FOXBY CORP.
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SCHEDULE OF PORTFOLIO INVESTMENTS
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March 31, 2022
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(Unaudited)
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Shares
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Value
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Common Stocks (118.24%)
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Automotive Dealers and Gasoline Service Stations (10.72%)
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1,360
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Asbury Automotive Group, Inc. (a)
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$ 217,872
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335
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AutoZone, Inc. (a)
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684,934
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1,100
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Lithia Motors, Inc.
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330,132
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1,232,938
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Building Materials, Hardware, Garden Supply (5.87%)
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850
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The Home Depot, Inc.
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254,431
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1,800
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Tractor Supply Company
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420,066
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674,497
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Business Services (30.74%)
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500
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Alphabet Inc. Class A (a)
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1,390,675
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4,500
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Check Point Software Technologies Ltd. (a)
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622,170
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4,600
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Kforce Inc.
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340,262
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1,150
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Meta Platforms, Inc. (a)
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255,714
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7,000
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OTC Markets Group Inc.
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434,000
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4,300
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Robert Half International Inc.
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490,974
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3,533,795
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Chemical and Allied Products (1.86%)
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1,500
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Celanese Corporation
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214,305
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Communications (2.88%)
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17,500
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Altice USA, Inc. (a)
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218,400
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600
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Nexstar Media Group, Inc.
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113,088
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331,488
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Depository Institutions (2.92%)
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29,000
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Barclays PLC
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229,100
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2,000
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Citigroup Inc.
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106,800
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335,900
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Educational Services (3.38%)
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4,000
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Grand Canyon Education, Inc. (a)
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388,440
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Food and Kindred Products (2.23%)
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1,500
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Medifast, Inc.
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256,170
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Home Furniture, Furnishings, and Equipment Stores (7.67%)
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2,300
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Best Buy Co., Inc
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209,070
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11,300
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Haverty Furniture Companies, Inc.
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309,846
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2,500
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Williams-Sonoma, Inc.
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362,500
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881,416
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Insurance Carriers (14.29%)
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440
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Anthem, Inc.
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216,137
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14,500
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Essent Group Ltd.
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597,545
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1,625
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UnitedHealth Group Incorporated
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828,701
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1,642,383
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Measuring, Analyzing, and Controlling Instruments; Photograpic, Medical and Optical Goods; Watches and Clocks (0.77%)
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3,500
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Vontier Corporation
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88,865
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Metal Mining (10.41%)
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13,150
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Barrick Gold Corporation
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322,570
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3,400
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BHP Billiton Ltd.
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262,650
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26,400
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Fresnillo plc
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255,136
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4,480
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Newmont Corporation
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355,936
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1,196,292
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Non-Depository Credit Institutions (8.51%)
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1,000
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Credit Acceptance Corporation (a)
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550,370
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2,300
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Discover Financial Services
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253,437
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4,600
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Enova International, Inc. (a)
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174,662
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978,469
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Petroleum Refining and Related Industries (2.20%)
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8,000
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Valvoline Inc.
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252,480
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Primary Metal Industries (5.73%)
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7,900
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Steel Dynamics, Inc.
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659,097
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Retail Consulting and Investment (0.00%)
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72,728
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Amerivon Holdings LLC (a) (b)
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0
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Security and Commodity Brokers, Dealers, Exchanges, and Services (2.66%)
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400
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BlackRock, Inc.
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305,668
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Tobacco Products (1.96%)
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10,500
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Imperial Brands PLC
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225,435
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Transportation Equipment (0.74%)
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821
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LCI Industries
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85,228
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Wholesale Trade - Nondurable Goods (2.70%)
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40,000
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Educational Development Corporation
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310,000
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Total common stocks (Cost $9,557,552)
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13,592,866
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Preferred Stocks (0.35%)
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Retail Consulting and Investment (0.35%)
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254,622
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Amerivon Holdings LLC (Cost $497,531) (b)
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40,739
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Total investments (Cost $10,055,083) (118.59%) (c)
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13,633,605
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Liabilities in excess of cash and other assets (-18.59%)
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(2,137,506)
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Net assets (100.00%)
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$ 11,496,099
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(a) Non-income producing.
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(b) Illiquid and/or restricted security that has been fair valued.
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(c) The Fund's total investment portfolio value of $13,633,605 has been pledged as collateral for borrowings under the Fund's credit agreement. As of March 31, 2022 there was $1,883,000 in outstanding borrowing.
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Assets
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Level 1
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Level 2
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Level 3
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Total
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Investments, at value
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Common stocks
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$ 13,592,866
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$ -
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$ 0
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$ 13,592,866
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Preferred stocks
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-
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-
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40,739
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40,739
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Total investments, at value
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$ 13,592,866
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$ -
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$ 40,739
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$ 13,633,605
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Preferred
Stocks
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Balance of level 3 assets at December 31, 2021
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$ 57,487
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Transfer out of level 3
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-
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Change in unrealized depreciation
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(16,748)
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Balance at March 31, 2022
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$ 40,739
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Net change in unrealized depreciation attributable to assets still held as level 3 at March 31, 2022
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$ 16,748
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Fair Value
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Valuation Technique
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Unobservable Input
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Range
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Common stocks
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Retail Consulting and Investment
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$ 0
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Value of liquidation preference per share
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Discount rate due to lack of marketability
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80%
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Preferred stocks
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Retail Consulting and Investment
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$ 40,739
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Value of liquidation preference per share
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Discount rate due to lack of marketability
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80%
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Acquisition Date
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Cost
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Value
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Amerivon Holdings LLC preferred shares
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9/20/07
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$ 497,531
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$ 40,739
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Amerivon Holdings LLC common equity units
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9/20/07
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0
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0
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Total
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$ 497,531
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$ 40,739
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Percent of net assets
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4.3%
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0.4%
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