11 Hanover Square, 12th Floor New York, NY	10005
(Address of principal executive offices)	(Zip Code)

 

			FOXBY CORP.
			SCHEDULE OF PORTFOLIO INVESTMENTS
			September 30, 2015
			(Unaudited)
Shares					Value
			Common Stocks (90.53%)
			Cigarettes (1.28%)
	1,000		Philip Morris International, Inc.		$	79,330
			Computer Communications Equipment (3.82%)
	9,000		Cisco Systems, Inc. (a)			236,250
			Computer & Office Equipment (0.94%)
	400		International Business Machines Corporation			57,988
			Electronic & Other Electrical Equipment (0.71%)
	1,000		Emerson Electric Co.			44,170
			Finance Services (1.20%)
	1,000		American Express Company			74,130
			Fire, Marine & Casualty Insurance (8.26%)
	3,500		Berkshire Hathaway, Inc. Class B (a) (b)			456,400
	1,000		W.R. Berkley Corporation			54,370
						510,770
			Information Retrieval Services (5.16%)
	500		Alphabet Inc. (a) (b)			319,185
			Investment Advice (9.05%)
	2,940		Apollo Global Management, LLC			50,509
	20,000		Fortress Investment Group LLC			111,000
	9,000		Franklin Resources, Inc. (a)			335,340
	2,000		Invesco Ltd.			62,460
						559,309
			In Vitro & In Vivo Diagnostic Substances (3.64%)
	6,000		Myriad Genetics, Inc. (b)			224,880
			Leather & Leather Products (1.40%)
	3,000		Coach, Inc. (a)			86,790
			Men's & Boys' Furnishings, Work Clothing, & Allied Garments (1.91%)
	1,000		Ralph Lauren Corp.			118,160
			Motor Vehicles & Passenger Car Bodies (7.72%)
	4,800		Daimler AG			349,680
	4,250		General Motors Company			127,585
						477,265
			National Commercial Banks (4.99%)
	6,000		Wells Fargo & Company (a)			308,100
			Office Furniture (1.91%)
	12,500		Kimball International Inc. Class B			118,250
			Paperboard Containers & Boxes (0.64%)
	1,000		REXAM PLC			39,450
			Petroleum Refining (1.20%)
	1,000		Exxon Mobil Corp.			74,350
			Pharmaceutical Preparations (0.77%)
	1,000		Sanofi ADR			47,470
			Plastic Mail, Synth Resin/Rubber, Cellulose (0.49%)
	4,900		Rayonier Advanced Materials Inc.			29,988
			Printed Circuit Boards (1.81%)
	9,375		Kimball Electronics, Inc. (b)			111,844
			Real Estate (1.16%)
	5,000		NorthStar Asset Management Group Inc.			71,800
			Real Estate Investment Trusts (1.07%)
	2,000		Tanger Factory Outlet Centers, Inc.			65,940
			Retail Consulting and Investment (0.00%)
	72,728		Amerivon Holdings LLC (c)			-
			Retail - Drug Stores and Proprietary Stores (3.28%)
	2,500		Express Scripts Holding Company (a) (b)			202,400
			Retail - Eating Places (6.04%)
	3,000		McDonald's Corp. (a)			295,590
	400		Panera Bread Company (b)			77,364
						372,954
			Retail - Family Clothing Stores (1.66%)
	3,600		The GAP, Inc. (a)			102,600
			Retail - Variety Stores (3.99%)
	3,800		Wal-Mart Stores, Inc. (a)			246,392
			Semiconductors & Related Devices (1.62%)
	2,000		Altera Corp.			100,160
			Services - Business Services (2.08%)
	7,000		The Western Union Company			128,520
			Services - Medical Laboratories (2.28%)
	1,300		Laboratory Corporation of America Holdings (b)			141,011
			Services - Prepackaged Software (2.10%)
	4,750		CA, Inc. (a)			129,675
			Soap, Detergents, Cleaning Preparations, Perfumes, Cosmetics (4.66%)
	4,000		The Procter & Gamble Company (a)			287,760
			Wholesale-Computers & Peripheral Equipment & Software  (1.32%)
	3,000		Ingram Micro Inc.			81,720
			Wholesale - Electronic Parts & Equipment (1.38%)
	2,000		Avnet, Inc.			85,360
			Wholesale - Industrial Machinery & Equipment (0.99%)
	1,000		MSC Industrial Direct Co., Inc.			61,030
			Total common stocks (Cost $5,086,264)			5,595,001
			Exchange Traded Funds (8.42%)
	4,500		Cambria Shareholder Yield ETF			131,040
	2,900		First Trust US IPO Index Fund ETF			141,201
	3,000		Guggenheim Spin-Off ETF			114,300
	3,050		PowerShares Buyback Achievers ETF Trust			133,529
			Total exchange traded funds (Cost  $547,970)			520,070
			Preferred Stocks (1.74%)
			Retail Consulting and Investment (1.74%)
	194,990		Amerivon Holdings LLC (c) (Cost $539,522)			107,244
			Money Market Fund (0.10%)
	6,278		SSgA Money Market Fund, 7 day annualized yield 0.00% (Cost $6,278)			6,278
			Total investments  ($6,180,034) (100.79%)			6,228,593
			Liabilities in excess of other assets (-0.79%)			(48,859	)
			.
			Net assets (100.00%)		$	6,179,734
(a) All or a portion of these securities, have been segregated as collateral pursuant to the Committed Facility Agreement.
As of September 30, 2015, the value of securities pledged as collateral was $3,006,482 and there were no
securities on loan under the lending agreement.
(b) Non-income producing.
(c) Illiquid and/or restricted security that has been fair valued.

 

 

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 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 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. 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. 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. Securities for which market quotations are not readily available or reliable and other assets may be valued as determined in good faith by Midas Management Corporation, the Investment Manager, under the direction of or pursuant to procedures approved by the Fund's Board of Directors. Due to the inherent uncertainty of valuation, such fair value pricing values may differ from the values that would have been used had a readily available market 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 net asset value of its shares to differ from the net asset value 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 next trades.

Value Measurements

Inputs to valuation methods are prioritized by a three level hierarchy as follows:

• 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, 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 or methodology used for valuing investments are not 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 and preferred 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.

 

Restricted and/or illiquid securities – Restricted and/or illiquid securities for which quotations are not readily available or reliable may be valued with fair value pricing as determined in good faith by the Investment Manager under the direction of or pursuant to procedures approved by the Fund's Board of Directors. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted or illiquid securities issued by nonpublic entities may be valued by reference to comparable public entities or fundamental data relating to the issuer or both or similar inputs. Depending on the relative significance of valuation inputs, these instruments may be categorized in either level 2 or level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of September 30, 2015 in valuing the Fund's assets. Refer to the schedule of portfolio investments for detailed information on specific investments.

There were no securities transferred from level 1 on December 31, 2014 to level 2 on September 30, 2015.

The following is a reconciliation of level 3 assets:

There were no transfers into or out of level 3 assets during the period.

 

The Investment Manager, under the direction of the Fund's Board of Directors, considers various valuation approaches for valuing assets categorized within level 3 of the fair value hierarchy. The factors used in determining the value of such assets may include, but are not limited to: the discount applied due to the private nature of the asset; the type of the security; the size of the asset; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer or analysts; an analysis of the company's or issuer's financial statements; or an evaluation of the forces that influence the issuer and the market in which the asset is purchased and sold. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. The pricing of all fair value assets is normally reported to the Fund's Board of Directors.

 

The following table presents additional information about valuation methodologies and inputs used for assets that are measured at fair value and categorized as level 3 as of September 30, 2015:

Cost for Federal Income Tax Purposes

As of September 30, 2015, for federal income tax purposes, subject to change, the aggregate cost of securities was $6,180,034 and net unrealized appreciation was $48,559, comprised of gross unrealized appreciation of $1,054,633 and gross unrealized depreciation of $1,006,074. 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.

ILLIQUID AND RESTRICTED SECURITIES

The Fund owns securities which have a limited trading market and/or certain restrictions on trading and, therefore, may be considered illiquid and/or restricted. Such securities have been valued using 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 market for the securities existed. These differences in valuation could be material. Illiquid and/or restricted securities owned as of September 30, 2015 were as follows:

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 and economic developments which could adversely affect the value of such securities. Moreover, securities of foreign issuers and traded in foreign markets may be less liquid and their prices more volatile than those of U.S. issuers and markets