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 Barrick Gold Corporation, a mining company with gold and copper mining operations and projects in fifteen countries, performed well in the last month. On
the other hand, shares of Pretium Resources, a Canadian mining company that operates the Brucejack Mine in northwestern British Columbia, 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 Cabot Oil & Gas Corporation, a company engaged in the development, exploitation, and exploration of oil and gas properties in the United States, performed well in the last month. On the other hand, the Fund’s holding of Ameriprise Financial, a company that provides wealth and asset management services, 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