnings prior to becoming an investment company		2,608,324
Total	$	6,758,596

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended April 30, 2009

5. DISTRIBUTIONS TO SHAREHOLDERS (Continued)

The tax components of distributable earnings are determined in accordance with income tax regulations, which may differ from composition of net assets reported under accounting principles generally accepted. There were no such differences for the period ended April 30, 2009.

6. NEW ACCOUNTING PRONOUNCEMENTS

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (“FAS 161”), “Disclosures About Derivative Instruments and Hedging Activities.” FAS 161 is intended to improve financial reporting about derivative instruments and hedging activities. It is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Company believes that the adoption of FAS 161 will have no material impact on financial statement disclosures.

7. LINE OF CREDIT

On October 12, 2007 (renewed on February 27, 2009), the Company entered into an agreement with a bank for an unsecured line of credit in the amount of $7,500,000 to provide the Company more flexibility in its payment of dividend and management of its investments. The interest rate on any borrowings is at the LIBOR market index rate plus 100 basis points. The Company will pay a commitment fee of 25 basis points on any unused balance. As of April 30, 2009, the Company had no borrowings from this line of credit, which expires on March 31, 2010.

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 cash 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.

9. RELATED PARTIES

The Company owns one wholly-owned subsidiary, Broyhill Industries, Inc.

The Company leases office space from Broyhill Investments, Inc., which is controlled by Paul H. Broyhill and M. Hunt Broyhill, both officers of BMC Fund, Inc. The expense associated with this related party lease for the six months ended April 30, 2009 amounted to $11,100. 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, 2009 was $72,809.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended April 30, 2009

10.	IMPAIRED SECURITIES

Selected securities at the end of the six months have significant investment impairment issues. These selected securities have an aggregate cost basis of $9,501,109 and have been assigned no value at April 30, 2009.

11.	SUPPLEMENTAL PROXY INFORMATION AND 2009 ANNUAL MEETING OF SHAREHOLDERS

The Annual Meeting of Shareholders of BMC Fund, Inc. was held on February 28, 2009 at the Company’s offices in Lenoir, North Carolina. The meeting was held for the following purposes:

1. To elect the following 12 directors to serve as follows:

Director	Term	Expiring

James T. Broyhill	1 year	2010
M. Hunt Broyhill	1 year	2010
Paul H. Broyhill	1 year	2010
R. Donald Farmer	1 year	2010
Robert G. Fox, Jr.	1 year	2010
Jan E. Gordon	1 year	2010
Gene A. Hoots	1 year	2010
Brent B. Kincaid	1 year	2010
Michael G. Landry	1 year	2010
John S. Little	1 year	2010
L. Glenn Orr, Jr.	1 year	2010
Allene B. Stevens	1 year	2010

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

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended April 30, 2009

11.	SUPPLEMENTAL PROXY INFORMATION AND 2009 ANNUAL MEETING OF SHAREHOLDERS (Continued)

The results of the proxy solicitation on the above matters were as follows:

Director	Votes For	Votes Against	Votes Withheld	Abstentions

James T. Broyhill	4,852,424	0	80,857	0
M. Hunt Broyhill	4,852,424	0	80,857	0
Paul H. Broyhill	4,852,424	0	80,857	0
R. Donald Farmer	4,852,424	0	80,857	0
Robert G. Fox, Jr.	4,852,424	0	80,857	0
Jan E. Gordon	4,733,910	0	80,857	0
Gene A. Hoots	4,852,424	0	80,857	0
Brent B. Kincaid	4,852,424	0	80,857	0
Michael G. Landry	4,852,424	0	80,857	0
John S. Little	4,852,424	0	80,857	0
L. Glenn Orr, Jr.	4,852,424	0	80,857	0
Allene B. Stevens	4,852,424	0	80,857	0

There was no other business voted upon at the Annual Meeting of Shareholders.

12. SUPPLEMENTAL INFORMATION

Paul H. Broyhill, Chairman and Chief Executive Officer, Michael G. Landry, Vice President and Chief Investment Officer, M. Hunt Broyhill, President, Christopher R. Pavese, CFA, Managing Director, and Dan J. Wakin, Managing Director – Alternative Investments, are primarily responsible for the day-to-day management of the Company’s portfolio. Mr. Paul Broyhill has had such responsibility since the inception of the Company. Messrs. Landry and Hunt Broyhill have had such responsibility since 2001. Messrs. Landry and Hunt Broyhill have 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. Mr. Wakin has had such responsibility since February 2006, and has served the Company in other capacities since 1995.

BMC FUND, INC.

FINANCIAL HIGHLIGHTS

Six Months April 30, 2009 (Unaudited), Years Ended October 31, 2008, 2007, 2006, 2005, 2004, and 2003, Seven Month Period Ended October 31, 2002, and Each of the Three Years in the Period Ended March 31, 2002

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, 2009 (Unaudited), the years ended October 31, 2008, 2007, 2006, 2005, 2004, and 2003, the seven month period ended October 31, 2002, and each of the three years in the period ended March 31, 2002. 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.

PER SHARE OPERATING PERFORMANCE	Six Months Ended April 30, 2009 (Unaudited)			2008			2007			2006			2005			2004			2003			Seven Months Ended October 31, 2002				2002			2001			2000

Net asset value, beginning of period	$	20.79		$	36.28		$	33.55		$	32.84		$	30.94		$	29.17		$	25.46		$	28.95			$	29.44		$	31.84		$	29.01
Net investment income		0.33			0.73			0.78			1.06			0.88			0.82			0.95			0.59				1.13			1.31			2.11
Net gains (losses) on investments		(0.55	)		(10.98	)		4.25			2.43			2.48			2.08			3.76			(3.45	)			(0.30	)		(2.13	)		2.11
Total from investment operations		(0.22	)		(10.25	)		5.03			3.49			3.36			2.90			4.71			(2.86	)			0.83			(0.82	)		4.22
Less distributions:
Dividends from net investment income		0.84			1.04			2.03			2.37			-			0.65			0.45			0.56				0.84			1.58			1.10
Distributions from capital gains		-			1.42			0.27			0.41			1.46			0.48			0.55			0.07				0.48			-			0.29
Distributions from retained earnings		0.53			-			-			-			-			-			-			-				-			-			-
P. B. Realty, Inc. Spin-off		-			2.78			-			-			-			-			-			-				-			-			-
Total distributions		1.37			5.24			2.30			2.78			1.46			1.13			1.00			0.63				1.32			1.58			1.39
Net asset value, end of period	$	19.20		$	20.79		$	36.28		$	33.55		$	32.84		$	30.94		$	29.17		$	25.46			$	28.95		$	29.44		$	31.84

Per share market value, end of period1	$	26.00		$	26.00		$	26.00		$	26.00		$	26.00		$	26.00		$	26.00		$	26.00			$	26.00		$	26.00		$	26.00

TOTAL INVESTMENT RETURN2		(0.84	)%		(39.42	)%		19.35	%		13.40	%		12.95	%		11.14	%		18.12	%		(18.85	)%	*		3.20	%		(3.15	)%		16.23	%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (in thousands)	$	94,737		$	102,574		$	178,975		$	165,500		$	162,027		$	152,623		$	143,910		$	125,596			$	142,811		$	145,221		$	157,057
Ratio of expenses to average net assets3		0.63	%		1.02	%		0.75	%		0.73	%		0.60	%		0.73	%		0.73	%		0.71	%	*		0.62	%		0.49	%		0.40	%
Ratio of net investment income to
average net assets3		1.66	%		2.37	%		2.26	%		3.20	%		2.77	%		2.70	%		3.52	%		3.78	%	*		3.91	%		4.23	%		6.99	%
Portfolio turnover rate		41.92	%		67.44	%		51.23	%		48.22	%		57.54	%		40.10	%		52.51	%		31.95	%			67.18	%		33.65	%		94.21	%

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

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2009

		Coupon										Percent
		Interest			Maturity	Face				Market		of Net
Debt Issuer		Rate			Date	Amount		Cost		Value		Assets

FIXED INCOME:
OAKWOOD HOMES CORP	1,3		7.875	%	3/1/2004	$	1,000,000		959,352	$	480,000
LEHMAN BROTHERS HLDGS NIKKEI INDEX	2,3		0.000	%	9/29/2008		3,000,000		3,000,000		-
LEHMAN BROTHERS HLDGS EAFE INDEX	2,3		0.000	%	11/15/2008		1,000,000		1,000,000		-
SUN MICROSYSTEMS			7.650	%	8/15/2009		500,000		498,888		502,500
AUSTRALIA GOVT BOND			7.500	%	9/15/2009		984,960		989,731		897,965
NEXTEL COMMUNICATIONS INC			5.250	%	1/15/2010		500,000		495,284		490,625
LEHMAN BROTHERS HLDGS MEDIUM TERM NOTE	2,3		0.000	%	3/15/2011		2,500,000		2,500,000		-
AMKOR TECHNOLOGY			2.500	%	5/15/2011		250,000		209,569		209,688
AK STEEL			7.750	%	6/15/2012		500,000		421,976		447,500
NII HOLDINGS INC			2.750	%	8/15/2025		500,000		460,148		458,125

TOTAL INVESTMENTS IN FIXED INCOME						$	10,734,960	$	10,534,948	$	3,486,403	3.68%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2009

		Coupon										Percent
		Interest			Maturity	Face				Market		of Net
Debt Issuer		Rate			Date	Amount		Cost		Value		Assets

US GOVERNMENT & AGENCY OBLIGATIONS:
US TREASURY BILLS	3		0.000	%	5/29/2009	$	1,250,000	$	1,249,961	$	1,250,000
US TREASURY BILLS	3		0.000	%	6/25/2009		11,500,000		11,498,472		11,500,000
US TREASURY BILLS	3		0.000	%	7/2/2009		605,000		604,896		604,811
US TREASURY BILLS	3		0.000	%	7/23/2009		250,000		249,890		249,922
US TREASURY BILLS	3		0.000	%	7/30/2009		3,140,000		3,138,158		3,139,019
US TREASURY BILLS	3		0.000	%	8/27/2009		500,000		499,951		499,844
US TREASURY BILLS	3		0.000	%	9/24/2009		3,056,000		3,052,238		3,054,090
US TREASURY BILLS	3		0.000	%	10/22/2009		1,175,000		1,172,967		1,173,531

TOTAL INVESTMENTS IN US GOVERNMENT & AGENCY OBLIGATIONS						$	21,476,000	$	21,466,533	$	21,471,217	22.66%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2009

Company Name	Shares Held		Cost		Market Value		Percent of Net Assets

MUTUAL FUNDS:
BOND MUTUAL FUNDS:
ABERDEEN ASIA-PACIFIC INCOME		50,000.00	$	239,815	$	247,500
FIDELITY US BOND INDEX		192,678.23		2,000,000		2,075,144
FLAHERTY & CRUMRINE PREFERRED INCOME FUND		23,633.00		203,791		142,271
GABELLI CONVERTIBLE & INCOME SECURITIES FUND		32,600.00		203,772		157,458
HARBOR BOND FUND INSTITUTIONAL CLASS		87,796.31		1,000,000		1,009,658
ING PRIME RATE TRUST		50,000.00		187,925		195,500
ISHARES BARCLAY TIPS BOND		4,300.00		408,608		431,892
ISHARES BARCLAYS 20+ YR TREASURY BOND FUND		5,000.00		523,149		490,400
ISHARES IBOXX $ INVESTMENT GRADE CORP BOND		7,500.00		719,785		721,500
PIMCO CORPORATE INC FUND		12,500.00		153,358		114,875
PIMCO GLOBAL MULTI-ASSET FUND CLASS D		10,582.01		100,000		101,905
PIMCO TOTAL RETURN FUND INSTITUTIONAL CLASS		488,758.55		5,000,000		4,995,112
SPDR BARCLAYS INTL TREASURY BOND FUND		10,000.00		525,850		516,100
TEMPLETON GLOBAL INCOME FUND		25,000.00		199,625		200,500
VAN KAMPEN SENIOR INCOME TRUST		50,000.00		140,820		144,500
VANGUARD INTERMEDIATE-TERM INVESTMENT GRADE		274,750.29		2,300,000		2,379,338
VANGUARD GNMA FUND - ADMIRAL SHARES		46,904.36		500,000		500,469
VANGUARD HIGH YIELD CORPORATE FUND		22,371.37		100,000		104,698
WISDOMTREE DREYFUS CHINESE YUAN FUND		10,000.00		251,651		255,300
TOTAL BOND MUTUAL FUNDS				14,758,149		14,784,120		15.61	%

STOCK MUTUAL FUNDS:
INTERNATIONAL EQUITIES
Diversified Emerging Markets
WISDOMTREE EMERGING MARKETS		10,000.00		264,080		299,000		0.32	%

Diversified Asia Pacific
ISHARES TR FTSE INDEX		7,500.00		222,197		239,850		0.25	%

Asia Ex-Japan Stock
ISHARES INC MSCI HONG KONG INDEX		15,250.00		149,362		181,018		0.19	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2009

Company Name	Shares Held		Cost		Market Value		Percent of Net Assets

MUTUAL FUNDS
STOCK MUTUAL FUNDS (Continued):
Latin America Stock
ISHARES INC MSCI BRAZIL INDEX		7,700.00		391,976		347,270
TOTAL INTERNATIONAL EQUITIES				1,027,615		1,067,138		1.13	%

SPECIALTY FUNDS
Diversified Financials
POWERSHARES FINANCIAL PREFERRED		20,000.00		363,538		227,200		0.24	%

Real Estate
SPDR S&P HOMEBUILDERS ETF		20,000.00		350,816		271,200		0.29	%

Health
ISHARES DJ US PHARMACEUTICALS		3,000.00		158,105		123,330		0.13	%

Precious Metals
MARKET VECTORS GOLD MINERS ETF		15,000.00		535,256		493,650
SPDR GOLD SHARES	3	10,000.00		965,449		872,700
				1,500,705		1,366,350		1.44	%

World Allocation
IVY ASSET STRATEGY FUND CLASS I		72,445.42		1,979,197		1,371,392		1.45	%

Bear Market
CALAMOS CONV OPPORTUNITIES & INCOME FUND		30,000.00		272,657		271,800		0.29	%

Long-Short
HUSSMAN STRATEGIC GROWTH FUND		311,478.07		5,000,000		4,158,232		4.39	%

TOTAL SPECIALTY FUNDS				9,625,017		7,789,504		8.22	%

TOTAL STOCK MUTUAL FUNDS				10,652,632		8,856,642		9.35	%

TOTAL INVESTMENTS IN MUTUAL FUNDS			$	25,410,781	$	23,640,762		24.95	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2009

				Market		Percent of
Company Name		Cost		Value		Net Assets

OTHER INVESTMENTS:

LIMITED PARTNERSHIPS:
ELLIOTT ASSOCIATES LP	2	$	2,000,000	$	2,010,164
INSTITUTIONAL BENCHMARKS LLC CONVERTIBLE HEDGED SERIES	2		1,475,886		1,031,770
JMG CAPITAL PARTNERS LP	2		609,767		1,273,003
LMC COMPASS FUND LP	2		1,500,000		1,717,591
RD LEGAL FUNDING PARTNERS LP	2		1,000,000		1,088,092
RYE SELECT BROAD MARKET FUND LP	2,3		1,500,000		-
STARK INVESTMENTS LP	2		1,000,000		2,159,930
STARK STRUCTURED FINANCE ONSHORE FUND	2		1,000,000		632,045
WALNUT INVESTMENT PARTNERS	2		235,567		125,639
TOTAL LIMITED PARTNERSHIPS			10,321,220		10,038,234		10.60	%

WARRANTS:
CREDIT SUISSE 24 MONTH COMMODITY CURRENCY BASKET	3		58,400		251
CREDIT SUISSE 24 MONTH GULF CURRENCY BASKET	3		152,400		426
TOTAL WARRANTS			210,800		677		0.00	%

TOTAL OTHER INVESTMENTS		$	10,532,020	$	10,038,911		10.60	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2009

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

COMMON STOCKS:
CONSUMER DISCRETIONARY
Consumer Durables & Apparel	6,500.00	FORTUNE BRANDS INC COM		$	239,501	$	255,515
	172,000.00	HEAD N V NY REGISTRY SH	3		345,561		61,920
					585,062		317,435	0.34%

Consumer Services	15,000.00	REGIS CORP MINN COM			202,685		287,100	0.30%

Media	7,000.00	DISNEY WALT CO COM			176,801		153,300
	11,600.00	NEWS CORP CL B			166,905		105,792
					343,706		259,092	0.27%

Retailing	6,000.00	AARON'S INC			146,982		201,360	0.21%

TOTAL CONSUMER DISCRETIONARY					1,278,435		1,064,987	1.12%

CONSUMER STAPLES
Food & Staples Retailing	700.00	COSTCO COMPANIES INC COM			46,474		34,020
	5,000.00	WAL MART STORES INC COM			253,174		252,000
					299,648		286,020	0.30%

Food, Beverage & Tobacco	10,000.00	ALTRIA GROUP INC			172,750		163,300
	7,200.00	COCA COLA CO COM			350,902		309,960
	9,400.00	DIAGEO P L C SPON ADR NEW			586,834		449,790
	5,000.00	DR. PEPPER SNAPPLE	3		119,217		103,550
	2,500.00	GENERAL MLS INC COM			169,738		126,725
	5,000.00	LORILLARD INC			323,175		315,650
	8,150.00	NESTLE S A SPONSORED ADR			308,331		267,337
	4,000.00	PEPSICO INC COM			286,163		199,040
	5,000.00	PHILIP MORRIS INTL INC COM			193,561		181,000
					2,510,670		2,116,352	2.23%

Household & Personal	10,800.00	AVON PRODS INC COM			275,723		245,808
Products	6,000.00	PROCTER & GAMBLE CO COM			391,831		296,640
					667,554		542,448	0.57%

TOTAL CONSUMER STAPLES					3,477,872		2,944,820	3.11%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2009

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

COMMON STOCKS:
ENERGY	1,000.00	APACHE CORP COM			112,790		72,860
	8,900.00	BP PLC SPONSORED ADR			424,650		377,894
	3,500.00	BP PRUDHOE BAY ROYALTY TRUST			307,620		225,750
	9,000.00	CPFL ENERGIA			433,927		409,590
	1,000.00	DEVON ENERGY CORP NEW COM			105,231		51,850
	2,000.00	ENBRIDGE ENERGY PARTNERS			53,595		72,540
	10,500.00	ENERGY TRANSFER EQUITY LP			249,388		269,220
	2,500.00	ENERGY TRANSFER PRTNRS			78,375		98,875
	12,000.00	ENTERPRISE PRODS PARTN COM			302,232		283,080
	6,004.00	EXXON MOBIL CORP COM			453,624		400,287
	7,000.00	KINDER MORGAN ENERGY UT LT			357,377		334,320
	164.00	KINDER MORGAN MANAGEMENT	3		7,935		6,698
	12,091.00	KINDER MORGAN MGMT FRACTIONAL	3		6		5
	25,000.00	LINN ENERGY LLC			396,256		413,500
	25,000.00	MARKWEST ENERGY PARTNERS			318,085		358,250
	3,000.00	ONEOK PARTNERS LP			161,530		141,000
	6,000.00	PENGROWTH ENERGY TR			96,129		39,420
	16,000.00	PENN WEST ENERGY TR			317,839		175,520
	1,000.00	PETROLEO BRASILEIRO SA			29,505		33,570
	3,000.00	SAN JUAN BASIN ROYALTY TRUST			91,906		42,630
	50.00	SASOL			2,275		1,505
	1,000.00	SUNCOR ENERGY INC COM			39,714		25,360
	10,500.00	TEPPCO PARTNERS L P UT LTD			242,369		285,915
	10,000.00	TOTAL FINA S A SPONSORED A			505,647		497,200
	8,409.00	UNITED UTILITIES GROUP			270,707		126,724
	5,750.00	WILLIAMS PIPELINE PRTNR LP			101,968		107,525
TOTAL ENERGY					5,460,678		4,851,087	5.12%

FINANCIALS
Banks	15,000.00	BLADEX - BANCO LATIN AMERICA			115,326		184,500
	14,400.00	BANK OF AMERICA CORP COM			547,651		128,592
					662,977		313,092	0.33%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2009

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

COMMON STOCKS:
Diversified Financials	13,200.00	ALLIANCE BERNSTEIN HLDG			549,292		231,264
	500.00	CME GROUP			104,368		110,675
	4,700.00	FRANKLIN RESOURCES INC			429,934		284,256
					1,083,593		626,195	0.66%

Insurance	5,400.00	AFLAC INC COM			281,993		156,006
	2.00	BERKSHIRE HATHAWAY A	3		218,700		188,000
	11,200.00	MARSH & MCLENNAN COS COM			303,217		236,208
	15,900.00	PROGRESSIVE CORP OHIO	3		255,701		242,952
					1,059,611		823,166	0.87%

Real Estate	35,000.00	MEDICAL PPTYS TR INC COM			370,003		186,900	0.20%

Financial	13,700.00	LEGG MASON			559,607		274,959	0.29%

TOTAL FINANCIALS					3,735,791		2,224,312	2.35%

HEALTH CARE
Health Care Equipment &	3,501.00	AMEDISYS INC COM	3		185,205		117,424
Services	200.00	CIGNA CORP COM			6,872		3,942
	2,000.00	COVIDIEN LTD			109,285		65,960
	1,000.00	CRYOLIFE INC	3		15,192		5,430
	250.00	LABORATORY CORP AMER HLDGS	3		17,105		16,038
	2,900.00	MEDTRONIC INC COM			156,441		92,800
	4,000.00	QUEST DIAGNOSTICS INC COM			204,139		205,320
	7,500.00	UNITEDHEALTH GROUP INC COM			219,017		176,400
	10,000.00	WELLCARE HEALTH PLANS	3		155,806		150,100
	5,000.00	WELLPOINT INC	3		219,075		213,800
					1,288,137		1,047,213	1.11%

Pharmaceuticals &	5,500.00	AMGEN INC COM	3		293,069		266,585
Biotechnology	15,000.00	BRISTOL MYERS SQUIBB COM			370,569		288,000
	1,000.00	GILEAD SCIENCES INC COM	3		47,412		45,800
	9,000.00	JOHNSON & JOHNSON COM			548,831		471,240
	25,000.00	MERCK & CO INC COM			805,136		606,000
	3,000.00	PDL BIOPHARMA INC COM			30,543		21,450
	52,500.00	PFIZER INC COM			1,082,477		701,400

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2009

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

COMMON STOCKS:
	20,000.00	WYETH COM			867,118		848,000
					4,045,154		3,248,475	3.43%

Asia Ex-Japan Stock	2,000.00	FRESENIUS MED CARE AG			110,365		77,020	0.08%

TOTAL HEALTH CARE					5,443,656		4,372,708	4.62%

INDUSTRIALS
Capital Goods	5,000.00	3M COMPANY			412,920		288,000
	5,000.00	BOEING CO COM			170,810		200,250
	7,500.00	CATERPILLAR INC DEL COM			368,685		266,850
	7,500.00	DEERE & CO COM			425,212		309,450
	6,400.00	EMERSON ELEC CO COM			259,662		217,856
	5,000.00	GENERAL DYNAMICS CORP COM			196,075		258,350
	28,200.00	GENERAL ELEC CO COM			742,645		356,730
	5,000.00	NORTHROP GRUMMAN CORP			188,726		241,750
	500.00	SIEMENS A G SPONSORED ADR			29,353		33,465
	1,200.00	TELEFLEX			51,161		51,576
	3,000.00	WATTS WATER TECHNOLOGIES			82,507		66,780
					2,927,756		2,291,057	2.42%

Commercial Services & Supplies	3,000.00	AMERICAN ECOLOGY CORP			96,549		49,560
	250.00	STERICYCLE INC COM	3		12,177		11,770
					108,727		61,330	0.06%

Transportation	200.00	NORFOLK SOUTHERN CORP COM			12,103		7,136	0.01%

TOTAL INDUSTRIALS					3,048,586		2,359,523	2.49%

INFORMATION TECHNOLOGY
Software & Services	31,000.00	MICROSOFT CORP COM			690,815		628,060
	7,000.00	ORACLE CORP COM			148,921		135,380
	10,000.00	UNITED ONLINE INC COM			114,228		53,000
					953,964		816,440	0.86%

Technology Hardware	3,000.00	APPLE COMPUTER INC COM	3		352,322		377,490
& Equipment	13,000.00	CISCO SYS INC COM	3		270,494		251,160

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2009

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

COMMON STOCKS:
	1,300.00	L-3 COMMUNICATNS HLDGS COM			137,210		98,995
	7,000.00	RESEARCH IN MOTION LTD COM	3		396,383		486,500
	75,000.00	SUN MICROSYSTEMS INC COM	3		690,375		687,000
	20,000.00	TYCO ELECTRONICS			651,982		348,800
	8,000.00	WESTERN DIGITAL CORP COM	3		144,296		188,160
					2,643,062		2,438,105	2.57%

Semiconductors &	27,000.00	INTEL CORP COM			420,120		426,060
Semiconductor Equipment	35,000.00	TAIWAN SEMICONDUCTOR			283,975		369,950
					704,095		796,010	0.84%

TOTAL INFORMATION TECHNOLOGY					4,301,121		4,050,555	4.28%

MATERIALS	2,000.00	BHP BILLITON LTD SPONSORED			91,047		96,280
	110.00	BROOKFIELD INFRASTRUCTURE			2,310		1,502
	5,000.00	CEMEX S A SPON ADR	3		64,628		37,400
	1,000.00	CF INDUSTRIES HOLDINGS			71,800		72,050
	20,000.00	SEALED AIR CORP NEW			443,629		381,200
TOTAL MATERIALS					673,413		588,432	0.62%

TELECOMMUNICATION	1,200.00	BRASIL TELECOM			90,830		46,752
SERVICES	30,000.00	BT GROUP			589,198		411,900
	11,500.00	CHINA MOBILE HONG KONG			551,798		496,340
	15,000.00	FRANCE TELECOM SPONSORED A			390,091		330,900
	15,000.00	PARTNER COMMUNICATIONS			233,861		243,750
	500.00	SK TELECOM LTD SPONSORED A			9,648		7,835
	5,688.00	TELECOM CP NEW ZEALAND			82,004		45,561
	18,500.00	TELECOMUNCA DE SAO PAULO			418,772		401,265
	2,000.00	TELEFONICA S A SPONSORED			118,089		112,580
	3,000.00	VERIZON COMMUNICATIONS COM			97,215		91,020
	10,000.00	WINDSTREAM CORP COM			136,850		83,000
TOTAL TELECOMMUNICATION SERVICES					2,718,355		2,270,903	2.40%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2009

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

COMMON STOCKS:
UTILITIES	37,500.00	DUKE ENERGY CORP COM		566,469		517,875
	4,000.00	PROGRESS ENERGY		151,264		136,480
	9,500.00	SOUTHERN CO COM		326,330		274,360
TOTAL UTILITIES				1,044,063		928,715	0.98%

INVESTMENT IN AFFILIATE	1,000.00	BROYHILL INDUSTRIES, INC.		527,022		624,494	0.66%

TOTAL INVESTMENTS IN COMMON STOCKS			$	31,708,991	$	26,280,535	27.74%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2009

								Percent
		Contracts				Market		of Net
Company Name		Held		Cost		Value		Assets

CALL OPTIONS:
SUN MICROSYSTEMS CALL OPTION, $8.00 EXP 10/17/09	3		500	$	71,500	$	72,000
TOTAL CALL OPTIONS					71,500		72,000		0.08	%

PUT OPTIONS:
SPDR PUT OPTION, $82 EXP 5/16/09	3		200		79,601		16,800
SPDR PUT OPTION, $85 EXP 5/16/09	3		100		39,001		16,200
TOTAL PUT OPTIONS					118,602		33,000		0.03	%

TOTAL INVESTMENTS IN CALL AND PUT OPTIONS				$	190,102	$	105,000		0.11	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2009

								Percent
		Shares				Market		of Net
Company Name		Held		Cost		Value		Assets

PREFERRED STOCKS:
COMCAST CORP 7% NOTE			4,000	$	91,267	$	89,800
LEARNINGSTATION.COM	2,3		1,224,661		500,000		-
RAM REINSURANCE PFD	2,3		10	$	1,001,109	$	-

TOTAL INVESTMENTS IN PREFERRED STOCKS				$	1,592,376	$	89,800	0.09%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Concluded) (Unaudited)
April 30, 2009

				Market			Percent of
Industries	Company Name	Cost		Value			Net Assets

Short-term Investments	First American Treasury Oblig. Fund Z	$	12,745,829	$	12,745,829			13.45	%

TOTAL INVESTMENTS - MARKET VALUE				$	97,858,457			103.30	%

TOTAL OTHER ASSETS IN EXCESS OF LIABILITIES					(3,121,752	)		-3.30	%

TOTAL NET ASSETS				$	94,736,705			100.00	%

1 In default
2 Market value determined by the Fund's Board of Directors
3 Non-income producing security

BMC FUND, INC.
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS (Unaudited)
April 30, 2009

											Percent
		Contracts						Market			of Net
Company Name		Held			Cost			Value			Assets

CALL OPTIONS:
APACHE CORP CALL OPTION, $75 EXP 7/18/09	3		(10.00	)	$	(4,280	)	$	(5,000	)
APPLE COMPUTER CALL OPTION, $130 EXP 1/16/10	3		(10.00	)		(20,180	)		(16,300	)
APPLE COMPUTER CALL OPTION, $140 EXP 6/20/09	3		(10.00	)		(2,640	)		(2,090	)
APPLE COMPUTER CALL OPTION, $140 EXP 7/18/09	3		(10.00	)		(3,830	)		(3,750	)
BHP BILLITON CALL OPTION, $55 EXP 8/22/09	3		(20.00	)		(6,560	)		(5,400	)
BP PLC SPONS ADR CALL OPTION, $44 EXP 7/18/09	3		(60.00	)		(9,030	)		(8,160	)
CATERPILLAR CALL OPTION, $45 EXP 5/16/09	3		(20.00	)		(4,600	)		(60	)
CF INDUSTRIES CALL OPTION, $75 EXP 6/20/09	3		(10.00	)		(3,180	)		(3,400	)
CHINA MOBILE CALL OPTION, $50 EXP 6/20/09	3		(15.00	)		(1,695	)		(720	)
CHINA MOBILE CALL OPTION, $50 EXP 9/19/09	3		(50.00	)		(13,400	)		(9,000	)
CHINA MOBILE CALL OPTION, $55 EXP 9/19/09	3		(50.00	)		(7,400	)		(4,500	)
CISCO SYSTEMS CALL OPTION, $20 EXP 7/18/09	3		(15.00	)		(705	)		(1,620	)
CISCO SYSTEMS CALL OPTION, $20 EXP 10/17/09	3		(15.00	)		(1,590	)		(2,670	)
CME GROUP INC CALL OPTION, $270 EXP 6/20/09	3		(5.00	)		(8,490	)		(1,750	)
COSTCO COMPANIES CALL OPTION, $50 EXP 7/18/09	3		(7.00	)		(1,631	)		(1,575	)
COVIDIEN LTD CALL OPTION, $40 EXP 7/18/09	3		(20.00	)		(880	)		(700	)
DEVON ENERGY CALL OPTION, $50 EXP 7/18/09	3		(10.00	)		(1,080	)		(1,500	)
DISNEY WALT CALL OPTION, $24 EXP 7/18/09	3		(20.00	)		(980	)		(1,880	)
DUKE ENERGY CALL OPTION, $17.50 EXP 10/17/09	3		(50.00	)		(950	)		(250	)
ENBRIDGE ENERGY CALL OPTION, $35 EXP 7/18/09	3		(20.00	)		(920	)		(4,400	)
ENERGY TRANSFER CALL OPTION, $40 EXP 6/20/09	3		(25.00	)		(1,475	)		(2,125	)
ENTERPRISE PROD CALL OPTION, $25 EXP 9/19/09	3		(60.00	)		(3,840	)		(4,800	)
EXXON MOBIL CALL OPTION, $75 EXP 7/18/09	3		(20.00	)		(1,860	)		(1,840	)
EXXON MOBIL CALL OPTION, $80 EXP 10/17/09	3		(30.00	)		(9,540	)		(3,510	)
EXXON MOBIL CALL OPTION, $85 EXP 11/16/10	3		(10.00	)		(9,530	)		(1,500	)
FORTUNE BRANDS CALL OPTION, $40 EXP 6/20/09	3		(30.00	)		(4,740	)		(8,250	)
FORTUNE BRANDS CALL OPTION, $45 EXP 6/20/09	3		(35.00	)		(2,065	)		(3,675	)
FRANKLIN RESOURCES CALL OPTION, $75 EXP 7/18/09	3		(10.00	)		(9,180	)		(1,150	)
GENERAL ELECTRIC CALL OPTION, $13 EXP 9/19/09	3		(25.00	)		(2,425	)		(3,875	)
GENERAL ELECTRIC CALL OPTION, $15 EXP 9/19/09	3		(25.00	)		(1,150	)		(1,900	)
GENERAL ELECTRIC CALL OPTION, $18 EXP 6/20/09	3		(20.00	)		(1,220	)		(140	)
GENERAL ELECTRIC CALL OPTION, $22 EXP 6/20/09	3		(25.00	)		(3,300	)		(25	)
GENERAL ELECTRIC CALL OPTION, $23 EXP 6/20/09	3		(60.00	)		(14,739	)		(60	)
GENERAL ELECTRIC CALL OPTION, $25 EXP 11/16/10	3		(50.00	)		(12,942	)		(700	)
GENERAL MILLS CALL OPTION, $55 EXP 6/20/09	3		(25.00	)		(1,350	)		(1,125	)
GILEAD SCIENCES CALL OPTION, $55 EXP 8/22/09	3		(10.00	)		(1,330	)		(900	)
INTEL CORP CALL OPTION, $18 EXP 7/18/09	3		(170.00	)		(8,520	)		(7,140	)
JOHNSON & JOHNSON CALL OPTION, $60 EXP 7/18/09	3		(75.00	)		(4,800	)		(1,500	)
JOHNSON & JOHNSON CALL OPTION, $60 EXP 10/17/09	3		(15.00	)		(1,410	)		(1,125	)
KINDER MORGAN CALL OPTION, $52.50 EXP 9/19/09	3		(70.00	)		(4,830	)		(2,800	)
L-3 COMMUNICATIONS CALL OPTION, $80 EXP 7/18/09	3		(13.00	)		(1,924	)		(2,990	)
LABORATORY CORP CALL OPTION, $65 EXP 8/22/09	3		(2.00	)		(406	)		(720	)
LEGG MASON CALL OPTION, $25 EXP 5/16/09	3		(40.00	)		(10,920	)		(400	)
LEGG MASON CALL OPTION, $30 EXP 5/16/09	3		(40.00	)		(5,920	)		(400	)

BMC FUND, INC.
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS (Unaudited)
April 30, 2009

											Percent
		Contracts						Market			of Net
Company Name		Held			Cost			Value			Assets

CALL OPTIONS (Continued):
MARKWEST ENERGY CALL OPTION, $15 EXP 8/22/09	3		(125.00	)		(3,450	)		(15,000	)
MERCK CALL OPTION, $30 EXP 7/18/09	3		(150.00	)		(22,950	)		(58,050	)
MERCK CALL OPTION, $35 EXP 7/18/09	3		(40.00	)		(3,760	)		(21,600	)
MICROSOFT CORP CALL OPTION, $21 EXP 7/18/09	3		(250.00	)		(15,250	)		(27,250	)
MICROSOFT CORP CALL OPTION, $22 EXP 7/18/09	3		(15.00	)		(705	)		(1,035	)
MICROSOFT CORP CALL OPTION, $22 EXP 10/17/09	3		(30.00	)		(3,570	)		(4,110	)
NORFOLK SOUTHERN CALL OPTION, $40 EXP 9/19/09	3		(2.00	)		(516	)		(530	)
ONEOK PARTNERS CALL OPTION, $45 EXP 7/18/09	3		(15.00	)		(1,410	)		(4,800	)
ORACLE CORP CALL OPTION, $21 EXP 6/20/09	3		(35.00	)		(1,365	)		(1,400	)
PARTNER COMMUNICATIONS CALL OPTION, $17.50 EXP 5/16/09	3		(100.00	)		(2,900	)		(1,000	)
PENN WEST ENERGY CALL OPTION, $20 EXP 6/20/09	3		(50.00	)		(9,400	)		(250	)
PEPSICO CALL OPTION, $57.50 EXP 7/18/09	3		(20.00	)		(580	)		(500	)
PEPSICO CALL OPTION, $57.50 EXP 10/17/09	3		(20.00	)		(1,880	)		(1,800	)
PETROLEO BRASIL CALL OPTION, $36 EXP 7/18/09	3		(10.00	)		(1,880	)		(2,210	)
PFIZER INC CALL OPTION, $22.50 EXP 6/29/09	3		(25.00	)		(1,425	)		(50	)
PROCTER & GAMBLE CALL OPTION, $57.50 EXP 7/18/09	3		(25.00	)		(1,100	)		(750	)
PROCTER & GAMBLE CALL OPTION, $60 EXP 10/17/09	3		(15.00	)		(1,110	)		(900	)
PROCTER & GAMBLE CALL OPTION, $75 EXP 11/16/10	3		(20.00	)		(8,960	)		(160	)
QUEST DIAGNOSTICS CALL OPTION, $55 EXP 8/22/09	3		(40.00	)		(6,120	)		(8,600	)
REGIS CORP CALL OPTION, $17.50 EXP 6/20/09	3		(150.00	)		(13,470	)		(36,000	)
RESEARCH IN MOTION CALL OPTION, $50 EXP 6/20/09	3		(15.00	)		(5,370	)		(30,000	)
RESEARCH IN MOTION CALL OPTION, $50 EXP 1/16/10	3		(10.00	)		(10,030	)		(24,700	)
RESEARCH IN MOTION CALL OPTION, $65 EXP 6/20/09	3		(5.00	)		(2,140	)		(4,300	)
RESEARCH IN MOTION CALL OPTION, $70 EXP 6/20/09	3		(20.00	)		(9,060	)		(12,000	)
RESEARCH IN MOTION CALL OPTION, $75 EXP 5/16/09	3		(10.00	)		(1,670	)		(910	)
RESEARCH IN MOTION CALL OPTION, $75 EXP 6/20/09	3		(10.00	)		(4,380	)		(3,980	)
SIEMENS CALL OPTION, $65 EXP 7/18/09	3		(5.00	)		(2,040	)		(3,440	)
SOUTHERN COMPANY CALL OPTION, $35 EXP 8/22/09	3		(25.00	)		(1,475	)		(250	)
SOUTHERN COMPANY CALL OPTION, $50 EXP 5/16/09	3		(60.00	)		(7,980	)		(300	)
SUNCOR ENERGY CALL OPTION, $30 EXP 6/20/09	3		(10.00	)		(1,280	)		(430	)
TELEFLEX CALL OPTION, $50 EXP 10/17/09	3		(12.00	)		(1,896	)		(1,980	)
TEPPCO PARTNERS CALL OPTION, $30 EXP 10/17/09	3		(45.00	)		(1,755	)		(2,925	)
TYCO ELECTRONICS CALL PTION, $17.50 EXP 7/18/09	3		(20.00	)		(880	)		(3,900	)
UNITEDHEALTH CALL OPTION, $35 EXP 6/20/09	3		(25.00	)		(3,200	)		(125	)
UNITEDHEALTH CALL OPTION, $40 EXP 9/19/09	3		(50.00	)		(5,150	)		(250	)
VERIZON CALL OPTION, $37.50 EXP 7/18/09	3		(30.00	)		(4,440	)		(210	)
WAL MART STORES CALL OPTION, $55 EXP 9/19/09	3		(50.00	)		(12,400	)		(8,600	)
WATTS WATER TECH CALL OPTION, $22.50 EXP 9/19/09	3		(30.00	)		(4,440	)		(6,900	)
WELLCARE HEALTH CALL OPTION, $20 EXP 6/20/09	3		(50.00	)		(6,150	)		(2,000	)
WELLCARE HEALTH CALL OPTION, $20 EXP 9/19/09	3		(50.00	)		(10,650	)		(5,500	)
WELLPOINT INC CALL OPTION, $55 9/19/09	3		(50.00	)		(11,150	)		(6,000	)
WESTERN DIGITAL CALL OPTION, $25 EXP 6/20/09	3		(20.00	)		(1,680	)		(2,840	)
WESTERN DIGITAL CALL OPTION, $25 EXP 7/18/09	3		(30.00	)		(3,990	)		(5,700	)
WESTERN DIGITAL CALL OPTION, $17.50 EXP 7/18/09	3		(10.00	)		(1,080	)		(6,910	)

BMC FUND, INC.
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS (Unaudited)
April 30, 2009

											Percent
		Contracts						Market			of Net
Company Name		Held			Cost			Value			Assets

CALL OPTIONS (Continued):
WINDSTREAM CALL OPTION, $10 EXP 5/16/09	3		(100.00	)		(4,900	)		(500	)
TOTAL CALL OPTIONS						(434,416	)		(448,020	)		-0.47	%

PUT OPTIONS:
APPLE COMPUTER PUT OPTION, $75 EXP 7/18/09	3		(30.00	)		(23,040	)		(900	)
BOEING PUT OPTION, $30 EXP 8/22/09	3		(50.00	)		(15,400	)		(4,500	)
BP PLC SPONS ADR PUT OPTION, $35 EXP 7/18/09	3		(30.00	)		(5,490	)		(1,500	)
CME GROUP PUT OPTION, $190 EXP 6/20/09	3		(15.00	)		(18,570	)		(10,050	)
POWERSH DB COMMODITY INDEX PUT OPTION, $18 EXP 7/18/09	3		(150.00	)		(12,600	)		(6,000	)
EMC CORP PUT OPTION, $10 EXP 7/18/09	3		(250.00	)		(15,915	)		(4,500	)
GENERAL DYNAMICS PUT OPTION, $35 EXP 8/22/09	3		(50.00	)		(16,400	)		(1,750	)
GOOGLE INC PUT OPTION, $250 EXP 9/19/09	3		(2.00	)		(3,081	)		(560	)
INDUST SELECT SECTOR PUT OPTION, $20 EXP 6/20/09	3		(250.00	)		(32,000	)		(16,250	)
INTEL CORP PUT OPTION, $12 EXP 7/18/09	3		(150.00	)		(10,650	)		(3,900	)
ISHARES MSCI BRAZIL PUT OPTION, $25 EXP 6/20/09	3		(500.00	)		(98,999	)		(2,500	)
ISHARES MSCI BRAZIL PUT OPTION, $30 EXP 6/20/09	3		(250.00	)		(94,499	)		(5,000	)
ISHARES EMERGING MARKETS PUT OPTION, $18 EXP 6/20/09	3		(500.00	)		(68,700	)		(3,000	)
ISHARES EMERGING PARKETS PUT OPTION, $19 EXP 6/20/09	3		(500.00	)		(81,000	)		(6,500	)
ISHARES EMERGING MARKETS PUT OPTION, $20 EXP 6/20/09	3		(250.00	)		(47,750	)		(4,250	)
ISHARES EMERGING MARKETS PUT OPTION, $10 EXP 6/20/09	3		(500.00	)		(36,650	)		(500	)
ISHARES FTXE/CHINA 25 PUT OPTION, $18 EXP 5/16/09	3		(500.00	)		(44,500	)		(2,500	)
ISHARES FTXE/CHINA 25 PUT OPTION, $20 EXP 5/16/09	3		(500.00	)		(62,750	)		(1,000	)
ISHARES FTXE/CHINA 25 PUT OPTION, $22 EXP 5/16/09	3		(250.00	)		(40,750	)		(1,250	)
ISHARES MSCI JAPAN PUT OPTION, $6 EXP 9/19/09	3		(750.00	)		(18,750	)		(3,750	)
ISHARES MSCI JAPAN PUT OPTION, $7 EXP 6/20/09	3		(1,500.00	)		(51,000	)		(7,500	)
ISHARES MSCI JAPAN PUT OPTION, $7 EXP 9/19/09	3		(750.00	)		(38,625	)		(15,000	)
ISHARES SILVER TR PUT OPTION, $10 EXP 10/17/09	3		(250.00	)		(12,250	)		(11,250	)
ISHARES SILVER TR PUT OPTION, $11 EXP 7/18/09	3		(250.00	)		(11,000	)		(12,500	)
ISHARES SILVER TR PUT OPTION, $12 EXP 7/18/09	3		(250.00	)		(18,500	)		(20,000	)
MARKET VECT GOLD PUT OPTION, $20 EXP 6/20/09	3		(250.00	)		(30,750	)		(1,250	)
MATERIALS SELECT SECTOR PUT OPTION, $20 EXP 6/20/09	3		(250.00	)		(36,500	)		(2,500	)
MICROSOFT CORP PUT OPTION, $15 EXP 7/18/09	3		(250.00	)		(26,500	)		(4,000	)
NORTHROP GRUMMAN PUT OPTION, $35 EXP 8/22/09	3		(50.00	)		(15,400	)		(2,500	)
POWERSHARES QQQ PUT OPTION, $25 EXP 9/19/09	3		(200.00	)		(26,000	)		(10,400	)
POWERSHARES QQQ PUT OPTION, $27 EXP 9/19/09	3		(200.00	)		(36,800	)		(16,600	)
SPDR TR UNIT PUT OPTION, $78 EXP 5/16/09	3		(200.00	)		(47,899	)		(7,000	)
SPDR TR UNIT PUT OPTION, $79 EXP 5/16/09	3		(100.00	)		(16,799	)		(4,000	)
SUN MICROSYSTEMS PUT OPTION, $5 EXP 7/18/09	3		(500.00	)		(16,655	)		(1,500	)
SUN MICROSYSTEMS PUT OPTION, $6 EXP 10/17/09	3		(500.00	)		(37,235	)		(4,000	)
TAIWAN SEMICONDUCTOR PUT OPTION, $7.50 EXP 7/18/09	3		(250.00	)		(15,375	)		(3,750	)
UNITED STATES OIL PUT OPTION, $20 EXP 10/17/09	3		(125.00	)		(13,500	)		(9,375	)
UNITED STATES OIL PUT OPTION, $25 EXP 10/17/09	3		(100.00	)		(24,800	)		(21,000	)
WAL MART STORES PUT OPTION, $40 EXP 9/19/09	3		(50.00	)		(7,700	)		(4,350	)
WAL MART STORES PUT OPTION, $45 EXP 9/19/09	3		(50.00	)		(13,850	)		(9,400	)
TOTAL PUT OPTIONS - LIABILITIES						(1,244,627	)		(248,035	)		-0.26	%

TOTAL CALL AND PUT OPTIONS					$	(1,679,043	)	$	(696,055	)		-0.73	%

Item. 2. Code of Ethics.

N/A

Item 3. Audit Committee Financial Expert.

N/A

Item 4. Principal Accountant Fees and Services.

N/A

Item 5. Audit Committee of Listed Registrants.

N/A

Item 6. Schedule of Investments.

Included as a part of the report to shareholders filed under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

N/A

Item 8. Portfolio Managers of Closed-End Investment Companies.

N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None

Item 10. Submission of Matters to a Vote of Security Holders.

N/A

Item 11. Controls and Procedures.

Within the 90 days prior to the date of this report, the Registrant's management carried out an evaluation, under the supervision and with the participation of Registrant's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Registrant's disclosure controls and procedures pursuant to Rule 30a-3(b) of the Investment Company Act of 1940. Based upon the evaluation, the Chief Executive Officer and Chief Financial Officer concluded as of a date within 90 days of the filing of this report that the Registrant's disclosure controls and procedures are effective in timely alerting them to material information relating to the Registrant required to be included in the Registrant's periodic SEC filings.

There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) N/A

(a)(2) Certifications.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BMC Fund, Inc.

/s/ Boyd C. Wilson, Jr.

Boyd C. Wilson, Jr.

Vice President and

Chief Financial Officer

Date: June 12, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Paul H. Broyhill

Paul H. Broyhill

Chairman and Chief Executive Officer

Date: June 12, 2009

/s/ Boyd C. Wilson, Jr.

Boyd C. Wilson, Jr.

Vice President and

Chief Financial Officer

Date: June 12, 2009

BMC Fund N-CSRSCertified semi-annual shareholder report (management investment company)