BEXIL INVESTMENT TRUST
 
 
SCHEDULE OF PORTFOLIO INVESTMENTS
 
 
September 30, 2024
 
 
(Unaudited)
 
     
 Shares
 
Value
 
Common Stocks (93.44%)
 
 
Automotive Dealers and Gasoline Service Stations (7.15%)
 
                   6,050
AutoZone, Inc. (a)
 $                 19,057,742
     
 
Building Construction General Contractors and Operative Builders (3.85%)
 
                   1,045
NVR, Inc. (a)
                    10,253,331
     
 
Electronic and Other Electrical Equipment and Components, except Computer Equipment (2.83%)
 
                 36,500
Atkore Inc.
                      3,093,010
                 45,000
Skyworks Solutions, Inc.
4,444,650
   
7,537,660
     
 
Equipment Rental and Leasing (4.40%)
 
                 14,500
United Rentals, Inc.
                    11,741,085
     
 
Fabricated Metal Products, except Machinery and Transportation Equipment (3.02%)
 
27,800
Snap-on Incorporated
                      8,053,938
     
 
General Merchandise Stores (2.92%)
 
                 20,300
Dillard's, Inc.
                      7,788,907
     
 
Home Furniture, Furnishings, and Equipment Stores (5.58%)
 
                 96,000
Williams-Sonoma, Inc.
                    14,872,320
     
 
Industrial and Commercial Machinery and Computer Equipment (2.97%)
 
9,700
Lam Research Corporation
                      7,915,976
     
 
Insurance Carriers (18.65%)
 
               111,000
Centene Corporation (a)
8,356,080
                   9,600
Elevance Health, Inc.
4,992,000
               200,000
Essent Group Ltd.
                    12,858,000
               379,226
NMI Holdings, Inc. (a)
                    15,620,319
                 13,500
UnitedHealth Group Incorporated
                      7,893,180
   
                    49,719,579
     
 
Lumber and Wood Products, except Furniture (3.43%)
 
                 69,800
UFP Industries, Inc.
                      9,158,458
     
 
Metal Mining (2.31%)
 
127,814
Centerra Gold Inc.
918,668
73,500
Rio Tinto plc
5,230,995
   
6,149,663
     
 
Non-Depository Credit Institutions (3.82%)
 
                 23,000
Credit Acceptance Corporation (a)
                    10,198,660
     
 
Petroleum Refining and Related Industries  (2.70%)
 
                 53,389
Valero Energy Corporation
                      7,209,117
     
 
Primary Metal (12.05%)
 
               161,400
Mueller Industries, Inc.
                    11,959,740
               160,000
Steel Dynamics, Inc.
                    20,172,800
   
                    32,132,540
     
 
Rubber and Miscellaneous Plastics Products (2.23%)
 
                 41,000
Crocs, Inc. (a)
                      5,937,210
     
 
Security and Commodity Brokers, Dealers, Exchanges, and Services (8.03%)
 
                 76,000
Interactive Brokers Group, Inc. Class A
10,591,360
                 46,500
LPL Financial Holdings Inc.
                    10,817,295
   
                    21,408,655
     
 
Services - Computer Programming, Data Processing (6.53%)
 
                 50,000
Alphabet Inc. Class A
8,292,500
               275,054
Clear Secure, Inc.
                      9,115,289
   
17,407,789
     
 
Wholesale Trades-Durable Goods (0.97%)
 
                   6,900
Pool Corporation
                      2,599,920
     
 
Total investments (Cost $156,751,767) (93.44%)
                  249,142,550
 
Cash and other assets in excess of liabilities (6.56%)
                    17,501,424
     
 
Net assets (100.00%)
 $               266,643,974
     
(a) Non-income producing.
 




Notes to Schedule of Portfolio Investments (Unaudited)

Valuation of Investments
Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade. Most equity securities for which the primary market is in the United States are usually valued at the official closing price, last sale price or, if no sale has occurred, at the closing bid price. Most equity securities for which the primary market is outside the United States are usually valued using the official closing price or the last sale price in the principal market in which they are traded. If the last sale price on the local exchange is unavailable, the last evaluated quote or closing bid price normally is used. In the event of an unexpected closing of the primary market or exchange, a security may continue to trade on one or more other markets, and the price as reflected on those other trading venues may be more reflective of the security’s value than an earlier price from the primary market or exchange. Accordingly, Bexil Investment Trust (the “Fund”) may seek to use these additional sources of pricing data or information when prices from the primary market or exchange are unavailable, or are earlier and less representative of current market value. Certain debt securities may be priced through pricing services that may utilize a matrix pricing system which takes into consideration factors such as yields, prices, maturities, call features, and ratings on comparable securities or according to prices quoted by a securities dealer that offers pricing services. Open end investment companies are valued at their net asset value (“NAV”). Foreign securities markets may be open on days when the U.S. markets are closed. For this reason, the value of any foreign securities owned by the Fund could change on a day when shareholders cannot buy or sell shares of the Fund. Although the Fund’s Board of Trustees (the “Board”) may choose to determine fair value in good faith for any or all fund investments by carrying out the required functions itself, pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board currently has chosen to designate the performance of fair value determinations to a valuation designee, Bexil Advisers LLC (the “Investment Manager”), subject to the Board’s oversight, with respect to securities for which market quotations are not readily available and reliable and other assets, called “fair value pricing.” Due to the inherent uncertainty of valuation, fair value pricing values may differ from the values that would have been used had a readily available and reliable market quotation for the securities existed. These differences in valuation could be material. A security’s valuation may differ depending on the method used for determining value. The use of fair value pricing by the Fund may cause the NAV of its shares to differ from the NAV that would be calculated using market prices. A fair value price is an estimate and there is no assurance that such price will be at or close to the price at which a security is next quoted or traded.

Value Measurements
Generally accepted accounting principles establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
• Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities including securities actively traded on a securities exchange.
 
• Level 2 -  observable inputs other than quoted prices included in level 1 that are observable for the asset or liability which may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
 
• Level 3 - unobservable inputs for the asset or liability including the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets for the security, and other characteristics particular to the security. 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. Accordingly, the degree of judgment exercised in determining fair value is greatest for investments categorized in level 3. 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 within 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 in its entirety. The inputs and methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis:
 
Equity Securities (Common Stock) – Most publicly traded equity securities are valued normally at the most recent official closing price, last sale price, evaluated quote, or closing bid price. To the extent these securities are actively traded and valuation adjustments are not applied, they may be categorized in level 1 of the fair value hierarchy. Equities on inactive markets or valued by reference to similar instruments may be categorized in level 2.
 
 
The following is a summary of the inputs used as of September 30, 2024, in valuing the Fund’s assets. Refer to the Schedule of Portfolio Investments for detailed information on specific investments.


Assets
Level 1
Level 2
Level 3
Total
Investments, at value
       
 
Common stocks
$  249,142,550
  $                  -
$                -
$ 249,142,550
Total investments, at value
$  241,142,550
  $                  -
$                -
$ 249,142,550

 
Cost for Federal Income Tax Purposes
As of September 30, 2024, for federal income tax purposes, the aggregate cost of securities was $156,751,767 and net unrealized appreciation was $92,390,783, comprised of gross unrealized appreciation of $93,497,003 and gross unrealized depreciation of $1,106,220. The aggregate cost of investments for tax purposes will depend upon the Fund’s investment experience during the entirety of its fiscal year and may be subject to changes based on tax regulations.

Risks and Uncertainties

Share Trading Risk - The Fund’s shares are quoted on the OTC Market and may have less trading volume and liquidity, greater trading spreads, increased market discount to NAV of the Fund’s shares, and fewer governance, shareholder meeting, and reporting requirements than might be the case if the shares were listed on a national securities exchange.

Market Risks - An investment in the Fund is subject to market risk, including the possible loss of the entire principal amount. An investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the shares during periods in which the Fund utilizes leverage.

Leverage Risk - The Fund from time to time may borrow under a credit agreement to increase the assets in its investment portfolio over its net assets, a practice called leverage. Leverage borrowing creates an opportunity for increased return but, at the same time, involves special risk considerations. Leverage increases the likelihood of greater volatility of the NAV and market price of the Fund’s shares. If the return that the Fund earns on the additional securities purchased fails to cover the interest and fees incurred on the monies borrowed, the NAV of the Fund (and the return of the Fund) would be lower than if borrowing had not been incurred. In addition, when the Fund borrows at a variable interest rate, there is a risk that fluctuations in the interest rate may adversely affect the return to the Fund’s shareholders. Interest payments and fees incurred in connection with such borrowings will reduce the amount of net income available for distribution to shareholders. There is no assurance that a borrowing strategy will be successful during any period in which it is employed. Borrowing on a secured basis results in certain additional risks. Should securities that are pledged as collateral to secure its obligations under the credit agreement decline in value, the Fund may be required to pledge additional assets in the form of cash or securities to the lender to avoid liquidation of the pledged assets. In the event of a steep drop in the value of pledged securities, it might not be possible to liquidate assets quickly enough and this could result in mandatory liquidation of the pledged assets in a declining market at relatively low prices. Furthermore, the Investment Manager’s ability to sell the pledged securities is limited by the terms of the credit agreement, which may reduce the Fund’s investment flexibility over the pledged securities. Because the fee paid to the Investment Manager is calculated on the basis of the average weekly value of the Fund’s total assets minus the sum of the Fund’s liabilities, which liabilities exclude debt relating to leverage, short term debt and the aggregate liquidation preference of any outstanding preferred stock, the dollar amount of the management fee paid by the Fund to the Investment Manager will be higher (and the Investment Manager will benefit to that extent) when leverage is utilized.

Foreign Securities Risk - Investments in the securities of foreign issuers involve special risks which include changes in foreign exchange rates and the possibility of future adverse political, tax, and economic developments which could adversely affect the value of such securities. Moreover, securities of foreign issuers and securities traded in foreign markets may be less liquid and their prices more volatile than those of U.S. issuers and markets. In addition, in certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political, or social instability, or diplomatic developments that could affect U.S. investments in the securities of issuers domiciled in those countries.

Sector Risk - To the extent the Fund focuses its investments, from time to time, in a particular sector, the Fund will be subject to a greater degree to the risks specific to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector to a greater extent than if the Fund’s investments were diversified across different sectors.

Cybersecurity Risk - With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional related costs.

Recent Market Events – U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including rising inflation, wars between Russia and Ukraine and in the Middle East, and the impact of the coronavirus (“COVID-19”) global pandemic. Uncertainties regarding the level of central banks’ interest rate increases, political events, the Russia-Ukraine conflict and the Israel-Hamas conflict, trade tensions and the possibility of a national or global recession have also contributed to market volatility.








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