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: 811-03150

BMC FUND, INC.

(Exact name of registrant as specified in charter)

800 HICKORY BLVD. SW

LENOIR, NC 28645

(Address of principal executive offices) (Zip code)

WENDY SIMS

BMC FUND, INC.

800 HICKORY BLVD. SW

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, 2019

Date of reporting period: April 30, 2019

Item 1. Report to Stockholders.

BMC FUND, INC.

FINANCIAL STATEMENTS AND

SUPPLEMENTARY INFORMATION

(UNAUDITED)

Six Months Ended April 30, 2019

BMC FUND, INC.

TABLE OF CONTENTS

BMC FUND, INC.

LETTER TO SHAREHOLDERS

Six Months Ended April 30, 2019 (Unaudited)

TO OUR SHAREHOLDERS:

We are happy to present to you our semi-annual report (unaudited) for the six months ended April 30, 2019, which we believe contains complete and pertinent financial information.

BMC Fund, Inc. (the “Fund”) became a Regulated Investment Company (“RIC”) on April 1, 1981. During the six months ended April 30, 2019, the Fund paid the following dividends per share:

December 10, 2018 to shareholders of record November 25, 2018	$	.25
March 10, 2019 to shareholders of record February 25, 2019		.25

Total	$	.50

The attached Schedule of Investments is a listing of the entire Fund’s diversified securities at April 30, 2019, with a total market value of $102,186,032.

M. Hunt Broyhill
Chairman and President

BMC FUND, INC.

GRAPHIC PRESENTATION OF PORTFOLIO HOLDINGS AND

SECTOR DIVERSIFICATION

Six Months Ended April 30, 2019 (Unaudited)

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2019

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

FIXED INCOME:
CORPORATE BONDS:
RAYTHEON CO			4.400	%		2/15/2020		500,000		511,069		506,636
WALT DISNEY CO			1.800	%		6/5/2020		1,000,000		987,563		992,544
HERTZ CORP			5.875	%		10/15/2020		200,000		201,030		200,000
BRINKER INTL INC			3.875	%		5/15/2023		100,000		98,707		97,125
DISH DBS CORP			5.875	%		7/15/2022		100,000		97,206		97,570
INGLES MKTS INC			5.750	%		6/15/2023		200,000		200,728		202,500
DAVITA INC			5.125	%		7/15/2024		200,000		200,249		200,000
EMBARQ CORP			7.995	%		6/1/2036		247,000		246,995		243,604
CENTURYLINK INC			7.650	%		3/15/2042		100,000		90,063		88,040
VOYA FINANCIAL INC			5.650	%		5/15/2053		150,000		150,000		150,375
LINCOLN NATL CORP IND			4.997	%		5/17/2066		125,000		94,659		107,500
FPL GROUP CAP INC			6.350	%		10/1/2066		586,000		562,635		501,030
PP&L CAP FUNDING FLT RATE			5.051	%		3/30/2067		500,000		500,000		458,800
WISCONSIN ENERGY			4.728	%		5/15/2067		250,000		241,333		216,250
JP MORGAN CHASE CAP XXIII	5		3.700	%		5/15/2077		250,000		232,454		198,500
LEHMAN BROTHERS HLDGS NIKKEI INDEX	1,2,3		0.000	%		9/29/2008		3,000,000		1,634,502		-
LEHMAN BROTHERS HLDGS EAFE INDEX	1,2,3		0.000	%		11/15/2008		1,000,000		536,674		-
LEHMAN BROTHERS HLDGS MEDIUM TERM NOTE	1,2,3		0.000	%		3/15/2011		2,500,000		1,360,905		-
								11,008,000		7,946,772		4,260,474		4.08	%

MUNICIPAL BONDS:
VIRGIN ISLANDS PUB FIN AUTH			6.625	%		10/1/2029		100,000		86,172		98,010
VIRGIN ISLANDS PUB FIN AUTH			6.750	%		10/1/2037		1,200,000		995,256		1,176,120
								1,300,000		1,081,428		1,274,130		1.22	%

TOTAL INVESTMENTS IN FIXED INCOME							$	12,308,000	$	9,028,200	$	5,534,604		5.30	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2019

							Percent
	Shares				Market		of Net
Company Name	Held		Cost		Value		Assets

MUTUAL FUNDS:
BOND MUTUAL FUNDS:
BLACKROCK FLOATING RATE		1,500.00		19,596		19,245
BLACKROCK TAX MUNICIPAL SHS		10,000.00		220,813		228,500
DOUBLELINE FDS TR DBLN LOW DURATION I		49,603.18		500,000		495,536
DOUBLELINE FDS TR ULTRA SHORT		49,850.45		500,000		500,499
DOUBLELINE TOTAL RETURN BOND I		226,010.04		2,500,000		2,373,105
GUGGENHEIM TAXABLE MUNI MG		10,000.00		213,921		229,600
LOOMIS SAYLES BOND INSTITUTIONAL		120,930.18		1,612,500		1,634,975
PIMCO FDS INCOME FUND INSTL		128,944.70		1,500,000		1,553,784
VANGUARD SHORT TERM INVT-GRADE ADM SHS		46,772.69		500,000		495,791
VANGUARD SHORT TERM CORP BOND ADM SHS		22,967.39		500,000		497,014
TOTAL BOND MUTUAL FUNDS				8,066,830		8,028,049		7.69	%

STOCK MUTUAL FUNDS:

INTERNATIONAL EQUITIES
Foreign Large Growth
VANGUARD INTL DIVIDEND APPR ETF		3,000.00		197,873		200,070		0.19	%

Diversified Emerging Markets
ISHARES CORE MSCI EMERGING MKT		1,630.00		99,518		86,129
PZENA EMERGING MARKETS		47,531.27		500,000		508,584
VANGUARD TRUSTEES EMERGING MKT		22,255.64		500,000		494,743
				1,099,518		1,089,456		1.04	%

TOTAL INTERNATIONAL EQUITIES				1,297,391		1,289,526		1.24	%

SPECIALTY FUNDS
Conservative Allocation
VANGUARD WELLESLEY INCOME INV		20,045.04		422,892		524,579		0.50	%

Consumer Discretionary
VANGUARD WORLD FDS CONSUM DIS ETF		2,265.00		299,965		410,441		0.39	%

Industrials
VANGUARD WORLD FDS INDUS INDEX ADM		4,695.57		300,000		353,107		0.34	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2019

								Percent
		Shares				Market		of Net
Company Name		Held		Cost		Value		Assets

Large Cap Blend
MUTUAL FUNDS:
COOK & BYNUM FUND			65,145.23		1,000,000		934,834
POWERSHARES ETF TRUST INTL DIV ACHV			6,600.00		99,412		108,438
PRIMECAP ODYSSEY FUNDS ODYSSEY STK FD			18,525.38		500,000		619,489
					1,599,412		1,662,761		1.59	%

Large Cap Growth
PARNASSUS FD EQUITY INCOME			12,603.98		500,000		577,514		0.55	%

Mid Cap Blend
AKRE FOCUS FUND INSTL			5,590.87		128,758		241,805		0.23	%

Moderate Allocation
FPA CRESCENT PORTFOLIO			49,409.16		1,525,303		1,688,805		1.62	%

Precious Metals
ISHARES SILVER TRUST	3		23,802.00		399,993		333,704
SPDR GOLD SHARES	3		5,000.00		486,825		606,000
VANECK VECTORS GOLD MINERS			20,832.00		637,277		435,181
					1,524,095		1,374,885		1.32	%

Utilities
UTILITIES SELECT SECTOR SPDR			11,000.00		357,288		645,810
					357,288		645,810		0.62	%

TOTAL SPECIALTY FUNDS					6,657,713		7,479,707		7.17	%

TOTAL STOCK MUTUAL FUNDS					7,955,104		8,769,233		8.40	%

TOTAL INVESTMENTS IN MUTUAL FUNDS				$	16,021,934	$	16,797,282		16.10	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2019

				Market		Percent of
Company Name		Cost		Value		Net Assets

OTHER INVESTMENTS:

LIMITED PARTNERSHIPS:
ELLIOTT ASSOCIATES LP CL B	2, 3		3,000,000		6,274,482
GRAHAM INSTITUTIONAL PARTNERS LP	2, 3		2,365,123		2,838,852
GREENLIGHT MASTERS QUALIFIED LP	2, 3		2,500,000		3,966,853
INFINITY PREMIER FUND, LP	2, 3		3,500,000		4,054,459
LITESPEED PARTNERS, LP	2, 3		2,500,000		3,203,706
MORROCROFT SPECIAL OPPORTUNITY FUND II, LP	2, 3		-		106,237
MUDRICK DISTRESSED OPPORTUNITY DRAWDOWN FUND II, L.P.	2, 3		895,494		895,494
OAKTREE ENHANCED INCOME FUND II, LP	2, 3		1,759,415		2,223,564
OLD WELL EMERGING MARKETS FUND	2, 3		500,000		531,467
PRIVET FUND LP	2, 3		1,000,000		1,772,536
SEGRA RESOURCE ONSHORE PARTNERS, LP	2, 3		250,000		249,263
STARK INVESTMENTS LP	2, 3		22,608		60,943
TRIARII CAPITAL PARTNERS LP	2, 3		1,000,000		944,330
VIRGO SOCIETAS III (ONSHORE) LP	2, 3		1,365,005		1,991,319
WALNUT INVESTMENT PARTNERS	2, 3		235,567		-
WORLDWIDE OPPORTUNITY FUND (CAYMAN) LTD. CL A-A1	2, 3		1,300,000		1,432,356
WORLDWIDE OPPORTUNITY FUND (CAYMAN) LTD. CL A-A34	2, 3		50,000		48,676
WORLDWIDE OPPORTUNITY FUND (CAYMAN) LTD. CL A-A35	2, 3		50,000		47,359
WORLDWIDE OPPORTUNITY FUND (CAYMAN) LTD. CL A-A36	2, 3		50,000		47,668
WORLDWIDE OPPORTUNITY FUND (CAYMAN) LTD. CL A-A37	2, 3		50,000		47,408
TOTAL LIMITED PARTNERSHIPS			22,393,212		30,736,972		29.45	%

TOTAL OTHER INVESTMENTS		$	22,393,212	$	30,736,972		29.45	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2019

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

COMMON STOCKS:

COMMUNICATION SERVICES
Communication Services		6,000.00	AT&T CORP COM			173,671		185,760
		4,500.00	BCE INC COM			191,785		201,330
		2,000.00	SK TELECOM LTD SPONSORED A			27,904		47,200
		10,000.00	TELEFONICA BRASIL S.A.			144,120		119,000
		6,691.00	TELEFONICA S A SPONSORED ADR			110,735		55,535
		6,500.00	VODAFONE GROUP			169,802		120,380
						818,017		729,205		0.70	%

Media and Entertainment		1,101.00	ALPHABET INC CAP STK CL C			641,356		1,308,516
		350.00	BAIDU INC SPON ADR REP A			61,300		58,181
		3,500.00	FACEBOOK INC CL A			585,375		676,900
		2,600.00	WEIBO CORP			245,215		178,100
						1,533,246		2,221,697		2.13	%

TOTAL COMMUNICATION SERVICES						2,351,263		2,950,902		2.83	%

CONSUMER DISCRETIONARY
Hotels, Restaurants & Leisure		3,165.00	RADISSON HOSP AB NPV			14,500		14,399
		1,000.00	STARBUCKS CORPORATION			54,224		77,680
						68,724		92,079		0.09	%

Retailing		3,000.00	ALIBABA GROUP HLDG LTD SPO			529,143		556,710		0.53	%

Specialty Retail		15,000.00	AUTONATION INC COM			516,838		628,950
		25,000.00	CAMPING WORLD HOLDINGS, INC.			375,375		373,000
		12,500.00	KAR AUCTION SERVICES, INC.			623,441		706,000
						1,515,654		1,707,950		1.64	%

TOTAL CONSUMER DISCRETIONARY						2,113,521		2,356,739		2.26	%

CONSUMER STAPLES

Discount Stores		5,000.00	DOLLAR GEN CORP COM			353,530		630,450
		10,000.00	DOLLAR TREE INC COM	3		786,251		1,112,800
						1,139,781		1,743,250		1.67	%

Food & Staples Retailing		10,000.00	WALGREENS BOOTS ALLIAN COM			652,690		535,700		0.51	%

Food, Beverage & Tobacco		6,000.00	ANHEUSER-BUSCH INBEV SA/NV			522,857		533,640
		1,500.00	CONSTELLATION BRANDS CL A			136,079		317,505
		500.00	GENERAL MILLS INC COM			20,240		25,735
		2,500.00	MOLSON COORS BREWING COM C			163,316		160,475
						842,492		1,037,355		0.99	%

Household & Personal Products		1,000.00	KIMBERLY CLARK CORP COM			108,744		128,380
		275.00	PROCTER & GAMBLE CO COM			18,418		29,282
						127,162		157,662		0.15	%

TOTAL CONSUMER STAPLES						2,762,125		3,473,967		3.33	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2019

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

COMMON STOCKS:

ENERGY
Energy		35,000.00	CAMECO CORP COM		323,282		386,400
		2,800.00	CHEVRON CORP		296,043		336,168
		2,404.00	EXXON MOBIL CORP COM		213,938		192,993
		2,000.00	NGL ENERGY PARTNERS LP COM		23,880		28,520
		4,800.00	OCCIDENTAL PETROLEUM COM		380,567		282,624
		5,000.00	PHILLIPS 66 COM		534,807		471,350
		1,500.00	ROYAL DUTCH SHELL ADR A		100,414		95,295
		2,000.00	SCHLUMBERGER LTD COM		87,710		85,360
		9,000.00	SUNOCO INC COM		215,850		278,370
		4,500.00	VALERO ENERGY CORP COM STK		300,371		407,970
					2,476,862		2,565,050		2.46	%

Natural Resources		3,500.00	OASIS MIDSTREAM PARTNERS COM		64,813		69,755		0.07	%

Pipelines		2,000.00	BUCKEYE PARTNERS LP COM		124,792		66,920
		3,500.00	DELEK LOGISTICS PARTNERS LP		103,142		114,205
		4,999.00	ENBRIDGE INC		169,552		184,663
		12,800.00	ENERGY TRANSFER PARTNERS LP		234,907		193,536
		5,750.00	ENLINK MIDSTREAM, LLC		61,122		67,217
		4,000.00	ENTERPRISE PRODUCTS PARTNERS LP		113,098		114,520
		2,000.00	GASLOG PARTNERS LP UNIT LT		49,779		42,120
		8,000.00	GOLAR LNG PARTNERS LP		140,814		101,120
		5,000.00	GREEN PLAINS PARTNERS COM		102,798		80,100
		3,000.00	HOLLY ENERGY PARTNERS		86,820		81,570
		2,000.00	MAGELLAN MIDSTREAM PARTNERS, LP		120,307		124,020
		6,000.00	TALLGRASS ENERGY LP		125,895		144,840
		7,500.00	USA COMPRESSION PARTNERS COM		125,969		127,050
					1,558,995		1,441,881		1.38	%

TOTAL ENERGY					4,100,670		4,076,686		3.91	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2019

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

COMMON STOCKS:

FINANCIALS
Banks		5,000.00	BANK OF AMERICA CORP COM			96,602		152,900
		5,000.00	BB&T CORP COM			215,613		256,000
		3,000.00	PACWEST BANCORP DEL COM			148,845		118,650
						461,060		527,550		0.51	%

Diversified Financials		7,000.00	ALLIANCE BERNSTEIN HLDG UN			153,050		206,570
		5,000.00	ANNALY CAP MGMT INC COM			82,125		50,450
		7,500.00	ARLINGTON ASSET INVT C CL			106,244		58,875
		2,500.00	BERKSHIRE HATHAWAY INC CL B	3		185,406		541,775
		23,000.00	BLACKSTONE GROUP LP COM			713,190		907,580
		13,000.00	BLACKSTONE MTG TR INC COM			415,992		462,670
		4,500.00	CAPITAL ONE FINL CORP COM			368,312		417,735
		78,455.00	CAPITALA FINANCE CORP COM			1,363,703		680,205
		8,000.00	CARLYLE GROUP LP COM			197,622		167,600
		800.00	CME GROUP			129,728		143,120
		5,000.00	COMPASS DIVERSIFIED HOLDINGS			68,434		82,700
		15,000.00	GOLUB CAPITAL BDC INC COM			226,480		276,450
		1,000.00	INTERNCONTINENTAL EXCHANGE COM			74,845		81,350
		5,000.00	NEW YORK MTG TR INC COM PA			35,055		31,500
		1,000.00	OAKTREE CAPITAL GROUP LLC UNIT			38,784		50,620
		10,000.00	OXFORD LANE CAP CORP COM			110,256		108,800
		13,000.00	STARWOOD PPTY TR INC COM			286,828		299,650
						4,556,054		4,567,650		4.38	%

Insurance		1,500.00	AON PLC SHS CL A			121,687		270,210
		5,000.00	OLD REP INTL CORP COM			84,276		111,800
		2,500.00	TRAVELERS COMPANIES COM			203,356		359,375
		5,000.00	ZURICH INS GROUP LTD SPONS ARD			148,815		159,450
						558,134		900,835		0.86	%

TOTAL FINANCIALS						5,575,248		5,996,035		5.75	%

HEALTH CARE
Health Care Equipment & Services		2,500.00	DAVITA HEALTHCARE PART COM	3		157,625		138,100
		5,000.00	HOLOGIC INC COM	3		216,378		231,900
		4,550.00	LABORATORY CORP AMER HLDGS	3		511,426		727,636
		10,000.00	MCKESSON CORP COM			1,395,085		1,192,500
		3,000.00	QUEST DIAGNOSTICS INC COM			168,045		289,140
		600.00	STRYKER CORP			112,156		113,346
						2,560,715		2,692,622		2.58	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2019

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

COMMON STOCKS:

Pharmaceuticals & Biotechnology		2,500.00	ABBVIE INC			229,812			198,475
		7,500.00	ALLERGAN PLC SHS			1,149,245			1,102,500
		38.00	AMGEN INC COM			5,707			6,814
		10,000.00	ASTRAZENECA PLC SPONSORED			235,531			376,600
		1,840.00	ELANCO ANIMAL HEALTH COM			17,941			57,960
		2,592.00	ELI LILLY & CO COM			114,185			303,368
		1,000.00	IQVIA HOLDINGS INC COM			99,090			138,900
		500.00	MERCK & CO INC COM			26,583			39,355
		500.00	PFIZER INC COM			12,068			20,305
		1,000.00	SEATTLE GENETICS INC COM			49,131			67,780
						1,939,293			2,312,057		2.22	%

TOTAL HEALTH CARE						4,500,008			5,004,679		4.80	%

INDUSTRIALS
Capital Goods		500.00	3M COMPANY			71,565			94,755
		4,000.00	ABB LTD SPONSORED ADR	3		100,795			82,640
						172,360			177,395		0.17	%

Commercial Services & Supplies		500.00	WASTE MGMT INC DEL COM			17,412			53,670
						17,412			53,670		0.05	%

Transportation		5,000.00	USD PARTNERS LP COM UT REP			56,643			55,650
						56,643			55,650		0.05	%

TOTAL INDUSTRIALS						246,415			286,715		0.27	%

INFORMATION TECHNOLOGY

Hardware & Equipment		5,700.00	CISCO SYSTEMS INC			111,359			318,915
		6,500.00	CORNING INC COM			181,607			207,025
						292,966			525,940		0.50	%

Software & Services		3,500.00	MICROSOFT CORP COM			87,412			457,100
		4,000.00	ORACLE CORP COM			110,847			221,320
		1,000.00	RED HAT INC	3		134,191			182,530
		3,000.00	TENCENT HLDGS LTD ADR			100,845			147,720
						433,295			1,008,670		0.97	%

Technology Hardware & Equipment		3,000.00	APPLE INC COM			310,629			602,010
		5,000.00	COMMSCOPE HLDG CO INC COM	3		143,029			123,900
		359.99	DELL TECHNOLOGIES INC COM	3		9,405			24,267
		1,000.00	INTEL CORP COM			23,850			51,040
		3,000.00	SEAGATE TECHNOLOGY SHS			121,463			144,960
						608,376			946,177		0.91	%

TOTAL INFORMATION TECHNOLOGY						1,334,637			2,480,787		2.38	%

MATERIALS		526.00	DOW INC COM			(37	)		29,840
		1,580.00	DOWDUPONT INC COM			97,247			60,751
		500.00	ECOLAB INC COM			52,644			92,040
TOTAL MATERIALS						149,854			182,631		0.18	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2019

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

COMMON STOCKS:

REAL ESTATE
		2,000.00	AMERICAN CAMPUS COMNTYS INC		77,890		94,400
		5,000.00	BROOKFIELD PROPERTY REIT COM		100,171		104,150
		5,000.00	CARETRUST REIT INC COM		68,082		121,250
		1,500.00	CYRUSONE INC COM		94,748		83,535
		2,000.00	DIGITAL RLTY TR INC COM		162,816		235,420
		12,000.00	EASTERLY GOVT PPTYS COM		214,136		216,000
		3,500.00	GEO GROUP INC COM		83,062		70,070
		10,000.00	HANNON ARMSTRONG SUST COM		153,105		265,900
		2,000.00	IRON MTN INC NEW COM		66,726		64,960
		3,000.00	JERNIGAN CAP INC COM		58,819		63,210
		4,000.00	LTC PPTYS TR INC COM R		159,295		180,240
		15,000.00	MEDICAL PPTYS TR INC COM		185,835		261,900
		2,000.00	OMEGA HEALTHCARE INVS COM		60,291		70,780
		6,000.00	PHYSICIANS RLTY TR COM		112,436		108,360
		11,500.00	TANGER FACTORY OUTLET COM		263,890		207,690
		3,000.00	VENTAS INC COM		195,931		183,330
		500.00	W P CAREY & CO LLC COM		31,927		39,660
TOTAL REAL ESTATE					2,089,160		2,370,855		2.27	%

UTILITIES		500.00	AMERICAN STS WTR CO COM		19,159		35,585
		13,000.00	AMERIGAS PARTNERS LP COM		581,786		471,380
		6,500.00	DOMINION RES INC VA COM		330,756		506,155
		4,387.00	DUKE ENERGY CORP COM		334,123		399,744
		1,000.00	ENTERGY CORP NEW COM		69,388		96,900
		5,000.00	SOUTHERN CO COM		209,871		266,100
		2,256.00	WEC ENERGY GROUP INC COM		89,900		176,938
TOTAL UTILITIES					1,634,983		1,952,802		1.87	%

TOTAL INVESTMENTS IN COMMON STOCKS				$	26,857,884	$	31,132,798		29.83	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2019

								Percent
		Contracts				Market		of Net
Company Name		Held		Cost		Value		Assets

CALL OPTIONS:
APPLE INC CALL OPTION $185 EXP 06/21/19	3		10.00	$	9,361	$	18,000
ISHS BARCLY 20 CALL OPTION $125 EXP 06/21/19	3		200.00	$	17,307	$	19,200
					26,668		37,200		0.04	%
PUT OPTIONS:
INVESCO QQQ TR PUT OPTION, $180 EXP 7/19/19	3		30.00	$	13,486	$	7,650
ISHARES RUSSELL 2000 PUT OPTION, $140 EXP 6/21/19	3		150.00	$	32,631	$	7,500
ISHARES RUSSELL 2000 PUT OPTION, $145 EXP 8/16/19	3		50.00	$	14,937	$	10,100
ISHARES IBOXX PUT OPTION, $110 EXP 1/17/20	3		250.00	$	26,650	$	12,250
ISHARES IBOXX PUT OPTION, $112 EXP 9/20/19	3		250.00	$	22,032	$	5,000
ISHARES IBOXX PUT OPTION, $114 EXP 6/12/19	3		250.00	$	15,555	$	2,500
					125,291		45,000		0.04	%

TOTAL INVESTMENTS IN OPTIONS				$	151,959	$	82,200		0.08	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2019

		Coupon										Percent
		Interest			Maturity	Shares				Market		of Net
Company Name		Rate			Date	Held		Cost		Value		Assets

PREFERRED STOCKS:
BAC CAP TR XIV FLOATING RATE	4, 5		5.630	%	N/A		200,000.00	$	179,500	$	165,440
BANK OF AMERICA CORP FLOATING RATE	4, 5		6.300	%	N/A		300,000.00		319,500		327,750
CITIGROUP INC FIXED-FLOATING	4, 5		5.950	%	N/A		250,000.00		247,347		255,000
COMPASS DIVERSIFIED HOLDINGS	4, 5		7.880	%	N/A		9,000.00		208,121		198,450
E TRADE FINANCIAL CORP FIXED-FLOATING	4, 5		5.875	%	N/A		250,000.00		249,687		258,125
GENERAL ELECTRIC CO PERP PFD SER B FIXED-FLOATING	4, 5		4.100	%	N/A		250,000.00		250,000		190,000
GOLDMAN SACHS CAP II FIXED-FLOATING	4, 5		4.000	%	N/A		250,000.00		229,998		200,625
JP MORGAN CHASE & CO FIXED-FLOATING	4, 5		5.000	%	N/A		150,000.00		149,992		150,375
JP MORGAN CHASE & CO PFD	4, 5		4.625	%	N/A		150,000.00		148,409		142,243
MELLON CAP IV PFD CAP FIXED-FLOATING	4, 5		6.244	%	N/A		350,000.00		315,746		295,750
NEW YORK MTG TR INC PFD	4		7.750	%	N/A		2,000.00		49,337		49,240
PNC FINANCIAL SERVICES GROUP INC-FLOATING	4, 5		4.850	%	N/A		250,000.00		257,440		249,375
SUNTRUST BANKS INC-FLOATING	4, 5		5.050	%	N/A		250,000.00		258,750		247,187
WACHOVIA CAP TRUST III FIXED-FLOATING	4, 5		5.569	%	N/A		1,450,000.00		1,437,500		1,441,402

TOTAL INVESTMENTS IN PREFERRED STOCKS								$	4,301,327	$	4,170,962		4.00	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Concluded) (Unaudited)

April 30, 2019

				Market		Percent of
	Company Name	Cost		Value		Net Assets

Short-term Investments	MFB NI Treasury Money Market Fund	$	13,731,214	$	13,731,214		13.16	%

TOTAL INVESTMENTS - MARKET VALUE					102,186,032		97.92	%

TOTAL OTHER ASSETS IN EXCESS OF LIABILITIES					2,167,369		2.08	%

TOTAL NET ASSETS				$	104,353,401		100.00	%

¹In default

²Market value determined by the Fund's Board of Directors

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.

BMC FUND, INC.

SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS (Unaudited)

April 30, 2019

											Percent
		Contracts						Market			of Net
Company Name		Held			Cost			Value			Assets

CALL OPTIONS:
DIGITAL RLTY CALL OPTION, $115 EXP 07/19/19	3		(10.00	)		(2,184	)		(5,600	)
KIMBERLY CLARK CALL OPTION, $120 EXP 07/19/19	3		(10.00	)		(2,054	)		(9,200	)
SCHLUMBERGER CALL OPTION, $47.50 EXP 8/16/19	3		(20.00	)		(2,209	)		(1,500	)
TANGER FACTORY CALL OPTION, $24 EXP 9/20/19	3		(30.00	)		(1,454	)		(150	)
TOTAL CALL OPTIONS - LIABILITIES						(7,901	)		(16,450	)		-0.02	%

PUT OPTIONS:
CATERPILLAR PUT OPTION, $110 EXP 06/21/19	3		(5.00	)		(2,217	)		(75	)
COCA-COLA CO PUT OPTION, $42 EXP 8/16/19	3		(25.00	)		(1,962	)		(325	)
COMMSCOPE HOLDING CO PUT OPTION, $23 EXP 8/16/19	3		(25.00	)		(2,462	)		(3,125	)
ILLUMINA INC PUT OPTION, $260 EXP 9/20/19	3		(5.00	)		(8,042	)		(3,150	)
INVESCO QQQ TR PUT OPTION, $165 EXP 7/19/19	3		(30.00	)		(4,904	)		(2,670	)
ISHARE RUSSELL 2000 PUT OPTION, $130 EXP 8/16/19	3		(50.00	)		(5,183	)		(3,350	)
MEDICAL PROPERTYS PUT OPTION, $17 EXP 10/18/19	3		(9.00	)		(438	)		(720	)
TANGER FACTORY PUT OPTION, $20 EXP 9/20/19	3		(25.00	)		(2,701	)		(6,125	)
WALGREENS BOOT PUT OPTION, $60 EXP 5/17/19	3		(50.00	)		(12,193	)		(33,350	)
TOTAL PUT OPTIONS - LIABILITIES						(40,102	)		(52,890	)		-0.05	%

TOTAL CALL AND PUT OPTIONS - LIABILITIES					$	(48,003	)	$	(69,340	)		-0.07	%

BMC FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

April 30, 2019

ASSETS AT MARKET VALUE:
Investment securities (cost - $92,485,730)	$	102,186,032
Cash and short-term investments		2,210,062
Receivables, accrued interest and dividends		143,864
Other assets		47,151

Total assets		104,587,109

LIABILITIES:
Call and put options written, at fair value (premiums received $48,003)		69,340
Accounts payable and accrued expenses		1,113
Payable to broker		85,501
Payable to custodian		3,474
Accounts payable to affiliates		74,280

Total liabilities		233,708

NET ASSETS AT APRIL 30, 2019 - EQUIVALENT TO $21.15 PER SHARE ON 4,933,281 SHARES OF COMMON STOCK OUTSTANDING	$	104,353,401

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		64,337,011
Undistributed net investment income		362,130
Realized gain on investments sold and foreign currency transactions		114,176
Undistributed nontaxable gain		5,194,714
Unrealized appreciation of investments		9,678,965

NET ASSETS APPLICABLE TO COMMON STOCK OUTSTANDING	$	104,353,401

See accompanying notes to financial statements.

BMC FUND, INC.

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended April 30, 2019

INVESTMENT INCOME:
Income:
Interest - fixed income	$	190,755
Dividend income (net of $5,527 foreign tax)		1,260,767

Total income		1,451,522

Expenses:
Legal and professional fees		28,548
Directors' fees (Note 7)		30,000
Investment expense		42,638
Salaries and related expenses		356,006
Property and liability insurance		24,031
Depreciation expense		1,119
Rent		14,730
Office expense and supplies		14,545
Dues and subscriptions		12,681
Travel and entertainment		8,247

Total expenses		532,545

Investment income, net		918,977

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain from investments sold and foreign currency transactions		121,014
Realized gain from expiration or closing of options contracts written		59,225
Change in unrealized appreciation of investments for the period		3,262,885

Net gain on investments		3,443,124

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,362,101

See accompanying notes to financial statements.

BMC FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

Six Months Ended April 30, 2019 and 2018

	2019			2018

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	918,977		$	751,237
Realized gains from investment securities sold, options and foreign currency transactions		180,239			760,946
Change in unrealized appreciation of investments for the year		3,262,885			90,935

Net increase in net assets resulting from operations		4,362,101			1,603,118

Distributions to shareholders from:
Net realized gain on investment securities, options and foreign currency transactions		-			(683,797	)
Net investment income		(847,740	)		(942,518	)
Retained earnings prior to becoming an investment company		(1,618,900	)		(840,325	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		1,895,461			(863,522	)

NET ASSETS AT BEGINNING OF PERIOD		102,457,940			105,657,261

NET ASSETS AT END OF PERIOD (Including undistributed net investment income: (2019 - $362,130, 2018 - $333,811)	$	104,353,401		$	104,793,739

See accompanying notes to financial statements.

BMC FUND, INC.

FINANCIAL HIGHLIGHTS

Six months end April 30, 2019 (unaudited), Years Ended October 31, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, and 2009

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, 2019 (unaudited) and years ended October 31, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010 and 2009. The first part, per share operating performance, details the changes on a per share basis of the Company's beginning net asset value to its ending net asset value. The second part, total investment return, is based on the market price of the Company's shares of stock. Part three, ratios and supplemental data, provides additional financial information related to the Company's performance.

	Six Months
	Ended
	April 30,
PER SHARE OPERATING	2019
PERFORMANCE	(Unaudited)			2018			2017			2016			2015			2014			2013			2012			2011			2010			2009

Net asset value, beginning of period	$	20.77		$	21.42		$	20.83		$	21.22		$	22.62		$	22.57		$	22.58		$	22.11		$	22.41		$	21.20		$	20.79
Net investment income		0.18			0.27			0.27			0.22			0.35			0.42			0.46			0.35			0.49			0.46			0.48
Net gains (losses) on investments		0.70			0.08			1.32			0.39			(0.73	)		0.63			0.60			1.18			0.21			1.70			1.65
Total from investment operations		0.88			0.35			1.59			0.61			(0.38	)		1.05			1.06			1.53			0.70			2.16			2.13
Less distributions:
Dividends from net investment income		0.17			0.32			0.20			0.23			0.36			0.44			0.47			0.56			0.27			0.46			0.92
Distributions from capital gains		-			0.37			0.35			-			0.44			0.42			0.33			0.48			0.53			-			-
Distributions from retained earnings		0.33			0.31			0.45			0.77			0.22			0.14			0.27			0.02			0.20			0.49			0.80
Total distributions		0.50			1.00			1.00			1.00			1.02			1.00			1.07			1.06			1.00			0.95			1.72
Net asset value, end of period	$	21.15		$	20.77		$	21.42		$	20.83		$	21.22		$	22.62		$	22.57		$	22.58		$	22.11		$	22.41		$	21.20

Per share market value, end of period¹	$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.45		$	18.00		$	16.75

TOTAL INVESTMENT RETURN²		4.91			1.95	%		8.83	%		3.39	%		(2.11	)%		5.83	%		5.89	%		8.50	%		3.79	%		11.83	%		12.72	%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (in thousands)	$	104,353		$	102,458		$	105,657		$	102,751		$	104,684		$	111,568		$	111,358		$	111,379		$	109,069		$	110,576		$	104,603
Ratio of expenses to average net assets³		1.04	*		1.01	%		1.03	%		1.07	%		0.98	%		0.97	%		0.95	%		1.01	%		0.97	%		1.11	%		1.18	%
Ratio of net investment income to average net assets³		1.79	*		1.28	%		1.26	%		1.06	%		1.59	%		1.83	%		2.04	%		1.57	%		2.15	%		2.11	%		2.40	%
Portfolio turnover rate		5.54			14.18	%		24.07	%		15.09	%		17.10	%		22.02	%		33.12	%		32.90	%		60.41	%		38.08	%		69.62	%

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

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

³Average is computed on a quarterly basis.

*Annualized

See accompanying notes to financial statements.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2019 (Unaudited)

ORGANIZATION

BMC Fund, Inc. (the “Fund”) 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 Fund in the preparation of its financial statements.

SIGNIFICANT ACCOUNTING POLICIES

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

The investments in limited partnerships, other investments and venture capital are stated at estimated fair value as determined by the management of these investments and are approved by the Fund’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 Fund’s Board of Directors. Because of the inherent uncertainty of those valuations, the estimated values may differ significantly from the values that would have been used had a ready market value for the investments existed, and these differences could be material.

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

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

For the six months ended April 30, 2019, the Fund purchased and sold securities in the amount of $5,463,300 and $10,111,723 (excluding short-term investments and options), respectively.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2019 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

D. Option Writing – When the Fund writes an option, an amount equal to the premium received by the Fund 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 Fund 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 Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund 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 Fund’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 Fund has income recognize the tax exempt status of a regulated investment company.

The Fund 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 2015 and thereafter are subject to possible future examinations by tax authorities.

F. Dividend Policy – It is the Fund’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 Fund considers all investments at financial institutions with original maturities of three months or less to be equivalent to cash. Short-term money market investments managed by third party investors are included in investment securities.

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

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2019 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

In determining fair value, the Fund 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 Fund'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 Fund 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.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2019 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2019.

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	$	5,534,604	$	-	$	-	$	5,534,604
Bond Mutual Funds		8,028,049		-		-		8,028,049
Stock Mutual Funds		8,769,233		-		-		8,769,233
Common Stocks – Publicly Traded		31,214,998		-		-		31,214,998
Preferred Stocks – Publicly Traded		4,170,962		-		-		4,170,962
Cash and Cash Equivalents		13,731,214		-		-		13,731,214
Limited Partnerships – Measured at NAV (2)		-		-		-		30,736,972
Total Investments	$	71,449,060	$	-	$	-	$	102,186,032

Liability Description (1)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Call Options	$	(16,450	)	$	-	$	-	$	(16,450	)
Put Options		(52,890	)		-		-		(52,890	)
Total Investments	$	(69,340	)	$	-	$	-	$	(69,340	)

(1)

There were no transfers between Level 1, Level 2, and Level 3 during the period.

(2)

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.

J. Investments in Limited Partnerships - As of April 30, 2019, the Fund was invested in limited partnerships. Each of these investments has certain restrictions with respect to rights of withdrawal by the Fund as specified in the respective agreements. Generally, the Fund is required to provide notice of its intent to withdraw after the investment has been maintained for a certain period of time. The management agreements of the limited partnerships provide for compensation to the managers in the form of fees ranging from 0.5% to 2% annually of net assets and performance incentive allowances or fees ranging from 10% to 20% of net profits earned.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2019 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

The following table summarizes the Fund's investments in other limited partnerships as of April 30, 2019. The Fund's investments in limited partnerships have certain redemption and liquidity restrictions which are described in the below table.

Investment	Redemptions Notice Period	Redemptions Permitted	Liquidity Restrictions
Limited Partnerships
Elliott Associates, LP	60 days	Jan. 1 or July 1	See below (1) (2)
Graham Institutional Partners, LP	60 days	Annually	See below (3)
Greenlight Masters Qualified, LP	105 days	December 31	See below (4)
Infinity Premier Fund, LP	95 days	Quarterly	See below (5) (6)
Litespeed Partners, LP	45 days	Quarterly	See below (6)
Morrocroft Special Opportunity Fund II, LP	90 days	Quarterly	See below (4) (7)
Mudrick Distressed Opportunity Drawdown Fund II, L.P.	N/A	N/A	See below (8)
Oaktree Enhanced Income Fund II, LP	N/A	N/A	See below (8)
Old Well Emerging Markets Fund, LP	60 days	Quarterly	See below (9)
Privet Fund LP	90 days	Quarterly	See below (10)
Segra Resource Onshore Partners, LP	60 days	Quarterly	See below (11)
Stark Investments LP	N/A	N/A	See below (12)
Triarii Capital Partners LP	45 days	Quarterly	See below (13)
Virgo Societas Partnership III (Onshore), LP	N/A	N/A	See below (14)
Walnut Investment Partners, LP Worldwide Opportunity Fund (Cayman), Ltd.	N/A 90 days	N/A June 30 or Dec. 31	See below (15) See below (16)

(1) There is a gate provision if requests for redemptions would cause a decline in aggregate net asset value of 20%. In addition to the 20% withdrawal limitation, a partner may not withdraw more than 25% of the capital in its Class B capital account on any withdrawal date.

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

(3) Minimum withdrawal of $500,000 or for all of Limited Partner’s interest in the Partnership, if less. A Limited Partner may not take a partial withdrawal if it would cause the Partnership’s aggregate net asset value to be less than $5,000,000. General Partner may permit a smaller withdrawal or waive the latter requirement.

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

(5) Withdrawals of capital contributed less than 12 months preceding the withdrawal date will be subject to a reduction equal to 3% of the requested withdrawal amount.

(6) There is a gate provision if aggregate requested withdrawal amounts exceed 25% of the aggregate partner capital of the partnership, each limited partner who has submitted a timely request will receive a pro rata portion of the requested withdrawal, and any balance will be considered a timely withdrawal request with respect to the next withdrawal date.

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

(8) Redemptions are not permitted.

(9) Withdrawals of capital contributions may be up to ¼ of the balance of partner’s capital account.

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

(11) There is a gate provision regarding requests for more than 25% of its capital account.

(12) In liquidation.

(13) Withdrawals made during the twelve calendar months immediately following the Applicable Initial Withdrawal Date will be subject to a withdrawal charge equal to 5% of the amount permitted to be withdrawn.

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

(15) Walnut is in receivership.

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

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2019 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

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, 2019, were as follows:

Gross appreciation (excess of value over tax cost)	$	16,526,278
Gross depreciation (excess of tax cost over value)		(6,825,976	)
Net unrealized appreciation	$	9,700,302
Cost of investments for income tax purposes	$	92,485,730

OPTIONS WRITTEN

As of April 30, 2019, portfolio securities valued at $417,170 were held in escrow by the custodian as cover for call options written by the Fund.

Transactions in options written during the six months ended April 30, 2019 were as follows:

	Number of Contracts			Premiums Received
Options outstanding at October 31, 2018		657		$	189,004
Options written		355			113,970
Options terminated in closing purchase transactions		(594	)		(187,754	)
Options expired		(15	)		(4,851	)
Options exercised		(58	)		(13,709	)
Options outstanding at April 30, 2019		345		$	96,660

PLEDGED COLLATERAL

As of April 30, 2019, cash in the amount of $1,857,800 was pledged as collateral for put options sold by the Fund.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2019 (Unaudited)

DISTRIBUTIONS TO SHAREHOLDERS

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

On December 10, 2018, a distribution of $0.25 per share was paid to shareholders of record on November 25, 2018.

On March 10, 2019, a distribution of $0.25 per share was paid to shareholders of record on February 25, 2019.

The tax character of distributions paid during 2019 and 2018 was as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	303,082	$	230,995
Long-term capital gains		1,201,486		1,680,452
Retained earnings prior to becoming an investment company		962,072		555,193
	$	2,466,640	$	2,466,640

ADVISORY BOARD AND REMUNERATION OF DIRECTORS

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

RELATED PARTIES

The Fund leases office space from Broyhill Investments, Inc., which is controlled by M. Hunt Broyhill, an officer of BMC Fund, Inc. The expense associated with this related party lease for the six months ended April 30, 2019 amounted to $14,730. Broyhill Investments, Inc. also acts as a common paymaster for payroll and other shared services. This service is provided at no cost to the Fund. All amounts paid by Broyhill Investments, Inc. on behalf of the Fund are reimbursed by the Fund. The outstanding payable related to these transactions at April 30, 2019 was $74,280.

M. Hunt Broyhill is a director of Capitala Finance Corp., in which the Fund is invested.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2019 (Unaudited)

IMPAIRED SECURITIES

Selected securities at the end of the year have significant investment impairment issues. These selected securities have an aggregate cost basis of $3,767,648 and have been assigned no value at April 30, 2019.

There were no impairment charges during the six months ended April 30, 2019. The Fund received $8,619 which was treated as a return of capital.

10.

SUPPLEMENTAL INFORMATION

M. Hunt Broyhill, Chairman and President, and Christopher R. Pavese, CFA, Vice President and Chief Investment Officer, are primarily responsible for the day-to-day management of the Fund’s portfolio. Mr. Hunt Broyhill has had such responsibility since 2001. He has been engaged in asset management for various institutions and high net worth individuals for more than five years. Prior to joining the Fund 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.

11.

SUPPLEMENTAL PROXY INFORMATION AND 2019 ANNUAL MEETING OF SHAREHOLDERS

The Annual Meeting of Shareholders of BMC Fund, Inc. was held on February 22, 2019 at the Fund’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

Kevin P. Boudreau	1 year	2020
James T. Broyhill	1 year	2020
M. Hunt Broyhill	1 year	2020
Margaret M. “Peg” Broyhill	1 year	2020
Paul H. Broyhill	1 year	2020
W. Charles Campbell	1 year	2020
R. Donald Farmer	1 year	2020
Robert G. Fox, Jr.	1 year	2020
Carol Frye	1 year	2020
Jan E. Gordon	1 year	2020
Mark E. Roberts	1 year	2020
Allene B. Stevens	1 year	2020

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

The directors of the Fund were elected for a one-year term at the 2019 annual meeting of shareholders of the Fund.

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2019 (Unaudited)

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

Name, Address and Age	Position(s) Held with Fund	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Biographical Information	Other Directorships Held by Director During Past 5 Years
James T. Broyhill (91) 1930 Virginia Road Winston-Salem, NC 27104	Director Vice Chairman	Since 1976 Since 2005	Retired; Director of Shepherd Street Equity Fund (1998-2008); President of Old Clemmons School Properties, Inc. (1998-present); former Secretary of the North Carolina Department of Commerce (1989-1991); former Chairman of the North Carolina Economic Development Board (1987-1989); former member, U.S. Senate (1986); former member, U.S. House of Representatives (1963-1986)	None

M. Hunt Broyhill (55) 1870 9^th Street Court, NW Hickory, NC 28601	Director Chairman President Vice President	Since 2008 Since 2014 Since 2007 2001-2007	Chairman of the Fund since February 2014; President of the Fund since February 2007; former Vice President of the Fund (2001-2007); Chief Executive of Broyhill Asset Management, LLC (1997-present); Director and President of Broyhill Investments, Inc. (1988-present); Director (1983-present) and President of Broyhill Family Foundation, Inc. (1988-present); Manager and Vice President of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (1995-present)	Capitala Finance Corp. (Feb. 2013-present)

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2019 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Biographical Information	Other Directorships Held by Director During Past 5 Years
Paul H. Broyhill (95) 135 Claron Place, S.E. Lenoir, NC 28645	Director Chairman Emeritus Chief Executive Officer Chairman	Since 1976 Since 2014 2001-2014 1976-2014	Director of the Fund since 1976; Chairman Emeritus of the Fund since February 2014; former Chairman (1976-2014) and Chief Executive Officer of the Fund (2001-2014); former President of the Fund (2001-2007); Director (1972-present) and Chairman of Broyhill Investments, Inc. (1988-present); Director (1946-present) and Chairman of Broyhill Family Foundation, Inc. (1988-present); former President of Broyhill Family Foundation, Inc. (1980-1988); Manager and President of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (1983-present)	None

W. Charles Campbell (52) 3400 Sharon Road Charlotte, NC 28211	Director	Since 2011	President and Chief Executive Officer of Flagship Capital Partners, LLC, a private investment real estate firm (2005-present); Chief Executive Officer and Co-managing Partner of Flagship Healthcare Properties, LLC (formerly Brackett Flagship Properties, LLC), a commercial real estate firm (2010-present)	None

Carol Frye (61) 1009 Frosty Lane, NE Lenoir, NC 28645	Secretary and Treasurer	2001-2018	Retired; former Secretary and Treasurer of the Fund (2001-2018); former Secretary and Treasurer of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (2001-2018); former Secretary and Treasurer of Broyhill Investments, Inc. (2000-2018); Director (2001-present) and former Secretary and Treasurer of Broyhill Family Foundation, Inc. (2003-2018)	None

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2019 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Biographical Information	Other Directorships Held by Director During Past 5 Years
Jan E. Gordon (67) 3075 Rolling Woods Drive Palm Harbor, FL 34683	Director	Since 2001	Retired; former election assistant, Pinellas County, FL Supervisor of Elections (1992-2005)	None

Allene B. Stevens (97) 153 Hillhaven Place SE Lenoir, NC 28645	Director	Since 1983	Private Investor	None

Kevin P. Boudreau (56) 117 Shannon Court Rocky Mount, NC 27804	Director	Since 2011	Vice President of Tax and Risk Management, Boddie-Noell Enterprises, Inc., a diversified company with interests in restaurant and land-development projects (2005-present)	None

Margaret M. “Peg” Broyhill (75) 1995 Cedar Rock Estates Lenoir, NC 28645	Director	Since 2015	Retired; former Resident Branch Manager (Lenoir, NC office) (1993-2017) and Senior Vice President of Wells Fargo Advisors (1995-2017)	None

R. Donald Farmer (72) 375 River Haven Drive Taylorsville, NC 28681	Director	Since 2008	President of Don Farmer, CPA, PA, an independent public accounting firm and producer of federal income tax seminars and seminar materials (1984-present)	None

Robert G. Fox, Jr. (69) 330 Lams Way Vilas, NC 28692	Director	Since 2008	President of RGF Consulting, Inc., a financial consulting services provider (2010-present); former Chief Banking Officer of NewDominion Bank (2005-2010); Executive Vice President of First Charter Bank/First Charter Corporation (1993-2005)	None

Mark E. Roberts (56) 269 River Ridge Drive Wallace, NC 28466	Director	Since 2014	Chief Investment Officer of Ironsides Asset Advisors, LLC, a registered investment advisory firm (2009-present); Chief Investment Officer of Biltmore Family Offices, LLC (2013- 2017); former Director of Global Equities and Hedged Strategies, State of North Carolina Retirement System (2003-2009)	None

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2019 (Unaudited)

Other Executive Officers
Name, Address and Age	Positions Held with Fund	Length of Time Served	Principal Occupation During Past 5 Years	Directorships Held by Officer During at Least the Past 5 Years
Boyd C. Wilson, Jr. (66) 646 Pleasant Hill Road Lenoir, NC 28645	Vice President and Chief Financial Officer	Since 2006	Vice President and Chief Financial Officer of the Fund since February 2006; Director (2007-present) and Executive Vice President of Broyhill Investments, Inc. (2005-present); Vice President of Broyhill Family Foundation, Inc. (2007-present); Manager and Vice President of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (2006-present); Vice President – Finance & Administration of Kincaid Furniture Company, Incorporated (1990-2005)	CommunityOne Bancorp (2011-2016); Bank of Granite Corp. (1996-2013)

Christopher R. Pavese (42) 166 Pleasant Point Drive Hickory, NC 28601	Vice President Chief Investment Officer	Since 2013 Since 2011	Vice President (since February 2013) and Chief Investment Officer of the Fund since March 2011; Portfolio Manager of the Fund (2005-2011); Chief Investment Officer of Broyhill Asset Management, LLC (2008-present)	None

Danny A. Gilbert (52) 603 Stonecroft Ct. SE Lenoir, NC 28645	Vice President Chief Compliance Officer	Since Feb. 2018 Since June 2017	Vice President (since February 2018) and Chief Compliance Officer of the Fund since June 2017; former Assistant City Manager and Finance Director, City of Lenoir, NC (2006-2016)	None

Wendy S. Sims (33) 814 Rockhouse Way SE Lenoir, NC 28645	Secretary and Treasurer	Since 2018	Secretary and Treasurer of the Fund since December 2018; Secretary and Treasurer of Broyhill Investments, Inc. (December 2018-present); Secretary and Treasurer of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (December 2018-present); Assistant Secretary and Assistant Treasurer of the Fund (August 2018-December 2018); Senior Inventory Fulfillment Specialist, Lowe’s Companies, Inc. (October 2012- March 2018)	None

BMC FUND, INC.

ADDITIONAL INFORMATION

Six Months Ended April 30, 2019 (Unaudited)

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

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

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

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. 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 President 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 President 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

N/A

Item 13. 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 7, 2019

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/ M. Hunt Broyhill

M. Hunt Broyhill

Chairman and President

Date: June 7, 2019

/s/ Boyd C. Wilson, Jr.

Boyd C. Wilson, Jr.

Vice President and

Chief Financial Officer

Date: June 7, 2019

	Page No.

Letter to Shareholders	1

Graphic Presentation of Portfolio Holdings and Sector Diversification	2

Schedule of Investments	3

Schedule of Open Written Option Contracts	15

Statement of Assets and Liabilities	16

Statement of Operations	17

Statements of Changes In Net Assets	18

Financial Highlights	19

Notes to Financial Statements	20

Directors and Officers	28

Additional Information	32

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