Regulatory Filings • Nov 26, 2014
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Download Source FileN-Q 1 daxor_nq.htm FORM N-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER 811-22684
Daxor Corporation
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(Exact name of registrant as specified in charter)
350 Fifth Avenue, Suite 7120
New York, New York 10118
(Address of principal offices)(Zip code)
David Frankel, Daxor Corporation
350 Fifth Avenue, Suite 7120
New York, New York 10118
(Name and address of agent for service)
Registrant’s Telephone Number, including Area Code: 212-330-8500
Date of Fiscal Year End: December 31, 2014
Date of Reporting Period: September 30, 2014
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Item 1. Schedule of Investments
| Daxor
Corporation |
| --- |
| Schedule
of Investments |
| September
30, 2014 (Unaudited) |
| Market Value | ||
|---|---|---|
| COMMON STOCKS - 156.09% | ||
| Banking -0.64% | ||
| Bank of America Corp. | 3,195 | $ 54,475 |
| Popular, Inc. (a) | 1,700 | 50,039 |
| First Niagara Financial Group, Inc. | 5,000 | 41,650 |
| $ 146,164 | ||
| Communication Services-0.39% | ||
| Frontier Communications Corp. | 12,500 | $ 81,375 |
| Novatel Wireless Inc. (a) | 2,000 | 7,340 |
| $ 88,715 | ||
| Gold-0.35% | ||
| Newmont Mining Corporation | $ 80,675 | |
| Investment Services-0.79% | ||
| United States Natural Gas Fund, LLP (a) | 8,125 | $ 179,644 |
| Oil & Gas Operations-0.61% | ||
| Exco Resources, Inc. | 18,900 | $ 63,126 |
| Williams Companies, Inc. | 1,200 | 66,420 |
| WPX Energy Inc. (a) | 400 | 9,624 |
| $ 139,170 | ||
| Other Common Stock-0.10% | $ 22,642 |
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| Daxor Corporation |
|---|
| Schedule of Investments |
| September 30, 2014 (Unaudited) |
| Market Value | ||
|---|---|---|
| COMMON STOCKS - 156.09% | ||
| Utilities-152.83% | ||
| Electric Utilities-148.60% | ||
| Ameren Corp. | 4,000 | $ 153,320 |
| American Electric Power Co. Inc. | 22,600 | 1,179,946 |
| Avista Corp. | 14,396 | 439,510 |
| Calpine Corp. (a) | 1,328 | 28,818 |
| Centerpoint Energy, Inc. | 5,000 | 122,350 |
| CMS | 41,500 | 1,230,890 |
| DTE Energy Co. | 47,000 | 3,575,760 |
| Duke Energy Corp. | 18,117 | 1,354,608 |
| Edison International | 7,000 | 391,440 |
| Entergy Corp. | 46,545 | 3,599,325 |
| Exelon Corp. | 32,700 | 1,114,743 |
| Firstenergy Corp. | 98,286 | 3,299,461 |
| Great Plains Energy Inc. | 21,000 | 507,570 |
| Hawaiian Electric Industries, Inc. | 58,200 | 1,545,210 |
| National Grid PLC Shares | 38,751 | 2,785,422 |
| National Grid PLC ADR | 30,392 | 438,074 |
| NISOURCE Inc. | 44,000 | 1,803,120 |
| Northeast Utilities | 41,320 | 1,830,476 |
| Pepco Holdings Inc. | 2,201 | 58,899 |
| PG & E Corp. | 7,000 | 315,280 |
| Pinnacle West Capital Corp. | 31,002 | 1,693,949 |
| PNM Resources, Inc. | 78,750 | 1,961,663 |
| Teco Energy, Inc. | 2,000 | 34,760 |
| UIL Holdings Corp. | 22,332 | 790,553 |
| UNITIL Corp. | 52,900 | 1,644,661 |
| Westar Energy, Inc. | 42,941 | 1,465,147 |
| XCEL Energy, Inc. | 19,050 | 579,120 |
| $ 33,944,075 | ||
| Natural Gas Utilities-4.23% | ||
| Integrys Energy Group Inc. | 4,500 | $ 291,690 |
| Southwest Gas Corp. | 1,000 | 48,580 |
| Spectra Energy Corp. | 15,925 | 625,215 |
| $ 965,485 | ||
| Total Utilities | $ 34,909,560 | |
| Waste Management-0.38% | ||
| Veolia Environnment SA ADR | 5,000 | $ 87,750 |
| Total Common Stock (Cost $14,639,790)-156.09% | $ 35,654,320 |
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| Daxor
Corporation |
| --- |
| Schedule
of Investments (Continued) |
| September
30, 2014 (Unaudited) |
| Market Value | |||
|---|---|---|---|
| Preferred Stocks-7.48% | |||
| Banking-5.74% | |||
| Bank of America Corp., 6.204% Series D | 1,000 | $ 24,869 | |
| Bank of America Corp., 7.250% Series L | 700 | 802,550 | |
| Barclays Bank PLC ADR, 8.125% Series 5 Callable | 2,500 | 64,925 | |
| Deutsche Bank Contingent Capital Trust III Preferred, Div 7.60% | 10,000 | 277,200 | |
| Goldman Sachs Group, 6.20% Series B Callable | 1,000 | 24,970 | |
| Wells Fargo Company, 8.00 % Series J Non-Cumulative | 4,000 | 116,080 | |
| $ 1,310,594 | |||
| Electric Utilities-1.63% | |||
| Duquesne Light Co. Preferred, 3.75% Callable | 400 | $ 16,800 | |
| Pacific Gas & Electric, 5% Series D | 1,000 | 23,600 | |
| Pacific Gas & Electric, 5% Series E | 1,100 | 25,948 | |
| Pacific Gas & Electric, 6% Series A | 4,200 | 121,800 | |
| Southern California Edison, 4.32% Callable | 5,500 | 125,950 | |
| Southern California Edison, 4.78% Callable | 2,500 | 58,837 | |
| $ 372,935 | |||
| Insurance-0.11% | |||
| MetLife Inc., Series B | 1,000 | $ 25,620 | |
| Total Preferred Stock (Cost $1,084,156)-7.48% | $ 1,709,149 | ||
| Total Investment in Securities (Cost $15,723,946) -163.57% | $ 37,363,469 | ||
| Investment in Operating Division-14.96% | $ 3,416,974 | ||
| Deferred Income Taxes, Net-8.35% | $ 1,908,070 | ||
| Other Assets-0.70% | $ 160,113 | ||
| Total Assets-187.58% | $ 42,848,626 | ||
| Total Liabilities – (87.58%) | (20,005,756 | ) | |
| Net Assets-100.00% | $ 22,842,870 |
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| Daxor
Corporation |
| --- |
| Schedule
of Investments (Continued) |
| September
30, 2014 (Unaudited) |
At September 30, 2014, the net unrealized appreciation based on cost for financial reporting purposes of $21,639,523 was as follows:
| Aggregate gross unrealized appreciation for all investments for which there was an excess of value over cost | $ | |
|---|---|---|
| Aggregate gross unrealized depreciation for all investments for which there was an excess of cost over value | (248,931 | ) |
| Net unrealized appreciation | $ 21,639,523 |
Portfolio Analysis
As of September 30, 2014
| Common Stock | |
| Banking | 0.64 % |
| Communication Services | 0.39 % |
| Gold | 0.35 % |
| Investment Services | 0.79 % |
| Oil and Gas Operations | 0.61 % |
| Other Common Stock | 0.10 % |
| Electric Utilities | 148.60 % |
| Natural Gas Utilities | 4.23 % |
| Waste Management | 0.38 % |
| Total Common Stock | 156.09 % |
| Preferred Stock | |
| Banking | 5.74 % |
| Electric Utilities | 1.63 % |
| Insurance | 0.11 % |
| Total Preferred Stock | 7.48 % |
| Total Investment in Securities | 163.57 % |
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| Daxor
Corporation |
| --- |
| Schedule
of Investments (Continued) |
| September
30, 2014 (Unaudited) |
| Name of Issuer | Value of Short Position at 09/30/2014 | |||
|---|---|---|---|---|
| Securities Sold Short- (81.85%) | ||||
| Apple, Inc. | (68,200 | ) | $ (6,871,150 | ) |
| Best Buy Co. Inc. | (18,900 | ) | (634,851 | ) |
| Blackberry Limited | (3,500 | ) | (34,790 | ) |
| First Solar | (13,600 | ) | (895,016 | ) |
| Gap, Inc. | (5,000 | ) | (208,450 | ) |
| General Electric Co. | (2,500 | ) | (64,050 | ) |
| Hewlett Packard Company | (7,400 | ) | (262,478 | ) |
| Keurig Green Mountain, Inc. | (15,000 | ) | (1,951,950 | ) |
| Intuitive Surgical, Inc. | (500 | ) | (230,910 | ) |
| KB Home | (3,000 | ) | (44,820 | ) |
| Netflix, Inc. | (4,800 | ) | (2,165,664 | ) |
| Pool Corp. | (5,000 | ) | (269,600 | ) |
| Ralph Lauren Corporation | (1,500 | ) | (247,095 | ) |
| Simon Property Group Inc. | (26,000 | ) | (4,274,920 | ) |
| St. Joe Co. | (5,500 | ) | (109,615 | ) |
| Starbucks Corporation | (3,500 | ) | (264,110 | ) |
| Toll Brothers Inc. | (1,500 | ) | (46,740 | ) |
| UBS AG | (5,000 | ) | (86,850 | ) |
| Washington Prime Group Inc. | (2,000 | ) | (34,960 | ) |
| Total Securities Sold Short- (81.85%) | $ (18,698,019 | ) | ||
| Restricted Cash (b) -82.09% | 18,753,861 | |||
| Securities borrowed at fair market value, Net of Restricted Cash -0.24% | $ 55,842 |
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Daxor Corporation Schedule of Investments (Continued) September 30, 2014 (Unaudited)
| Name of Issuer | Expiration Date | Value | ||||
|---|---|---|---|---|---|---|
| Open Options Written-(0.99%) | ||||||
| Call Options Written- (0.77%) | ||||||
| Apple, Inc. | (105 | ) | 90.00 | 10/17/2014 | $ (114,712 | ) |
| Bank of America Corp. | (25 | ) | 17.00 | 10/17/2014 | (1,019 | ) |
| Entergy Corp. | (30 | ) | 80.00 | 10/17/2014 | (268 | ) |
| Entergy Corp. | (10 | ) | 80.00 | 11/21/2014 | (950 | ) |
| Entergy Corp. | (25 | ) | 80.00 | 12/19/2014 | (2,750 | ) |
| Entergy Corp. | (2 | ) | 65.00 | 01/16/2015 | (2,510 | ) |
| Entergy Corp. | (50 | ) | 70.00 | 01/16/2015 | (38,750 | ) |
| Exelon Corp. | (50 | ) | 34.00 | 10/17/2014 | (3,500 | ) |
| Exelon Corp. | (25 | ) | 35.00 | 10/17/2014 | (625 | ) |
| FirstEnergy Corp. | (25 | ) | 35.00 | 10/17/2014 | (300 | ) |
| FirstEnergy Corp. | (30 | ) | 36.00 | 10/17/2014 | (10 | ) |
| FirstEnergy Corp. | (30 | ) | 38.00 | 10/17/2014 | (150 | ) |
| FirstEnergy Corp. | (50 | ) | 35.00 | 01/16/2015 | (2,900 | ) |
| FirstEnergy Corp. | (50 | ) | 36.00 | 01/16/2015 | (2,250 | ) |
| Frontier Communications Corporation | (125 | ) | 7.00 | 11/21/2014 | (970 | ) |
| Newmont Mining Corporation | (35 | ) | 25.00 | 11/21/2014 | (1,348 | ) |
| United States Natural Gas Fund, LLP | (56 | ) | 27.00 | 10/17/2014 | (56 | ) |
| Veolia Environment SA | (50 | ) | 22.50 | 10/17/2014 | (2,000 | ) |
| Total Call Options Written | $ (175,068 | ) | ||||
| Put Options Written-(0.22%) | ||||||
| Apple, Inc. | (50 | ) | 85.00 | 10/17/2014 | $ (225 | ) |
| Apple, Inc. | (100 | ) | 87.86 | 10/17/2014 | (650 | ) |
| Apple, Inc. | (100 | ) | 80.00 | 11/21/2014 | (1,650 | ) |
| Apple, Inc. | (200 | ) | 85.00 | 11/21/2014 | (6,500 | ) |
| Apple, Inc. | (100 | ) | 87.50 | 11/21/2014 | (4,800 | ) |
| Apple, Inc. | (100 | ) | 80.00 | 12/19/2014 | (2,750 | ) |
| Apple, Inc. | (100 | ) | 85.00 | 12/19/2014 | (5,150 | ) |
| Bank of America Corp. | (75 | ) | 14.00 | 10/17/2014 | (75 | ) |
| Bank of America Corp. | (35 | ) | 12.00 | 11/21/2014 | (35 | ) |
| Bank of America Corp. | (50 | ) | 13.00 | 11/21/2014 | (75 | ) |
| Bank of America Corp. | (100 | ) | 12.00 | 01/16/2015 | (420 | ) |
| Best Buy Co. Inc. | (35 | ) | 25.00 | 10/17/2014 | (64 | ) |
| Best Buy Co. Inc. | (10 | ) | 26.00 | 10/17/2014 | (20 | ) |
| Best Buy Co. Inc. | (44 | ) | 25.00 | 11/21/2014 | (440 | ) |
| Best Buy Co. Inc. | (50 | ) | 26.00 | 11/21/2014 | (603 | ) |
| Best Buy Co. Inc. | (50 | ) | 25.00 | 12/19/2014 | (1,150 | ) |
| BlackBerry Limited | (35 | ) | 9.00 | 10/17/2014 | (420 | ) |
| Exelon Corp. | (25 | ) | 30.00 | 10/17/2014 | (125 | ) |
| FirstEnergy Corp. | (20 | ) | 28.00 | 01/16/2015 | (300 | ) |
| General Electric Co. | (30 | ) | 18.00 | 12/19/2014 | (60 | ) |
| Hewlett Packard Company | (20 | ) | 24.00 | 11/21/2014 | (60 | ) |
| Hewlett Packard Company | (51 | ) | 28.00 | 11/21/2014 | (281 | ) |
| The Gap, Inc. | (50 | ) | 35.00 | 10/17/2014 | (150 | ) |
| Intuitive Surgical, Inc. | (5 | ) | 400.00 | 11/21/2014 | (2,850 | ) |
| Keurig Green Mountain, Inc. | (35 | ) | 95.00 | 10/17/2014 | (420 | ) |
| Keurig Green Mountain, Inc. | (35 | ) | 100.00 | 10/17/2014 | (525 | ) |
| Keurig Green Mountain, Inc. | (25 | ) | 100.00 | 11/21/2014 | (1,137 | ) |
| Keurig Green Mountain, Inc. | (20 | ) | 105.00 | 11/21/2014 | (1,570 | ) |
| National Grid PLC | (15 | ) | 65.00 | 12/19/2014 | (600 | ) |
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Daxor Corporation Schedule of Investments (Continued) September 30, 2014 (Unaudited)
| Name
of Issuer | | | | Expiration Date | Value | |
| --- | --- | --- | --- | --- | --- | --- |
| Put Options Written-(0.22%) | | | | | | |
| Netflix, Inc. | (10 | ) | 390.00 | 10/17/2014 | $ (2,025 | ) |
| Netflix, Inc. | (10 | ) | 400.00 | 10/17/2014 | (3,060 | ) |
| Netflix, Inc. | (10 | ) | 405.00 | 10/17/2014 | (3,750 | ) |
| Newmont Mining Corporation | (30 | ) | 21.00 | 12/19/2014 | (1,545 | ) |
| Newmont Mining Corporation | (15 | ) | 22.00 | 01/16/2015 | (1,380 | ) |
| Simon Property Group Inc. | (20 | ) | 110.00 | 10/17/2014 | (780 | ) |
| Simon Property Group Inc. | (30 | ) | 140.00 | 10/17/2014 | (345 | ) |
| Simon Property Group Inc. | (35 | ) | 145.00 | 10/17/2014 | (511 | ) |
| Simon Property Group Inc. | (20 | ) | 155.00 | 10/17/2014 | (620 | ) |
| Simon Property Group Inc. | (70 | ) | 140.00 | 11/21/2014 | (2,590 | ) |
| Simon Property Group Inc. | (30 | ) | 145.00 | 11/21/2014 | (1,695 | ) |
| Simon Property Group Inc. | (10 | ) | 125.00 | 01/16/2015 | (78 | ) |
| Simon Property Group Inc. | (30 | ) | 145.00 | 01/16/2015 | (3,645 | ) |
| SPDR S&P 500 | 10 | | 185.00 | 12/19/2014 | 2,380 | |
| SPDR S&P 500 | 10 | | 190.00 | 01/16/2015 | 4,270 | |
| SPDR S&P 500 | 10 | | 180.00 | 02/20/2015 | 3,130 | |
| Starbucks Corporation | (20 | ) | 60.00 | 11/21/2014 | (180 | ) |
| St. Joe Co. | (55 | ) | 18.00 | 11/21/2014 | (1,650 | ) |
| Toll Brothers Inc. | (15 | ) | 27.00 | 11/21/2014 | (188 | ) |
| UBS AG | (50 | ) | 16.00 | 11/21/2014 | (1,000 | ) |
| Washington Prime Group Inc. | (20 | ) | 17.50 | 10/17/2014 | (1,000 | ) |
| Total Put Options Written | | | | | $ (49,367 | ) |
| Total Call and
Put Options Written-(Premium Received)-(0.99%) | | | | | $ (224,435 | ) |
| Margin loans payable-(86.29%) (c) | | | | | $ (19,711,561 | ) |
| Other Liabilities-(0.30%) | | | | | $ (69,760 | ) |
| Total Liabilities –(87.58)% | | | | | $ (20,005,756 | ) |
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Daxor Corporation
Schedule of Investments (Continued)
September 30, 2014 (Unaudited)
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The Company utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Company has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, 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, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
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 instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, 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 securities are not necessarily an indication of the risk associated with investing in those securities.
Investments in securities traded on national securities exchanges are valued at the last reported sales price on the last day of the reporting period. Securities traded on the over the counter market and listed securities for which no sale was reported on that date are valued at the mean between the last reported bid and ask prices.
The following tables summarize the inputs used as of September 30, 2014 for the Corporation’s assets and liabilities measured at fair value:
| Assets * | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Common Stocks | $ 35,654,320 | $ — | $ — | $ 35,654,320 |
| Preferred Stocks | 1,709,149 | — | — | 1,709,149 |
| Investment in Operating Division | — | — | 3,416,974 | 3,416,974 |
| Total | $ 37,363,469 | $ — | $ 3,416,974 | $ 40,780,443 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Margin Loans | $ 19,711,561 | $ — | $ — | $ 19,711,561 |
| Call and Put Options | $ 224,435 | $ — | $ — | $ 224,435 |
The Company’s Level 3 assets consist of its investment in its Operating Division. Since it’s inception, the Operating Division has not generated significant revenue and has incurred substantial operating losses. Due to these substantial losses, the Operating Division has been completely dependent on funding from the Company to sustain its operations.
As such, the Company has determined that the value of the Operating Division approximates the net book value of certain property and equipment reduced by the remaining mortgage balance on such property and equipment. The property and equipment consist of land, buildings and laboratory equipment located in Oak Ridge, Tennessee.
(a) Non-income producing investment.
(b) Restricted cash held by Company’s brokers to satisfy margin requirements.
(c) Short-Term debt due to brokers secured by the Company’s investments in marketable securities.
Securities valuation policies and other investment related disclosures will be incorporated by reference to the semi-annual and annual reports to be filed with the Securities and Exchange Commission on Form N-CSR.
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ITEM 2. CONTROLS AND PROCEDURES
(a) The Chief Executive Officer and the Chief Financial Officer have concluded that the registrant’s disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing of this report.
(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS
Certifications required pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit A.
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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.
(Registrant) Daxor Corporation
| By (Signature
and Title) |
| --- |
| BY: Joseph Feldschuh |
| ITS: President |
| (Chief Executive Officer/Chairman of the
Board of Directors/Principal Executive Officer) |
Date: November 26, 2014
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.
| By (Signature and Title) |
|---|
| BY: David Frankel |
| ITS: Chief Financial Officer |
| (Principal Financial Officer/Principal |
| Accounting Officer/Chief Compliance Officer) |
Date: November 26, 2014
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