# EDGAR Filing Document

**Accession Number:** 0000770200
**File Stem:** 0001059213-23-000004
**Filing Date:** 2023-2
**Character Count:** 193777
**Document Hash:** 498d9b3eaaaffa8622795c0c7b653bac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001059213-23-000004.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001059213-23-000004

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Midas Series Trust
- **CENTRAL INDEX KEY:** 0000770200
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04316
- **FILM NUMBER:** 23682143

**BUSINESS ADDRESS:**
- **STREET 1:** 2255 BUFFALO ROAD
- **CITY:** ROCHESTER
- **STATE:** NY
- **ZIP:** 14624
- **BUSINESS PHONE:** 2127850900

**MAIL ADDRESS:**
- **STREET 1:** 2255 BUFFALO ROAD
- **CITY:** ROCHESTER
- **STATE:** NY
- **ZIP:** 14624

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDAS FUND, INC.
- **DATE OF NAME CHANGE:** 20060215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDAS FUND INC
- **DATE OF NAME CHANGE:** 19951201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXCEL MIDAS GOLD SHARES INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Midas Fund (Series ID: S000011692)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032073 | Midas Fund   | MIDSX           |

### Midas Magic (Series ID: S000038959)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119766 | Midas Magic  |  |

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

#### <br>

#### FORM N-CSR

#### <br>

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### <br>

#### Investment Company Act file number: 811-04316

## Midas Series Trust
(Exact name of registrant as specified in charter)

#### 2255 Buffalo Road, Rochester, NY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14624
(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

#### Russell Kamerman, Esq.

#### 2255 Buffalo Road

#### Rochester, NY 14624
(Name and address of agent for service)

Registrant's telephone number, including area code: **1-212-785-0900**

****

<br> #### Date of fiscal year end: 12/31<br>

#### Date of reporting period: 1/1/22 - 12/31/22
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. sec. 3507.

------

**Item 1. Reports to Stockholders.** 

**Item 1(a):**

![LOGO](g446376sp1.jpg)

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| | |
|:---|:---|
|  | MIDAS |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTING | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTING |
|  | <br> P H I L O S O P H Y<br>We believe that a quality investing approach can provide an important advantage in volatile markets.<br>We also believe that personal investment planning can be successful by following two simple rules.<br>· Get started today with a regular monthly investment program.<br>· Stick with your program through quality investing and a long term approach.<br>|

---

---

| | |
|:---|:---|
| Midas Fund | Midas Magic |
| (Ticker: MIDSX) | (Ticker: MISEX) |
| Seeks primarily capital appreciation and protection against inflation and, secondarily, current income through investments primarily in precious metals and natural resource companies and gold, silver, and platinum bullion and coins. | Seeks capital appreciation by investing in any security type in any industry sector and in domestic or foreign companies of any size. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2022 |  |
| DECEMBER 31 ANNUAL REPORT<br>|  |
| <br> [LETTER TO SHAREHOLDERS](#midas446376_1) | <br> 1 |
| <br> [PORTFOLIO COMMENTARY](#midas446376_2) |  |
| [Midas Fund](#midas446376_3) | 3 |
| [Midas Magic](#midas446376_4) | 4 |
| [Performance Graphs/Total Returns](#midas446376_5) | 5 |
| [Allocation of Portfolio Security Holdings](#midas446376_6) | 6 |
| [About Your Fund's Expenses](#midas446376_7) | 7 |
| <br> [FINANCIAL STATEMENTS](#midas446376_8) |  |
| [Schedule of Portfolio Investments](#midas446376_9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Midas Fund](#midas446376_10) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Midas Magic](#midas446376_11) | 9 |
| [Statements of Assets and Liabilities](#midas446376_12) | 11 |
| [Statements of Operations](#midas446376_13) | 12 |
| [Statements of Changes in Net Assets](#midas446376_14) | 13 |
| [Statements of Cash Flows](#midas446376_15) | 14 |
| [Notes to Financial Statements](#midas446376_16) | 15 |
| [Financial Highlights](#midas446376_17) | 22 |
| <br> [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#midas446376_18) | 24 |
| <br> [SUPPLEMENTAL INFORMATION](#midas446376_19) |  |
| [Trustees of the Trust](#midas446376_20) | 26 |
| [Officers of the Trust](#midas446376_21) | 27 |
| [Privacy Policy](#midas446376_22) | 28 |
| [Additional Information](#midas446376_23) | 30 |
| <br> [ACCOUNT INFORMATION](#midas446376_24) |  |
| [Invest with Midas](#midas446376_25) | 31 |
| <br> [OPENING YOUR NEW ACCOUNT](#midas446376_26) |  |
| [Instructions for Online and Paper Applications](#midas446376_27) | 32 |
| [New Account Application](#midas446376_28)<br>| 33  |

---

<br>LETTER TO SHAREHOLDERS

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| | |
|:---|:---|
| ![LOGO](g446376sp4.jpg) <br>| <br> On January 13, 2023, Treasury Secretary Janet Yellen wrote to the Speaker of the U.S. House of Representatives that on January 19, 2023 the United States was going to default on its obligations, unless the Treasury Department started taking "extraordinary measures." Warning that even those measures will be exhausted by June 2023, she pleaded that Congress raise the statutory debt limit from $31 trillion to, among other things, pay interest on the national debt. Amazingly, the debt limit was just raised $2.5 trillion by Congress *in December 2021.* <br>|

---

What does this shambles mean for investors seeking to achieve future financial goals such as paying for college tuition or a secure retirement? We believe it means anticipating inflation, and lots of it, because the U.S. government is likely to deal with its debt by "printing" lots of dollars. Investor David Einhorn jokingly revealed the results of a mock poll asking "Is inflation affecting your family?" where 124% responded "no" and 195% responded "yes."<br>

<br> &nbsp;&nbsp;&nbsp;&nbsp; PLAN WITH MIDAS QUALITY INVESTING AND A LONG TERM APPROACH <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>   <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

At Midas, we believe investors seeking to achieve future financial goals know that planning years in advance is important (unlike the U.S. government!). We also believe quality investments can sustain an investor's focus on long term results. Interestingly, Midas Fund seeks to achieve its investment objective of primarily capital appreciation and *protection against inflation* and, secondarily, current income by investing at least 65% of its total assets in, among other things, gold, silver, platinum, and other natural resources companies. The Fund seeks to discover and hold gold and other natural resource companies offering financial strength, expanding production profiles, increasing cash flow, or other special features. Likewise, Midas Magic seeks to achieve its investment objective of capital appreciation by potentially investing in some of the world's strongest companies with global operations in finance, technology, and other industries.<br>

<br> &nbsp;&nbsp;&nbsp;&nbsp;LEARN ABOUT DISCOVERING OPPORTUNITIES WITH MIDAS <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>   <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

We also believe investors should make informed investment decisions. That's why you are most cordially invited to read the following Midas reports to shareholders to learn more about each Fund's quality investing results and risks, in addition to the prospectus. We suggest you then formulate long term financial goals and take positive steps to implement an investment plan to seek those goals. Positive steps might include contributing to a tax advantaged Midas retirement account. In this connection, we suggest you consider one or both Midas Funds and the tax advantaged Midas Traditional, Roth, SEP, or SIMPLE IRA. Midas offers HSAs as well as Coverdell Accounts.<br>

<br> TAKE ADVANTAGE OF *THE MIDAS TOUCH*<sup>®</sup> <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>   <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

Our new website offering, *The Midas Touch*, is designed to enhance your online Midas experience with more options and information and provide additional security measures to keep your account secure. Among other features, with *The Midas Touch* you get:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Advanced user profile and password security, including multi-factor authentication<br>&nbsp;&nbsp;&nbsp;&nbsp;• 24/7 access to view your accounts in real time<br>&nbsp;&nbsp;&nbsp;&nbsp;• A fast, safe way to add bank information for regular investing and redemptions, with instant bank verification<br>&nbsp;&nbsp;&nbsp;&nbsp;• Ease of securely opening additional accounts online<br>

<br>1&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

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| | |
|:---|:---|
| <br>DON'T HAVE AN ONLINE ACCOUNT WITH *THE MIDAS TOUCH*? JUST FOLLOW THESE STEPS: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;• Visit <u>www.MidasFunds.com</u> and select "Account Access" | <br> Systematic monthly investing can reduce normal investing anxiety |
| &nbsp;&nbsp;&nbsp;&nbsp;• Follow the simple prompts to create and set up a new online user account | &nbsp;&nbsp;&nbsp;&nbsp;• Follow the simple prompts to create and set up a new online user account |
| &nbsp;&nbsp;&nbsp;&nbsp;• To create your online account access, you will need your: Midas Funds account number, social security number or business TIN, date of birth, zip code, and email address | &nbsp;&nbsp;&nbsp;&nbsp;• To create your online account access, you will need your: Midas Funds account number, social security number or business TIN, date of birth, zip code, and email address |

---

If your email address is not recognized, contact Shareholder Services at 1-800-400-MIDAS (6432) to link your email address to your account.<br>There is no charge for shareholders to receive account statements, confirmations, and tax forms electronically (i.e. by e-delivery). You can make your e-delivery election by visiting <u>www.MidasFunds.com</u>, selecting "Account Access," logging in to your account, and selecting Document Delivery Settings from the menu on the left. If you elect to receive these materials in paper by mail, your account may be charged an annual $20 account service fee to cover printing, mailing, postage, handling, and related charges (unless waived by the Funds or the Investment Manager in their discretion).<br>FORGET MARKET TIMING: INSTEAD INVEST THROUGH THE MIDAS SYSTEMATIC INVESTMENT PROGRAM <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Systematic monthly investing can reduce normal investor anxiety over investing in a rising or falling market or buying all your shares at market highs. With the Midas Systematic Investment Program, you decide now to invest a certain amount each month in the future for as long as you like, and Midas will automatically transfer the money from your bank account for investment in your designated Midas account. Although investing regularly cannot assure a profit, protect against loss in a declining market, or eliminate the risk of permanent loss, we believe it may result in a lower average cost for your Midas purchases. You should consider your ability to continue your Midas purchases through periods of low price levels before undertaking such a strategy.<br>There is no minimum investment if you start a Midas Systematic Investment Program making at least $100 monthly investments. Moreover, you can start, change, and stop your Program anytime online with *The Midas Touch*.<br>If you have any questions about the Midas Family of Funds or our attractive suite of Midas shareholder services, please call us toll free at 1-800-400-MIDAS (6432) or visit us at <u>MidasFunds.com</u> – with no obligation on your part.<br>Sincerely,<br>![LOGO](g446376dsp005.jpg) <br>Thomas B. Winmill<br>President<br>

<br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;2

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| | |
|:---|:---|
| <br> **MIDAS** FUND |  |
|  | Portfolio Commentary |

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It is a pleasure to welcome each of our new shareholders who have invested in Midas Fund directly or through one of the various brokerage firms making the Fund available to its customers and to submit this Annual Report. The Fund seeks to achieve its investment objective of primarily capital appreciation and protection against inflation and, secondarily, current income by investing at least 65% of its total assets in, among other things, gold, silver, platinum, and other natural resources companies.

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| | |
|:---|:---|
| PRECIOUS METALS AND FINANCIAL MARKETS<br> During 2022, the gold price averaged about $1,801 per ounce (all metal prices are based on the London PM Fix) as compared to $1,799 and $1,770 in the full years of 2021 and 2020, respectively. With a low of $1,629 in November 2022 and a high of $2,039 in March 2022, the gold price ended down less than 1% for the year. Spot prices of other precious metals were mixed in 2022, with palladium down over the year about 6% but silver and platinum up about 5% and 6%, respectively. Yet, the rate of inflation over the 12 months through December 2022 as measured by (i) the Consumer Price Index was 6.5 %, and (ii) the Producer Price Index for final demand rose 7.4%. According to the Federal Reserve statement for the December 2022 Federal Open Market Committee ("FOMC") meeting, inflation remains "elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures." Looking ahead, we note that the FOMC anticipates ongoing increases in the funds rate "to return inflation to 2% over time." Nevertheless, we believe that outperformance by gold and other natural resource companies and bullion might be in the offing due to the ever-burgeoning fiscal imbalances in the United States and many other countries around the world.<br>INVESTMENT STRATEGY AND RETURNS<br> 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's portfolio is focused on what we believe to be some of the best compa- | nies in the sector and so we view Midas Fund as currently well positioned to seek capital appreciation and protection against inflation. In 2022, Midas Fund's total return was (11.11)% and the S&P 500 Index total return was (18.11)%. The Fund's net investment loss, net realized loss on investments, and unrealized depreciation on investments were, respectively, $269,524, $776,008, and $496,028, which contributed materially to the Fund's total return. A profitable sale in 2022 was made of shares of Steel Dynamics, Inc., a steel producer, and losses were taken on, among others, Fresnillo plc, a major precious metals producer. During this period, unrealized depreciation was recorded from holdings of, among others, Evolution Mining Limited, an intermediate precious metals producer, and unrealized appreciation from, among others, Northern Star Resources Limited, an intermediate precious metals producer.<br>THE OUTLOOK FOR DISCOVERING OPPORTUNITIES<br>In our view, the macroeconomic support for ever-higher gold prices continues to build: U.S. government fiscal policies of massive deficit spending. In this environment, and using its core strategy of "quality, with growth," Midas Fund seeks to hold a portfolio of what we view as quality gold mining and other natural resource companies. Moreover, some mining companies appear to offer good value relative to historical norms in terms of price to cash flow, price to net asset value, and similar measures. By seeking quality investments with solid growth potential at attractive valuations, we seek to address the risks inherent in the sector, yet position Midas Fund to benefit from positive trends. |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 1. | <br> Agnico Eagle Mines Limited | <br> &nbsp;&nbsp;&nbsp;&nbsp;6.<br>| <br> SPDR Gold Trust<br>|
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 2. | <br> SSR Mining Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7.<br>| Lundin Gold Inc.<br>|
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 3. | <br> B2Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8. | Evolution Mining Limited |
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 4. | <br> Northern Star Resources Limited | <br> &nbsp;&nbsp;&nbsp;&nbsp;9. | <br> Royal Gold Inc. |
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 5. | <br> Endeavor Mining plc | <br> 10. | <br> Perseus Mining Limited |
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> Top ten security holdings comprise approximately 80% of total assets. Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. | <br> Top ten security holdings comprise approximately 80% of total assets. Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. | <br> Top ten security holdings comprise approximately 80% of total assets. Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. | <br> Top ten security holdings comprise approximately 80% of total assets. Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. |

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<br>3&nbsp;&nbsp;&nbsp;&nbsp;MIDAS ANNUAL REPORT 2022 <br>

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| | |
|:---|:---|
| <br> **MIDAS** MAGIC |  |
|  | Portfolio Commentary |

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It is a pleasure to welcome each of our new shareholders to Midas Magic and to submit this Annual Report. The Fund seeks to achieve its investment objective of capital appreciation by investing in any security type (i.e., stocks, bonds, etc.), in any industry sector, in domestic or foreign companies, and in companies of any size. In seeking to enhance returns, the Fund may use speculative investment techniques, such as leverage.

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| | |
|:---|:---|
| ECONOMIC AND MARKET REPORT<br> According to the Federal Reserve statement of the December 2022 Federal Open Market Committee ("FOMC") meeting, recent indicators point to "modest growth in spending and production." The statement described job gains as "robust" and the unemployment rate as low. Accordingly, at the December 2022 meeting, the FOMC decided to raise the target range for the federal funds rate by 0.50% to 4.25-4.50%. As the FOMC raised its funds rate seven times in 2022 starting from 0.25-0.50%, the 2 year Treasury note rose to the highest level since 2007, giving rise to concerns of a recession. Financial markets sold off, and the stock market suffered its worst decline since 2008 and some bond markets experienced the largest declines since the 1970s.<br>INVESTMENT STRATEGY AND RETURNS<br> In view of these economic and market developments, the Fund's strategy has been to focus primarily on large companies, with a broad orientation towards conservatively priced value stocks and selected growth issues. The Fund seeks companies with growing operations showing superior returns on assets with moderate debt, generating free cash flow, trading at reasonable valuations. Relative to the S&P 500 Index, the Fund's portfolio currently is more weighted in the financial services and consumer cyclical sectors while less weighted in economically sensitive and defensive sectors. For the 12 months ended December 31, 2022, the Fund's net investment loss, net realized gain on investments, and unrealized depreciation on investments were, respectively, $446,689, $370,277, and $4,820,327, which contributed materially to the Fund's total return of (23.38)%. The S&P 500 Index total return was (18.11)% for the period. | Profitable sales in the period were made of, among others, shares of Ameriprise Financial, Inc. in the security and commodity brokers, dealers, exchanges, and services industry. Losses were taken on, among others, Lithia Motors, Inc. in the automotive dealers and gasoline service stations industry. The Fund's holdings of Medifast, Inc. in the food and kindred products industry contributed to unrealized depreciation during the period. At the same time, the Fund benefited from unrealized appreciation from its investment in Auto-Zone, Inc. in the automotive dealers and gasoline service stations industry. At December 31, 2022, although the Fund had investments in over 25 companies, its two top investments, Mastercard Inc. Class A and Alphabet Inc. Class A, comprised about 23% and 19%, respectively, of net assets.<br>THE OUTLOOK FOR OPPORTUNITIES IN 2023<br> Looking ahead, we note that the FOMC anticipates that ongoing increases in the funds rate may be "appropriate." Accordingly, we believe that investors should remain wary, and expect further market volatility and price weakness should interest rates continue upward. In this environment, the Fund may benefit during 2023 from its flexible portfolio approach and by employing aggressive and speculative investment techniques from time to time as deemed appropriate.<br>CONTACT US FOR INFORMATION AND SERVICES<br> Since the Fund's strategies reflect longer term wealth building goals, we believe that it can be especially appropriate for a program of steady monthly investing. To make regular investing in the Fund as easy, convenient, and affordable as possible, we offer the Midas Systematic Investment Program. For information, simply visit <u>www.MidasFunds.com</u> or give us a call toll free at 1- 800-400-MIDAS (6432). |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 1. | <br> Mastercard Incorporated Class A | <br> &nbsp;&nbsp;&nbsp;&nbsp;6.<br>| <br> Essent Group Inc.<br>|
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 2. | <br> Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7.<br>| U-Haul Holding Company<br>|
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 3. | <br> Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;8. | UnitedHealth Group Inc. |
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 4. | <br> AutoZone, Inc. | <br> &nbsp;&nbsp;&nbsp;&nbsp;9. | <br> Credit Acceptance Corporation |
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> 5. | <br> JPMorgan Chase & Co. | <br> 10. | <br> Williams-Sonoma, Inc. |
| &nbsp;&nbsp;&nbsp; ![LOGO](g446376sp6.jpg)  | <br> Top ten security holdings comprise approximately 71% of total assets. Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. | <br> Top ten security holdings comprise approximately 71% of total assets. Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. | <br> Top ten security holdings comprise approximately 71% of total assets. Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. | <br> Top ten security holdings comprise approximately 71% of total assets. Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. |

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<br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;4

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| | |
|:---|:---|
|  | December 31, 2022 (Unaudited) |
|  <br> PERFORMANCE GRAPHS / TOTAL RETURNS |  |
|  | Portfolio Commentary |

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RESULTS OF $10,000 INVESTMENT

JANUARY 1, 2013 THROUGH DECEMBER 31, 2022

The performance graphs show returns of an initial investment of $10,000 in each of Midas Fund and Midas Magic from 1/1/13 to 12/31/22. Midas Fund is compared to the S&P 500 Index ("S&P 500") and the Morningstar Category of Equity Precious Metals funds, an index of 56 funds, of which 11 have been in existence since 1/1/13. Midas Magic is compared to the S&P 500. Results reflect reinvestment of dividends, interest, and distributions but do not reflect a deduction for, if any, short term redemption fees, account expenses, or shareholder taxes. The S&P 500, a broad equity index, is unmanaged and fully invested in common stocks. You cannot invest directly in an index. **The data presented represents past performance and cannot be used to predict future results.**

![LOGO](g446376sp8i.jpg)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Results of $10,000 Investment<br> January 1, 2013 Through December 31, 2022 | &nbsp;&nbsp;&nbsp; Results of $10,000 Investment<br> January 1, 2013 Through December 31, 2022 | &nbsp;&nbsp;&nbsp; Results of $10,000 Investment<br> January 1, 2013 Through December 31, 2022 | &nbsp;&nbsp;&nbsp; Results of $10,000 Investment<br> January 1, 2013 Through December 31, 2022 |
|  | Value as of<br> 12/31/22 | % Aggregate<br> Total Return\*† | % Avg. Annual<br> Return\*† |
| &nbsp;&nbsp;&nbsp; Midas Fund | $4324 | (56.76)% | (8.04)% |
| &nbsp;&nbsp;&nbsp; Midas Magic | $25798 | 157.98% | &nbsp;&nbsp;&nbsp;&nbsp;9.94% |
| &nbsp;&nbsp;&nbsp; Equity Precious Metals | $7320 | (26.80)% | (3.07)% |
| &nbsp;&nbsp;&nbsp; S&P 500 | $32658 | 226.58% | 12.56% |
| &nbsp;&nbsp;&nbsp;Average Annual Total Return for the Periods Ended December 31, 2022\* | &nbsp;&nbsp;&nbsp;Average Annual Total Return for the Periods Ended December 31, 2022\* | &nbsp;&nbsp;&nbsp;Average Annual Total Return for the Periods Ended December 31, 2022\* | &nbsp;&nbsp;&nbsp;Average Annual Total Return for the Periods Ended December 31, 2022\* |
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp; Midas Fund | (11.11)% | (2.02)% | (8.04)% |
| &nbsp;&nbsp;&nbsp; Midas Magic | (23.38)% | &nbsp;&nbsp;&nbsp;&nbsp;7.35% | &nbsp;&nbsp;&nbsp;&nbsp;9.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;*† For the 10 year period ended December 31, 2022.* | &nbsp;&nbsp;&nbsp;&nbsp;*† For the 10 year period ended December 31, 2022.* | &nbsp;&nbsp;&nbsp;&nbsp;*† For the 10 year period ended December 31, 2022.* | &nbsp;&nbsp;&nbsp;&nbsp;*† For the 10 year period ended December 31, 2022.* |

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![LOGO](g446376sp8ii.jpg)

*\** *The returns shown do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

<br>5&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 (Unaudited) |
|  <br> ALLOCATION OF PORTFOLIO SECURITY HOLDINGS |  |

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![LOGO](g446376sp9.jpg)

<br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;6

<br>ABOUT YOUR FUND'S EXPENSES <br>Portfolio Commentary (Unaudited) <br>

**Fund shareholders may incur two types of costs: (1) transaction costs, including redemption or small account fees (if applicable); and (2) ongoing costs, including management fees, distribution and 12b-1 service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.** 

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| | |
|:---|:---|
| ACTUAL EXPENSES<br>The first line under each Fund in the table below provides information about actual account values and actual expenses for each Fund. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the Fund you own. Second, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Fund may charge you a $20 annual small balance account fee if the value of your shares is less than $500 and may redeem shares automatically in your accounts to pay the $20 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Accounts, and IRAs (including traditional, Roth, Rollover, SEP, and SIMPLE-IRAs), and certain other retirement accounts. | HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES<br>The second line under each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each Fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or small account fees. Therefore, the lines labeled "hypothetical" are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> EXPENSE ANALYSIS TABLE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> EXPENSE ANALYSIS TABLE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> EXPENSE ANALYSIS TABLE |  |  |  |  |  |  |
|  | Beginning Account Value<br> July 1, 2022 | Beginning Account Value<br> July 1, 2022 | Ending Account Value<br> December 31, 2022 | Ending Account Value<br> December 31, 2022 | Expenses Paid During Period<br> July 1, 2022 to December 31, 2022 <sup>(a)</sup> | Expenses Paid During Period<br> July 1, 2022 to December 31, 2022 <sup>(a)</sup> | Annualized&nbsp;&nbsp;&nbsp;&nbsp;<br> Expense Ratio&nbsp;&nbsp;&nbsp;&nbsp; | Annualized&nbsp;&nbsp;&nbsp;&nbsp;<br> Expense Ratio&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;MIDAS FUND |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $| 1000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $| 838.89&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $| 20.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 4.25%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |
| &nbsp;&nbsp;&nbsp; Hypothetical<sup>(b)</sup> | $| 1000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $| 1003.78&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $| 21.47&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 4.25%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |
| &nbsp;&nbsp;&nbsp;MIDAS MAGIC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $| 1000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $| 766.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $| 15.95&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 3.59%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |
| &nbsp;&nbsp;&nbsp; Hypothetical<sup>(b)</sup> | $| 1000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $| 1007.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $| 18.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 3.59%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(a) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half year, divided by 365, to reflect the one half year period.*<br>*(b) Assumes 5% total return before expenses.* | &nbsp;&nbsp;&nbsp;&nbsp; *(a) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half year, divided by 365, to reflect the one half year period.*<br>*(b) Assumes 5% total return before expenses.* | &nbsp;&nbsp;&nbsp;&nbsp; *(a) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half year, divided by 365, to reflect the one half year period.*<br>*(b) Assumes 5% total return before expenses.* | &nbsp;&nbsp;&nbsp;&nbsp; *(a) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half year, divided by 365, to reflect the one half year period.*<br>*(b) Assumes 5% total return before expenses.* | &nbsp;&nbsp;&nbsp;&nbsp; *(a) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half year, divided by 365, to reflect the one half year period.*<br>*(b) Assumes 5% total return before expenses.* | &nbsp;&nbsp;&nbsp;&nbsp; *(a) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half year, divided by 365, to reflect the one half year period.*<br>*(b) Assumes 5% total return before expenses.* | &nbsp;&nbsp;&nbsp;&nbsp; *(a) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half year, divided by 365, to reflect the one half year period.*<br>*(b) Assumes 5% total return before expenses.* | &nbsp;&nbsp;&nbsp;&nbsp; *(a) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half year, divided by 365, to reflect the one half year period.*<br>*(b) Assumes 5% total return before expenses.* | <br>|

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<br>7&nbsp;&nbsp;&nbsp;&nbsp;Midas Annual Report 2022 <br>

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| | | |
|:---|:---|:---|
|  | Schedule of Portfolio Investments | Schedule of Portfolio Investments |
| <br> **MIDAS** FUND |  |  |
|  | Financial Statements | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (99.48%)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares | &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (99.48%)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major Precious Metals Producers (27.87%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major Precious Metals Producers (27.87%) |  |
| 32400 | Agnico Eagle Mines Limited | $1684476 |
| 20900 | Barrick Gold Corporation | 359062 |
| 275000 | B2Gold Corp. | 981750 |
| 7350 | Newmont Corporation | 346920 |
|  |  | 3372208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Precious Metals Producers (57.53%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Precious Metals Producers (57.53%) |  |
| 98000 | Dundee Precious Metals, Inc. | 471199 |
| 38000 | Endeavour Mining Corp. | 813354 |
| 319554 | Evolution Mining Limited | 648288 |
| 2580 | Franco-Nevada Corporation | 352118 |
| 68750 | Lundin Gold Inc. | 671784 |
| 125000 | Northern Star Resources Limited | 928416 |
| 373000 | Perseus Mining Ltd. <sup>(a)</sup> | 526186 |
| 5300 | Royal Gold, Inc. | 597416 |
| 575000 | Silver Lake Resources Ltd. <sup>(a)</sup> | 463868 |
| 80000 | SSR Mining Inc. | 1253600 |
| 6000 | Wheaton Precious Metals Corp. | 234480 |
|  |  | 6960709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Precious Metals Producers (2.67%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Precious Metals Producers (2.67%) |  |
| 23900 | Maverix Metals Inc. | 111561 |
| 27000 | Sandstorm Gold Ltd. | 142020 |
| 600000 | Shanta Gold Ltd. | 69631 |
|  |  | 323212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Natural Resources Companies (11.41%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Natural Resources Companies (11.41%) |  |
| 23000 | iShares Silver Trust <sup>(a)</sup> | 506460 |
| 2100 | Olin Corporation | 111174 |
| 4500 | SPDR Gold Trust <sup>(a)</sup> | 763380 |
|  |  | 1381014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (Cost $8,855,755) (99.48%) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (Cost $8,855,755) (99.48%) <sup>(b)</sup> | 12037143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and other assets in excess of liabilities (0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and other assets in excess of liabilities (0.52%) | 63260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp;12100403 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *The Fund's total investment portfolio value of $12,037,143 has been pledged as collateral for borrowings under the Fund's credit agreement. There was no outstanding loan balance under the credit agreement as of December 31, 2022.* 

<br>See Notes to Financial Statements. <br>Midas Annual Report 2022&nbsp;&nbsp;&nbsp;&nbsp;8

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| | | |
|:---|:---|:---|
|  | Schedule of Portfolio Investments | Schedule of Portfolio Investments |
| <br> **MIDAS** MAGIC |  |  |
|  | Financial Statements | December 31, 2022 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (125.29%)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares | &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (125.29%)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Automotive Dealers and Gasoline Service Stations (10.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Automotive Dealers and Gasoline Service Stations (10.30%) |  |  |
| 645 | AutoZone, Inc. <sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1590686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automotive Repair, Services, and Parking (5.38%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automotive Repair, Services, and Parking (5.38%) |  |  |
| 1500 | U-Haul Holding Company |  | 90285 |
| 13500 | U-Haul Holding Company Series N Non-Voting |  | 742230 |
|  |  |  | 832515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Materials, Hardware, Garden Supply, and Mobile Home Dealers (3.17%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Materials, Hardware, Garden Supply, and Mobile Home Dealers (3.17%) |  |  |
| 1550 | The Home Depot, Inc. |  | 489583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemical and Allied Products (1.13%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemical and Allied Products (1.13%) |  |  |
| 3300 | Olin Corporation |  | 174702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications (2.26%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications (2.26%) |  |  |
| 2000 | Nexstar Media Group, Inc. <sup>(a)</sup> |  | 350060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depository Institutions (5.90%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depository Institutions (5.90%) |  |  |
| 6800 | JPMorgan Chase & Co. |  | 911880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic and Other Electrical Equipment and Components, except Computer Equipment (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic and Other Electrical Equipment and Components, except Computer Equipment (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic and Other Electrical Equipment and Components, except Computer Equipment (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic and Other Electrical Equipment and Components, except Computer Equipment (0.29%) |
| 390 | Atkore Inc. <sup>(a)</sup> |  | 44234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fire, Marine & Casualty Insurance (12.22%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fire, Marine & Casualty Insurance (12.22%) |  |  |
| 6110 | Berkshire Hathaway Inc. Class B <sup>(a)</sup> |  | 1887379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and Kindred Products (1.98%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and Kindred Products (1.98%) |  |  |
| 2650 | Medifast, Inc. |  | 305677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Furniture, Furnishings, and Equipment Stores (3.72%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Furniture, Furnishings, and Equipment Stores (3.72%) |  |  |
| 5000 | Williams-Sonoma, Inc. |  | 574600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial and Commercial Machinery and Computer Equipment (3.26%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial and Commercial Machinery and Computer Equipment (3.26%) |  |  |
| 1200 | Lam Research Corporation |  | 504360 |

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<br>See Notes to Financial Statements. <br>9&nbsp;&nbsp;&nbsp;&nbsp;MIDAS ANNUAL REPORT 2022 <br>

---

| | | |
|:---|:---|:---|
|  | Schedule of Portfolio Investments | Schedule of Portfolio Investments |
| <br> **MIDAS** MAGIC |  |  |
|  | Financial Statements | concluded |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares | &nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares | Value&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Carriers (13.55%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Carriers (13.55%) |  |
| 750 | Elevance Health, Inc. | $384727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | Essent Group Ltd. | 777600 |
| 10280 | NMI Holdings, Inc. <sup>(a)</sup> | 214852 |
| 1350 | UnitedHealth Group Incorporated | 715743 |
|  |  | 2092922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Depository Credit Institutions (6.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Depository Credit Institutions (6.39%) |  |
| 1450 | Credit Acceptance Corporation <sup>(a)</sup> | 687880 |
| 7800 | Enova International, Inc. <sup>(a)</sup> | 299286 |
|  |  | 987166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Metal (2.02%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Metal (2.02%) |  |
| 2270 | Encore Wire Corporation | 312261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security and Commodity Brokers, Dealers, Exchanges, and Services (3.08%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security and Commodity Brokers, Dealers, Exchanges, and Services (3.08%) |  |
| 4360 | T. Rowe Price Group, Inc. | 475502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service - Business Services (22.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service - Business Services (22.51%) |  |
| 10000 | Mastercard Incorporated Class A | 3477300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service - Computer Programming, Data Processing (19.07%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service - Computer Programming, Data Processing (19.07%) |  |
| 33400 | Alphabet Inc. Class A <sup>(a)</sup> | 2946882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service - Help Supply Services (4.59%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service - Help Supply Services (4.59%) |  |
| 1650 | AMN Healthcare Services, Inc. <sup>(a)</sup> | 169653 |
| 7300 | Robert Half International Inc. | 538959 |
|  |  | 708612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment (2.31%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment (2.31%) |  |
| 3859 | LCI Industries | 356765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale Trade - Durable Goods (2.16%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale Trade - Durable Goods (2.16%) |  |
| 4700 | BlueLinx Holdings Inc. <sup>(a)</sup> | 334217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (Cost $8,449,559) (125.29%) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (Cost $8,449,559) (125.29%) <sup>(b)</sup> | 19357303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities in excess of cash and other assets (-25.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities in excess of cash and other assets (-25.29%) | (3906771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp;15450532 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *The Fund's total investment portfolio value of $19,357,303 has been pledged as collateral for borrowings under the Fund's credit agreement. The outstanding loan balance under the credit agreement was $3,762,600 as of December 31, 2022.* 

<br>See Notes to Financial Statements. <br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;10

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| | |
|:---|:---|
| <br> STATEMENTS OF ASSETS AND LIABILITIES |  |
|  | Financial Statements |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | MIDAS<br> FUND | MIDAS<br> MAGIC |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost | $8855755 | $8449559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | 12037143 | 19357303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 144336 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 3332 | 6416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 400 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 117 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 34423 | 13033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 12219751 | 19377196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 88514 | 92008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 10492 | 12763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 7193 | 9653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees | 5840 | 6774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 4687 | 39237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 2622 | 3629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit agreement borrowing | - | 3762600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 119348 | 3926664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;12100403 | $&nbsp;&nbsp;&nbsp;&nbsp;15450532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, $0.01 par value | 10805876 | 721609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering, and redemption price per share | $1.12 | $21.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets consist of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $60501082 | $4170117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (48400679) | 11280415 |
|  | $12100403 | $15450532 |

---

<br>See Notes to Financial Statements. <br>11&nbsp;&nbsp;&nbsp;&nbsp;MIDAS ANNUAL REPORT 2022 <br>

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| | |
|:---|:---|
| <br> STATEMENTS OF OPERATIONS |  |
|  | Financial Statements |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For the Year Ended December 31, 2022 | MIDAS<br> FUND | MIDAS<br> MAGIC |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $301482 | $188138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 577 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (42472) | (333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 259587 | 187815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management | 124683 | 167131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent | 111300 | 44270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 77940 | 113645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bookkeeping and pricing | 33790 | 32665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution | 31171 | 44181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auditing | 31025 | 25550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 28000 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder communications | 26809 | 28146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and fees on credit agreement | 21662 | 101235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees | 19446 | 24911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 10105 | 14395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 7805 | 6525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 4817 | 6194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 558 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 529111 | 634504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (269524) | (446689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized and Unrealized Gain (Loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (775561) | 372760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (447) | (2483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (496023) | (4820327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (5) | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (1272036) | (4450050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | $&nbsp;&nbsp;&nbsp;&nbsp;(1541560) | $&nbsp;&nbsp;&nbsp;&nbsp;(4896739) |

---

<br>See Notes to Financial Statements. <br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;12

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| | |
|:---|:---|
| <br> STATEMENTS OF CHANGES IN NET ASSETS |  |
|  | Financial Statements |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For the Years Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 and 2021 | MIDAS<br> FUND | MIDAS<br> FUND | MIDAS<br> MAGIC | MIDAS<br> MAGIC |
|  | 2022 | 2021 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(269524) | $(298434) | $(446689) | $(404640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (776008) | 816690 | 370277 | 1176953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | (496028) | (4055963) | (4820327) | 5350484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (1541560) | (3537707) | (4896739) | 6122797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  |  | (772401) | (1395864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (772401) | (1395864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital share transactions | (347230) | (765239) | (239702) | 336926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 22334 | 4828 | 13321 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from capital share transactions | (324896) | (760411) | (226381) | 336941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total change in net assets | (1866456) | (4298118) | (5895521) | 5063874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 13966859 | 18264977 | 21346053 | 16282179 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;12100403 | $13966859 | $15450532 | $21346053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital share transactions were as follows: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | $1096779 | $1392787 | $105600 | $158146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions |  |  | 750518 | 1351971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1444009) | (2158026) | (1095820) | (1173191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | $(347230) | $(765239) | $(239702) | $336926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Number |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 970829 | 1001693 | 3933 | 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions |  |  | 34908 | 45985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1256931) | (1583177) | (43345) | (41447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (286102) | (581484) | (4504) | 10004 |

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<br>See Notes to Financial Statements. <br>13&nbsp;&nbsp;&nbsp;&nbsp;MIDAS ANNUAL REPORT 2022 <br>

---

| | |
|:---|:---|
| <br> STATEMENTS OF CASH FLOWS |  |
|  | Financial Statements |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For the Year Ended December 31, 2022 | MIDAS<br> FUND | MIDAS<br> MAGIC |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | $(1541560) | $(4896739) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile change in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of long term investments | &nbsp;&nbsp;&nbsp;&nbsp;4003559 | &nbsp;&nbsp;&nbsp;&nbsp;6734757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of long term investments | (2435841) | (4995822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of investments and foreign currencies | 496028 | 4820327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss (gain) on sales of investments and foreign currencies | 776008 | (370277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net purchases of short term investments | (447) | (2483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in dividends receivable | 2539 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in interest receivable | (117) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in prepaid expenses and other assets | 2454 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accrued expenses | 5189 | 17137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in investment management fees payable | (1159) | (3570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in administrative services payable | 204 | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in distribution fees payable | (290) | (1020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in trustees fees payable | 1280 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 1307847 | 1305296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit agreement repayment, net | (838100) | (342200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net shares redeemed | (326230) | (941550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash distributions paid to shareholders | - | (21883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash used in financing activities | (1164330) | (1305633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in cash | 143517 | (337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 819 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $144336 | $343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplemental disclosure of cash flow information |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest on credit agreement | $9810 | $83508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash financing activities herein consisted of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distribution | $- | 750518 |

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<br>See Notes to Financial Statements. <br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;14

<br>NOTES TO FINANCIAL STATEMENTS <br>Financial Statements December 31, 2022 <br>

1 ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Midas Fund and Midas Magic (each individually, a "Fund," and collectively, the "Funds") are each a series of shares of Midas Series Trust (the "Trust"), a Delaware statutory trust which is registered under the Investment Company Act of 1940, as amended (the "Company Act"), as an open end management investment company. Each Fund is a distinct portfolio with its own investment objective and policies. The investment objectives of Midas Fund are primarily capital appreciation and protection against inflation and, secondarily, current income through investments primarily in precious metals and natural resource companies and gold, silver, and platinum bullion and coins. The investment objective of Midas Magic is capital appreciation, which it seeks by investing in any security type in any industry sector and in domestic or foreign companies of any size. The Trust retains Midas Management Corporation (the "Investment Manager") as the investment manager of each Fund.

Each Fund currently offers one class of shares. The Funds impose a short term trading redemption fee on any Fund shares that are redeemed or exchanged within 30 days following their purchase date. The redemption fee is 1% of the amount redeemed. Such fees are retained by the Funds for the benefit of the remaining shareholders and are accounted for as an addition to paid in capital.

The Trust is an investment company and accordingly follows the accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946 "Financial Services – Investment Companies." The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Valuation of Investments – Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade. Most equity securities for which the primary market is in the United States are usually valued at the official closing price, last sale price or, if no sale has occurred, at the closing bid price. Most equity securities for which the primary market is outside the United States are usually valued using the official closing price or the last sale price in the principal market in which they are traded. If the last sale price on the local exchange is unavailable, the last evaluated quote or closing bid price normally is used. In the event of an unexpected closing of the primary market or exchange, a security may continue to trade on one or more other markets, and the price as reflected on those other trading venues may be more reflective of the security's value than an earlier price from the primary market or exchange. Accordingly, a Fund may seek to use these additional sources of pricing data or information when prices from the primary market or exchange are unavailable, or are earlier and less representative of current market value. Gold and silver bullion are valued at 4:00 p.m. ET, at the mean between the last bid and asked quotations of the Bloomberg Composite (NY) Spot Price for that metal. Certain debt securities may be priced through pricing services that may utilize a matrix pricing system which takes into consideration factors such as yields, prices, maturities, call features, and ratings on comparable securities or according to prices quoted by a securities dealer that offers pricing services. Open end investment companies are valued at their net asset value ("NAV"). Foreign securities markets may be open on days when the U.S. markets are closed. For this reason, the value of any foreign securities owned by a Fund could change on a day when shareholders cannot buy or sell shares of a Fund. Although the Funds' Board of Trustees (the "Board") may choose to determine fair value in good faith for any or all fund investments by carrying out the required functions itself, the Board currently has chosen to designate the performance of fair value determinations to a valuation designee, the Investment Manager, subject to the Board's oversight, with respect to securities for which market quotations are not readily available and reliable and other assets, called "fair value pricing." Due to the inherent uncertainty of valuation, fair value pricing values may differ from the values that would have been used had a readily available and reliable market quotation for the securities existed. These differences in valuation could be material. A security's valuation may differ depending on the method used for determining value. The use of fair value pricing may cause the NAV of its shares to differ from the NAV that would be calculated using market prices. A fair value price is an estimate and there is no assurance that such price will be at or close to the price at which a security is next quoted or traded.

Cash – Cash may include deposits allocated among banks insured by the Federal Deposit Insurance Corporation ("FDIC") in amounts up to the insurance coverage maximum amount of $250,000. Cash may also include uninvested cash balances held by the Funds' custodian.

Investments in Other Investment Companies – Each Fund may invest in shares of other investment companies such as closed end funds, exchange traded funds, and mutual funds (each, an "Acquired Fund") in accordance with the Company Act and related rules. Shareholders in a Fund bear the pro rata portion of the fees and expenses of the Acquired Funds in addition to a Fund's expenses. The expenses incurred by the Funds that are disclosed in the Statement of Operations do not include fees and expenses incurred by the Acquired Funds. The fees and expenses of an Acquired Fund are reflected in such Acquired Fund's total return.

<br>15&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

<br>NOTES TO FINANCIAL STATEMENTS <br>Financial Statements &nbsp;&nbsp;&nbsp;&nbsp; <br>

Foreign Currency Translation – Securities denominated in foreign currencies are translated into U.S. dollars at prevailing exchange rates. Realized gain or loss on sales of such investments in local currency terms is reported separately from gain or loss attributable to a change in foreign exchange rates for those investments.

Forward Foreign Currency Contracts – Forward foreign currency contracts are marked to market and the change in market value is recorded by a Fund as an unrealized gain or loss. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund could be exposed to risk if a counterparty is unable to meet the terms of the contract or if the value of the currency changes unfavorably.

Derivatives – The Funds may use derivatives for a variety of reasons, such as to attempt to protect against possible changes in the value of their portfolio holdings or to generate potential gain. Derivatives are financial contracts that derive their values from other securities or commodities, or that are based on indices. Derivatives are marked to market with the change in value reflected in unrealized appreciation or depreciation. Upon disposition, a realized gain or loss is recognized accordingly, except when taking delivery of the asset underlying a contract, in which case the recognition of gain or loss is postponed until the disposal of the asset. The Funds risk loss if counterparties fail to meet the terms of the contract. Derivative contracts include, among other things, options, futures, forward currency contracts, and swap agreements.

Investment Transactions – Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Realized gains or losses are determined by specifically identifying the cost basis of the investment sold.

Investment Income – Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date or in the case of certain foreign securities, as soon as practicable after a Fund is notified. Taxes withheld on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

Expenses – Expenses deemed to have been incurred solely by a Fund are normally charged to that Fund in the entirety. Expenses deemed to have been incurred jointly by a Fund and one or more of the other investment companies for which the Investment Manager or its affiliates serve as investment manager, or other related entities, are generally allocated based on the most practicable method deemed equitable at the time the expense is incurred, including, without limitation, on the basis of relative assets under management.

Distributions to Shareholders – Distributions to shareholders are determined in accordance with income tax regulations and are recorded on the ex-dividend date.

Income Taxes – No provision has been made for U.S. income taxes because each Fund's current intention is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "IRC"), and to distribute to its shareholders substantially all of its taxable income and net realized gains. Each Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Each Fund has reviewed its tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on federal, state, and local income tax returns for open tax years (2019-2021) or expected to be taken in the Funds' 2022 tax returns.

Each Fund may be subject to foreign taxation related to certain securities held by a Fund, income received, capital gains on the sale of securities, and currency transactions. Foreign taxes, if any, are recorded in accordance with each Fund's understanding of the applicable country's tax rules and rates. When a capital gain tax is determined to apply, a Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

2 FEES AND TRANSACTIONS WITH RELATED PARTIES The Trust has retained the Investment Manager pursuant to an investment management agreement that provides for a management fee payable monthly and based on the average daily net assets of each Fund. With respect to Midas Fund, the annual management fee is 1% on the first $200 million, .95% from $200 million to $400 million, .90% from $400 million to $600 million, .85% from $600 million to $800 million, .80% from $800 million to $1 billion, and .75% over $1 billion. With respect to Midas Magic, the annual management fee is 1% on the first $10 million, .875% from $10 million to $30 million, .75% from $30 million to $150 million, .625% from $150 million to $500 million, and .5% over $500 million.

<br>MIDAS ANNUAL REPORT 2022 &nbsp;&nbsp;&nbsp;&nbsp;16

<br>NOTES TO FINANCIAL STATEMENTS <br>Financial Statements &nbsp;&nbsp;&nbsp;&nbsp; <br>

The Trust, on behalf of each Fund, has adopted a plan of distribution pursuant to Rule 12b-1 under the Company Act. Under the plan and a related distribution agreement, each Fund pays the distributor, Midas Securities Group, Inc. (the "Distributor"), an affiliate of the Investment Manager, a fee at the annual rate of 0.25% based on the average daily net assets of each Fund for distribution and shareholder services and other activities and expenses primarily intended to result in the sale of the Funds' shares. In addition, Midas Fund and Midas Magic each reimbursed the Distributor $16,620 and $3,206, respectively, for payments made to certain brokers for record keeping, administrative, and similar services for the year ended December 31, 2022.

Certain officers and trustees of the Trust are officers and directors of the Investment Manager and the Distributor.

Pursuant to the investment management agreement, the Funds reimburse the Investment Manager for providing at cost certain administrative services comprised of compliance and accounting services. For the year ended December 31, 2022, the Funds reimbursed such costs as follows:

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| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDAS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> FUND | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDAS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> MAGIC |
| &nbsp;&nbsp;&nbsp; Compliance | $42205&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;61670&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp; Accounting | 35735&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 51975&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp; Total | $77940&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $113645&nbsp;&nbsp;&nbsp;&nbsp;  |

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Each trustee of the Trust who is not an employee of the Investment Manager or its affiliates is compensated by the Funds. These trustees receive fees for service as a trustee from the Funds and the other funds of which they are a director or trustee and for which the Investment Manager or its affiliates serve as investment manager. In addition, trustee out-of-pocket expenses are allocated to each such Fund based on the most practicable method deemed equitable at the time the expense is incurred, including, without limitation, on the basis of relative assets under management. Expenses deemed to have been incurred solely by a Fund are normally charged to such Fund in the entirety. The Funds lease record storage through an affiliate at an annual cost of approximately $300 to the Funds.

3 DISTRIBUTABLE EARNINGS The tax character of distributions paid by the Funds are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIDAS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIDAS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> FUND | &nbsp;&nbsp;&nbsp;&nbsp;MIDAS&nbsp;&nbsp;&nbsp;&nbsp;<br> MAGIC | &nbsp;&nbsp;&nbsp;&nbsp;MIDAS&nbsp;&nbsp;&nbsp;&nbsp;<br> MAGIC |
| &nbsp;&nbsp;&nbsp;Distributions paid from: | &nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, | Year ended December 31, | Year ended December 31, |
| &nbsp;&nbsp;&nbsp;Distributions paid from: | &nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;2022&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2021&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp; Short term capital gains | $&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp; | $493641&nbsp;&nbsp;&nbsp;&nbsp; | $278760&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp; Long term capital gains | -&nbsp;&nbsp;&nbsp;&nbsp; | -&nbsp;&nbsp;&nbsp;&nbsp; | 278760&nbsp;&nbsp;&nbsp;&nbsp; | 1395864&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp; Total | $-&nbsp;&nbsp;&nbsp;&nbsp; | $-&nbsp;&nbsp;&nbsp;&nbsp; | $772401&nbsp;&nbsp;&nbsp;&nbsp; | $1395864&nbsp;&nbsp;&nbsp;&nbsp; |

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As of December 31, 2022, Midas Fund had a net capital loss carryover of $51,551,795, comprised of $1,001,545 of short term losses and $50,550,250 of long term losses which may be carried forward indefinitely.

<br>17&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

<br>NOTES TO FINANCIAL STATEMENTS <br>Financial Statements &nbsp;&nbsp;&nbsp;&nbsp; <br>

As of December 31, 2022, the components of distributable earnings (deficit) on a tax basis were as follows:

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| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;MIDAS<br> &nbsp;&nbsp;&nbsp;&nbsp;FUND | <br> &nbsp;&nbsp;&nbsp;&nbsp;MIDAS<br> &nbsp;&nbsp;&nbsp;&nbsp;MAGIC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long term capital gains<br>| $-&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp; 372671&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated net realized loss on investments<br>| (51551795)&nbsp;&nbsp;&nbsp;&nbsp; | -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation on investments and foreign currencies<br>| 3151116&nbsp;&nbsp;&nbsp;&nbsp; | 10907744&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total<br>| $&nbsp;&nbsp;&nbsp;&nbsp;(48400679)&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11280415&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

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Federal income tax regulations permit post-October net capital losses, if any, to be deferred and recognized on the tax return of the next succeeding taxable year.

GAAP requires certain components related to permanent differences of net assets to be classified differently for financial reporting than for tax reporting purposes. These differences have no effect on net assets or NAV per share. These differences, which may result in distribution reclassifications, are primarily due to net operating losses and foreign gains and losses. As of December 31, 2022, the Funds recorded the following financial reporting reclassifications to the net asset accounts to reflect those differences.

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| | | |
|:---|:---|:---|
|  | <br> MIDAS<br> FUND | <br> MIDAS <br> MAGIC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $272095  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $449172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in paid in capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(272095)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(449172)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

4 VALUE MEASUREMENTS A hierarchy established by GAAP prioritizes inputs to valuation methods. The three levels of inputs are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities including securities actively traded on a securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - observable inputs other than quoted prices included in level 1 that are observable for the asset or liability which may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - unobservable inputs for the asset or liability including a Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability.

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 for the security, 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 investments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, 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 and methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

The following is a description of the valuation techniques applied to a Fund's major categories of assets and liabilities measured at fair value on a recurring basis:

Equity Securities (Common and Preferred Stock) – Most publicly traded equity securities are valued normally at the most recent official closing price, last sale price, evaluated quote, or closing bid price. To the extent these securities are actively traded and valuation adjustments are not applied, they may be categorized in level 1 of the fair value hierarchy. Equities on inactive markets or valued by reference to similar instruments may be categorized in level 2.

<br>MIDAS ANNUAL REPORT 2022 &nbsp;&nbsp;&nbsp;&nbsp;18

<br>NOTES TO FINANCIAL STATEMENTS <br>Financial Statements &nbsp;&nbsp;&nbsp;&nbsp; <br>

The following is a summary of the inputs used as of December 31, 2022 in valuing each Fund's assets. Refer to each Fund's Schedule of Portfolio Investments for detailed information on specific investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> MIDAS FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp;Level 1  | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Common stocks<br>| $12037143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12037143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at value<br>| $12037143 | $- | $- | $12037143 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> MIDAS MAGIC<br>| &nbsp;&nbsp;&nbsp;&nbsp;Level 1  | Level 2 | Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Common stocks<br>| $19357303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $19357303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at value<br>| $19357303 | $- | $- | $19357303 |

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5 INVESTMENT TRANSACTIONS As of December 31, 2022, for federal income tax purposes, the aggregate cost, gross unrealized appreciation (depreciation), and net unrealized appreciation of investments are summarized in the following table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Federal Income  | <br> Gross Unrealized&nbsp;&nbsp;&nbsp;&nbsp; | <br> Gross Unrealized&nbsp;&nbsp;&nbsp;&nbsp; | <br> Net Unrealized  |
|  | Tax Cost<br>| Appreciation <br>| (Depreciation) <br>| Appreciation  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Midas Fund | $8886027&nbsp;&nbsp;&nbsp;&nbsp; | $3218144&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;(67028)&nbsp;&nbsp;&nbsp;&nbsp; | $3151116&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Midas Magic&nbsp;&nbsp;&nbsp;&nbsp; | $8449559&nbsp;&nbsp;&nbsp;&nbsp; | $11173027&nbsp;&nbsp;&nbsp;&nbsp; | $(265283)&nbsp;&nbsp;&nbsp;&nbsp; | $10907744&nbsp;&nbsp;&nbsp;&nbsp; |

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Purchases and proceeds from sales or maturities of investment securities, excluding short term securities, for the year ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp; MIDAS&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp; FUND&nbsp;&nbsp;&nbsp;&nbsp;<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp; MIDAS&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp; MAGIC&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| &nbsp;&nbsp;&nbsp; Purchases | $2435841 | $4995822 |
| &nbsp;&nbsp;&nbsp; Proceeds | $4003559 | $6734757 |

---

6 CREDIT AGREEMENT The Funds entered into a revolving credit agreement and other related agreements (collectively, as amended, supplemented or otherwise modified from time to time, the "Credit Agreement") with The Huntington National Bank ("HNB"), each Fund's custodian, under which HNB may make loans to the Funds in such amounts as the Funds may from time to time request. The maximum loan amount under the Credit Agreement is the lesser of: (i) $4,000,000 and $5,000,000 for Midas Fund and Midas Magic, respectively, or (ii) 30% of a Fund's daily market value, which market value may be decreased by the exclusion of certain Fund assets or asset classes, as HNB may decide from time to time in its sole discretion. Each Fund pledges its securities and other assets as collateral to secure its obligations under the Credit Agreement and each Fund retains the risks and rewards of the ownership of such securities and other assets pledged.

<br>19&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

<br>NOTES TO FINANCIAL STATEMENTS <br>Financial Statements &nbsp;&nbsp;&nbsp;&nbsp; <br>

Borrowings under the Credit Agreement bear an interest rate per annum to be applied to the principal balance outstanding, from time to time, equal to the Term Secured Overnight Financing Rate (SOFR) plus 1.28%. An unused fee is charged equal to 0.125% per annum of the daily excess of the maximum loan amount over the outstanding principal balance of the loan. The Funds were charged origination fees and expenses of $5,941 for Midas Fund and $7,424 for Midas Magic upon the annual renewal of the Credit Agreement and such costs are amortized ratably through June 14, 2023, the maturity date of the Credit Agreement.

The outstanding loan balance as of December 31, 2022, and the average daily amount outstanding, maximum amount outstanding, and weighted average interest rate related to the borrowings under the Credit Agreement for the year ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | <br> MIDAS<br> FUND<br>| <br> MIDAS<br> MAGIC<br>|
| &nbsp;&nbsp;&nbsp; Outstanding loan balance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; 3762600 |
| &nbsp;&nbsp;&nbsp; Average daily amount outstanding | $&nbsp;&nbsp;&nbsp;&nbsp; 348639 | $&nbsp;&nbsp;&nbsp;&nbsp; 3149138 |
| &nbsp;&nbsp;&nbsp; Maximum amount outstanding | $&nbsp;&nbsp;&nbsp;&nbsp; 950000 | $&nbsp;&nbsp;&nbsp;&nbsp; 4234200 |
| &nbsp;&nbsp;&nbsp; Weighted average interest rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 2.89% |

---

7 PORTFOLIO CONCENTRATION Each Fund operates as a "non-diversified" investment company under the Company Act, which means that the portion of a Fund's assets that may be invested in the securities of a single issuer and the amount of the outstanding voting securities of a particular issuer held by a Fund are not limited by the Company Act. Each Fund, however, currently intends to continue to conduct its operations so as to qualify as a "regulated investment company" for purposes of the IRC, which currently requires that, at the end of each quarter of the taxable year, with respect to 50% of a Fund's total assets, the Fund limits to 5% the portion of its total assets invested in the securities of a single issuer. There are no such limitations with respect to the balance of a Fund's portfolio, although no single investment can exceed 25% of a Fund's total assets at the time of purchase. A more concentrated portfolio may cause a Fund's NAV to be more volatile and thus may subject shareholders to more risk.

8 CONTINGENCIES The Funds indemnify officers and trustees for certain liabilities that might arise from the performance of their duties for the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which may provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as it involves future claims that may be made against the Funds under circumstances that have not occurred.

9 RISKS AND UNCERTAINTIES

Market Risks - An investment in a Fund is subject to market risk, including the possible loss of the entire principal amount. An investment in Fund shares represents an indirect investment in the securities owned by a Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the shares during periods in which a Fund utilizes leverage.

Foreign Securities Risk – Investments in the securities of foreign issuers involve special risks which include changes in foreign exchange rates and the possibility of future adverse political, tax, and economic developments, which could adversely affect the value of such securities. Moreover, securities of foreign issuers and securities traded in foreign markets may be less liquid and their prices more volatile than those of U.S. issuers and markets. In addition, in certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments that could affect U.S. investments in the securities of issuers domiciled in those countries.

<br>MIDAS ANNUAL REPORT 2022 &nbsp;&nbsp;&nbsp;&nbsp;20

<br>NOTES TO FINANCIAL STATEMENTS <br>Financial Statements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

Leverage Risk – The Funds may use leverage to the extent permitted under the Company Act. Leveraging (buying securities using borrowed money) exaggerates the effect on the NAV of any increase or decrease in the market value of a Fund's investments. Money a Fund borrows for leveraging is limited to 33 1/3% of the value of its total assets. These borrowings would be subject to interest costs that may or may not be offset by income or capital gain from the securities purchased. There can be no assurance that a Fund's use of leverage will be successful.

Sector Risk – To the extent a Fund focuses its investments, from time to time, in a particular sector, the Fund will be subject to a greater degree to the risks specific to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector to a greater extent than if the Fund's investments were diversified across different sectors.

Cybersecurity Risk – With the increased use of technologies such as the Internet to conduct business, the Funds are susceptible to operational, information security, and related risks. Cyber incidents affecting the Funds or their service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds' ability to calculate their respective NAVs, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional related costs.

Recent Market Events – U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including rising inflation, the war between Russia and Ukraine and the impact of the corona-virus ("COVID-19") global pandemic. While U.S. and global economies are recovering from the effects of COVID-19, labor shortages and the inability to meet consumer demand have restricted growth. Uncertainties regarding the level of central banks' interest rate increases, political events, the Russia-Ukraine conflict, trade tensions and the possibility of a national or global recession have also contributed to market volatility.

10 STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM In accordance with Rule 22e-4 under the Company Act, the Board of Trustees, acting on behalf of the Funds, has adopted and implemented a liquidity risk management program (the "Program"). The purpose of the Program is to assess and manage the liquidity risk of each Fund in accordance with the requirements of Section 22(e) of the Company Act. The Board of Trustees has approved the Liquidity Risk Management Committee of the Investment Manager as the administrator of the Program (the "Program Administrator"). The Program Administrator provides a written annual report to the Board of Trustees that addresses the operation of the Program and assesses the adequacy and effectiveness of the implementation, including, if applicable, the highly liquid investment minimum ("HLIM") and, if applicable, any material changes to the Program.

The Board of Trustees reviewed the Program Administrator's written annual report for the Funds' most recent fiscal half-year (the "Report"). The Report provided an assessment of the Funds' liquidity risk: the risk that the Funds could not meet requests to redeem shares issued by a Fund without significant dilution of the remaining investors' interests in the Fund. The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Report noted that each Fund qualified as a "primarily highly liquid fund" (as defined in Rule 22e-4 and the Program) as of the end date of the review period and therefore it remains appropriate for each Fund to continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a highly liquid investment minimum for the Funds.

The Report noted that, during the review period, neither Fund exceeded the 15% limit on illiquid investments, and that the Funds were not required to provide notice to the Board of Trustees or file Form N-LIQUID with the Securities and Exchange Commission. The Report confirmed that each Fund's investment strategy was appropriate for an open-end management investment company and that no material changes had been made to the Program during the review period nor were any material changes to the Program warranted.

The Program Administrator concluded that during the review period, each Fund has been able to meet redemption requests without significant dilution to non-redeeming Fund shareholders both in normal conditions and reasonably foreseeable stressed market conditions.

Accordingly, the Program Administrator concluded that the Program was adequately designed, effectively implemented, and operating as intended to manage the liquidity risk of each Fund during the review period.

<br>21&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

<br>FINANCIAL HIGHLIGHTS <br>Financial Statements &nbsp;&nbsp;&nbsp;&nbsp; <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> MIDAS FUND | <br> For the Year Ended December 31, | <br> For the Year Ended December 31, | <br> For the Year Ended December 31, | <br> For the Year Ended December 31, | <br> For the Year Ended December 31, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> MIDAS FUND | <br> 2022 | 2021 | 2020 | 2019 | 2018 |
|  | <br> 2022 | 2021 | 2020 | 2019 | 2018 |
| &nbsp;&nbsp;&nbsp; Per Share Data (for a share outstanding throughout each period) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $1.26 | $1.56 | $1.41 | $1.08 | $1.24 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss <sup>(1)</sup> | (0.02) | (0.03) | (0.04) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.12) | (0.27) | 0.19 | 0.36 | (0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.14) | (0.30) | 0.15 | 0.33 | (0.16 |
| &nbsp;&nbsp;&nbsp; Distributions | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period\* | $1.12 | $1.26 | $1.56 | $1.41 | $1.08 |
| &nbsp;&nbsp;&nbsp; Total Return | (11.11)% | (19.23)% | 10.64% | 30.56% | (12.90) |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets at end of period (000s omitted) | $12100 | $13967 | $18265 | $17442 | $14720 |
| &nbsp;&nbsp;&nbsp; Ratio of total expenses to average net assets | 4.25% | 3.83% | 3.77% | 4.32% | 4.28 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(2)</sup> | 4.25% | 3.83% | 3.77% | 4.32% | 4.27 |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (2.16)% | (1.91)% | (2.53)% | (2.41)% | (2.84) |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 19% | 1% | 18% | 22% | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.*<br>*(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 4.07%, 3.45%, 3.45%, 3.49%, and 3.61% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.*<br>*\* Redemption fees from capital share transactions were less than $0.005 per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.*<br>*(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 4.07%, 3.45%, 3.45%, 3.49%, and 3.61% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.*<br>*\* Redemption fees from capital share transactions were less than $0.005 per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.*<br>*(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 4.07%, 3.45%, 3.45%, 3.49%, and 3.61% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.*<br>*\* Redemption fees from capital share transactions were less than $0.005 per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.*<br>*(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 4.07%, 3.45%, 3.45%, 3.49%, and 3.61% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.*<br>*\* Redemption fees from capital share transactions were less than $0.005 per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.*<br>*(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 4.07%, 3.45%, 3.45%, 3.49%, and 3.61% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.*<br>*\* Redemption fees from capital share transactions were less than $0.005 per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.*<br>*(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 4.07%, 3.45%, 3.45%, 3.49%, and 3.61% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.*<br>*\* Redemption fees from capital share transactions were less than $0.005 per share.* |

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<br>See Notes to Financial Statements. <br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;22

<br>FINANCIAL HIGHLIGHTS <br>Financial Statements &nbsp;&nbsp;&nbsp;&nbsp; <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> MIDAS MAGIC | <br> For the Year Ended December 31, | <br> For the Year Ended December 31, | <br> For the Year Ended December 31, | <br> For the Year Ended December 31, | <br> For the Year Ended December 31, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> MIDAS MAGIC | <br> 2022 | <br> 2021 | 2020 | 2019 | 2018 |
|  | <br> 2022 | <br> 2021 | 2020 | 2019 | 2018 |
| &nbsp;&nbsp;&nbsp; Per Share Data (for a share outstanding throughout each period) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $29.40 | $22.74 | $20.57 | $16.13 | $19.02 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss <sup>(1)</sup> | (0.63) | (0.58) | (0.41) | (0.43) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (6.26) | 9.29 | 3.22 | 5.83 | (1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.89) | 8.71 | 2.81 | 5.40 | (2.17) |
| &nbsp;&nbsp;&nbsp; Paid-in capital from redemption fees | 0.02 | - | - | - | - |
| &nbsp;&nbsp;&nbsp; Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains | (1.12) | (2.05) | (0.64) | (0.96) | (0.72 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period\* | $21.41 | $29.40 | $22.74 | $20.57 | $16.13 |
| &nbsp;&nbsp;&nbsp; Total Return | (23.38)% | 38.29% | 13.67% | 33.53% | (11.35) |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets at end of period (000s omitted) | $15451 | $21346 | $16282 | $15277 | $12295 |
| &nbsp;&nbsp;&nbsp; Ratio of total expenses to average net assets | 3.59% | 2.95% | 3.38% | 3.81% | 3.49 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(2)</sup> | 3.59% | 2.95% | 3.38% | 3.81% | 3.48 |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (2.53)% | (2.06)% | (2.09)% | (2.23)% | (2.02) |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 23% | 22% | 26% | 37 |
| &nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.* | &nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.* | &nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.* | &nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.* | &nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.* | &nbsp;&nbsp;&nbsp; *(1) Average shares outstanding during the period are used to calculate per share data.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 3.02%, 2.73%, 3.09%, 3.02%, and 2.99% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 3.02%, 2.73%, 3.09%, 3.02%, and 2.99% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 3.02%, 2.73%, 3.09%, 3.02%, and 2.99% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 3.02%, 2.73%, 3.09%, 3.02%, and 2.99% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 3.02%, 2.73%, 3.09%, 3.02%, and 2.99% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *(2) The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 3.02%, 2.73%, 3.09%, 3.02%, and 2.99% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.* |

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<br>See Notes to Financial Statements. <br>23&nbsp;&nbsp;&nbsp;&nbsp;MIDAS ANNUAL REPORT 2022 <br>

<br>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF

MIDAS SERIES TRUST

ROCHESTER, NEW YORK

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Midas Fund and Midas Magic (the "Funds"), each a series of Midas Series Trust (the "Trust"), including the schedules of investments, as of December 31, 2022, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations and cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the Funds in the Trust since 1989.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

February 17, 2023

<br>MIDAS ANNUAL REPORT 2022 &nbsp;&nbsp;&nbsp;&nbsp;24

<br>TRUSTEES OF THE TRUST <br>Supplemental Information (Unaudited) <br>

The following table sets forth certain information concerning the trustees currently serving on the Board of Trustees of the Trust. The Trust's Statement of Additional Information includes additional information about the trustees and is available, without charge, upon request by calling toll free 1-800-400-MIDAS (6432) and at <u>www.MidasFunds.com</u>.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> | &nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> | &nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> | &nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> | &nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name,<br> Address <sup>(2)</sup>, and<br> Date of Birth<br>| Trustee<br> Since <sup>(3)</sup><br>| Principal Occupation and<br> Business Experience<br> for the Past Five Years<br>| Number of<br> &nbsp;&nbsp;&nbsp;&nbsp;Portfolios in Fund <br> Complex Over-<br> seen by Trustee <sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;Other Directorships <br> Held by Trustee<br> During the Past<br> Five Years <sup>(5)</sup><br>|
| &nbsp;&nbsp;&nbsp; Roger Atkinson<br> January 25, 1961 | 2020 | Since 2007, Mr. Atkinson has served as a manager with CellMark Inc., a pulp and paper trading company. His responsibilities include directing trading activity, acquisitions, and risk management. | 4 |  |
| &nbsp;&nbsp;&nbsp;Jon Tomasson September 20, 1958 | 2017 | Mr. Tomasson serves as Chief Executive Officer of Vinland Capital Investments, LLC (since 2002), a real estate investment company that he founded, and Chief Investment Officer of NRE Capital Partners LLC (since 2019), a private real estate lending company. Prior to starting Vinland, Mr. Tomasson was a principal with Cardinal Capital, a leading in-vestor in single-tenant net-leased property, and served as a Vice President at Citigroup in the Global Real Estate Equity and Structured Finance group, part of the Real Estate Investment Bank, with both transactional and various management responsibilities.<br>| 4 |  |
| &nbsp;&nbsp;&nbsp;Peter K. Werner August 16, 1959 | 2012 (predecessor Fund: 2004) | Retired. Previously, Mr. Werner taught, directed, and coached many programs at The Governor's Academy of By-field MA. He also previously held the position of Vice President in the Fixed Income Departments of Lehman Brothers and First Boston. His responsibilities included trading sovereign debt instruments, currency arbitrage, syndication, medium term note trading, and money market trading.<br>| 4 |  |
| &nbsp;&nbsp; INTERESTED TRUSTEE | &nbsp;&nbsp; INTERESTED TRUSTEE | &nbsp;&nbsp; INTERESTED TRUSTEE | &nbsp;&nbsp; INTERESTED TRUSTEE | &nbsp;&nbsp; INTERESTED TRUSTEE |
| &nbsp;&nbsp;&nbsp; Thomas B. Winmill <sup>(6)</sup> <sup>(7)</sup> <br> PO Box 4<br> Walpole, NH 03608<br> June 25, 1959 | 2012 (predecessor Fund: 1993) | Mr. Winmill is President, Chief Executive Officer, Chairman, Chief Legal Officer, and a Trustee or Director of the Trust, Dividend and Income Fund, and Foxby Corp. He is a Director or Manager, President, Chief Executive Officer, and Chief Legal Officer of the Investment Manager and Bexil Advisers LLC, registered investment advisers (collectively, the "Advisers"), and Midas Securities Group, Inc., a registered broker-dealer (the "Broker-Dealer"), Bexil Corporation, a holding company ("Bexil"), and Winmill & Co. Incorporated, a holding company ("Winco"). He is a Director of Global Self Storage, Inc., a self storage REIT ("SELF"), and Bexil American Mortgage Inc. He is Chairman of the Investment Policy Committee of each of the Advisers (the "IPCs"), and he is a portfolio manager of Midas Fund, Midas Magic, Dividend and Income Fund, and Foxby Corp. He is a member of the New York State Bar and the SEC Rules Committee of the Investment Company Institute.<br>| 4 | Global Self Storage, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Refers to trustees who are not "interested persons" of the Fund as defined under the Company Act. (2) Unless otherwise noted, the address of record for the trustees is 2255 Buffalo Road, Rochester, NY 14624. (3) Each Trustee shall hold office until his or her successor is elected, his or her death, or the Trust terminates, whichever is sooner, with certain excep- tions. (4) The "Fund Complex" is comprised of each series of the Trust, Dividend and Income Fund, and Foxby Corp., which are managed by the Investment Manager or its affiliate. (5) Refers to directorships and trusteeships held by a trustee during the past five years in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any company registered as an investment company under the Company Act, excluding those within the Fund Complex. (6) Thomas B. Winmill is an "interested person" (as defined in the Company Act) of the Trust because of his position with the Investment Manager. (7) Thomas B. Winmill and Mark C. Winmill are brothers.*<br>*Messrs. Atkinson, Tomasson, and Werner also serve on the Audit and Nominating Committees of the Board. Mr. Winmill also serves on the Executive Committee of the Board.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Refers to trustees who are not "interested persons" of the Fund as defined under the Company Act. (2) Unless otherwise noted, the address of record for the trustees is 2255 Buffalo Road, Rochester, NY 14624. (3) Each Trustee shall hold office until his or her successor is elected, his or her death, or the Trust terminates, whichever is sooner, with certain excep- tions. (4) The "Fund Complex" is comprised of each series of the Trust, Dividend and Income Fund, and Foxby Corp., which are managed by the Investment Manager or its affiliate. (5) Refers to directorships and trusteeships held by a trustee during the past five years in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any company registered as an investment company under the Company Act, excluding those within the Fund Complex. (6) Thomas B. Winmill is an "interested person" (as defined in the Company Act) of the Trust because of his position with the Investment Manager. (7) Thomas B. Winmill and Mark C. Winmill are brothers.*<br>*Messrs. Atkinson, Tomasson, and Werner also serve on the Audit and Nominating Committees of the Board. Mr. Winmill also serves on the Executive Committee of the Board.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Refers to trustees who are not "interested persons" of the Fund as defined under the Company Act. (2) Unless otherwise noted, the address of record for the trustees is 2255 Buffalo Road, Rochester, NY 14624. (3) Each Trustee shall hold office until his or her successor is elected, his or her death, or the Trust terminates, whichever is sooner, with certain excep- tions. (4) The "Fund Complex" is comprised of each series of the Trust, Dividend and Income Fund, and Foxby Corp., which are managed by the Investment Manager or its affiliate. (5) Refers to directorships and trusteeships held by a trustee during the past five years in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any company registered as an investment company under the Company Act, excluding those within the Fund Complex. (6) Thomas B. Winmill is an "interested person" (as defined in the Company Act) of the Trust because of his position with the Investment Manager. (7) Thomas B. Winmill and Mark C. Winmill are brothers.*<br>*Messrs. Atkinson, Tomasson, and Werner also serve on the Audit and Nominating Committees of the Board. Mr. Winmill also serves on the Executive Committee of the Board.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Refers to trustees who are not "interested persons" of the Fund as defined under the Company Act. (2) Unless otherwise noted, the address of record for the trustees is 2255 Buffalo Road, Rochester, NY 14624. (3) Each Trustee shall hold office until his or her successor is elected, his or her death, or the Trust terminates, whichever is sooner, with certain excep- tions. (4) The "Fund Complex" is comprised of each series of the Trust, Dividend and Income Fund, and Foxby Corp., which are managed by the Investment Manager or its affiliate. (5) Refers to directorships and trusteeships held by a trustee during the past five years in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any company registered as an investment company under the Company Act, excluding those within the Fund Complex. (6) Thomas B. Winmill is an "interested person" (as defined in the Company Act) of the Trust because of his position with the Investment Manager. (7) Thomas B. Winmill and Mark C. Winmill are brothers.*<br>*Messrs. Atkinson, Tomasson, and Werner also serve on the Audit and Nominating Committees of the Board. Mr. Winmill also serves on the Executive Committee of the Board.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) Refers to trustees who are not "interested persons" of the Fund as defined under the Company Act. (2) Unless otherwise noted, the address of record for the trustees is 2255 Buffalo Road, Rochester, NY 14624. (3) Each Trustee shall hold office until his or her successor is elected, his or her death, or the Trust terminates, whichever is sooner, with certain excep- tions. (4) The "Fund Complex" is comprised of each series of the Trust, Dividend and Income Fund, and Foxby Corp., which are managed by the Investment Manager or its affiliate. (5) Refers to directorships and trusteeships held by a trustee during the past five years in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any company registered as an investment company under the Company Act, excluding those within the Fund Complex. (6) Thomas B. Winmill is an "interested person" (as defined in the Company Act) of the Trust because of his position with the Investment Manager. (7) Thomas B. Winmill and Mark C. Winmill are brothers.*<br>*Messrs. Atkinson, Tomasson, and Werner also serve on the Audit and Nominating Committees of the Board. Mr. Winmill also serves on the Executive Committee of the Board.* |

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<br>MIDAS ANNUAL REPORT 2022 &nbsp;&nbsp;&nbsp;&nbsp;26

<br>OFFICERS OF THE TRUST <br>Supplemental Information (Unaudited) <br>

The executive officers, other than those who serve as trustees, and their relevant biographical information are set forth below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; OFFICERS OF THE TRUST | &nbsp;&nbsp; OFFICERS OF THE TRUST | &nbsp;&nbsp; OFFICERS OF THE TRUST |
| &nbsp;&nbsp;&nbsp; Name, Address <sup>(1)</sup>,<br> and Date of Birth | Title and<br> Officer Since <sup>(2)</sup> | Principal Occupation and Business Experience<br> for the Past Five Years |
| &nbsp;&nbsp;&nbsp; Russell Kamerman, Esq.<br> July 8, 1982 | Chief Compliance Officer since 2014. Secretary and General Counsel since 2017 | Chief Compliance Officer (since 2014), Secretary (since 2017), and General Counsel (since 2017) of the other investment companies in the Fund Complex, the Advisers, the Broker-Dealer, and Bexil. He is Assistant Chief Compliance Officer, Assistant Secretary, and Assistant General Counsel of SELF and Tuxis Corporation, a real estate company ("Tuxis"). He is Assistant Chief Compliance Officer, Assistant Secretary, and Co-General Counsel of Winco. From December 2014 to June 2017, Mr. Kamerman served as Anti-Money Laundering Officer of the other investment companies in the Fund Complex, the Advisers, Bexil, SELF, Winco, and Tuxis. He is a member of the New York State Bar and the Chief Compliance Officer Committee and the Advertising Compliance Advisory Committee of the Investment Company Institute. |
| &nbsp;&nbsp;&nbsp; Heidi Keating<br> March 28, 1959 | Vice President since 2012 (predecessor Fund: 1988) | Vice President of the other investment companies in the Fund Complex, the Advisers, the Broker-Dealer, Bexil, SELF, Tuxis, and Winco. She is a member of the IPCs. |
| &nbsp;&nbsp;&nbsp; Donald Klimoski II, Esq.<br> September 24, 1980 | Assistant Secretary, Assistant General Counsel, and Assistant Chief Compliance Officer since 2017 | Assistant Secretary, Assistant General Counsel, and Assistant Chief Compliance Officer of the other investment companies in the Fund Complex, the Advisers, the Broker-Dealer, and Bexil. He is Chief Compliance Officer, Secretary, and General Counsel of SELF and Tuxis. He is Chief Compliance Officer, Secretary, and Co-General Counsel of Winco. He is a member of the New York, New Jersey, and Patent Bars and the Compliance Advisory Committee of the Investment Company Institute. Previously, he served as Associate General Counsel of Commvault Systems, Inc. Prior to that, he was an associate at Sullivan & Cromwell LLP, where his practice focused on mergers and acquisitions, securities law, corporate governance, intellectual property, and related matters. |
| &nbsp;&nbsp;&nbsp; Thomas O'Malley<br> July 22, 1958 | Chief Accounting Officer, Chief Financial Officer, Treasurer, and Vice President since 2012 (predecessor Fund: 2005)<br>| Chief Accounting Officer, Chief Financial Officer, Vice President, and Treasurer of the other investment companies in the Fund Complex, the Advisers, the Broker-Dealer, Bexil, SELF, Tuxis, and Winco. He is a certified public accountant. |
| &nbsp;&nbsp;&nbsp; Louis Soulios<br> July 24, 1981 | Vice President, Finance since 2022 | Vice President, Finance, of the investment companies in the Fund Complex, the Advisers, the Broker-Dealer, Bexil, SELF, Tuxis, and Winco. He is a certified public accountant. |
| &nbsp;&nbsp;&nbsp; Mark C. Winmill <sup>(3)</sup><br> November 26, 1957 | Vice President since 2012 | Vice President of the other investment companies in the Fund Complex and Midas Management Corporation. He is a member of the IPCs. He is President, Chief Executive Officer, Chairman, and a Director of SELF and Tuxis. He is Executive Vice President and a Director of Winco, and a principal of the Broker-Dealer. |
| &nbsp;&nbsp;&nbsp;&nbsp; *(1) Unless otherwise noted, the address of record for the officers is 2255 Buffalo Road, Rochester, NY 14624. (2) Officers hold their positions with the Trust until a successor has been duly elected and qualifies. Officers are generally elected annually at the December meeting of the Board of Trustees. The officers were last elected on December 7, 2022. (3) Thomas B. Winmill and Mark C. Winmill are brothers.* | &nbsp;&nbsp;&nbsp;&nbsp; *(1) Unless otherwise noted, the address of record for the officers is 2255 Buffalo Road, Rochester, NY 14624. (2) Officers hold their positions with the Trust until a successor has been duly elected and qualifies. Officers are generally elected annually at the December meeting of the Board of Trustees. The officers were last elected on December 7, 2022. (3) Thomas B. Winmill and Mark C. Winmill are brothers.* | &nbsp;&nbsp;&nbsp;&nbsp; *(1) Unless otherwise noted, the address of record for the officers is 2255 Buffalo Road, Rochester, NY 14624. (2) Officers hold their positions with the Trust until a successor has been duly elected and qualifies. Officers are generally elected annually at the December meeting of the Board of Trustees. The officers were last elected on December 7, 2022. (3) Thomas B. Winmill and Mark C. Winmill are brothers.* |

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<br>27&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

Rev. 12/2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**PRIVACY POLICY** 

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| | | | |
|:---|:---|:---|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**FACTS**<br>| <br> **WHAT DOES MIDAS DO WITH YOUR PERSONAL INFORMATION?** | <br> **WHAT DOES MIDAS DO WITH YOUR PERSONAL INFORMATION?** | <br> **WHAT DOES MIDAS DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | <br> Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | <br> Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | <br> Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | <br> The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br> The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br> The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| **What?** | <br> • Social Security number | <br> • Transaction or loss history | <br> • Retirement assets |
| **What?** | • Account balances | • Account transactions | • Checking account information |
| **What?** | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | <br> All financial companies need to share customer's personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Midas chooses to share; and whether you can limit this sharing. | <br> All financial companies need to share customer's personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Midas chooses to share; and whether you can limit this sharing. | <br> All financial companies need to share customer's personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Midas chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Reasons we can share your personal information**<br>| **&nbsp;&nbsp;&nbsp;&nbsp; Does Midas&nbsp;&nbsp;&nbsp;&nbsp; <br> share?** | **&nbsp;&nbsp;&nbsp;&nbsp;Can you limit this <br> sharing?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For our everyday business purposes -**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus<br>| Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For our marketing purposes -**<br> To offer our products and services to you<br>| Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For joint marketing with other nonaffiliated financial companies**<br>| No<br>| We don't share<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For our affiliates' everyday business purposes -**<br> Information about your transactions and experiences<br>| No | We don't share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For our affiliates' everyday business purposes –**<br> Information about your creditworthiness<br>| No | We don't share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For our affiliates to market to you -**<br>| Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For nonaffiliates to market to you -**<br>| No | We don't share |

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| | | |
|:---|:---|:---|
| **To Limit Sharing** | • | Call Midas at 212-785-0900; or |
| **To Limit Sharing** | • | Mail the form below |
| **To Limit Sharing** | **Please note:** | **Please note:** |
| **To Limit Sharing** | If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are *no longer* our customer, we continue to share your information as described in this notice.<br> However, you can contact us at any time to limit our sharing. | If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are *no longer* our customer, we continue to share your information as described in this notice.<br> However, you can contact us at any time to limit our sharing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Questions?** | <br> Call 1-800-400–MIDAS (6432) or go to <u>www.MidasFunds.com</u> | <br> Call 1-800-400–MIDAS (6432) or go to <u>www.MidasFunds.com</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ✂.............................................................................................................................................................

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Mail-in Form** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Mail-in Form** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Leave blank or**<br> [If you have a joint account, your choice will apply to everyone on your account unless you mark below.<br> ☐ Apply my choice only to me]<br>**Mail to:**<br> Midas Funds<br> 2255 Buffalo Road<br> Rochester, NY 14624 | <br> Mark if you want to limit:<br> ☐ Do not allow your affiliates to use my personal information to market to me. |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Leave blank or**<br> [If you have a joint account, your choice will apply to everyone on your account unless you mark below.<br> ☐ Apply my choice only to me]<br>**Mail to:**<br> Midas Funds<br> 2255 Buffalo Road<br> Rochester, NY 14624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Leave blank or**<br> [If you have a joint account, your choice will apply to everyone on your account unless you mark below.<br> ☐ Apply my choice only to me]<br>**Mail to:**<br> Midas Funds<br> 2255 Buffalo Road<br> Rochester, NY 14624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Leave blank or**<br> [If you have a joint account, your choice will apply to everyone on your account unless you mark below.<br> ☐ Apply my choice only to me]<br>**Mail to:**<br> Midas Funds<br> 2255 Buffalo Road<br> Rochester, NY 14624 | <br> **Name**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Leave blank or**<br> [If you have a joint account, your choice will apply to everyone on your account unless you mark below.<br> ☐ Apply my choice only to me]<br>**Mail to:**<br> Midas Funds<br> 2255 Buffalo Road<br> Rochester, NY 14624 | <br> **Address**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Leave blank or**<br> [If you have a joint account, your choice will apply to everyone on your account unless you mark below.<br> ☐ Apply my choice only to me]<br>**Mail to:**<br> Midas Funds<br> 2255 Buffalo Road<br> Rochester, NY 14624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Leave blank or**<br> [If you have a joint account, your choice will apply to everyone on your account unless you mark below.<br> ☐ Apply my choice only to me]<br>**Mail to:**<br> Midas Funds<br> 2255 Buffalo Road<br> Rochester, NY 14624 | <br> **City, State, Zip**<br>|
|  | <br> **Account #**<br>|

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<br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;28

<br> <br> &nbsp;&nbsp;&nbsp;&nbsp;Page 2&nbsp;&nbsp;&nbsp;&nbsp; <br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Who we are**<br>|  |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | <br> Midas: Midas Fund and Midas Magic, each a series of Midas Series Trust, and Midas Securities Group, Inc.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **What we do**<br>|  |
| &nbsp;&nbsp;&nbsp;**How does Midas protect my personal information?** | <br> To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>|
| &nbsp;&nbsp;&nbsp;**How does Midas collect my personal information?** | <br> We collect your personal information, for example, when you |
| &nbsp;&nbsp;&nbsp;**How does Midas collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open an account |
| &nbsp;&nbsp;&nbsp;**How does Midas collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buy securities from us |
| &nbsp;&nbsp;&nbsp;**How does Midas collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide account information |
| &nbsp;&nbsp;&nbsp;**How does Midas collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Give us your contact information |
| &nbsp;&nbsp;&nbsp;**How does Midas collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pay us by check<br>|
|  | <br> Federal law gives you the right to limit only |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sharing for affiliate's everyday business purposes - information about your creditworthiness |
| &nbsp;&nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliates from using your information to market to you |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sharing for nonaffiliates to market to you |
|  | State laws and individual companies may give you additional rights to limit sharing<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **What happens when I limit sharing for an account I hold jointly with someone else?**<br>| Your choices will apply to everyone on your account - unless you tell us otherwise |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Definitions**<br>|  |
| &nbsp;&nbsp;&nbsp;**Affiliates** | <br> Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| &nbsp;&nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Midas shares with our affiliates.*<br>|
| &nbsp;&nbsp;&nbsp;**Nonaffiliates** | <br> Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| &nbsp;&nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Midas does not share with nonaffiliates so they can market their financial products or services to you.*<br>|
| &nbsp;&nbsp;&nbsp;**Joint marketing** | <br> A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| &nbsp;&nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Midas does not jointly market.*<br>|

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<br>29&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

<br>ADDITIONAL INFORMATION <br>Supplemental Information (Unaudited) <br>

QUARTERLY SCHEDULES OF PORTFOLIO HOLDINGS

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Trust's Form N-PORT reports are available on the SEC's website at <u>www.sec.gov</u> and a link thereto can be found on the Fund's website at <u>www.MidasFunds.com</u>.

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by calling 1-800-400-MIDAS (6432) and on the website of the SEC at <u>www.sec.gov</u>. Information regarding how the Trust voted proxies relating to portfolio securities

during the most recent 12 month period ended June 30 is available without charge, upon request, by calling 1-800-400-MIDAS (6432), on the website of the SEC at <u>www.sec.gov</u>, and on the Trust's web-site at <u>www.MidasFunds.com</u>.

POLICIES AND UPDATES

Certain provisions in the Trust's Amended Trust Instrument and/or Bylaws ("Governing Documents") could have the effect of depriving the owners of shares in a Fund of, among other things, bringing litigation against a Fund and/or any trustee, officer, employee or affiliate thereof. The foregoing summary is subject to the Governing Documents of the Trust, which are on file with the SEC and available on the Trust's website <u>www.MidasFunds.com</u>.

*The Midas Funds are part of a fund complex which includes Foxby Corp. and Dividend and Income Fund.* 

**Please Note** - There is no assurance that a Fund's investment objectives will be attained. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

You should consider the investment objectives, risks, and charges and expenses of the Midas Funds carefully before investing. The prospectus and each summary prospectus contain this and other information about the Midas Funds. To obtain a copy of the prospectus and each summary prospectus, please contact us at 1-800-400-MIDAS (6432) or download them at https://midasfunds.com/literature/. Please read the prospectus and each summary prospectus carefully before investing. The Midas website addresses included in this report are textual references only. The information on the website is not incorporated by reference into this report.

Midas Fund invests in securities of companies involved in the business of mining, processing, fabricating, distributing, or otherwise dealing in natural resources and precious metals. Midas Fund is subject to risks including, but not limited to, those associated with market fluctuations, foreign investment, non-diversification, concentration, investments in gold, silver, platinum, and other precious metals, natural resource companies, depletion and exploration risk, and in-kind redemptions.

Investment products, including shares of the Funds, are not federally or FDIC insured, are not deposits or obligations of, or guaranteed by, any financial institution and involve investment risk, including possible loss of principal and fluctuation in value. Consult with your tax advisor or attorney regarding specific tax issues.

**Cautionary Note Regarding Forward Looking Statements** - One of Midas' guiding principles is that we will communicate with our shareholders and prospective investors as candidly as possible because we believe shareholders and prospective investors benefit from understanding our investment philosophy and approach. Our views and opinions regarding the prospects of our portfolio holdings, the Midas Funds, and the economy are "forward looking statements" as defined under the U.S. federal securities laws which may or may not be accurate and may be materially different over future periods. 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 the Midas Funds invest, management risk, and other risks discussed in the Midas Funds' filings with the U.S. Securities and Exchange Commission. We disclaim any obligation to update or alter any forward looking statements, whether as a result of new information, future events, or otherwise. Thus, you should not place undue reliance on forward looking statements, which speak only as of the date they are made.

<br>This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. NOT FDIC INSURED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAY LOSE VALUE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOT BANK GUARANTEED

<br>MIDAS ANNUAL REPORT 2022 &nbsp;&nbsp;&nbsp;&nbsp;30

<br>INVEST WITH MIDAS <br>Account Information (Unaudited) <br>

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|:---|:---|
| <br> MIDAS FUNDS OFFER | <br> MIDAS FUNDS OFFER |
| · | Regular Accounts |
| · | IRA Retirement Accounts, including Traditional, Simplified Employee Pension IRA (SEP IRA, a retirement plan specifically designed for, and funded by, self-employed people and small business owners), Roth, and SIMPLE. The Savings Incentive Match Plan for Employees (SIMPLE) plan is devised specifically to help satisfy the needs of small businesses with 100 or fewer employees. |
| · | Education Savings Accounts |
| · | Health Savings Accounts |
| · | Online and toll free telephone account access |
| · | Electronic delivery of account statements, reports, and prospectus, etc. |
| Only $1,000 minimum to open a Midas Funds account, with subsequent minimum investments of $100. | Only $1,000 minimum to open a Midas Funds account, with subsequent minimum investments of $100. |
| There is NO FEE to open an account. | There is NO FEE to open an account. |
| Join our free and automatic Midas Systematic Investment Program and open an account for only $100, and make subsequent monthly investments of $100 or more. | Join our free and automatic Midas Systematic Investment Program and open an account for only $100, and make subsequent monthly investments of $100 or more. |

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| |
|:---|
| <br> SIGN UP FOR ELECTRONIC DELIVERY<br>|
| Midas shareholders can now sign up for electronic delivery of their account statements, confirms, tax forms and regulatory documents.<br>It is fast and easy to sign up for electronic delivery. Just follow these three simple steps: |
| (1) Log into online account through *The Midas Touch* by clicking Account Access on <u>www.MidasFunds.com</u>. If you have not registered for *The Midas Touch*, click on Account Access and follow the registration instructions under "Sign up for Midas Touch online access."<br>(2) After logging in, select Document Delivery Settings under the Documents tab in the left navigation menu. |
| (3) On this page you can choose to have documents sent to your e-mail address. That's it! |
| When you sign up for electronic delivery, you'll get an email notifying you that your important account documents are ready for instant access on our secure website.<br>|

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<br>31&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> INSTRUCTIONS FOR ONLINE AND PAPER APPLICATIONS |  |
|  | Opening Your New Account |

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| |
|:---|
| <br> ONLINE |
| To open a Regular Individual or Joint Account, Uniform Gift to Minor Account, or a Traditional, SEP, SIMPLE, or Roth IRA Account, go to <u>www.MidasFunds.com</u> and click "New Account" at the top menu bar.<br>PAPER |
| To open a Regular Individual or Joint Account or a Uniform Gift to Minor Account, use the paper application on the next page. For a Traditional or Roth IRA Account application, please call 1-800-400-MIDAS (6432) to request that an IRA application be sent in the mail to you or go to <u>www.MidasFunds.com</u> and print out an IRA application.<br>|
| <br> The number on the instructions below correspond with the number of the section on the application. |

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1 REGISTRATION If there is more than one owner of the account, the registration will be "Joint Tenants with Right of Survivorship" unless you specify "Tenants in Common." If this is a Uniform Gift/Transfer to a Minor, please enter all information requested for the minor.

2 MAILING AND E-MAIL ADDRESSES AND TELEPHONE NUMBER You must be a U.S. citizen with a U.S. mailing address. If this is a Uniform Gift/Transfer to a Minor, please enter all information for the custodian, including the custodian's physical address.

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| | |
|:---|:---|
| 3 | CHOOSE FUND(S) AND AMOUNT INVESTED Indicate the Fund(s) in which you are opening an account. The opening minimum for a Fund is $1,000 ($100 for Midas Systematic Investment Programs – see Section 7 of the Account Application). The minimum subsequent investment is $100.  |

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4 DISTRIBUTIONS Your dividends and distributions will be reinvested in additional shares of the Fund unless you instruct Midas otherwise.

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| | |
|:---|:---|
| 5 | SHAREHOLDER COMMUNICATIONS Account and confirmation statements, shareholder reports, and prospectuses will be sent to the address you provided in Section 2 of the Account Application. To learn more about how you can access your account online and sign up for electronic delivery of these materials, please visit <u>www.MidasFunds.com</u>.  |

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ACCOUNT STATEMENTS AND OTHER MATERIALS. There is no charge for shareholders to receive account statements, confirmations, and tax forms electronically (i.e., by e-delivery). You can make your e-delivery election by visiting <u>www.MidasFunds.com</u> and logging in to your *The Midas Touch<sup>®</sup>* account. With *The Midas Touch*, you receive 24/7 access to view your account statements, confirmations, and tax forms. If you elect to receive these materials in paper by mail, your account may be charged a $20 account service fee to cover printing, mailing, postage, handling, and related charges (unless such fee is waived by the Funds or the Investment Manager for any or all shareholders in their discretion for any or no reason). The account service fee may be applied to both retirement and nonretirement Fund accounts and may be assessed on Fund accounts regardless of the account minimum. The fee, which will be collected by redeeming Fund shares in the amount of $20, will be deducted from Fund approved accounts subject to the fee once per calendar year.

6 COST BASIS Check the method of cost basis you would prefer. The default cost basis for each of the Midas Funds is the Average Cost method. Visit <u>www.MidasFunds.com</u> for additional information.

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| | |
|:---|:---|
| 7 | MIDAS SHAREHOLDER SERVICES - MIDAS SYSTEMATIC INVESTMENT PROGRAM/*THE MIDAS TOUCH* With the free Midas Systematic Investment Program, you can establish a convenient and affordable long term investment program. The $1,000 minimum investment requirement is waived since the Midas Systematic Investment Program is designed to facilitate an automatic monthly investment of $100 or more into your Fund account(s). Please specify the total amount you want to invest each month, the Fund and when you'd like to start.  |

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All shareholders can obtain information about their account 24 hours a day, every day, at <u>www.MidasFunds.com</u> and by automated telephone response at 1-800-400-MIDAS (6432). Only with *The Midas Touch* can you manage your account by purchasing or redeeming Fund shares using electronic funds transfer, initiate Fund to Fund transfers between the Midas Funds, and perform transactions through a Shareholder Services Representative. To activate these features, please indicate your bank routing and account numbers or attach a voided check.

8 SIGNATURE AND CERTIFICATION TO AVOID BACKUP WITHHOLDING After reading this section, please sign and date the Account Application. At least one name on the bank account must match a named shareholder.

SEND BY MAIL Regular mail: Midas Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707. Overnight express mail and courier: Midas Funds, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. Checks must be payable to Midas Funds in U.S. dollars. Third party checks and money orders (other than money orders issued by a bank) cannot be accepted.

SEND BY WIRE Call 1-800-400-MIDAS (6432) between 8 a.m. and 6 p.m. ET, on business days to speak with a Shareholder Services Representative, for wire instructions.

IF YOU NEED ANY ASSISTANCE IN COMPLETING AN ONLINE OR PAPER APPLICATION, PLEASE CALL A SHAREHOLDER SERVICES REPRESENTATIVE AT **1-800-400-MIDAS (6432)** BETWEEN 8 A.M. AND 6 P.M. ET ON BUSINESS DAYS.

<br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;32

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g446376sp36.jpg) <br>| <br> NEW ACCOUNT APPLICATION <br>**Open your account online at <u>www.MidasFunds.com</u> or use this Account Application to open a regular Midas Account.**<br>**Mail this completed Application and check payable to Midas Funds to:**<br>**Regular mail: Midas Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707.**<br>**Overnight express mail and courier: Midas Funds, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.**<br>**For an IRA or other tax advantaged accounts, please call 1-800-400-MIDAS (6432) or go to www.MidasFunds.com** |

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| | | | | |
|:---|:---|:---|:---|:---|
| IMPORTANT: In compliance with the USA Patriot Act, federal law requires all financial institutions (including mutual funds) to obtain, verify, and record information that identifies each person who opens an account. | IMPORTANT: In compliance with the USA Patriot Act, federal law requires all financial institutions (including mutual funds) to obtain, verify, and record information that identifies each person who opens an account. | IMPORTANT: In compliance with the USA Patriot Act, federal law requires all financial institutions (including mutual funds) to obtain, verify, and record information that identifies each person who opens an account. | IMPORTANT: In compliance with the USA Patriot Act, federal law requires all financial institutions (including mutual funds) to obtain, verify, and record information that identifies each person who opens an account. | IMPORTANT: In compliance with the USA Patriot Act, federal law requires all financial institutions (including mutual funds) to obtain, verify, and record information that identifies each person who opens an account. |
| WHAT THIS MEANS FOR YOU: When you open an account, we must receive your name, address, date of birth, and other information that will allow us to identify you. We may also ask for additional identifying documents. The information is required for all owners, co-owners, or anyone authorized to sign or transact on behalf of a legal entity that will own the account. We will return your application if this information is missing. If we are unable to verify this information, your account may be closed and you will be subject to all applicable costs. | WHAT THIS MEANS FOR YOU: When you open an account, we must receive your name, address, date of birth, and other information that will allow us to identify you. We may also ask for additional identifying documents. The information is required for all owners, co-owners, or anyone authorized to sign or transact on behalf of a legal entity that will own the account. We will return your application if this information is missing. If we are unable to verify this information, your account may be closed and you will be subject to all applicable costs. | WHAT THIS MEANS FOR YOU: When you open an account, we must receive your name, address, date of birth, and other information that will allow us to identify you. We may also ask for additional identifying documents. The information is required for all owners, co-owners, or anyone authorized to sign or transact on behalf of a legal entity that will own the account. We will return your application if this information is missing. If we are unable to verify this information, your account may be closed and you will be subject to all applicable costs. | WHAT THIS MEANS FOR YOU: When you open an account, we must receive your name, address, date of birth, and other information that will allow us to identify you. We may also ask for additional identifying documents. The information is required for all owners, co-owners, or anyone authorized to sign or transact on behalf of a legal entity that will own the account. We will return your application if this information is missing. If we are unable to verify this information, your account may be closed and you will be subject to all applicable costs. | WHAT THIS MEANS FOR YOU: When you open an account, we must receive your name, address, date of birth, and other information that will allow us to identify you. We may also ask for additional identifying documents. The information is required for all owners, co-owners, or anyone authorized to sign or transact on behalf of a legal entity that will own the account. We will return your application if this information is missing. If we are unable to verify this information, your account may be closed and you will be subject to all applicable costs. |
| <br> **1 REGISTRATION** (Please type or print.) For assistance with this Application, please call 1-800-400-MIDAS (6432) 8 a.m. - 6 p.m. ET. Individual or Custodian of a Gift/Transfer to a Minor: | <br> **1 REGISTRATION** (Please type or print.) For assistance with this Application, please call 1-800-400-MIDAS (6432) 8 a.m. - 6 p.m. ET. Individual or Custodian of a Gift/Transfer to a Minor: | <br> **1 REGISTRATION** (Please type or print.) For assistance with this Application, please call 1-800-400-MIDAS (6432) 8 a.m. - 6 p.m. ET. Individual or Custodian of a Gift/Transfer to a Minor: | <br> **1 REGISTRATION** (Please type or print.) For assistance with this Application, please call 1-800-400-MIDAS (6432) 8 a.m. - 6 p.m. ET. Individual or Custodian of a Gift/Transfer to a Minor: | <br> **1 REGISTRATION** (Please type or print.) For assistance with this Application, please call 1-800-400-MIDAS (6432) 8 a.m. - 6 p.m. ET. Individual or Custodian of a Gift/Transfer to a Minor: |
| First Name | Middle Initial | Last Name | Social Security # | Date of Birth |
| Joint Tenant: Note: Registration will be Joint Tenants with Right of Survivorship, unless otherwise specified here as Tenants in Common ☐ | Joint Tenant: Note: Registration will be Joint Tenants with Right of Survivorship, unless otherwise specified here as Tenants in Common ☐ | Joint Tenant: Note: Registration will be Joint Tenants with Right of Survivorship, unless otherwise specified here as Tenants in Common ☐ | Joint Tenant: Note: Registration will be Joint Tenants with Right of Survivorship, unless otherwise specified here as Tenants in Common ☐ | Joint Tenant: Note: Registration will be Joint Tenants with Right of Survivorship, unless otherwise specified here as Tenants in Common ☐ |
| First Name | Middle Initial | Last Name | Social Security # | Date of Birth |
| Gift/Transfer to a Minor: | Gift/Transfer to a Minor: | Gift/Transfer to a Minor: | Gift/Transfer to a Minor: | Gift/Transfer to a Minor: |
| Minor's First Name<br>| Minor's Middle Initial | Minor's Last Name | Minor's Social Security # | Minor's Date of Birth |
| Minor's Address (if different than custodian address) | Minor's Address (if different than custodian address) | City | State / Zip |  |
| Estate: Note: Include a copy of a probate document indicating the name of the Executor of the Estate, such as Letters Testamentary or Letters of Administration. | Estate: Note: Include a copy of a probate document indicating the name of the Executor of the Estate, such as Letters Testamentary or Letters of Administration. | Estate: Note: Include a copy of a probate document indicating the name of the Executor of the Estate, such as Letters Testamentary or Letters of Administration. | Estate: Note: Include a copy of a probate document indicating the name of the Executor of the Estate, such as Letters Testamentary or Letters of Administration. | Estate: Note: Include a copy of a probate document indicating the name of the Executor of the Estate, such as Letters Testamentary or Letters of Administration. |
| Name of Estate<br>|  | Estate Tax ID Number | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email |
| Executor<br>|  | Social Security Number | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date of Birth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date of Birth |
| Co-Executor<br>|  | Social Security Number | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date of Birth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date of Birth |
| For Dealer Use Only: | For Dealer Use Only: | For Dealer Use Only: | For Dealer Use Only: | For Dealer Use Only: |
| Financial Institution Name<br>|  | Representative's Full Name | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative's Branch Office Telephone Number | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative's Branch Office Telephone Number |
| Dealer Number<br>|  | Branch Number | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative Number | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative Number |
| Address<br>|  | City | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State/Zip | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State/Zip |
| Representative's Signature<br>|  | Supervisor's Signature |  |  |
| <br> **2 MAILING AND E-MAIL ADDRESSES AND TELEPHONE NUMBER** | <br> **2 MAILING AND E-MAIL ADDRESSES AND TELEPHONE NUMBER** | <br> **2 MAILING AND E-MAIL ADDRESSES AND TELEPHONE NUMBER** | <br> **2 MAILING AND E-MAIL ADDRESSES AND TELEPHONE NUMBER** | <br> **2 MAILING AND E-MAIL ADDRESSES AND TELEPHONE NUMBER** |
| Street Address (physical address)<br>| City | State / Zip | Daytime Telephone |  |
| Mailing Address (if different from above)<br>| City | State / Zip | Daytime Telephone |  |
| E-mail Address<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; PLEASE TELL US HOW YOU HEARD ABOUT MIDAS: | &nbsp;&nbsp;&nbsp; PLEASE TELL US HOW YOU HEARD ABOUT MIDAS: | &nbsp;&nbsp;&nbsp; PLEASE TELL US HOW YOU HEARD ABOUT MIDAS: | &nbsp;&nbsp;&nbsp; PLEASE TELL US HOW YOU HEARD ABOUT MIDAS: | &nbsp;&nbsp;&nbsp; PLEASE TELL US HOW YOU HEARD ABOUT MIDAS: |
|  |  |  |  | <br> AR22 |

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<br>33&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

<br>NEW ACCOUNT APPLICATION

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| | | | |
|:---|:---|:---|:---|
| <br> **3 FUND(S) CHOSEN AND AMOUNT INVESTED** ($1,000 minimum per Fund) Note: The $1,000 initial investment minimum is waived if you elect to invest $100 or more each month through the free, automatic Midas Systematic Investment Program (see Section 7). | <br> **3 FUND(S) CHOSEN AND AMOUNT INVESTED** ($1,000 minimum per Fund) Note: The $1,000 initial investment minimum is waived if you elect to invest $100 or more each month through the free, automatic Midas Systematic Investment Program (see Section 7). | <br> **3 FUND(S) CHOSEN AND AMOUNT INVESTED** ($1,000 minimum per Fund) Note: The $1,000 initial investment minimum is waived if you elect to invest $100 or more each month through the free, automatic Midas Systematic Investment Program (see Section 7). | <br> **3 FUND(S) CHOSEN AND AMOUNT INVESTED** ($1,000 minimum per Fund) Note: The $1,000 initial investment minimum is waived if you elect to invest $100 or more each month through the free, automatic Midas Systematic Investment Program (see Section 7). |
| MIDAS<br> FUND |  |  | TOTAL |
| &nbsp;&nbsp;&nbsp;**$** | **+** | $**=** | **$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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| |
|:---|
|  By Check: Please draw your check to the order of **Midas Funds** and enclose with this Application. **Third party checks and money orders cannot be accepted.** |
|  <br> By Wire: Please complete this Application (except for the sentence in brackets below) and fax to 1-877-513-0756 with the name of the sending bank and amount to be wired before making an initial investment by wire. You will then be assigned a Midas account number and wiring address. Then, fill in the blanks below and mail to Midas. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Assigned Midas account number <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Date the wire was sent <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> .] |
| <br> **4 DISTRIBUTIONS** If no box is checked, the Automatic Compounding Option will be assigned to increase the shares you own. |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Automatic Compounding Option Dividends and distributions reinvested in additional shares. |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Payment Option Dividends and distributions in cash. |
| <br> **5 SHAREHOLDER COMMUNICATIONS** Account and confirmation statements, shareholder reports, and prospectuses will be sent to the address you provided in Section 2 above by U.S. mail. After your Midas account is established, to change to e-delivery please visit <u>www.MidasFunds.com</u>. |
| &nbsp;&nbsp;&nbsp; <br> **6 COST BASIS** If no box is checked, the Average Cost method will be assigned as the default cost basis method.<br> ☐ Average Cost&nbsp;&nbsp;&nbsp;&nbsp;☐ First In, First Out&nbsp;&nbsp;&nbsp;&nbsp;☐ Last In, First Out&nbsp;&nbsp;&nbsp;&nbsp;☐ Low Cost, First Out&nbsp;&nbsp;&nbsp;&nbsp;☐ High Cost, First Out<br> ☐ Specific Lot Identification We collect this information to report cost basis information on IRS Form 1099-B. This cost basis method will be applied to all Midas Funds with the same ownership unless a different method is provided for specific funds on a separate page. Visit www.MidasFunds.com for information on cost basis.<br>**7 MIDAS SYSTEMATIC INVESTMENT PROGRAM AND THE MIDAS TOUCH -** Check the box for the service(s) you want for your account, and below please attach a voided check.<br>☐ Midas Systematic Investment Program - Starting <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (date) automatically purchase shares of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (Fund Name) each month by transferring $<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> ($100 minimum) from my bank account each month. I understand there is no charge by Midas for this service.<br>☐ *The Midas Touch* - All Midas shareholders can access account information 24 hours a day, every day, at <u>www.MidasFunds.com</u> and 1-800-400-MIDAS (6432). With *The Midas Touch*, you can also manage your account by purchasing or redeeming Fund shares with the proceeds from and to your bank account, transfer between the Midas Funds, and perform telephone transactions through a Shareholder Services Representative. |

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| | |
|:---|:---|
| ![LOGO](g446376sp37.jpg) <br>| *To participate in the Midas*<br> *Systematic Investment*<br> *Program or to get The*<br> *Midas Touch, please*<br> *attach a voided check.* |

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<br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;34

NEW ACCOUNT APPLICATION

<br>**8 SIGNATURE AND CERTIFICATION TO AVOID BACKUP WITHHOLDING**<br> *"I certify that I have received and read the prospectus for the Midas Funds, agree to its terms, and have the legal capacity to purchase their shares. I understand that no certificates will be issued and that my confirmation statement will be evidence of my ownership of Fund shares. I acknowledge receipt of the Fund's privacy policy notice. I understand telephone conversations with representatives of the transfer agent and Midas Securities Group, Inc., (collectively "Service Agents") are recorded and hereby consent to such recording. I agree that the Service Agents will not be liable for acting on instructions believed genuine and under reasonable procedures designed to prevent unauthorized transactions.* **I certify (1) the Social Security or taxpayer identification number provided above is correct, (2) I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the IRS that I am subject to backup withholding, or (c) I have been notified by the IRS that I am no longer subject to backup withholding, and (3) I am a U.S. person (including a U.S. resident alien)." (Please cross out item 2 if it does not apply to you.) The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.**<br>

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| | | | |
|:---|:---|:---|:---|
| Signature of&nbsp;&nbsp;&nbsp;&nbsp;☐ Owner&nbsp;&nbsp;&nbsp;&nbsp; ☐ Custodian | Date | Signature of Joint Owner (if any) | Date |
| *This Account Application must be signed and completed by all authorized signers.* | *This Account Application must be signed and completed by all authorized signers.* | *This Account Application must be signed and completed by all authorized signers.* |  |

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<br>**9 STATE ESCHEATMENT LAWS**<br>Escheatment laws adopted by various states require that personal property that is deemed to be abandoned or ownerless, including mutual fund shares and bank deposits, be transferred to the state. Under such laws, ownership of your Fund shares may be transferred to the appropriate state if no activity occurs in your account within the time period specified by applicable state law. The Fund, or its agent, retains a search service to track down missing shareholders and will escheat an account only after several attempts to locate the shareholder have failed. To avoid this from happening to your account, please keep track of your account and promptly inform the Fund of any change in your address.<br>

<br>35&nbsp;&nbsp;&nbsp;&nbsp; MIDAS ANNUAL REPORT 2022 <br>

![LOGO](g446376dsp035.jpg)

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|:---|:---|
| <br> With ***The Midas Touch***, you enjoy enhanced access at any time, online at <u>www.MidasFunds.com</u> or by telephone **1-800-400-MIDAS (6432**), to: | <br> With ***The Midas Touch***, you enjoy enhanced access at any time, online at <u>www.MidasFunds.com</u> or by telephone **1-800-400-MIDAS (6432**), to: |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Open a Midas investment account online |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Monitor your investments |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Retrieve your account history |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Review recent transactions |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Obtain Fund prices |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Check your account balances and account activity |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Obtain prospectuses, shareholder reports, and account applications, as well as IRA transfer forms and Systematic Investment Program forms for regular monthly investing |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Purchase or redeem Fund shares using electronic funds transfer to move money to or from your authorized bank account |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Initiate account transactions, such as Fund to Fund exchanges between the Midas Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;• | Make transactions through a Shareholder Services Representative Monday through Friday, from 8 a.m. to 6 p.m. ET |
|  | **MIDAS FUNDS**<br> **P.O. BOX 46707**<br> **INCINNATI, OH 45246-0707**<br>**1-800-400-MIDAS (6432) FOR INVESTMENT INFORMATION** |
| <br> There is no assurance that a Fund's investment objectives will be attained. Past performance does not guarantee future results. The investment return and principle value of an investment will fluctuate, so shares when redeemed may be worth more or less than their original cost. Dollar cost averaging through the Systematic Investment Program does not assure a profit or protect against loss in a declining market and investors should consider their ability to make purchases when prices are low. Current performance may be lower or higher than the performance quoted herein. This Report and the financial statements it contains are submitted for the general information of the shareholders of the Midas Funds. This Report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which contains more complete information, including investment objectives, risks, and charges and expenses of the Midas Funds. Please read it carefully before you invest or send money.<br>Midas Securities Group, Inc., Distributor. Member: FINRA. | <br> There is no assurance that a Fund's investment objectives will be attained. Past performance does not guarantee future results. The investment return and principle value of an investment will fluctuate, so shares when redeemed may be worth more or less than their original cost. Dollar cost averaging through the Systematic Investment Program does not assure a profit or protect against loss in a declining market and investors should consider their ability to make purchases when prices are low. Current performance may be lower or higher than the performance quoted herein. This Report and the financial statements it contains are submitted for the general information of the shareholders of the Midas Funds. This Report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which contains more complete information, including investment objectives, risks, and charges and expenses of the Midas Funds. Please read it carefully before you invest or send money.<br>Midas Securities Group, Inc., Distributor. Member: FINRA. |

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<br>MIDAS ANNUAL REPORT 2022&nbsp;&nbsp;&nbsp;&nbsp;36

![LOGO](g446376dsp036a.jpg)

PO Box 46707

Cincinnati, OH 45246-0707

![LOGO](g446376dsp036c.jpg)

## &nbsp;&nbsp;&nbsp;&nbsp;
![LOGO](g446376dsp036d.jpg)

AR22 <br>

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#### Item 1(b):<br>

#### <br>

#### Not applicable. <br>

#### <br>
**Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics (the "Code") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) No information need be disclosed pursuant to this paragraph.

(c) Not applicable.

(d) Not applicable.

(e) Not applicable.

(f) The text of the Code can be viewed on the registrant's website, www.MidasFunds.com, or a copy of the Code may be obtained free of charge by calling the registrant collect at 1-212-785-0900.**

#### Item 3. Audit Committee Financial Expert.
<br> The registrant's Board of Trustees has determined that it has three "audit committee financial experts" serving on its audit committee, each of whom are "independent" Trustees: Roger A. Atkinson, Jon Tomasson, and Peter K. Werner. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert pursuant to this Item does not affect the duties, obligations, or liability of any other member of the audit committee or Board of Trustees.

#### Item 4. Principal Accountant Fees and Services.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the
 audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

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| |
|:---|
| AUDIT FEES |
| 2022 - $48500<br>|
| 2021 - $48000<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are
 reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are as follows:

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| |
|:---|
| AUDIT-RELATED FEES |
| 2022 - $4000<br>|
| 2021 - $4000 |

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Audit related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements, including the issuance of a report on internal controls and review of periodic reporting.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax
 compliance, tax advice, and tax planning are as follows:

TAX FEES<br>

---

| |
|:---|
| 2022 - $9500<br>|
| 2021 - $9500 |
| Tax fees include amounts related to tax compliance, tax planning, and tax advice. |

---

---

| | |
|:---|:---|
| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are as follows: |
|  | ALL OTHER FEES |
|  | 2022 - $0<br>|
|  | 2021 - $0 |
|  | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Pursuant to the registrant's Audit Committee Charter, the Audit Committee shall consider for pre-approval any non-audit services
 proposed to be provided by the auditors to the registrant, and any non-audit services proposed to be provided by such auditors to the registrant's investment manager and any service providers controlling, controlled by, or under
 common control with the registrant's investment manager, if any, which have a direct impact on registrant operations or financial reporting. In those situations when it is not convenient to obtain full Audit Committee approval, the
 Chairman of the Audit Committee is delegated the authority to grant pre-approvals of auditing, audit-related, non-audit related, tax, and all other services so long as all such pre-approved decisions are reviewed with the full Audit
 Committee at its next scheduled meeting. Such pre-approval of non-audit services proposed to be provided by the auditors to the registrant is not necessary, however, if such services fall within the de minimis exception under Section
 10A of the Exchange Act of 1934, as amended.<br>

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to
 the registrant for each of the last two fiscal years of the registrant were $38,500 in 2022 and $49,000 in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has determined that the provision of non-audit services that were rendered by accountant to the
 registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under
 common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
 accountant's independence.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable because the registrant is not a "listed issuer" within the meaning of Rule 10A-3 under the Securities Exchange Act of 1934, as amended.

#### Item 6. Investments.
<br> Included as part of the report to shareholders filed under Item 1 of this Form.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies..

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies..

#### Item 10. Submission of Matters to a Vote of Security Holders.
<br> There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees made or implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")), are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by
 this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.

#### Item 13. Exhibits.<br>

**---

| | |
|:---|:---|
| (a)(1) | *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable. |
| (a)(2) | [*Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2).*](ex99.htm)[Attached hereto as Exhibit 99.CERT.](ex99.htm)<br>|
| (a)(3) | *Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable. |
| (a)(4) | *Change in the registrant's independent public accountant.* Not applicable. |
| (b) | [*Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Attached hereto as Exhibit 99.906 CERT.](ex99906.htm) |

---

**

------

#### 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.

---

| | |
|:---|:---|
| February 28, 2023 | **Midas Series Trust**<br>By: /s/ Thomas B. Winmill<br> Thomas B. Winmill<br> President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| February 28, 2023 | **Midas Series Trust**<br>By: /s/ Thomas O'Malley<br> Thomas O'Malley<br> Chief Financial Officer |

---

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.

---

| | |
|:---|:---|
| February 28, 2023 | **Midas Series Trust**<br>By: /s/ Thomas B. Winmill<br> Thomas B. Winmill<br> President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| February 28, 2023 | **Midas Series Trust**<br>By: /s/ Thomas O'Malley<br> Thomas O'Malley<br> Chief Financial Officer |

---

## Ex-99.Cert

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CERTIFICATIONS
I, Thomas B. Winmill, certify that:

1. I have reviewed this report on Form N-CSR of Midas Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;<br>

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;<br>

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and<br>

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and<br>

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| February 28, 2023 | <u>/s/ Thomas B. Winmill</u><br> Thomas B. Winmill<br> President and Chief Executive Officer |

---

------

I, Thomas O'Malley, certify that:

1. I have reviewed this report on Form N-CSR of Midas Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;<br>

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;<br>

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and<br>

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and<br>

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| February 28, 2023 | <u>/s/ Thomas O'Malley</u><br> Thomas O'Malley<br> Chief Financial Officer |

---

## Exhibit 99.906

#### SECTION 906 CERTIFICATION

#### Certification Pursuant to 18 U.S.C. Section 1350,

#### As Adopted Pursuant to

#### Section 906 of the Sarbanes-Oxley Act of 2002
Midas Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the report on Form N-CSR (the "Report") of the above-named issuer for the period ended December 31, 2022 that is accompanied by this certification, the undersigned hereby certifies to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

February 28, 2023<br> /<u>s/ Thomas B. Winmill</u> Thomas B. Winmill President and Chief Executive Officer

This certification, furnished pursuant to the requirements of Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.

------

#### SECTION 906 CERTIFICATION

#### Certification Pursuant to 18 U.S.C. Section 1350,

#### As Adopted Pursuant to

#### Section 906 of the Sarbanes-Oxley Act of 2002
Midas Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the report on Form N-CSR (the "Report") of the above-named issuer for the period ended December 31, 2022 that is accompanied by this certification, the undersigned hereby certifies to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

---

| | |
|:---|:---|
| February 28, 2023 | <u>/s/ Thomas O'Malley</u><br> Thomas O'Malley<br> Chief Financial Officer |

---

This certification, furnished pursuant to the requirements of Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.