Portfolio Manager's Journal

Midas Fund seeks primarily capital appreciation and protection against inflation and, secondarily, current income through investments primarily in precious metals mining and other natural resource companies, as well as gold, silver, and platinum bullion. The Fund’s holding of Caledonia Mining Corporation Plc, a mining, exploration, and development company focused on Southern Africa, performed well in the last month. On the other hand, shares of Kirkland Lake Gold Limited, a Canadian based gold mining
company with operations at the Macassa and Detour Lake mines in Northern Ontario and the Fosterville Mine in Australia, have underperformed in the last month. Using a disciplined approach, the Fund seeks to emphasize gold and other natural resource companies offering financial strength, expanding production profiles, strong free cash
flow, and promising exploration potential. The Fund currently is invested in a global portfolio of primarily large and medium gold and diversified mining companies, precious metals royalty companies, and ETFs holding gold and silver bullion.

Midas Magic seeks capital appreciation. 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. The Fund generally focuses on companies that appear to have strong operations showing superior returns on equity and assets with reasonable valuations. The Fund’s position in Biogen Inc., a biopharmaceutical company focused on discovering, developing, and delivering therapies for people living with neurological and neurodegenerative diseases, performed well in the last month. On the other hand, the Fund’s holding of Cabot Oil & Gas Corporation, a company engaged in the development, exploitation, and exploration of oil and gas properties in the United States, hindered the Fund’s performance in the past month. Each of Mastercard Inc. Class A and Alphabet Inc. Class A currently comprise more than 10% of the Fund’s net assets.