Midas MarketScope

June 18, 2020

         Thomas Winmill                   Portfolio Manager

Midas MarketScope The World Gold Council reported gold backed ETF inflows in the first five months of 2020 exceeded inflows for any prior full calendar year. Through May 31st, global gold inflows totaled $33.7 billion. Over the past 12 months, assets in global gold backed ETFs have increased 90% amid continued financial uncertainty, lower interest rates, and weakening in global economic growth.

Midas Fund The Fund’s holding of SEMAFO Inc., a Canadian based mining company with production and exploration activities in West Africa, performed well in the last month. Shares of Kirkland Lake Gold Ltd., a gold producer operating in Canada and Australia, have underperformed in the last month.

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. 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 The Fund’s position in Medifast, Inc, a company that produces and sells products for weight loss, weight management, and healthy living, continued to perform well in the last month. The Fund’s holding of Cabot Oil & Gas Corporation, a leading independent natural gas producer with its entire resource base located in the continental 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.

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.

Cautionary Notes

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,” “may,” “should,” “plan,” or the negative of such terms, 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, risks related to the negative impacts from the continued spread of COVID-19 on the economy and broader financial markets, and other risks discussed in each Fund’s filings with the Securities and Exchange Commission. You should not place undue reliance on forward looking 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.

Certain information contained herein has been obtained from third parties. While the Funds believe such sources are reliable, the Funds cannot guarantee the accuracy of any such information and does not represent that such information is accurate or complete.

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