Investment Company Act file number: 811-09261
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3814 Route 44, Millbrook, NY 12545
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(Address of principal executive offices) (Zip code)
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TO OUR SHAREHOLDERS
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||
June 30, 2021
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Dear Fellow Shareholders:
1 Semi--Annual Report 2021 |
FOXBY CORP.
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TO OUR SHAREHOLDERS
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||
June 30, 2021
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FOXBY CORP.
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Semi-Annual Report 2021 2
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FUND PERFORMANCE
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June 30, 2021
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Top ten security holdings and industries are shown for informational purposes only as an approximate percentage of net assets and are subject to change. Top ten industries uses Standard Industrial Classification codes. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund.
3 Semi--Annual Report 2021 |
FOXBY CORP.
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SCHEDULE OF PORTFOLIO INVESTMENTS
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June 30, 2021 (Unaudited)
|
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Financial Statements
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Shares
|
Common Stocks (95.59%)
|
Value
|
||||||||||||||
Automotive Dealers and Gasoline Service Stations (4.26%) | ||||||||||||||||
335 |
AutoZone, Inc. (a) |
$ 499,894 | ||||||||||||||
Building Materials, Hardware, Garden Supply (5.16%) | ||||||||||||||||
850 |
The Home Depot, Inc. |
271,056 | ||||||||||||||
1,800 |
Tractor Supply Company |
334,908 | ||||||||||||||
|
|
|
||||||||||||||
605,964 | ||||||||||||||||
Business Services (20.77%) | ||||||||||||||||
80 |
Accenture plc |
23,583 | ||||||||||||||
500 |
Alphabet Inc. Class A (a) |
1,220,895 | ||||||||||||||
4,500 |
Check Point Software Technologies Ltd. (a) |
522,585 | ||||||||||||||
4,600 |
Kforce Inc. |
289,478 | ||||||||||||||
4,300 |
Robert Half International Inc. |
382,571 | ||||||||||||||
|
|
|
||||||||||||||
2,439,112 | ||||||||||||||||
Coal Mining (1.88%) | ||||||||||||||||
12,852 |
Warrior Met Coal, Inc. |
221,054 | ||||||||||||||
Chemical and Allied Products (7.80%) | ||||||||||||||||
2,050 |
Amgen Inc. |
499,688 | ||||||||||||||
1,500 |
Celanese Corporation |
227,400 | ||||||||||||||
2,100 |
Westlake Chemical Corporation |
189,189 | ||||||||||||||
|
|
|
||||||||||||||
916,277 | ||||||||||||||||
Depository Institutions (0.25%) | ||||||||||||||||
3,078 |
BM Technologies, Inc. (a)(b) |
28,718 | ||||||||||||||
Electronic and Other Electrical Equipment and Components, except Computer Equipment (3.97%) |
||||||||||||||||
8,300 |
Intel Corporation |
465,962 | ||||||||||||||
Food and Kindred Products (6.10%) | ||||||||||||||||
1,500 |
Medifast, Inc. |
424,470 | ||||||||||||||
3,950 |
Tyson Foods, Inc. |
291,352 | ||||||||||||||
|
|
|
||||||||||||||
715,822 | ||||||||||||||||
Heavy Construction other than Building Construction Contractors (1.54%) | ||||||||||||||||
1,700 |
MasTec, Inc.(a) |
180,370 | ||||||||||||||
Home Furniture, Furnishings, and Equipment Stores (3.40%) | ||||||||||||||||
2,500 |
Williams-Sonoma, Inc. |
399,125 | ||||||||||||||
Industrial and Commercial Machinery and Computer Equipment (0.89%) | ||||||||||||||||
290 |
Arista Networks, Inc. (a) |
105,070 | ||||||||||||||
Insurance Carriers (12.69%) | ||||||||||||||||
440 |
Anthem, Inc. |
167,992 | ||||||||||||||
10,500 |
Essent Group Ltd. |
471,975 | ||||||||||||||
450 |
Humana Inc. |
199,224 | ||||||||||||||
1,625 |
UnitedHealth Group Incorporated |
650,715 | ||||||||||||||
|
|
|
||||||||||||||
1,489,906 | ||||||||||||||||
Metal Mining (2.50%) | ||||||||||||||||
3,500 |
Rio Tinto plc |
293,615 |
See notes to financial statements.
FOXBY CORP.
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Semi-Annual Report 2021 4
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SCHEDULE OF PORTFOLIO INVESTMENTS
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June 30, 2021 (Unaudited)
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|
Financial Statements
|
Shares
|
Common Stocks (continued)
|
Value
|
||||||||||||||
Non-Depository Credit Institutions (9.36%) | ||||||||||||||||
1,000 |
Credit Acceptance Corporation (a) |
$ 454,110 | ||||||||||||||
2,300 |
Discover Financial Services |
272,067 | ||||||||||||||
4,600 |
Enova International, Inc. (a) |
157,366 | ||||||||||||||
3,600 |
OneMain Holdings, Inc. |
215,676 | ||||||||||||||
|
|
|
||||||||||||||
1,099,219 | ||||||||||||||||
Petroleum Refining and Related Industries (2.21%) | ||||||||||||||||
8,000 |
Valvoline Inc. |
259,680 | ||||||||||||||
Retail Consulting and Investment (0.00%) | ||||||||||||||||
72,728 |
Amerivon Holdings LLC (a) (b) |
0 | ||||||||||||||
Security and Commodity Brokers, Dealers, Exchanges, and Services (5.52%) | ||||||||||||||||
1,200 |
Ameriprise Financial, Inc. |
298,656 | ||||||||||||||
400 |
BlackRock, Inc. |
349,988 | ||||||||||||||
|
|
|
||||||||||||||
648,644 | ||||||||||||||||
Tobacco Products (1.96%) | ||||||||||||||||
10,500 |
Imperial Brands PLC |
230,423 | ||||||||||||||
Transportation by Air (1.36%) | ||||||||||||||||
3,000 |
Southwest Airlines Co. (a) |
159,270 | ||||||||||||||
Water Transportation (2.02%) | ||||||||||||||||
16,800 |
Dorian LPG Ltd. |
237,216 | ||||||||||||||
Wholesale Trade - Nondurable Goods (1.95%) | ||||||||||||||||
4,050 |
Nu Skin Enterprises, Inc. |
229,432 | ||||||||||||||
Total common stocks (Cost $7,494,895) |
11,224,773 | |||||||||||||||
|
|
|
||||||||||||||
Preferred Stocks (0.75%) | ||||||||||||||||
Retail Consulting and Investment (0.75%) | ||||||||||||||||
249,945 |
Amerivon Holdings LLC (Cost $497,531) (b) |
87,481 | ||||||||||||||
|
|
|
||||||||||||||
Total investments (Cost $7,992,426) (96.34%) |
11,312,254 | |||||||||||||||
Cash and other assets in excess of liabilities (3.66%) |
429,473 | |||||||||||||||
|
|
|
||||||||||||||
Net assets (100.00%) |
$ 11,741,727 | |||||||||||||||
|
|
|
||||||||||||||
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(a) Non-income producing. (b) Illiquid and/or restricted security that has been fair valued. |
See notes to financial statements.
5 Semi-Annual Report 2021 |
FOXBY CORP.
|
STATEMENT OF ASSETS AND LIABILITIES
|
(Unaudited)
|
|
Financial Statements
|
June 30, 2021
|
||||||||||||
Assets |
||||||||||||
Investments at value (cost $7,992,426) |
$ | 11,312,254 | ||||||||||
Cash |
461,054 | |||||||||||
Dividends and interest receivable |
5,503 | |||||||||||
Prepaid expenses and other assets |
5,723 | |||||||||||
|
|
|||||||||||
Total assets | 11,784,534 | |||||||||||
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|
|||||||||||
Liabilities |
||||||||||||
Payables |
||||||||||||
Accrued expenses |
25,666 | |||||||||||
Investment management fee |
9,250 | |||||||||||
Directors |
6,172 | |||||||||||
Administrative services |
1,719 | |||||||||||
|
|
|||||||||||
Total liabilities | 42,807 | |||||||||||
|
|
|||||||||||
Net Assets | $ | 11,741,727 | ||||||||||
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|
|||||||||||
Net Asset Value Per Share |
||||||||||||
(applicable to 521,991 shares outstanding: 500,000,000 shares of $.01 par value authorized) |
$ | 22.49 | ||||||||||
|
|
|||||||||||
Net Assets Consist of |
||||||||||||
Paid in capital |
$ | 7,309,860 | ||||||||||
Distributable earnings |
4,431,867 | |||||||||||
|
|
|||||||||||
$ | 11,741,727 | |||||||||||
|
|
|||||||||||
See notes to financial statements.
FOXBY CORP.
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Semi-Annual Report 2021 6
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STATEMENT OF OPERATIONS
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(Unaudited)
|
|
Financial Statements
|
Six Months Ended | ||||||||||||||||
June 30, 2021
|
||||||||||||||||
Investment Income |
||||||||||||||||
Dividends (net of $79 foreign tax expense) |
$ | 122,177 | ||||||||||||||
Interest |
20 | |||||||||||||||
|
|
|||||||||||||||
Total investment income |
122,197 | |||||||||||||||
|
|
|||||||||||||||
Expenses |
||||||||||||||||
Investment management |
52,999 | |||||||||||||||
Transfer agent |
16,746 | |||||||||||||||
Legal |
12,080 | |||||||||||||||
Bookkeeping and pricing |
11,946 | |||||||||||||||
Audit |
10,860 | |||||||||||||||
Directors |
9,593 | |||||||||||||||
Administrative services |
6,499 | |||||||||||||||
Interest and fees on credit agreement |
6,149 | |||||||||||||||
Shareholder communications |
4,678 | |||||||||||||||
Custody |
2,715 | |||||||||||||||
Registration |
1,086 | |||||||||||||||
Insurance |
905 | |||||||||||||||
Other |
543 | |||||||||||||||
|
|
|||||||||||||||
Total expenses |
136,799 | |||||||||||||||
|
|
|||||||||||||||
Net investment loss |
(14,602) | |||||||||||||||
|
|
|||||||||||||||
Realized and Unrealized Gain |
||||||||||||||||
Net realized gain on investments |
1,298,696 | |||||||||||||||
Unrealized appreciation on investments |
1,138,487 | |||||||||||||||
|
|
|||||||||||||||
Net realized and unrealized gain |
2,437,183 | |||||||||||||||
|
|
|||||||||||||||
Net increase in net assets resulting from operations |
$ | 2,422,581 | ||||||||||||||
|
|
|||||||||||||||
See notes to financial statements.
7 Semi-Annual Report 2021 |
FOXBY CORP.
|
STATEMENTS OF CHANGES IN NET ASSETS
|
(Unaudited)
|
|
Financial Statements
|
Six Months Ended | Year Ended | |||||||||||
June 30, 2021
|
December 31, 2020
|
|||||||||||
Operations |
||||||||||||
Net investment loss |
$ (14,602) | $ (73,121) | ||||||||||
Net realized gain (loss) |
1,298,696 | (126,108) | ||||||||||
Unrealized appreciation |
1,138,487 | 688,538 | ||||||||||
|
|
|||||||||||
Net increase in net assets resulting from operations |
2,422,581 | 489,309 | ||||||||||
|
|
|||||||||||
Capital Share Transactions |
||||||||||||
Cash paid for fractional shares resulting from the reverse stock split |
(665) | - | ||||||||||
|
|
|||||||||||
Decrease in net assets from capital share transactions |
(665) | - | ||||||||||
|
|
|||||||||||
Total change in net assets |
2,421,916 | 489,309 | ||||||||||
Net Assets |
||||||||||||
Beginning of period |
9,319,811 | 8,830,502 | ||||||||||
|
|
|||||||||||
End of period |
$ 11,741,727 | $ 9,319,811 | ||||||||||
|
|
|||||||||||
See notes to financial statements.
FOXBY CORP.
|
Semi-Annual Report 2021 8
|
STATEMENT OF CASH FLOWS
|
(Unaudited)
|
|
Financial Statements
|
Six Months Ended
|
||||||||||
Cash Flows From Operating Activities |
||||||||||
Net increase in net assets resulting from operations |
$ | 2,422,581 | ||||||||
Adjustments to reconcile increase in net assets resulting from operations to net cash provided by (used in) operating activities: |
||||||||||
Unrealized appreciation of investments |
(1,138,487 | ) | ||||||||
Net realized gain on sales of investments |
(1,298,696 | ) | ||||||||
Purchase of long term investments |
(2,262,253) | |||||||||
Proceeds from sales of long term investments |
3,523,728 | |||||||||
Increase in dividends and interest receivable |
(1,306 | ) | ||||||||
Increase in prepaid expenses and other assets |
(1,813 | ) | ||||||||
Decrease in accrued expenses |
(12,203 | ) | ||||||||
Increase in investment management fee payable |
891 | |||||||||
Increase in administrative services payable |
850 | |||||||||
Increase in directors payable |
1,558 | |||||||||
|
|
|||||||||
Net cash provided by operating activities |
1,234,850 | |||||||||
|
|
|||||||||
Cash Flows from Financing Activities |
||||||||||
Credit agreement repayment, net |
(777,400 | ) | ||||||||
Cash paid for fractional shares resulting from the reverse stock split |
(665 | ) | ||||||||
|
|
|||||||||
Net cash used in financing activities |
(778,065 | ) | ||||||||
|
|
|||||||||
Net change in cash |
456,785 | |||||||||
Cash |
||||||||||
Beginning of period |
4,269 | |||||||||
|
|
|||||||||
End of period |
$ | 461,054 | ||||||||
|
|
|||||||||
Supplemental disclosure of cash flow information: |
||||||||||
Cash paid for interest on liquidity agreement |
$ | 2,068 | ||||||||
See notes to financial statements.
9 Semi-Annual Report 2021 |
FOXBY CORP.
|
NOTES TO FINANCIAL STATEMENTS
|
June 30, 2021 (Unaudited)
|
|
Financial Statements
|
FOXBY CORP.
|
Semi-Annual Report 2021 10
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|
Financial Statements
|
11 Semi-Annual Report 2021
|
FOXBY CORP.
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|
Financial Statements
|
FOXBY CORP.
|
Semi-Annual Report 2021 12
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|
Financial Statements
|
The following is a summary of the inputs used as of June 30, 2021 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 |
$ 11,196,055 | $ - | $ | 28,718 | $ 11,224,773 | |||||||||||
Preferred stocks
|
|
-
|
|
|
-
|
|
|
87,481
|
|
|
87,481
|
|
||||
Total investments, at value
|
|
$ 11,196,055
|
|
|
$ -
|
|
$
|
116,199
|
|
|
$ 11,312,254
|
|
||||
The following is a reconciliation of level 3 assets:
Common
|
Preferred
|
Total
|
||||||||||
Balance at December 31, 2020 |
$ 0 | $ | 85,844 | $ | 85,844 | |||||||
Acquisition |
38,903 | - | 38,903 | |||||||||
Change in unrealized depreciation
|
|
(10,185)
|
|
|
1,637
|
|
|
(8,548)
|
|
|||
Balance at June 30, 2021
|
|
$ 28,718
|
|
$
|
87,481
|
|
$
|
116,199
|
|
|||
Net change in unrealized depreciation attributable to assets still held as level 3 at June 30, 2021
|
|
$ (10,185)
|
|
$
|
1,637
|
|
$
|
(8,548)
|
|
|||
The following table presents additional information about valuation techniques and inputs used for assets that are measured at fair value and categorized as level 3 as of June 30, 2021:
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range
|
|||||||||
Common Stocks |
||||||||||||
Retail - Consulting and Investment |
$ 0 | Value of liquidation per share | |
Discount rate due to lack of marketability |
|
80% | ||||||
Depository Institutions |
$ 28,718 | |
Discount to market price per share |
|
|
Discount rate due to lack of marketability |
|
20% to 30% | ||||
Preferred Stocks |
||||||||||||
Retail - Consulting and Investment
|
$ 87,481 |
|
Value of liquidation preference per share
|
|
|
Discount rate due to lack of marketability
|
|
80% | ||||
13 Semi-Annual Report 2021
|
FOXBY CORP.
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|
Financial Statements
|
FOXBY CORP.
|
Semi-Annual Report 2021 14
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|
Financial Statements
|
15 Semi-Annual Report 2021
|
FOXBY CORP.
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|
Financial Statements
|
FOXBY CORP.
|
Semi-Annual Report 2021 16
|
FINANCIAL HIGHLIGHTS
|
(Unaudited)
|
|
Financial Statements
|
Six Months
|
Year Ended December 31,
|
|||||||||||||||||||||||
Per Share Operating Performance (1) (2) |
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
(for a share outstanding throughout each period) |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.85 | $ | 16.90 | $ | 13.10 | $ | 15.65 | $ | 13.55 | $ | 12.20 | ||||||||||||
Income from investment operations: |
||||||||||||||||||||||||
Net investment loss |
(0.03 | ) | (0.15 | ) | (0.15 | ) | (0.10 | ) | (0.20 | ) | - | * | ||||||||||||
Net realized and unrealized gain (loss) on investments |
4.67 | 1.10 | 4.00 | (2.45 | ) | 2.30 | 1.40 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
4.64 | 0.95 | 3.85 | (2.55 | ) | 2.10 | 1.40 | |||||||||||||||||
Less distributions: |
||||||||||||||||||||||||
Net investment income |
- | - | - | - | - | - | * | |||||||||||||||||
Capital gains |
- | - | (0.05 | ) | - | - | - | |||||||||||||||||
Return of capital |
- | - | - | * | - | - | (0.05 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
- | - | (0.05 | ) | - | - | (0.05 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 22.49 | $ | 17.85 | $ | 16.90 | $ | 13.10 | $ | 15.65 | $ | 13.55 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Market value, end of period |
$ | 14.05 | $ | 11.00 | $ | 11.15 | $ | 9.00 | $ | 10.45 | $ | 8.95 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Return (3) |
||||||||||||||||||||||||
Based on net asset value |
25.99 | % | 5.62 | % | 29.59 | % | (16.29 | )% | 15.50 | % | 11.69 | % | ||||||||||||
Based on market price |
27.73 | % | (1.35 | )% | 24.44 | % | (13.88 | )% | 16.76 | % | 13.21 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets at end of period (000s omitted) |
$ | 11,742 | $ | 9,320 | $ | 8,831 | $ | 6,845 | $ | 8,169 | $ | 7,068 | ||||||||||||
Ratio of total expenses to average net assets |
2.48 | %† | 3.01 | % | 3.14 | % | 2.53 | % | 3.03 | % | 2.91 | % | ||||||||||||
Ratio of net expenses to average net assets (4) |
2.48 | %† | 3.01 | % | 3.14 | % | 2.52 | % | 3.03 | % | 2.91 | % | ||||||||||||
Ratio of net investment loss to average net assets |
(0.27 | )%† | (0.94 | )% | (0.88 | )% | (0.56 | )% | (1.31 | )% | (0.07 | )% | ||||||||||||
Portfolio turnover rate |
21 | % | 39 | % | 37 | % | 59 | % | 40 | % | 58 | % | ||||||||||||
Leverage analysis, end of period: |
||||||||||||||||||||||||
Outstanding loan balance (000s omitted) |
$ | - | $ | 777 | $ | 1,865 | $ | 941 | $ | 2,000 | $ | 1,255 | ||||||||||||
Asset coverage per $1,000 (5) |
$ | - | $ | 12,988 | $ | 5,734 | $ | 8,275 | $ | 5,084 | $ | 6,632 | ||||||||||||
Average commission rate paid
|
$
|
0.0147
|
|
$
|
0.0145
|
|
$
|
0.0170
|
|
$
|
0.0232
|
|
$
|
0.0182
|
|
$
|
0.0137
|
|
||||||
(1) |
The per share amounts were calculated using the average number of shares outstanding during the period. |
(2) |
On May 6, 2021, the Fund completed a 1-for-5 reverse stock split. Prior year per share amounts have been restated to reflect the impact of the reverse stock split. |
(3) |
Total return on a market value basis is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan if in effect or, if there is no plan in effect, at the lower of the per share net asset value or the closing market price of the Fund’s shares on the dividend/distribution date. Generally, total return on a net asset value basis will be higher than total return on a market value basis in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total return on a net asset value basis will be lower than total return on a market value basis in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.The calculation does not reflect brokerage commissions, if any. |
(4) |
The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 2.37%† for the six months ended June 30, 2021 and 2.64%, 2.43%, 2.13%, 2.62%, and 2.68% for the years ended December 31, 2020, 2019, 2018, 2017, and, 2016, respectively. |
(5) |
Represents the value of total assets less liabilities not represented by senior securities representing indebtedness divided by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. For purposes of this calculation, the Credit Agreement is considered a senior security representing indebtedness. |
* |
Less than $0.005 per share. |
† |
Annualized |
See notes to financial statements.
17 Semi-Annual Report 2021
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FOXBY CORP.
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The additional information below and on the following pages is supplemental and not part of the financial statements of the Fund. | ||
BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
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(Unaudited)
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Additional Information
|
FOXBY CORP.
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Semi-Annual Report 2021 18
|
BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
|
(Unaudited)
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|
Additional Information
|
19 Semi-Annual Report 2021 |
FOXBY CORP.
|
Rev. 6/2021
PRIVACY POLICY
FACTS | WHAT DOES FOXBY CORP. DO WITH YOUR PERSONAL INFORMATION? | |||||
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |||||
What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
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•Social Security number |
•Transaction or loss history |
•Retirement assets |
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•Account balances |
•Account transactions |
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When you are no longer our customer, we continue to share your information as described in this notice.
|
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How? |
All financial companies need to share customer’s personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Foxby Corp. chooses to share; and whether you can limit this sharing.
|
Reasons we can share your personal information |
Does Foxby Corp. |
Can you limit this sharing? |
||
For our everyday business purposes - Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No | ||
For our marketing purposes - To offer our products and services to you |
Yes | No | ||
For joint marketing with other nonaffiliated financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes - Information about your transactions and experiences |
No | We don’t share | ||
For our affiliates’ everyday business purposes – Information about your creditworthiness |
No | We don’t share | ||
For our affiliates to market to you - | Yes | Yes | ||
For nonaffiliates to market to you - | No | We don’t share |
To Limit Sharing |
• Call Foxby Corp. at 212-785-0900; or • Mail the form below
Please note:
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice.
However, you can contact us at any time to limit our sharing. |
|
Questions? |
Call Foxby Corp. at 1-212-785-0900 or go to www.foxbycorp.com
|
Mail-in Form |
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Leave blank or [If you have a joint account, your choice will apply to everyone on your account unless you mark below. ☐ Apply my choice only to me]
Mail to: Foxby Corp. 3814 Route 44 Millbrook, NY 12545
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Mark if you want to limit: ☐ Do not allow your affiliates to use my personal information to market to me. |
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Name |
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Address |
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City, State, Zip |
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Account # |
FOXBY CORP.
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Semi-Annual Report 2021 20
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Page 2
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Who we are
|
||
Who is providing this notice?
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Foxby Corp.
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What we do | ||
How does Foxby Corp. protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
|
|
How does Foxby Corp. collect my personal information? |
We collect your personal information, for example, when you
• Open an account • Buy securities from us • Provide account information • Give us your contact information • Tell us where to send the money |
|
Why can’t I limit all sharing? |
Federal law gives you the right to limit only
• Sharing for affiliate’s everyday business purposes - information about your creditworthiness • Affiliates from using your information to market to you • Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing
|
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What happens when I limit sharing for an account I hold jointly with someone else?
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Your choices will apply to everyone on your account - unless you tell us otherwise |
Definitions
|
||
Affiliates |
Companies related by common ownership or control. They can be financial and nonfinancial companies.
• Foxby Corp. shares with our affiliates.
|
|
Nonaffiliates |
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
• Foxby Corp. does not share with nonaffiliates so they can market their financial products or services to you.
|
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Joint marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
• Foxby Corp. does not jointly market.
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21 Semi-Annual Report 2021 |
FOXBY CORP.
|
GENERAL INFORMATION, POLICIES, AND UPDATES
|
(Unaudited) | |
Additional Information
|
Investment Strategies
In seeking its objective, the Fund exercises a flexible strategy in the selection of securities, and is not limited by the issuer’s location, size, or market capitalization. The Fund may invest in equity and fixed income securities of new and seasoned U.S. and foreign issuers, including securities convertible into common stock, debt securities, futures, options, derivatives, and other instruments. The Fund also may employ aggressive and speculative investment techniques, such as selling securities short and borrowing money for investment purposes, a practice known as “leveraging,” and may invest defensively in short term, liquid, high grade securities and money market instruments. There is a risk that these transactions sometimes may reduce returns or increase volatility. In addition, derivatives, such as options and futures, can be illiquid and highly sensitive to changes in their underlying security, interest rate or index, and as a result can be highly volatile. A small investment in certain derivatives could have a potentially large impact on the Fund’s performance. The Fund may invest in debt securities rated below investment grade, commonly referred to as junk bonds, as well as investment grade and U.S. Government securities. Generally, investments in securities in the lower rating categories or comparable unrated securities provide higher yields but involve greater price volatility and risk of loss of principal and interest than investments in securities with higher ratings. A potential benefit of its closed end structure, the Fund may invest without limit in illiquid investments such as private placements and private companies.
Policies and Updates
Certain provisions in the Fund’s Charter and/or Bylaws (“Governing Documents”) could have the effect of, among other things, depriving the owners of shares in the Fund of opportunities to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction or bringing litigation against the Fund and/or any director, officer, employee or affiliate thereof. The overall effect of these provisions is to, among other things, render more difficult the accomplishment of a merger or the assumption of control by a principal shareholder. The foregoing summary is subject to the Governing Documents of the Fund, which are on file with the SEC and available on the Fund’s website www.FoxbyCorp.com.
Section 23 Notice
Pursuant to Section 23 of the Company Act, notice is hereby given that the Fund may in the future purchase its own shares in the open market. These purchases may be made from time to time, at such times, and in such amounts, as may be deemed advantageous to the Fund, although nothing herein shall be considered a commitment to purchase such shares.
Please Note
There is no assurance that the Fund’s investment objective will be attained. Past performance is no guarantee of future results. You should consider the investment objective, risks, and charges and expenses of the Fund carefully before investing. The Fund’s investment policies, management fees, and other matters of interest to prospective investors may be found in its filings with the SEC, including its annual and semi-annual reports. To obtain a copy of the reports, please call us toll-free at 855-411-6432 or download them at www.FoxbyCorp.com/literature/. Please read the reports carefully before investing.
Shares of closed end funds frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV has decreased in the past, and may decrease in the future, as a result of its investment activities and other events. Neither the Investment Manager nor the Fund can predict whether shares of the Fund will trade at, below, or above NAV. The risk of holding shares of the Fund that might trade at a discount is more pronounced for investors expecting to sell their shares in a relatively short period of time after acquiring them because, for those investors, realization of a gain or loss on their investments is likely to be more dependent upon the existence of a premium or discount than upon portfolio performance. The shares of the Fund are designed primarily for long term investors and should not be considered a vehicle for trading purposes. The NAV of the Fund’s shares typically will fluctuate with price changes of the Fund’s portfolio securities, and these fluctuations are likely to be greater in the case of a fund which uses leverage, as the Fund may from time to time. In the event that shares of the Fund trade at a premium to NAV, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares of the Fund will not trade at a discount to NAV thereafter. The market price for the Fund is based on supply and demand which fluctuates daily based on many factors, such as economic conditions and global events, investor sentiment, and security-specific factors.
FOXBY CORP.
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Semi-Annual Report 2021 22
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GENERAL INFORMATION, POLICIES, AND UPDATES
|
(Unaudited) | |
Additional Information
|
This report, including the financial statements herein, is provided for informational purposes only. This is not a prospectus, circular, or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report. This report shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or an exemption therefrom. The internet address for the Fund is included several times in this report as a textual reference only. The information on the website is not incorporated by reference into this report.
The Fund does not make available copies of its Statement of Additional Information because the Fund’s shares are not continuously offered, which means that the Fund’s Statement of Additional Information has not been updated since completion of the Fund’s most recent offering and the information contained in the Fund’s Statement of Additional Information may have become outdated.
Investment products, including shares of the Fund, are not federally or FDIC insured, are not deposits or obligations of, or guaranteed by, any financial institution and involve investment risk, including possible loss of principal and fluctuation in value. Consult with your tax advisor or attorney regarding specific tax issues.
Cautionary Note Regarding Forward Looking Statements
Certain information presented in this report may contain “forward looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward looking statements include, but are not limited to, statements concerning the Fund’s plans, objectives, goals, strategies, distributions and their amounts and timing, distribution declarations, future events, future performance, prospects of its portfolio holdings, or intentions, and other information that is not historical information. Generally, forward looking statements can be identified by terminology such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” “projects,” “plans,” or “intends,” or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward looking statements by the Fund involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Fund, which may cause the Fund’s actual results to be materially different from those expressed or implied by such statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which the Fund invests, market discount from NAV, distribution policy risk, management risk, risks related to the negative impacts from the continued spread of COVID-19 on the economy and the broader financial markets, and other risks discussed in the Fund’s filings with the SEC. All such subsequent forward looking statements, whether written or oral, by the Fund or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with all of the other information included in the Fund’s filings with the SEC, and similar information. The Fund may also make additional forward looking statements from time to time. All forward looking statements apply only as of the date made. The Fund undertakes no obligation to publicly update or revise forward looking statements, whether as a result of new information, future events, or otherwise. Thus you should not place undue reliance on forward looking statements.
23 Semi-Annual Report 2021 |
FOXBY CORP.
|
GENERAL INFORMATION, POLICIES, AND UPDATES
|
(Unaudited) | |
Additional Information
|
This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares.
NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARANTEED
FOXBY CORP.
|
Semi-Annual Report 2021 24
|
(a)
|
The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment
Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure
controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
|
|
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have
materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a) | Not applicable. |
(b)
|
Not applicable.
|
(a)(1)
|
Not applicable.
|
(a)(2) | |
(a)(3) |
Not applicable.
|
(a)(4) | Not applicable. |
(b) | Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906 CERT. |
Foxby Corp.
|
|
August 27, 2021
|
By: /s/ Thomas B. Winmill
|
Thomas B. Winmill, President
|
|
Foxby Corp.
|
|
August 27, 2021
|
By: /s/ Thomas O’Malley
|
Thomas O’Malley, Chief Financial Officer
|
|
Foxby Corp.
|
|
August 27, 2021
|
By: /s/ Thomas B. Winmill
|
Thomas B. Winmill, President
|
|
Foxby Corp.
|
|
August 27, 2021
|
By: /s/ Thomas O’Malley
|
Thomas O’Malley, Chief Financial Officer
|
Printed on recycled paper