Portfolio Manager's Journal
As of September 14, 2017

Midas Fund seeks primarily capital appreciation and protection against inflation and, secondarily, current income. Recent outperformers in the Fund’s portfolio have been the Fund’s holdings of Ivanhoe Mines Ltd., a platinum exploration company, and Sociedad Quimica Y Minera De Chile S.A., a producer of lithium and other chemicals. Fund holdings of Tahoe Resources Inc., an intermediate gold and silver producer, lagged over the same period. Midas Fund is currently maintaining leverage in its portfolio by, among other things, seeking to add to positions in the natural resources sector with growth prospects. The Fund is invested in a multinational portfolio of primarily large and medium mining companies with what we at Midas believe to be promising exploration potential, expanding production profiles, increasing cash flow, and/or other special growth features.

Midas Magic seeks capital appreciation. Overall, relative to the S&P 500, the Fund’s portfolio currently is more weighted in cyclical companies, such as financial services, and is underweight in economically sensitive and defensive industries. Mastercard Inc. Class A, Berkshire Hathaway, Inc. Class B, and Johnson & Johnson, and Alphabet Inc. Class A each currently comprise more than 10% of the Fund’s net assets. Portfolio holdings of IPG Photonics Corporation, a high performance fiber laser manufacturer, and Taiwan Semiconductor Manufacturing Company Ltd., a semiconductor manufacturer, have recently contibuted to the Fund's returns. Holdings of certain retailers detracted from recent Fund performance. Midas Magic continues to focus on companies that appear to have strong operations showing superior returns on equity and assets while also retaining reasonable valuations, with a broad orientation towards conservatively priced value stocks and selected growth issues.

Top Ten Holdings

Cautionary Note Regarding Forward Looking Statements

This release may contain certain “forward looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,”“will,” and similar expressions identify forward looking statements, which generally are not historical in nature. Forward looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from a Fund’s historical experience and its current expectations or projections indicated in any forward looking 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 a Fund invests, management risk, and other risks discussed in each Fund’s filings with the Securities and Exchange Commission. You should not place undue reliance on forwardlooking statements, which speak only as of the date they are made. Each Fund undertakes no obligation to update or revise any forward looking statements made herein. There is no assurance that each Fund’s investment objectives will be attained.