# EDGAR Filing Document

**Accession Number:** 0000770200
**File Stem:** 0001193125-26-194500
**Filing Date:** 2026-4
**Character Count:** 684564
**Document Hash:** 079603c21b27f6207ef3a6cf766c30ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-194500.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-194500

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 59

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Midas Series Trust
- **CENTRAL INDEX KEY:** 0000770200

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04316
- **FILM NUMBER:** 26920630

**BUSINESS ADDRESS:**
- **STREET 1:** 17 OLD DREWSVILLE ROAD
- **CITY:** WALPOLE
- **STATE:** NH
- **BUSINESS PHONE:** 2127850900

**MAIL ADDRESS:**
- **STREET 1:** 17 OLD DREWSVILLE ROAD
- **CITY:** WALPOLE
- **STATE:** NH

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Midas Series Trust
- **CENTRAL INDEX KEY:** 0000770200

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-98229
- **FILM NUMBER:** 26920629

**BUSINESS ADDRESS:**
- **STREET 1:** 17 OLD DREWSVILLE ROAD
- **CITY:** WALPOLE
- **STATE:** NH
- **BUSINESS PHONE:** 2127850900

**MAIL ADDRESS:**
- **STREET 1:** 17 OLD DREWSVILLE ROAD
- **CITY:** WALPOLE
- **STATE:** NH

**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 Discovery (Series ID: S000011692)

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

### Midas Special Opportunities (Series ID: S000038959)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000119766 | Midas Special Opportunities | MISEX           |

?xml version='1.0' encoding='ASCII'? Midas Series Trust

------

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-1A

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 78** | ☒ |
| **and** |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
| **Amendment No. 78** | ☒ |

---

## MIDAS SERIES TRUST
(Exact Name of Registrant as Specified in Charter)

#### 17 Old Drewsville Road, Walpole, New Hampshire 03608
Address of Principal Executive Offices (Number, Street, City, State, Zip Code)

#### 1-212-785-0900
(Registrant's Telephone Number, including Area Code)

#### InCorp Services, Inc.

#### 360 Route 101, STE 13C

#### Bedford, NH 03110-5046
Name and Address (Number, Street, City, State, Zip Code) of Agent for Service

Continuous

(Approximate Date of Proposed Offering)

It is proposed that this filing will become effective (check appropriate box)

X immediately upon filing pursuant to paragraph (b) of Rule 485

☐ on (date) pursuant to paragraph (b) of Rule 485

☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485

☐ on (date) pursuant to paragraph (a)(1) of Rule 485

☐ 75 days after filing pursuant to paragraph (a)(2) of Rule 485

☐ on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

#### Part A. Prospectus
![LOGO](g24895dsp005.jpg)

---

| | |
|:---|:---|
| **MIDAS DISCOVERY**<br> **Ticker: MIDSX** | **MIDAS SPECIAL OPPORTUNITIES**<br> **Ticker: MISEX** |

---

This prospectus, dated April 30, 2026 contains information you should know about Midas Discovery and Midas Special Opportunities (each a "Fund" and together, the "Funds") before you invest. Each Fund is a series of Midas Series Trust ("Trust").

**The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this prospectus**. **Any representation to the contrary is a criminal offense**.

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [FUND SUMMARY](#pro24895_1) | 2.0 |
|  [MIDAS DISCOVERY](#pro24895_2) | 2.0 |
|  [MIDAS SPECIAL OPPORTUNITIES](#pro24895_3) | 7.0 |
|  [IMPORTANT ADDITIONAL INFORMATION](#pro24895_4) | 11.0 |
|  [INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, RELATED RISKS, AND DISCLOSURE OF PORTFOLIO HOLDINGS](#pro24895_5) | 12.0 |
|  [PORTFOLIO MANAGEMENT](#pro24895_6) | 15.0 |
|  [MANAGEMENT FEES](#pro24895_7) | 16.0 |
|  [DISTRIBUTION AND SHAREHOLDER SERVICES](#pro24895_8) | 16.0 |
|  [PURCHASING SHARES](#pro24895_9) | 16.0 |
|  [EXCHANGE PRIVILEGES](#pro24895_10) | 19.0 |
|  [REDEEMING SHARES](#pro24895_11) | 19.0 |
|  [ACCOUNT AND TRANSACTION POLICIES](#pro24895_12) | 21.0 |
|  [DISTRIBUTIONS AND TAXES](#pro24895_13) | 22.0 |
|  [FINANCIAL HIGHLIGHTS](#pro24895_14) | 25.0 |

---

------

#### FUND SUMMARY

#### MIDAS DISCOVERY

#### INVESTMENT OBJECTIVE
Midas Discovery seeks primarily capital appreciation and protection against inflation and, secondarily, current income.

#### FEES AND EXPENSES OF THE FUND
The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
|  Maximum Sales Charge (Load) Imposed on Purchases |  |
|  Maximum Deferred Sales Charge (Load) |  |
|  Maximum Sales Charge (Load) Imposed on Reinvested Dividends |  |
|  Redemption Fee on shares redeemed within 30 days of purchase | 1.00% |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees | 1.00% |
|  Distribution and Service (12b-1) Fees | 0.25% |
|  Other Expenses | 2.22% |
|  Total Annual Fund Operating Expenses | 3.47% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXAMPLE:**<br> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | &nbsp;&nbsp;&nbsp; **EXAMPLE:**<br> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | &nbsp;&nbsp;&nbsp; **EXAMPLE:**<br> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | &nbsp;&nbsp;&nbsp; **EXAMPLE:**<br> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
| &nbsp;&nbsp;&nbsp;One Year | Three Years | Five Years | Ten Years |
| &nbsp;&nbsp;&nbsp; $350 | $1065 | $1803 | $3747 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies of the Fund
Under normal circumstances, in pursuit of its investment objectives, the Fund's investment strategy is to invest principally in (i) securities (*e.g.*, common and preferred stocks, bonds, convertible securities, etc.) of companies primarily involved, directly or indirectly, in the business of mining, processing, fabricating, distributing or otherwise dealing in gold, silver, platinum, other precious metals, or other natural resources ("Natural Resources Companies"); and (ii) gold, silver, and platinum bullion and coins; *provided, however, that the Fund may invest in any type of equity security (e.g., common and preferred stocks)* and in companies of any size, industry or sector, including both domestic and foreign companies, that the Fund's investment adviser, Midas Management Corporation (the "Investment Manager"), believes may achieve the Fund's investment objectives. Up to 35% of the Fund's total assets may be invested in fixed income securities of any issuer, including U.S. government securities, of any credit quality or maturity, although the Fund has no current intention of investing more than 5% of its total assets in fixed income securities rated less than investment grade (also known as "junk bonds"). The Fund concentrates its investments by investing at least 25% of its total assets in Natural Resources Companies.

------

The Investment Manager seeks to invest in companies that it believes have attractive fundamentals and often looks at company characteristics such as people, projects, and pricing. A security is typically sold when its potential to meet the Fund's investment objectives is limited or exceeded by another potential investment opportunity, when an investment in an issuer no longer appears to meet the Fund's investment objectives, or when the Fund must raise cash to meet shareholder redemptions. In seeking to enhance returns, the Fund may use futures, options, and short sales, and may use leverage to the extent permitted under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund may trade securities actively in pursuit of its investment objectives. The Fund also may lend its portfolio securities to brokers, dealers, and other financial institutions.

The Fund may, from time to time, under adverse market, economic, political, or other conditions, take temporary defensive positions and invest some or all of its assets in cash, bank deposits, money market funds, money market securities of U.S. and foreign issuers, short term bonds, repurchase agreements, and similar investments. When the Fund takes such a temporary defensive position, it may not achieve its investment objectives.

#### Principal Risks of Investing in the Fund
An investment in the Fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program and you could lose money by investing in the Fund.

*Investments in Gold, Silver, Platinum, and Other Precious Metals.* Investment in gold, silver, platinum, and other precious metals are considered speculative. The Fund's investments can be significantly affected by developments in the precious metals industry and are linked to the prices of gold, silver, platinum, and other precious metals. These prices can be influenced by a variety of global economic, financial, and political factors and may fluctuate substantially over short periods of time and be more volatile than other types of investments. Economic, political, or other conditions affecting one or more of the major sources of gold, silver, platinum, or other precious metals could have a substantial effect on supply and demand in countries throughout the world. Additionally, the majority of such producers are domiciled in a limited number of countries. Moreover, under the federal tax law, to qualify as a regulated investment company (a "RIC"), the Fund may not earn more than 10% of its annual gross income from gains resulting from selling precious metals and certain other non-securities related sources. Accordingly, the Fund may be required to hold precious metals or securities, sell them at a loss, or sell them at a gain, when, for investment reasons, the Fund would not otherwise do so.

*Natural Resources Companies.* The profitability of Natural Resources Companies can be significantly affected by the supply of and demand for the produced commodities and related services, exploration and production spending and success, government regulations and taxes, international political developments (including outbreaks of war or other hostilities and trade sanctions), and general economic conditions. The operations and financial performance of Natural Resources Companies may be directly affected by the prices of the produced commodities, especially those Natural Resources Companies whose reserves of the commodities are significant assets. The value of securities issued by Natural Resources Companies may also be affected by changes in overall market movements, changes in interest rates, inflation rates, or investor expectations concerning such rates, or factors affecting a particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity cartels, and international economic, political, and regulatory developments. In addition, companies in the natural resources industry may be subject to the risks generally associated with extraction of natural resources, such as the risks of mining and oil drilling, and the risks of the hazards associated with natural resources, such as natural or man-made disasters, fire, drought, liability for environmental damage claims, and increased regulatory and environmental costs. It is possible that the performance of securities of Natural Resources Companies may lag the performance of other industries or the broader market as a whole. The prices of Natural Resources Company stocks may exhibit greater price volatility than other types of stocks.

*Depletion and Exploration Risk.* To maintain or increase their revenue level, Natural Resources Companies or their customers need to maintain or expand their reserves and production through exploration, development, acquisitions, or other methods. The financial performance of Natural Resources Companies may be adversely affected if they, or the companies to whom they provide products or services, are unable to cost-effectively expand reserves or production sufficiently to replace current depletion.

*Precious Metals Mining Company Risk.* The profitability of companies involved in precious metals mining and related activities is significantly affected by changes in the market prices of precious metals. Precious metals mining companies also face risks related to their operations that may affect overall profitability. These risks include the uncertainty and cost of mineral exploration and acquisitions and the uncertainties and unexpected problems and delays in developing mines. In addition, the business of precious metals mining is subject to numerous risks that could adversely impact such companies. These risks include environmental hazards, industrial accidents, underground fires, labor disputes, unexpected geological formations, availability of appropriately skilled persons, unanticipated ground and water conditions, fall of ground accidents, legal and regulatory restrictions, and seismic activity.

*Climate Change Risk*. The Fund is subject to the special risks associated with climate change. Weather may play a role in the cash flows of the Natural Resources Companies in which the Fund invests. Although many of the companies in the natural resources industry can reasonably predict seasonal weather patterns, extreme weather conditions, such as those that may result from climate change, are unpredictable. The damage done by extreme weather could adversely affect the financial condition of Natural Resources Companies.

------

Additionally, new or strengthened regulations or legislation could increase the operating costs and/or decrease the revenues of Natural Resources Companies.

*Industry Concentration Risk.* The Fund is subject to industry concentration risk, which is the risk that the Fund's performance can be significantly affected by economic, market, political or regulatory occurrences affecting particular industries, including, without limitation, Natural Resources Companies. Because the Fund may be concentrated in an industry, its performance may be more volatile than a fund that is not so concentrated. A downturn in a single industry could cause the Fund's value to decline more sharply than that of the general market.

*Sector Risk*. To the extent the 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, and therefore the Fund, to a greater extent than if the Fund's investments were diversified across different sectors.

*Non-Diversification.* The Fund is non-diversified, which means that it is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities or obligations of a single issuer. As a result, the Fund may hold a smaller number of issuers than if it were diversified. Investing in a non-diversified fund could involve more risk than investing in a fund that holds a broader range of securities because changes in the financial condition of a single issuer could cause greater fluctuation in the Fund's total returns.

*Leverage.* The Fund may use leverage to the extent permitted under the 1940 Act. Leveraging (buying securities using borrowed money) exaggerates the effect on the Fund's net asset value ("NAV") of any increase or decrease in the market value of the Fund's investments. Money the Fund borrows for leveraging is limited to 33 1/3% of the value of the Fund's total assets. These borrowings are 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 the Fund's use of leverage will be successful.

*Foreign Investments.* Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated with investments in the securities of domestic issuers. Foreign companies are not generally subject to the same accounting, auditing, and financial standards and requirements as those applicable to U.S. companies. Additionally, there may be less publicly available information about a foreign company than a U.S. company. Investments in foreign securities could expose the Fund to the direct or indirect consequences of political, social, or economic changes in the foreign countries where those securities are issued or in which the issuers are located. With respect to certain foreign countries, there are risks of expropriation, confiscatory taxation, political or social instability, or diplomatic developments that could affect assets of the Fund held in custody in those foreign countries. If the value of any foreign currency in which the Fund's investments are denominated declines relative to the U.S. dollar, the value of the Fund's investments is expected to decline proportionately. In addition, a portfolio that includes foreign securities can expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased costs of maintaining the custody of foreign securities. The Fund may experience higher levels of each of these risks by investing in emerging (less developed) markets. Further, geopolitical events may cause market disruptions. Ongoing armed conflict in Europe and in the Middle East may cause continued volatility in the securities markets, which could negatively impact the Fund.

*Growth Securities Risk*. The Fund may invest in companies that the Investment Manager believes have growth potential. Securities of companies perceived to be "growth" companies may be more volatile than other securities and may involve special risks. If the Investment Manager's perception of a company's growth potential is not realized, the securities purchased may not perform as expected, thereby reducing the Fund's returns. In addition, because different types of securities tend to shift in and out of favor depending on market and economic conditions, "growth" securities may perform differently from the market as a whole and other types of securities.

*Small Capitalization.* The Fund may invest in companies that are small or thinly capitalized and may have a limited operating history. Investments in small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable to adverse business or economic developments than stocks of larger companies. The securities of small capitalization companies generally are less liquid and have narrower product lines, more limited financial resources, and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies. During broad market downturns, the Fund's NAV may fall further than those of funds investing in larger companies. Full development of small capitalization companies takes time, and for this reason, among others, the Fund should be considered a long term investment and not a vehicle for seeking short term profit.

*Medium and Large Capitalization.* Compared to small capitalization companies, medium and large capitalization companies may be less responsive to business changes and opportunities. At times, the stocks of large capitalization companies may lag other types of stocks in performance. Compared to large capitalization companies, medium capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.

------

*Pricing.* Many factors may influence the price at which the Fund could sell any particular portfolio investment. The sales price may well differ—higher or lower—from the Fund's last valuation, and such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying Fund shares or receive less than the market value when selling Fund shares.

*Security Selection.* The securities selected for the Fund's portfolio may decline in value. The Investment Manager could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities, or other matters. As a result, the Fund may underperform the markets, its benchmark index or other funds with the same objective or in the same asset class.

*Active Trading.* The Fund may trade securities actively. This strategy could increase transaction costs, reduce performance, and result in increased taxable distributions, which could lower the Fund's after tax performance.

*In-Kind Redemptions.* The Fund may require redeeming shareholders to accept readily tradable gold, silver, platinum, or other precious metals bullion, coins, exchange-traded fund ("ETF") shares, or other Fund holdings in complete or partial payment of redemptions.

*Short Selling, Options, and Futures Transactions.* The Fund may engage in short selling, options, and futures transactions to increase returns. There is a risk that these transactions may reduce the Fund's returns or increase volatility. The Fund may incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased, plus any premiums or interest paid to the third party. Because the Fund's potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. In addition, derivatives, such as options and futures, can be illiquid and highly sensitive to changes in their underlying security, interest rate or index, and as a result can be highly volatile. Derivatives also may be subject to certain other risks such as leverage risk, liquidity risk, interest rate risk, market risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, management risk and the risk of mispricing or improper valuation. A small investment in certain derivatives could have a potentially large impact on the Fund's performance.

*Cybersecurity Risk*. With the Internet and other technologies being essential to conducting business, the Fund is susceptible to operational, information security, and related risks. The growing use of artificial intelligence may lead to increasingly sophisticated cybersecurity attacks. Cyber incidents affecting the Fund or its service providers, including incidents involving artificial intelligence, may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, 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.

*Market Risk.* The market risks associated with investing in the Fund are those related to fluctuations in the value of the investments in the Fund's portfolio. A risk of investing in stocks, precious metals, and other instruments is that their value will go up and down, sometimes rapidly and unpredictably, reflecting overall economic conditions and other factors and you could lose money. The Fund may invest in emerging companies, such as start-ups and spin-offs, and special situations, which include companies undergoing unusual or possibly one time developments such as reorganizations or liquidations. These investments may involve above average market price volatility and greater risk of loss. Certain unanticipated events, such as natural disasters, terrorism, war, and other geopolitical events, can have a dramatic adverse effect on the investments held by the Fund.

*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 elevated inflation levels and wars in Europe and in the Middle East. Uncertainties regarding interest rate levels, political events, potential trade restrictions and tariffs, global geopolitical conflicts, and the possibility of a national or global recession have also contributed to market volatility.

#### Past Performance
The following bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The following table compares the Fund's average annual returns for the 1, 5, and 10 year periods with an appropriate broad based securities market index. **Past performance (before and after taxes) is not predictive of future performance**.

------

**MIDAS DISCOVERY** – Year-by-year total return as of 12/31 each year (%)

---

| | |
|:---|:---|
| <br> ![LOGO](g24895dsp010.jpg)  | Best Quarter:<br> 4/1/2020 – 6/30/2020<br> 69.89% |
| <br> ![LOGO](g24895dsp010.jpg)  | Worst Quarter:<br> 1/1/2020 – 3/31/2020<br> (34.04)% |

---

#### AVERAGE ANNUAL TOTAL RETURNS
For the periods ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Return Before Taxes | 195.76% | 17.47% | 17.26% |
|  Return After Taxes on Distributions | 195.76% | 17.47% | 17.26% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 110.80% | 14.20% | 14.82% |
|  S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |

---

The Fund's returns shown above include the effect of reinvesting dividends and capital gain distributions. After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. A higher after tax return can occur when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Because actual after tax returns depend on a shareholder's tax situation, returns may vary from those shown. After tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

#### MANAGEMENT

#### Investment Manager
Midas Management Corporation

#### Portfolio Manager
Thomas Winmill, President and Trustee of the Trust, has managed the Fund since 2002.

*For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 11 of this prospectus.* 

------

#### MIDAS SPECIAL OPPORTUNITIES

#### INVESTMENT OBJECTIVE
Midas Special Opportunities seeks capital appreciation.

#### FEES AND EXPENSES OF THE FUND
The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
|  Maximum Sales Charge (Load) Imposed on Purchases |  |
|  Maximum Deferred Sales Charge (Load) |  |
|  Maximum Sales Charge (Load) Imposed on Reinvested Dividends |  |
|  Redemption Fee on shares redeemed within 30 days of purchase | 1.00% |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees | 0.93% |
|  Distribution and Service (12b-1) Fees | 0.25% |
|  Other Expenses | 2.26% |
|  Total Annual Fund Operating Expenses | 3.44% |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXAMPLE:**<br> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | &nbsp;&nbsp;&nbsp; **EXAMPLE:**<br> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | &nbsp;&nbsp;&nbsp; **EXAMPLE:**<br> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | &nbsp;&nbsp;&nbsp; **EXAMPLE:**<br> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
| &nbsp;&nbsp;&nbsp;One Year | Three Years | Five Years | Ten Years |
| &nbsp;&nbsp;&nbsp; $347 | $1056 | $1788 | $3721 |

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#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies of the Fund
Under normal circumstances, in pursuit of its investment objective, the Fund may invest in any security type (*e.g.*, common and preferred stocks, bonds, convertible securities, etc.) and in companies of any size, industry or sector, including both domestic and foreign companies. Generally, the Investment Manager seeks to invest in what it believes to be quality companies with unique combinations of strength in operations, products, and finances with either growth or value characteristics. A security is typically sold when its potential to meet the Fund's investment objective is limited or exceeded by another potential investment, when an investment in an issuer no longer appears to meet the Fund's investment objective, or when the Fund must raise cash to meet shareholder redemptions. In seeking to enhance returns, the Fund may use futures, options, and short sales and may use leverage to the extent permitted under the 1940 Act. To achieve the Fund's investment objective, the Investment Manager may use a seasonal investing strategy to invest the Fund's assets to gain exposure to the securities markets during periods anticipated to be favorable based on patterns of investor behavior as driven by and related to accounting periods, taxable events, and other calendar related phenomena. The Investment Manager's analysis also takes into consideration those periods during the year in which it anticipates that investors are more likely to invest additional money into the securities markets. These periods can be related to accounting periods and may be further refined by considerations of tax cycles, holidays, and other factors. The Fund may trade securities actively in pursuit of its investment objective.

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The Fund may, from time to time, under adverse market, economic, political, or other conditions, take a defensive position, sell securities short, and/or invest some or all of its assets in cash, bank deposits, money market funds, money market securities of U.S. and foreign issuers, short term bonds, repurchase agreements, or similar investments. When the Fund takes a defensive position, it may not achieve its investment objective.

#### Principal Risks of Investing in the Fund
An investment in the Fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program and you could lose money by investing in the Fund.

*Industry Concentration Risk.* The Fund is subject to industry concentration risk, which is the risk that the Fund's performance can be significantly affected by economic, market, political or regulatory occurrences affecting particular industries. Because the Fund may be concentrated in an industry, its performance may be more volatile than a fund that is not so concentrated. A downturn in a single industry could cause the Fund's value to decline more sharply than that of the general market.

*Sector Risk.* To the extent the 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, and therefore the Fund, to a greater extent than if the Fund's investments were diversified across different sectors.

*Non-Diversification.* The Fund is non-diversified, which means that it is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities or obligations of a single issuer. As a result, the Fund may hold a smaller number of issuers than if it were diversified. Investing in a non-diversified fund could involve more risk than investing in a fund that holds a broader range of securities because changes in the financial condition of a single issuer could cause greater fluctuation in the Fund's total returns.

*Leverage.* The Fund may use leverage to the extent permitted under the 1940 Act. Leveraging (buying securities using borrowed money) exaggerates the effect on the Fund's NAV of any increase or decrease in the market value of the Fund's investments. Money the Fund borrows for leveraging is limited to 33 1/3% of the value of the Fund's total assets. These borrowings are 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 the Fund's use of leverage will be successful.

*Foreign Investments.* Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated with investments in the securities of domestic issuers. Foreign companies are not generally subject to the same accounting, auditing, and financial standards and requirements as those applicable to U.S. companies. Additionally, there may be less publicly available information about a foreign company than a U.S. company. Investments in foreign securities could expose the Fund to the direct or indirect consequences of political, social, or economic changes in the foreign countries where those securities are issued or in which the issuers are located. With respect to certain foreign countries, there are risks of expropriation, confiscatory taxation, political or social instability, or diplomatic developments that could affect assets of the Fund held in custody in those foreign countries. If the value of any foreign currency in which the Fund's investments are denominated declines relative to the U.S. dollar, the value of the Fund's investments is expected to decline proportionately. In addition, a portfolio that includes foreign securities can expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased costs of maintaining the custody of foreign securities. The Fund may experience higher levels of each of these risks by investing in emerging (less developed) markets. Further, geopolitical events may cause market disruptions. Ongoing armed conflict in Europe and in the Middle East may cause continued volatility in the securities markets, which could negatively impact the Fund.

*Growth Securities Risk*. The Fund may invest in companies that the Investment Manager believes have growth potential. Securities of companies perceived to be "growth" companies may be more volatile than other securities and may involve special risks. If the Investment Manager's perception of a company's growth potential is not realized, the securities purchased may not perform as expected, thereby reducing the Fund's returns. In addition, because different types of securities tend to shift in and out of favor depending on market and economic conditions, "growth" securities may perform differently from the market as a whole and other types of securities.

*Small Capitalization.* The Fund may invest in companies that are small or thinly capitalized and may have a limited operating history. Investments in small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable to adverse business or economic developments than stocks of larger companies. The securities of small capitalization companies generally are less liquid and have narrower product lines, more limited financial resources, and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies. During broad market downturns, the Fund's NAV may fall further than those of funds investing in larger companies. Full development of small capitalization companies takes time, and for this reason, among others, the Fund should be considered a long term investment and not a vehicle for seeking short term profit.

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*Medium and Large Capitalization.* Compared to small capitalization companies, medium and large capitalization companies may be less responsive to business changes and opportunities. At times, the stocks of large capitalization companies may lag other types of stocks in performance. Compared to large capitalization companies, medium capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.

*Pricing.* Many factors may influence the price at which the Fund could sell any particular portfolio investment. The sales price may well differ—higher or lower—from the Fund's last valuation, and such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying Fund shares or receive less than the market value when selling Fund shares.

*Security Selection.* The securities selected for the Fund's portfolio may decline in value. The Investment Manager could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities, or other matters. As a result, the Fund may underperform the markets, its benchmark index or other funds with the same objective or in the same asset class.

*Active Trading.* The Fund may trade securities actively. This strategy could increase transaction costs, reduce performance, and result in increased taxable distributions, which could lower the Fund's after tax performance.

*Short Selling, Options, and Futures Transactions.* The Fund may engage in short selling, options, and futures transactions to increase returns. There is a risk that these transactions may reduce the Fund's returns or increase volatility. The Fund may incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased, plus any premiums or interest paid to the third party. Because the Fund's potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. In addition, derivatives, such as options and futures, can be illiquid and highly sensitive to changes in their underlying security, interest rate or index, and as a result can be highly volatile. Derivatives also may be subject to certain other risks such as leverage risk, liquidity risk, interest rate risk, market risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, management risk and the risk of mispricing or improper valuation. A small investment in certain derivatives could have a potentially large impact on the Fund's performance.

*Cybersecurity Risk*. With the Internet and other technologies being essential to conducting business, the Fund is susceptible to operational, information security, and related risks. The growing use of artificial intelligence may lead to increasingly sophisticated cybersecurity attacks. Cyber incidents affecting the Fund or its service providers, including incidents involving artificial intelligence, may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, 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.

*Market Risk.* The market risks associated with investing in the Fund are those related to fluctuations in the value of the investments in the Fund's portfolio. A risk of investing in stocks and other instruments is that their value will go up and down, sometimes rapidly and unpredictably, reflecting overall economic conditions and other factors and you could lose money. The Fund may invest in emerging companies, such as start-ups and spin-offs, and special situations, which include companies undergoing unusual or possibly one time developments such as reorganizations or liquidations. These investments may involve above average market price volatility and greater risk of loss. Certain unanticipated events, such as natural disasters, terrorism, war, and other geopolitical events, can have a dramatic adverse effect on the investments held by the Fund.

*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 elevated inflation levels and wars in Europe and in the Middle East. Uncertainties regarding interest rate levels, political events, potential trade restrictions and tariffs, global geopolitical conflicts, and the possibility of a national or global recession have also contributed to market volatility.

#### Past Performance
The following bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The following table compares the Fund's average annual returns for the 1, 5, and 10 year periods with an appropriate broad based securities market index. **Past performance (before and after taxes) is not predictive of future performance**.

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**MIDAS SPECIAL OPPORTUNITIES** – Year-by-year total return as of 12/31 each year (%)

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| | |
|:---|:---|
| <br> ![LOGO](g24895dsp014.jpg)  | Best Quarter:<br> 4/1/2020 – 6/30/2020<br> 25.34% |
| <br> ![LOGO](g24895dsp014.jpg)  | Worst Quarter:<br> 1/1/2020 – 3/31/2020<br> (28.63)% |

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#### AVERAGE ANNUAL TOTAL RETURNS
For the periods ended December 31, 2025

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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;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Return Before Taxes | 29.87% | 18.25% | 15.32% |
|  Return After Taxes on Distributions | 27.35% | 16.79% | 13.68% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 19.01% | 14.46% | 12.25% |
|  S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |

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The Fund's returns shown above include the effect of reinvesting dividends and capital gain distributions. After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. A higher after tax return can occur when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Because actual after tax returns depend on a shareholder's tax situation, returns may vary from those shown. After tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

#### MANAGEMENT

#### Investment Manager
Midas Management Corporation

#### Portfolio Manager
Thomas Winmill, President and Trustee of the Trust, has managed the Fund since April 2016.

*For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 11 of this prospectus.* 

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#### IMPORTANT ADDITIONAL INFORMATION

#### Purchase and Sale of Fund Shares

#### Minimum Investments

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Account<br>Type** | **Initial** | **Subsequent** | **Individual Retirement Accounts ("IRAs") and Health<br>Savings Accounts ("HSAs")** | **Initial** | **Subsequent** |
| &nbsp;&nbsp;&nbsp; Regular | $2000 | $100 | Traditional, Roth IRA, HSA | $2000 | $100 |
| &nbsp;&nbsp;&nbsp; UGMA/UTMA | $2000 | $100 | Spousal, Rollover IRA | $2000 | $100 |
| &nbsp;&nbsp;&nbsp; Education Savings Account | $2000 | $100 | SEP, SIMPLE IRA | $2000 | $100 |
| &nbsp;&nbsp;&nbsp; Automatic Investment Plan | $100 | $100 | HSA | $2000 | $100 |

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**Midas Automatic Investment Plan**. With the Midas Automatic Investment Plan, you can establish a convenient and affordable long term investment program through one or more of the plans described in this prospectus. Minimum investments above are waived for each plan since they are designed to facilitate an automatic monthly investment of $100 or more into your Fund account(s).

#### Redemptions
Generally, you may redeem shares of the Funds by any of the methods explained below on each day the New York Stock Exchange ("NYSE") is open for trading ("Business Day").

**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.

**By Telephone or Internet**. Call 800-400-6432 or visit www.MidasFunds.com.

**For Electronic Funds Transfer (EFT)**. You may redeem as little as $250 worth of shares by requesting EFT service. EFT proceeds are ordinarily available in your bank account within two Business Days.

**For Federal Funds Wire**. If you are redeeming $1,000 or more worth of shares, you may request that the proceeds be wired to your authorized bank. The Funds' transfer agent imposes a $10 fee for each wire redemption and deducts the fee directly from your account. This fee is subject to change. Your bank may also impose a fee for the incoming wire.

#### Tax Information
Each Fund's distributions are taxable, unless you are a nontaxable entity or are investing through a tax-deferred account or other tax-advantaged arrangement, and will generally be taxed as ordinary income or long term capital gains.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund's distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Your broker-dealer or financial intermediary may also charge you fees for purchasing or selling Fund shares. Ask your broker-dealer or financial intermediary or visit their website for more information. In addition, from time to time, the Funds enter into arrangements with financial intermediaries pursuant to which such parties agree to perform sub-transfer agent, sub-accounting, record-keeping or other administrative services on behalf of their clients who are shareholders of the Funds. The Funds make payments to these financial intermediaries for such administrative services provided to clients who hold shares of a Fund through omnibus or networked accounts. Payments to financial intermediaries for such services, sometimes referred to as "sub-TA fees," vary based on factors such as, among other things, the type of intermediary, the types and level of services provided and the amount of assets or accounts held in a Fund. Sub-TA fees paid by the Funds are included in the total amount of "Other Expenses" in the "Fees and Expenses of the Fund" tables above.

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#### INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, RELATED RISKS, AND DISCLOSURE OF PORTFOLIO HOLDINGS
**MIDAS DISCOVERY's** fundamental investment objectives are primarily capital appreciation and protection against inflation and, secondarily, current income. The Fund cannot change its fundamental investment objectives without shareholder approval as set forth in the Statement of Additional Information ("SAI"). In addition to its investment objectives, the Fund has adopted certain investment restrictions set forth in the SAI that are fundamental and may not be changed without shareholder approval. The Fund's other investment policies are not fundamental and may be changed by the Board of Trustees without shareholder approval.

Under normal circumstances, in pursuit of its investment objectives, the Fund's investment strategy is to invest primarily in (i) securities of Natural Resources Companies, and (ii) gold, silver, and platinum bullion and coins; *provided, however, that the Fund may invest in any type of equity security (e.g., common and preferred stocks)* and in companies of any size, industry or sector, including both domestic and foreign companies, that the Investment Manager believes may achieve the Fund's investment objectives. Up to 35% of the Fund's total assets may be invested in fixed income securities of any issuer, including U.S. government securities, of any credit quality or maturity, although the Fund has no current intention of investing more than 5% of its total assets in fixed income securities rated less than investment grade (also known as "junk bonds"). The Fund concentrates its investments by investing at least 25% of its total assets in Natural Resources Companies. The Investment Manager seeks to invest in companies that it believes have attractive fundamentals and often looks at company characteristics such as people, projects, and pricing.

Natural resources include ferrous and non-ferrous metals (such as iron, aluminum, and copper), strategic metals (such as uranium and titanium), hydrocarbons (such as coal, oil, and natural gas), chemicals, forest products, real estate, food products, and other basic commodities. In making investments for the Fund, the Investment Manager may consider, among other things, the ore quality of metals mined by a company, a company's mining, processing, and fabricating costs and techniques, the quantity of a company's unmined reserves, quality of management, and marketability of a company's equity or debt securities. The Investment Manager normally will emphasize the potential for growth of the proposed investment, although it also may consider an investment's income generating capacity as well. The Fund normally may sell an investment when the value or growth potential of the investment appears limited or exceeded by other investment opportunities, when an investment no longer appears to meet the Fund's investment objectives, or when the Fund must raise cash to meet shareholder redemptions. When seeking to achieve its secondary objective of current income, the Fund may invest in fixed income securities of issuers with investment grade ratings.

The Fund may invest in certain derivatives such as options, futures, and forward currency contracts. Derivatives are financial instruments that derive their values from other securities or commodities, or that are based on indices. The Fund may engage in leverage by borrowing money for investment purposes to the extent permitted under the 1940 Act. The Fund also may lend portfolio securities to brokers, dealers, and other financial institutions and may engage in short selling. Additionally, the Fund may invest in special situations such as restricted securities, or securities of companies undergoing extraordinary or possibly one-time events such as reorganizations or liquidations.

The Fund may, from time to time, under adverse market, economic, political, or other conditions, take temporary defensive positions and invest some or all of its assets in cash, bank deposits, money market funds, money market securities of U.S. and foreign issuers, short term bonds, repurchase agreements, and similar investments. When the Fund takes such a temporary defensive position, it may not achieve its investment objectives.

Under the federal tax law, if the Fund earns more than 10% of its gross income in any taxable year from gains resulting from selling precious metals (and certain other non-securities related sources), it could lose its status as a RIC and be required to pay taxes on its entire net income and gains, if any, at corporate income tax rates (see "Distributions and Taxes" in the SAI). If the failure is due to reasonable cause and disclosed to the IRS, the Fund would be permitted to maintain its RIC status, but would be required to pay a penalty tax. If the Fund generates such an excess of gains, it may pay such taxes or, to reduce such gains, hold precious metals or securities, sell them at a loss, or sell them at a gain, when, for investment reasons, the Fund would not otherwise do so.

**MIDAS SPECIAL OPPORTUNITIES'** fundamental investment objective is capital appreciation. The Fund cannot change its fundamental investment objective without shareholder approval as set forth in the SAI. In addition to its investment objective, the Fund has adopted certain investment restrictions set forth in the SAI that are fundamental and may not be changed without shareholder approval. The Fund's other investment policies are not fundamental and may be changed by the Board of Trustees without shareholder approval.

The Fund normally will exercise a flexible strategy in the selection of securities and usually will not be limited by the issuer's location, size, or market capitalization. The Fund may invest in equity and fixed income securities of new and seasoned U.S. and foreign issuers with no minimum rating, including securities convertible into common stock, debt securities, futures, options, derivatives, and other instruments. The Fund also may employ aggressive and speculative investment techniques, such as selling securities short and borrowing

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money for investment purposes, a practice known as "leveraging" and may invest defensively in cash, bank deposits, money market funds, money market securities of U.S. and foreign issuers, short term bonds, repurchase agreements, or similar investments. The Fund may invest in fixed income securities of any issuer, including U.S. government securities, of any credit quality or maturity, although the Fund has no current intention of investing more than 5% of its total assets in fixed income securities rated less than investment grade. The Fund also may lend portfolio securities to brokers, dealers, and other financial institutions. A security is typically sold when its potential to meet the Fund's investment objective is limited or exceeded by another potential investment, when an investment in an issuer no longer appears to meet the Fund's investment objective, or when the Fund must raise cash to meet shareholder redemptions.

To achieve the Fund's investment objective, the Investment Manager may use a seasonal investing strategy to invest the Fund's assets to gain exposure to the securities markets during periods anticipated to be favorable based on patterns of investor behavior as driven by and related to accounting periods, taxable events, and other calendar related phenomena. The Investment Manager's analysis also takes into consideration those periods during the year in which it anticipates that investors are more likely to invest additional money into the securities markets. These periods can be related to accounting periods and may be further refined by considerations of tax cycles, holidays, and other factors. The Fund may, from time to time, under adverse market, economic, political, or other conditions, take a defensive position, sell securities short, and/or invest some or all of its assets in cash, bank deposits, money market funds, money market securities of U.S. and foreign issuers, short term bonds, repurchase agreements, or similar investments. When the Fund takes a defensive position, it may not achieve its investment objective.

#### The following provides more detail regarding certain Principal Risks and other risks that each Fund is subject to:
**Short Selling, Options, and Futures Transactions**. Each Fund may engage in short selling up to 100% of its net assets, although it has no current intention of short selling more than 40% of its net assets, and it may engage in options and futures transactions to increase returns or for hedging purposes. There is a risk that these transactions may reduce a Fund's returns or increase volatility.

Futures contracts are derivative investments entered into pursuant to a contract with a counterparty to pay a fixed price for an agreed amount of securities or other underlying assets at an agreed date. An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). Options and futures can be illiquid and highly sensitive to changes in their underlying security, interest rate, or index, and as a result can be highly volatile. A small investment in certain derivatives could have a potentially large impact on a Fund's performance.

The successful use of derivatives will usually depend on the Investment Manager's ability to accurately forecast movements in the market relating to the underlying reference asset, reference rate, index or event. If the Investment Manager does not predict correctly the direction of securities prices, interest rates and other economic factors, a Fund's derivatives position could lose value. Changes in the value of the derivative may not correlate perfectly, or at all, with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. Derivatives also may be subject to a number of other risks such as leveraging risk, liquidity risk, interest rate risk, market risk, credit risk and also involve the risk that a counterparty may be unable or unwilling to honor its obligations, management risk and the risk of mispricing or improper valuation.

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, in November 2020, the SEC adopted Rule 18f-4 under the 1940 Act to govern the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4, which had a compliance date of August 19, 2022, replaced existing SEC and staff guidance with a new framework for the use of derivatives by registered investment companies. Unless a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, Rule 18f-4 requires registered investment companies that trade derivatives and other instruments that create future payment or delivery obligations to adopt a value at-risk leverage limit and implement a derivatives risk management program. Each of the Funds intends to qualify as a limited derivatives user.

A Fund may incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund terminates or closes out its short position by buying the same security, plus any premiums or interest paid to the third party. A Fund may realize a gain if the borrowed security declines in price between those dates. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. By investing the proceeds received from selling securities short, a Fund could be deemed to be employing a form of leverage, which creates special risks. Market factors may prevent a Fund from closing out a short position at the most desirable time or at a favorable price.

When a Fund is selling stocks short, it normally must maintain a segregated account of cash or high-grade securities equal to the margin requirement. As a result, a Fund may maintain high levels of cash or liquid assets (such as U.S. Treasury bills, money market accounts, repurchase agreements, certificates of deposit, high quality commercial paper and long equity positions) or may utilize borrowings or the collateral obtained from securities lending for this cash. The need to maintain cash or other liquid assets in segregated accounts could limit a Fund's ability to pursue other opportunities as they arise.

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Possible losses from short sales differ from losses that could be incurred from purchases of securities. Losses on securities sold short are theoretically unlimited because a Fund's loss arises from increases in the value of the security sold short. Losses on long positions, which arise from decreases in the value of the security, however, are limited by the fact that a security's value cannot drop below zero.

**Fixed Income Securities**. Each Fund may invest in fixed income securities that are affected by changes in interest rates. When interest rates rise, the prices of fixed income securities typically fall in proportion to their maturities. Conversely, when interest rates fall, the value of fixed income securities generally rises. To the extent interest rates in the United States rise, a Fund's exposure to risks associated with rising interest rates (including, but not limited to, a decline in the value of the Fund's fixed income investments, periods of volatility, and increased redemptions) may increase. In the event of increased redemptions, a Fund may have to liquidate portfolio securities at disadvantageous prices and times, which could reduce the returns of the Fund. Fixed income securities are also subject to credit risk, *i.e.*, the risk that an issuer of securities will be unable or unwilling to pay principal and interest when due or that the value of the security will suffer because investors believe the issuer is less able to pay. Additionally, a significant reduction in dealer market-making capacity in the fixed income markets has the potential to decrease liquidity and increase volatility. Credit risk is broadly gauged by the credit ratings of the securities in which a Fund invests. Ratings are only the opinions of the agencies issuing them, however, and are not absolute guarantees as to quality. Generally, U.S. government securities issuers have different degrees of U.S. government backing. Some may be chartered or sponsored by Acts of Congress, but payment of principal and interest on their securities is neither insured nor guaranteed by the U.S. Treasury. The downgrade of the credit rating of a security held by a Fund may decrease its value. When a fixed income security is not rated, the Fund's Investment Manager may have to assess the risk of the security itself. Securities rated below investment grade (*i.e.*, "junk bonds") may include a substantial risk of default. Further, any government guarantees on U.S. government securities extend only to the timely payment of interest and the repayment of principal on the securities themselves and do not extend to the market value of the securities. Many fixed income securities, especially those issued at higher interest rates, provide that the issuer may repay them early. If issuers exercise this right, holders of these types of callable securities may not benefit fully from the increase in value that other fixed income securities experience when rates decline. Issuers often exercise this right when interest rates are low. Accordingly, holders of callable securities may not benefit fully from the increase in value that other fixed income securities experience when rates decline. Furthermore, a Fund may reinvest the proceeds of the payoff at current yields, which may be lower than those paid by the security that was paid off.

**Securities Lending and Borrowing**. Each Fund may lend up to one third of its total assets to other parties. If a Fund engages in a lending transaction, the loan would be continuously secured by collateral consisting of cash, securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, bank letters of credit, or any combination thereof, at all times equal to at least the market value of the assets loaned. A Fund may engage in lending transactions through a lending agent which is authorized to act on behalf of the Fund with respect to the lending of certain securities of the Fund. A Fund also may engage in securities borrowing in conjunction with short selling transactions, and may lend securities for the purpose of generating collateral to facilitate short selling transactions. There are risks to a Fund of delay in receiving additional collateral and risks of delay in recovery of, and failure to recover, the assets loaned should the borrower fail financially or otherwise violate the terms of the lending agreement. A Fund may also experience losses as a result of the diminution in value of its cash collateral investments.

**Illiquid Securities Risk**. As a non-principal investment strategy, each Fund may invest up to 15% of its net assets in illiquid securities. A potential risk from investing in illiquid securities is that illiquid securities cannot be disposed of quickly in the normal course of business. Also, illiquid securities can be more difficult to value than more widely traded securities and the prices realized from their sale may be less than if such securities were more widely traded. See the discussion under "Valuation" on page 16 of this prospectus.

**Cybersecurity Risk.** With the Internet and other technologies being essential to conducting business, the Funds are susceptible to operational, information security, and related risks. The growing use of artificial intelligence may lead to increasingly sophisticated cybersecurity attacks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Funds or their service providers, including incidents involving artificial intelligence, may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds' ability to calculate their 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. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Funds invest, counterparties with which the Funds engage in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds' service providers may have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by their

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service providers or any other third parties whose operations may affect the Funds or their shareholders. As a result, in the event of a cyber incident, the Funds and their shareholders could be negatively impacted.

#### The following provides more detail regarding certain Principal Risks and other risks that Midas Discovery is subject to:
**Investments in Gold, Silver, Platinum, and Other Precious Metals**. Investment in gold, silver, platinum and other precious metals are considered speculative. The Fund's investments can be significantly affected by developments in the precious metals industries and are linked to the prices of gold, silver, platinum, and other precious metals. These prices can be influenced by a variety of global economic, financial, and political factors and may fluctuate substantially over short periods of time and be more volatile than other types of investments. Economic, political, or other conditions affecting one or more of the major sources of gold, silver, platinum, and other precious metals could have a substantial effect on supply and demand in countries throughout the world. Additionally, the majority of such producers are domiciled in a limited number of countries.

The price of gold has fluctuated widely in the past and may be affected by global supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold producing countries; investors' expectations with respect to the rate of inflation; currency exchange rates; interest rates; investment and trading activities of hedge funds and commodity funds; and global or regional political, economic or financial events and situations. The price of silver has also fluctuated widely in the past. Factors that may affect the price of silver include changes in economic conditions, which may affect the demand for silver for industrial applications; a significant change in the attitude of speculators and investors towards silver; and any significant increase in silver price hedging activity by silver producers.

Bullion and coins do not generate income, unless loaned, and their returns to the Fund are from gains or losses realized upon sale. Furthermore, the Fund may encounter storage and transaction costs in connection with their ownership of bullion and coins that may be higher than those attendant to the purchase, holding, and disposition of securities.

There is no assurance that gold, silver, platinum, or other precious metals will maintain their long term value in terms of purchasing power in the future. If the prices of gold, silver, platinum, or other precious metals decline, the Fund expects the value of its investments to decline proportionately.

**Natural Resources Companies**. The oil, gas, coal, metals, and minerals industries can be significantly affected by events relating to international political developments, the success of exploration projects, commodity prices, and tax and government regulations. Sustained declines in demand for the indicated commodities could adversely affect the financial performance of Natural Resources Companies over the long term. The value of securities issued by Natural Resources Companies may also be affected by changes in overall market movements, changes in interest rates, inflation rates, or investor expectations concerning such rates, or factors affecting a particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity cartels and international economic, political and regulatory developments. In addition, companies in the natural resources industry may be subject to the risks generally associated with extraction of natural resources, such as the risks of mining and oil drilling, and the risks of the hazards associated with natural resources, such as natural or man-made disasters, fire, drought, liability for environmental damage claims, and increased regulatory and environmental costs. It is possible that the performance of securities of Natural Resources Companies may lag the performance of other industries or the broader market as a whole.

**In-Kind Redemptions**. To avoid liability for federal income tax, the Fund normally must, among other things, derive at least 90% of its gross income each taxable year from qualified sources including interest, dividends, and gains on sales of securities. Gains on the Fund's sales of precious metals, and options and futures thereon, would not qualify as gains on sales of "securities." Consequently, sales of precious metals at a gain could result in the Fund's loss of status as a RIC and subject the Fund to liability for federal income tax on its entire net income as a regular corporation subject to entity-level federal income taxes. To try to reduce such sales of precious metals and this potential adverse tax result, the Fund may require redeeming shareholders to accept readily tradable gold, silver, platinum, or other precious metals bullion, coins, ETF shares, or other Fund holdings in complete or partial payment of redemptions.

#### Disclosure of Portfolio Holdings:
**Portfolio Holdings**. A description of the Funds' policies and procedures with respect to the disclosure of a Fund's portfolio securities is available in the Funds' SAI found on the Funds' website, www.MidasFunds.com.

#### PORTFOLIO MANAGEMENT
**Midas Management Corporation** is the investment manager for each Fund and has served as a mutual fund investment manager for over 20 years. It provides day-to-day advice regarding portfolio transactions for each Fund. The Investment Manager also furnishes or

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obtains on behalf of each Fund all services necessary for the proper conduct of the Fund's business and administration. Its address is P.O. Box 4, Walpole, NH 03608.

Thomas Winmill has acted as portfolio manager for **Midas Discovery** since 2002 and for **Midas Special Opportunities** since April 2016. He has been President of the Investment Manager since 1995 and the Funds' distributor since 1991. He also serves as President, Chief Executive Officer, Chairman, Chief Legal Officer, and a Trustee of the Funds. He has served as a member of the Investment Manager's Investment Policy Committee ("IPC") since 1990. As the current Chairman of the IPC, he helps establish general investment guidelines.

Additional information regarding portfolio manager compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership of shares of the Funds may be found in the SAI.

#### MANAGEMENT FEES
Each Fund pays a management fee to the Investment Manager at an annual rate based on each Fund's average daily net assets. For the fiscal year ended December 31, 2025, Midas Discovery and Midas Special Opportunities paid the Investment Manager a fee of 1.00% and 0.93%, respectively, of the relevant Fund's average daily net assets.

A discussion regarding the basis of approval by the Board of Trustees of each Fund's investment management agreement with the Investment Manager is available in each Fund's semi-annual report to shareholders on Form N-CSR for the period ended June 30, 2025.

#### DISTRIBUTION AND SHAREHOLDER SERVICES
Midas Securities Group, Inc., an affiliate of the Investment Manager, is the distributor of the Funds and provides distribution and shareholder services to each Fund. The Trust has adopted a plan under Rule 12b-1 on behalf of each Fund and each Fund pays the distributor a 12b-1 fee as compensation for distribution and shareholder services at an annual rate based on that Fund's average daily net assets. These fees are paid out of the Fund's assets on an ongoing basis. Over time, these fees may increase the cost of your investment and may cost you more than paying other types of sales charges.

Midas Discovery and Midas Special Opportunities each pay a 12b-1 fee equal to 0.25% per annum of its respective average daily net assets.

#### PURCHASING SHARES
Shares of the Funds have not been registered for sale outside of the United States and the Funds are generally only available to residents in the United States with a valid taxpayer identification number. This prospectus in not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even if the investors are citizens or lawful permanent residents of the United States. Any non-U.S. shareholders generally would be subject to U.S. tax withholding on distributions by the Funds. This prospectus does not address in detail the tax consequences affecting any shareholder who is a nonresident alien individual or non-U.S. trust or estate, foreign corporation or foreign partnership. All investments are subject to approval by a Fund and each Fund reserves the right to reject any purchase of shares at any time.

Your price for Fund shares is the Fund's next calculation, after the order is received by the Fund's transfer agent or its authorized agent, of NAV per share, which is determined as of the scheduled close of regular trading (regardless of an actual, unscheduled earlier closing due to weather, equipment failure, or other factors) in equity securities on the NYSE (normally, 4 p.m. ET, and typically 1 p.m. ET around certain holidays) each Business Day. Each Fund's NAV per share is the market value of the Fund's assets, minus Fund expenses and any other liabilities, divided by the number of Fund shares outstanding. The NYSE is generally closed on the following holidays: New Year's Day, Dr. Martin Luther King, Jr. Day, Washington's Birthday (Presidents' Day), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Each Fund's NAV per share may be significantly affected on days when shareholders have no access to the Fund or its transfer agent. The Funds' shares are priced only on Business Days. If you purchase shares through a broker, that broker may charge separate transaction fees on the purchase and/or sale of such shares. Certificates will not be issued and all shares will be kept by book entry in the stock transfer books of Ultimus Asset Services, LLC, the Funds' transfer agent.

**Valuation**. Fund investments are valued based on market value determined as of the scheduled close of regular trading (regardless of an actual, unscheduled earlier closing due to weather, equipment failure, or other factors) in equity securities on the NYSE (normally, 4 p.m. ET, and typically 1 p.m. ET around certain holidays) each Business Day. Where market quotations are not readily available or where there is no ready market for a security (such as certain types of illiquid or thinly traded securities), securities may be valued based on fair value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees

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has designated the Investment Manager as the "valuation designee" responsible for valuing such securities based on fair value guidelines approved by the Board. The Investment Manager, in turn, has designated the members of its Valuation Committee as the persons responsible for determining the fair value of the Funds' investments. Occasionally, events affecting the value of gold, platinum, and silver bullion, foreign securities, foreign currencies and currency exchange rates occur after the close of trading on the NYSE or on days when the NYSE is closed, which events may not be reflected in a computation of a Fund's NAV on that day. Such events may be company specific, such as earnings reports, country or region specific, such as a natural disaster or terrorist activity, or global in nature. If events materially affecting the value of such securities occur during such time period, the securities may be valued at their fair value as described above. Fair value pricing is based on subjective judgments and it is possible that fair value may differ materially from the value realized on a sale.

#### Opening Your Account
Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, when you open an account, you will be asked for your name, residential address, date of birth, government identification number and other information that will allow you to be identified. You will also be asked to provide your driver's license or other identifying documents. If these required pieces of information are not provided, there may be a delay in processing your investment request, which could subject your investment to market risk. If your identity cannot be immediately verified, the Fund may restrict further investment until your identity is verified and reserves the right to close your account without notice and return your investment to you at the NAV determined on the day in which your account is closed. If your account is closed because your identity cannot be verified, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment.

**By Internet**. Visit www.MidasFunds.com for more information about opening an account online. ACH/EFT cannot be used for an initial purchase of Fund shares unless the account is opened online.

To establish internet transaction privileges, you must enroll through the website. You automatically have the ability to establish internet transaction privileges unless you decline the privileges on your Account Application. You will be required to enter into a user's agreement through the website in order to enroll in these privileges. To purchase shares through the website, you must also have ACH instructions on your account. Redemption proceeds may be sent to you by check to the address or record, or if your account has existing bank information, by wire or ACH. Only bank accounts held at domestic financial institutions that are ACH members can be used for transactions through the Funds' website. Transactions through the website are subject to the same minimums and maximums as other transaction methods.

**You should be aware that the internet is an unsecured, unstable, unregulated and unpredictable environment. Your ability to use the website for transactions is dependent upon the internet and equipment, software, systems, data and services provided by various vendors and third parties. While the Funds and their service providers have established certain security procedures, the Funds, their distributor and their transfer agent cannot assure you that trading information will be completely secure.** 

**There may also be delays, malfunctions, or other inconveniences generally associated with this medium. Additionally, there may be times when the website is unavailable for Fund transactions or other purposes. Should this happen, you should consider purchasing or redeeming shares by another method. Neither the Funds nor their transfer agent, distributor nor Investment Manager will be liable for any such delays or malfunctions or unauthorized interception or access to communications or account information.** 

**By Check**. Complete and sign the Account Application that accompanies this prospectus and mail it, along with your check, to Midas Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707. For overnight express mail and courier: Midas Funds, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 (see "Minimum Investments" on page 11). **Checks must be payable to the order of Midas Funds in U**.**S**. **dollars**. **Cash, third party checks (except for properly endorsed IRA rollover checks), counter checks, starter checks, traveler's checks, money orders, credit card checks, and checks drawn on non-U.S. financial institutions will not be accepted. Cashier's checks, bank official checks, and bank money orders are reviewed on a case-by-case basis and may be accepted under certain circumstances**. **In such cases, a 15 business day hold will be applied to the funds. This means that, while you may request a redemption during the 15 business days after your purchase, and the redemption will be calculated at the NAV of the Fund on the day that the redemption request is received in good order, you will not receive your proceeds until the holding period has expired. You may avoid this holding period by making your purchase by wire**. **You will be charged a $10 fee for any check that does not clear**.

**By Wire**. Call 800-400-6432 between 8 a.m. and 6 p.m. ET on Business Days to speak with a Shareholder Service Representative. A completed Account Application, the name of the bank sending the wire, and the amount to be wired are required before the wired funds can be accepted. The completed application should be faxed to 1-877-513-0756, Attn: Midas Funds. You will then be assigned a Fund account number and receive wiring address information. Your account number and name(s) must be specified in the wire as they are to appear on the account registration. You should then enter your account number on your completed Account Application and promptly mail it to Midas Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707. For overnight express mail and courier: Midas Funds, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. This service is not available

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on days when the Federal Reserve wire system is closed. For wiring instructions and automated 24 hour service, call toll-free 800-400-6432 or visit www.MidasFunds.com. A wire purchase will be considered made when the wired money is received and the purchase is accepted by a Fund. Any delays that may occur in wiring money, including delays that may occur in processing by the banks, are not the responsibility of the Funds or the Funds' transfer agent.

#### Midas Automatic Investment Plan
Investing the same amount regularly, known as "dollar cost averaging," can reduce any anxiety of investing in a rising or falling market or buying all of your shares at market highs. Although this strategy cannot assure a profit or protect against loss in a declining market, it can result in a lower average cost for your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels when undertaking such a strategy.

The Trust offers a free automatic investment plan which makes regular investing convenient. With the automatic investment plan, you decide today to invest a certain amount each month in the future for as long as you like and the Trust will transfer the money from your bank account for investment in your designated Fund account. Periodically, you should review your overall portfolio. For retirement investing goals, consider the tax advantaged Traditional, Roth, SEP, or SIMPLE IRAs offered through the Trust. The Trust also offers HSAs as well as Education Savings Accounts. Forms for all of these plans may be found at www.MidasFunds.com.

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| | |
|:---|:---|
| **Plan** | **Description** |
| Midas Bank Transfer Plan | For making automatic investments from a designated bank account. |
| Midas Salary Investing Plan | For making automatic investments through a payroll deduction. |
| Midas Government Direct Deposit Plan | For making automatic investments from your federal employment, Social Security, or other regular federal government check. |

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For more information, or to request the necessary authorization form, call 800-400-6432 between 8 a.m. and 6 p.m. ET on Business Days to speak with a Shareholder Services Representative. You may modify or terminate the Midas Bank Transfer Plan at any time by written notice received 10 days prior to the scheduled investment date. To modify or terminate the Midas Salary Investing Plan or Midas Government Direct Deposit Plan, you should contact your employer or the appropriate U.S. government agency.

**Shareholder Identification Program**. You may be asked to provide additional information in order for the Funds to verify your identity in accordance with requirements under U.S. anti-money laundering regulations. A Fund will generally close an account within 60 Business Days of account opening at the NAV of the Fund on the day the account is closed if it cannot be reasonably certain of the customer's identity. The Fund's transfer agent will correspond with the shareholder to advise them, if appropriate, why their account is being closed and the efforts conducted to attempt to verify their identity.

#### Adding to Your Account
**By Check**. Complete a Midas Funds **FastDeposit** form which is detachable from your account statement and mail it, along with your check, drawn to the order of the Fund, to Midas Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707. For overnight express mail and courier: Midas Funds, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 (see "Minimum Investments" on page 11). If you do not use that form, include a letter indicating the account number to which the subsequent investment is to be credited, the name of the Fund, and the name of the registered owner.

**By Electronic Funds Transfer (EFT)**. The bank you designate on your Account Application or Authorization Form will be contacted to arrange for the EFT, which is done through the Automated Clearing House ("ACH") system, to your Fund account up to a maximum amount of $100,000 (unless such maximum amount is waived by the Funds in their discretion). Requests received by 4 p.m. ET on Business Days will ordinarily be credited to your Fund account on the same Business Day. Your designated bank must be an ACH member and any subsequent changes in bank account information must be submitted in writing with a voided check and a Medallion Signature Guarantee (see "Minimum Investments" on page 11). Your account will be charged a $10 per item fee for each ACH transaction that is returned for any reason in addition to any loss incurred by the Fund as a result of reversing the transaction. The fee is subject to change. To initiate an EFT transaction, call 800-400-6432 or visit www.MidasFunds.com.

**By Wire**. Subsequent investments by wire may be made at any time by simply following the same wiring procedures under "Opening Your Account" (see "Minimum Investments" on page 11), but without having to call.

**Waiver.** Each Fund reserves the right to waive any purchase requirements in its discretion to the extent permitted or required by applicable law.

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#### EXCHANGE PRIVILEGES
You may exchange at least $500 worth of shares of a Fund for shares of any other of the Midas Funds (provided the registration is exactly the same, the shares of the Fund you do not currently own may be sold by the Fund in your state of residence, and the exchange may otherwise legally be made). To exchange shares, please access www.MidasFunds.com or call Midas Funds toll-free at 800-400-6432 between 8 a.m. and 6 p.m. ET on any Business Day of the Fund and provide the following information: account registration including address and number; taxpayer identification number; percentage, number, or dollar value of shares to be redeemed; name and, if different, your account number, if any, in the Fund to be purchased; and your identity and telephone number. Your price for Fund shares exchanged is the Fund's next calculation, after the order is received by the Fund's transfer agent or its authorized agent, of NAV per share which is determined as of the scheduled close of regular trading (regardless of an actual, unscheduled earlier closing due to weather, equipment failure, or other factors) in equity securities on the NYSE (normally, 4 p.m. ET, and typically 1 p.m. ET around certain holidays) each Business Day. Shares of all Funds exchanged within 30 days of purchase normally will be subject to a 1% redemption fee. An exchange of shares of one Fund for shares of another Fund is considered a fully taxable transaction upon which you may realize a taxable gain or loss. The exchange privilege does not constitute an offering or recommendation of a Fund. It is your responsibility to obtain and read a prospectus of the exchanging Fund before you make an exchange. Notwithstanding the foregoing, all exchanges are subject to approval by a Fund and each Fund reserves the right to reject any exchange of shares at any time.

Exchanges will be accepted only if the registration of the two accounts is identical or the exchange instructions have a Medallion Signature Guarantee as described herein. The Funds and the Funds' transfer agent are not liable for following instructions communicated by telephone that they reasonably believe to be genuine. The Funds' transfer agent will use reasonable procedures to confirm that telephone instructions are genuine. The exchange feature may be modified or discontinued at any time upon notice to you in accordance with federal securities laws. Each Fund reserves the right to waive any exchange requirements in its discretion to the extent permitted or required by applicable law.

#### REDEEMING SHARES
Generally, you may redeem shares of the Funds by any of the methods explained below. Requests for redemption should include the following information: name(s) of the registered owner(s) of the account, account number, Fund name, amount you want to sell (number of shares or dollar amount), and address or wire information. If you own an IRA or other retirement plan, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding. Your price for Fund shares redeemed is the Fund's next calculation, after the order is received by the Fund's transfer agent or its authorized agent, of NAV per share which is determined as of the scheduled close of regular trading (regardless of an actual, unscheduled earlier closing due to weather, equipment failure, or other factors) in equity securities on the NYSE (normally, 4 p.m. ET, and typically 1 p.m. ET around certain holidays) each Business Day. Shares of all Funds redeemed within 30 days of purchase normally will be subject to a 1% redemption fee. IRAs normally will be subject to a pre-age 59<sup>1</sup>⁄<sub>2</sub> distribution/transfer fee of $10 and a plan termination fee of $20 per IRA. HSAs normally will be subject to a distribution/transfer fee of $10 and a plan termination fee of $20 per HSA. The proceeds may be more or less than the purchase price of your shares, depending on the market value of a Fund's securities at the time of your sale. The Funds encourage, to the extent possible, advance notification of large redemptions.

In some instances, a Medallion Signature Guarantee may be required. Medallion Signature Guarantees protect against unauthorized account transfers by assuring that a signature is genuine. Medallion Signature Guarantees from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings and loan associations participating in a Medallion program will be accepted. The three recognized Medallion programs are Securities Transfer Agent Medallion Program (STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP). MEDALLION SIGNATURE GUARANTEES RECEIVED FROM INSTITUTIONS NOT PARTICIPATING IN THESE PROGRAMS MAY NOT BE ACCEPTED. In certain instances, you may also be required to furnish additional legal documents to ensure proper authorization. Please call the Funds to ensure that your Medallion Signature Guarantee will be processed correctly. The Funds may waive this requirement in their discretion.

**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. The request must include the following information:

• the fund name;

• your account number;

• the name(s) on your account;

• your address;

• the dollar amount or number of shares you wish to redeem;

• the signature of all registered account owners, signed in the exact name(s) and any special capacity in which they are registered;

• the Federal tax withholding election (for retirement accounts);

• if the shares to be redeemed have a value of $100,000 or more, your signature(s) must be guaranteed by an original Medallion Signature Guarantee by an eligible guarantor institution outlined herein; and

• any additional documentation as may be required.

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You must request the redemption in writing with your signature guaranteed by a Medallion Signature Guarantee, regardless of the value of the shares being redeemed if: (i) the address on your account has been changed within 15 days of your redemption request; (ii) the check is not being mailed to the address on your account; (iii) the check is not being made payable to the owner(s) of the account; (iv) the redemption proceeds are being transferred to another fund account with a different registration; or (v) the redemption proceeds are being sent pursuant to bank instructions currently not on your account.

**By Telephone**. The telephone redemption privilege is automatically available to all new accounts. If you do not want the telephone redemption privilege, you must write to the Funds and instruct it to remove this privilege from your account. If you own an IRA, you will be asked whether or not the Fund(s) should withhold federal income tax.

The proceeds will be sent by mail to the address designated on your account or wired directly to your existing account in a bank or brokerage firm in the United States as designated on your application. To redeem by telephone, call 800-400-6432. The redemption proceeds normally will be sent by mail or by wire within three business days after receipt of your telephone instructions.

During periods of high market activity, you may encounter higher than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. Neither the Funds nor their transfer agent will be held liable if you are unable to place your trade due to high call volume.

The Funds reserve the right to suspend the telephone redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 days. Neither the Funds, the Funds' transfer agent, nor their respective affiliates will be liable for complying with telephone instructions they reasonably believe to be genuine or for any such loss. The Funds or the transfer agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the transfer agent do not employ these procedures, they may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and/or tape-recording telephone instructions.

**By Internet.** New Accounts can be established online.

To establish internet transaction privileges, you must enroll through the website. You automatically have the ability to establish internet transaction privileges unless you decline the privileges on your new account application or IRA application. You will be required to enter into a user's agreement through the website in order to enroll in these privileges. To purchase shares through the website, you must also have ACH instructions on your account. Redemption proceeds may be sent to you by check to the address of record, or if your account has existing bank information, by wire or ACH. Only bank accounts held at domestic financial institutions that are ACH members can be used for transactions through the Funds' website. Transactions through the website are subject to the same minimums and maximums as other transaction methods. Please call 800-400-6432 for assistance in establishing online access.

You should be aware that the internet is an unsecured, unstable, unregulated and unpredictable environment. Your ability to use the website for transactions is dependent upon the internet and equipment, software, systems, data and services provided by various vendors and third parties. While the Funds and their service providers have established certain security procedures, the Funds, their distributor and their transfer agent cannot assure you that trading information will be completely secure.

There may also be delays, malfunctions, or other inconveniences generally associated with this medium. There also may be times when the website is unavailable for Fund transactions or other purposes. Should this happen, you should consider purchasing or redeeming shares by another method. Neither the Funds nor their transfer agent, distributor nor Advisor will be liable for any such delays or malfunctions or unauthorized interception or access to communications or account information.

**For Electronic Funds Transfer (EFT)**. You may redeem as little as $250 worth of shares by requesting EFT service. EFT proceeds are ordinarily available in your bank account within two Business Days.

**For Federal Funds Wire**. If you are redeeming $1,000 or more worth of shares, you may request that the proceeds be wired to your authorized bank. A $10 fee per wire transfer applies. Proceeds of redemption requests submitted in proper form ordinarily will be available to shareholders by Federal Funds wire the next Business Day.

**Redemption Payment**. Payment for shares redeemed will ordinarily be made within three Business Days after receipt of the redemption request in proper form. However, under certain circumstances, payment for shares redeemed may take up to seven days after receipt of the

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redemption request in proper form. Redemption proceeds from shares purchased by check or EFT transfer may be delayed 15 calendar days or until the purchase amount has been paid. Redemptions to third parties are prohibited.

**Method of Payment**. Each Fund typically expects that to meet redemption requests it will use cash balances, the proceeds from the sale of portfolio securities, its liquidity facility and/or other borrowings, and, with respect to Midas Discovery, redeem shares in-kind. These redemption methods may be used regularly and in stressed market conditions.

**Redemptions Through Financial Intermediaries**. You are an investor subject to the redemption fee whether you are a direct shareholder of a Fund or you are investing indirectly in a Fund through a financial intermediary such as a broker-dealer, a bank, an insurance company separate account, an investment advisor, an administrator or trustee of a tax-deferred savings plan such as a 401(k) retirement plan or a 529 college savings plan that maintains an omnibus account with the Fund for trading on behalf of its customers. Currently, only certain intermediaries have the ability to collect a Fund's redemption fee from their customers' accounts. Even in the case of these intermediaries who are collecting the redemption fee, due to policy, operational and/or systems' requirements and limitations, these intermediaries may use criteria and methods for tracking, applying and/or calculating the fee that may differ in some respects from that of the Funds. In general, the Funds will seek to encourage all financial intermediaries to develop the capability to begin imposing the redemption fee from their customers who invest in the Funds. If you are investing in Fund shares through a financial intermediary, you should contact your financial intermediary (or, in the case of a 401(k) retirement plan, your plan sponsor) for more information on any differences in how the redemption fee is applied to your investments in the Fund.

**Waiver/Exceptions/Changes**. Each Fund reserves the right to waive the redemption fee or other redemption requirements at its discretion to the extent permitted or required by applicable law. The redemption fee does not apply to certain comprehensive fee programs where investment instructions are given at the firm level of Fund approved broker-dealers on behalf of their clients invested in the Funds. In addition, the Fund reserves the right to modify or eliminate the redemption fee or waivers at any time. You normally will receive 60 days' notice of any material changes, unless otherwise provided by law.

**Limitations on Collection**. Currently, each Fund is limited in its ability to ensure that the redemption fee is imposed by financial intermediaries on behalf of their customers. For example, where a financial intermediary is not able to determine if the redemption fee applies and/or is not able to impose or collect the fee, or omits to collect the fee at the time of a redemption, the Fund will not receive the redemption fees. Further, if Fund shares are redeemed by a financial intermediary at the direction of its customer(s), the Fund may not know: (1) whether a redemption fee is applicable; and/or (2) the identity of the customer who should pay the redemption fee.

**In-Kind Redemptions**. Midas Discovery may require redeeming shareholders to accept readily tradable gold, silver, or other precious metals, bullion, coins, ETF shares, or other holdings in complete or partial payment of redemptions. For a shareholder, the federal income tax consequences of an in-kind redemption generally would be the same as those of a cash redemption. For such in-kind redemptions, the assets would be selected by the Fund. See "Purchase and Redemption of Shares – Midas Discovery – In-Kind Redemptions" in the SAI for a discussion of the operating policies for such redemptions.

**Systematic Withdrawal Plan**. If your shares have a value of at least $20,000, you may elect systematic withdrawals from your Fund account, subject to a minimum withdrawal of $100. If you elect systematic withdrawals, your dividends and other distributions will continue to be reinvested in shares of the distributing Fund unless you instruct the Fund otherwise.

**Additional Information**. Redemptions typically will be remitted to the record holder at the address of record or to bank accounts of the shareholder that have been previously designated by the shareholder. If you are not certain of the requirements for a sale please call 800-400-6432 to speak with a Shareholder Services Representative between 8 a.m. and 6 p.m. ET on Business Days. The Funds cannot accept, and will return, requests specifying a certain date or share price.

#### ACCOUNT AND TRANSACTION POLICIES
**Telephone Privileges**. The Funds may accept telephone orders from shareholders and guard against fraud by following reasonable precautions, such as requiring personal identification before carrying out shareholder requests. You are responsible for any loss caused by an order which later proves to be fraudulent if a Fund followed reasonable procedures.

**Assignment**. You may transfer your Fund shares to another owner. For instructions, call 800-400-6432 between 8 a.m. and 6 p.m. ET on Business Days to speak with a Shareholder Services Representative.

**Frequent Trading**. Frequent trading into and out of the Funds can disrupt portfolio investment strategies, harm performance, and increase expenses for all shareholders, including long term shareholders who do not generate these costs. Funds that invest a substantial portion of their assets in foreign securities may be subject to the risks associated with market timing and short term trading strategies to a greater extent than funds that do not. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S. market. The Funds may

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be subject to these greater risks as they invest in foreign securities. Each Fund is designed for long term investors, and is not intended for excessive trading activities. The Funds take reasonable steps to discourage excessive short term trading and the Board of Trustees has adopted policies and procedures with respect to excessive trading. The Funds normally monitor trades in an effort to detect excessive short term trading. The Funds may refuse, cancel, or redeem purchase orders at the purchase price NAV for any reason, without prior notice. In addition, to discourage short term trading, if shares of any Fund held for 30 days or less are redeemed or exchanged, the Fund will normally deduct a redemption fee equal to 1% of the NAV of shares redeemed or exchanged. Such redemption fees are retained by the Fund.

Although the Funds monitor for excessive short term activities, the ability of the Funds to monitor trades that are placed by the underlying shareholders of omnibus accounts maintained by brokers, retirement plan accounts, and other approved intermediaries may be limited in those instances in which the intermediary maintains the underlying shareholder accounts. Accordingly, there can be no assurance that the Funds will be able to eliminate all excessive short term activities. The Funds typically seek the cooperation of broker-dealers and other third party intermediaries by requesting information from them regarding the identity of investors who are trading in the Funds, and restricting access to a Fund by a particular investor. Any associated person of the Investment Manager or the distributor who becomes aware of any actions taken to undertake, effect, or facilitate short term activities contrary to a representation made in a Fund's prospectus or SAI is to report the actions to the Funds' Chief Compliance Officer. More information regarding the Funds' short term trading policies and procedures is available in the SAI.

**Accounts with Below Minimum Balances**. Small accounts may be subject to a small account fee or to mandatory redemption. To offset the relatively high impact on fund expenses of servicing small accounts, the Funds may charge a $20 small account fee if the value of your account on the next-to-last Business Day of the calendar year is less than $2,000 (provided such fee may be waived by the Funds or the Investment Manager for any or all shareholders in their discretion for any reason), unless it is an IRA, HSA, or you participate in the Midas Automatic Investment Plan.

The Funds reserve the right to redeem the shares of any shareholder whose account balance is less than $500 unless such account is an IRA, HSA, or you participate in the Midas Automatic Investment Plan. The Funds will seek to provide shareholders with written notice 60 days prior to redeeming the shareholder's account. A redemption by a Fund may result in a capital gain or loss for federal income tax purposes. You may avoid a mandatory redemption by making additional investments to bring your account value up to at least $500.

**Delivery of Shareholder Documents (Householding)**. To reduce expenses, shareholders residing at the same address will normally receive one copy of a Fund's summary prospectus and shareholder report to share with all residents who invest in the same Fund. If at any time you would like to receive separate copies of a Fund's summary prospectus or shareholder report, please call 800-400-6432 and a Shareholder Services Representative will be happy to change your delivery status. The material normally will be sent within 30 days of your request.

**Escheatment/Inactive Accounts/Unclaimed Property**. An account may be escheated or turned over as unclaimed property to the investor's last known state of tax residence if the account is deemed "inactive" or "lost" during the time frame specified within the applicable state's unclaimed property laws. Investors who are residents of the state of Texas may designate a representative to receive legislatively. required unclaimed property due diligence notifications. A Texas Designation of Representative Form is available for making such an election.

**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 www.MidasFunds.com 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 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, normally, to the extent it is charged, will be deducted from Fund accounts subject to the fee once per calendar year.

**Fees**. To the extent permissible, certain fees charged by a Fund may be waived by such Fund or the Investment Manager with respect to any or all shareholders in its discretion for any reason.

#### DISTRIBUTIONS AND TAXES
The following information is provided to help you understand the income and capital gains you may earn while you own Fund shares, as well as the federal income taxes you may have to pay. The amount of any distribution varies and there is no guarantee the Funds will pay either income dividends or capital gain distributions. The tax considerations described in this section do not apply to tax-deferred or tax-advantaged accounts or other nontaxable entities. Because everyone's tax situation is unique, please consult your tax adviser about your investment.

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**Distributions**. Each Fund normally pays its shareholders dividends from any net investment income and distributes net capital gains that it has realized, if any, after offset by net capital loss carryovers. Income dividends and capital gain distributions (collectively, "distributions" and each a "distribution") if any, are normally declared and paid annually. Your distributions will be reinvested in shares of the distributing Fund unless you instruct the Fund otherwise.

**Taxes**. Changes in income tax laws, potentially with retroactive effect, could impact a Fund's investments or the tax consequences to you of investing in a Fund. Some of the changes could affect the timing, amount, and tax treatment of Fund distributions made to shareholders. Please consult your tax adviser before investing. Generally, you will be taxed when you sell, exchange, or redeem shares of a Fund and when you receive distributions (whether reinvested in additional shares or taken in cash), and in the case of Midas Special Opportunities, there is a potential for increased capital gains distributions resulting from the redemption of its shares because its net assets are substantially comprised of distributable earnings. For more information, please see Midas Special Opportunities' Statement of Assets and Liabilities and the Notes to Financial Statements contained in Midas Special Opportunities' most recent shareholder report on Form N-CSR. Distributions declared in October, November, or December and payable to shareholders of record in such a month will be treated as paid on December 31 if paid during January of the following year. Typically, your tax treatment will be as follows:

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| | |
|:---|:---|
| ***Transaction*** | ***Tax Treatment*** |
| Income dividend | Ordinary income or "qualified dividend income" |
| Net short term capital gain distribution | Ordinary income |
| Net capital gain (see below) distribution | Long term capital gain |
| Sale, exchange, or redemption of shares held for more than one year | Long term capital gain or loss |
| Sale, exchange, or redemption of shares held for one year or less | Short term capital gain or loss |

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Because distributions are taxable, you may want to avoid making a substantial investment in a taxable account when a Fund is about to declare a distribution, which normally takes place, if at all, in December. Shortly after the end of each calendar year, each Fund issues tax information on its distributions, if any, for the previous year.

Dividends paid to individuals and certain other non-corporate shareholders by a Fund that are attributable to its "qualified dividend income" (see "Distributions and Taxes" in the SAI) are generally taxed at the preferential income tax rates applicable to long term capital gain. For corporate shareholders, a portion of a Fund's distributions, other than net capital gain distributions, may qualify for the intercorporate dividends-received deduction to the extent such Fund receives dividends directly or indirectly from U.S. corporations, reports the amount distributed as eligible for deduction, and the corporate shareholder meets certain holding period requirements with respect to its shares.

Distributions by a Fund to individual and certain other non-corporate shareholders attributable to net capital gain (*i.e.*, the excess of net long term capital gain over net short term capital loss) such Fund recognizes on sales or exchanges of capital assets also are generally subject to the preferential rates applicable to long term capital gains mentioned above with respect to qualified dividends. Moreover, any capital gain an individual shareholder recognizes on a sale, redemption or exchange of his or her Fund shares that have been held for more than one year generally will be subject to tax at such reduced federal income tax rates.

Each Fund must report to the Internal Revenue Service ("IRS") and furnish to shareholders the cost basis information for shares purchased and sold. Each Fund has chosen the average basis method as its standing (default) tax lot identification method for all shareholders, which means this is the method such Fund will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the entire position is not sold at one time. Shareholders may, however, choose a method other than the Fund's standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by each Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns

Any investor for whom a Fund does not have a valid taxpayer identification number may be subject to backup withholding. Backup withholding may be required in certain other circumstances (see "Distributions and Taxes" in the SAI).

If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stock and securities in foreign corporations, a Fund would be eligible to, and may, file an election with the IRS that would enable a Fund's shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any income taxes paid by such Fund to foreign countries and U.S. possessions. A Fund will typically notify you if it makes such an election.

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a net investment income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income, or (ii) the

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amount by which the taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). A Fund's distributions may be includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale, exchange, or redemption of Fund shares may be includable in such shareholder's investment income for purposes of this NII tax. Shareholders should consult their own tax advisers regarding the effect, if any, this provision may have on their investment in Fund shares.

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#### FINANCIAL HIGHLIGHTS
The following tables describe the Funds' performance for the past five years ended December 31, 2025. Each Fund's fiscal year end is December 31. Certain information reflects financial results for a single Fund share. Total return shows how much your investment in the Fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and other distributions.

The financial highlights for the years shown were audited by Tait, Weller & Baker LLP, the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the annual report to shareholders on Form N-CSR, which is available upon request. This table should be read in conjunction with the audited financial statements and related notes that have been incorporated by reference into the SAI.

#### MIDAS DISCOVERY

#### Financial Highlights

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Data (for a share outstanding throughout each period)** |  |  |  |  |  |
|  Net asset value, beginning of period | $1.18 | $1.10 | $1.12 | $1.26 | $1.56 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment loss <sup>(1)</sup> | (0.04) | (0.04) | (0.03) | (0.02) | (0.03) |
|  Net realized and unrealized gain (loss) on investments | 2.34 | 0.12 | 0.01 | (0.12) | (0.27) |
|  Total from investment operations | 2.30 | 0.08 | (0.02) | (0.14) | (0.30) |
|  Paid-in capital from redemption fees | 0.01 | — \* | — \* | — \* | — \* |
|  Net asset value, end of period | $3.49 | $1.18 | $1.10 | $1.12 | $1.26 |
|  **Total Return** | 195.76% | 7.27% | (1.79)% | (11.11)% | (19.23)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets at end of period (000s omitted) | $44060 | $10777 | $11176 | $12100 | $13967 |
|  Ratio of total expenses to average net assets <sup>(2)</sup> | 3.47% | 5.98% | 5.11% | 4.25% | 3.83% |
|  Ratio of net investment loss to average net assets | (1.95)% | (3.75)% | (2.99)% | (2.16)% | (1.91)% |
|  Portfolio turnover rate | 28% | 5% | 18% | 19% | 1% |

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*<sup>(1)</sup> Average shares outstanding during the period are used to calculate per share data.* 

*<sup>(2)</sup> The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 2.96%, 4.39%, 4.22%, 4.07%, and 3.45%, for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.* 

*\* Less than $0.005 per share.* 

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#### MIDAS SPECIAL OPPORTUNITIES

#### Financial Highlights

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Data (for a share outstanding throughout each period)** |  |  |  |  |  |
|  **Net asset value, beginning of period** | $34.51 | $27.81 | $21.41 | $29.40 | $22.74 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  **Net investment loss <sup>(1)</sup>** | (1.00) | (0.98) | (0.94) | (0.63) | (0.58) |
|  **Net realized and unrealized gain (loss) on investments** | 11.34 | 8.36 | 7.92 | (6.26) | 9.29 |
|  **Total from investment operations** | 10.34 | 7.38 | 6.98 | (6.89) | 8.71 |
|  **Paid-in capital from redemption fees** | — \* | 0.02 | 0.02 | 0.02 | — **\*** |
|  **Less distributions:** |  |  |  |  |  |
|  **Realized gains** | (3.69) | (0.70) | (0.60) | (1.12) | (2.05) |
|  **Net asset value, end of period** | $41.16 | $34.51 | $27.81 | $21.41 | $29.40 |
|  **Total Return** | 29.87% | 26.61% | 32.70% | (23.38)% | 38.29% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  **Net assets at end of period (000s omitted)** | $25231 | $20515 | $17513 | $15451 | $21346 |
|  **Ratio of total expenses to average net assets <sup>(2)</sup>** | 3.44% | 3.77% | 4.69% | 3.59% | 2.95% |
|  **Ratio of net investment loss to average net assets** | (2.65)% | (3.05)% | (3.84)% | (2.53)% | (2.06)% |
|  **Portfolio turnover rate** | 5% | 3% | 6% | 24% | 23% |

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*<sup>(1)</sup> Average shares outstanding during the period are used to calculate per share data.* 

*<sup>(2)</sup> The ratio of net expenses excluding loan interest and fees from the use of leverage to average net assets was 2.63%, 3.05%, 3.20%, 3.02%, and 2.73%, for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.* 

*\* Less than $0.005 per share.* 

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![LOGO](g24895dsp031.jpg)

MIDAS fund Please refer to the Fund's prospectus for minimum investment amounts and subsequent investment requirements. https://vAvw.midasfunds.com/ If you have any questions or need any help filling out the application, please call (800) 400-6432. After you have completed and signed this application, Please mail to: Overnight Delivery: Midas Funds Midas Funds P0 Box 46707 225 Pictoria Dr, Suite 450 Cincinnati, OH 45246 Cincinnati, OH 45246 Fax 1-877-513-0756 1. ACCOUNT OWNERSHIP Please provide complete information for EITHER A, B, C, D or E: INDIVIDUAL OR JOINT (Please check one): O Individual . Individual with Transfer on Death Designation /Section 9 must be completed) Joint Account (Joint owners have rights of survivorship, unless state laws regarding community property apply) O Joint Tenants with Rights of Survivorship Joint Tenants in Common Joint Tenants Community Propertyl (if no account type is specified, account will be established as joint tenants with rights of survivorship) Joint Tenants with Rights of Survivorship with Transfer on Death Designation /Section 9 must he completed) Name Social Security Number Date of Birth 1 Joint Owner Social Security Number Date of Birth Email Citizenship: O U.S. or Resident Alien O Other (please specify) Joint Owner's Relationship to Owner: Spouse . Non-spouse (if no election, relationship will be considered Non-Spousei UNIFORM TRANSFERS TO MINORS ACCOUNT (UTMA) Custodian's Name Custodian's Social Security Number Custodian's Date of Birth Minor's Name Minor's Social Security Number minor's Date of Birth Minor's State of Residence Email

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![LOGO](g24895dsp032.jpg)

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![LOGO](g24895dsp033.jpg)

E. Estate (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 Estate Tax ID Number Email Executor Social Security Number Date of Birth Co-Executor Social Security Number Date of Birth \| 2. MAILING AND CONTACT INFORMATION Account Owner or Trustee: LEGAL ADDRESS (Must be a street address) Street Address Cell Phone Number City, State, ZIP Alternate Telephone Please send mail to the address below. Please provide your primary legal address above, in addition to any mailing address (if different). Mailing Address City, State, ZIP Joint Account Owner or Co-Trustee: LEGAL ADDRESS (Must be a street address) Street Address Cell Phone Number City, State, ZIP Alternate Telephone Please send mail to the address below. Please provide your primary legal address above, in addition to any mailing address (if different). Mailing Address City, State, ZIP

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1 3. 1 NfTTAL 1NVESTMENT (Ptease refer to trie Fund's prospectus for minimum investment amounts.} 1 Name Amount Midas Discovery $ Midas Special Opportunities 5 Total: S Make check payable to Midas Funds. If investing by wire: Call (800) 400-6432 and indicate the amount of the wire: $ Third Party checks are not accepted. Automated Clearing House (ACH) cannot be used for the initial purchase. 14. DIVIDEND AND CAPITAL GAIN DISTRIBUTIONS 1 Please complete this section to choose a distribution option. If no option is selected, all dividends and capital gains will be reinvested. If Cash is selected, the distribution will be sent by ACH if bank information is included in Section 6, otherwise sent by check to the address of record. Dividends: O Reinvest O Cash (ACH) Capital Gains: O Reinvest O Cash (ACH)

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![LOGO](g24895dsp035.jpg)

AUTOMATIC INVESTMENT PLAN (AIP] AIP allows you to add regularly to the Fund by authorizing us to deduct money directly from your checking account every month. Your bank must be a member of the ACH network. If you choose this option, please complete Section 6 and attach a voided check. The amount designated will be invested in each fund included in section 3, at the frequency designated below. If you would like to designate different AIP amounts by fund, please do so with a separate letter of instruction, through your online account, or by calling our investor Services team after the account has been established. Amount: $ Frequency (choose one}: O Monthly O Twice Monthly C Quarterly Annually O Twice Annually Start Date: Second Date (for twice options): \* If no day is specified, the draft will be made on the 25th day of the month or the following business day if the 25th falls on a weekend or holiday. If no month is specified, the draft will start in the month received if it is at least 5 days prior to day selected, otherwise it will be the following month. BANK INFORMATION I authorize the Fund to purchase and redeem shares via the ACH network, of which my bank is a member, important Note: At least one name on the bank account must match a named shareholder. Type of Account: O Checking Savings Please attach a voided check from your bank account. A bank account will not be added without a voided check or without bank verification. Attach you! voided or preprinted check COST BASIS METHOD Cost Basis calculation method for all accounts established by this application: Average Cost (default method, if not specified) O First-in, First-Out (FIFO)\* O Last-In, First-Out (LIFO)\* Highest-Cost, First-Out (HIFO)\* O Specific Share Identification" \* If you have any questions, please contact our shareholder services group at (800) 400-6432. \*\* If Specific Share Identification is selected and no instruction is provided at the time of redemption as to which shares should be redeemed, First-in, First-Out (FIFO) will be used. TELEPHONE PRIVILEGES Telephone privileges, as described in the prospectus, automatically apply unless this box is checked. □ No, f do not want telephone privileges

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![LOGO](g24895dsp036.jpg)

Note: Complete only if Individual with Transfer on Death Designation or Joint with Transfer on Death Designation was selected in section 1 and if you want to add a Transfer on Death Beneficiary' designation to your account. The following individual(s) or entity(ies) shall be my primary and/or contingent beneficiary(ies). If neither primary nor contingent is indicated, the individual or entity will be deemed to be a primary beneficiary'. If more than one primary beneficiary is designated and no distribution percentages are indicated, the beneficiaries will be deemed to own equal share percentages in the account(s). Multiple contingent beneficiaries with no share percentage indicated will also be deemed to share equally. If any primary beneficiary dies before f do, his or her interest and the interest of his or her heirs shall terminate completely, and the percentage share of any remaining primary beneficiary (ies) shall be increased on a pro rata basis. If no primary beneficiary' (ies) survives me, the contingent beneficiary(ies) shall acquire the designated share of my account(s). If any contingent beneficiary dies before l do, his or her interest and the interest of his or her heirs shall terminate completely, and the percentage share of any remaining contingent beneficiary(ies) shall be increased on a pro rata basis. Additional information Account Ownership. The designation of a TOD beneficiary on a registration beneficiary form has no effect of ownership until the owner's death. Beneficiaries have no rights to account information and/or trading authority until the death of all owners and until proper documentation is provided. Primary contingent NO. BENEFICIARY NAME DATE OF BIRTH RELATIONSHIP PRIMARY OR CONTINGENT SHARE % If you wish to add additional beneficiaries, include that with the application on a separate page. This section should be completed if any marital or community property interest exists in the aforementioned account (s) and the account holder is married. Due to the important tax consequences of giving up one's community property interest, individuals signing this section should consult with a competent tax or legal advisor. CURRENT MARITAL STATUS l am not married. I understand that if I become married in the future, I must complete a new designation of beneficiary form. I am married. I understand that if I choose to designate a primary beneficiary other than my spouse, my spouse must sign below. CONSENT OF SPOUSE am the spouse of the above-named account holder. I acknowledge that l have received a fair and reasonable disclosure of my spouse's property and financial obligations. Due to the important tax consequences of giving up my interest in this account, I have been advised to see a tax professional. No tax or legal advice was given to me by the Fund Company or Ultimus Fund Solutions. I hereby give the account holder any interest I have in the funds or property deposited in the account referenced herein and consent to the beneficiary designations(s) indicated above. I assume full responsibility for any adverse consequences that may result. Signature of Spouse Date

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10. DEALER/REGISTERED INVESTMENT ADVISOR INFORMATION If opening your account through a Broker/Dealer or Registered Investment Advisor, please have them complete this section. Dealer Name Representative's Last Name, First Name DEALER HEAD OFFICE REPRESENTATIVE'S BRANCH OFFICE Address Address City, State, ZIP City, State, ZIP Telephone Number Rep Telephone Number Rep ID Number Email Address Rep Email Address Branch ID Number Branch Telephone Number (if different than Rep Phone Number) UNCLAIMED PROPERTY LAWS Unclaimed property legislation, which varies by state, generally requires deemed abandoned or ownerless personal property, including your account and any unclaimed monies, to be transferred to the state of your last known address. Common reasons for your assets to be deemed eligible for being reported as unclaimed property include, though are not limited to, the absence of recent account activity, returned mail, obtainment of the RMD age and evidence of death. To preserve your assets and prevent them from being turned over as unclaimed property, you are encouraged to contact us annually and to promptly inform us of any change in your address.

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TRUSTED CONTACT Designating a trusted contact is not required and does not authorize the named individual to make trades in your account or to make changes to your account, but it does authorize us to communicate with the trusted contact regarding the account. By providing the information in this section, f authorize Midas Funds to contact the person listed below and to disclose information about me and the account in the following circumstances: to prevent the presumption of abandonment, to address possible financial exploitation, to confirm the specifics of my current contact information, health status, or the identity of any legal guardian, executor, trustee, or holder of a power of attorney or as otherwise permitted by federal law Mote: There can be only be one trusted contact per account. Your trusted contact should not be the financial professional on record. Full Name of Trusted Contact Mailing Address (Including apartment or P.O. Box number) City State ZIP Foreign Routing or Postal Code Country of Residence if outside the U.S. Cell Phone Number Email Address Relationship to Account Owner

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SIGNATURE(S) B CERTIFICATION (REQUIRED] To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions 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 will ask for your name, address, date of birth, social security number/ Tax ID number and other information that will allow us to identify you. We may also ask to see other identifying documents. Until you provide the information or documents we need, we may not be able to open an account or effect any additional transactions for you. We must have signatures to process your Application and to certify your Taxpayer identification number. IRS regulations require your signature to avoid any backup withholding. The undersigned represents and warrants that: I have full authority and am of legal age to purchase shares of the Fund; I have received and read a current prospectus for Midas Funds and agree to be bound by the terms contained therein; and The information contained on this New Account Application is complete and accurate. If Fund shares are being purchased on behalf of an investment Company (as that term is defined under the Investment Company Act of 1940, as amended ("the 1940 Act"), including investment companies that are not required to register under the 1940 Act pursuant to section 3(c)(1) or 3(c)(7) exemptions), I hereby certify that said Investment Company will limit its ownership to 3% or less of the Fund's outstanding shares. I am designating the above-mentioned individual(s) as the beneficiary(ies) on my account(s). This designation is effective upon receipt by the Fund's transfer agent and will remain in effect until I deliver written notice of change or revocation of beneficiary(ies) to the Fund's transfer agent. Transfer-on-death (TOD) laws vary by state. Please consult an attorney licensed in your state for detailed advice regarding your TOD registration. If there is a dispute regarding the right of a TOD beneficiary to receive assets pursuant to this TOD registration, your states' laws could affect the dispensation of the assets. W-9 Certification: Under penalty of perjury: I certify that the number shown on this form is my/our current Social Security number(s) or Taxpayer Identification number(s). I am not subject to backup withholding because; (1) I am exempt from backup withholding, or (2) I have not been notified by the Internal Revenue Service (IRS) that i am subject to backup withholding as a result of failure to report ail interest or dividends, or (3) the IRS has notified me that l am no longer subject to backup withholding. I am a U.S. person (including a resident alien.) I am exempt from FATCA reporting. Certification Instructions. You must cross out item (b) above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. The Internal Revenue Service does not require your consent to any provision of this document other than the certification required to avoid backup withholding. I, my successors and assigns, do hereby agree to indemnify and hold Signature of owner (or custodian) Date harmless the Fund, its affiliates, and any directors, officers, employees, or agents of these entities, from and against all claims, liabilities, damages, actions, charges, costs, losses and expenses arising out of or resulting from the transfer upon my death of the balance in the above reference account(s).

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The following information for one individual with significant responsibility for managing the legal entity listed above: • An executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, Vice President, Treasurer) OR • Any other individual who regularly performs similar functions. Name: Date of Birth: Address (Residential or Business Street Address): For U.S. Persons: Social Security Number For Non-U.S. Persons: Social Security Number, Passport Number and Country of Issuance, or other similar identification number I, (name of natural person opening account), hereby certify, to the best of my knowledge, that the information provided above is complete and correct. Signature: Date: TO CONTACT US: By Telephone: Toll-free: (800) 400-6432 Fax: 1-877-513-0756 In Writing: Midas Funds PO Box 46707 Cincinnati, OH 45246 Via Overnight Delivery: 225 Pictoria Dr, Suite 450 Cincinnati, OH 45246 Internet: https://www.midasfunds.com/ Page 11 of 11 Date: 1/29/2026

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#### FOR MORE INFORMATION
For investors who want more information on the Midas Funds, the following documents are available, free of charge, upon request and at https://www.midasfunds.com/documents:

• **Annual/Semi-Annual Reports**. Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. The Annual Report contains a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find each Fund's annual and semi-annual financial statements.

• **Statement of Additional Information (SAI)**. Provides additional information about the Funds, including a more technical and legal description of the Funds' policies, investment restrictions, and business structure. A current SAI is on file with the SEC and is incorporated by reference herein (is legally considered part of this prospectus).

**To obtain a copy of the Funds' SAI or Annual and Semi-Annual Reports free of charge, to request other information about a Fund, or to make shareholder inquiries, please contact the Funds using the following methods:** 

**•** **By telephone, call:** 

800-400-6432 to speak to a Shareholder Services Representative, 8:00 a.m. to 6:00 p.m. ET on Business Days and for 24 hour, 7 day a week automated shareholder services.

**•** **By mail, write to:** 

<u>Regular mail</u>

Midas Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707,

Cincinnati, OH 45246-0707

• <u>Overnight express mail and courier</u> 

Midas Funds

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**•** **By e-mail, write to:** 

info@performancedriven.us

**•** **On the Internet, Fund documents** 

can be viewed online or downloaded from:

SEC at http://www.sec.gov, or

Midas website at https://www.midasfunds.com/documents

Reports and other information about the Funds are available on the EDGAR Database at http://www.sec.gov. Copies of this information can also be obtained, after paying a duplicating fee, by e-mail request to publicinfo@sec.gov.

The Trust's Investment Company Act file number is 811-04316.

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#### Part B. Statement of Additional Information

#### STATEMENT OF ADDITIONAL INFORMATION
April 30, 2026

#### MIDAS SERIES TRUST

#### MIDAS DISCOVERY
Ticker: MIDSX

#### MIDAS SPECIAL OPPORTUNITIES
Ticker: MISEX

P.O. Box 4, Walpole, NH 03608

800-400-6432

This Statement of Additional Information ("SAI"), dated April 30, 2026, provides supplementary information pertaining to Midas Discovery ("Midas Discovery") and Midas Special Opportunities ("Midas Special Opportunities") (each, a "Fund" and together, the "Funds"), which are separate series of Midas Series Trust ("Trust"), an open end management investment company. This SAI is not a prospectus and should be read in conjunction with the Funds' prospectus, dated April 30, 2026 ("Prospectus"). This SAI is incorporated by reference into the Prospectus; in other words, this SAI also is legally a part of the Prospectus, which is available to prospective investors without charge upon request by calling 800-400-6432 or visiting https://www.midasfunds.com/documents.

The financial statements for each Fund and the accompanying notes and report of the independent registered public accounting firm for the fiscal year ended December 31, 2025, are included in the Annual Report to shareholders on Form N-CSR of that date and are incorporated herein by reference. The Annual Report is available without charge upon request by calling 800-400-6432 or visiting www.midasfunds.com.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [FUND HISTORY](#sai24895_1) | 3 |
|  [THE FUNDS' INVESTMENT PROGRAMS](#sai24895_2) | 3 |
|  [INVESTMENT RESTRICTIONS](#sai24895_3) | 12 |
|  [OPTIONS, FUTURES, AND FORWARD CURRENCY CONTRACT STRATEGIES](#sai24895_4) | 13 |
|  [FUND COMPLEX](#sai24895_5) | 20 |
|  [OFFICERS AND TRUSTEES](#sai24895_6) | 20 |
|  [PRINCIPAL SHAREHOLDERS](#sai24895_7) | 25 |
|  [CODE OF ETHICS](#sai24895_8) | 25 |
|  [PROXY VOTING](#sai24895_9) | 25 |
|  [DISCLOSURE OF PORTFOLIO HOLDINGS](#sai24895_10) | 25 |
|  [INVESTMENT MANAGEMENT](#sai24895_11) | 26 |
|  [INVESTMENT MANAGEMENT AGREEMENT](#sai24895_12) | 27 |
|  [PORTFOLIO MANAGERS](#sai24895_13) | 29 |
|  [DISTRIBUTION OF SHARES](#sai24895_14) | 30 |
|  [DETERMINATION OF NET ASSET VALUE](#sai24895_15) | 31 |
|  [PURCHASE AND REDEMPTION OF SHARES](#sai24895_16) | 32 |
|  [ALLOCATION OF BROKERAGE](#sai24895_17) | 34 |
|  [DISTRIBUTIONS AND TAXES](#sai24895_18) | 36 |
|  [CAPITAL STOCK INFORMATION](#sai24895_19) | 40 |
|  [REPORTS TO SHAREHOLDERS](#sai24895_20) | 40 |
|  [CUSTODIAN AND TRANSFER AGENT](#sai24895_21) | 40 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sai24895_22) | 40 |
|  [FINANCIAL STATEMENTS](#sai24895_23) | 40 |
|  [APPENDIX A - PROXY VOTING](#sai24895_24) | A-1 |

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#### FUND HISTORY
The Trust was organized as a Delaware statutory trust on September 28, 2012. On October 15, 2012, each of the then-existing three series of the Trust became the successor to one of three Maryland corporations (the "Predecessor Funds"), as set forth below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Series of Midas Series Trust, a Delaware Statutory Trust | Formerly/Predecessor Fund | Organized as a Maryland Corporation in |
| &nbsp;&nbsp;&nbsp;Midas Discovery | Midas Fund, Inc. | 1995 (changed its name from Midas Fund to Midas Discovery on April 30, 2025) |
| &nbsp;&nbsp;&nbsp;Midas Special Opportunities | Midas Magic, Inc. | 1986 (changed its name from Midas Special Fund, Inc. to Midas Magic on April 29, 2011 and from Midas Magic to Midas Special Opportunities on April 30, 2025) |

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#### THE FUNDS' INVESTMENT PROGRAMS
Each Fund is a series of the Trust, a non-diversified open end management investment company.

#### Investments and Investment Practices
**Concentration**. Midas Discovery concentrates its investments by investing at least 25% of its total assets in securities of companies primarily involved, directly or indirectly, in the business of mining, processing, fabricating, distributing or otherwise dealing in gold, silver, platinum or other natural resources ("Natural Resources Companies"). As such, Midas Discovery is subject to industry concentration risk, which is the risk that the Fund's performance can be significantly affected by the developments in the Natural Resources industry.

**Natural Resources Companies and Precious Metals Investing**. Midas Discovery is subject to the special risks associated with investing in Natural Resources Companies, gold and silver bullion, and other precious metals, including (i) the price of gold, silver, or other precious metals may be subject to wide fluctuation; (ii) the market for gold, silver, or other precious metals is relatively limited; (iii) the sources of gold, silver, or other precious metals are concentrated in countries that have the potential for instability; and (iv) the market for gold, silver, and other precious metals is unregulated.

Natural resources, gold and silver bullion, and other precious metals have at times been subject to substantial price fluctuations over short periods of time and may be affected by unpredictable monetary and political policies such as currency devaluations or revaluations, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries. The prices of natural resources, gold and silver bullion, and other precious metals, however, are less subject to local and company specific factors than securities of individual companies. As a result, natural resources, gold and silver bullion, and other precious metals may be more or less volatile in price than securities of companies engaged in precious metals related businesses. Investments in natural resources, gold and silver bullion, and other precious metals can present concerns such as delivery, storage, and maintenance, possible illiquidity, and the unavailability of accurate market valuations. The Fund may incur higher custody and transaction costs for natural resources, gold and silver bullion, and other precious metals than for securities. Also, natural resources, gold and silver bullion, and other precious metals investments do not pay income.

The majority of producers of natural resources, gold and silver bullion, and other precious metals are domiciled in a limited number of countries. Economic and political conditions in those countries may have a direct effect on the production and marketing of natural resources, gold and silver bullion, and on sales of central bank holdings of such, if any.

Resource mining by its nature involves significant risks and hazards. Even when a resource mineralization is discovered, there is no guarantee that economically minable reserves will result. Mining exploration can last over a number of years, incur substantial costs, and not lead to any new commercial mining. Resource mining runs the risk of increased environmental, labor or other costs in mining due to environmental hazards, industrial accidents, labor disputes, discharge of toxic chemicals, fire, drought, flooding, and other natural acts. Changes in laws relating to mining or resource production or sales could also substantially affect resource values.

Midas Discovery is also subject to the risk that it may fail to qualify as a "regulated investment company" ("RIC") under the Internal Revenue Code of 1986, as amended ("Code"), if it derives more than 10% of its gross income in any taxable year from investments in gold, silver or platinum bullion or coins or other precious metals and certain other non-qualified related sources. Failure of the Fund to qualify as a RIC may result in adverse tax consequences to the Fund and its shareholders unless the Fund was able to, and did, avail itself of certain relief

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provisions in the Code. See "Distributions and Taxes." In order to ensure that it continues to qualify as a RIC, the Fund may be required to make investment decisions that are less than optimal or forego the opportunity to realize gains on precious metals.

**Climate Change.** Midas Discovery is subject to the special risks associated with climate change. Weather may play a role in the cash flows of the Natural Resources Companies in which Midas Discovery invests. Although many of the companies in the natural resources industry can reasonably predict seasonal weather patterns, extreme weather conditions, such as those that may result from climate change, are unpredictable. The damage done by extreme weather could adversely affect the financial conditions of Natural Resources Companies.

In December 2015, the United Nations, of which the U.S. is a member, adopted a climate accord (the "Paris Agreement") with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. The U.S. subsequently ratified the Paris Agreement and it entered into force on November 4, 2016. The U.S. has since withdrawn twice from the Paris Agreement and rejoined once, and currently is not a party to it. Whether the U.S. determines to rejoin the Paris Agreement at some point in the future is unknown. As a result, Natural Resources Companies may be subject to changing or strengthened regulations or legislation which could increase their operating costs and/or decrease their revenues.

**Equity Securities**. Each Fund may invest in equity securities of U.S. and foreign issuers that, in the judgment of Midas Management Corporation (the "Investment Manager"), offer attractive potential to such Fund to reach its investment objective. Equity securities are subordinate to debt securities and generally are more volatile than debt securities and more vulnerable to changes in economic and industry conditions and in the financial conditions of the issuers of such securities.

While past performance does not guarantee future results, equity securities historically have provided the greatest long term growth potential in a company. Common stocks generally represent the riskiest investment in a company. Even investments in high quality or "blue chip" equity securities or securities of established companies with large market capitalizations (which generally have strong financial characteristics) can be negatively impacted by poor economic conditions. It is possible that a Fund may experience a substantial or complete loss on an individual equity investment. While this is also possible with bonds, it is less likely.

**Foreign Securities and Emerging Markets**. Because each Fund may invest in foreign securities, either directly or through other issuers who invest in foreign securities, investment in a Fund may involve investment risks of adverse political and economic developments that are different from an investment in a fund that invests only in the securities of U.S. issuers. Such risks may include adverse movements in the market value of foreign securities during days on which a Fund's net asset value ("NAV") is not determined, the possible imposition of withholding taxes by foreign governments on dividend or interest income payable on the securities held in a Fund's portfolio, the possible seizure or nationalization of foreign deposits, the possible establishment of exchange controls and the adoption of other foreign governmental restrictions that might adversely affect the payment of dividends or principal and interest on securities in a Fund's portfolio.

Securities of many foreign issuers may be less liquid and their prices more volatile than those of comparable domestic issuers, and some foreign securities markets may trade a smaller number of securities or may be held by a relatively small number of persons or institutions. In addition, with respect to certain foreign countries, there is the possibility of expropriation, confiscatory taxation, and limitations on the use or removal of funds or other assets. Because certain foreign entities are not subject to uniform accounting, auditing, and financial reporting standards, practices and requirements comparable with those applicable to U.S. companies, there may be different types of, and lower quality, information available about a non-U.S. company than a U.S. company.

The costs associated with investment in foreign issuers, including withholding taxes, brokerage commissions, and custodial fees, are higher than those associated with investment in domestic issuers. Further, certain foreign markets may require payment for securities before delivery. Foreign securities transactions also may be subject to difficulties associated with the settlement of such transactions, including extended clearance and settlement periods. Delays in settlement could result in temporary periods when assets of a Fund are uninvested and no return is earned thereon. The inability of a Fund to make intended security purchases due to settlement problems could cause a Fund to miss attractive investment opportunities. Inability to dispose of a portfolio security due to settlement problems could result in losses to a Fund due to subsequent declines in value of the portfolio security or, if a Fund has entered into a contract to sell the security, could result in liability to the purchaser.

Each Fund may invest in foreign securities by purchasing American Depository Receipts ("ADRs"), European Depository Receipts ("EDRs"), Global Depository Receipts ("GDRs") and International Depository Receipts ("IDRs"). ADRs (sponsored or unsponsored) are receipts typically issued by a U.S. bank or trust company evidencing its ownership of the underlying foreign securities. Most ADRs are denominated in U.S. dollars and are traded on a U.S. stock exchange. However, they are subject to the risk of fluctuation in the currency exchange rate if, as is often the case, the underlying securities are denominated in foreign currency. EDRs and IDRs are receipts typically issued by a European bank or trust company evidencing its ownership of the underlying foreign securities. GDRs are receipts issued by either a U.S. or non-U.S. banking institution evidencing its ownership of the underlying foreign securities and are often denominated in U.S. dollars. Issuers of the securities underlying sponsored depositary receipts, but not unsponsored depositary receipts, are contractually obligated to disclose material information in the United States. Therefore, the market value of unsponsored depositary receipts is less likely to reflect the effect of such information.

In addition, geopolitical events may cause market disruptions. For example, acts of war or terrorism, such as the ongoing wars in Europe and in the Middle East, may disrupt securities markets, result in sanctions by the U.S. and other countries and negatively affect the Funds'

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investments. The Funds are also subject to risks related the politics of the U.S. and other countries. For example, the imposition of significant tariffs by the U.S. on foreign countries could lead to retaliatory tariffs by foreign countries, increased and prolonged market volatility, and sector-specific downturns in industries reliant on international trade. Furthermore, the potential departure of additional countries from the European Union (EU), such as the United Kingdom's departure from the EU in 2020 (commonly known as "Brexit"), may have significant political and financial consequences for global markets.

The risks of investment in foreign securities are greater for investments in emerging markets. Many emerging market countries can experience substantial, and in some periods extremely high, rates of inflation. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging markets. Economies in emerging markets generally are dependent upon international trade and, accordingly, have been and may continue to be affected adversely by economic conditions, trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

Because of the high levels of foreign denominated debt owed by many emerging market countries, fluctuating exchange rates can significantly affect the debt service obligations of those countries. This could, in turn, affect local interest rates, profit margins and exports that are a major source of foreign exchange earnings. Although it might be theoretically possible to hedge for anticipated income and gains, the ongoing and indeterminate nature of the foregoing risks (and the costs associated with hedging transactions) makes it virtually impossible to hedge effectively against such risks.

To the extent an emerging market country faces a liquidity crisis with respect to its foreign exchange reserves, it may increase restrictions on the outflow of any foreign exchange. Repatriation is ultimately dependent on the ability of a Fund to liquidate its investments and convert the local currency proceeds obtained from such liquidation into U.S. dollars. Where this conversion must be done through official channels (usually the central bank or certain authorized commercial banks), the ability to obtain U.S. dollars is dependent on the availability of such U.S. dollars through those channels and, if available, upon the willingness of those channels to allocate those U.S. dollars to a Fund. In such a case, a Fund's ability to obtain U.S. dollars may be adversely affected by any increased restrictions imposed on the outflow of foreign exchange. If a Fund is unable to repatriate any amounts due to exchange controls, it may be required to accept an obligation payable at some future date by the central bank or other governmental entity of the jurisdiction involved. If such conversion can legally be done outside official channels, either directly or indirectly, a Fund's ability to obtain U.S. dollars may not be affected as much by any increased restrictions except to the extent of the price that may be required to be paid for the U.S. dollars.

The securities markets of emerging markets are substantially smaller, less developed, less liquid and more volatile than the securities markets of the United States and other more developed countries. In many respects, disclosure and regulatory standards are less stringent than in the United States and other major markets. There also may be a lower level of monitoring and regulation of emerging markets and the activities of investors in such markets; enforcement of existing regulations has been extremely limited. Investing in the securities of companies in emerging markets may entail special risks relating to the potential political and economic instability and the risks of expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, convertibility of currencies into U.S. dollars and on repatriation of capital invested. In the event of such expropriation, nationalization or other confiscation by any country, a Fund could lose its entire investment in any such country.

Many emerging market countries have little experience with the corporate form of business organization and may not have well developed corporation and business laws, concepts of fiduciary duty in the business context, or anti-fraud and anti-insider trading legislation. As such, minority shareholders may have little protection if management takes action that has an adverse impact on the securities in which a Fund invests. Some emerging markets have different settlement and clearance procedures. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The risk also exists that an emergency situation may arise in one or more emerging markets as a result of which trading of securities may cease or may be curtailed and prices for a Fund's portfolio securities in such markets may not be readily available.

In addition to the risks discussed above, a Fund's investments in other issuers that invest in emerging markets securities, including exchange traded funds or exchange traded grantor trusts (collectively, "ETFs"), registered and unregistered investment companies, and hedge funds, may be subject to additional risks. Certain emerging market countries require government approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer and may have less advantageous rights than the classes available for purchase by residents of the countries. These investments are also subject to risks due to the inexperience of financial intermediaries, the lack of modern technology in the foreign market, and the possibility of temporary or permanent termination of trading. Because the ETFs, registered and unregistered investment companies, and hedge funds in which a Fund may invest may not hedge against foreign currency risks, including the risk of changing currency exchange rates, the value of foreign currency denominated portfolio securities may be reduced irrespective of the underlying investment.

**U**.**S**. **Government Securities**. The obligations issued or guaranteed by the U.S. government in which a Fund may invest include direct obligations of the United States Department of the Treasury ("U.S. Treasury") and obligations issued by U.S. government agencies and instrumentalities. Included among direct obligations of the United States are Treasury Bills, Treasury Notes and Treasury Bonds, which differ in terms of their interest rates, maturities and dates of issuance. Treasury Bills have maturities of less than one year, Treasury Notes have maturities of one to 10 years and Treasury Bonds generally have maturities of greater than 10 years at the date of issuance. Included among the obligations issued by agencies and instrumentalities and government-sponsored enterprises of the United States are instruments

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that are supported by the full faith and credit of the United States (such as certificates issued by Government National Mortgage Association ("Ginnie Mae")), instruments that are supported by the right of the issuer to borrow from the U.S. Treasury (such as securities of Federal Home Loan Banks), and instruments that are supported only by the credit of the instrumentality (such as Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac") bonds).

Other U.S. government securities in which a Fund may invest include securities issued or guaranteed by the Federal Housing Administration, Farmers Home Loan Administration, Export-Import Bank of the United States, Small Business Administration, General Services Administration, Central Bank for Cooperatives, Federal Farm Credit Banks, Federal Intermediate Credit Banks, Federal Land Banks, Maritime Administration, Tennessee Valley Authority, District of Columbia Armory Board and Student Loan Marketing Association. A Fund may invest in instruments that are supported by the right of the issuer to borrow from the U.S. Treasury and instruments that are supported solely by the credit of the instrumentality or enterprise.

Historically, U.S. government securities have not been perceived to involve the general credit risks associated with investments in other types of debt securities and, as a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. Like other debt securities, however, the values of U.S. government securities change as interest rates fluctuate. Fluctuations in the value of these portfolio securities will not affect interest income on existing portfolio securities but will be reflected in a Fund's NAV.

With respect to U.S. government securities backed solely by the issuing or guaranteeing agency or instrumentality itself, the investor must look principally to that agency or instrumentality for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to so do. As a result, there is a risk that these entities will default on a financial obligation.

**Fixed Income Securities**. Each Fund may invest in fixed income securities which can be subject to default risk, that is, the risk that the issuer's promise to make payment will not be kept. The Investment Manager attempts to reduce this risk to a low level by purchasing high grade dollar assets including, but not limited to, U.S. Treasury bills, notes, and bonds, U.S. government agency and instrumentality securities, and debt obligations of corporations with a Standard & Poor Global's ("S&P") rating of "A" or higher. Long term dollar assets, and, to a lesser extent, short term dollar assets, are subject to the risk of rising interest rates. As rates rise, as they tend to do during periods of rising inflation, the market values of dollar assets decline. The degree to which a Fund, through its dollar assets, is exposed to the risk of rising interest rates can be measured by the average length to maturity of its net dollar assets (the amount of its dollar assets reduced by any outstanding borrowings). The greater the average length to maturity, the greater the risk.

If the Federal Reserve raises the federal funds rate, there is a risk that interest rates will rise. Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets.

**Swiss Franc Assets**. The Swiss franc is subject to the risk that inflation (either actual or expected) will decrease in the United States or rise in Switzerland. The price of the Swiss franc is also subject to the imposition of exchange controls; to manipulation by the Federal Reserve System, the Swiss National Bank and, to a lesser extent, by other Swiss central banks and official agencies; and to investment controls established by the Swiss or U.S. government. While Switzerland has historically been a politically stable nation, there is no assurance that the country may not become subject to the risks associated with investments in foreign securities as described above.

**Real Estate Company Securities**. Investments in real estate company stocks category are generally common stocks, but a Fund may acquire preferred stocks of U.S. and foreign companies, shares of beneficial interest in real estate investment trusts, and ADRs, EDRs, and GDRs on stocks within this category.

Investments in securities of issuers engaged in the real estate industry entail special risks and considerations. In particular, securities of such issuers may be subject to risks associated with the direct ownership of real estate. These risks include: the cyclical nature of real estate values, including the decline in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, demographic trends and variations in rental income, changes in zoning laws, casualty or condemnation losses, environmental risks, regulatory limitations on rents, changes in neighborhood values, changes in the appeal of properties to tenants, increases in interest rates and other real estate capital market influences. To the extent that assets underlying a Fund's investments are concentrated geographically, by property type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent. Generally, increases in interest rates will increase the costs of obtaining financing, which could directly and indirectly decrease the value of the Funds' investments.

**Small Capitalization.** Each Fund may invest in companies that are small or thinly capitalized and may have a limited operating history. Investments in small capitalization companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than stocks of larger companies to adverse business or economic developments. The securities of small capitalization companies generally are less liquid and have narrower product lines, more limited financial resources, and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies. During broad market downturns, a Fund's net asset value may fall further than those of funds investing in larger companies. Full

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development of small capitalization companies takes time, and for this reason, among others, a Fund should be considered a long term investment and not a vehicle for seeking short term profit.

**Convertible Securities**. Each Fund may invest in convertible securities which include corporate bonds, debentures, notes, preferred stocks, and other securities that entitle the holder to acquire common stock or other equity securities of the same or a different issuer within a particular period of time at a specified price or formula. Convertible securities have general characteristics similar to both debt and equity securities. A convertible security generally entitles the holder to receive interest or preferred dividends paid or accrued until the convertible security matures or is redeemed, converted, or exchanged. Convertible securities generally rank senior to common stock in a corporation's capital structure and, therefore, generally entail less risk than the corporation's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a debt obligation. Convertible securities are generally convertible either at a stated price or a stated rate (that is, for a specific number of shares of common stock or other security).

Before conversion, convertible securities have characteristics similar to non-convertible obligations. The price of a convertible security to some extent varies inversely with interest rates. While providing a fixed income stream (generally higher in yield than the income derivable from a common stock but lower than that afforded by a non-convertible debt security), a convertible security also provides an opportunity, through its conversion feature, to participate in the capital appreciation of the common stock or other equity security into which it is convertible. As the market price of the underlying equity security declines, convertible securities tend to trade increasingly on a yield basis and so may not experience market value declines to the same extent as the underlying equity security. When the market price of the underlying equity security increases, the price of a convertible security tends to rise as a reflection of the value of the underlying equity security. To obtain the higher yield, to the extent a Fund invests in convertible securities, it may be required to pay a purchase amount in excess of the value of the underlying equity security. While no securities investment is without some risk, investments in convertible securities generally entail less risk than the issuer's common stock. However, the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security.

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into underlying common stock or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt security under certain circumstances.

**Preferred Stocks**. Each Fund may invest in preferred stocks of U.S. and foreign issuers that, in the Investment Manager's judgment, offer potential for growth of capital and income. Preferred stock represents an equity ownership interest in a corporation, but generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from liquidation of the company. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, in the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds take precedence over the claims of owners of the issuer's preferred and common stock. Some preferred stock also entitles their holders to receive additional liquidation proceeds on the same basis as holders of a company's common stock. Some preferred stock offers a fixed rate of return with no maturity date. Preferred stock with no maturity may perform similarly to long term bonds, and can be more volatile than other types of preferred stock with heightened sensitivity to changes in interest rates. Other preferred stock has a variable dividend, generally determined on a quarterly or other periodic basis. Because preferred stock represents an equity ownership interest in a company, its value usually will react more strongly than bonds and other debt instruments to actual or perceived changes in a company's financial condition or prospects or to fluctuations in the equity markets. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies. If interest rates rise, the specified dividend on preferred stocks may be less attractive, causing the price of such stocks to decline. The value of preferred stocks is sensitive to changes in interest rates and to changes in the issuer's credit quality. Unlike common stock, preferred stock does not usually have voting rights absent the occurrence of specified events; preferred stock, in some instances, is convertible into common stock. In order to be payable, dividends on preferred stock must be declared by the issuer's board of directors. There is, however, no assurance that dividends will be declared by the boards of directors of issuers of the preferred stocks in which a Fund invests.

**Lower Rated Debt Securities**. Each Fund may invest in investment grade and below investment grade securities. Midas Discovery may invest up to 35% of its total assets and Midas Special Opportunities may invest up to 100% of its total assets in unrated debt securities or debt securities rated below investment grade, although neither Fund currently intends to invest more than 5% of its total assets in such securities. Below investment grade securities are commonly referred to as "junk bonds." Below investment grade securities are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Below investment grade securities generally offer a higher current yield than that available for investment grade securities; however, risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of below investment grade securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer's ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer's inability to meet specific projected business forecasts, or the unavailability of additional financing. Therefore, there can be no assurance that in the future there will not exist a higher default rate relative to the rates currently existing in the market for below investment grade securities. The risk of loss due to default by the issuer is significantly greater for the holders of below investment grade securities

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because such securities may be unsecured and may be subordinate to other creditors of the issuer. The below investment grade securities in which a Fund may invest do not normally include instruments which, at the time of investment, are in default or the issuers of which are in bankruptcy. There can be no assurance, however, that such events will not occur after a Fund purchases a particular security, in which case a Fund may experience losses and incur costs. Below investment grade securities frequently have call or redemption features that would permit an issuer to repurchase the security from the Fund. If a call were exercised by the issuer during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security, thus decreasing the net investment income to the Fund and dividends to stockholders.

Below investment grade securities have been in the past, and may again in the future be, more volatile and less liquid than higher rated fixed income securities, so that adverse economic events may have a greater impact on the prices of below investment grade securities than on higher rated fixed income securities. Factors adversely affecting the market value of such securities are likely to affect adversely a Fund's NAV.

Like higher rated fixed income securities, below investment grade securities generally are purchased and sold through dealers who make a market in such securities for their own accounts. However, there are fewer dealers in the below investment grade securities market, which market may be less liquid than the market for higher rated fixed income securities, even under normal economic conditions. Also, there may be significant disparities in the prices quoted for below investment grade securities by various dealers. As a result, during periods of high demand in the below investment grade securities market, it may be difficult to acquire below investment grade securities appropriate for investment by a Fund. Adverse economic conditions and investor perceptions thereof (whether or not based on economic reality) may impair liquidity in the below investment grade securities market and may cause the prices a Fund receives for its below investment grade securities to be reduced. In addition, a Fund may experience difficulty in liquidating a portion of its portfolio when necessary to meet the Fund's liquidity needs or in response to a specific economic event such as deterioration in the creditworthiness of the issuers. Under such conditions, judgment may play a greater role in valuing certain of a Fund's portfolio instruments than in the case of instruments trading in a more liquid market. In addition, a Fund may incur additional expense to the extent that it is required to seek recovery upon a default on a portfolio holding or to participate in the restructuring of the obligation.

Prices for junk bonds also may be affected by legislative and regulatory developments. For example, from time to time, Congress has considered legislation to restrict or eliminate the corporate tax deduction for interest payments or to regulate corporate restructuring such as takeovers, mergers or leveraged buyouts. Tax reform legislation enacted in 2017, as amended, generally limits the business interest deduction to 30% of adjusted taxable income plus the business interest income of the taxpayer, currently applicable to taxable years beginning in 2021 and thereafter.

Credit ratings are determined by credit rating agencies such as S&P, Moody's Investors Service, Inc. ("Moody's") and Fitch Ratings, Inc. ("Fitch"). Any shortcomings or inefficiencies in credit rating agencies' processes for determining credit ratings may adversely affect the credit ratings of securities held by a Fund and, as a result, may adversely affect those securities' perceived or actual credit risk.

Ratings of investment grade or better include the four highest ratings of S&P (AAA, AA, A, or BBB), Moody's (Aaa, Aa, A, or Baa), and Fitch (AAA, AA, A, or BBB). Moody's considers securities rated Baa to have speculative characteristics. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for such securities to make principal and interest payments than is the case for higher grade debt securities. Debt securities rated below investment grade are deemed by these rating agencies to be predominantly speculative with respect to the issuers' capacity to pay interest and repay principal and may involve major risk exposure to adverse conditions. Debt securities rated lower than B may include securities that are in default or face the risk of default with respect to principal or interest.

Ratings of debt securities represent the rating agencies' opinions regarding their quality, are not a guarantee of quality and may be reduced after a Fund has acquired the security. The Investment Manager may consider such an event in determining whether a Fund should continue to hold the security but is not required to dispose of it. Credit ratings attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations in market value. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an issuer's current financial condition may be better or worse than the rating indicates.

**Municipal Securities**. Each Fund may invest without limit in municipal securities of varying maturities. The municipal securities in which a Fund may invest include general obligation and revenue or special obligation securities. General obligation securities are secured by an issuer's pledge of its full faith, credit, and unlimited taxing power for the payment of principal and interest. Revenue or special obligations securities are payable only from the revenues derived from a particular facility or class of facility or project or, in a few cases, from the proceeds of a special excise or other tax. Municipal securities also include private activity bonds ("PABs"). Dividends paid by a Fund attributable to municipal interest may be fully taxable to Fund shareholders unless at least 50% of a Fund's total assets at the close of each quarter of its taxable year consists of qualifying municipal obligations.

**Repurchase Agreements**. Each Fund may enter into repurchase agreements. A repurchase agreement is a transaction in which a Fund purchases securities or other obligations from a bank or securities dealer (or its affiliate) and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Fund upon acquisition is accrued as interest and included in the Fund's net investment income. Repurchase agreements generally result in a fixed rate of return insulated from market fluctuation during the holding period, and generally are used as a

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means of earning a return on cash reserves for periods as short as overnight. The securities are held for a Fund by a custodian bank as collateral until resold and may be supplemented by additional collateral if necessary to maintain a total value equal to or in excess of the value of the repurchase agreement. Repurchase agreements carry certain risks, including risks that are not associated with direct investments in securities. If a seller under a repurchase agreement were to default on the agreement and be unable to repurchase the security subject to the repurchase agreement, the Fund would look to the collateral underlying the seller's repurchase agreement, including the securities or other obligations subject to the repurchase agreement, for satisfaction of the seller's obligation to the Fund. A Fund's right to liquidate the securities or other obligations subject to the repurchase agreement in the event of a default by the seller could involve certain costs and delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price (*e.g.*, due to transactions costs or a decline in the value of the collateral), the Fund could suffer a loss. In addition, if bankruptcy proceedings are commenced with respect to the seller, realization of the collateral may be delayed or limited and a loss may be incurred. Repurchase agreements involving obligations other than U.S. government securities (such as commercial paper and corporate bonds) may be subject to special risks and may not have the benefit of certain protections in the event of the counterparty's insolvency.

Repurchase agreements are usually for a term of one week or less, but may be for longer periods. Repurchase agreements maturing in more than seven days may be considered illiquid. A Fund normally will not enter into repurchase agreements of more than seven days' duration if more than 15% of its net assets would be invested in such agreements and other illiquid investments.

**Borrowing**. Each Fund may borrow money to the extent permitted under the Investment Company Act of 1940, as amended ("1940 Act"), which permits an investment company to borrow in an amount up to 33 1/3% of the value of its total assets. Each Fund may incur overdrafts at its custodian bank from time to time in connection with redemptions and/or the purchase of portfolio securities or for any other purpose. In lieu of paying interest to the custodian bank, a Fund may maintain equivalent cash balances prior or subsequent to incurring such overdrafts. If cash balances exceed such overdrafts, the custodian bank may credit interest thereon against fees. Effective June 18, 2018, 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"), 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 as most recently amended is the lesser of: (i) $9,000,000 for Midas Discovery and $6,000,000 for Midas Special Opportunities, 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.

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 ("Term SOFR") plus 1.28%. An unused fee is charged equal to 0.125% per annum of the daily excess of the loan amount over the outstanding principal balance of the loan. The Funds were charged origination fees and expenses of $12,302 for Midas Discovery and $10,549 for Midas Special Opportunities upon entering into the Credit Agreement and such costs are amortized ratably through June 10, 2026, the maturity date of the Credit Agreement.

**Securities Lending**. In addition to the Credit Agreement with HNB, each Fund may lend portfolio securities or other assets for a fee to brokers, dealers, and other financial institutions. A Fund continues to receive the equivalent of the interest, dividends or other distributions paid by the issuer on the securities loaned as well as the benefit of any increase and the detriment of any decrease in the market value of the securities loaned and also has the opportunity to earn interest on the amount of the loan and on the loaned securities' collateral. A Fund would have the right to call the loan and obtain the securities loaned at any time. A Fund would not have the right to vote the securities during the existence of the loan but would call the loan to permit voting of the securities, if, in the Investment Manager's judgment, a material event requiring a stockholder vote would otherwise occur before the loan was repaid. The loan would be continuously secured by collateral consisting of cash, securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, bank letters of credit, or any combination thereof, at all times equal to at least the market value of the assets loaned. Including such collateral as part of a Fund's total assets, normally at no time will the value of assets loaned by a Fund exceed one-third of a Fund's total assets (reduced by any amount that is rehypothecated as discussed above). In connection with its securities lending transactions, a Fund may return to the borrower or a third party which is acting as a "lending agent," a part of the income earned from the investment of collateral received for securities loaned. There are risks to a Fund of delay in receiving additional collateral and risks of delay in recovery of, and failure to recover, the assets loaned should the borrower fail financially or otherwise violate the terms of the lending agreement. In the event of bankruptcy or other default of the borrower, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while a Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. A Fund may also experience losses as a result of the diminution in value of its cash collateral investments. Any loan made by a Fund will typically provide that it may be terminated by either party upon reasonable notice to the other party. By lending its portfolio securities, a Fund attempts to increase its income through the receipt of income on the loan. The Funds do not use affiliated agents in managing the lending program.

The Funds did not engage in securities lending activities during the fiscal year ended December 31, 2025. A description of the services provided to the Funds by the securities lending agent, if any, is set forth under "Borrowing" above.

**Short Sales**. Each Fund may engage in short sales transactions. A "short sale" is the sale by a Fund of a security which has been borrowed from a third party on the expectation that the market price will drop. The Funds may use short sales in an attempt to realize gain or for

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hedging purposes. To complete such a transaction, a Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, a Fund is required to pay to the lender amounts equal to any dividends or interest which accrue during the period of the loan. To borrow the security, a Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale normally will be retained by the counterparty, to the extent necessary to meet the margin requirements, or by the Fund's Custodian until the short position is closed out. Until the Fund closes its short position or replaces the borrowed security, a Fund normally will: (a) segregate cash or liquid securities at such a level that the segregated amount plus the amount deposited with the counterparty or the Fund's Custodian as collateral (i) will equal the current value of the security sold short and (ii) will not be less than the market value of the security at the time the security was sold short; or (b) otherwise cover the Fund's short position. Each Fund may sell short up to 100% of its net assets, but neither Fund currently intends to sell short more than 40% of its assets. The Funds will incur transaction costs in effecting short sales.

A Fund will realize a gain if the security declines in price between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will incur a loss if the price of the security increases between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium or interest the Fund is required to pay in connection with the short sale. A short position may be adversely affected by imperfect correlation between movements in the price of the securities sold short and the securities being hedged. The effect of short selling is similar to the effect of leverage. Short selling may amplify changes in a Fund's NAV. Short selling may also produce higher than normal portfolio turnover, which may result in increased transaction costs to a Fund. The Funds' ability to engage in short sales may be impaired by any temporary prohibitions on short selling imposed by domestic and certain foreign government regulators.

**ETFs**. Each Fund may invest in shares of ETFs, which are designed to provide investment results generally corresponding to a securities or commodities index. ETFs usually are units of beneficial interest in an investment trust or represent undivided ownership interests in a portfolio of securities. Most ETFs are designed to provide investment results that generally correspond to the price and yield performance of the component securities of the benchmark index that they seek to track, although some are actively managed. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation units." The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market.

An investment in an ETF involves risks similar to investing directly in the component securities of the ETF, including the risk that the value of the component securities may fluctuate in accordance with changes in the financial condition of their issuers, the value of stocks and other securities generally, and other market factors. Investments in ETFs that are designed to correspond to an equity index involve certain inherent risks generally associated with investments in a broadly based portfolio of common stocks, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of ETFs invested in by the Fund. There can be no assurance that an ETF's investment objective will be achieved, as ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index.

Typically, ETFs bear their own operational expenses, reducing its NAV and dividends potentially payable to investors. To the extent that the Fund invests in ETFs, the Fund's stockholders will indirectly bear a *pro rata* share of the ETF's expenses in addition to the expenses associated with an investment in the Fund. Typically, ETFs are investment companies. However, the term is used in the industry in a broad way to include securities issued by entities that are not investment companies. To the extent an ETF is an investment company, the limitations applicable to the Fund's ability to purchase securities issued by other investment companies will apply.

**Illiquid Assets**. No Fund may purchase or otherwise acquire any security or invest in a repurchase agreement if, as a result, more than 15% of its net assets would be invested in illiquid assets, including repurchase agreements not entitling the holder to payment of principal within seven days. Illiquid investments are investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. In the absence of market quotations, illiquid investments are priced at "fair value." Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Investment Manager as the "valuation designee" responsible for valuing such securities based on fair value guidelines approved by the Board. The Investment Manager, in turn, has designated the members of its Valuation Committee as the persons responsible for determining the fair value of the Funds' investments. Illiquid securities may be difficult to dispose of at a fair price at the times when a Fund believes it is desirable to do so. The market price of illiquid securities generally is more volatile than that of more liquid securities, which may adversely affect the price that a Fund pays for or recovers upon the sale of illiquid securities. Illiquid securities are also more difficult to value and thus the Investment Manager's judgment plays a greater role in the valuation process. Investment of a Fund's assets in illiquid securities may restrict a Fund's ability to take advantage of market opportunities. The risks associated with illiquid securities may be particularly acute in situations in which a Fund's operations require cash and could result in a Fund borrowing to meet its short term needs or incurring losses on the sale of illiquid securities.

Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933, as amended ("1933 Act"), or in a registered public offering. Where registration is required, a Fund may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than prevailed when it decided to seek registration of the security.

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A large institutional market exists for certain securities that are not registered under the 1933 Act, including private placements, repurchase agreements, commercial paper, foreign securities and corporate bonds and notes. These instruments are often restricted securities because the securities are either themselves exempt from registration or sold in transactions not requiring registration. Institutional investors generally will not seek to sell these instruments to the general public but instead will often depend on an efficient institutional market in which such unregistered securities can be readily resold or on an issuer's ability to honor a demand for repayment. Therefore, the fact that there are contractual or legal restrictions on resale to the general public or certain institutions is not dispositive of the liquidity of such investments. Rule 144A under the 1933 Act establishes a "safe harbor" from the registration requirements of the 1933 Act for resales of certain securities to qualified institutional buyers. An insufficient number of qualified institutional buyers interested in purchasing Rule 144A-eligible securities held by a Fund, however, could affect adversely the marketability of such securities and a Fund might be unable to dispose of such securities promptly or at reasonable prices.

The Trust's Board of Trustees ("Board of Trustees" or "Board") has delegated the function of making day-to-day determinations of liquidity to the Investment Manager's Valuation Committee pursuant to guidelines approved by the Board. The Investment Manager takes into account a number of factors in reaching liquidity determinations, including (1) the frequency of trades and quotes for the security, (2) the number of dealers willing to purchase or sell the security and the number of other potential purchasers, (3) dealer undertakings to make a market in the security, and (4) the nature of the security and the nature of the marketplace trades (*e.g.*, the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). Pursuant to the Trust's liquidity risk management program, which was adopted by the Board of Trustee pursuant to Rule 22e-4 under the 1940 Act, the Investment Manager monitors the liquidity of restricted securities in a Fund's portfolio and reports periodically on liquidity determinations to the Board.

**Temporary Defensive Positions**. Each Fund may make temporary investments for defensive purposes in response to adverse market, economic, political, or other conditions, pending investment of the proceeds of sales of portfolio securities, or at other times when suitable investments are not otherwise available. Each Fund may invest some or all of its assets in cash, bank deposits, money market funds, money market securities of U.S. and foreign issuers, short term bonds, repurchase agreements, or similar investments. It is impossible to predict if, or for how long, a Fund will use any of such temporary defensive strategies.

**Recent Market Conditions**. Each Fund seeks to monitor market conditions on an ongoing basis and assess the impact of changing conditions on it and the risks associated with its investments. If a Fund determines that changed market conditions have affected the risks associated with it, the Fund would normally seek to assess the significance of the change and whether it is material to shareholders. If so, the Fund would typically seek to consider whether its existing disclosures are adequate in light of the changed conditions. If a Fund determines that changes in current market conditions have resulted in changes to the Fund's risks that are material to investors, and that its current disclosures do not adequately communicate the changes, the Fund would in most circumstances seek to update its communications to shareholders, as needed, and provide any such updated communications to shareholders, at the time and in the manner required by the federal securities laws and as otherwise appropriate.

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 elevated inflation levels and wars in Europe and in the Middle East. Uncertainties regarding interest rate levels, political events, potential trade restrictions and tariffs, global geopolitical conflicts, and the possibility of a national or global recession have also contributed to market volatility.

**Early Close/Trading Halt Risk.** An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in a Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to accurately price its investments and/or may incur substantial trading losses.

**Cybersecurity Risk.** With the Internet and other technologies being essential to conducting business, the Funds are susceptible to operational, information security, and related risks. The growing use of artificial intelligence may lead to increasingly sophisticated cybersecurity attacks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Funds or their service providers, including incidents involving artificial intelligence, may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds' ability to calculate their 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. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Funds invest, counterparties with which the Funds engage in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds' service providers may have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by their service providers or any other third parties whose operations may

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affect the Funds or their shareholders. As a result, in the event of a cyber incident, the Funds and their shareholders could be negatively impacted.

#### INVESTMENT RESTRICTIONS
The following information supplements the discussion in the Prospectus of the investment policies and limitations, objective, and restrictions of each Fund.

**Investment Policies and Limitations.** Unless otherwise specified, the investment policies and limitations of each Fund are not fundamental. Any policy or limitation that is not fundamental may be changed by the Board of Trustees of the Trust without shareholder approval.

**Investment Objective.** A Fund cannot change its fundamental investment objective without the approval of the lesser of: (1) 67% of the shares of the Fund represented at a meeting at which more than 50% of the outstanding Fund shares are represented, or (2) a majority of the outstanding shares of the Fund. These percentages are required by the 1940 Act, and are referred to in this SAI as a "1940 Act majority vote."

**Investment Restrictions.** Each Fund has adopted the following fundamental investment restrictions that may not be changed without a 1940 Act majority vote. Except for the percentage limitations referred to below with respect to borrowing, if a percentage restriction is adhered to at the time an investment is made, a later change in percentage resulting from a change in value or assets will not constitute a violation of that restriction.

#### Midas Discovery
The Fund may not:

1. Borrow money, except to the extent permitted by the 1940 Act;

2. Engage in the business of underwriting the securities of other issuers, except to the extent that the Fund may be deemed to be an underwriter under the federal securities laws in connection with the disposition of the Fund's authorized investments;

3. Purchase or sell real estate, provided that the Fund may invest in securities (excluding limited partnership interests) secured by real estate or interests therein or issued by companies which invest in real estate or interests therein;

4. Purchase or sell physical commodities (other than precious metals), although it may enter into (a) commodity and other futures contracts and options thereon, (b) options on commodities, including foreign currencies and precious metals, (c) forward contracts on commodities, including foreign currencies and precious metals, and (d) other financial contracts or derivative instruments;

5. Lend its assets, provided however, that the following are not prohibited: (a) the making of time or demand deposits with banks, (b) the purchase of debt securities such as bonds, debentures, commercial paper, repurchase agreements and short term obligations in accordance with the Fund's investment objectives and policies, and (c) engaging in securities, precious metals, and other asset loan transactions to the extent permitted by the 1940 Act;

6. Issue senior securities as defined in the 1940 Act. The following will not be deemed to be senior securities prohibited by this provision: (a) evidences of indebtedness that the Fund is permitted to incur, (b) the issuance of additional series or classes of securities that the Board of Trustees may establish, (c) the Fund's futures, options, and forward transactions, and (d) to the extent consistent with the 1940 Act and applicable rules and policies adopted by the SEC, (i) the establishment or use of a margin account with a broker for the purpose of effecting securities transactions on margin and (ii) short sales; or

7. Purchase any securities, other than obligations of the U.S. government or its agencies or instrumentalities, if, immediately after such purchase, more than 25% of the value of the Fund's total assets would be invested in the securities of issuers in the same industry, except that the Fund will, under normal circumstances, invest more than 25% of the value of its total assets in securities of Natural Resources Companies.

#### Midas Special Opportunities
The Fund may not:

1. Issue senior securities as defined in the 1940 Act. The following will not be deemed to be senior securities for this purpose: (a) evidences of indebtedness that the Fund is permitted to incur, (b) the issuance of additional series or classes of securities that the Board of Trustees may establish, (c) the Fund's futures, options, and forward currency transactions, and (d) to the extent consistent with the 1940 Act and applicable rules and policies adopted by the SEC, (i) the establishment or use of a margin account with a broker for the purpose of effecting securities transactions on margin and (ii) short sales;

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2. Lend its assets, provided however, that the following are not prohibited: (a) the making of time or demand deposits with banks, (b) the purchase of debt securities such as bonds, debentures, commercial paper, repurchase agreements and short term obligations in accordance with the Fund's investment objective and policies and (c) engaging in securities and other asset loan transactions limited to one third of the Fund's total assets;

3. Underwrite the securities of other issuers, except to the extent that the Fund may be deemed to be an underwriter under the federal securities laws in connection with the disposition of the Fund's authorized investments;

4. Borrow money, except to the extent permitted by the 1940 Act;

5. Purchase or sell commodities or commodity futures contracts, although it may enter into (i) financial and foreign currency futures contracts and options thereon, (ii) options on foreign currencies, and (iii) forward contracts on foreign currencies;

6. Purchase or sell real estate, provided that the Fund may invest in securities (excluding limited partnership interests) secured by real estate or interests therein or issued by companies which invest in real estate or interests therein; or

7. Purchase any securities, other than obligations of the U.S. government or its agencies or instrumentalities, if, immediately after such purchase, more than 25% of the value of the Fund's total assets would be invested in the securities of issuers in the same industry.

**Non-Fundamental Investment Limitations.** The Board has established the following non-fundamental investment limitations that may be changed by the Board without shareholder approval:

Each Fund may:

1. Invest up to 15% of the value of its net assets in illiquid securities, including repurchase agreements providing for settlement in more than seven days after notice;

2. Purchase securities issued by other investment companies to the extent permitted under the 1940 Act; and

3. Pledge, mortgage, hypothecate or otherwise encumber its assets to the extent permitted under the 1940 Act.

#### OPTIONS, FUTURES, AND FORWARD CURRENCY CONTRACT STRATEGIES
As discussed in the Prospectus, Midas Discovery and Midas Special Opportunities may purchase and sell options (including options on commodities, foreign currencies, equity and debt securities, and securities indices), futures contracts (including futures contracts on commodities, foreign currencies, securities, and securities indices), options on futures, and forward currency contracts (Midas Discovery only) in an attempt to enhance returns by speculation or for hedging purposes. Certain special characteristics of and risks associated with the use of these instruments by the Funds are discussed below.

**Regulation of the Use of Options, Futures, and Forward Currency Contract Strategies**. In addition to the investment guidelines (described below) adopted by the Funds to govern investment in these instruments, the use of options, forward currency contracts, and futures is subject to the applicable regulations of the SEC, the several options and futures exchanges upon which such instruments may be traded, the Commodities Futures Trading Commission ("CFTC") and the various state regulatory authorities. The regulation of derivatives markets in the United States is a rapidly changing area of law and is subject to modification by government and judicial action. New laws and regulations may negatively impact the Funds by increasing transaction or regulatory compliance costs, limiting the availability of certain derivatives, or otherwise adversely affecting the value or performance of derivatives the Funds trade. In November 2020, the Securities and Exchange Commission ("SEC") adopted Rule 18f-4 under the 1940 Act to govern the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4, which had a compliance date of August 19, 2022, replaced existing SEC guidance with a new framework for the use of derivatives by registered investment companies. Among other changes, Rule 18f-4 requires funds to trade derivatives and certain other instruments that create future payment or delivery obligations subject to a value-at-risk leverage limit, develop and implement a derivatives risk management program and new testing requirements, and comply with new requirements related to board and SEC reporting. However, an exception from certain requirements is available if a fund qualifies as a "limited derivatives user," which is defined as a fund that limits its derivatives exposure to 10% of its net assets. A fund that qualifies as a "limited derivatives user" must adopt written policies and procedures that are reasonably designed and tailored to manage the fund's specific derivatives risks and detail how the fund intends to comply with the 10% limitation. The Funds intend to rely on the limited derivatives user exception.

A Fund's ability to use options, forward contracts and futures may be limited by market conditions, regulatory limits and tax considerations, and a Fund might not employ any of the strategies described above. There can be no assurance that any strategy used will be successful. A Fund's ability to successfully utilize these instruments may depend on the Investment Manager's ability to predict accurately movements in the prices of the assets underlying the options, forward contracts and futures and movements in securities, interest rates, foreign currency exchange rates, and commodity prices. There is no assurance that a liquid secondary market for options and futures will always exist, and the

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historical correlations of the assets underlying the options, forward contracts and futures and portfolio objectives may be imperfect. There can be no assurance that the techniques described herein will provide adequate hedging or speculative returns, or that such techniques are or will be actually or effectively available due to liquidity, costliness, or other factors. Hedging maneuvers may fail or actually increase risk, and investors should not assume the availability of any of the hedging opportunities described herein. In any event, the Investment Manager will not likely attempt or obtain perfect balancing through hedging or otherwise, and a Fund might not use any hedging techniques, as described herein or otherwise, or use options, forward contracts and futures for purely speculative purposes. It also may be necessary to defer closing out a position to avoid adverse tax consequences.

Historically, advisers of registered investment companies trading commodity interests (such as futures contracts, options on futures contracts, and swaps), including the Funds, have been excluded from regulation as Commodity Pool Operators ("CPOs") pursuant to CFTC Regulation 4.5. In February 2012, the CFTC announced substantial amendments to the permissible exclusions, and to the conditions for reliance on the permissible exclusions, from registration as a CPO. To qualify for an exclusion under these amendments to CFTC Regulation 4.5, if a Fund uses commodity interests (such as futures contracts, options on futures contracts, and swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions, determined at the time the most recent position was established, may not exceed 5% of the Fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money" at the time of purchase are "in-the-money") or, alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions). In addition, to qualify for an exclusion, a Fund must satisfy a marketing test, which requires, among other things, that a Fund not hold itself out as a vehicle for trading commodity interests. CPOs were required to comply with the amendments to CFTC Regulation 4.5, which became effective on April 24, 2012, as of December 31, 2012.

The Investment Manager currently claims an exclusion (under CFTC Regulation 4.5) from registration as a CPO with respect to each Fund and, in its management of each Fund, intends to comply with one of the two alternative trading limitations described above and the marketing limitation with respect to each Fund. Complying with the trading limitations may restrict the Investment Manager's ability to use derivatives as part of the Funds' investment strategies. Although the Investment Manager expects to be able to execute the Funds' investment strategies within the limitations, the Funds' performance could be adversely affected. In addition, rules adopted by the SEC and CFTC under the Dodd-Frank Wall Street Reform and Consumer Protection Act may limit the availability of certain derivatives, may make the use of derivatives by the Funds more costly, and may otherwise adversely impact the performance and value of derivatives.

In addition to the products, strategies, and risks described below, the Investment Manager may discover additional opportunities in connection with options, futures, and forward currency contracts. These new opportunities may become available, as regulatory authorities broaden the range of permitted transactions and as new options, futures and forward currency contracts are developed. The Investment Manager may utilize these opportunities to the extent they are consistent with a Fund's investment objective and are permitted by a Fund's investment limitations and applicable regulatory authorities.

**Cover for Options, Futures, and Forward Currency Contract Strategies**. A Fund will seek to comply with SEC guidelines and rules (including Rule 18f-4) regarding the use of these instruments, including requirements relating to cover for these instruments, and will seek to, if required, (1) set aside or segregate cash or liquid securities whose value is marked to the market daily in the prescribed amount, or (2) enter into an offsetting ("covered") position in securities, currencies, or other options, or futures contracts. Assets used for cover cannot be sold or closed while the position in the corresponding instrument is open, unless they are replaced with other appropriate assets. As a result, the commitment of a large portion of a Fund's assets could impede portfolio management or the Fund's ability to meet current obligations.

**Option Strategies**. A Fund may purchase and write (sell) both exchange traded options and options traded on the over-the-counter ("OTC") market. Exchange traded options in the United States are issued by a clearing organization affiliated with the exchange on which the option is listed; which, in effect, guarantees completion of every exchange traded option transaction. In contrast, OTC options are contracts between a Fund and its counterparty with no clearing organization guarantee. Thus, when a Fund purchases an OTC option, it relies on the dealer from which it has purchased the OTC option to make or take delivery of the securities, currencies, or other instrument underlying the option. Failure by the dealer to do so may result in the loss of any premium paid by a Fund as well as the loss of the expected benefit of the transaction.

A Fund may purchase call options on securities (both equity and debt) that the Investment Manager intends to include in a Fund's portfolio in order to fix the cost of a future purchase. Call options also may be used as a means of enhancing returns by, for example, participating in an anticipated price increase of a security. In the event of a decline in the price of the underlying security, use of this strategy may serve to limit the potential loss to a Fund to the option premium paid. Conversely, if the market price of the underlying security increases above the exercise price and a Fund either sells or exercises the option, any profit eventually realized may be reduced by the premium paid.

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A Fund may purchase put options on securities to hedge against a decline in the market value of securities held in its portfolio or to attempt to enhance return. A put option enables a Fund to sell the underlying security at the predetermined exercise price; thus, the potential for loss to the Fund below the exercise price is limited to the option premium paid. If the market price of the underlying security is higher than the exercise price of the put option, any profit a Fund realizes on the sale of the security may be reduced by the premium paid for the put option less any amount for which the put option may be sold.

A Fund may, on certain occasions, wish to hedge against a decline in the market value of securities held in its portfolio at a time when put options on those particular securities are not available or attractive for purchase. A Fund may therefore purchase a put option on other selected securities, the values of which historically have positive correlation to the value of such portfolio securities. If the Investment Manager's judgment is correct, changes in the value of the put options should generally offset changes in the value of the portfolio securities being hedged. However, the correlation between the two values may not be as close in these transactions as in transactions in which a Fund purchases a put option on a security held in its portfolio. If the Investment Manager's judgment is not correct, the value of the securities underlying the put option may decrease less than the value of a Fund's portfolio securities and therefore the put option may not provide complete protection against a decline in the value of those securities below the level sought to be protected by the put option.

A Fund may write call options on securities for hedging or to increase return in the form of premiums received from the purchasers of the options. A call option gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the exercise price during or at the end of the option period. This strategy may be used to provide limited protection against a decrease in the market price of the security, in an amount equal to the premium received for writing the call option less any transaction costs. Thus, if the market price of the underlying security held by a Fund declines, the amount of such decline normally will be offset wholly or in part by the amount of the premium received by the Fund. If, however, there is an increase in the market price of the underlying security to a level in excess of the option exercise price, and the option is exercised, a Fund may be obligated to sell the security at less than its market value. In addition, a Fund could lose the ability to participate in an increase in the value of such securities above the exercise price of the call option because such an increase may likely be offset by an increase in the cost of closing out the call option (or could be negated if the buyer chose to exercise the call option at an exercise price below the current market value). A Fund generally would give up the ability to sell any portfolio securities used to cover the call option while the call option was outstanding.

A Fund also may write put options on securities. A put option gives the purchaser of the option the right to sell, and the writer (seller) the obligation to buy, the underlying security at the exercise price during the option period. So long as the obligation of the writer continues, the writer may be assigned an exercise notice by the broker/dealer through whom such option was sold, requiring it to make payment of the exercise price against delivery of the underlying security. If a put option is not exercised, a Fund may realize income in the amount of the premium received. This technique could be used to enhance current return during periods of market uncertainty. The risk in such a transaction would be that the market price of the underlying security would decline below the exercise price less the premiums received, in which case a Fund would expect to suffer a loss.

A Fund may purchase and write put and call options on securities indices in much the same manner as the more traditional securities options discussed above. Index options may serve as a hedge against overall fluctuations in the securities markets (or a market sector) rather than anticipated increases or decreases in the value of a particular security. A securities index assigns values to the securities included in the index and fluctuates with changes in such values. Settlements of securities index options are effected with cash payments and do not involve delivery of securities. Thus, upon settlement of a securities index option, the purchaser will realize, and the writer will pay, an amount based on the difference between the exercise price and the closing price of the index. The effectiveness of hedging techniques using securities index options may depend on the extent to which price movements in the securities index selected correlate with price movements of the securities in which a Fund invests.

A Fund may purchase and write straddles on securities and securities indexes. A long straddle is a combination of a call and a put purchased on the same securities index where the exercise price of the put is less than or equal to the exercise price on the call. A Fund may enter into a long straddle when the Investment Manager believes that it is likely that securities prices will be more volatile during the term of the options than is implied by the option pricing. A short straddle is a combination of a call and a put written on the same securities index where the exercise price of the put is less than or equal to the exercise price of the call. A Fund may enter into a short straddle when the Investment Manager believes that it is unlikely that securities prices will be as volatile during the term of the options as is implied by the option pricing. In such a case, a Fund normally will set aside cash or segregate cash or liquid assets equivalent in value to the amount, if any, by which the put is "in-the-money," that is, that amount by which the exercise price of the put exceeds the current market value of the underlying securities index.

**Foreign Currency Options and Related Risks**. A Fund may take positions in options on foreign currencies to enhance returns by speculation or to hedge against the risk of foreign exchange rate fluctuations on foreign securities that a Fund holds in its portfolio or that it intends to purchase. For example, if a Fund enters into a contract to purchase securities denominated in a foreign currency, it could effectively fix the maximum U.S. dollar cost of the securities by purchasing call options on that foreign currency. Similarly, if a Fund held securities denominated in a foreign currency and anticipated a decline in the value of that currency against the U.S. dollar, a Fund could hedge against such a decline by purchasing a put option on the currency involved. A Fund's ability to establish and close out positions in such options is subject to the maintenance of a liquid secondary market. Although many options on foreign currencies are exchange traded, the majority are traded on the OTC market. A Fund normally will not purchase or write such options unless, in the Investment Manager's opinion, the market for them is sufficiently liquid to ensure that the risks in connection with such options are not greater than the risks in connection with the underlying currency. In addition, options on foreign currencies are affected by all of those factors that influence foreign exchange rates and investments generally.

The value of a foreign currency option depends upon the value of the underlying currency relative to the U.S. dollar. As a result, the price of the option position may vary with changes in the value of either or both currencies and may have no relationship to the investment merits

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of a foreign security. Because foreign currency transactions occurring in the interbank market involve substantially larger amounts than those that may be involved in the use of foreign currency options, investors may be disadvantaged by having to deal in an odd lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots.

There is no systematic reporting of last sale information for foreign currencies or any regulatory requirement that quotations available through dealers and other market resources be firm or revised on a timely basis. Available quotation information is generally representative of very large transactions in the interbank market and thus may not reflect relatively smaller transactions (that is, less than $1 million) where rates may be less favorable. The interbank market in foreign currencies is a global, around-the-clock market. To the extent that the U.S. options markets are closed while the markets for the underlying currencies remain open, significant price and rate movements may take place in the underlying markets that cannot be reflected in the options markets until they reopen.

**Special Characteristics and Risks of Options Trading**. A Fund may effectively terminate its right or obligation under an option by entering into a closing transaction. If a Fund wishes to terminate its obligation to purchase or sell under a put or a call option it has written, the Fund may purchase a put or a call option of the same series (that is, an option identical in its terms to the option previously written); this is known as a closing purchase transaction. Conversely, in order to terminate its right to purchase or sell under a call or put option it has purchased, a Fund may sell an option of the same series as the option held; this is known as a closing sale transaction. Closing transactions essentially permit a Fund, prior to the exercise or expiration of the related option, to realize profits or limit losses on its option position, to prevent an underlying security from being called, to permit the sale of the underlying security or to enable a Fund to write another option on the underlying security with a different exercise price and/or expiration date. A Fund may realize a net gain or loss from a closing purchase transaction depending on whether the net amount of the original premium received on the call option is more or less than the cost of effecting the closing purchase transaction.

In considering the use of options to enhance returns by speculation or to hedge a Fund's portfolio, particular note should be taken of the following:

(1) The value of an option position reflects, among other things, the current market price of the underlying security, securities index, commodity, or currency (each an "underlying instrument"), the time remaining until expiration, the relationship of the exercise price to the market price, the historical price volatility of the underlying instrument, and general market conditions. For this reason, the successful use of options depends upon the Investment Manager's ability to forecast the direction of price fluctuations in the underlying securities, commodities or currency markets, or in the case of securities index options, fluctuations in the market sector represented by the selected index.

(2) Options normally have expiration dates of up to three years. The exercise price of the options may be below, equal to or above the current market value of the underlying instrument during the term of the option. Purchased options that expire unexercised have no value. Unless an option purchased by a Fund is exercised or unless a closing transaction is effected with respect to that position, the Fund will normally realize a loss in the amount of the premium paid and any transaction costs.

(3) A position in an exchange listed option may be closed out only on an exchange that provides a secondary market for identical options. Although the Funds intend to purchase or write only those exchange traded options for which there appears to be a liquid secondary market, there is no assurance that a liquid secondary market will exist for any particular option at any particular time. Closing transactions may be effected with respect to options traded in the OTC markets only by negotiating directly with the other party to the option contract or in a secondary market for the option if such market exists. Although a Fund normally will enter into OTC options with dealers that appear to be willing to enter into, and that are expected to be capable of entering into, closing transactions with a Fund, there can be no assurance that a Fund would be able to liquidate an OTC option at a favorable price at any time prior to expiration. In the event of insolvency of the counterparty to an OTC option, a Fund may be unable to liquidate an OTC option. Accordingly, it may not be possible to effect closing transactions with respect to certain options, which may result in a Fund having to exercise those options that it has purchased in order to realize any profit. With respect to options written by the Fund, the inability to enter into a closing transaction may result in material losses to a Fund. For example, because a Fund may maintain a covered position with respect to call options it writes on an instrument, it may not sell the underlying instrument (or invest any cash or securities used to cover the option) during the period it is obligated under such option. This requirement may impair a Fund's ability to sell a portfolio security or make an investment at a time when such a sale or investment might be advantageous.

(4) Securities index options are settled exclusively in cash. If a Fund writes a call option on an index, it cannot cover its obligation under the call index option by holding the underlying securities. In addition, a holder of a securities index option who exercises it before the closing index value for that day is available runs the risk that the level of the underlying index may subsequently change.

(5) A Fund's activities in the options markets may result in a higher portfolio turnover rate (which in turn may result in recognition of net capital gains that will be taxable to shareholders when distributed to them) and additional brokerage costs; however, a Fund also may save on commissions by using options rather than buying or selling individual securities in anticipation or as a result of market movements.

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**Futures and Related Options Strategies**. A Fund may engage in futures strategies for hedging purposes, to attempt to reduce the overall investment risk that would normally be expected to be associated with ownership of the securities in which it invests (or intends to acquire), or to enhance returns by speculation which may increase such risk. Such strategies may involve, among other things, using futures strategies to manage the effective duration of a Fund. If the Investment Manager wishes to shorten a Fund's effective duration, the Fund may sell an interest rate futures contract or a call option thereon, or may purchase a put option on such futures contract. If the Investment Manager wishes to lengthen a Fund's effective duration, the Fund may buy an interest rate futures contract or a call option thereon, or may sell a put option on such futures contract. Futures contracts and options thereon can also be purchased and sold to attempt to enhance income or returns by speculation. A Fund may purchase or sell futures contracts or options thereon to increase or reduce its exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance returns by speculation.

A Fund may use interest rate futures contracts and options thereon to position its portfolio with respect to anticipated changes in the general level of interest rates. A Fund may purchase an interest rate futures contract when it intends to purchase debt securities but has not yet done so. This strategy may minimize the effect of all or part of an increase in the market price of the debt security that a Fund intends to purchase in the future. A rise in the price of the debt security prior to its purchase may either be offset by an increase in the value of the futures contract purchased by a Fund or avoided by taking delivery of the debt securities under the futures contract. Conversely, a fall in the market price of the underlying debt security may result in a corresponding decrease in the value of the futures position. A Fund may sell an interest rate futures contract in order to continue to receive the income from a debt security, while endeavoring to avoid part or all of the decline in market value of that security that may accompany an increase in interest rates.

A Fund may purchase a call option on an interest rate futures contract to benefit by a market advance in debt securities that the Fund plans to acquire at a future date. The purchase of a call option on an interest rate futures contract is analogous to the purchase of a call option on an individual debt security, which can be used as a temporary substitute for a position in the security itself. A Fund also may write put options on interest rate futures contracts to enhance returns, and may write call options on interest rate futures contracts to offset an anticipated decline in the price of debt securities held in its portfolio. A Fund also may purchase put options on interest rate futures contracts in order to hedge against a decline in the value of debt securities held in its portfolio or to enhance returns by speculation.

A Fund may sell securities index futures contracts in anticipation of a general market or market sector decline. To the extent that a portion of a Fund's portfolio correlates with a given index, the sale of futures contracts on that index could reduce the risks associated with a market decline and thus provide an alternative to the liquidation of securities positions. For example, if a Fund correctly anticipates a general market decline and sells securities index futures to benefit by this anticipated movement, the gain in the futures position may potentially offset some or all of the decline in the value of the portfolio. A Fund may purchase securities index futures contracts if a general market or market sector advance is anticipated. Such a purchase of a futures contract could serve as a temporary substitute for the purchase of individual securities, which securities then may be purchased in an orderly fashion or as part of an attempt to seek capital gain by speculation. This strategy may minimize the effect of all or part of an increase in the market price of securities that a Fund intends to purchase. A rise in the price of the securities should be offset wholly or in part by gains in the futures position.

As in the case of a purchase of a securities index futures contract, a Fund may purchase a call option on a securities index futures contract on speculation for capital appreciation or as a hedge against a market advance in securities that the Fund plans to acquire at a future date. The purchase of put options on securities index futures contracts can be analogous to the purchase of protective put options on individual securities where a level of protection is sought below which no additional economic loss may be incurred by a Fund as part of an attempt to seek capital gain by speculation.

A Fund may sell foreign currency futures contracts to benefit from variations in the exchange rate of foreign currencies in relation to the U.S. dollar. In addition, a Fund may sell foreign currency futures contracts when the Investment Manager anticipates a general weakening of the foreign currency exchange rate that could adversely affect the market value of a Fund's foreign securities holdings or interest payments to be received in that foreign currency, or to enhance return by speculation. In this case, the sale of futures contracts on the underlying currency may reduce the risk to a Fund of a reduction in market value caused by foreign currency exchange rate variations and, by so doing, provide an alternative to the liquidation of securities positions and resulting transaction costs. When the Investment Manager anticipates a significant foreign exchange rate increase while intending to invest in a security denominated in that currency, a Fund may purchase a foreign currency futures contract to benefit from the increased rates pending completion of the anticipated transaction. Such a purchase may serve as a temporary measure to protect the Fund against any rise in the foreign currency exchange rate that may add additional costs to acquiring the foreign security position. A Fund may also purchase call or put options on foreign currency futures contracts to obtain a fixed foreign currency exchange rate at limited risk. A Fund may purchase a call option on a foreign currency futures contract to benefit from a rise in the foreign currency exchange rate while intending to invest in a security denominated in that currency or to enhance returns by speculation. A Fund may purchase put options on foreign currency futures contracts to benefit from a decline in the foreign currency exchange rates or the value of its foreign portfolio securities or to enhance returns by speculation. A Fund may write a put option on a foreign currency futures contract and may write a call option on a foreign currency futures contract as an income or capital appreciation strategy.

A Fund may also purchase these instruments to enhance income or return by speculation, for example by writing options on futures contracts. In addition, a Fund can use these instruments to change its exposure to securities or commodities price changes, or interest or foreign currency exchange rate changes, for example, by changing the Fund's exposure from one foreign currency exchange rate to another.

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A Fund also may write put options on a futures contract while, at the same time, purchasing call options on the same futures contract in order to synthetically create a futures contract. The options typically will have the same strike prices and expiration dates. A Fund normally will only engage in this strategy when it appears more advantageous to the Fund to do so as compared to purchasing the futures contract.

A Fund may also purchase and write covered straddles on futures contracts. A long straddle is a combination of a call and a put purchased on the same futures contracts at the same exercise price. A Fund may enter into a long straddle when the Investment Manager believes that it is likely that the futures contract will be more volatile during the term of the options than is implied by the option pricing. A Fund may enter into a short straddle when the Investment Manager believes that it is unlikely that the futures contract will be as volatile during the term of the options as is implied by the option pricing.

**Special Characteristics and Risks of Futures and Related Options Trading**. No price is paid upon entering into a futures contract. Instead, upon entering into a futures contract, a Fund is required to segregate in the name of the futures broker through whom the transaction is effected an amount of cash or liquid securities generally equal to 10% or less of the contract value whose value is marked to the market daily. This amount is known as "initial margin." When writing a call or a put option on a futures contract and certain options on currencies, margin also must be deposited in accordance with applicable exchange rules. Unlike margin in securities transactions, initial margin does not involve borrowing to finance the futures or options transactions. Rather, initial margin is in the nature of a performance bond or good faith deposit on the contract that is returned to a Fund upon termination of the transaction, assuming all obligations have been satisfied. Under certain circumstances, such as periods of high volatility, a Fund may be required by an exchange to increase the level of its initial margin payment. Additionally, initial margin requirements may be increased generally in the future by regulatory action. Subsequent payments, called "variation margin," to and from the broker, are made on a daily basis as the value of the futures or options position varies, a process known as "marking to the market." For example, when a Fund purchases a contract and the value of the contract rises, it receives from the broker a variation margin payment equal to that increase in value. Conversely, if the value of the futures position declines, the Fund is required to make a variation margin payment to the broker equal to the decline in value. Variation margin does not involve borrowing to finance the transaction but rather represents a daily settlement of the Fund's obligations to or from a clearing organization.

Buyers and sellers of futures positions and options thereon can enter into offsetting closing transactions, similar to closing transactions on options on securities, by selling or purchasing an offsetting contract or option. Futures contracts or options thereon may be closed only on an exchange or board of trade providing a secondary market for such futures contracts or options.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract or option may vary either up or down from the previous day's settlement price. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses, because prices could move to the daily limit for several consecutive trading days with little or no trading and thereby prevent prompt liquidation of unfavorable positions. As a result, a Fund's access to other assets held to cover its options or future positions could also be impaired. In such event, it may not be possible for a Fund to close a position and, in the event of adverse price movements, it may have to make daily cash payments of variation margin (except in the case of purchased options).

In considering a Fund's use of futures contracts and options, particular note should be taken of the following:

(1) Futures and options are highly speculative and aggressive instruments. Successful use by a Fund of futures contracts and options may depend upon the Investment Manager's ability to predict movements in the direction of the overall securities, currencies, precious metals and interest rate markets, which requires different skills and techniques than predicting changes in the prices of individual securities. Moreover, these contracts relate not only to the current price level of the underlying instrument or currency but also to the anticipated price levels at some point in the future. There is, in addition, the risk that the movements in the price of the contract will not correlate with the movements in the prices of the securities, commodities or currencies underlying the contract or the Fund's portfolio securities. For example, if the price of the securities index futures contract moves less than the price of the securities, the correlation will be imperfect. Further, if the price of the securities has moved in an unfavorable direction, a Fund may be in a better position than if it had not used the contract at all. If the price of the securities has moved in a favorable direction, the advantage may be partially offset by losses in the contract position. In addition, if a Fund has insufficient cash, it may have to borrow or sell assets from its portfolio to meet daily variation margin requirements. Any such sale of assets may or may not be made at prices that reflect a rising market. Consequently, a Fund may need to sell assets at a time when such sales are disadvantageous to it. If the price of the contract moves more than the price of the underlying securities, a Fund can experience either a loss or a gain on the contract that may or may not be completely offset by movements in the price of the securities.

(2) In addition to the possibility that there may be an imperfect correlation, or no correlation at all, between price movements in the futures or options position and the underlying instruments, movements in the prices of these contracts may not correlate perfectly with movements in the prices of the securities, precious metals or currencies due to price distortions in the futures and options market. There may be several reasons unrelated to the value of the underlying instruments that cause this situation to occur. First, as noted above, all participants in the futures and options market are subject to initial and margin requirements. If, to avoid meeting additional margin deposit requirements or for other reasons, investors choose to close a significant number of futures contracts or options through offsetting transactions, distortions in the normal price relationship between the securities, precious metals, currencies and the futures and options markets may occur. Second, because the margin deposit requirements in the futures and options market are less onerous than margin requirements in the securities market, there may be increased participation by speculators in the futures market; such speculative activity in the futures market also may cause temporary price distortions. As a result, a correct forecast of general market trends may not result in successful use of futures contracts or options over the short term. In addition, activities of large traders in both the futures and securities markets involving arbitrage and other investment strategies may result in temporary price distortions.

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(3) Positions in futures contracts and options on futures may be closed out only on an exchange or board of trade that provides a secondary market for such contracts. Although a Fund intends to purchase and sell such contracts only on exchanges or boards of trade where there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange or board of trade will exist for any particular contract at any particular time. In such event, it may not be possible to close a position, and in the event of adverse price movements, a Fund may continue to be required to make variation margin payments.

(4) Like options on securities and currencies, options on futures contracts have limited life. The ability to establish and close out options on futures may be subject to the maintenance of liquid secondary markets on the relevant exchanges or boards of trade.

(5) Purchasers of options on futures contracts pay a premium at the time of purchase. This amount and the transaction costs are all that is at risk. Sellers of options on futures contracts, however, must post initial margin and are subject to additional margin calls that could be substantial in the event of adverse price movements. In addition, although the maximum amount at risk when a Fund purchases an option is the premium paid for the option and the transaction costs, there may be circumstances when the purchase of an option on a futures contract may result in a loss to the Fund when the use of a futures contract may not, such as when there is no movement in the level of the underlying securities index value or the underlying securities, precious metals or currencies.

(6) As is the case with options, a Fund's activities in the futures and options on futures markets may result in a higher portfolio turnover rate (which in turn may result in recognition of net capital gains that will be taxable to shareholders when distributed to them) and additional transaction costs in the form of added brokerage commissions; however, the Fund also may save on commissions by using futures contracts or options thereon rather than buying or selling individual securities or currencies in anticipation or as a result of market movements.

**Special Risks Related to Foreign Currency Futures Contracts and Related Options**. Buyers and sellers of foreign currency futures contracts are subject to the same risks that apply to the use of futures generally. In addition, there are risks associated with foreign currency futures contracts and their use similar to those associated with options on foreign currencies described above.

Options on foreign currency futures contracts may involve certain additional risks. The ability to establish and close out positions on such options is subject to the maintenance of a liquid secondary market. Compared to the purchase or sale of foreign currency futures contracts, the purchase of call or put options thereon involves less potential risk to a Fund because the maximum amount at risk is the premium paid for the option (plus transaction costs). However, there may be circumstances when the purchase of a call or put option on a foreign currency futures contract may result in a loss, such as when there is no movement in the price of the underlying currency or futures contract, when the purchase of the underlying futures contract may not result in such a loss.

**Forward Currency Contracts**. A Fund may use forward currency contracts to protect against uncertainty in the level of future foreign currency exchange rates or to enhance returns by speculation. A Fund may also use forward currency contracts in one currency or basket of currencies to attempt to benefit by fluctuations in the value of securities denominated in a different currency if the Investment Manager anticipates that there may be a correlation between the two currencies.

A Fund may enter into forward currency contracts with respect to specific transactions. For example, when a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, or the Fund anticipates the receipt in a foreign currency of dividend or interest payments on a security that it holds or anticipates purchasing, it may desire to "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of such payment by entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars or foreign currency, of the amount of foreign currency involved in the underlying transaction. The Fund normally will thereby be able to protect itself against a possible loss resulting from an adverse change in the relationship between the currency exchange rates during the period between the date on which the security is purchased or sold, or on which the payment is declared or accrues, and the date on which the payments are made or received. A Fund also may use forward currency contracts in connection with portfolio positions.

A Fund also may use forward currency contracts to shift its exposure from one foreign currency to another. For example, if a Fund owns securities denominated in a foreign currency and the Investment Manager believes that currency may decline relative to another currency, it might enter into a forward contract to sell the appropriate amount of the first currency with payment to be made in the second currency. Transactions that use two foreign currencies are sometimes referred to as "cross hedging." Use of a different foreign currency magnifies the Fund's exposure to foreign currency exchange rate fluctuations. A Fund also may purchase forward currency contracts to enhance income when the Investment Manager anticipates that the foreign currency may appreciate in value, but securities denominated in that foreign currency do not present attractive investment opportunities.

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The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies can change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. Accordingly, it may be necessary for a Fund to purchase additional foreign currency on the spot (that is, cash) market (and bear the expense of such purchase) if the market value of the security is less than the amount of foreign currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the foreign currency. Conversely, it may be necessary to sell on the spot market some of the foreign currency received upon the sale of the portfolio security if the market value of the security exceeds the amount of foreign currency the Fund is obligated to deliver. The projection of short term currency market movements is extremely difficult and the successful execution of a short term strategy is highly uncertain. Forward contracts involve the risk that anticipated currency movements may not be accurately predicted, causing a Fund to sustain losses on these contracts and transaction costs. Under normal circumstances, consideration of the prospects for currency parities may be incorporated into the longer term investment decisions made with regard to overall diversification or other investment strategies. However, the Investment Manager believes that it is important to have the flexibility to enter into forward contracts when it determines that the best interests of a Fund may be served.

At or before the maturity date of a forward contract requiring a Fund to sell a currency, it may either sell a portfolio security and use the sale proceeds to make delivery of the currency or retain the security and offset its contractual obligation to deliver the currency by purchasing a second contract pursuant to which it will obtain, on the same maturity date, the same amount of the currency that it is obligated to deliver. Similarly, a Fund may close out a forward contract requiring it to purchase a specified currency by entering into a second contract entitling it to sell the same amount of the same currency on the maturity date of the first contract. The Fund may realize a gain or loss as a result of entering into such an offsetting forward currency contract under either circumstance to the extent the exchange rate or rates between the currencies involved moved between the execution dates of the first contract and the offsetting contract.

The cost to a Fund of engaging in forward currency contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts are usually entered into on a principal basis, no fees or commissions are involved. The use of forward currency contracts does not eliminate fluctuations in the prices of the underlying securities a Fund owns or intends to acquire, but it does fix a rate of exchange in advance. In addition, although the use of forward currency contracts for hedging may limit the risk of loss due to a decline in the value of the hedged currencies, at the same time it limits any potential gain that might result should the value of the currencies increase.

Although a Fund values its assets daily in terms of U.S. dollars, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. A Fund may convert foreign currency from time to time, and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to a Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

#### FUND COMPLEX
The investment companies ("Fund Complex") advised by affiliates of Winmill & Co. Incorporated ("Winco"), the parent company of the Investment Manager, are:

Bexil Investment Trust (closed end investment company)

Foxby Corp. (closed end investment company)

Midas Series Trust (open-end investment company with two series: Midas Discovery and Midas Special Opportunities)

#### OFFICERS AND TRUSTEES
The Board of Trustees is responsible for the management and supervision of the Funds. The Board approves all significant agreements with those companies that furnish services to the Funds. These companies are as follows: Midas Management Corporation, the Funds' Investment Manager; Midas Securities Group, Inc., the Funds' distributor (the "Distributor"); Ultimus Asset Services, LLC, the Funds' transfer and dividend disbursing agent, fund accountant, and tax service provider (the "Transfer Agent"); and Argent Institutional Trust Company, and its global subcustodial network, the custodian of the Funds' securities (the "Custodian").

The independent Trustees of the Trust (*i.e.*, the trustees who are not "interested persons" as defined in the 1940 Act, of any of the Funds in the Fund Complex) are also members of the Audit Committee and Nominating Committee of the Board. The Audit Committee normally meets two times per year. The Audit Committee, among other things, meets with the Funds' Independent Registered Public Accounting Firm ("IRPAF") to review its financial reporting, external audit matters, and fees charged by the IRPAF and evaluates the independence of the IRPAF. The Audit Committee is also responsible for recommending the selection, retention, or termination of the IRPAF and to review any other relevant matters, in order to provide the highest level of integrity and accuracy in the Funds' financial reporting. The Audit Committee met twice during the fiscal year ended December 31, 2025.

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The Nominating Committee's primary purposes and responsibilities are (i) to identify individuals qualified to become members of the Board in the event that a position is vacated or created, (ii) to consider all candidates proposed to become members of the Board, subject to the procedures and policies set forth in the Trust's Declaration of Trust and/or Bylaws or resolutions of the Board and other relevant factors, (iii) to select and nominate, or recommend for nomination by the Board, candidates for election as Trustees and (iv) to set any necessary standards or qualifications for service on the Board. The Nominating Committee may consider director nominees by shareholders. Recommendations for consideration by the Nominating Committee should be sent to the Secretary of the Trust at P.O. Box 4, Walpole, NH 03608. Shareholder proposals must be received within a reasonable time before the Trust begins to print and send its proxy materials relating to a particular meeting to be considered for inclusion in that proxy statement and form of proxy relating to the meeting. Shareholder proposals that are not received within a reasonable time before the Trust begins to print and send its proxy materials relating to a particular meeting will be considered untimely. Shareholder proposals that are submitted in a timely manner will not necessarily be included in the Trust's proxy materials. Inclusion of such proposals is subject to applicable law and the governing documents of the Trust. The Trust does not hold regular annual meetings of shareholders The Nominating Committee did not meet during the fiscal year ended December 31, 2025.

The Board has also established an Executive Committee of which Mr. Thomas Winmill is the sole member. The Executive Committee meets from time to time, as needed, and except as further limited by the Board, when the Board is not in session the Executive Committee may exercise all powers of the Board in the management of the business and affairs of the Trust. The Executive Committee did not meet during the fiscal year ended December 31, 2025.

The names of the Trustees of the Trust, and their respective offices, dates of birth, and principal occupations during the last five years are set forth below.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> | &nbsp;&nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> | &nbsp;&nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> | &nbsp;&nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> | &nbsp;&nbsp;&nbsp; INDEPENDENT TRUSTEES <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;**Name, Address <sup>(2)</sup>, and<br>Date of Birth** | **Trustee<br>Since <sup>(3)</sup>** | **Principal Occupation and**<br> **Business Experience**<br> **for the Past Five Years** | **Number of<br>Portfolios in Fund<br>Complex Overseen<br>by Trustee <sup>(4)</sup>** | **Other Directorships<br>Held by Trustee<br>During the Past Five<br>Years <sup>(5)</sup>** |
| &nbsp;&nbsp;&nbsp; Roger Atkinson<br> January 25, 1961 | 2020 | Since 2007, Mr. Atkinson has served as a manager with Cell-Mark Inc., a pulp and paper trading company. His responsibilities include directing trading activity, acquisitions, and risk management. | 4 |  |
| &nbsp;&nbsp;&nbsp; Jon Tomasson<br> 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 investor 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. | 4 |  |
| &nbsp;&nbsp;&nbsp; Peter Werner<br> August 16, 1959 | 2012<br> (predecessor<br> Fund: 2004) | Retired. Previously, Mr. Werner taught, directed, and coached many programs at The Governor's Academy of Byfield 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. | 4 |  |
| &nbsp;&nbsp;&nbsp;INTERESTED TRUSTEE | &nbsp;&nbsp;&nbsp;INTERESTED TRUSTEE | &nbsp;&nbsp;&nbsp;INTERESTED TRUSTEE | &nbsp;&nbsp;&nbsp;INTERESTED TRUSTEE | &nbsp;&nbsp;&nbsp;INTERESTED TRUSTEE |
| &nbsp;&nbsp;&nbsp; Thomas Winmill <sup>(6)</sup><br> June 25, 1959 | 2012<br> (predecessor<br> Fund: 1993) | Mr. Winmill is President, Chief Executive Officer, Chairman, Chief Legal Officer, and a Trustee or Director of the Trust, Bexil Investment Trust, 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"), Midas Securities Group, Inc., a registered broker-dealer (the "Broker-Dealer"), Bexil Corporation, a holding company ("Bexil"), and Winco, a holding company. He is a Director of Bexil American Mortgage Inc. and a Trustee of the Winmill Family Trust ("WFT"). He is Chairman of the Investment Policy Committee of each of the Advisers (the "IPCs"), and he is a portfolio manager of Midas Discovery, Midas Special Opportunities, Bexil Investment Trust, and Foxby Corp. He is a member of the New York State Bar and the SEC Rules Committee of the Investment Company Institute. | 4 | Global Self Storage, Inc.<br> (1997-2025) |
| &nbsp;&nbsp;&nbsp; <br> (1) Refers to Trustees who are not "interested persons" of the Funds as defined under the Act.<br> (2) Unless otherwise noted, the address of record for the Trustees is P.O. Box 4, Walpole, NH 03608.<br> (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 exceptions.<br> (4) The "Fund Complex" is comprised of each series of the Trust, Bexil Investment Trust, and Foxby Corp., which are managed by the Investment Manager or its affiliate.<br> (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, as amended ("1934 Act") or any company registered as an investment company under the Act, excluding those within the Fund Complex.<br> (6) Thomas Winmill is an "interested person" (as defined in the Act) of the Trust because of his position with the Investment Manager.<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.<br>None of the independent Trustees, nor their immediate family members, held any positions (other than trustee or director of the Funds in the Fund Complex) with the Investment Manager, the Distributor, Winco, or their affiliates or any person directly or indirectly controlling, controlled by, or under common control with the Investment Manager, the Distributor, Winco, or their affiliates, during the two most recently completed calendar years. | &nbsp;&nbsp;&nbsp; <br> (1) Refers to Trustees who are not "interested persons" of the Funds as defined under the Act.<br> (2) Unless otherwise noted, the address of record for the Trustees is P.O. Box 4, Walpole, NH 03608.<br> (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 exceptions.<br> (4) The "Fund Complex" is comprised of each series of the Trust, Bexil Investment Trust, and Foxby Corp., which are managed by the Investment Manager or its affiliate.<br> (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, as amended ("1934 Act") or any company registered as an investment company under the Act, excluding those within the Fund Complex.<br> (6) Thomas Winmill is an "interested person" (as defined in the Act) of the Trust because of his position with the Investment Manager.<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.<br>None of the independent Trustees, nor their immediate family members, held any positions (other than trustee or director of the Funds in the Fund Complex) with the Investment Manager, the Distributor, Winco, or their affiliates or any person directly or indirectly controlling, controlled by, or under common control with the Investment Manager, the Distributor, Winco, or their affiliates, during the two most recently completed calendar years. | &nbsp;&nbsp;&nbsp; <br> (1) Refers to Trustees who are not "interested persons" of the Funds as defined under the Act.<br> (2) Unless otherwise noted, the address of record for the Trustees is P.O. Box 4, Walpole, NH 03608.<br> (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 exceptions.<br> (4) The "Fund Complex" is comprised of each series of the Trust, Bexil Investment Trust, and Foxby Corp., which are managed by the Investment Manager or its affiliate.<br> (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, as amended ("1934 Act") or any company registered as an investment company under the Act, excluding those within the Fund Complex.<br> (6) Thomas Winmill is an "interested person" (as defined in the Act) of the Trust because of his position with the Investment Manager.<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.<br>None of the independent Trustees, nor their immediate family members, held any positions (other than trustee or director of the Funds in the Fund Complex) with the Investment Manager, the Distributor, Winco, or their affiliates or any person directly or indirectly controlling, controlled by, or under common control with the Investment Manager, the Distributor, Winco, or their affiliates, during the two most recently completed calendar years. | &nbsp;&nbsp;&nbsp; <br> (1) Refers to Trustees who are not "interested persons" of the Funds as defined under the Act.<br> (2) Unless otherwise noted, the address of record for the Trustees is P.O. Box 4, Walpole, NH 03608.<br> (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 exceptions.<br> (4) The "Fund Complex" is comprised of each series of the Trust, Bexil Investment Trust, and Foxby Corp., which are managed by the Investment Manager or its affiliate.<br> (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, as amended ("1934 Act") or any company registered as an investment company under the Act, excluding those within the Fund Complex.<br> (6) Thomas Winmill is an "interested person" (as defined in the Act) of the Trust because of his position with the Investment Manager.<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.<br>None of the independent Trustees, nor their immediate family members, held any positions (other than trustee or director of the Funds in the Fund Complex) with the Investment Manager, the Distributor, Winco, or their affiliates or any person directly or indirectly controlling, controlled by, or under common control with the Investment Manager, the Distributor, Winco, or their affiliates, during the two most recently completed calendar years. | &nbsp;&nbsp;&nbsp; <br> (1) Refers to Trustees who are not "interested persons" of the Funds as defined under the Act.<br> (2) Unless otherwise noted, the address of record for the Trustees is P.O. Box 4, Walpole, NH 03608.<br> (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 exceptions.<br> (4) The "Fund Complex" is comprised of each series of the Trust, Bexil Investment Trust, and Foxby Corp., which are managed by the Investment Manager or its affiliate.<br> (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, as amended ("1934 Act") or any company registered as an investment company under the Act, excluding those within the Fund Complex.<br> (6) Thomas Winmill is an "interested person" (as defined in the Act) of the Trust because of his position with the Investment Manager.<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.<br>None of the independent Trustees, nor their immediate family members, held any positions (other than trustee or director of the Funds in the Fund Complex) with the Investment Manager, the Distributor, Winco, or their affiliates or any person directly or indirectly controlling, controlled by, or under common control with the Investment Manager, the Distributor, Winco, or their affiliates, during the two most recently completed calendar years. |

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Overall responsibility for the management of the Funds rests with the Board of Trustees. The Board recognizes the critical role that the Trustees, and particularly the independent Trustees, serve. The Board is not responsible for day-to-day management of the Funds but it does bear important other duties. To enhance the independence and effectiveness of the Trustees in these endeavors, and to assist them in serving their role on behalf of the interests of the Funds' shareholders, the Board has adopted, and periodically reviews, policies and procedures designed to address and monitor risks to the Funds and conflicts of interest of which the Board is aware between the Funds and the Investment Manager and other service providers to the Funds. Such risks include, among others, investment risk, credit risk, liquidity risk, valuation risk and operational risk, as well as the overall business and disclosure risks relating to the Funds. Under the overall supervision of the Board, the Investment Manager and other service providers to the Funds also have implemented a variety of processes, procedures, and controls to address these risks. Different processes, procedures and controls are employed with respect to different types of risks. These processes include those that are embedded in the conduct of regular business by the Board and in the responsibilities of officers of the Funds and other service providers, but there can be no assurance that all risks can be avoided. Officers of the Trust, including the President, Chief Financial Officer, General Counsel, and Chief Compliance Officer ("CCO"), report to the Board on a variety of matters at regular and special meetings of the Board, including matters relating to risk management. The Chief Financial Officer also reports regularly to the Board and to the Audit Committee on the Funds' internal controls and accounting and financial reporting policies and practices. The Board and the Audit Committee also receive regular reports from the Funds' IRPAF on internal control and financial reporting matters. On at least a quarterly basis, the Board meets with the Funds' CCO, including meeting in executive session, to discuss issues related to portfolio compliance and, on at least an annual basis, receives a report from the CCO regarding the effectiveness of the Funds', Investment Manager's, and other service providers' compliance programs. In addition, the Board also receives reports from the Investment Manager on the investments and securities trading of the Funds, as well as reports from the Investment Manager's Valuation Committee regarding the valuation of those investments. The Board receives reports from the Funds' primary service providers on a periodic or regular basis, including the Investment Manager as well as the Funds' Custodian and Distributor. The Investment Manager also reports to the Board on other matters relating to risk management on a regular and as-needed basis.

Thomas Winmill, an "interested person" of the Funds, acts as Chairman of the Board of the Trust. The Board does not have a "lead independent Trustee." Given the policies described above, the Trustees have determined that the current leadership structure of the Board is appropriate.

With respect to the specific experience, qualifications, attributes, or skills that led to the conclusion that each person should serve as a Trustee of the Trust, the Board considered and evaluated each Trustee's relevant knowledge, experience, and expertise, the Trustee's ability to carry out his duties in the best interests of the Funds, and the Trustee's independence. Mr. Atkinson has experience with financial, accounting, regulatory, investment, and Board operational matters as well as monitoring the Investment Manager and other Fund service providers through his current position as a manager at CellMark, Inc., a pulp and paper trading company, where he directs trading activity, acquisitions, and risk management, various former positions, including serving as the sole member of Fort Vancouver Paper LLC, an international trading company, and his service as a fund independent trustee and director. Mr. Tomasson has experience with financial, accounting, regulatory, investment, and board operational matters as well as monitoring the Investment Manager and other Fund service providers through his

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current position as Chief Executive Officer of Vínland Capital Investments, LLC, and his former positions as a principal with Cardinal Capital Partners, and as a Vice President at Citigroup in the Global Real Estate Equity and Structured Finance group, part of the Real Estate Investment Bank. Mr. Werner has experience with financial, accounting, regulatory, investment, and Board operational matters as well as monitoring the Investment Manager and other Fund service providers through his former position as Vice President in the Fixed Income Departments of Lehman Brothers and First Boston and as a result of his service as a fund independent Trustee for more than fifteen years. Additionally, each of Messrs. Tomasson and Werner has been deemed an Audit Committee financial expert as defined in the Sarbanes-Oxley Act of 2002 or other applicable law. Mr. Thomas Winmill has experience with financial, accounting, regulatory, investment, and Board operational matters as well as monitoring the Investment Manager and other Fund service providers as a result of his service as a Fund/Trust officer and interested Trustee for more than twenty years.

The executive officers of the Trust, other than those who serve as Trustees, each of whom serves at the pleasure of the Board, are as follows:

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; OFFICERS OF THE TRUST | &nbsp;&nbsp;&nbsp; OFFICERS OF THE TRUST | &nbsp;&nbsp;&nbsp; OFFICERS OF THE TRUST |
| &nbsp;&nbsp;&nbsp; **Name, Address <sup>(1)</sup>,**<br> **and Date of Birth** | **Title and Officer Since <sup>(2)</sup>** | **Principal Occupation and Business Experience 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, Secretary, and General Counsel 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 Global Self Storage, Inc., a self storage REIT ("SELF"), and Tuxis Corporation, a real estate company (''Tuxis"). He is Assistant Chief Compliance Officer, Assistant Secretary, and Co-General Counsel of Winco. 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) | 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 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; <br> (1) Unless otherwise noted, the address of record for the officers is P.O. Box 4, Walpole, NH 03608.<br> (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 18, 2025. | &nbsp;&nbsp;&nbsp; <br> (1) Unless otherwise noted, the address of record for the officers is P.O. Box 4, Walpole, NH 03608.<br> (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 18, 2025. | &nbsp;&nbsp;&nbsp; <br> (1) Unless otherwise noted, the address of record for the officers is P.O. Box 4, Walpole, NH 03608.<br> (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 18, 2025. |

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The following table presents certain information regarding the beneficial ownership of each Fund's shares as of December 31, 2025 by each Trustee of the Trust.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Trustee** | **Dollar Range**<br> **of Equity Securities in**<br> **Midas Discovery** | **Dollar Range of**<br> **Equity Securities in**<br> **Midas Special<br>Opportunities** | **Aggregate Dollar Range of**<br> **Equity Securities in All**<br> **Registered Investment<br>Companies Overseen by**<br> **Trustee in Fund Complex** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees:** | &nbsp;&nbsp;&nbsp; **Independent Trustees:** | &nbsp;&nbsp;&nbsp; **Independent Trustees:** | &nbsp;&nbsp;&nbsp; **Independent Trustees:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Roger Atkinson |  |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jon Tomasson |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peter Werner | $10001 - $50000 | $10001 - $50000 | $50001-$100000 |
| &nbsp;&nbsp;&nbsp; **Interested Trustee:** | &nbsp;&nbsp;&nbsp; **Interested Trustee:** | &nbsp;&nbsp;&nbsp; **Interested Trustee:** | &nbsp;&nbsp;&nbsp; **Interested Trustee:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomas Winmill | Over $100,000 | Over $100,000 | Over $100,000 |

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As of December 31, 2025, no independent Trustee or member of his immediate family owned beneficially or of record any securities in the Investment Manager or the Distributor or in any person controlled by, under common control with, or controlling the Investment Manager or the Distributor.

During the fiscal year ended December 31, 2025, the independent Trustees received (or were entitled to receive) the following fees for service as a Trustee:

#### Compensation Table

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name of Person,**<br> **Position** | **Aggregate Compensation**<br> **From Each Fund** | **Pension or<br>Retirement**<br> **Benefits**<br> **Accrued as Part**<br> **of Fund Expenses**  | **Estimated Annual** <br> **Benefits Upon**<br> **Retirement** | **Total Compensation**<br> **From Fund and<br>Fund Complex Paid<br>to Trustees** |
| &nbsp;&nbsp;&nbsp; Roger Atkinson, Trustee | $6,394 (Midas Discovery)<br> $5,506 (Midas Special Opportunities) |  |  | $56225 |
| &nbsp;&nbsp;&nbsp; Jon Tomasson, Trustee | $6,085 (Midas Discovery)<br> $5,315 (Midas Special Opportunities) |  |  | $57725 |
| &nbsp;&nbsp;&nbsp; Peter Werner, Trustee | $6,293 (Midas Discovery)<br> $5,607 (Midas Special Opportunities) |  |  | $56225 |

---

Except for the Funds' CCO, no officer, trustee or employee of the Investment Manager received any compensation from the Funds for acting in their capacity as such for the Funds. With respect to the Funds' CCO, however, the Board appointed the CCO of the Funds to report directly to the Board and to have such duties and responsibilities as are required by Rule 38a-1 of the 1940 Act and as the Board may further define from time to time. The fair and reasonable compensation of the CCO is subject to the approval of the Board. Payment of such CCO compensation is made by the Investment Manager in advance of reimbursement by the Funds pursuant to the Investment Management Agreement, as described below. Further, such CCO compensation is charged to parties other than the Funds based on an estimated assessment of time and other factors.

As of April 1, 2026, officers and Trustees of the Trust directly and indirectly beneficially owned, in the aggregate, approximately 1% of the outstanding shares of Midas Discovery and approximately 2% of the outstanding shares of Midas Special Opportunities.

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#### PRINCIPAL SHAREHOLDERS
A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund. A control person is one who beneficially or through controlled companies owns more than 25% of the voting securities of a Fund or acknowledges the existence of control. A controlling person possesses the ability to control the outcome of matters submitted for shareholder vote by a Fund. As of April 1, 2026, the following persons were record owners (or to the knowledge of a Fund, beneficial owners) of 5% or more of the outstanding shares of such Fund:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Address** | **% Ownership (Applicable Fund)** | **Type of Ownership** |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co.<br> Inc./Reinvest Acct<br> Attn: Mutual Funds Dept.<br> 101 Montgomery St.<br> San Francisco, CA 94104-4122 | 10.54% (Midas Discovery) | Record |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co.<br> Inc./Reinvest Acct<br> Attn: Mutual Funds Dept.<br> 101 Montgomery St.<br> San Francisco, CA 94104-4122 | 6.37% (Midas Special Opportunities) | Record |

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As of April 1, 2026, no shareholder owned a controlling interest (25% or greater) of any Fund.

#### CODE OF ETHICS
The Funds, the Investment Manager, and the Distributor each has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act (the "Code of Ethics") that permits its personnel, subject to such code, to invest in securities for their own accounts, including securities that may be purchased or held by the Funds. The Code of Ethics and related procedures restrict the personal securities transactions of its employees and require portfolio managers and other investment personnel to comply with pre-clearance and disclosure procedures. Its primary purpose is to, among other things, ensure that personal trading by the Investment Manager's employees does not disadvantage the Funds.

#### PROXY VOTING
The Board has delegated the Funds' vote of proxies, as described in the Funds' proxy voting policies and procedures (attached to this SAI as Appendix A), to an independent third party voting service. The Funds have retained the right to override the delegation to the independent third party voting service on a case by case basis. With respect to a vote upon which a Fund overrides the third party voting service delegation, and to the extent that such vote presents a conflict of interest with management, the Fund normally will disclose such conflict to and obtain consent from the Trust's independent Trustees or a committee thereof prior to voting the proxy.

A Fund may recall a loaned security in time to vote proxies or otherwise obtain rights to vote proxies of loaned securities if, among other things, the Fund believes a material event is likely to occur.

In addition, information regarding how each Fund voted proxies relating to its portfolio securities during the most recent 12 month period ended June 30 is available without charge, upon request by calling the Funds toll-free at 800-400-6432 or on the Funds' website at http://www.midasfunds.com and on the SEC website at http://www.sec.gov.

#### DISCLOSURE OF PORTFOLIO HOLDINGS
It is the policy of the Investment Manager to protect the confidentiality of client holdings and prevent the selective disclosure of non-public information concerning the Funds. The Funds have adopted Portfolio Information Disclosure Procedures ("Disclosure Policies"), as described below, which set forth the policies to be followed by the Funds' officers and the Investment Manager when disclosing information about the portfolio holdings of the Funds.

Disclosure of the Funds' complete holdings is required to be made quarterly within 60 days of the end of each fiscal quarter, on the Funds website, www.MidasFunds.com, on Form N-PORT and Form N-CSR, as applicable. These regulatory filings are available, free of charge, on the EDGAR database on the SEC's website at http://www.sec.gov.

Generally, no information concerning the portfolio holdings of the Funds may be disclosed to any unaffiliated third party except as provided in the Disclosure Policies; although nothing therein is intended to prevent the disclosure of any and all portfolio information to the Funds' services providers who generally need access to such information in the performance of their contractual duties and responsibilities and are

------

subject to duties of confidentiality imposed by law and/or contract. Such service providers may include, without limitation, the Investment Manager, Custodian, fund accountants, IRPAF, attorneys, and each of their respective affiliates and advisors.

Pursuant to the Disclosure Policies, each officer of the Funds may authorize the disclosure of non-public information concerning the portfolio holdings of the Funds on a case by case basis, subject to the approval of the CCO. The Investment Manager may publicly disclose all month end portfolio holdings of all Funds after a 30 day delay. With respect to analytical information, the Investment Manager may distribute the following information concerning each Fund's month end portfolio prior to the 30 day delay period, provided that (a) at least 15 calendar days have elapsed since the month end to which the information relates and (b) the information has been made publicly available via the Investment Manager's website or at www.MidasFunds.com (but not earlier than the 15 calendar day restriction): top ten holdings and the total percentage of the Fund such aggregate holdings represent, sector information, and the total percentage of the Fund held in each sector, and any other analytical data that does not identify any specific portfolio holding. Examples of permitted data include total net assets, number of holdings, market capitalization, P/E ratio, R<sup>2</sup>, and beta.

The Investment Manager may disclose (or authorize a service provider to the Funds to disclose) month end portfolio holdings for a legitimate business purpose (which shall not include the receipt of compensation as consideration for the disclosure) before the expiration of the applicable delay periods identified above and public disclosure of the information. The Investment Manager may distribute portfolio holdings information pursuant to a third party service arrangement with Institutional Shareholder Services ("ISS") which provides that ISS does not distribute the portfolio holdings or results of the analysis to third parties, other departments or persons who are likely to use the information for purposes of purchasing or selling the Funds or the portfolio securities before the expiration of the applicable delay periods identified above and public disclosure of such information. Entities unwilling to execute an acceptable confidentiality agreement may only receive portfolio holdings information that has otherwise been publicly disclosed in accordance with the Disclosure Policies.

Officers or employees of the Investment Manager or the Funds may disclose or confirm the ownership of any individual portfolio holding position to reporters, brokers, shareholders, consultants or other interested persons only if such information previously has been publicly disclosed in accordance with these Disclosure Policies. Certain exceptions to the Disclosure Policies permit the non-public disclosure of portfolio holdings to a limited group of third parties so long as the third party has signed a written confidentiality agreement. Notwithstanding anything to the contrary, the Board of Trustees and the Investment Manager may, on a case by case basis, impose additional restrictions on the dissemination of portfolio information beyond those found in the Disclosure Policies. The Disclosure Policies may not be waived, or exceptions made, without the consent of the Funds' CCO. All waivers and exceptions are to be disclosed to the Board of Trustees no later than its next regularly scheduled quarterly meeting. Nothing contained in the Disclosure Policies is intended to prevent the disclosure of portfolio holdings information as may be required by applicable law.

The Disclosure Policies, as described above, seek to ensure that disclosure of information about portfolio securities is in the best interests of Fund shareholders and address potential conflicts between the interests of Fund shareholders, on the one hand, and those of the Fund's investment manager; principal underwriter; or any affiliated person of the Fund, its investment manager, or its principal underwriter, on the other.

#### INVESTMENT MANAGEMENT
The Investment Manager, a registered investment adviser, is a wholly owned subsidiary of Winco. Other principal subsidiaries of Winco include Midas Securities Group, Inc., the Funds' distributor and a registered broker-dealer. The principal business address of Winco and its subsidiaries, including Midas Securities Group, Inc., is P.O. Box 4, Walpole, NH 03608.

Winco is a Delaware corporation whose securities are traded in the over the counter market. Thomas Winmill and William and Woodworth Winmill, Thomas Winmill's sons, and Mark Winmill, Thomas Winmill's brother, control Winco through a voting trust.

Listed below are affiliated persons of the Funds who are also affiliated persons of the Investment Manager. The capacities by which they are affiliated are also included.

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#### Affiliated Persons of the Funds, the Investment Manager, and the Distributor

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Affiliated Person** | **Position(s) with Funds** | **Position(s) with**<br> **Investment Manager** | **Position(s) with Distributor** |
| &nbsp;&nbsp;&nbsp;Thomas Winmill | Trustee, Chairman, President, Chief Executive Officer, Chief Legal Officer | Director, Chairman, President, Chief Executive Officer, Chief Legal Officer, IPC Chairman, Portfolio Manager | Director, Chairman, President, Chief Executive Officer, Chief Legal Officer |
| &nbsp;&nbsp;&nbsp;Mark Winmill | N/A | N/A | Principal, Executive Vice President |
| &nbsp;&nbsp;&nbsp;Thomas O'Malley | Vice President, Chief Financial Officer, Chief Accounting Officer, Treasurer | Director, Chief Financial Officer, Chief Accounting Officer, Treasurer, Vice President | Director, Chief Financial Officer, Chief Accounting Officer, Treasurer, Vice President |
| &nbsp;&nbsp;&nbsp;Russell Kamerman | General Counsel, Secretary, Chief Compliance Officer | General Counsel, Secretary, Chief Compliance Officer | General Counsel, Secretary, Chief Compliance Officer |
| &nbsp;&nbsp;&nbsp;Heidi Keating | Vice President | Vice President, IPC Member | Vice President |
| &nbsp;&nbsp;&nbsp;Donald Klimoski II | Assistant General Counsel, Assistant Chief Compliance Officer, Assistant Secretary | Assistant General Counsel, Assistant Secretary, Assistant Chief Compliance Officer | Assistant General Counsel, Assistant Secretary, Assistant Chief Compliance Officer |

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#### INVESTMENT MANAGEMENT AGREEMENT
The Trust has entered into an Investment Management Agreement with the Investment Manager under which the Investment Manager acts as general manager of each Fund, and is responsible for the various functions assumed by it, including the regular furnishing of advice with respect to portfolio transactions. The Investment Manager also furnishes or obtains on behalf of each Fund all services necessary for the proper conduct of the Fund's business and administration. As compensation for its services to each Fund, the Investment Manager is entitled to a fee, payable monthly and accrued daily, based upon each Fund's average daily net assets. The Investment Management Agreement (including the fees paid by each Fund) is essentially identical to the previous investment management agreements entered into between the Investment Manager and each of the Predecessor Funds.

Under the Investment Management Agreement, the Investment Manager receives a fee from each of the Funds at the annual rate set forth below:

#### Midas Discovery
1.00% of the first $200 million of the Fund's average daily net assets

.95% of average daily net assets over $200 million up to $400 million

.90% of average daily net assets over $400 million up to $600 million

.85% of average daily net assets over $600 million up to $800 million

.80% of average daily net assets over $800 million up to $1 billion

.75% of average daily net assets over $1 billion.

#### Midas Special Opportunities
1.00% of the first $10 million of the Fund's average daily net assets

7/8 of 1.00% of average daily net assets over $10 million up to $30 million

3/4 of 1.00% of average daily net assets over $30 million up to $150 million

5/8 of 1.00% of average daily net assets over $150 million up to $500 million

1/2 of 1.00% of average daily net assets over $500 million.

The foregoing fees are calculated on the average daily value of each Fund's net assets at the close of each business day. The foregoing fees for the Funds are higher than fees paid by shareholders of most other investment companies.

During the fiscal years ended December 31, 2023, 2024, and 2025, the Funds paid the Investment Manager the following investment advisory fees, reflected in the column, "Amount Paid." The Investment Manager did not waive any fees during this time period.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Year** | **Fund Name** | **Amount Paid** |
| &nbsp;&nbsp;&nbsp; 2023 | Midas Discovery | $117613 |
|  | Midas Special Opportunities | $154304 |
| &nbsp;&nbsp;&nbsp; 2024 | Midas Discovery | $113097 |
|  | Midas Special Opportunities | $183363 |
| &nbsp;&nbsp;&nbsp; 2025 | Midas Discovery | $251429 |
|  | Midas Special Opportunities | $202740 |

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#### Reimbursement for Administration
The Investment Manager shall supply the Funds and the Board of Trustees with reports and statistical data, as reasonably requested. In addition, if requested by the Trust's Board of Trustees, the Investment Manager or its affiliates may provide services to the Trust or Funds such as, without limitation, accounting, administration, bookkeeping, broker/dealer recordkeeping, clerical, compliance, custody, dividend disbursing, fulfillment of requests for Fund information, proxy soliciting, securities pricing, registrar, and transfer agent services. Any reports, statistical data, and services so requested, or approved by the Board of Trustees, and supplied or performed will be for the account of the applicable Fund and the costs and out-of-pocket charges of the Investment Manager and its affiliates in providing such reports, statistical data or services shall be paid by that Fund, subject to periodic reporting to and examination by the independent Trustees. During the fiscal years ended December 31, 2023, 2024, and 2025 the Funds reimbursed the Investment Manager for such administration services as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Year** | **Fund Name** | **Reimbursement Amount** |
| &nbsp;&nbsp;&nbsp; 2023 | Midas Discovery | $93330 |
|  | Midas Special Opportunities | $129725 |
| &nbsp;&nbsp;&nbsp; 2024 | Midas Discovery | $90155 |
|  | Midas Special Opportunities | $157590 |
| &nbsp;&nbsp;&nbsp; 2025 | Midas Discovery | $131290 |
|  | Midas Special Opportunities | $111150 |

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Under the Investment Management Agreement, each Fund assumes and pays all the expenses required for the conduct of its business including, but not limited to: (a) fees of the Investment Manager; (b) fees and commissions in connection with the purchase and sale of portfolio securities for the Funds; (c) costs, including the interest expense, of borrowing money; (d) fees and premiums for the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance; (e) taxes levied against the Funds and the expenses of preparing tax returns and reports; (f) auditing fees and expenses; (g) legal fees and expenses (including reasonable fees for legal services rendered to the Funds by the Investment Manager or its affiliates); (h) salaries and other compensation of (1) any of the Funds' officers and employees who are not officers, trustees, shareholders or employees of the Investment Manager or any of its affiliates, and (2) the Funds' CCO to the extent determined by the independent Trustees; (i) fees and expenses incidental to Trustee and shareholder meetings of the Funds, the preparation and mailings of proxy material, prospectuses, and reports of the Funds to shareholders, the filing of reports with regulatory bodies, and the maintenance of the Funds' legal existence; (j) costs of the registration of the Funds' shares with Federal and state securities authorities (and maintenance of such registration); (k) payment of dividends; (l) costs of share certificates; (m) fees and expenses of the independent Trustees; (n) fees and expenses for accounting, administration, bookkeeping, broker/dealer recordkeeping, clerical, compliance, custody, dividend disbursing, reports providing and fulfillment of requests for Fund information, proxy soliciting, securities pricing, registrar, and transfer agent services (including costs and out-of-pocket expenses payable to the Investment Manager or its affiliates for such services); (o) costs of necessary office space rental and Fund web site development and maintenance; (p) costs of membership dues and charges of investment company industry trade associations; (q) such non-recurring expenses as may arise, including, without limitation, actions, suits or proceedings affecting the Funds and the legal obligation which the Funds may have to indemnify its officers and Trustees or settlements made; and (r) any and all organizational expenses of the Funds paid by the Investment Manager, which shall be reimbursed by the Funds at such time or times agreed to by the Funds and the Investment Manager.

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The Investment Management Agreement provides that the Investment Manager will not be liable to a Fund or any shareholder of a Fund for any error of judgment or mistake of law or for any loss suffered by a Fund in connection with the matters to which the agreement relates. Nothing contained in the Investment Management Agreement, however, shall be construed to protect the Investment Manager against any liability to a Fund by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of obligations and duties under the Investment Management Agreement.

The Investment Management Agreement will continue with respect to each Fund for successive periods of twelve months, provided that its continuance is specifically approved at least annually for each Fund by (a) the Board or by the holders of a majority of the outstanding voting securities of a Fund as defined in the 1940 Act, and (b) a vote of a majority of the Trustees who are not parties to the Investment Management Agreement, or interested persons of any such party. The Investment Management Agreement may be terminated without penalty at any time either by a vote of the Board of Trustees or the holders of a majority of the outstanding voting securities of a Fund, as defined in the 1940 Act, on 60 days' written notice to the Investment Manager, or by the Investment Manager on 60 days' written notice to a Fund, and shall immediately terminate in the event of its assignment.

Performance Driven Properties, Inc., a wholly owned subsidiary of Winco, has granted the Funds a non-exclusive license to use various service marks and domain names including "Midas" under certain terms and conditions on a royalty free basis. Such license may be withdrawn in the event the Investment Manager or another subsidiary of Winco is not the Funds' investment manager. If the license is terminated, the Funds will eliminate all reference to those marks in their corporate name and cease to use any of such service marks or any similar service marks in its business.

#### PORTFOLIO MANAGERS
Thomas Winmill is the portfolio manager of Midas Discovery and Midas Special Opportunities. Mr. Winmill receives compensation from the Investment Manager and/or affiliated entities for his services to the Funds. As of December 31, 2025, Mr. Winmill's compensation plan generally consists of base salary, employee benefits plan participation, qualified retirement plan participation, and an annual bonus, which may be discretionary and/or performance based. A portion of his compensation may be deferred based on criteria established by the Investment Manager, or at the election of the portfolio manager.

The portfolio manager's base salary is determined annually by level of responsibility and tenure at the Investment Manager or its affiliates. The primary components of the portfolio manager's annual bonus are based on (i) number of weeks' salary paid as annual bonuses to employees generally of the Investment Manager and its affiliates, and (ii) the financial performance of the Investment Manager or its affiliates. A subjective component of the portfolio manager's annual bonus is based on his overall contribution to management of the Investment Manager and its affiliates. The portfolio manager may also receive an asset level bonus upon assets under management reaching certain levels. The portfolio manager also may be compensated under equity based compensation plans linked to increases or decreases in the market value of the stock of the parent of the Investment Manager and its affiliates.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. The portfolio manager's base pay tends to increase with additional and more complex responsibilities often reflecting increased assets under management and marketing efforts, which together indirectly link compensation to sales of Fund shares. The asset level bonus, although intended to encourage above average investment performance and account servicing, as well as lower expense ratios, may give rise to potential conflicts of interest by linking compensation to sales. The management of multiple Funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the Funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple Funds and accounts. The portfolio manager may execute transactions for one Fund or account that may adversely impact the value of securities held by another Fund or account. Securities selected for one Fund or account rather than another Fund or account may outperform the securities selected for the Fund. The management of personal accounts may give rise to potential conflicts of interest; there is no assurance that the Funds' Code of Ethics will adequately address such conflicts.

In addition, given the multiple roles Mr. Winmill has within the Winco affiliated organization, there are constraints on his time, which may affect his ability to adequately service the Funds as the sole portfolio manager.

The following table provides information as of December 31, 2025 for Thomas Winmill relating to other accounts managed where Mr. Winmill is jointly or primarily responsible for day to day management. Mr. Winmill does not manage any accounts or assets with performance based advisory fees, or other pooled investment vehicles.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | | **Registered**<br> **Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** |
| &nbsp;&nbsp;&nbsp; Thomas Winmill | Number: | 2 | N/A | 8 |
|  | Assets (millions): | $324 | N/A | $45 |

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As of December 31, 2025, the dollar range of shares beneficially owned by Thomas Winmill of Midas Discovery was $100,001 - $500,000 and of Midas Special Opportunities was $500,001 – $1,000,000.

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#### DISTRIBUTION OF SHARES
Pursuant to a Distribution Agreement, the Distributor, whose address is P.O. Box 4, Walpole, NH 03608, acts as principal distributor of each Fund's shares. Under the Distribution Agreement with the Trust and on behalf of each Fund, the Distributor uses its best efforts, consistent with its other businesses, to sell shares of each Fund. Fund shares are sold continuously.

Pursuant to the Plan of Distribution (the "Plan") adopted by the Trust on behalf of each Fund pursuant to Rule 12b-1 under the 1940 Act, Midas Discovery and Midas Special Opportunities each pay the Distributor monthly a fee of 0.25% per annum of the Fund's average daily net assets as compensation for its distribution and service activities. During the fiscal year ended December 31, 2025, Midas Discovery and Midas Special Opportunities paid to the Distributor a fee in the amount of $62,857 and $54,354, respectively, under the Plan.

In performing distribution and service activities pursuant to the Plan, the Distributor may spend such amounts as it deems appropriate on any activities or expenses primarily intended to result in the sale of Fund shares or the servicing and maintenance of shareholder accounts, including, but not limited to: advertising, direct mail, and promotional expenses; compensation to the Distributor and its employees; compensation to and expenses, including overhead and telephone and other communication expenses, of the Distributor, the Investment Manager, the Funds, and selected dealers and their affiliates who engage in or support the distribution of shares or who service shareholder accounts; fulfillment expenses, including the costs of printing and distributing prospectuses, statements of additional information, and reports for other than existing shareholders; the costs of preparing, printing and distributing sales literature and advertising materials; and internal costs incurred by the Distributor and allocated by the Distributor to its efforts to distribute shares of a Fund or service shareholder accounts such as office rent and equipment, employee salaries, employee bonuses and other overhead expenses.

Among other things, the Plan provides that: (1) the Distributor will submit to the Board at least quarterly, and the Board will review, reports regarding all amounts expended under the Plan and the purposes for which such expenditures were made; (2) the Plan will continue in effect only so long as it is approved at least annually, and any material amendment or agreement related thereto is approved, by the Board, including those Trustees who are not "interested persons" of the Funds and who have no direct or indirect financial interest in the operation of the Plan or any agreement related to the Plan ("Plan Trustees"), acting in person at a meeting called for that purpose, unless terminated by vote of a majority of the Plan Trustees, or by vote of a majority of the outstanding voting securities of a Fund; (3) payments by a Fund under the Plan shall not be materially increased without the affirmative vote of the holders of a majority of the outstanding voting securities of the Fund; and (4) while the Plan remains in effect, the selection and nomination of Trustees who are not "interested persons" of the Funds shall be committed to the discretion of the Trustees who are not interested persons of the Funds.

It is the opinion of the Board that the Plan is necessary to maintain a flow of subscriptions to offset redemptions. Redemptions of mutual fund shares are inevitable. If redemptions are not offset by subscriptions, a Fund shrinks in size and its ability to maintain quality shareholder services declines. Eventually, redemptions could cause a Fund to become uneconomic. Furthermore, an extended period of significant net redemptions may be detrimental to orderly management of a portfolio. Offsetting redemptions through sales efforts benefits shareholders by maintaining the viability of a Fund. In periods where net sales are achieved, additional benefits may accrue relative to portfolio management and increased shareholder servicing capability. Increased assets enable a Fund to further diversify its portfolio, which spreads and reduces investment risk while increasing opportunity. In addition, increased assets enable the establishment and maintenance of a better shareholder servicing staff which can respond more effectively and promptly to shareholder inquiries and needs. While net increases in total assets are desirable, a primary goal of the Plan is to prevent a decline in assets serious enough to cause disruption of portfolio management and to impair the Funds' ability to maintain a high level of quality shareholder services.

The Plan increases the overall expense ratio of the Funds; however, a substantial decline in Fund assets is likely to increase the portion of a Fund's expense ratio comprised of management fees and fixed costs (*i.e.*, costs other than the Plan), while a substantial increase in Fund assets may be expected to reduce the portion of the expense ratio comprised of management fees (reflecting a larger portion of the assets falling within fee scale down levels), as well as of fixed costs. Nevertheless, the net effect of the Plan is to increase overall expenses. To the extent the Plan maintains a flow of subscriptions to the Funds, there results an immediate and direct benefit to the Investment Manager by maintaining or increasing its fee revenue base, diminishing the obligation, if any, of the Investment Manager to make an expense reimbursement to a Fund, and eliminating or reducing any contribution made by the Investment Manager to marketing expenses. Other than as described herein, no Trustee or interested person of a Fund has any direct or indirect financial interest in the operation of the Plan or any related agreement.

The principal types of activities for which payments are or will be made under the Plan include those incurring charges for compensation, occupancy, telephone, fulfillment, advertising, printing, public relations, postage, and dealer payments.

During the Funds' fiscal year ended December 31, 2025, payments made under the Plan covered the following activities in the following approximate amounts:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Activity** | **Midas Discovery** | **Midas Special Opportunities** |
| &nbsp;&nbsp;&nbsp; Advertising<sup>1</sup> | $7359 | $6294 |
| &nbsp;&nbsp;&nbsp; Printing and Mailing Prospectuses<sup>2</sup> | $102 | $90 |
| &nbsp;&nbsp;&nbsp; Payments to the Third Parties<sup>3</sup> | $11004 | $2384 |
| &nbsp;&nbsp;&nbsp; Compensation of Sales Personnel<sup>4</sup> | $34482 | $34725 |
| &nbsp;&nbsp;&nbsp; Miscellaneous Expenses<sup>5</sup> | $10138 | $10894 |
| &nbsp;&nbsp;&nbsp; **Total** | **$63085** | **$54387** |

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1 Including print, video, and public relations expenses.

2 Printing, postage, and fulfillment expenses for prospectuses, shareholder reports, and other Fund literature.

3 Dealer payments for distribution of Funds shares.

4 Distributor personnel.

5 Including allocated occupancy and telephone expenses.

These amounts have been derived by determining the ratio each such category represents to the total expenditures incurred by the Distributor in performing services pursuant to the Plan for such period and then applying such ratio to the total amount of compensation paid by a Fund and received by the Distributor pursuant to the Plan for such period.

#### DETERMINATION OF NET ASSET VALUE
A Fund's NAV per share is determined as of the scheduled close of regular trading (regardless of an actual, unscheduled earlier closing due to weather, equipment failure, or other factors) in equity securities on the New York Stock Exchange ("NYSE") (normally, 4 p.m. ET, and typically 1 p.m. ET around certain holidays) each day the NYSE is open for trading ("Business Day"). The NYSE is generally closed on the following holidays: New Year's Day, Dr. Martin Luther King, Jr. Day, Washington's Birthday (Presidents' Day), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Portfolio securities generally 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. 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 the Fund.

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, the Funds 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 is 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 in which the Funds may invest 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 generally are valued at their NAV.

Securities for which market quotations are not readily available or reliable and other assets may be valued as determined in good faith by the Investment Manager under the direction of or pursuant to procedures approved by the Board of Trustees, 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 by a Fund 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.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which, among other things, establishes an updated regulatory framework for registered investment company valuation practices. The compliance date for Rule 2a-5 was September 8, 2022. The Board of Trustees approved revised valuation procedures for the Funds to comply with the new rule. Pursuant to those procedures, the Board has appointed the Investment Manager as the Board's "valuation designee" responsible for valuing such securities based on fair value guidelines approved

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by the Board. The Investment Manager, in turn, has designated the members of its Valuation Committee as the persons responsible for determining the fair value of the Funds' investments.

#### PURCHASE AND REDEMPTION OF SHARES
A Fund normally will only issue shares upon payment of the purchase price by check made payable to the Fund's order in U.S. dollars and drawn on a U.S. bank, electronic funds transfer, or by Federal Reserve wire transfer, the cost of such wire service to be paid by the shareholder. Cash, third party checks (except for properly endorsed IRA rollover checks), counter checks, starter checks, traveler's checks, money orders (other than money orders issued by a bank), credit card checks, and checks drawn on non-U.S. financial institutions will not be accepted. No share certificates will be issued. Shares will be registered in the name of the shareholder or broker or its nominee by book entry in the stock transfer books of the Fund or its Transfer Agent. Each Fund reserves the right to reject any order, to cancel any order due to nonpayment, to accept initial orders by telephone, and to waive the limit on subsequent orders by telephone, with respect to any person or class of persons. In order to permit a Fund's shareholder base to expand, to avoid certain shareholder hardships, to correct transactional errors, and to address similar situations, each Fund may waive or lower the investment minimums with respect to any person or class of persons. The Funds make no guarantees with respect to available trading vehicles and no promise of a right to make trades via telephone, fax, or internet. Orders to purchase shares are not binding on a Fund until they are confirmed by the Fund's Transfer Agent. Each Fund reserves the right to waive any purchase or redemption requirements in its discretion to the extent permitted or required by applicable law.

If an order is canceled because of non-payment or because the purchaser's check does not clear, the purchaser will be responsible for any loss a Fund incurs. If the purchaser is already a shareholder, the Fund can redeem shares from the purchaser's account to reimburse the Fund for any loss. In addition, the purchaser may be prohibited or restricted from placing future purchase orders for shares of the Fund or any of the other Funds.

Each Fund has authorized one or more brokers to accept on its behalf purchase and redemption orders. Such brokers are authorized to designate other intermediaries to accept purchase and redemption orders on each Fund's behalf. Each Fund may be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee, accepts the order. A shareholder's order will be priced at the Fund's NAV next computed after such order is accepted by an authorized broker or the broker's authorized designee. Some transactions effected through financial intermediaries may be subject to different terms than those set forth in the Fund's Prospectus.

Each Fund may redeem for any reason, at any time, at current NAV all shares owned or held by any one shareholder having an aggregate current NAV of any amount, subject to the requirements of applicable law. If not paid otherwise or waived by the Investment Manager, account charges for the $20 small account fee will be paid by the Fund redeeming shares. Qualified plan accounts offered by the Funds, such as individual retirement accounts ("IRAs") or health savings accounts ("HSAs"), do not have annual custodial fees. The annual custodial fees for such accounts will be borne by the Fund. IRAs, however, will be subject to a pre-age 59<sup>1</sup>⁄<sub>2</sub> distribution/transfer fee of $10 and a plan termination fee of $20 per IRA. HSAs will be subject to a distribution/transfer fee of $10 and a plan termination fee of $20 per HSA.

Each Fund is designed as a long term investment, and short term trading is discouraged. Short term trading by Fund shareholders may adversely affect the Funds by interfering with portfolio management and increasing portfolio transaction and administrative costs. To discourage short term trading, a Fund may temporarily suspend or terminate purchases and exchanges by investors or groups of investors who engage in short term trading practices, which the Fund, the Investment Manager, or the Distributor believes may have an adverse impact on the Fund.

"Late trading" refers to the practice of placing orders to purchase or redeem a mutual fund's shares with the fund's transfer agent or an authorized intermediary after the designated time (the "Pricing Time") as of which the fund calculates its NAV (usually the scheduled close of regular trading in equity securities on the NYSE, which normally occurs at 4 p.m. ET and, around certain holidays, 1 p.m. ET each day the NYSE is open for trading, unless weather, equipment failure, or other factors contribute to a trading halt that is effected on a market wide basis), but receiving the price based on the prior calculated NAV. "Late trading" also refers to the practice of placing conditional trade orders prior to the Pricing Time with the option of withdrawing or confirming the trade orders after the Pricing Time. Late traders gain the possibility of an information advantage based on news after the Pricing Time that could affect the value of a Fund's holdings but is not reflected in the NAV pricing for that day. The Investment Manager and the Distributor have established the following policies and procedures to detect and prevent late trading: (1) no associated person of the Investment Manager or the Distributor may effect or facilitate late trading in the shares of any Fund; (2) the Investment Manager, the Distributor, and their associated persons are prohibited from entering into any agreement or adopting any practice with the purpose of permitting any person to engage in late trading; (3) all orders for trades in the shares of a Fund that are received after the Pricing Time for the Fund will be submitted for processing and pricing for the next calculated price; (4) the Investment Manager, the Distributor, the Transfer Agent and their associated persons will not permit an investor, broker, or other intermediary to alter, cancel, or withdraw a trade order in the shares of a Fund after the Pricing Time for that Fund, except to correct a manifest error and subject to the approval of the CCO; and (5) any associated person of the Investment Manager or the Distributor who becomes aware of any actions taken to effect or facilitate late trading in the shares of a Fund normally must promptly report those actions to the CCO.

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"Market timing" typically refers to the practice of frequent trading in the shares of mutual funds in order to exploit inefficiencies in fund pricing. Market timing transactions include trades in mutual fund shares that occur when the fund's NAV does not fully reflect the value of the fund's holdings – for example, when the fund has in its portfolio particular holdings, such as foreign or thinly traded securities, that are valued on a basis that does not include the most updated information possible. Each Fund may invest a substantial portion of their assets in foreign securities and may be subject to the risks associated with market timing and short term trading strategies to a greater extent than funds that do not. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S. market. Market timing can have a dilutive effect on the value of the investments of long term fund shareholders and can increase the transaction costs of a fund, which will be borne by all fund shareholders. In order to assist in the detection and prevention of market timing that may have an impact on a Fund, the Investment Manager and the Distributor have established the following policies and procedures: (1) the Investment Manager may monitor for market timers and establish criteria by which to identify potential market timers and to determine whether further action is warranted; (2) the Investment Manager may direct the Transfer Agent to reject any purchase or exchange orders, in whole or in part, including trading orders that in its opinion may be excessive in frequency and/or amount or otherwise potentially disruptive to the affected Fund(s) (the Investment Manager may consider the trading history of accounts under common ownership or control to determine whether to direct the Transfer Agent to reject an order); (3) due to the difficulty of identifying whether particular orders placed through banks, brokers, investment representatives, or other financial intermediaries may be excessive in frequency and/or amount or otherwise potentially disruptive to the affected Fund(s), the Investment Manager may consider all the trades placed in a combined order through a financial intermediary on an omnibus basis as a part of a group and such trades may be rejected in whole or in part by the affected Fund(s); (4) the Investment Manager or the Distributor in their sole discretion may, from time to time, seek the cooperation of broker-dealers and other third party intermediaries by requesting information from them regarding the identity of investors who are trading in the Funds, and restricting access to a Fund by a particular investor; and (5) any associated person of the Investment Manager or the Distributor who becomes aware of any actions taken to undertake, effect, or facilitate a market timing transaction contrary to a representation made in a Fund's Prospectus or SAI will normally report the actions to the CCO.

If shares of any Fund held for 30 days or less are redeemed or exchanged, the Fund will normally deduct a redemption fee equal to 1% of the NAV of shares redeemed or exchanged. Redemption fees are retained by the Fund.

#### Midas Discovery
**In-Kind Redemptions**.

Midas Discovery may require redeeming shareholders to accept readily tradable gold or silver bullion, coins, ETF shares, or other Fund holdings (collectively "redemption assets") in complete or partial payment of redemptions in instances where so doing may provide a benefit to the Fund. In-kind redemptions are taxed in the same manner to a redeeming shareholder as cash redemptions for federal income tax purposes.

If the Fund elects to dispose of assets through such in-kind redemptions, it would typically inform the Transfer Agent of the assets to be used and the order in which to use them. The Transfer Agent thereafter normally would honor all redemption requests, in the order received, by distributing the designated assets. Generally, the Transfer Agent would continue to effect all redemption requests for the Fund with in-kind distributions until the designated assets were exhausted or until the Fund instructs the Transfer Agent otherwise.

The Fund normally may not require a shareholder to accept an asset in an in-kind redemption if the necessary costs of selling the asset by a broker or other institution selected by the Fund (in the form and quantity distributed to the shareholder) exceed 2% of the asset's value at the time of the redemption.

The Fund may select a broker or other institution in its sole discretion for shareholders to sell the assets distributed to them in an in-kind redemption. In the event that a shareholder selects another broker or institution to sell assets distributed to such shareholder, the Fund to the extent practicable normally would deliver the assets to the shareholder as such shareholder directs.

The Fund will seek to inform the shareholder of the delivery of the redemption assets to such an account at or about the time of the in-kind redemption. Once the shareholder is informed of such delivery, all risk of transfer and ownership of such redemption assets is assumed by such shareholder.

The Fund has also adopted the following operating policies with respect to in-kind redemptions:

• the Fund shall seek to identify before 4:00 p.m. ET of the day on which such in-kind redemptions may be required, assets held by the Fund that are available for in-kind redemption;

• the asset price used to effect the redemption shall be the respective asset price used to calculate the NAV of the shares being redeemed; and

• in-kind redemptions may be limited to assets for which market quotations are readily available.

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#### ALLOCATION OF BROKERAGE
Each Fund seeks to obtain prompt execution of orders at the most favorable net prices. Transactions are directed to brokers and dealers qualified to execute orders or provide brokerage and research services. The Investment Manager may also allocate portfolio transactions to broker/dealers that remit a portion of their commissions as a credit against the charges of Fund service providers. No formula exists and no arrangement is made with or promised to any broker/dealer that commits either a stated volume or percentage of brokerage business based on brokerage and research services furnished to the Investment Manager. Although Fund transactions in some securities may be conducted with dealers acting as principals at net prices incurring little or no brokerage costs, in other circumstances the Fund may engage a broker as agent for a commission to effect transactions for such similar securities. Purchases of securities from underwriters include a commission or concession paid by the issuer to the underwriter, and purchases from dealers include a spread between the bid and asked price. While the Investment Manager generally seeks competitive spreads or commissions, the Funds will not necessarily be paying the lowest spread or commission available.

The Investment Manager directs portfolio transactions to broker/dealers for execution on terms and at rates which it believes, in good faith, to be reasonable in view of the overall nature and quality of services provided by a particular broker/dealer, including, but not limited to, brokerage and research services. With respect to brokerage and research services, consideration may be given in the selection of broker/dealers to brokerage or research provided and payment may be made for a fee higher than that charged by another broker/dealer which does not furnish brokerage or research services or which furnishes brokerage or research services deemed to be of lesser value, so long as the criteria of Section 28(e) of the 1934 Act, or other applicable laws are met. Section 28(e) of the 1934 Act specifies that a person with investment discretion shall not be "deemed to have acted unlawfully or to have breached a fiduciary duty" solely because such person has caused the account to pay a higher commission than the lowest available under certain circumstances. To obtain the benefit of Section 28(e), the person so exercising investment discretion must make a good faith determination that the commissions paid are "reasonable in relation to the value of the brokerage and research services provided ... viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion." Thus, although the Investment Manager may direct portfolio transactions without necessarily obtaining the lowest price at which such broker/dealer, or another, may be willing to do business, the Investment Manager seeks the best value to the Funds on each trade that circumstances in the market place permit, including the value inherent in ongoing relationships with quality brokers. Research services furnished by broker/dealers through which a Fund effects securities transactions may be used by the Investment Manager in servicing its other accounts, if any; accordingly, not all the services may be used by the Investment Manager in connection with the Funds.

Sometimes it is not possible to determine the extent to which commissions that reflect an element of value for brokerage or research services might exceed commissions that would be payable for execution alone, nor can the value of such services to a Fund be measured in some cases. There is no certainty that such services so acquired will be beneficial to the Funds. These services may include brokerage and research services as defined in Section 28(e)(3) of the 1934 Act, which presently include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). Pursuant to arrangements with certain broker/dealers, such broker/dealers provide and pay for various research oriented computer hardware, software, market pricing information, investment subscriptions and memberships, and other third party and internal research of assistance to the Investment Manager in the performance of its investment decision making responsibilities for transactions effected by such broker/dealers for the Funds. Commission "soft dollars" may be used only for brokerage and research services provided directly or indirectly by the broker/dealer and cash payments are not to be made by such broker/dealers to the Investment Manager. To the extent that commission "soft dollars" do not result in the provision of any brokerage and research services by a broker/dealer to whom such commissions are paid, the commissions, nevertheless, are the property of such broker/dealer. To the extent any such services are utilized by the Investment Manager for other than the performance of its investment decision making responsibilities, the Investment Manager makes an appropriate allocation of the cost of such services according to their use.

During the fiscal years ended December 31, 2023, 2024, and 2025, Midas Discovery and Midas Special Opportunities paid the following brokerage commissions:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Year** | **Fund Name** | **Total**<br> **Amount Paid\*** |
| &nbsp;&nbsp;&nbsp; 2023 | Midas Discovery | $13878 |
|  | Midas Special Opportunities | $1759 |
| &nbsp;&nbsp;&nbsp; 2024 | Midas Discovery | $3903 |
|  | Midas Special Opportunities | $1060 |
| &nbsp;&nbsp;&nbsp; 2025 | Midas Discovery | $40313 |
|  | Midas Special Opportunities | $272 |

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\*The decrease in the aggregate dollar amount of brokerage commissions paid by Midas Discovery from 2023 to 2024 can be attributed to decreased re-positioning of the portfolio, and the increase in the aggregate dollar amount of brokerage commissions paid by Midas Discovery from 2024 to 2025 can be attributed to increased re-positioning of the portfolio. The decrease in the aggregate dollar amount of brokerage commissions paid by Midas Special Opportunities from 2023 to 2024 can be attributed to decreased re-positioning of the portfolio and the decrease in the aggregate dollar amount of brokerage commissions paid by Midas Special Opportunities from 2024 to 2025 can be attributed to decreased re-positioning of the portfolio.

During the fiscal year ended December 31, 2025, Midas Discovery and Midas Special Opportunities paid $254.65 and $272.36, respectively, in brokerage commissions to firms for providing research services involving approximately $543,605.25 and $3,620,996.81, respectively, of transactions. The provision of third party research services was not necessarily a factor in the placement of all of this business with such firms; however, as a general matter, trades may be placed on behalf of the Funds with firms that provide research, subject to compliance with applicable laws and regulations.

The Funds did not acquire securities of their regular brokers or dealers or of their parents (if applicable) during the fiscal year ended December 31, 2025.

#### Bunched Trades
Investment decisions for a Fund are made independently based on each Fund's investment objectives and policies. The same investment decision, however, may be made for two or more Funds in the Fund Complex. In such a case, the Investment Manager may combine orders for two or more Funds for a particular security (a "bunched trade") so that all Funds participating in the bunched trade receive the same execution price with all transaction costs *(*e.g., commissions) shared on a *pro rata* basis, subject to *de minimis* exceptions. In the event that there are insufficient securities to satisfy all orders, the partial amount executed may be allocated among participating Funds *pro rata* on the basis of order size. In the event of a partial fill and the portfolio manager does not deem the *pro rata* allocation of a specified number of shares to a particular Fund to be sufficient, the portfolio manager may waive in writing such allocation. In such event, the Fund's *pro rata* allocation may be reallocated to the other Funds that participated in the bunched trade. Following trade execution, portfolio managers may determine in certain instances that it may be fair and equitable to allocate securities purchased or sold in such trade in a manner other than that which may follow from a mechanical application of the procedures outlined above. Such instances may include: (i) partial fills and special Funds or accounts (in the event that there are insufficient securities to satisfy all orders, it may be fair and equitable to give designated Funds with special investment objectives and policies some degree of priority over other types of Funds); or (ii) unsuitable or inappropriate investment (it may be appropriate to deviate from the allocation determined by application of these procedures if it is determined before the final allocation that the security in question may be unsuitable or inappropriate for one or more of the Funds originally designated). While in some cases this practice could have a detrimental effect upon the price or quantity of the security available with respect to a Fund, the Investment Manager believes that a bunched trade can generally result in more equitable execution and prices. Research services provided by brokers through which the Funds effect securities transactions may be used by the Fund's Investment Manager in servicing all of its Funds and other accounts and not all of these services may be used by the Investment Manager in connection with the Funds. The accounts aggregated may include those accounts in which the Investment Manager's officers, directors, agents, employees, or affiliates own interests.

#### Other
A Fund is not obligated to deal with any particular broker/dealer. Certain broker/dealers that Funds in the Fund Complex do business with may, from time to time, own more than 5% of the publicly traded Class A non-voting common stock of Winco, the parent of the Investment Manager, or shares of Winco's publicly traded affiliates.

#### Portfolio Turnover
A Fund's portfolio turnover rate may vary from year to year and will not be a limiting factor when the Investment Manager deems portfolio changes appropriate. The portfolio turnover rate is calculated by dividing the lesser of a Fund's annual purchases or sales of portfolio securities (exclusive of purchases or sales of securities whose maturities at the time of acquisition were one year or less) by the monthly average value of securities in the portfolio during the year. A higher portfolio turnover rate involves correspondingly greater transaction costs and increases the potential for recognition of net capital gains and resulting larger taxable distributions to shareholders.

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Midas Discovery's portfolio turnover rate was 28% and 5% during fiscal years 2025 and 2024, respectively. The increase in the portfolio turnover rate for Midas Discovery from 2024 to 2025 can be attributed to increased re-positioning of the portfolio.

Midas Special Opportunities' portfolio turnover rate was 5% and 3% during fiscal years 2025 and 2024, respectively. The increase in the portfolio turnover rate for Midas Special Opportunities from 2024 to 2025 can be attributed to increased re-positioning of the portfolio.

Certain broker/dealers are paid a fee for recordkeeping, shareholder communications, and other services provided by them to investors purchasing shares of a Fund through the "no transaction fee" or other programs offered by such brokers. This fee is based on the value of the investments in a Fund made by such brokers on behalf of investors participating in such programs. The Board has authorized the Investment Manager to place Fund brokerage transactions with such brokers on the same basis as other brokers. Commissions earned by such brokers from executing portfolio transactions on behalf of a Fund may be credited by them against the fee they charge a Fund, on a basis which has resulted from negotiations between the Investment Manager and such brokers.

#### DISTRIBUTIONS AND TAXES

#### Taxation of the Funds
Each Fund intends to continue to qualify as a RIC under Section 851 of the Code. To qualify for treatment as a RIC, each Fund (which is treated as a separate RIC for federal tax purposes) must distribute to its shareholders for each taxable year at least 90% of its investment company taxable income (consisting generally of net investment income, the excess of net short term capital gain over net long term capital loss ("short term capital gain"), and net gains and losses from certain foreign currency transactions, all determined without regard to any deduction for dividends paid) ("Distribution Requirement") and must meet several additional requirements. With respect to each Fund, these requirements include the following: (1) the Fund must derive at least 90% of its gross income each taxable year from (i) dividends, interest, payments with respect to securities loans, and gains from the sale or other disposition of securities or foreign currencies, or other income (including gains from options, futures, or forward contracts) derived with respect to its business of investing in securities or those currencies, and (ii) net income from an interest in a "qualified publicly traded partnership" ("QPTP") ("Income Requirement"); and (2) at the close of each quarter of the Fund's taxable year, (i) at least 50% of the value of its total assets must be represented by cash and cash items, government securities, securities of other RICs, and other securities limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of the Fund's total assets and that does not represent more than 10% of the issuer's outstanding voting securities (equity securities of QPTPs being considered voting securities for these purposes) ("50% Diversification Requirement"), and (ii) not more than 25% of the value of its total assets may be invested in (a) securities (other than government securities or securities of other RICs) of any one issuer, (b) securities (other than securities of other RICs) of two or more issuers the Fund controls that are determined to be engaged in the same, similar, or related trades or businesses, or (c) securities of one or more QPTPs (collectively, "Diversification Requirements").

Midas Discovery may invest in gold and silver, other precious metals, and options and futures thereon and ETFs that invest therein. The Fund's gains derived from its investments in options or futures contracts on precious metals generally will constitute "qualifying income" for purposes of the Income Requirement only if they are realized in connection with certain hedging transactions. Moreover, direct investments in precious metals would have adverse tax consequences for the Fund and its shareholders if it either (1) derived more than 10% of its gross income in any taxable year from gains from the disposition of precious metals and from other income that does not qualify under the Income Requirement or (2) held precious metals in such quantities that it failed to satisfy the 50% Diversification Requirement for any quarter of its taxable year. The Fund intends to continue to manage its portfolio and sources of income so as to avoid failing to satisfy those requirements for these reasons.

If a Fund failed to qualify for treatment as a RIC for any taxable year – either (1) by failing to satisfy the Distribution Requirement, even if it satisfied the Income and Diversification Requirements, or (2) by failing to satisfy the Income Requirement and/or either Diversification Requirement and was unable, or determined not to, cure a failure to satisfy any of the Income and Diversification Requirements, it would generally be taxed as a regular corporation on the full amount of its taxable income for that year without being able to deduct the distributions it made to its shareholders. In addition, the shareholders would treat all those distributions, including distributions of net capital gain (*i.e.*, the excess of net long term capital gain over net short term capital loss), as dividends to the extent of the Fund's earnings and profits which (a), for individual and certain other non-corporate shareholders, would be treated as "qualified dividend income" as defined in the Prospectus ("QDI"), provided such shareholders satisfy certain holding period requirements, and thus would be taxable for federal income tax purposes at the rates applicable to long term capital gain and (b) in the case of corporate shareholders that met certain holding period and other requirements regarding their Fund shares, would be eligible for the dividends received deduction. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying for RIC treatment.

If, at any time when any borrowings deemed "Senior Securities" under the 1940 Act are outstanding, a Fund does not meet (i) the asset coverage requirements of the 1940 Act, or (ii) if there are Senior Securities outstanding that have been rated by any rating agency, any additional requirements imposed by such rating agency, the Fund will usually be required to suspend distributions to holders of its common Shares until the asset coverage is restored. Such a suspension may prevent the Fund from satisfying the Distribution Requirement (that is, distributing at least 90% of its investment company taxable income) and therefore jeopardize its qualification for taxation as a RIC or cause it to incur federal income tax or Excise Tax (as defined below) liability on the undistributed taxable income (including gain), or both. On a

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failure to meet any of those asset coverage requirements, the Fund may, in its sole discretion, purchase or redeem any Senior Securities in order to maintain or restore the requisite asset coverage and avoid the adverse consequences to the Fund and its shareholders of failing to continue to qualify for treatment as a RIC. There can be no assurance, however, that any such redemption would achieve those objectives.

Each Fund will be subject to a nondeductible 4% excise tax ("Excise Tax") to the extent it fails to distribute by the end of any calendar year substantially all of its ordinary income for that year and capital gain net income for either the one-year period generally ended on October 31 of that year, or, if a Fund makes an election under Section 4982(e)(4) of the Code, the Fund's fiscal year, plus certain other amounts.

Dividends and interest a Fund receives, and gains it realizes, on foreign securities may be subject to income, withholding, or other taxes imposed by foreign countries and U.S. possessions that would reduce the total return on its securities. Tax treaties between certain countries and the United States may reduce or eliminate those taxes, however, and many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors.

A Fund may invest in the stock of "passive foreign investment companies" ("PFICs"). A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either of the following tests for a taxable year: (1) at least 75% of its gross income is passive or (2) an average of at least 50% of its assets produce, or are held for the production of, passive income. Under certain circumstances, a Fund that holds stock of a PFIC will be subject to federal income tax on a portion of any "excess distribution" it receives on the stock or of any gain on its disposition of the stock (collectively, "PFIC income"), plus interest thereon, even if the Fund distributes the PFIC income as a taxable dividend to its shareholders. The balance of the PFIC income will be included in the Fund's investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders. A Fund's distributions attributable to PFIC income will not normally be eligible to be treated as QDI.

If a Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" ("QEF"), then in lieu of the Fund's incurring the foregoing tax and interest obligation, the Fund will be required to include in income each taxable year its *pro rata* share of the QEF's annual ordinary earnings and net capital gain — which the Fund most likely would have to distribute to satisfy the Distribution Requirement and avoid imposition of the Excise Tax — even if the Fund did not receive distributions from the QEF. In most instances it will be very difficult, if not impossible, to make this election because of certain requirements thereof.

Each Fund may elect to "mark-to-market" any stock in a PFIC it owns at the end of its taxable year. "Marking-to-market," in this context, means including in gross income each taxable year (and treating as ordinary income) the excess, if any, of the fair market value of the stock over a Fund's adjusted basis therein as of the end of that year. Pursuant to the election, a Fund also would be allowed to deduct (as an ordinary, not a capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock the Fund included in income for prior taxable years under the election. A Fund's adjusted basis in each PFIC's stock subject to the election would be adjusted to reflect the amounts of income included and deductions taken thereunder.

Investors should be aware that a Fund may not be able, at the time it acquires a foreign corporation's shares, to ascertain whether the corporation is a PFIC and that a foreign corporation may become a PFIC after a Fund acquires shares therein. While each Fund generally will seek to minimize its investments in PFIC shares, and to make appropriate elections when they are available, to minimize the tax consequences detailed above, there are no guarantees that each Fund will be able to do so.

A Fund's use of hedging strategies, such as writing (selling) and purchasing options and futures and entering into forward contracts, involves complex rules that will determine for income tax purposes the amount, character, and timing of recognition of the gains and losses the Fund realizes in connection therewith. Gains from the disposition of foreign currencies (except certain gains that may be excluded by future regulations), and gains from options, futures, and forward contracts a Fund derives with respect to its business of investing in securities or foreign currencies, will be treated as "qualifying income" under the Income Requirement.

Some futures contracts, foreign currency contracts, and "nonequity" options (*i.e.*, certain listed options, such as those on a "broad-based" securities index) – except any "securities futures contract" that is not a "dealer securities futures contract" (both as defined in the Code) and any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement – in which a Fund invests may be subject to Code section 1256 (collectively, "section 1256 contracts"). Any section 1256 contracts a Fund holds at the end of its taxable year (and generally for purposes of the Excise Tax, on October 31 of each year) must be "marked-to-market" (that is, treated as having been sold at market value) for federal income tax purposes, with the result that unrealized gains or losses will be treated as though they were realized. Sixty percent of any net gain or loss recognized as a result of these deemed sales, and 60% of any net realized gain or loss from any actual sales, of Section 1256 contracts will be treated as long term capital gain or loss; the remainder will be treated as short term capital gain or loss. These rules may operate to increase the amount that a Fund must distribute to satisfy the Distribution Requirement (*i.e.*, with respect to the portion treated as short term capital gain, which will be taxable to its shareholders as ordinary income when distributed to them), and to increase the net capital gain the Fund recognizes, without in either case increasing the cash available to it. A Fund may elect to exclude certain transactions from the operation of section 1256, although doing so may have the effect of increasing the relative proportion of short term capital gain (as noted above, distributions of which are taxable to its shareholders as ordinary income when distributed to them) and/or increasing the amount of dividends it must distribute to meet the Distribution Requirement and avoid imposition of the Excise Tax.

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If a Fund has an "appreciated financial position" — generally, an interest (including an interest through an option, futures or forward contract, or short sale) with respect to any stock, debt instrument (other than "straight debt"), or partnership interest the fair market value of which exceeds its adjusted basis — and enters into a "constructive sale" of the position, the Fund will be treated as having made an actual sale thereof, with the result that it will recognize gain at that time. A constructive sale generally consists of a short sale, an offsetting notional principal contract, or a futures or forward contract a Fund or a related person enters into with respect to the same or substantially identical property. In addition, if the appreciated financial position is itself a short sale or such a contract, acquisition of the underlying property or substantially identical property will be deemed a constructive sale. The foregoing will not apply, however, to any Fund's transaction during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days after the end of that year and the Fund holds the appreciated financial position unhedged for 60 days after that closing (*i.e*., at no time during that 60-day period is the Fund's risk of loss regarding that position reduced by reason of certain specified transactions with respect to substantially identical or related property, such as having an option to sell, being contractually obligated to sell, making a short sale, or granting an option to buy substantially identical stock or securities).

Each Fund may acquire zero coupon securities or other securities issued with original issue discount ("OID"). As a holder of those securities, each Fund must include in its gross income the OID that accrues on the securities during the taxable year, even if it receives no corresponding payment on them during the year. Because each Fund annually must distribute substantially all of its investment company taxable income (including accrued OID) to satisfy the Distribution Requirement and avoid imposition of the Excise Tax, a Fund may be required in a particular year to distribute as a dividend an amount that is greater than the total amount of cash it actually receives. Those distributions will be made from a Fund's cash assets or, if necessary, from the proceeds of sales of its securities. A Fund may realize capital gains or losses from those sales, which would increase or decrease its investment company taxable income and/or net capital gain.

Income that a Fund derives from a company principally engaged in the real estate industry that is classified for federal tax purposes as a partnership (and not as a corporation or real estate investment trust ("REIT")) and is not a QPTP will be treated as qualifying income under the Income Requirement only to the extent it would be qualifying income if realized directly by the Fund in the same manner as realized by that company.

Each Fund may invest in REITs that (1) hold residual interests in real estate mortgage investment conduits ("REMICs") or (2) engage in mortgage securitization transactions that cause the REITs to be taxable mortgage pools ("TMPs") or have a qualified REIT subsidiary that is a TMP. A portion of the net income allocable to REMIC residual interest holders may be an "excess inclusion." The Code authorizes the issuance of regulations dealing with the taxation and reporting of excess inclusion income of REITs and RICs that hold residual REMIC interests and of REITs, or qualified REIT subsidiaries, that are TMPs. Although those regulations have not yet been issued, the U.S. Treasury Department and the Internal Revenue Service (the "IRS") have issued a notice ("Notice") announcing that, pending the issuance of further guidance, the IRS would apply the principles in the following paragraphs to all excess inclusion income, whether from REMIC residual interests or TMPs.

The Notice provides that a REIT must (1) determine whether it or its qualified REIT subsidiary (or a part of either) is a TMP and, if so, calculate the TMP's excess inclusion income under a "reasonable method," (2) allocate its excess inclusion income to its shareholders generally in proportion to dividends paid, (3) inform shareholders that are not "disqualified organizations" (*i.e.*, governmental units and tax exempt entities that are not subject to tax on their unrelated business taxable income ("UBTI")) of the amount and character of the excess inclusion income allocated thereto, (4) pay tax (at the highest federal income tax rate imposed on corporations) on the excess inclusion income allocated to its disqualified organization shareholders, and (5) apply the withholding tax provisions with respect to the excess inclusion part of dividends paid to foreign persons without regard to any treaty exception or reduction in tax rate. Excess inclusion income allocated to certain tax exempt entities (including qualified retirement plans, IRAs, and public charities) constitutes UBTI to them.

A RIC with excess inclusion income is subject to rules identical to those in clauses (2) through (5) (substituting "that are nominees" for "that are not 'disqualified organizations'" in clause (3) and inserting "record shareholders that are" after "its" in clause (4)). The Notice further provides that a RIC is not required to report the amount and character of the excess inclusion income allocated to its shareholders that are not nominees, except that (1) a RIC with excess inclusion income from all sources that exceeds 1% of its gross income must do so and (2) any other RIC must do so by taking into account only excess inclusion income allocated to the RIC from REITs the excess inclusion income of which exceeded 3% of its dividends. Each Fund will not invest directly in REMIC residual interests and does not intend to invest in REITs that, to its knowledge, invest in those interests or are TMPs or have a qualified REIT subsidiary that is a TMP.

In general, qualified REIT dividends that an investor receives directly from a REIT are automatically eligible for the 20% qualified business income deduction. The IRS has issued final Treasury Regulations that permit a dividend or part of a dividend paid by a RIC and reported as a "section 199A dividend" to be treated by the recipient as a qualified REIT dividend for purposes of the 20% qualified business income deduction, if certain holding period and other requirements have been satisfied by the recipient with respect to its Fund shares.

#### Taxation of the Funds' Shareholders
The portion of Fund dividends, if any, derived from interest on certain U.S. government securities may be exempt from state and local personal income taxes, subject in some states to minimum investment or reporting requirements the Fund must meet. However, income from repurchase agreements and interest on mortgage backed U.S. government securities generally are not so exempt.

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If a shareholder purchases shares of a Fund within 30 days before or after selling, exchanging, or redeeming other shares of that Fund at a loss, all or part of that loss will not be deductible and instead will increase the basis in the newly purchased shares. If Fund shares are sold at a loss after being held for six months or less, the loss will be treated as long term, instead of short term, capital loss to the extent of any capital gain distributions received on those shares.

Each Fund is required to withhold an amount determined under Code Section 3406 of all dividends, net capital gain distributions, and redemption proceeds (regardless of the extent to which gain or loss may be realized) otherwise payable to any individuals and certain other non-corporate shareholders who do not provide the Fund with a correct taxpayer identification number and make certain certifications. Withholding is also required from dividends and other net capital gain distributions otherwise payable to such shareholders who are subject to backup withholding for any other reason.

Dividends a Fund pays to a foreign shareholder, other than (1) dividends paid to a foreign shareholder whose ownership of shares is effectively connected with a U.S. trade or business that the shareholder carries on and (2) capital gain distributions paid to a nonresident alien individual who is physically present in the United States for no more than 182 days during the taxable year (calculated in accordance with a formula that takes into presence in prior years based on a weighted average), generally will be subject to a federal withholding tax of 30% (or lower treaty rate).

Under the Foreign Account Tax Compliance Act ("FATCA"), a Fund may be required to withhold a generally nonrefundable 30% tax on (i) distributions of investment company taxable income and (ii) distributions of net capital gain and the gross proceeds of a sale, redemption or exchange of Fund shares paid to (A) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the IRS the identity of certain of its accountholders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the entity's country of residence), and (B) certain "non-financial foreign entities" unless such entity certifies to the Funds that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. In December 2018, the IRS released proposed regulations that would eliminate FATCA withholding on Fund distributions of net capital gain and payment of gross proceeds from a sale, exchange, or redemption of Fund shares. Although taxpayers are entitled to rely on these proposed regulations until they are finalized, these proposed regulations are subject to change and may not be finalized in their proposed form. This FATCA withholding tax could also affect a Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Funds and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

Each Fund has chosen the average basis method as its default basis determination method for Fund shares that certain shareholders acquired or acquire after December 31, 2011 ("Covered Shares"). Under the average basis method, all of the Covered Share purchase costs are added together in an aggregate cost amount. The basis per Covered Share is then determined by dividing the aggregate cost amount by the total Covered Shares in the account. The basis of Covered Shares that are sold, exchanged, or redeemed is determined by multiplying the number of those shares by the basis per Covered Share. Each Fund's default basis determination method will be used unless a Fund shareholder selects a different IRS-approved basis determination method. If a shareholder prefers another basis determination method (such as a specific identification method), he or she can elect the preferred method by sending a letter of instruction to Midas Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707. For overnight express mail and courier: Midas Funds, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. The basis determination method applied by the Fund, or the alternative method a Fund shareholder elects may not be changed with respect to a sale, exchange, or redemption of Covered Shares after the settlement date of the redemption.

In addition to the requirement to report the gross proceeds from a redemption of shares, each Fund (or its administrative agent) must report to the IRS and furnish to its shareholders the basis information for Covered Shares and indicate whether they had a short term (one year or less) or long term (more than one year) holding period. Fund shareholders should consult with their tax advisors to determine the best IRS accepted basis determination method for their tax situation and to obtain more information about how the basis reporting law applies to them.

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The foregoing is only a general summary of some of the important federal income tax considerations generally affecting the Funds and their shareholders. Changes in tax laws, potentially with retroactive effect, could impact a Fund's investments or the tax consequences to you of investing in a Fund. No attempt is made to present a complete explanation of the federal income tax treatment of the Funds' activities, and this discussion is not intended as a substitute for careful tax planning. Accordingly, potential investors are urged to consult their own tax advisors for more detailed information and for information regarding any state, local, or foreign taxes applicable to the Funds and to dividends and other distributions therefrom.

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#### CAPITAL STOCK INFORMATION
The Trust may issue additional series of shares. Currently, the Funds each offer only one class of shares, but the Board of Trustees is authorized to create additional classes and series.

Fund shareholders are entitled to one vote for each share and a fractional vote for each fraction of a share they own. Voting rights are not cumulative in the election of Trustees. All shares of a Fund are fully paid and non-assessable and have no preemptive or conversion rights. Shares may be redeemed from a Fund at their then current NAV on any day that the Fund is open for business.

The Funds do not hold annual meetings of shareholders; however, certain significant corporate matters, such as the approval of a new investment advisory agreement or a change in a fundamental investment policy, which require shareholder approval, will be presented to shareholders at a meeting called by the Board for such purpose.

Special meetings of shareholders may be called for any purpose upon receipt by the Funds of a request in writing signed by shareholders holding not less than 25% of all shares entitled to vote at such meeting, provided certain conditions stated in the Trust's by-laws ("Bylaws") are met. There will normally be no meeting of the shareholders for the purpose of electing Trustees until such time as less than a majority of Trustees holding office have been elected by shareholders, at which time the Trustees then in office will call a shareholders' meeting for the election of Trustees. To the extent that Section 16(c) of the 1940 Act applies to a Fund, the Trustees are required to call a meeting of shareholders for the purpose of voting upon the question of removal of any Trustee when requested in writing to do so by the shareholders of record of not less than 10% of that Fund's outstanding shares.

On certain matters such as the election of Trustees, all shares of each of the Funds vote together as a single class. On other matters affecting a particular Fund, the shares of that Fund vote together as a separate class, such as with respect to a change in an investment restriction of a particular Fund. In voting on an investment management agreement, approval by the shareholders of a Fund is effective as to that Fund whether or not enough votes are received from the shareholders of the other Fund to approve the investment management agreement for the other Fund.

#### REPORTS TO SHAREHOLDERS
Additional information about each Fund's investments, including a list of investments held and statements of assets and liabilities, operations, and changes in net assets of each Fund is available in the Funds' annual and semi-annual reports to shareholders on Form N-CSR.

#### CUSTODIAN AND TRANSFER AGENT
Argent Institutional Trust Company, 5901 Peachtree Dunwoody Road, Atlanta, GA 30328, has been retained to act as Custodian of each Fund's investments and may appoint one or more subcustodians. The Custodian is responsible for the safekeeping of Fund assets. Ultimus Asset Services, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707, acts as the Funds' Transfer and Dividend Disbursing Agent and performs accounting and tax services for the Funds.

The Funds and/or the Distributor have entered into certain agreements with third party service providers ("Recordkeepers") pursuant to which the Funds participate in various "no transaction fee" and other distribution programs offered by the Recordkeepers and pursuant to which the Recordkeepers provide distribution services, shareholder services, and/or co-transfer agency services. The fees of such Recordkeepers are charged to a Fund for co-transfer agency services and to the Distributor for distribution and shareholder services and allocated between the Distributor and the Fund in a manner deemed equitable by the Board of Trustees. Cash compensation may also be paid to Recordkeepers for inclusion of the Funds on a sales list, including a preferred or select sales list, in other sales programs, or as an expense reimbursement in cases where the Recordkeeper provides shareholder services to the Funds' shareholders. The Investment Manager may also pay cash compensation in the form of finder's fees that vary depending on the dollar amount of the shares sold.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP ("Tait, Weller"), Two Liberty Place, 50 South 16th Street, Suite 2900, Philadelphia, PA 19102, is each Fund's IRPAF. Tait, Weller audits each Fund's financial statements annually.

#### FINANCIAL STATEMENTS
The financial statements, related notes and related report of Tait, Weller contained in the Funds' Annual Report to Shareholders on Form N-CSR for the fiscal year ended December 31, 2025 are hereby incorporated by reference into this SAI.

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#### APPENDIX A – PROXY VOTING

#### AMENDED PROXY VOTING POLICIES AND PROCEDURES
Each of Midas Series Trust, on behalf of Midas Discovery and Midas Special Opportunities, Bexil Investment Trust and Foxby Corp. (each, a "**Fund**," and together, the "**Funds**") will seek to vote its proxies in its own best interests, and without regard to the best interests of such Fund's investment manager. These procedures are designed to ensure that voting determinations are not based on materially inaccurate or incomplete information.

1. <u>Delegation to Proxy Service Provider</u> 

Each Fund delegates the responsibility for voting proxies of portfolio companies held in such Fund's portfolio to Egan-Jones Ratings Company (the "**Proxy Firm**"). The current Wealth-Focused voting policy of the Proxy Firm, available at https://www.ejproxy.com/methodology, is incorporated by reference herein as each Fund's proxy voting policies and procedures, as supplemented by the terms hereof. Each Fund retains the right to override the delegation to the Proxy Firm on a case-by-case basis.

2. <u>Conflicts of Interest</u> 

With respect to a vote upon which a Fund overrides the delegation to the Proxy Firm, to the extent that such vote presents a material conflict of interest between the Fund and its investment manager or any affiliated person of the investment manager, the Fund normally will disclose such conflict to, and obtain consent from, the Independent Trustees or Directors, as applicable, or a committee thereof, prior to voting the proxy. Such material conflicts may arise, for example, from the following relationships: (i) the portfolio company is an investor in a Fund; (ii) the portfolio company has a material business relationship with a Fund; (iii) the proponent of a proxy proposal has a business relationship with the Fund; (iv) a Fund has material business relationships with candidates for director in a proxy contest; or (v) an employee of a Fund or its affiliates has a personal interest in the outcome of a particular matter. This list provides examples of possible conflicts of interest and is not meant to be comprehensive. Each employee must notify the Funds' Chief Compliance Officer of any potential conflicts of interest of which he or she is aware.

In addition, if the Fund becomes aware of a material conflict of interest between the Proxy Firm and a portfolio company, the Fund will determine, on a case-by-case basis, whether to override the delegation to the Proxy Firm.

3. <u>Review of and Response to Errors</u> 

If a Fund becomes aware of any material errors made by the Proxy Firm, it will typically take reasonable steps to investigate the error and seek to determine whether the Proxy Firm is taking reasonable steps to seek to reduce similar errors in the future. The Fund will normally document responsive actions taken in connection with any material errors made by the Proxy Firm.

4. <u>Ongoing Due Diligence</u> 

On at least an annual basis, the Funds will typically:

i. Review the adequacy of these proxy voting policies and procedures;

ii. Assess whether the Proxy Firm has properly submitted the voting instructions on behalf of the Funds, including, without limitation, seeking to determine whether it is voting consistently with these policies and procedures, which may include, among other things, sampling proxy votes;

iii. Review the proxy voting guidelines of the Proxy Firm; and

iv. Request the Proxy Firm to provide information about, among other things, changes to its policies and procedures.

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## Wealth-Focused Policy Overview
Effective for shareholder meetings held on or after March 1, 2026

Published December 12, 2025

I. Wealth-Focused Policy Overview

### Recommendations are based only on protecting and enhancing investor wealth.
Unlike conventional ESG frameworks that impose uniform governance and sustainability standards, this policy's guiding philosophy is to allow management the freedom to manage, while holding directors accountable for poor returns to shareholders. The policy is not a "board-aligned" policy because directors with poor impact on shareholder returns will be opposed.

Restrictive governance and environmental protection proposals are generally opposed. Proposals promoting diversity, equity, and inclusion are also opposed. Exceptions only exist when proposals are directly tailored to revenue generation.

**Director elections** 

The Wealth-Focused Policy generally supports nominees with a record of responsible leadership, including attending at least 75% of board and committee meetings. Additionally, the TSR of the Company over the director's tenure is a primary consideration.

**Director and executive compensation** 

The Wealth-Focused Policy supports compensation packages that are in alignment with total shareholder returns. Higher compensation packages are supported if significant shareholder returns have also been delivered.

**Governance** 

The Wealth-Focused Policy generally supports removing board governance restrictions such as splitting CEO and chairman roles, term limits, and area expertise. Likewise, the Wealth-Focused Policy would generally oppose proposals for greater restrictions. The goal is to avoid excluding qualified board members who could drive shareholder returns.

#### Corporate operations (including human resources, health, safety, and environment)
The Wealth-Focused Policy generally rejects proposals to restrict the operations of the company, including with regards to hiring practices, environmental reporting, or political contributions. The goal is to rely on management and the board to effectively run the company's operations. Poor shareholder returns due to operational failures will be considered during compensation votes and director elections.

#### Procedure
The Wealth-Focused Policy generally supports routine and procedural proposals such as those to tabulate proxy voting, elect a clerk, or approve the previous board's actions, so as to not be obstructive to standard practices.

#### Auditors
The Wealth-Focused Policy generally supports management's proposed auditor, given that the auditor does not generate outsized non-audit or total audit fees from the company. The goal is to support independent auditors.

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#### Shareholder rights
The Wealth-Focused Policy generally supports broader shareholder rights such as equal voting rights and requiring shareholder approval for bylaw amendments. However, the policy will generally oppose proposals that give shareholders the ability to request fundamental changes to the business operations of the company, such as restructuring. The goal is to allow management and the board to make key business decisions, while enabling shareholders to hold them accountable.

#### Mergers, acquisitions, and restructuring
The Wealth-Focused Policy supports proposals with a high probability of yielding outsized returns for investors. The fairness opinion by a qualified investment banker or advisor is carefully considered for these proposals.

#### Capitalization
The Wealth-Focused Policy generally supports managements' recommendations on the capitalization of the company. The goal is to rely on the expertise of the CEO and CFO. Poor shareholder returns due to capitalization failures will be considered during compensation votes and director elections. Excessive dilution for compensation plans is not supported unless directly tied to shareholder returns.

II. Notable Recommendations

View recommendations of the Wealth-Focused Policy from prior meetings.

**Phillips 66** 

Annual Meeting

May 21, 2025

**Opposition Proposal:** Election of Directors

*Egan-Jones' Wealth-Focused policy recommends FOR the Elliott Nominees, as we believe their election is in the best interests of the Company and its shareholders. Over the past five years, PSX's total shareholder return (TSR) has lagged its refining and midstream peers as well as the broader market. Additionally, the Company's substantial financial losses have been driven largely by elevated operating expenses, particularly in labor, maintenance, and energy. We agree with the dissidents that a strategic shift—refocusing on core assets, especially within the refining segment—is necessary to enhance performance and support long-term value creation.* 

**Harley-Davidson, Inc.** 

Annual Meeting

May 14, 2025

**Management Proposal:** Election of Directors

*Egan-Jones' Wealth-Focused policy recommends WITHHOLDING votes from management's nominees for this withhold campaign. Harley-Davidson yielded -11% returns for investors over the same five-year period in which total market returns were 94%. We therefore recommend withholding votes from three long-standing directors as well as the CEO who have overseen long-term sustained underperformance of the Company.* 

**Tesla Inc.** 

Annual Meeting

November 6, 2025

**Management Proposal:** Approval of the 2025 CEO Performance Award

*Egan-Jones' Wealth-Focused policy recommends FOR this proposal. While the potential dilution from the 2025 CEO Performance Award is estimated at 12.75%, which exceeds our typical threshold of shareholder equity dilution, we believe an exception is warranted in this case due to the highly performance-based structure of the potential awards to Mr. Elon Musk and the lengthy period over which these shares will be granted. If the full number of shares is granted over the next 10 years, the annual depletion rate each year will only be approximately 1.3%. Additionally, the combination of performance conditions and time-based vesting requirements is designed to align Mr. Musk's compensation with long-term shareholder value creation. If Mr. Musk meets the requirements for all twelve tranches of the CEO Performance Award, shareholders of Tesla will see an approximate 700% increase in the value of their stock within 10 years. Hence, we believe that the 2025 Performance CEO Award is aligned with shareholders' interests.* 

**AMC Entertainment Holdings, Inc.** 

Annual Meeting

December 10, 2025

**Management Proposal:** Advisory Vote to Approve Executive Compensation

*Egan-Jones' Wealth-Focused policy recommends AGAINST AMC Holdings' say-on-pay proposal as we do not believe the compensation amount is in alignment with shareholders' interests. Specifically, we review the total compensation of the highest paid NEO as compared to Company performance (as measured by TSR). In this case, the TSR during 2024 was -34.8% while the total compensation of the CEO was over $11 million.* 

**Alphabet Inc.** 

Annual Meeting

June 6, 2025

**Shareholder Proposal:** Regarding an Enhanced Disclosure on Climate Goals

*Egan-Jones' Wealth-Focused policy recommends AGAINST this enhanced disclosure. Considering the Company already provides extensive disclosure regarding its climate strategy, goals, challenges, and risk-management processes in its annual Environmental Report, we believe that the shareholder proposal is redundant and will not create additional benefits or value for the shareholders.* 

**Apple, Inc.** 

Annual Meeting

February 25, 2025

**Shareholder Proposal:** Report on Risks and Impacts of Charitable Giving

*Egan-Jones' Wealth-Focused policy recommends AGAINST this report. Apple already has a well-governed corporate donations program, including strict safeguards such as prohibiting the use of funds for lobbying or political campaigns. The company regularly discloses its charitable activities, making the requested additional report redundant and unlikely to provide meaningful shareholder benefit, while unnecessarily intruding into Apple's ordinary business operations.* 

**Amazon.com, Inc.** 

Annual Meeting

May 21, 2025

**Shareholder Proposal:** Audit Report on Warehouse Working Conditions

*Egan-Jones' Wealth-Focused policy recommends AGAINST. Considering Amazon has demonstrated a robust commitment to workplace safety, supported by measurable improvements in injury rates and extensive regulatory oversight, we believe that the proposed independent audit is unnecessary. Additionally, commissioning an audit could create legal and reputational risks by implying potential violations and providing a roadmap for future litigation, ultimately exposing shareholders to substantial long-term costs.*

**Comcast Corporation** 

Annual Meeting

June 18, 2025

**Shareholder Proposal:** Adopt Policy for an Independent Chairman

*Egan-Jones' Wealth-Focused policy recommends AGAINST. Egan-Jones' Wealth-Focused policy recommends AGAINST because we believe that having an independent chairman is not a one-size-fits-all principle. We believe that the Board should have flexibility in determining a leadership structure that is conducive to the company's goal of maximizing shareholder value.* 

**International Business Machines Corp. (IBM)** 

Annual Meeting

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April 29, 2025

**Shareholder Proposal:** Report on Hiring/Recruitment Discrimination

*Egan-Jones' Wealth-Focused policy recommends AGAINST because we believe that IBM already maintains transparent, legally compliant, and non-discriminatory hiring practices. As such, producing the requested report would be unnecessary, burdensome, and divert resources from more meaningful priorities.* 

### Exxon Mobil Corporation
Annual Meeting

May 28, 2025

**Management Proposal:** Ratify the Appointment of Independent Auditor

*Egan-Jones' Wealth-Focused policy recommends FOR the ratification of PricewaterhouseCoopers LLP as auditors, as we believe that neither the audit fees for the most recent fiscal year nor the disciplinary actions taken against the firm over the past decade raise concerns about the auditor's integrity, professionalism, or independence.*

### Eli Lilly and Company
Annual Meeting

May 5, 2025

**Management Proposal:** Proposal to Amend the Company's Articles of Incorporation to Eliminate Supermajority Voting Provisions

*Egan-Jones' Wealth-Focused policy recommends FOR the elimination of supermajority voting provisions in the Company's Articles of Incorporation, as they grant disproportionate power to a minority of shareholders. Adopting a simple majority standard would ensure equal and fair representation for all shareholders and enable a more meaningful voting process.*

### Core Scientific, Inc.
Special Meeting

October 30, 2025

**Management Proposal:** Approval of the Agreement and Plan of Merger

*Egan-Jones' Wealth-Focused policy recommends AGAINST the merger of Core Scientific with CoreWeave. We believe that while the proposed merger may offer operational synergies, the terms of the transaction materially undervalue Core Scientific relative to its intrinsic potential and the stock price. Additionally, given the all-stock nature of the transaction and the volatile share price of CoreWeave, the transaction is highly risky for Core Scientific shareholders. Given the company's strong fundamentals, long-term contracts, and clear growth trajectory as a standalone entity, we believe shareholders are better served by rejecting the current offer.*

### ProPhase Labs, Inc.
Annual Meeting

November 24, 2025

**Management Proposal:** Authorization for Amendment to Authorize Additional Shares

*Egan-Jones' Wealth-Focused policy recommends FOR the issuance of additional shares of common stock because we generally support proposals to issue more shares when the new proposed stock is less than 50% of total authorized shares of common stock, or when the increase is tied to a specific transaction or financing proposal or when the share pool was used up due to equity plans. The Company seeks to increase its authorized common stock to ensure sufficient unissued shares to satisfy obligations under its $3 million 20% OID senior secured promissory note and related July 2025 warrants. We believe this purpose is reasonable and therefore fair and advisable to shareholders.* 

III. Detailed vote recommendations

View recommendations per category and region.

**Proposals by management** \| Accounting

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to**<br> **Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Accept an accounting irregularity** | World | | We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year then ended in accordance with the law. |
| &nbsp;&nbsp;&nbsp;**Accept the financial statements/statutory report** | World | North America | We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year then ended in accordance with the law. |
| &nbsp;&nbsp;&nbsp;**Approve a special transactions financial report** | China, Western Europe, Latin America | | We recommend FOR this Proposal, because according to our policy, approving the special transactions financial report ensures transparency and gives shareholders a clear overview of significant transactions, supporting informed decision-making. |
| &nbsp;&nbsp;&nbsp;**Receive the annual report and accounts** | World | North America | We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year then ended in accordance with the law. |

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**Proposals by management** \| Auditor

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to**<br> **Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Approve the discharge of the auditors** | Western Europe | | We generally recommend FOR because after reviewing the auditor acts for the fiscal year that has ended, we find it advisable to grant discharge from liability to the auditors. |
| &nbsp;&nbsp;&nbsp;**Ratify auditor AND director remuneration** | World | United States | We generally recommend FOR the auditor when the non-audit fees do not make up a substantial proportion of all fees the auditor is charging the company and when the total audit fees are reasonable given the company's size. The purpose is to maintain some independence for the auditor. |
| &nbsp;&nbsp;&nbsp;**Ratify auditor appointment and remuneration** | Emerging & Frontier Asia-Pacific, Western Europe | | We generally recommend FOR the auditor when the non-audit fees do not make up a substantial proportion of all fees the auditor is charging the company and when the total audit fees are reasonable given the company's size. The purpose is to maintain some independence for the auditor. |
| &nbsp;&nbsp;&nbsp;**Ratify the appointment of a non-statutory auditor** | World | | We recommend FOR this Proposal, because according to our policy, ratifying the appointment of a non-statutory auditor strengthens oversight and reinforces the integrity of reporting. |
| &nbsp;&nbsp;&nbsp;**Ratify the appointment of a special transactions auditor** | China, Western Europe, Latin America |  | We recommend FOR this Proposal, because according to our policy, ratifying the appointment of a special transactions auditor ensures independent review of |

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| | | |
|:---|:---|:---|
|  | | significant transactions and strengthens disclosure and transparency. |
| &nbsp;&nbsp;&nbsp;**Ratify the appointment of an auditor** | World | We generally recommend FOR the auditor when the non-audit fees do not make up a substantial proportion of all fees the auditor is charging the company and when the total audit fees are reasonable given the company's size. The purpose is to maintain some independence for the auditor. |
| &nbsp;&nbsp;&nbsp;**Ratify the appointment of statutory AND sustainability auditors** | Western Europe | We recommend AGAINST this Proposal, because according to our policy, ratifying the appointment of statutory and sustainability auditors may not directly align with the priorities of shareholders, as the proposal emphasizes ESG and non-financial reporting oversight rather than measures that drive immediate financial returns or shareholder value. |
| &nbsp;&nbsp;&nbsp;**Remove the auditor** | World | We generally recommend a vote FOR the removal of the auditors whenever the Company may deem it necessary to ensure auditor independence and integrity. |

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**Proposals by management** \| Capitalization

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to**<br> **Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Allot securities** | Western Europe |  | We generally recommend FOR because according to our policy, the allotment of shares or securities will enable the Company to capitalize on future business opportunities. This flexibility provides the Company with the ability to act promptly and strategically to business decisions, ensuring it remains competitive and well-positioned for long-term success. |
| &nbsp;&nbsp;&nbsp;**Appropriate profits/surplus/retained earnings** | World | North America | We recommend FOR this Proposal, because according to our policy, allocating corporate earnings through appropriate distribution of profits, surplus, or retained earnings supports shareholder interests and long-term value creation. |
| &nbsp;&nbsp;&nbsp;**Approve a share repurchase plan** | Emerging & Frontier Asia-Pacific, Western Europe |  | We generally recommend a vote FOR because according to our policy, the proposed share repurchase plan would grant the Company greater flexibility in managing its capital structure. Furthermore, share repurchases are widely regarded as an effective strategy for enhancing shareholder value and financial position of companies. |
| &nbsp;&nbsp;&nbsp;**Approve a stock exchange listing** | World |  | We generally recommend FOR because according to our policy, approval of the stock exchange listing would create investment opportunities for the Company and provide greater liquidity while diversifying the risks associated with it. |
| &nbsp;&nbsp;&nbsp;**Approve a stock terms revision** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve adjustment in the share repurchase price** | Emerging & Frontier Asia-Pacific |  | We recommend FOR this Proposal, because according to our policy, allocating corporate earnings through appropriate distribution of profits, surplus, or retained earnings supports shareholder interests and long-term value creation. |
| &nbsp;&nbsp;&nbsp;**Approve capital utilization/cash management** | Emerging & Frontier Asia-Pacific |  | We recommend FOR this Proposal, because according to our policy, the proposed capital or cash utilization enables the company to support its strategic initiatives and efficiently finance its operations. |
| &nbsp;&nbsp;&nbsp;**Approve credit and/or debt financing** | Emerging & Frontier Asia-Pacific |  | We recommend FOR this Proposal, because according to our policy, approving credit or debt financing provides the company with the necessary capital to support strategic initiatives, maintain liquidity, and ensure financial flexibility. |
| &nbsp;&nbsp;&nbsp;**Approve dividends** | World | North America | We generally recommend FOR this Proposal, because according to our policy, the proposed dividend distribution is financially prudent, maintains sufficient liquidity, and supports consistent shareholder returns. |
| &nbsp;&nbsp;&nbsp;**Change share par value** | World |  | We generally recommend FOR when the new par value is less than or equal to old par value. |
| &nbsp;&nbsp;&nbsp;**Conduct a stock split** | World |  | We generally recommend FOR because according to our policy, the proposed reverse stock split would make the Company's common stock a more attractive and cost-effective investment for many investors, thereby enhancing the liquidity of current stockholders and potentially broadening the investor base. |
| &nbsp;&nbsp;&nbsp;**Distribute profit/dividend/etc according to a sharing plan** | World | North America | We generally recommend FOR because according to our policy, the proposed distribution plan will not put the company´s liquidity at risk. |
| &nbsp;&nbsp;&nbsp;**Exchange debt for equity** | World |  | We generally recommend a vote FOR because according to our policy, the proposed exchange of debt for equity would strengthen the Company's financial position by reducing its liabilities, improving its balance sheet and enhancing its creditworthiness. |
| &nbsp;&nbsp;&nbsp;**Increase authorized shares** | World | Brazil | We generally recommend FOR except when one of the following conditions is met: 1) The new proposed stock is >50% of total authorized shares of common stock; 2) The increase is NOT tied to a specific transaction or financing proposal; and 3) The Share pool was NOT used up due to equity plans. |
| &nbsp;&nbsp;&nbsp;**Increase authorized shares** | Brazil |  | We generally recommend FOR except when one of the following conditions is met: 1) The increase is NOT tied to a specific transaction or financing proposal; and 2) The Share pool was NOT used up due to equity plans. |
| &nbsp;&nbsp;&nbsp;**Issue bonds** | World |  | We generally recommend FOR because according to our policy, approval of this proposal will give the Company greater flexibility in considering and planning for future corporate needs, including, but not limited to, stock dividends, grants under equity compensation plans, stock splits, financings, potential strategic transactions, including mergers, acquisitions, and business combinations, as well as other general corporate transactions. |
| &nbsp;&nbsp;&nbsp;**Issue shares** | World |  | We generally recommend FOR when there is a purpose for the share issuance and when the shareholder rights on the issued shares will not be superior to outstanding shares. |
| &nbsp;&nbsp;&nbsp;**Issue shares below NAV** | World |  | We generally recommend FOR because according to our policy, issuing shares below net asset value (NAV) would provide the Fund with flexibility in raising capital, reducing debt, preventing insolvency, and funding strategic acquisitions or growth opportunities. While it typically leads to dilution, a discounted issuance can be used in ways that may ultimately enhance shareholder value, improve financial stability, and position the company for long-term success. |
| &nbsp;&nbsp;&nbsp;**Issue shares upon exercise of warrants** | World |  | We generally recommend FOR because according to our policy, the proposed issuance of shares will provide the Company with a source of capital to fund its corporate endeavors and activities. |
| &nbsp;&nbsp;&nbsp;**Re-price options** | World |  | We generally recommend FOR re-pricing options when external and uncontrollable market factors caused the stock price to decrease. |
| &nbsp;&nbsp;&nbsp;**Repurchase and/or cancel shares** | Emerging & Frontier Asia-Pacific, Western Europe |  | We recommend FOR this Proposal because, according to our policy, share repurchase/cancellation can enhance shareholder value and provide the company with flexibility in managing its capital effectively. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Repurchase bonds** | World | We recommend FOR this Proposal because, according to our policy, repurchase of bonds allows the company to manage its debt efficiently, reduce interest expenses, and optimize its capital structure, ultimately supporting financial flexibility and long-term shareholder value. |
| &nbsp;&nbsp;&nbsp;**Create a new class of shares** | World | We generally recommend FOR these proposals when the new class of shares to be created will not have blank-check authority and will not have superior voting rights to the existing class of shares. |
| &nbsp;&nbsp;&nbsp;**Reclassify/convert shares** | World | We generally recommend FOR if the conversion would provide equal rights to shareholders. |

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**Proposals by management \|** Climate/Resources

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to** <br> **Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Approve the sustainability auditor** | Western Europe | | We generally recommend a vote AGAINST because according to our policy, the appointment of a separate sustainability auditor is unwarranted, given that the Company already integrates sustainability into its existing audit process. The Company's current approach effectively addresses sustainability concerns without the need for additional oversight. Furthermore, approval of this proposal would impose unnecessary costs and administrative burdens, diverting resources from other critical business priorities. |
| &nbsp;&nbsp;&nbsp;**Approve the sustainability report** | Western Europe, Australia | | We generally recommend a vote AGAINST because, according to our policy, approval of this proposal would result in the Company incurring unnecessary costs and expenses by duplicating efforts that are already underway. |

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**Proposals by management** \| Compensation

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Advise on executive compensation (say-on-pay)** | World |  | We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price. |
| &nbsp;&nbsp;&nbsp;**Approve a stock compensation plan (non-SPAC)** | United States |  | We generally recommend FOR when the plan results in dilution of 10% or less and when the average burn rate over the last three years is 3% or less (or the company has been public for five years or less). |
| &nbsp;&nbsp;&nbsp;**Approve a stock compensation plan (non-SPAC)** | World | United States | We generally recommend FOR when the plan results in dilution of 10% or less. |
| &nbsp;&nbsp;&nbsp;**Approve a stock compensation plan (SPAC)** | World |  | We recommend a vote AGAINST this proposal because according to our policy, this proposal would dilute shareholder value in this special purpose acquisition company and is therefore not in the shareholders' best interests. Because the company is a SPAC, management is already highly incentivized through founder shares and warrants, and an incentive stock option plan would be unnecessary and potentially excessive. |
| &nbsp;&nbsp;&nbsp;**Approve an employee stock purchase plan** | World |  | We generally recommend FOR when the plan is qualified under Section 423(c) or has dilution of 10% or less and when there is no evergreen provision. |
| &nbsp;&nbsp;&nbsp;**Approve an employment/management/severance/partnership agreement** | Emerging & Frontier Asia-Pacific, Western Europe |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve bonuses** | Western Europe, Australia, Israel |  | We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price. |
| &nbsp;&nbsp;&nbsp;**Approve executive/director/related party transactions** | Western Europe |  | We generally recommend FOR because according to our policy, the related party transaction is advisable, substantively and procedurally fair to, and in the best interests of the Company and its shareholders. |
| &nbsp;&nbsp;&nbsp;**Approve future executive remuneration** | Western Europe, Eastern Europe & Central Asia, Middle East & North Africa |  | We generally recommend FOR when the proposed compensation includes performance-based metrics. |
| &nbsp;&nbsp;&nbsp;**Approve other compensation** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve the executive compensation policy** | Middle East & North Africa, Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price. |
| &nbsp;&nbsp;&nbsp;**Approve the non-executive directors' compensation** | Emerging & Frontier Asia-Pacific, Western Europe, Eastern Europe & Central Asia |  | We recommend FOR this Proposal, because according to our policy, the proposed non-executive directors' compensation is commensurate with their contributions and supports the company in remaining competitive in attracting and retaining skilled board members. |
| &nbsp;&nbsp;&nbsp;**Decide the frequency of the executive compensation vote** | World |  | We generally recommend an annual frequency for the say-on-pay vote. |
| &nbsp;&nbsp;&nbsp;**Reduce the legal reserve** | Emerging & Frontier Asia-Pacific, Western Europe, Developed Asia-Pacific |  | We generally recommend FOR because according to our policy, the proposed reduction of legal reserves is commensurate with the Company's current financial position and would strengthen its cashflow. |

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**Proposals by management** \| Directors

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to**<br> **Exclude**  | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Allow for the removal of directors only with cause** | World | | We generally recommend AGAINST the proposal because according to our policy, directors should be removed with or without cause. This level of flexibility allows the Company to make necessary changes to its leadership when deemed appropriate. Allowing for the removal of directors with or without cause ensures that the Board can effectively address issues such as performance concerns and maintain the best interests of the Company and its shareholders. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Allow for the removal of directors without cause** | World |  | We generally recommend a vote FOR because according to our policy, allowing shareholders to remove a director without cause enhances accountability and strengthens shareholder rights. This provision empowers shareholders to take action if they believe a director is not acting in the best interests of the company, ensuring greater transparency and governance. |
| &nbsp;&nbsp;&nbsp;**Approve director indemnification** | World |  | We generally recommend FOR because according to our policy, approval of director indemnification would enable the Company to provide a greater scope of protection to directors in cases of litigations. Further, such a provision would also help the Company to attract, retain and motivate its directors whose efforts are essential to the Company's success. |
| &nbsp;&nbsp;&nbsp;**Approve director liability insurance** | World |  | We generally recommend FOR because according to our policy, approval of director liability insurance would enable the Company to provide a greater scope of protection to directors in cases of litigations. Further, such a provision would also help the Company to attract, retain and motivate its directors whose efforts are essential to the Company's success. |
| &nbsp;&nbsp;&nbsp;**Approve election and remuneration for the executive director(s)** | Developed Asia-Pacific, Western Europe |  | We generally recommend FOR when the director(s) passes our election of director test and the executive compensation passes our test. If any director or the executive compensation does not pass our tests, we will recommend against the proposal. |
| &nbsp;&nbsp;&nbsp;**Approve election and remuneration for the non-executive director(s)** | Developed Asia-Pacific, Western Europe |  | We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years) and when the candidate attended at least 75% of all board and committee meetings. |
| &nbsp;&nbsp;&nbsp;**Approve financial statements and discharge directors** | Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year then ended in accordance with the law. |
| &nbsp;&nbsp;&nbsp;**Approve the directors' report** | Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR because approval of the directors' report is in the best interests of the Company and its shareholders. |
| &nbsp;&nbsp;&nbsp;**Approve the discharge of the board and president** | Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR because according to our policy, we find no breach of fiduciary duty that compromised the Company and shareholders' interests for the fiscal year that has ended. |
| &nbsp;&nbsp;&nbsp;**Approve the discharge of the management board** | Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR because according to our policy, we find no breach of fiduciary duty that compromised the Company and shareholders' interests for the fiscal year that has ended. |
| &nbsp;&nbsp;&nbsp;**Approve the discharge of the supervisory board** | Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR because according to our policy, we find no breach of fiduciary duty that compromised the Company and shareholders' interests for the fiscal year that has ended. |
| &nbsp;&nbsp;&nbsp;**Approve the previous board's actions** | Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR because according to our policy, we find no breach of fiduciary duty that compromised the Company and shareholders' interests for the fiscal year that has ended. |
| &nbsp;&nbsp;&nbsp;**Approve the spill resolution** | Australia |  | We generally recommend FOR this resolution when the company has failed our executive compensation test. |
| &nbsp;&nbsp;&nbsp;**Authorize exculpation of officers (DGCL)** | World |  | We generally recommend a vote FOR because according to our policy, implementation of the exculpation provision pursuant to Delaware Law will enable the Company to attract, retain and motivate its officers whose efforts are essential to the Company's success. Additionally, Delaware's exculpation law strikes a balanced approach, offering protection to directors while ensuring accountability for significant breaches of their fiduciary duties. |
| &nbsp;&nbsp;&nbsp;**Authorize the board to execute legal formalities** | Western Europe, Eastern Europe & Central Asia, Emerging & Frontier Asia-Pacific |  | We generally recommend FOR because approval of the proposal is necessary in order to carry out the legal formalities related to the meeting. |
| &nbsp;&nbsp;&nbsp;**Authorize the board to fill vacancies** | World |  | We generally recommend FOR if the appointees will face a shareholder vote at the next annual meeting. |
| &nbsp;&nbsp;&nbsp;**Change the size of the board of directors** | World |  | We generally recommend FOR if the board size is between 5 and 15. |
| &nbsp;&nbsp;&nbsp;**Classify the board** | World |  | We generally recommend AGAINST because according to our policy, staggered terms for directors increase the difficulty for shareholders to make fundamental changes to the composition and behavior of a board. We prefer that the entire board of a company be elected annually to provide appropriate responsiveness to shareholders. |
| &nbsp;&nbsp;&nbsp;**Declassify the board** | World |  | We generally recommend FOR because according to our policy, staggered terms for directors increase the difficulty for shareholders to make fundamental changes to the composition and behavior of a board. We prefer that the entire board of a company be elected annually to provide appropriate responsiveness to shareholders. |
| &nbsp;&nbsp;&nbsp;**Delegate authority to a committee** | Western Europe |  | We generally recommend FOR because the delegation of authority to the committee is in the best interests of the Company and its shareholders. |
| &nbsp;&nbsp;&nbsp;**Elect a company clerk/secretary** | Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR because according to our policy, the nominee appears qualified. |
| &nbsp;&nbsp;&nbsp;**Elect a director to board** | World |  | We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years) and when the candidate attended at least 75% of all board and committee meetings. |
| &nbsp;&nbsp;&nbsp;**Elect a director to committee** | World |  | We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years) and when the candidate attended at least 75% of all board and committee meetings. |
| &nbsp;&nbsp;&nbsp;**Elect directors and appoint the auditor** | Western Europe |  | We generally recommend FOR when the director(s) passes our election of director test and the auditor passes our auditor ratification test. If any director or the auditor does not pass our tests, we will recommend against the proposal. |
| &nbsp;&nbsp;&nbsp;**Elect directors and fix the number of directors** | Canada, Western Europe |  | We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years) and when the candidate attended at least 75% of all board and committee meetings. |
| &nbsp;&nbsp;&nbsp;**Elect multiple directors to the board** | World | United States, United Kingdom | We generally recommend FOR when each director passes our election of director test. If any director does not pass this test, we will recommend against the proposal. |
| &nbsp;&nbsp;&nbsp;**Eliminate the retirement age requirement** | World |  | We generally recommend FOR this proposal because, in accordance with our policy, the Company and its shareholders are in the best position to determine the approach to corporate governance, particularly board composition. Imposing inflexible rules, such as age limits for outside directors, does not necessarily correlate with returns or benefits for shareholders. Similar to arbitrary term limits, age limits could force valuable directors off the board solely based on their age, potentially undermining the effectiveness of the board. |
| &nbsp;&nbsp;&nbsp;**Fix the number of directors** | Canada, Western Europe |  | We generally recommend FOR if the board size is between 5 and 15. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Receive the directors' report** | World | North America | We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year that has ended. |

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**Proposals by management \|** Legal and compliance

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt an exclusive forum for disputes** | World | | We generally recommend FOR because according to our policy, having an exclusive forum will allow the Company to address disputes and litigations in an exclusive jurisdiction, with familiarity of the law, and reduce the administrative cost and burden related to settlement. |

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**Proposals by management** \| M&A / Structure

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt an anti-greenmail provision** | World |  | We generally recommend FOR because according to our policy, the adoption of an anti-greenmail provision will prevent the likelihood of potential hostile takeover which could be detrimental to the shareholders' interests. |
| &nbsp;&nbsp;&nbsp;**Advise on merger related compensation** | World |  | We generally recommend FOR when 1) the total severance package doesn't exceed 3X the previous year's CAP for the highest paid NEO. |
| &nbsp;&nbsp;&nbsp;**Approve a joint venture agreement** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve a liquidation plan** | World |  | We generally recommend FOR if the following conditions are met: the transaction is the best strategic alternative for the company and the appraisal value is fair. |
| &nbsp;&nbsp;&nbsp;**Approve an anti-takeover measure(s)** | Australia |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve an extension amendment proposal (for SPACs)** | World |  | We generally recommend FOR when the trust deposit payment is not less than the previous trust deposit payment. |
| &nbsp;&nbsp;&nbsp;**Approve an M&A agreement (sale or purchase)** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve an M&A-related share issuance** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve an opt-out plan** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve the restructuring plan** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Change the domicile / jurisdiction of incorporation** | World |  | We generally recommend FOR because according to our policy, changing the Company's legal domicile is necessary to align the legal structure of the Company in a manner that is more consistent with their business objectives. |
| &nbsp;&nbsp;&nbsp;**Proceed with bankruptcy** | World |  | We generally recommend FOR because according to our policy, approval of the bankruptcy plan is the best available alternative in order for the Company to provide a reasonable value for its shareholders. |
| &nbsp;&nbsp;&nbsp;**Remove an antitakeover provision(s)** | World |  | We recommend FOR this Proposal, because, according to our policy, the removal of the antitakeover provision can increase shareholder value by enhancing market responsiveness and facilitating potential takeovers that may lead to premium buyouts. |
| &nbsp;&nbsp;&nbsp;**Ratify a poison pill** | World |  | We generally recommend a vote FOR because according to our policy, approval of the proposal will acknowledge both the advantages and inherent risks of implementing a shareholder rights plan, or poison pill. While these plans can deter hostile takeovers, they also carry the risk of management entrenchment in some cases. Ensuring that shareholders are given a voice on the advisability of such a plan is crucial to safeguarding the Company from these risks, promoting transparency, and maintaining a balance between protecting shareholder interests and preventing potential misuse of the plan. |

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**Proposals by management \|** Meeting and Proxy Statement

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt notice and access provisions** | World | | We generally recommend FOR because according to our policy, approval of the notice and access provision would provide shareholders with sufficient disclosure and ample time to make informed decisions regarding the election of directors at shareholder meetings. This provision ensures that shareholders have the opportunity to review relevant information regarding the nominees, the Company's performance, and other important matters, therefore enabling the shareholders to participate meaningfully in the governance process. |
| &nbsp;&nbsp;&nbsp;**Approve administrative and/or procedural items** | World | | We recommend FOR this Proposal, because according to our policy, approving administrative and procedural items related to the convening of shareholder meetings ensures proper organization, compliance with governance requirements, and smooth conduct of proceedings. |
| &nbsp;&nbsp;&nbsp;**Change the location/date/time of a shareholder meeting** | World | | We generally recommend FOR because according to our policy, the proposed change will increase the likelihood of increased attendance rate in meetings, not to mention the benefits of flexibility and improved accessibility to shareholders. |
| &nbsp;&nbsp;&nbsp;**Indicate if you are a controlling shareholder or have a personal interest in the proposal** | Canada, Israel, Latin America | | This test will indicate NO if the shareholder is not a controlling shareholder and does not have a personal interest in the approval of this proposal. |

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**Proposals by management \|** Mutual Fund

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt an investment policy** | World |  | We generally recommend FOR if the investment strategy is cogent. |
| &nbsp;&nbsp;&nbsp;**Approve the company as investment trust** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve the fundamental investment objective** | World |  | We generally recommend FOR because according to our policy, a fundamental investment objective for funds will ensure that any revision or matter related to the fund's activities will be brought up for shareholder approval, thereby protecting their interests as shareowners. By involving shareholders in key decisions, the Company reinforces transparency, accountability, and the protection of shareholder value. |
| &nbsp;&nbsp;&nbsp;**Approve the investment advisory agreement** | World |  | We generally recommend FOR if the following conditions are met: the investment fees are reasonable (3% or less) and the investment strategy is cogent. |
| &nbsp;&nbsp;&nbsp;**Approve the non-fundamental investment objective** | World |  | We generally recommend AGAINST because according to our policy, a fundamental investment objective for funds will ensure that any revision or matter related to the |

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| | | |
|:---|:---|:---|
|  |  | fund's activities will be brought up for shareholder approval, thereby protecting their interests as shareowners. |
| &nbsp;&nbsp;&nbsp;**Approve the reorganization** | World | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve the sub-investment advisory agreement** | World | We generally recommend FOR sub-investment advisory agreements when the sub-advisory fees are paid by the primary adviser and the investment strategy is cogent. |
| &nbsp;&nbsp;&nbsp;**Change the fund's fundamental restriction to non-fundamental** | World | We generally recommend AGAINST because according to our policy, approval of the proposal would increase the Fund's exposure to significant losses arising from investment in high-risk assets. Moreover, contrary to a fundamental investment restriction, non-fundamental investment restrictions are often focused on short-term investing which is subject to market volatility and fluctuations. |
| &nbsp;&nbsp;&nbsp;**Convert the closed-end fund to an open-end fund** | World | We generally recommend FOR because according to our policy, the conversion to an open-end fund would provide for portfolio diversification hence reducing the Company's risk exposure, and at the same time providing greater liquidity to its shareholders. |
| &nbsp;&nbsp;&nbsp;**Issue/approve a 12b-1 plan (the distribution of funds through intermediaries)** | World | We generally recommend FOR because according to our policy, approval of the 12b-1 plan would enable the Fund to facilitate its distribution and sale through various intermediaries, which would be beneficial in improving its asset position. |

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**Proposals by management \|** Other

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Amend other articles/bylaws/charter** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Appoint a rating agency** | Western Europe, Eastern Europe & Central Asia, Emerging & Frontier Asia-Pacific, Developed Asia-Pacific, Latin America |  | We generally recommend FOR because the appointment of the proposed rating agency is in the best interests of the Company and its shareholders. |
| &nbsp;&nbsp;&nbsp;**Approve appointment of a (non-director) executive** | Middle East & North Africa, Western Europe, Eastern Europe & Central Asia |  | We recommend FOR this Proposal, because according to our policy, approving the appointment of the executive ensures the company has the necessary management in place to support operational continuity. |
| &nbsp;&nbsp;&nbsp;**Approve company related-party transactions** | Emerging & Frontier Asia-Pacific, Developed Asia-Pacific, Western Europe |  | We recommend FOR the proposed transaction as we believe it will allow the company to execute on its operational and strategic objectives. |
| &nbsp;&nbsp;&nbsp;**Approve other company policies** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Approve political & charitable contributions** | United Kingdom |  | We generally recommend FOR because according to our policy, it is necessary to allow the Company to fund charitable and political activities, which is in the best interests of shareholders. Such contributions can enhance the Company's reputation, strengthen stakeholder relationships, and support its broader social and corporate responsibility goals, ultimately benefiting long-term shareholder value. |
| &nbsp;&nbsp;&nbsp;**Approve the appointment of a (director) executive** | World |  | We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years) and when the candidate attended at least 75% of all board and committee meetings. |
| &nbsp;&nbsp;&nbsp;**Approve the company name change** | World |  | We generally recommend FOR because according to our policy, the proposed name change supports strategic changes that enhance the Company's business objectives. Furthermore, the proposed name change will more effectively reflect the Company's mission and vision, thereby strengthening its marketing and branding efforts and improving its overall market positioning. |
| &nbsp;&nbsp;&nbsp;**Approve the continuance of company** | Canada |  | We generally recommend FOR because according to our policy, approval of this proposal is in the best interests of the Company and its shareholders. |
| &nbsp;&nbsp;&nbsp;**Approve the convening of the corporate assembly** | Western Europe |  | We generally recommend FOR because approval of the convening of the corporate assembly or shareholders' meeting is in the best interests of the Company and its shareholders. |
| &nbsp;&nbsp;&nbsp;**Approve the staking consideration** | World |  | We recommend FOR the Proposal, because according to our policy, approving staking consideration in blockchain networks enhances yield by supporting network security and transaction validation. This complies with regulatory standards, reflecting responsible digital asset management and industry best practices. |
| &nbsp;&nbsp;&nbsp;**Approve the staking fee** | World |  | We recommend FOR approval of the staking fee, because according to our policy, the fee helps cover the Company's operational costs associated with staking activities. The fee aligns with industry standards and ensures transparency and fairness to clients in digital asset staking services. |
| &nbsp;&nbsp;&nbsp;**Attend to other business** | World |  | We generally recommend FOR when the company is domiciled in the US or Canada. |
| &nbsp;&nbsp;&nbsp;**Ratify decisions made in the prior fiscal year** | Western Europe, Eastern Europe & Central Asia |  | We generally recommend FOR when the act is related to routine matters such as the distribution of dividends, release from liability, or decisions made in the fiscal year that has ended. |
| &nbsp;&nbsp;&nbsp;**Reimburse proxy contest expenses** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |

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**Proposals by management \|** Shareholder Rights

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt an advanced notice requirement** | Canada |  | We generally recommend FOR when the policy stipulates that nominations must be submitted no later than 30-65 days before the annual meeting and that nominations must be submitted no earlier than 30-65 days prior to the annual meeting. |
| &nbsp;&nbsp;&nbsp;**Adopt an advanced notice requirement** | United States, Australia |  | We generally recommend FOR when the policy stipulates that nominations must be submitted no later than 60-90 days prior to the annual meeting and that nominations must be submitted no earlier than 120-150 days prior to the annual meeting. |
| &nbsp;&nbsp;&nbsp;**Adopt, renew, or amend a shareholder rights plan** | World |  | We generally recommend FOR if the proposed plan expands rights for shareholders. |
| &nbsp;&nbsp;&nbsp;**Adopt/increase proxy access** | World |  | We generally recommend FOR because according to our policy, increasing proxy access would allow shareholders to submit proposals at shareholder meetings and nominate directors to the Board, empowering them to have a more direct influence on the Company's governance. By enabling greater shareholder participation, proxy access enhances transparency and accountability, ensuring that the Board is more responsive to shareholder concerns. |
| &nbsp;&nbsp;&nbsp;**Allow virtual-only shareholder meetings** | World |  | We generally recommend FOR because according to our policy, virtual meetings will increase the likelihood of an improved attendance rate in meetings, not to mention the |

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| | | |
|:---|:---|:---|
|  | | benefits of flexibility, reducing costs and improved accessibility. |
| &nbsp;&nbsp;&nbsp;**Approve preemptive rights** | Western Europe | We generally recommend FOR because according to our policy, pre-emptive rights allow shareholders to maintain their proportional ownership in the Company in the event of new share issuance, protecting their interests and ensuring they are not diluted by future equity offerings. |
| &nbsp;&nbsp;&nbsp;**Eliminate preemptive rights** | United Kingdom | We generally recommend FOR because according to our policy, the elimination of pre-emptive rights would provide the Company with greater flexibility to finance business opportunities and conduct a rights issue without being restricted by the stringent requirements of statutory pre-emption provisions. |
| &nbsp;&nbsp;&nbsp;**Establish the right to call a special meeting** | World | We generally recommend FOR if the proposal will strengthen shareholder rights (i.e. lower the threshold required to call a special meeting). |
| &nbsp;&nbsp;&nbsp;**Expand the right to act by written consent** | World | We generally recommend FOR because according to our policy, the right to act on written consent allows an increased participation of shareholders in the voting process, thereby democratizing voting and giving shareholders the right to act independently from the management. |
| &nbsp;&nbsp;&nbsp;**Redeem a shareholder rights plan** | World | We generally recommend FOR when the additional shares for the beneficiaries of the poison pill are more attractive than takeover by a hostile party. |
| &nbsp;&nbsp;&nbsp;**Restrict the right to act by written consent** | World | We generally recommend AGAINST because according to our policy, the right to act on written consent allows an increased participation of shareholders in the voting process, thereby democratizing voting and giving the shareholders the right to act independently from the management. |
| &nbsp;&nbsp;&nbsp;**Restrict the right to call a special meeting** | World | We generally recommend AGAINST the proposal because according to our policy, the ability of shareholders to call special meetings is widely regarded as an important aspect of good corporate governance. We believe the Company's current threshold appropriately balances the rights of shareholders to call a special meeting with the broader interests of the Company and its shareholders. |

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**Proposals by management \|** Voting

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt confidential voting** | World | We generally recommend FOR because according to our policy, approval of the proposal will preserve the confidentiality and integrity of vote outcomes. |
| &nbsp;&nbsp;&nbsp;**Adopt unequal voting rights** | World | We generally recommend AGAINST because according to our policy, in order to provide equal voting rights to all shareholders, companies should not utilize dual class capital structures. |
| &nbsp;&nbsp;&nbsp;**Amend the quorum/voting requirement** | World | We generally recommend FOR when the proposed quorum is at least 33% of shares entitled to vote. |
| &nbsp;&nbsp;&nbsp;**Approve cumulative voting** | World China | We generally recommend AGAINST because according to our policy cumulative voting could make it possible for an individual shareholder or group of shareholders with special interests to elect one or more directors to the Company's Board of directors to represent their particular interests. Such a shareholder or group of shareholders could have goals that are inconsistent, and could conflict with, the interests and goals of the majority of the Company's shareholders. |
| &nbsp;&nbsp;&nbsp;**Approve cumulative voting** | China | We generally recommend FOR because according to our policy, cumulative voting allows a significant group of shareholders to elect a director of its choice - safeguarding minority shareholder interests and bringing independent perspectives to Board decisions. |
| &nbsp;&nbsp;&nbsp;**Approve plurality voting** | World | We generally recommend for plurality voting when plurality voting will only be used in contested situations. In uncontested situations, we do not prefer for plurality voting to be used. |
| &nbsp;&nbsp;&nbsp;**Approve/increase supermajority voting** | World | We generally recommend AGAINST because according to our policy, a simple majority vote will strengthen the Company's corporate governance practice. Contrary to supermajority voting, a simple majority standard will give the shareholders equal and fair representation in the Company by limiting the power of shareholders who own a large stake in the entity, therefore, paving the way for a more meaningful voting outcome. |
| &nbsp;&nbsp;&nbsp;**Eliminate cumulative voting** | World | We generally recommend FOR because according to our policy cumulative voting could make it possible for an individual shareholder or group of shareholders with special interests to elect one or more directors to the Company's Board of directors to represent their particular interests. Such a shareholder or group of shareholders could have goals that are inconsistent, and could conflict with, the interests and goals of the majority of the Company's shareholders. |
| &nbsp;&nbsp;&nbsp;**Eliminate or reduce supermajority voting** | World | We generally recommend FOR because according to our policy, a simple majority vote will strengthen the Company's corporate governance practice. Contrary to supermajority voting, a simple majority standard will give the shareholders equal and fair representation in the Company by limiting the power of shareholders who own a large stake in the entity and paving the way for a more meaningful voting outcome. |
| &nbsp;&nbsp;&nbsp;**Eliminate unequal voting rights** | World | We generally recommend FOR because according to our policy, companies should ensure that all shareholders are provided with equal voting rights, promoting fairness, accountability, and alignment between economic ownership and control. By adopting a one-share, one-vote structure, the Company can better uphold shareholder democracy and support long-term value creation for all investors. |

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**Proposals by shareholders \|** Auditors

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Appoint an auditor** | World | | We generally recommend a vote AGAINST because according to our policy, the appointment of auditors is a responsibility entrusted to the board of directors, specifically the Audit Committee. In our view, the procedures governing the selection of auditors adhere to standard corporate governance and accounting practices. Unless there are significant concerns that could jeopardize the integrity and independence of the auditors, we believe that approving this proposal is neither necessary nor justified at this time. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Limit auditor non-audit services** | World | We generally recommend FOR because according to our policy, auditors should not provide non-audit services. This practice ensures the independence and integrity of the audit process, maintaining objectivity and minimizing any potential conflicts of interest that could undermine the reliability of the Company's financial reporting. |
| &nbsp;&nbsp;&nbsp;**Rotate the auditor** | World | We generally recommend AGAINST because according to our policy, we believe that it is in the best interests of shareholders for the board to maintain flexibility to choose and rotate auditors. |

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**Proposals by shareholders \|** Board Report

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Report on board member information** | World | | We generally recommend AGAINST because according to our policy, the information being requested in the shareholder proposal is unnecessary and will not result in any additional benefit to the shareholders. |
| &nbsp;&nbsp;&nbsp;**Report on board oversight** | World | | We generally recommend AGAINST because according to our policy, although board oversight is essential, channels already exist for effective board oversight. |
| &nbsp;&nbsp;&nbsp;**Report on proxy voting review** | World | | We generally recommend AGAINST this proposal because the Company is already required to outline their proxy voting process. As such, and in accordance with our policy, we do not believe that the requested proxy voting report would provide no incremental or meaningful information to the Company's shareholders. |

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**Proposals by shareholders \|** Capitalization

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Issue dividends** | World | | We recommend a vote AGAINST this proposal because according to our policy, the Company's dividend payout plan should be governed by the board of directors after taking into account relevant factors such as the Company's liquidity and financial position. |
| &nbsp;&nbsp;&nbsp;**Issue shares** | World | | We generally recommend a vote AGAINST this proposal because according to our policy, the approval could cause potential excessive dilution in the interests of the shareholders and could potentially overvalue the Company's stock price with such an excessive issuance that is disproportionate to its needs. |
| &nbsp;&nbsp;&nbsp;**Require shareholder approval to authorize the issuance of bonds/debentures** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Require shareholder approval to reclassify shares or conversion rights** | World | | We generally recommend FOR because according to our policy, companies should ensure that all shareholders are provided with equal voting rights, promoting fairness, accountability, and alignment between economic ownership and control. By adopting a one-share, one-vote structure, the Company can better uphold shareholder democracy and support long-term value creation for all investors. |
| &nbsp;&nbsp;&nbsp;**Create a new class of shares** | World | | We generally recommend FOR these proposals when the new class of shares to be created will not have blank-check authority and will not have superior voting rights to the existing class of shares. |
| &nbsp;&nbsp;&nbsp;**Reclassify/convert shares** | World | | We generally recommend FOR if the conversion would provide equal rights to shareholders. |

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**Proposals by shareholders \|** Climate/Resources

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt a climate action plan / emissions reduction / resource restriction** | World | | We generally recommend AGAINST the proposal, because, according to our policy, its approval would not provide additional benefits or value to shareholders, given the Company's existing robust policy and strategy on climate change. |
| &nbsp;&nbsp;&nbsp;**Adopt a GMO policy** | World | | We generally recommend AGAINST because according to our policy, approval of the proposal would impose unnecessary burdens on the Company's operations. |
| &nbsp;&nbsp;&nbsp;**Adopt animal welfare standards** | World | | We generally recommend AGAINST because according to our policy, the matters raised in the proposal have already been addressed by the Company. Moreover, the proposal advocates for impractical and imprudent actions that could negatively impact the business and its results. |
| &nbsp;&nbsp;&nbsp;**Approve an annual advisory vote on climate change** | World | | We generally recommend a vote AGAINST because according to our policy, adopting this proposal is unnecessary and unwarranted in light of the Company's existing approach to climate change and sustainability. The Company already implements effective strategies in these areas, making the proposal redundant. Furthermore, approval would result in significant administrative costs and financial burdens, diverting resources from other critical initiatives. |
| &nbsp;&nbsp;&nbsp;**Reduce fossil fuel financing** | World | | We generally recommend AGAINST because according to our policy, the Company is already committed to meeting its climate action goals related to sustainable financing. As businesses move to achieving their net zero goals, we believe that the Company's current policies in financing will bridge the transition to a low carbon economy. |
| &nbsp;&nbsp;&nbsp;**Report on animal welfare** | World | | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on costs and risks associated with a climate (or similar) plan** | World | | We generally recommend AGAINST because according to our policy, approval of this proposal would result in the Company incurring unnecessary costs and expenses by duplicating efforts that are already underway and providing additional reports with information that is already available to shareholders. |
| &nbsp;&nbsp;&nbsp;**Report on GMO** | World |  | We generally recommend AGAINST because according to our policy, preparing a report regarding GMOs would provide no incremental and meaningful information to the Company's shareholders. Moreover, given the Company's current compliance with SEC reporting requirements and other government regulators of GMOs, we |

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| | | |
|:---|:---|:---|
|  | | believe that approval of this proposal will accrue unnecessary costs and administrative burden to the Company. |
| &nbsp;&nbsp;&nbsp;**Report on the company's climate plan / emissions / resource use** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |

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**Proposals by shareholders \|** Compensation

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Amend the clawback provision** | World | | We generally recommend FOR when the proposal is only asking to expand the clawback provision to include fraud and misconduct. |
| &nbsp;&nbsp;&nbsp;**Approve a retirement plan** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Cap executive gross pay** | World | | We generally recommend AGAINST this proposal because according to our policy, implementing a cap on executive compensation gross pay, could negatively impact the hiring and retention of the Company's key executives and employees. Such a restriction would limit the Company's ability to fully capitalize on the skills, expertise, and experience that individual leaders bring to the organization. |
| &nbsp;&nbsp;&nbsp;**Change the use of ESG metrics in compensation** | World | | We generally recommend AGAINST this Proposal, because according to our policy, altering the use of ESG metrics in compensation could weaken the alignment of pay with shareholder interests and established best practices, which emphasize transparent, measurable, and material goals. |
| &nbsp;&nbsp;&nbsp;**Deduct stock buybacks from pay** | World | | We generally recommend AGAINST because according to our policy, adoption of the proposal will not enhance the Company's compensation decision-making process. |
| &nbsp;&nbsp;&nbsp;**Discontinue executive perquisites** | World | | We generally recommend a vote AGAINST because according to our policy, the absolute elimination of perquisites granted to executives could place the Company at a competitive disadvantage when it comes to hiring, retaining, and attracting top-tier leaders. |
| &nbsp;&nbsp;&nbsp;**Discontinue stock option and bonus programs** | World | | We generally recommend AGAINST because according to our policy, approval of the proposal would impose arbitrary limits on the compensation committee and put the Company at a competitive disadvantage compared to peers. |
| &nbsp;&nbsp;&nbsp;**Discontinue the professional services allowance** | World | | We generally recommend AGAINST because according to our policy, it is the benefit of the Company to retain flexibility with respect to executive compensation, rather than commit to arbitrary principles which could place the Company at a competitive disadvantage in recruiting and retaining top talent. |
| &nbsp;&nbsp;&nbsp;**Implement an advisory vote on executive compensation** | World | | We recommend FOR this Proposal, because according to our policy, an advisory vote on executive compensation helps ensure that pay practices remain fair, transparent, and aligned with shareholder interests. |
| &nbsp;&nbsp;&nbsp;**Implement double triggered vesting** | World | | We generally recommend FOR because according to our policy, vesting of equity awards over a period of time is intended to promote long-term improvements in performance. The link between pay and long-term performance can be severed if awards pay out on an accelerated schedule. More importantly, a double trigger vesting provision would provide protection to the Company's employees in the event of transition or change of control. |
| &nbsp;&nbsp;&nbsp;**Include legal/compliance costs in adjustments** | World | | We recommend AGAINST this Proposal, because according to our policy, including legal and compliance costs in performance adjustments could weaken accountability by shielding management from the consequences of compliance or regulatory failures. Allowing such expenses to be adjusted out of performance metrics may distort true company performance and undermine the link between executive pay and effective risk oversight. |
| &nbsp;&nbsp;&nbsp;**Include performance metrics in compensation** | World | | We generally recommend FOR this resolution when the company has failed our executive compensation test. |
| &nbsp;&nbsp;&nbsp;**Prohibit equity vesting for government service** | World | | We generally recommend AGAINST the proposal, as, according to our policy, its implementation could hinder the Company's ability to attract key employees. Additionally, it could inadvertently penalize individuals who may wish to enter or return to governmental service. |
| &nbsp;&nbsp;&nbsp;**Remove tax gross-ups** | World | | We generally recommend AGAINST because according to our policy, it is the benefit of the Company to retain flexibility with respect to executive compensation, rather than commit to arbitrary principles which could place the Company at a competitive disadvantage in recruiting and retaining top talent. We believe that it is ultimately in the shareholders' best interests that discretionary responsibilities for this ongoing process continue to be vested in the Board. |
| &nbsp;&nbsp;&nbsp;**Report on executive compensation** | World | | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Require a shareholder vote to ratify executive or director severance pay** | World | | We generally recommend FOR because according to our policy, excessive executive compensation packages has been an ongoing cause of concern among shareholders and investors. While the Company argues that its severance and termination payments are reasonable, we believe that it is in the best interests of the stockholders if they ratify executive compensation in such form. We believe that approval of this proposal will enable the stockholders to voice their views and opinions regarding the Company's executive severance payments and will ensure decisions are in their best interests. |
| &nbsp;&nbsp;&nbsp;**Require that executives retain shares** | World | | We generally recommend AGAINST because according to our policy, the Company's current stock ownership requirement strikes an appropriate balance of encouraging focus on the long-term performance of the Company and the strong alignment with shareholder interests, while enabling the Company to attract and retain the best people in the industry. |
| &nbsp;&nbsp;&nbsp;**Use a deferral period for compensation** | World |  | We generally recommend AGAINST because according to our policy, the existing compensation practice already reflects alignment with the long-term performance and |

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|:---|:---|:---|
|  | | goals of the Company. |
| &nbsp;&nbsp;&nbsp;**Use GAAP metrics for compensation** | World | We generally recommend AGAINST this proposal because, in accordance with our policy, approval would impose rigid targets that could hinder the Company's ability to adapt to adjustments and fluctuations beyond its control. Additionally, using GAAP metrics in compensation could misalign the Company's short-term financial goals with its long-term success, and increase the complexity of measuring and rewarding performance. We believe that approval of the proposal could undermine the Compensation Committee's flexibility in determining the most appropriate metrics for the Company's financial circumstances. |

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**Proposals by shareholders \|** Directors

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Allow for the removal of directors without cause** | World |  | We generally recommend FOR the proposal because according to our policy, allowing to remove directors without cause provides flexibility to the Company to make necessary changes to its leadership when deemed appropriate. Allowing for the removal of directors without cause ensures that the Board can effectively address issues such as performance concerns and maintain the best interests of the Company and its shareholders. |
| &nbsp;&nbsp;&nbsp;**Amend the indemnification/liability provisions for directors** | World |  | We generally recommend FOR because according to our policy, approval of the indemnification and liability provisions will enable the Company to attract, retain, and motivate its directors, whose efforts are crucial to its long-term success. By providing directors with appropriate protection against personal liability, the Company ensures that directors can make decisions in the best interests of the Company without undue concern about personal financial risks. |
| &nbsp;&nbsp;&nbsp;**Change the size of the board of directors** | World |  | We generally recommend a vote AGAINST because according to our policy, we believe that a board should ideally consist of between five and fifteen members. This size strikes an appropriate balance between meeting the Company's needs and ensuring effective oversight. |
| &nbsp;&nbsp;&nbsp;**Classify the board** | World |  | We generally recommend AGAINST because according to our policy, staggered terms for directors increase the difficulty for shareholders to make fundamental changes to the composition and behavior of a board. We prefer that the entire board of a company be elected annually to provide appropriate responsiveness to shareholders. |
| &nbsp;&nbsp;&nbsp;**Create a CEO succession plan** | World |  | We generally recommend FOR because according to our policy, a CEO succession plan would safeguard a smooth transition and alignment into a new leadership whenever the need arises, thereby ensuring continuity and shareholder confidence in the Company. |
| &nbsp;&nbsp;&nbsp;**Create a key committee** | World |  | We generally recommend FOR because according to our policy, the board of directors should establish key Board committees—namely Audit, Compensation, and Nominating committees—composed solely of independent outside directors. This structure ensures sound corporate governance practices, enhances objectivity, and strengthens the oversight of critical areas within the Company. |
| &nbsp;&nbsp;&nbsp;**Create a non-key committee** | World |  | We generally recommend AGAINST because according to our policy, implementing the proposal would not justify the administrative costs and efforts, nor would it provide a corresponding meaningful benefit to the Company's shareholders. Moreover, we believe that the scope of committee responsibilities as requested in the proposal are already fulfilled by the board of directors. |
| &nbsp;&nbsp;&nbsp;**Declassify the board** | World |  | We generally recommend FOR when the company performance (as measured by TSR) is the bottom 20th percentile of the universe. |
| &nbsp;&nbsp;&nbsp;**Decrease the required director experience / expertise / diversity** | World |  | We generally recommend AGAINST because according to our policy, a diversified board would encourage good governance and enhance shareholder value. Bringing together a diverse range of skills and experience is necessary in building a constructive and challenging board. |
| &nbsp;&nbsp;&nbsp;**Designate an independent chairman** | World |  | We generally recommend AGAINST because according to our policy, we believe that the current Board leadership structure has been effective in the Company's sustained long-term performance. Thus, we believe that the Board should have the flexibility in determining the Board's leadership structure rather than committing to a one-size-fits-all policy. |
| &nbsp;&nbsp;&nbsp;**Elect a director to board** | World |  | We generally recommend AGAINST because according to our policy, allowing a shareholder to elect a director to a board is not in the best interests of the Company. Instead, the board should continue to nominate directors for shareholder approval, as they possess the expertise and resources to find the most qualified candidates. |
| &nbsp;&nbsp;&nbsp;**Eliminate term limits** | World |  | We generally recommend FOR because according to our policy, elimination of term limits will help the Company to attract, retain and motivate directors who can contribute valuable insights and long-term strategic guidance. This will also ensure continuity and strengthen the Company's governance by retaining knowledgeable and capable leadership of experienced directors. |
| &nbsp;&nbsp;&nbsp;**Eliminate the retirement age requirement** | World |  | We generally recommend FOR this proposal because, in accordance with our policy, the Company and its shareholders are in the best position to determine the approach to corporate governance, particularly board composition. Imposing inflexible rules, such as age limits for outside directors, does not necessarily correlate with returns or benefits for shareholders. Similar to arbitrary term limits, age limits could force valuable directors off the board solely based on their age, potentially undermining the effectiveness of the board. |
| &nbsp;&nbsp;&nbsp;**Ensure compensation advisor independence** | World |  | We generally recommend AGAINST because according to our policy, this proposal is unnecessary as existing SEC regulations already require sufficient disclosures regarding the Company's comprehensive recoupment policies and practices. |
| &nbsp;&nbsp;&nbsp;**Establish a stakeholder position to board** | World |  | We generally recommend AGAINST because according to our policy, the current selection process, composition and skillset of the board of directors already captures stakeholder representation in the board room. As such, approval of the proposal would be redundant and duplicative. |
| &nbsp;&nbsp;&nbsp;**Introduce a retirement age requirement** | World |  | We generally recommend AGAINST this proposal because, in accordance with our policy, the Company and its shareholders are in the best position to determine the approach to corporate governance, particularly board composition. Imposing inflexible rules, such as age limits for outside directors, does not necessarily |

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| | | |
|:---|:---|:---|
|  | | correlate with returns or benefits for shareholders. Similar to arbitrary term limits, age limits could force valuable directors off the board solely based on their age, potentially undermining the effectiveness of the board. |
| &nbsp;&nbsp;&nbsp;**Introduce term limits** | World | We generally recommend against this proposal because, in accordance with our policy, it would not serve a useful purpose. Having experienced directors on the board is crucial for the Company's long-term success and the enhancement of shareholder value. |
| &nbsp;&nbsp;&nbsp;**Require director experience / expertise / diversity or other limits on the board** | World | We generally recommend AGAINST because according to our policy, it is in the best interests of the shareholders for the board and nominating committee to manage the composition and qualifications of the board members. |
| &nbsp;&nbsp;&nbsp;**Require stock ownership for directors** | World | We generally recommend AGAINST because according to our policy, imposing a mandatory requirement on stock ownership for directors could potentially put the Company in a competitive disadvantage in retaining the best directors. Such a requirement might limit the Company's ability to fully capitalize on an individual's skills, expertise, and contributions. |
| &nbsp;&nbsp;&nbsp;**Separate the chairman and CEO positions** | World | We generally recommend AGAINST because according to our policy, we believe that the Board should have the flexibility in determining the Board's leadership structure rather than committing to a one-size-fits-all policy. |

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**Proposals by shareholders \|** Health, Safety, and Operations

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt a paid sick leave policy** | World |  | We generally recommend a vote AGAINST because according to our policy, approving this proposal would lead to unnecessary costs and expenses. Additionally, this policy is not universally applicable, as it would only affect the Company's non-unionized employees. In contrast, unionized employees are typically governed by collective bargaining agreements that address such matters. |
| &nbsp;&nbsp;&nbsp;**Modify business operations with a high-risk country, entity, region, etc.** | World |  | We generally recommend AGAINST because according to our policy, the company's existing operational protocols in conflict-affected and high-risk areas already address the concerns raised in the proposal. In our view, reducing or ceasing operations in these areas could negatively impact the company's profitability and long-term sustainability. |
| &nbsp;&nbsp;&nbsp;**Reduce sales/marketing of alcohol products/services** | World |  | We generally recommend AGAINST because according to our policy, approval of the proposal is unnecessary as the Company already complies with the applicable federal laws and regulations and given the Company's nature of business, we believe that approval of the proposal would significantly impact its operations. |
| &nbsp;&nbsp;&nbsp;**Reduce sales/marketing of drug products/services** | World |  | We generally recommend AGAINST because according to our policy, approval of the proposal is unnecessary as the Company already complies with the applicable federal laws and regulations and given the Company's nature of business, we believe that approval of the proposal would significantly impact its operations. |
| &nbsp;&nbsp;&nbsp;**Reduce sales/marketing of gambling products/services** | World |  | We generally recommend AGAINST because according to our policy, approval of the proposal is unnecessary as the Company already complies with the applicable federal laws and regulations and given the Company's nature of business, we believe that approval of the proposal would significantly impact its operations. |
| &nbsp;&nbsp;&nbsp;**Reduce sales/marketing of other products/services** | World |  | We generally recommend AGAINST because according to our policy, approval of the proposal is unnecessary as the Company is already required to comply with applicable federal laws and regulations and given the Company's nature of business, we believe that approval of the proposal would significantly impact its operations. |
| &nbsp;&nbsp;&nbsp;**Reduce sales/marketing of pornography products/services** | World |  | We generally recommend AGAINST because according to our policy, approval of the proposal would significantly impact the Company's business operations. |
| &nbsp;&nbsp;&nbsp;**Reduce sales/marketing of tobacco/vape products/services** | World |  | We generally recommend AGAINST because according to our policy, approval of the proposal is unnecessary as the Company already complies with the applicable federal laws and regulations and given the Company's nature of business, we believe that approval of the proposal would significantly impact its operations. |
| &nbsp;&nbsp;&nbsp;**Reduce sales/marketing of unhealthy foods/beverages** | World |  | We generally recommend AGAINST because according to our policy, the Company is already addressing the issues related to the consumption of its products through its sustainability and current marketing initiatives. |
| &nbsp;&nbsp;&nbsp;**Reduce sales/marketing of weapon products/services** | World |  | We generally recommend AGAINST because according to our policy, the Company has in place extensive procedures to ensure that weapon sales are made in strict compliance with all applicable United States laws and regulations. |
| &nbsp;&nbsp;&nbsp;**Report on artificial intelligence** | World |  | We generally recommend a vote AGAINST because according to our policy, the proposed report on artificial intelligence would be an unnecessary addition to the Company's existing efforts in AI reporting. Also, approval of the proposal would pose significant administrative costs and financial burden to the Company. |
| &nbsp;&nbsp;&nbsp;**Report on content management** | World |  | We generally recommend AGAINST because according to our policy, approval of this proposal would result in the Company incurring unnecessary costs and expenses. Additionally, it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on cybersecurity** | World |  | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on data privacy** | World |  | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on high-risk country operations** | World |  | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of |

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| | | |
|:---|:---|:---|
|  | | this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on intellectual property transfers** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on maternal health outcomes** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on plant closure community impacts** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on product information / production** | World | We generally recommend AGAINST because according to our policy, approval of this proposal would result in the Company incurring unnecessary costs and expenses by duplicating efforts that are already underway and providing additional reports with information that is already available to shareholders. |
| &nbsp;&nbsp;&nbsp;**Report on product pricing/distribution** | World | We generally recommend AGAINST because according to our policy, approval of this proposal would result in the Company incurring unnecessary costs and expenses by duplicating efforts that are already underway and providing additional reports with information that is already available to shareholders. |
| &nbsp;&nbsp;&nbsp;**Report on public health risks** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on suppliers / partners / customers / sales** | World | We generally recommend AGAINST because according to our policy, approval of this proposal would result in the Company incurring unnecessary costs and expenses. Additionally, it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on worker health and safety** | World | We generally recommend AGAINST because, according to our policy and given the current laws and regulations that the company is already required to comply with, we do not believe the requested report would provide meaningful additional value beyond existing policies, processes, practices, and resources. |

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**Proposals by shareholders \|** Human Resources and Rights

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Address fair lending** | World | | We generally recommend AGAINST the proposal because, according to our policy, it would not meaningfully improve the Company's existing robust policies and risk oversight structure, nor enhance any current disclosures that provide shareholders with meaningful information on how the Company addresses and oversees risks related to discrimination. Additionally, we are concerned that such an evaluation could, in today's highly litigious environment, inadvertently provide a roadmap for lawsuits against the Company, potentially leading to significant legal costs for shareholders in the long term. |
| &nbsp;&nbsp;&nbsp;**Address income inequality** | World | | We generally recommend AGAINST because according to our policy, the Company's existing compensation processes are guided by the fundamental principle that decisions are made on the basis of the individual's personal capabilities, qualifications and contributions to the Company's needs and not on gender. Moreover, given the Company's current efforts to equal employment opportunity, we believe that approval of this proposal will accrue unnecessary costs and administrative burden to the Company. |
| &nbsp;&nbsp;&nbsp;**Address labor disputes** | World | | We generally recommend AGAINST this proposal because, in accordance with our policy, the Company has already addressed the labor concerns raised in the proposal. As such, approval of the requested report is unnecessary and would result in significant administrative costs, diverting Company resources from more relevant and meaningful priorities. |
| &nbsp;&nbsp;&nbsp;**Address sexual harassment complaints** | World | | We generally recommend AGAINST because according to our policy, adoption of the proposal is unnecessarily duplicative of the Company's efforts to deter incidents of sexual harassment through its own policies and practices. |
| &nbsp;&nbsp;&nbsp;**Adopt an anti-discrimination policy** | World | | We generally recommend AGAINST because according to our policy, this could put the Company in an uncompetitive position in terms of hiring prospective talents due to the rigid requirements of the proposal. |
| &nbsp;&nbsp;&nbsp;**Adopt diversity-based hiring** | World | | We generally recommend AGAINST because according to our policy, this could put the Company in an uncompetitive position in terms of hiring prospective talents due to the rigid requirements of the proposal. |
| &nbsp;&nbsp;&nbsp;**Adopt merit-based hiring** | World | | We generally recommend AGAINST because according to our policy, this could put the Company in an uncompetitive position in terms of hiring prospective talents due to the rigid requirements of the proposal. |
| &nbsp;&nbsp;&nbsp;**Become a public benefit corporation** | World | | We generally recommend AGAINST because according to our policy, the proposal is not necessary and is not in the best long-term interest of the Company and its shareholders. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Provide a human rights impact assessment** | World | We generally recommend a vote AGAINST because, while human rights impact assessments (HRIAs) are valuable for identifying and mitigating risks, mandating rigid reporting can undermine their effectiveness. Such reporting requirements may encourage superficial compliance without meaningful human rights improvements. |
| &nbsp;&nbsp;&nbsp;**Provide a report promoting DEI practices** | World | We generally recommend AGAINST this proposal because, in accordance with our policy and considering the requirements that the Company already abides by with regards to equal employment opportunity, we believe its approval would impose unnecessary costs and administrative burdens on the Company. |
| &nbsp;&nbsp;&nbsp;**Report on abortion policy** | World | We generally recommend AGAINST because according to our policy, providing a report on a highly sensitive topic could cause divisiveness among the Company, its employees, customers and shareholders. The complexity of views drawn from reporting the policies on abortion or something similar could pose significant reputational and legal risks for the Company which could subsequently affect its operations and performance. |
| &nbsp;&nbsp;&nbsp;**Report on collective bargaining/union relations** | World | We generally recommend AGAINST this proposal because, in line with our policy and given the Company's compliance with applicable laws regarding freedom of association, we believe its approval would not provide additional benefits to employees or create further value for shareholders. |
| &nbsp;&nbsp;&nbsp;**Report on fetal tissue use** | World | We generally recommend AGAINST because according to our policy, providing a report on a highly sensitive topic could cause divisiveness among the Company, its employees, customers and shareholders. The complexity of views drawn from reporting the policies on fetal tissue use or something similar could pose significant reputational and legal risks for the Company which could subsequently affect its operations and performance. |
| &nbsp;&nbsp;&nbsp;**Report on human trafficking** | World | We generally recommend AGAINST because according to our policy and given the Company's current policies which effectively articulate their long-standing support for, and continued commitment to, human rights, the proposal would be duplicative and unnecessary. |
| &nbsp;&nbsp;&nbsp;**Report on in vitro fertilization** | World | We generally recommend AGAINST because according to our policy, providing a report on a highly sensitive topic could cause divisiveness among the Company, its employees, customers and shareholders. The complexity of views drawn from reporting the policies on abortion or something similar could pose significant reputational and legal risks for the Company which could subsequently affect its operations and performance. |
| &nbsp;&nbsp;&nbsp;**Report on prison/slave/child labor** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on sexual harassment complaints** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on the costs/risks of DEI practices** | World | We generally recommend AGAINST this proposal because, in accordance with our policy, conducting a cost/benefit report or a stand-alone DEI audit by the Company or a group acting on its behalf could potentially uncover violations of regulations or laws, which could pose both legal and reputational risks. Additionally, we are concerned that such report could, in our highly litigious society, serve as a roadmap for lawsuits against the Company, potentially leading to significant costs for shareholders in the long term. |
| &nbsp;&nbsp;&nbsp;**Report on worker misclassification** | World | We generally recommend AGAINST because according to our policy, approval of the proposal would not create additional benefits to the employees or value for the shareholders. |
| &nbsp;&nbsp;&nbsp;**Request the company cease or re-evaluate DEI activities** | World | We generally recommend AGAINST this Proposal because, according to our policy, requests to cease or re-evaluate DEI activities risk undermining the significant benefits that diversity, equity, and inclusion bring to the company. Scaling back these efforts could also negatively affect talent attraction, retention, and overall company performance. |
| &nbsp;&nbsp;&nbsp;**Rescind the racial equity audit** | World | We generally recommend a vote AGAINST because, according to our policy, the proposed rescinding of the racial audit undermines efforts to assess the impacts of the Company's diversity, equity, and inclusion (DEI) practices. Racial audits are essential in identifying and addressing disparities, and reversing this initiative would limit shareholders' ability to evaluate the materiality and effectiveness of the Company's DEI efforts. |

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**Proposals by shareholders \|** Legal and Compliance

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt exclusive forum bylaws** | World | | We generally recommend FOR because according to our policy, having an exclusive forum will allow the Company to address disputes and litigations in an exclusive jurisdiction, with familiarity of the law, and reduce the administrative cost and burden related to settlement. |
| &nbsp;&nbsp;&nbsp;**Relinquish intellectual property** | World | | We generally recommend AGAINST because according to our policy the proposal would not meaningfully improve the Company's disclosure and reporting policies in place but is rather duplicative of its current efforts in addressing issues with product access and pricing. |
| &nbsp;&nbsp;&nbsp;**Report on concealment clauses** | World |  | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses |

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| | | |
|:---|:---|:---|
|  | | as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on employee arbitration claims** | World | We generally recommend AGAINST this proposal because, in accordance with our policy, it presents a one-size-fits-all approach that could adversely impact the Company's ability to effectively use arbitration. |
| &nbsp;&nbsp;&nbsp;**Report on patent process** | World | We generally recommend AGAINST because according to our policy the proposal would not meaningfully improve the Company's disclosure and reporting policies in place and we do not believe the report would result in any additional benefit to shareholders. |
| &nbsp;&nbsp;&nbsp;**Report on whistleblowers** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |

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**Proposals by shareholders \|** M&A / Structure

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Make a self-tender offer** | World | | We generally recommend AGAINST because according to our policy, the proposal is not necessary and is not in the best long-term interest of the Company and its shareholders. |
| &nbsp;&nbsp;&nbsp;**Remove an antitakeover provision(s)** | World | | We generally recommend AGAINST because according to our policy, removal of the Company's antitakeover provisions may leave the Company vulnerable to a hostile takeover. Additionally, the current antitakeover provisions provide more time for management to consider offers and negotiate better terms. |
| &nbsp;&nbsp;&nbsp;**Request an M&A / restructure** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Ratify a poison pill** | World | | We generally recommend a vote FOR because according to our policy, approval of the proposal will acknowledge both the advantages and inherent risks of implementing a shareholder rights plan, or poison pill. While these plans can deter hostile takeovers, they also carry the risk of management entrenchment in some cases. Ensuring that shareholders are given a voice on the advisability of such a plan is crucial to safeguarding the Company from these risks, promoting transparency, and maintaining a balance between protecting shareholder interests and preventing potential misuse of the plan. |

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**Proposals by shareholders \|** Mutual Fund

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Convert the closed-end fund to an open-end fund** | World | | We generally recommend a vote AGAINST this proposal because, according to our policy, a closed-end fund structure tends to provide higher returns to shareholders, as the value of shares is influenced by market dynamics, which can result in trading at a premium or discount to NAV. Additionally, closed-end funds often generate higher income by utilizing leverage, making them particularly attractive to income-focused investors. |

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**Proposals by shareholders \|** Other

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt MacBride Principles, Sullivan Principles, or similar** | World | | We generally recommend AGAINST because adoption of this proposal would be duplicative and would make the Company unnecessarily accountable to different sets of overlapping fair employment guidelines that are already covered in its policies. |
| &nbsp;&nbsp;&nbsp;**Approve other company policies** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Disassociate from industry associations** | World | | We generally recommend AGAINST because according to our policy, companies benefit from industry associations, especially when it comes to influential policies that can directly affect businesses. As such, disassociation from such groups could potentially pose potential reputational and systemic risks that could be detrimental to the Company's business in the long-run. |
| &nbsp;&nbsp;&nbsp;**Prepare an independent third-party audit** | World | | We generally recommend AGAINST this proposal because, in accordance with our policy, conducting a stand-alone audit by the Company or a group acting on its behalf could potentially reveal violations of regulations and laws, which could be legally and reputationally problematic. Additionally, we are concerned that such an audit could, in our highly litigious society, provide a roadmap for lawsuits against the Company, which could result in significant costs for shareholders over the long term. |
| &nbsp;&nbsp;&nbsp;**Report on another matter** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;&nbsp;**Report on key-person risk** | World | | We generally recommend AGAINST the proposal, because according to our policy, its approval would put the Company at a competitive disadvantage. The disclosure requested would make sensitive information publicly available, potentially undermining the execution of the Company's business strategy and hindering the recruitment and retention of top management talent. |
| &nbsp;&nbsp;&nbsp;**Reimburse proxy contest expenses** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |

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**Proposals by shareholders \|** Politics

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Report on charitable contributions** | World |  | We generally recommend AGAINST this proposal because, in accordance with our policy, the Company already carefully evaluates and reviews its charitable activities, and makes information about its corporate giving publicly available. We do not |

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| | | |
|:---|:---|:---|
|  | | believe that implementing the proposal would justify the administrative costs and efforts, nor would it provide a meaningful benefit to the Company's shareholders. |
| &nbsp;&nbsp;&nbsp;**Report on government financial support** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on lobbying expenditures** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on partnerships with political (or globalist) organizations** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on political contributions** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| &nbsp;&nbsp;&nbsp;**Report on public policy advocacy** | World | We generally recommend AGAINST because according to our policy and given the Company's policies and oversight mechanisms related to its political contributions and activities, we believe that the shareholder proposal is unnecessary and will not result in any additional benefit to the shareholders. Rather, the proposal promotes impractical and imprudent actions that would negatively affect the business and results. |
| &nbsp;&nbsp;&nbsp;**Revoke a public policy endorsement** | World | We generally recommend AGAINST because according to our policy, political endorsement and spending is an integral part of a business, as Companies should have a voice on policies affecting them. As such, approval of this proposal will strictly limit the Company's flexibility in supporting the advocacies that are congruent with its business. |
| &nbsp;&nbsp;&nbsp;**Support a public policy endorsement** | World | We generally recommend AGAINST because according to our policy, although the Company must comply with federal, state, and local campaign finance and lobbying regulations that are currently in place, we believe that political endorsements, often in the form of contributions, increase the possibility of misalignment with corporate values which in turn could lead to reputational risks. |

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**Proposals by shareholders \|** Shareholder Rights

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt a fair elections/advance notice bylaw** | Canada |  | We generally recommend FOR when the policy stipulates that nominations must be submitted no later than 30-65 days before the annual meeting and that nominations must be submitted no earlier than 30-65 days prior to the annual meeting. |
| &nbsp;&nbsp;&nbsp;**Adopt a fair elections/advance notice bylaw** | United States |  | We generally recommend FOR when the policy stipulates that nominations must be submitted no later than 60-90 days prior to the annual meeting and that nominations must be submitted no earlier than 120-150 days prior to the annual meeting. |
| &nbsp;&nbsp;&nbsp;**Adopt/increase proxy access** | World |  | We generally recommend a vote AGAINST because according to our policy, , the adoption of a "proxy access" bylaw is not a universal solution to allegations of unresponsiveness to shareholder concerns. We believe that voting decisions should be based on the governance practices and performance of individual companies. We believe that implementing this bylaw could undermine the integrity of the director election process. |
| &nbsp;&nbsp;&nbsp;**Allow virtual-only shareholder meetings** | World |  | We recommend AGAINST this Proposal, because according to our policy, virtual meetings should complement, not replace, in-person shareholder meetings, as relying solely on them may undermine transparency and shareholder participation. |
| &nbsp;&nbsp;&nbsp;**Establish the right to call a special meeting** | World |  | We generally recommend FOR if the proposal will strengthen shareholder rights (i.e. lower the threshold required to call a special meeting). |
| &nbsp;&nbsp;&nbsp;**Introduce the right to act by written consent** | World |  | We generally recommend FOR because according to our policy, the right to act on written consent allows an increased participation of shareholders in the voting process, thereby democratizing voting and giving shareholders the right to act independently from the management. |
| &nbsp;&nbsp;&nbsp;**Oppose the right to act by written consent** | World |  | We generally recommend AGAINST because according to our policy, the right to act on written consent allows an increased participation of shareholders in the voting process, thereby democratizing voting and giving the shareholders the right to act independently from the management. |
| &nbsp;&nbsp;&nbsp;**Require shareholder approval for bylaw amendments** | World |  | We generally recommend FOR because according to our policy, approval of the proposal will ensure that shareholders have a voice in revising or adopting the bylaws which could compromise their interests. |

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**Proposals by shareholders \|** Voting

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Proposal** | **Region(s) to<br>Include** | **Region(s) to<br>Exclude** | **Vote Recommendation** |
| &nbsp;&nbsp;&nbsp;**Adopt a majority vote for director election** | World |  | We generally recommend a vote FOR because according to our policy, a majority vote requirement in boardroom elections enhance director accountability to |

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| | | |
|:---|:---|:---|
|  | | shareholders. This standard ensures that shareholder dissatisfaction with director performance has tangible consequences, transforming the election process from a mere formality into one that truly reflects shareholders' voices. |
| &nbsp;&nbsp;&nbsp;**Adopt confidential voting** | World | We generally recommend FOR because according to our policy, approval of the proposal will preserve the confidentiality and integrity of vote outcomes. |
| &nbsp;&nbsp;&nbsp;**Approve cumulative voting** | World | We generally recommend AGAINST because according to our policy cumulative voting could make it possible for an individual shareholder or group of shareholders with special interests to elect one or more directors to the Company's Board of directors to represent their particular interests. Such a shareholder or group of shareholders could have goals that are inconsistent, and could conflict with, the interests and goals of the majority of the Company's shareholders. |
| &nbsp;&nbsp;&nbsp;**Approve/increase supermajority voting** | World | We generally recommend AGAINST because according to our policy, a simple majority vote will strengthen the Company's corporate governance practice. Contrary to supermajority voting, a simple majority standard will give the shareholders equal and fair representation in the Company by limiting the power of shareholders who own a large stake in the entity, therefore, paving the way for a more meaningful voting outcome. |
| &nbsp;&nbsp;&nbsp;**Eliminate cumulative voting** | World | We generally recommend FOR because according to our policy cumulative voting could make it possible for an individual shareholder or group of shareholders with special interests to elect one or more directors to the Company's Board of directors to represent their particular interests. Such a shareholder or group of shareholders could have goals that are inconsistent, and could conflict with, the interests and goals of the majority of the Company's shareholders. |
| &nbsp;&nbsp;&nbsp;**Eliminate or reduce supermajority voting** | World | We generally recommend FOR because according to our policy, a simple majority vote will strengthen the Company's corporate governance practice. Contrary to supermajority voting, a simple majority standard will give the shareholders equal and fair representation in the Company by limiting the power of shareholders who own a large stake in the entity and paving the way for a more meaningful voting outcome. |
| &nbsp;&nbsp;&nbsp;**Promote equal voting rights** | World | We generally recommend FOR because according to our policy, a differential in voting power may have the effect of denying shareholders the opportunity to vote on matters of critical economic importance to them. In order to provide equal voting right to all shareholders, we prefer that companies do not utilize multiple class capital structures. |
| &nbsp;&nbsp;&nbsp;**Restrict nomination of directors** | World | We generally recommend a vote FOR because, according to our policy, a simple majority requirement in director elections, combined with a mandatory resignation policy and prohibition on the renomination of directors, ensures that the election results accurately reflect shareholder sentiment. Specifically, this approach addresses situations where a director receives less than a majority of votes, aligning the election outcome with shareholder expectations and maintaining effective governance. |
| &nbsp;&nbsp;&nbsp;**Tabulate proxy voting** | World | We generally recommend FOR because according to our policy, adoption of proxy tabulation simplifies the voting process without compromising transparency or shareholder participation. This streamlined approach ensures that shareholder votes are accurately counted and reported, making it easier for investors to engage in the decision-making process. At the same time, it preserves the integrity and transparency of the voting process, ensuring that all shareholders have an equal opportunity to influence key decisions while promoting efficient governance practices. |

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IV. Policy Revisions

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| | | | |
|:---|:---|:---|:---|
|  |  | **Previous Recommendation** | **Updated Recommendation** |
| &nbsp;&nbsp;&nbsp; **Revision Date** | 12/23/2025 | We generally recommend a vote AGAINST because according to our policy, the adoption of a "proxy access" bylaw is not a universal solution to allegations of unresponsiveness to shareholder concerns. We believe that voting decisions should be based on the governance practices and performance of individual companies. We believe that implementing this bylaw could undermine the integrity of the director election process. | We generally recommend FOR because according to our policy, increasing proxy access would allow shareholders to submit proposals at shareholder meetings and nominate directors to the Board, empowering them to have a more direct influence on the Company's governance. By enabling greater shareholder participation, proxy access enhances transparency and accountability, ensuring that the Board is more responsive to shareholder concerns. |
| &nbsp;&nbsp;&nbsp; **Proposer** | Management | We generally recommend a vote AGAINST because according to our policy, the adoption of a "proxy access" bylaw is not a universal solution to allegations of unresponsiveness to shareholder concerns. We believe that voting decisions should be based on the governance practices and performance of individual companies. We believe that implementing this bylaw could undermine the integrity of the director election process. | We generally recommend FOR because according to our policy, increasing proxy access would allow shareholders to submit proposals at shareholder meetings and nominate directors to the Board, empowering them to have a more direct influence on the Company's governance. By enabling greater shareholder participation, proxy access enhances transparency and accountability, ensuring that the Board is more responsive to shareholder concerns. |
| &nbsp;&nbsp;&nbsp; **Proposal** | Adopt/increase proxy access | We generally recommend a vote AGAINST because according to our policy, the adoption of a "proxy access" bylaw is not a universal solution to allegations of unresponsiveness to shareholder concerns. We believe that voting decisions should be based on the governance practices and performance of individual companies. We believe that implementing this bylaw could undermine the integrity of the director election process. | We generally recommend FOR because according to our policy, increasing proxy access would allow shareholders to submit proposals at shareholder meetings and nominate directors to the Board, empowering them to have a more direct influence on the Company's governance. By enabling greater shareholder participation, proxy access enhances transparency and accountability, ensuring that the Board is more responsive to shareholder concerns. |
| &nbsp;&nbsp;&nbsp; **Region(s) to Include** | World | We generally recommend a vote AGAINST because according to our policy, the adoption of a "proxy access" bylaw is not a universal solution to allegations of unresponsiveness to shareholder concerns. We believe that voting decisions should be based on the governance practices and performance of individual companies. We believe that implementing this bylaw could undermine the integrity of the director election process. | We generally recommend FOR because according to our policy, increasing proxy access would allow shareholders to submit proposals at shareholder meetings and nominate directors to the Board, empowering them to have a more direct influence on the Company's governance. By enabling greater shareholder participation, proxy access enhances transparency and accountability, ensuring that the Board is more responsive to shareholder concerns. |
| &nbsp;&nbsp;&nbsp; **Region(s) to Exclude** |  | We generally recommend a vote AGAINST because according to our policy, the adoption of a "proxy access" bylaw is not a universal solution to allegations of unresponsiveness to shareholder concerns. We believe that voting decisions should be based on the governance practices and performance of individual companies. We believe that implementing this bylaw could undermine the integrity of the director election process. | We generally recommend FOR because according to our policy, increasing proxy access would allow shareholders to submit proposals at shareholder meetings and nominate directors to the Board, empowering them to have a more direct influence on the Company's governance. By enabling greater shareholder participation, proxy access enhances transparency and accountability, ensuring that the Board is more responsive to shareholder concerns. |

---

V. Legal Disclaimer

DISCLAIMER <sup>©</sup> 2025 Egan-Jones Proxy Services, a division of Egan-Jones Ratings Company and/or its affiliates. All Rights Reserved. This document is intended to provide a general overview of Egan-Jones Proxy Services' proxy voting methodologies. It is not intended to be exhaustive and does not address all potential voting issues or concerns. Egan-Jones Proxy Services' proxy voting methodologies, as they apply to certain issues or types of proposals, are explained in more detail in reference files on Egan-Jones Proxy Services' website – http://www.ejproxy.com. The summaries contained herein should not be relied on and a user or client, or prospective user or client, should review the complete methodologies and discuss their application with a representative of Egan-Jones Proxy Services. These methodologies have not been set or approved by the U.S. Securities and Exchange Commission or any other regulatory body in the United States or elsewhere. No representations or warranties, express or implied, are made regarding the accuracy or completeness of any information included herein. In addition, Egan-Jones Proxy Services shall not be liable for any losses or damages arising from, or in

------

connection with, the information contained herein, or the use of, reliance on, or inability to use any such information. Egan-Jones Proxy Services expects its clients and users to possess sufficient experience and knowledge to make their own decisions entirely independent of any information contained in this document or the methodology reference files contained on http://www.ejproxy.com.

------

#### Part C. Other Information

#### Item 28. Exhibits

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit Item Number** | **Description** | **Incorporated by Reference to** | **Filed Herewith** |
| (a) | [Amended Trust Instrument](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928a.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928a.htm) |  |
| (b) | [Amended and Restated Bylaws](http://www.sec.gov/Archives/edgar/data/770200/000119312524120341/d774089dex9928b.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 76 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2024](http://www.sec.gov/Archives/edgar/data/770200/000119312524120341/d774089dex9928b.htm) |  |
| (c)(i) | [See Article VI, "Shareholders' Voting Powers and Meetings" of Registrant's Amended Trust Instrument](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928ci.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928ci.htm) |  |
| (c)(ii) | [See Article II, "Shareholders" of Registrant's Amended and Restated Bylaws](http://www.sec.gov/Archives/edgar/data/770200/000119312524120341/d774089dex9928b.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 76 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2024](http://www.sec.gov/Archives/edgar/data/770200/000119312524120341/d774089dex9928b.htm) |  |
| (d) | [Investment Management Agreement](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928d.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928d.htm) |  |
| (e) | [Distribution Agreement between the Registrant and Midas Securities Group, Inc.](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928e.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928e.htm) |  |
| (f) | Not applicable |  |  |
| (g)(i) | [Custody Agreement with The Huntington National Bank](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_77q3.htm) | [Registrant's corresponding exhibit to Form N-SAR-A, SEC file number 811-04316, filed on August 28, 2018](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_77q3.htm) |  |
| (g)(ii) | [Consent to Assignment to Successor Custodian](d24895dex9928gii.htm) |  | X |
| (h)(i) | [Mutual Fund Services Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020012000014/mutualfundservicesagmt.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 48 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2012](http://www.sec.gov/Archives/edgar/data/770200/000077020012000014/mutualfundservicesagmt.htm) |  |
| (h)(ii) | [Consent to Assignment of Mutual Fund Services Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020012000058/huntingtonagmt.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 52 to the registration statement of the Registrant, SEC file number 2-98229, filed on October 11, 2012](http://www.sec.gov/Archives/edgar/data/770200/000077020012000058/huntingtonagmt.htm) |  |
| (h)(iii) | [First Amendment to Mutual Fund Services Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020019000010/amendmentmutualfundservicesa.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 67 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2019](http://www.sec.gov/Archives/edgar/data/770200/000077020019000010/amendmentmutualfundservicesa.htm) |  |
| (h)(iv) | [Second Amendment to Mutual Fund Services Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020020000011/secondamendmutualfundservag.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 69 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2020](http://www.sec.gov/Archives/edgar/data/770200/000077020020000011/secondamendmutualfundservag.htm) |  |
| (h)(v) | [Third Amendment to Mutual Fund Services Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020020000011/thirdamendmutualfundservag.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 69 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2020](http://www.sec.gov/Archives/edgar/data/770200/000077020020000011/thirdamendmutualfundservag.htm) |  |
| (h)(vi) | [Fourth Amendment to Mutual Fund Services Agreement](http://www.sec.gov/Archives/edgar/data/770200/000119312522134115/d337483dex9928hvi.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 73 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/770200/000119312522134115/d337483dex9928hvi.htm) |  |
| (h)(vii) | [Fifth Amendment to Mutual Fund Services Agreement](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928hvii.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928hvii.htm) |  |
| (h)(viii) | [Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_77q3a.htm) | [Registrant's corresponding exhibit to Form N-SAR-A, SEC file number 811-04316, filed on August 28, 2018](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_77q3a.htm) |  |
| (h)(ix) | [Control Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_77q3b.htm) | [Registrant's corresponding exhibit to Form N-SAR-A, SEC file number 811-04316, filed on August 28, 2018](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_77q3b.htm) |  |
| (h)(x) | [Promissory Note](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_99q3c.htm) | [Registrant's corresponding exhibit to Form N-SAR-A, SEC file number 811-04316, filed on August 28, 2018](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_99q3c.htm) |  |
| (h)(xi) | [Pledge and Security Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_77q3d.htm) | [Registrant's corresponding exhibit to Form N-SAR-A, SEC file number 811-04316, filed on August 28, 2018](http://www.sec.gov/Archives/edgar/data/770200/000077020018000044/ex_99_77q3d.htm) |  |
| (h)(xii) | [Amendment No. 1 to Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020020000011/amendmentcreditagreement.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 69 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2020](http://www.sec.gov/Archives/edgar/data/770200/000077020020000011/amendmentcreditagreement.htm) |  |
| (h)(xiii) | [Amendment No. 2 to Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/770200/000077020021000009/amendmentcreditagreement2.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 71 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2021](http://www.sec.gov/Archives/edgar/data/770200/000077020021000009/amendmentcreditagreement2.htm) |  |
| (h)(xiv) | [Amendment No. 3 to Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/770200/000119312522134115/d337483dex9928hxiii.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 73 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/770200/000119312522134115/d337483dex9928hxiii.htm) |  |
| (h)(xv) | [Amendment No. 4 to Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/0000770200/000119312523124560/d460874dex9928hxiv.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 75 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 28, 2023](http://www.sec.gov/Archives/edgar/data/0000770200/000119312523124560/d460874dex9928hxiv.htm) |  |
| (h)(xvi) | [Amendment No. 5 to Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/0000770200/000119312524120341/d774089dex9928hxv.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 76 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2024](http://www.sec.gov/Archives/edgar/data/770200/000119312524120341/d774089dex9928hxv.htm) |  |
| (h)(xvii) | [Amendment No. 6 to Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/0000770200/000119312524120341/d774089dex9928hxvi.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 76 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2024](http://www.sec.gov/Archives/edgar/data/770200/000119312524120341/d774089dex9928hxvi.htm) |  |
| (h)(xviii) | [Amendment No. 7 to Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928hxviii.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928hxviii.htm) |  |
| (h)(xix) | [Amendment No. 8 to Revolving Credit Agreement](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928hxix.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928hxix.htm) |  |
| (h)(xx) | [Amendment No. 9 to Revolving Credit Agreement](d24895dex9928hxx.htm) |  | X |
| (h)(xxi) | [Amendment No. 10 to Revolving Credit Agreement](d24895dex9928hxxi.htm) |  | X |
| (h)(xxii) | [Amendment No. 11 to Revolving Credit Agreement](d24895dex9928hxxii.htm) |  | X |
| (i)(i) | [Opinion and Consent of Counsel as to Legality of Securities Being Registered](http://www.sec.gov/Archives/edgar/data/770200/000151000115000031/gkopinion.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 59 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 28, 2015](http://www.sec.gov/Archives/edgar/data/770200/000151000115000031/gkopinion.htm) |  |
| (i)(ii) | [Legal Consent](d24895dex9928iii.htm) |  | X |
| (j) | [Accountant's Consent](d24895dex9928j.htm) |  | X |
| (k) | Not applicable |  |  |

---

------

---

| | | |
|:---|:---|:---|
| (l) | [Agreement for providing initial capital](http://www.sec.gov/Archives/edgar/data/770200/000077020000000005/0000770200-00-000005.txt) | [Registrant's corresponding exhibit to Post-Effective Amendment No. 26 to the registration statement of the Registrant, SEC file number 2-98229, filed on March 1, 2000](http://www.sec.gov/Archives/edgar/data/770200/000077020000000005/0000770200-00-000005.txt) |
| (m) | [Amended Plan of Distribution](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928m.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928m.htm) |
| (n) | Not applicable |  |
| (o) | Reserved |  |
| (p) | [Code of Ethics](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928p.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 77 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/770200/000119312525105909/d872912dex9928p.htm) |
| (q) | [Powers of Attorney](http://www.sec.gov/Archives/edgar/data/0000770200/000119312524120341/d774089dex99q.htm) | [Registrant's corresponding exhibit to the Post-Effective Amendment No. 76 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2024](http://www.sec.gov/Archives/edgar/data/770200/000119312524120341/d774089dex99q.htm) |

---

**Item 29**. **Persons Controlled by or under Common Control with Registrant**

Not applicable.

**Item 30**. **Indemnification**

Reference is made to the provisions of Article IX of Registrant's Amended Trust Instrument filed by EDGAR on April 30, 2025 as Exhibit 99.28(a) to the Post-Effective Amendment No. 77 of the Registrant, incorporated herein by reference, which provides information about indemnification.

The Registrant's Investment Management Agreement between the Registrant and Midas Management Corporation (the "Investment Manager") provides that the Investment Manager shall not be liable to the Registrant's series or any shareholder of its series for any error of judgment or mistake of law or for any loss suffered by the Registrant's series or the series' shareholders in connection with the matters to which the Investment Management Agreement relates, but nothing in the Investment Management Agreement shall be construed to protect the Investment Manager against any liability to the Registrant's series or any shareholder of its series by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Investment Management Agreement.

Section 10 of the Distribution Agreement between the Registrant and Midas Securities Group, Inc. ("Midas Securities") provides that the Registrant will indemnify Midas Securities and its officers, directors and controlling persons against all liabilities arising from any alleged untrue statement of material fact in the Registration Statement or from any alleged omission to state in the Registration Statement a material fact required to be stated in it or necessary to make the statements in it, in light of the circumstances under which they were made, not misleading, except insofar as liability arises from untrue statements or omissions made in reliance upon and in conformity with information furnished by Midas Securities to the Registrant for use in the Registration Statement; and provided that this indemnity agreement shall not protect any such persons against liabilities arising by reason of their willful misfeasance, bad faith, or gross negligence; and shall not inure to the benefit of any such persons unless a court of competent jurisdiction or controlling precedent determines that such result is not against public policy as expressed in the Securities Act of 1933, as amended ("1933 Act"). Section 10 of the Distribution Agreement also provides that Midas Securities agrees to indemnify, defend and hold the Registrant, its officers and trustees free and harmless of any claims arising out of any alleged untrue statement or any alleged omission of material fact contained in information furnished by Midas Securities for use in the Registration Statement or arising out of any agreement between Midas Securities and any retail dealer, or arising out of supplementary literature or advertising used by Midas Securities in connection with the Distribution Agreement.

The Registrant undertakes to carry out all indemnification provisions of its Amended Trust Instrument, the above-described Investment Management Agreement, and Distribution Agreement in accordance with Investment Company Act Release No. 11330 (September 4, 1980) and successor releases.

Insofar as indemnification for liability arising under the 1933 Act, as amended, may be provided to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31**. **Business and other Connections of Investment Adviser**

The Investment Manager is a wholly-owned subsidiary of Winmill & Co. Incorporated ("Winco"). Winco is also the parent of Midas Securities, the Funds' distributor and a registered broker/dealer. The principal business of the Investment Manager since its founding has been to serve as an investment manager to registered investment companies. Certain directors and officers of Winco and its subsidiaries are also trustees, directors, and officers of the investment companies managed by the Investment Manager. The Investment Manager serves as investment manager of each of the Registrant's series and Foxby Corp.

Bexil Corporation, an affiliate of Winco, is the parent of Bexil Advisers LLC ("Bexil Advisers"), a registered investment adviser. The principal business of Bexil Advisers since its founding has been to serve as investment manager to registered investment companies. Certain directors and officers of Winco and its subsidiaries are also directors, managers, trustees and officers of Bexil Corporation, Bexil Advisers, and the investment company managed by Bexil Advisers. Bexil Advisers serves as investment manager to Bexil Investment Trust.

In addition, Thomas B. Winmill, Esq. is (i) Trustee, President, Chief Executive Officer, Chairman, and Chief Legal Officer of the Registrant; (ii) Director or Manager, Chairman, President, Chief Executive Officer, and/or Chief Legal Officer of the Investment Manager, Midas Securities (the Fund's distributor and a registered broker-dealer) and their affiliates, P.O. Box 4, Walpole, NH 03608; (iii) President, Chief Executive Officer, Chief Legal Officer, and/or a director of Bexil Corporation and its affiliates, P.O. Box 4, Walpole, NH 03608; and (iv) a director of Global Self Storage, Inc., 3814 Route 44, Millbrook, NY 12545.

**Item 32**. **Principal Underwriters**

a) Midas Securities does not serve as principal underwriter to any investment company other than the Registrant.

b) Midas Securities serves as the Registrant's principal underwriter. The directors and officers of Midas Securities, their principal business addresses, their positions and offices with Midas Securities, and their positions and offices with the Registrant (if any) are set forth below.

---

| | | |
|:---|:---|:---|
| Name and Principal<br> Business Address | Position and Offices with<br> Midas Securities | Position and Offices with Registrant |
| Thomas B. Winmill<br> P.O. Box 4<br> Walpole, NH 03608 | Director, Chairman, President, Chief Executive Officer, Chief Legal Officer | Trustee, President, Chief Executive Officer, Chairman, and Chief Legal Officer |
| Mark C. Winmill<br> P.O. Box 4<br> Walpole, NH 03608 | Vice President | Vice President |
| Thomas O'Malley<br> P.O. Box 4<br> Walpole, NH 03608 | Director, Vice President, Treasurer, Chief Accounting Officer, and Chief Financial Officer | Vice President, Treasurer, Chief Accounting Officer, Chief Financial Officer |
| Russell Kamerman, Esq.<br> P.O. Box 4<br> Walpole, NH 03608 | Chief Compliance Officer, Secretary, and General Counsel | Chief Compliance Officer, Secretary, and General Counsel |

---

------

---

| | |
|:---|:---|
| Donald Klimoski II, Esq.<br> P.O. Box 4<br> Walpole, NH 03608 | Assistant Chief Compliance Officer, Assistant Secretary, and Assistant General Counsel |
| Heidi Keating<br> P.O. Box 4<br> Walpole, NH 03608 | Vice President |
| Louis Soulios<br> P.O. Box 4<br> Walpole, NH 03608 | Vice President, Finance |

---

c) The Registrant has no principal underwriter who is not an affiliated person of the Registrant or an affiliated person of such affiliated person.

**Item 33**. **Location of Accounts and Records**

The minute books of the Registrant and copies of its filings with the Commission are located at 17 Old Drewsville Road, Walpole, NH 03608 and in cloud-based file storage. All other records required by Section 31(a) of the Investment Company Act of 1940 are located at Argent Institutional Trust Company, 5901 Peachtree Dunwoody Road, Suite C495, Atlanta, GA 30328 (the offices of the Registrant's custodian), and Ultimus Asset Services, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 (the offices of the Registrant's Transfer, Dividend Disbursing, and Investment Accounting Services Agent).

**Item 34**. **Management Services**

Not applicable.

**Item 35**. **Undertakings**

Not applicable.

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Walpole, and the State of New Hampshire on the 30th day of April, 2026.

#### MIDAS SERIES TRUST
<u>/s/ Thomas B. Winmill</u>

By: Thomas B. Winmill

President

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| /s/ Thomas B. Winmill | Trustee, President, Chief Executive Officer, Chairman, and Chief Legal Officer | April 30, 2026 |
| Thomas B. Winmill |  |  |
| /s/ Thomas O'Malley | Vice President, Treasurer, Chief Accounting Officer, and Chief Financial Officer | April 30, 2026 |
| Thomas O'Malley |  |  |
| /s/ Peter K. Werner\* | Trustee | April 30, 2026 |
| 7Peter K. Werner |  |  |
| /s/ Jon Tomasson\* | Trustee | April 30, 2026 |
| Jon Tomasson |  |  |
| /s/ Roger A. Atkinson\* | Trustee | April 30, 2026 |
| Roger A. Atkinson |  |  |

---

\*Signed by Russell Kamerman, Attorney-in-Fact, pursuant to Powers of Attorney filed in Registrant's corresponding exhibit to the Post-Effective Amendment No. 76 to the registration statement of the Registrant, SEC file number 2-98229, filed on April 29, 2024.

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit** |  |
|  28(g)(ii) | [Consent to Assignment to Successor Custodian](d24895dex9928gii.htm) |
|  28(h)(xx) | [Amendment No. 9 to Revolving Credit Agreement](d24895dex9928hxx.htm) |
|  28(h)(xxi) | [Amendment No. 10 to Revolving Credit Agreement](d24895dex9928hxxi.htm) |
|  28(h)(xxii) | [Amendment No. 11 to Revolving Credit Agreement](d24895dex9928hxxii.htm) |
|  28(i)(ii) | [Legal Consent](d24895dex9928iii.htm) |
|  28(j) | [Accountant's Consent](d24895dex9928j.htm) |

---

## Exhibit 99.28

**REQUEST FOR CONSENT TO ASSIGNMENT TO SUCCESSOR CUSTODIAN** 

Dear Client,

Thank you for being a client of The Huntington National Bank. We have valued the opportunity to serve as your custodian and are grateful for our relationship with you.

We are writing to inform you of an important change to your account(s). As part of our ongoing commitment to provide high-quality services and ensure the long-term stability and scalability of our custodial operations, Huntington has entered into an agreement to assign its institutional custodial responsibilities to Argent Institutional Trust Company ("Argent").

Huntington is requesting your consent to assign its duties to Argent as successor custodian pursuant to your existing custody agreement with us. **Please complete the attached Consent to Assignment form using your electronic signature through DocuSign.**

Please be assured that this assignment will not impact or result in any changes to your custody fees under your current agreement. The terms of your existing custody agreement with Huntington will be honored by Argent if you consent to the assignment. For additional information about Argent, please visit them online at <u>https://argentfinancial.com/</u>.

To ensure continuity of service, we would appreciate a response at your earliest convenience and no later than August I, 2025. Because Huntington will no longer offer custody services after the transition to Argent, **if we do not receive your consent by August 1, 2025, Huntington will provide you with a custody termination notice pursuant to the terms and conditions of your existing custody agreement.**

In the coming months, you will receive further communication from Huntington and Argent regarding the transition. We intend to make the transition to Argent as easy as possible for you.

We thank you for the trust and confidence you have placed in Huntington and its staff over the years and for being a valued customer of Huntington. We are confident that Argent will continue to provide the excellent service you have been accustomed to. If you have any questions regarding the information contained in this correspondence, please reach out to your Huntington Relationship Manager.

Sincerely,

The Huntington National Bank

------

**CONSENT TO ASSIGNMENT TO SUCCESSOR CUSTODIAN** 

In connection with the assignment of the institutional custody business of the Huntington National Bank ("Huntington") to Argent Institutional Trust Company. ("Argent"), the undersigned, on behalf of the institutional custody client listed below ("Client"), hereby consents to the assignment of its institutional custody account agreement from Huntington to Argent. Client agrees this consent may be executed electronically.

Client Name: <u>Bexil Investment Trust, Foxby Corp, Midas Discovery, Midas Special Opportunities</u>

Authorized Signer's

Name: <u>Russell</u>

<u>Kamerman</u>

Signature: <u>/s/ Russell Kamerman</u>

1E2531A5339E4C4

Date:<u>9/10/2025 4:26 PM EDT</u>

Address:

Thank you and we appreciate your prompt response.

## Exhibit 99.28

**AMENDMENT NO. 9** 

**TO THE** 

**REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**DATED AS OF JUNE 11, 2025** 

------

**AMENDMENT NO. 9** 

**TO** 

**<u>REVOLVING CREDIT AGREEMENT</u>**

This **AMENDMENT TO THE REVOLVING CREDIT AGREEMENT** ("Amendment") is entered into as of June 11, 2025, by and between **MIDAS SERIES TRUST,** a Delaware statutory trust (the "Borrower"), executing this Agreement on behalf of itself and, if applicable, those investment series set forth on <u>Exhibit 1.1</u> (the "Fund(s)" and each, a "Fund") and **THE HUNTINGTON NATIONAL BANK**, a national banking association (the "Bank").

WHEREAS, the Borrower is an open-end registered investment company under the Investment Company Act of 1940, as amended, and the Funds are investment series of the Borrower; and

WHEREAS, the Borrower and Bank have previously entered into a Revolving Credit Agreement dated as of June 18, 2018, (as said Revolving Credit Agreement may be amended, restated or otherwise modified from time to time, the "Agreement") pursuant to which the Bank makes Loans to the Borrower, on behalf of the Funds, and makes available a credit facility for the purposes and on the terms and conditions set forth in the Agreement;

WHEREAS, the Borrower wishes to increase the amount available to a Fund under the credit facility; and

WHEREAS, the Borrower wishes to renew the Agreement for an additional 364 days.

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties to this Amendment agree as follows:

Section 1 <u>Amendments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the date of this Amendment, the following Exhibits, Schedules, and Annexes relating to the Agreement, each of which is attached hereto, are made part of the Agreement, and replace those currently in effect:

Exhibit 1.1 - Participating Funds

Exhibit 1.3 - Specific Terms

Exhibit 1.3 - Specific Terms

Exhibit 2.2 - Promissory Note

Exhibit 3.1 - Certificate of Borrower

------

Section 2 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each reference to the "Agreement" in the Agreement (as it existed prior to this Amendment) and in every other agreement, contract, or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment or modification to this Amendment shall be valid unless made in writing and executed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paragraph headings in this Amendment are included for convenience only and are not to be used to construe or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

**IN WITNESS WHEREOF**, the Borrower and the Bank have executed this Amendment by their duly authorized officers as of the date first above written.

---

| |
|:---|
| **MIDAS SERIES TRUST on behalf of those Funds listed on Exhibit 1.1 of the Agreement** |
| By: <u>/s/ Russell L. Kamerman</u> |
| Name: Russell Kamerman |
| Title: General Counsel |
| **THE HUNTINGTON NATIONAL BANK** |
| By: <u>/s/ Michael Felix</u> |
| Name: Michael Felix |
| Title: Senior Vice President |

---

------

**EXHIBIT 1.1** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**Date:** June 18, 2018, as amended June 11, 2025

**PARTICIPATING FUNDS** 

---

| | |
|:---|:---|
| **Fund** | **Date Added** |
|  Midas Discovery | June 18, 2018 |
|  Midas Special Opportunities | June 18, 2018 |

---

------

**EXHIBIT 1.3** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

&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;**Fund:** Midas Discovery

&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midas Special Opportunities

**Date**: June 18, 2018, as amended June 11, 2025

**SPECIFIC TERMS** 

Capitalized terms not otherwise defined in this Exhibit have the meanings specified in the Agreement. In the event of any inconsistency between this Exhibit and the Agreement, this Exhibit will control.

**Section 1 Definitions** 

***Annual Fee*** means an aggregate per annum fee, assessed each Fund on whose behalf a Loan is made on a pro rata basis, equal to <sup>1</sup>⁄<sub>8</sub> of one percent (1.00%) of (a) $6,000,000, or such pro-rated fee as appropriate, with respect to Midas Discovery (i) if the Loan matures in less than 364 days following the date of the execution of a Note, subject to a maximum fee of $5,000 or (ii) due to an amendment to this Agreement to increase the Loan Amount, and (b) $4,500,000, or such pro-rated fee as appropriate, with respect to Midas Special Opportunities (i) if the Loan matures in less than 364 days following the date of the execution of a Note, subject to a maximum fee of $5,625 or (ii) due to an amendment to this Agreement to increase the Loan Amount.

***Floor*** means a rate of interest equal to 0.250%.

***Interest Rate*** means the interest rate per annum to be applied to the principal balance outstanding, from time to time, equal to the Term Secured Overnight Financing Rate (Term SOFR) plus one hundred and twenty-eight (128) basis points (one hundred (100) and twenty-eight (28) basis points being equal to 1.28% per annum).

***Investment Adviser*** means Midas Management Corporation.

***Loan Amount*** means $10,500,000.

***Maturity Date*** means June 10, 2026.

***Maximum Amount*** means, for (a) Midas Discovery, the lesser of: (i) $6,000,000 or (ii) 30% of Midas Discovery's daily market value, which market value may be decreased by the exclusion of certain Fund assets or asset classes, as the Bank may decide from time to time in its sole discretion ("Exclusions"); and (b) Midas Special Opportunities, the lesser of: (i) $4,500,000 or

------

(ii) 30% of Midas Special Opportunities' daily market value, which market value may be decreased by Exclusions.

**Section 2.4 Payment of Interest** 

***First Payment Date*** means the thirtieth (30) day of the first month immediately following the date of the execution of a Note.

**Section 2.6 Unused Fee** 

***Unused Fee.*** From the date of this Agreement to the payment in full in cash of all indebtedness under this Agreement, Borrower shall pay to Bank an Unused Fee quarterly commencing on June 30, 2025, and on the last day of each quarter thereafter. The Unused Fee payable to Bank shall be mean a fee equal to 1/8% of one percent (12.5 basis points) of the daily excess of the Loan. The Unused Fee shall be computed in the same manner as in Section 2.4 (Payment of Interest). Whenever any payment of the Unused Fee shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. It is expressly understood that the Unused Fee herein described shall not be refundable under any circumstances.

------

**EXHIBIT 2.2** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**PROMISSORY NOTE** 

MIDAS SERIES TRUST, on behalf

of its Participating Funds

---

| | |
|:---|:---|
| $6,000,000 for Midas Discovery | Indianapolis, IN |
| $4,500,000 for Midas Special Opportunities | June 11, 2025 |

---

MIDAS SERIES TRUST, a Delaware statutory trust (the "Borrower"), on behalf of those investment series set forth on Exhibit 1.1, for value received, hereby promises to pay to the order of THE HUNTINGTON NATIONAL BANK (the "Bank") at its offices, 45 North Pennsylvania Street, INHP22, Indianapolis, Indiana 46204, in lawful money of the United States of America and in immediately available funds, the principal sum of SIX MILLION AND NO/100 DOLLARS ($6,000,000) with respect to Midas Discovery and FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($4,500,000) with respect to Midas Special Opportunities, or the aggregate unpaid principal amount of all Loans made by the Bank to the Borrower, whichever is less, pursuant to the terms of the Revolving Credit Agreement of even date herewith by and between the Borrower and the Bank (as the same may be amended, restated or otherwise modified from time to time the "Agreement"). Capitalized terms used herein without definition shall have the meanings given to them in the Agreement.

The Borrower covenants that the funds borrowed by it from the Bank as evidenced by this Note shall be used solely on behalf of the Borrower.

The principal balance hereof outstanding from time to time shall bear interest at the Interest Rate in effect from time to time. Interest on each Loan will accrue daily, will be calculated based on a 360-day year and charged for the actual number of days the principal balance is outstanding. All outstanding principal and interest shall be payable in accordance with the terms of the Agreement. Upon and during the continuance of an Event of Default, this Note shall bear interest (computed and adjusted in the same manner, and with the same effect, as interest hereon prior to maturity), at a rate per annum equal to three percent (3%) above the Interest Rate, until paid, and whether before or after the entry of judgment hereon.

The principal amount of each Loan made by the Bank and the amount of each payment or prepayment made by the Borrower shall be recorded by the Bank on the schedules attached hereto or in the regularly maintained data processing records of the Bank. The aggregate unpaid principal amount of all Loans set forth in such schedules or in such records shall be presumptive evidence of the principal amount owing and unpaid on this Note. However, failure by the Bank

------

to make any such entry shall not limit or otherwise affect the Borrower's obligations under this Note or the Agreement.

This Note is the Note referred to in the Agreement, and is entitled to the benefits, and is subject to the terms of the Agreement. This Note and the obligations evidenced hereby are secured by the Collateral described in the Pledge Agreement and are entitled to the benefits of the Pledge Agreement. The principal of this Note is payable and/or prepayable in the amounts and under the circumstances, and its maturity is subject to acceleration upon the terms, set forth in the Agreement. Except as otherwise expressly provided in the Agreement, if any payment on this Note becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next Business Day, and interest shall be payable at the rate specified herein during such extension period.

In no event shall the interest rate on this Note exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that a court determines that the Bank has received interest and other charges under this Note in excess of the highest permissible rate applicable hereto, such excess shall be deemed received on account of the Borrower, and shall automatically be applied to reduce the amounts due to the Bank from the Borrower under this Note, other than interest, and the provisions hereof shall be deemed amended to provide for the highest permissible rate. If there are no such amounts outstanding, the Bank shall refund to the Borrower such excess.

The Borrower and all endorsers, sureties, guarantors and other Persons liable on this Note, if any, hereby waive notice of non-payment, demand, presentment or protest in connection with the delivery, performance and enforcement of this Note; consent to one or more renewals or extensions of this Note; and generally waive any and all suretyship defenses and defenses in the nature thereof.

This Note may not be changed orally, but only by an instrument in writing.

This Note is being delivered in, is intended to be performed in, shall be construed and enforced in accordance with, and be governed by the laws of, the State of Ohio without regard to principles of conflict of laws. The Borrower agrees that the State and federal courts in Franklin County, Ohio or any other court in which the Bank initiates proceedings have exclusive jurisdiction over all matters arising out of this Note, and that service of process in any such proceeding shall be effective if mailed to the Borrower at its address described in the Notices section of the Agreement.

BANK AND BORROWER HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER BANK OR BORROWER AGAINST THE OTHER ARISING OUT OF THIS NOTE.

Borrower authorizes any attorney at law to appear in any court of record in the State of Ohio or in any other state or territory of the United States of America after the loan evidenced by this Note becomes due, whether by acceleration or otherwise, to waive the issuing and service of process, and to confess judgment against the Borrower in favor of the Bank for the amount then appearing due on this Note, together with costs of suit, and thereupon to waive all errors and all

------

rights of appeal and stays of execution. The Borrower waives any conflict of interest that an attorney hired by the Bank may have in acting on the Borrower's behalf in confessing judgment against the Borrower while such attorney is retained by the Bank*.* The Borrower expressly consents to such attorney acting for Borrower in confessing judgment and to such attorney's fee being paid by the Bank or deducted from the proceeds of collection of this Note or Collateral security therefor.

**WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.** 

---

| |
|:---|
| **MIDAS SERIES TRUST, on behalf of those Funds listed on Exhibit 1.1** |
| By: <u>/s/ Russell L. Kamerman</u> |
| Name: Russell Kamerman |
| Title: General Counsel |

---

------

**SCHEDULE 1** 

**TO PROMISSORY NOTE** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**PARTICIPATING FUNDS** 

Midas Discovery

Midas Special Opportunities

------

**EXHIBIT 3.1** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIESTRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK FORM OF CERTIFICATE OF BORROWER** 

**Date**: June 11, 2025

**<u>MIDAS SERIES TRUST</u>** 

**CERTIFICATE OF BORROWER** 

Re: Midas Series Trust $10,500,000 Financing, consisting of $6,000,000 for Midas Discovery and $4,500,000

for Midas Special Opportunities

From The Huntington National Bank

The undersigned does hereby certify that he is the duly elected, qualified and acting President of MIDAS SERIES TRUST, a Delaware statutory trust (the "Borrower"), and the undersigned does hereby further certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Attached hereto, marked <u>Attachment A</u>, is a true and correct copy of the current Declaration of Trust,
as in effect on the date hereof certified by the Secretary of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached hereto, marked <u>Attachment B</u>, is a true and correct copy of the Bylaws of the Borrower, as in
effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following persons are the duly elected officers of the Borrower, holding the office set forth opposite
their respective names. Each officer who has executed or will execute any documents in connection with this loan transaction has set forth his or her true and customary signature opposite his name:

---

| | | |
|:---|:---|:---|
| Name | <u>Title</u> | Signature |
| Russell Kamerman | Secretary, General Counsel, and Chief<br> Compliance Officer | /s/ Russell L Kamerman |
| Heidi Keating | Vice President | /s/ Heidi Heating |
| Donald Klimoski II, Esq. | Assistant Secretary, Assistant General Counsel, and Assistant Chief<br> Compliance Officer | /s/ Donald Klimoski II, Esq. |
| Thomas O'Malley | Treasurer, Chief Financial Officer, and<br> Chief Accounting Officer | /s/ Thomas O'Malley |
| Daniel Ross | Investment Analyst | /s/ Daniel Ross |
| Louis Soulios | Vice President, Finance | /s/ Louis Soulio |
| Mark C. Winmill | Vice President | /s/ Mark C. Winmill |
| Thomas B. Winmill, Esq. | Chairman, President, Chief Executive<br> Officer, and Chief Legal Officer | /s/ Thomas B. Winmill, Esq. |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each officer whose personal signature appears above has been duly authorized by resolution of the board of
trustees of the Borrower to execute any and all instruments or documents which he may deem necessary or appropriate in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Attached hereto, marked Attachment C, is a copy of the resolution authorizing the execution and delivery of
any documents in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Borrower is in good standing in the state of its formation. Attached hereto, marked Attachment D, is a
certificate of good standing issued within the past thirty (30) days by the Secretary of State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attached hereto, marked Attachment E, is a certificate executed in the name of the Borrower by an officer of
the Borrower certifying that the representations and warranties contained in Section 3 of the Revolving Credit Agreement are true and correct in all material respects as of the date hereof and shall remain true and correct for as long as the
Revolving Credit Agreement remains in effect.

IN WITNESS WHEREOF, the undersigned hereby certifies the above to be true and has executed this certificate this 11th day of June, 2025.

<u>/s/ Thomas B. Winmill</u>, <u>Esq</u>.

Thomas B. Winmill, President

The undersigned does hereby certify that he is the Secretary of the Borrower and does further certify that the signatory above is the President of the Borrower, and that his signature set forth above is his true and customary signature.

<u>/s/ Russell L Kamerman</u>

Russell Kamerman, Secretary

## Exhibit 99.28

**AMENDMENT NO. 10** 

**TO THE** 

**REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**DATED AS OF OCTOBER 21, 2025** 

------

**AMENDMENT NO. 10** 

**TO** 

**<u>REVOLVING CREDIT AGREEMENT</u>**

This **AMENDMENT TO THE REVOLVING CREDIT AGREEMENT** ("Amendment") is entered into as of October 21, 2025, by and between **MIDAS SERIES TRUST,** a Delaware statutory trust (the "Borrower"), executing this Amendment on behalf of itself and, if applicable, those investment series set forth on <u>Exhibit 1.1</u> (the "Fund(s)" and each, a "Fund") and **THE HUNTINGTON NATIONAL BANK**, a national banking association (the "Bank").

WHEREAS, the Borrower is an open-end registered investment company under the Investment Company Act of 1940, as amended, and the Funds are investment series of the Borrower; and

WHEREAS, the Borrower and Bank have previously entered into a Revolving Credit Agreement dated as of June 18, 2018, (as said Revolving Credit Agreement may be amended, restated or otherwise modified from time to time, the "Agreement") pursuant to which the Bank makes Loans to the Borrower, on behalf of the Funds, and makes available a credit facility for the purposes and on the terms and conditions set forth in the Agreement; and

WHEREAS, the Borrower wishes to increase the amount available to each Fund under the credit facility.

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties to this Amendment agree as follows:

Section 1 <u>Amendments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the date of this Amendment, the definition of "Annual Fee" in Section 1.1 of the Agreement is deleted in its entirety and replaced with the following:

"Commitment Fee" has the meaning set forth on <u>Exhibit 1.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective as of the date of this Amendment, references to "Annual Fee" in Sections 2.5 and 5.6 of the Agreement are deleted in their entirely and placed with the term "Commitment Fee".

(c)) Effective as of the date of this Amendment, the following Exhibits, Schedules, and Annexes relating to the Agreement, each of which is attached hereto, are made part of the Agreement, and replace those currently in effect:

Exhibit 1.1 - Participating Funds

Exhibit 1.3 - Specific Terms

------

Exhibit 2.2 - Promissory Note

Exhibit 3.1 - Certificate of Borrower

Section 2 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each reference to the "Agreement" in the Agreement (as it existed prior to this Amendment) and in every other agreement, contract, or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment or modification to this Amendment shall be valid unless made in writing and executed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paragraph headings in this Amendment are included for convenience only and are not to be used to construe or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

**IN WITNESS WHEREOF**, the Borrower and the Bank have executed this Amendment by their duly authorized officers as of the date first above written.

---

| |
|:---|
| **MIDAS SERIES TRUST on behalf of those Funds listed on Exhibit 1.1 of the Agreement** |
| By: <u>/s/ Russell Kamerman</u><br>Name: Russell Kamerman<br>Title: General Counsel |
| **THE HUNTINGTON NATIONAL BANK** |
| By: <u>/s/ Michael Felix</u><br>Name: Michael Felix<br>Title: Senior Vice President |

---

------

**EXHIBIT 1.1** 

**TO REVOLVING CREDIT AGREEMENT BETWEEN** 

**MIDAS SERIES TRUST AND** 

**THE HUNTINGTON NATIONAL BANK** 

**Date:** June 18, 2018, as amended October 21, 2025

**PARTICIPATING FUNDS** 

---

| | |
|:---|:---|
|  **Fund** | **Date Added** |
|  Midas Discovery | June 18, 2018 |
|  Midas Special Opportunities | June 18, 2018 |

---

------

**EXHIBIT 1.3** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**Fund:** Midas Discovery

Midas Special Opportunities

**Date**: June 18, 2018, as amended October 21, 2025

**SPECIFIC TERMS** 

Capitalized terms not otherwise defined in this Exhibit have the meanings specified in the Agreement. In the event of any inconsistency between this Exhibit and the Agreement, this Exhibit will control.

**Section 1 Definitions** 

***Commitment Fee*** means an aggregate per annum fee, assessed each Fund on whose behalf a Loan is made on a pro rata basis, equal to <sup>1</sup>⁄<sub>8</sub> of one percent (1.00%) of (a) $9,000,000, or such pro-rated fee with respect to Midas Discovery (i) if the Loan matures in less than 364 days following the date of the execution of a Note, subject to a maximum fee of $3,750 or (ii) due to an amendment to this Agreement to increase the Loan Amount, and (b) $6,000,000, or such pro-rated fee with respect to Midas Special Opportunities (i) if the Loan matures in less than 364 days following the date of the execution of a Note, subject to a maximum fee of $1,875 or (ii) due to an amendment to this Agreement to increase the Loan Amount.

***Floor*** means a rate of interest equal to 0.250%.

***Interest Rate*** means the interest rate per annum to be applied to the principal balance outstanding, from time to time, equal to the Term Secured Overnight Financing Rate (Term SOFR) plus one hundred and twenty-eight (128) basis points (one hundred (100) and twenty-eight (28) basis points being equal to 1.28% per annum).

***Investment Adviser*** means Midas Management Corporation.

***Loan Amount*** means $15,000,000

***Maturity Date*** means June 10, 2026.

***Maximum Amount*** means, for (a) Midas Discovery, the lesser of: (i) $9,000,000 or (ii) 30% of Midas Discovery's daily market value, which market value may be decreased by the exclusion of certain Fund assets or asset classes, as the Bank may decide from time to time in its sole discretion ("Exclusions"); and (b) Midas Special Opportunities, the lesser of: (i) $6,000,000 or

------

(ii) 30% of Midas Special Opportunities' daily market value, which market value may be decreased by Exclusions.

**Section 2.4 Payment of Interest** 

***First Payment Date*** means the thirtieth (30) day of the first month immediately following the date of the execution of a Note.

**Section 2.6 Unused Fee** 

***Unused Fee.*** From the date of this Agreement to the payment in full in cash of all indebtedness under this Agreement, Borrower shall pay to Bank an Unused Fee quarterly commencing on June 30, 2025, and on the last day of each quarter thereafter. The Unused Fee payable to Bank shall be mean a fee equal to 1/8% of one percent (12.5 basis points) of the daily excess of the Loan. The Unused Fee shall be computed in the same manner as in Section 2.4 (Payment of Interest). Whenever any payment of the Unused Fee shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. It is expressly understood that the Unused Fee herein described shall not be refundable under any circumstances.

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**EXHIBIT 2.2** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**PROMISSORY NOTE** 

MIDAS SERIES TRUST, on behalf of its Participating Funds

---

| | |
|:---|:---|
| $9,000,000 for Midas Discovery | Indianapolis, IN |
| $6,000,000 for Midas Special Opportunities | October 21, 2025 |

---

MIDAS SERIES TRUST, a Delaware statutory trust (the "Borrower"), on behalf of those investment series set forth on Exhibit 1.1, for value received, hereby promises to pay to the order of THE HUNTINGTON NATIONAL BANK (the "Bank") at its offices, 45 North Pennsylvania Street, INHP22, Indianapolis, Indiana 46204, in lawful money of the United States of America and in immediately available funds, the principal sum of NINE MILLION AND NO/100 DOLLARS ($9,000,000) with respect to Midas Discovery and SIX MILLION AND NO/100 DOLLARS ($6,000,000) with respect to Midas Special Opportunities, or the aggregate unpaid principal amount of all Loans made by the Bank to the Borrower, whichever is less, pursuant to the terms of the Revolving Credit Agreement of even date herewith by and between the Borrower and the Bank (as the same may be amended, restated or otherwise modified from time to time the "Agreement"). Capitalized terms used herein without definition shall have the meanings given to them in the Agreement.

The Borrower covenants that the funds borrowed by it from the Bank as evidenced by this Note shall be used solely on behalf of the Borrower.

The principal balance hereof outstanding from time to time shall bear interest at the Interest Rate in effect from time to time. Interest on each Loan will accrue daily, will be calculated based on a 360-day year and charged for the actual number of days the principal balance is outstanding. All outstanding principal and interest shall be payable in accordance with the terms of the Agreement. Upon and during the continuance of an Event of Default, this Note shall bear interest (computed and adjusted in the same manner, and with the same effect, as interest hereon prior to maturity), at a rate per annum equal to three percent (3%) above the Interest Rate, until paid, and whether before or after the entry of judgment hereon.

The principal amount of each Loan made by the Bank and the amount of each payment or prepayment made by the Borrower shall be recorded by the Bank on the schedules attached hereto or in the regularly maintained data processing records of the Bank. The aggregate unpaid principal amount of all Loans set forth in such schedules or in such records shall be presumptive evidence of the principal amount owing and unpaid on this Note. However, failure by the Bank to make any such entry shall not limit or otherwise affect the Borrower's obligations under this Note or the Agreement.

------

This Note is the Note referred to in the Agreement, and is entitled to the benefits, and is subject to the terms of the Agreement. This Note and the obligations evidenced hereby are secured by the Collateral described in the Pledge Agreement and are entitled to the benefits of the Pledge Agreement. The principal of this Note is payable and/or prepayable in the amounts and under the circumstances, and its maturity is subject to acceleration upon the terms, set forth in the Agreement. Except as otherwise expressly provided in the Agreement, if any payment on this Note becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next Business Day, and interest shall be payable at the rate specified herein during such extension period.

In no event shall the interest rate on this Note exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that a court determines that the Bank has received interest and other charges under this Note in excess of the highest permissible rate applicable hereto, such excess shall be deemed received on account of the Borrower, and shall automatically be applied to reduce the amounts due to the Bank from the Borrower under this Note, other than interest, and the provisions hereof shall be deemed amended to provide for the highest permissible rate. If there are no such amounts outstanding, the Bank shall refund to the Borrower such excess.

The Borrower and all endorsers, sureties, guarantors and other Persons liable on this Note, if any, hereby waive notice of non-payment, demand, presentment or protest in connection with the delivery, performance and enforcement of this Note; consent to one or more renewals or extensions of this Note; and generally waive any and all suretyship defenses and defenses in the nature thereof.

This Note may not be changed orally, but only by an instrument in writing.

This Note is being delivered in, is intended to be performed in, shall be construed and enforced in accordance with, and be governed by the laws of, the State of Ohio without regard to principles of conflict of laws. The Borrower agrees that the State and federal courts in Franklin County, Ohio or any other court in which the Bank initiates proceedings have exclusive jurisdiction over all matters arising out of this Note, and that service of process in any such proceeding shall be effective if mailed to the Borrower at its address described in the Notices section of the Agreement.

BANK AND BORROWER HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER BANK OR BORROWER AGAINST THE OTHER ARISING OUT OF THIS NOTE.

Borrower authorizes any attorney at law to appear in any court of record in the State of Ohio or in any other state or territory of the United States of America after the loan evidenced by this Note becomes due, whether by acceleration or otherwise, to waive the issuing and service of process, and to confess judgment against the Borrower in favor of the Bank for the amount then appearing due on this Note, together with costs of suit, and thereupon to waive all errors and all rights of appeal and stays of execution. The Borrower waives any conflict of interest that an attorney hired by the Bank may have in acting on the Borrower's behalf in confessing judgment against the Borrower while such attorney is retained by the Bank*.* The Borrower expressly consents to such attorney acting for Borrower in

------

confessing judgment and to such attorney's fee being paid by the Bank or deducted from the proceeds of collection of this Note or Collateral security therefor.

**WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.** 

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| |
|:---|
| **MIDAS SERIES TRUST, on behalf of those Funds listed on Exhibit 1.1** |
| By: <u>/s/ Russell Kamerman</u><br>Name: Russell Kamerman<br>Title: General Counsel |

---

------

**SCHEDULE 1** 

**TO PROMISSORY NOTE** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**PARTICIPATING FUNDS** 

Midas Discovery

Midas Special Opportunities

------

**EXHIBIT 3.1** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**FORM OF CERTIFICATE OF BORROWER** 

**Date**: October 21, 2025

**<u>MIDAS SERIES TRUST</u>** 

**CERTIFICATE OF BORROWER** 

Re: Midas Series Trust $15,000,000 Financing, consisting of $9,000,000 for Midas Discovery and $6,000,000 for Midas Special Opportunities

From The Huntington National Bank

The undersigned does hereby certify that he is the duly elected, qualified and acting President of MIDAS SERIES TRUST, a Delaware statutory trust (the "Borrower"), and the undersigned does hereby further certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Attached hereto, marked <u>Attachment A</u>, is a true and correct copy of the current Declaration of Trust,
as in effect on the date hereof certified by the Secretary of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached hereto, marked <u>Attachment B</u>, is a true and correct copy of the Bylaws of the Borrower, as in
effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following persons are the duly elected officers of the Borrower, holding the office set forth opposite
their respective names. Each officer who has executed or will execute any documents in connection with this loan transaction has set forth his or her true and customary signature opposite his name:

---

| | | |
|:---|:---|:---|
| Name | <u>Title</u> | Signature |
| Russell Kamerman | Secretary, General Counsel, and Chief Compliance Officer | /s/ Russell Kamerman |
| Heidi Keating | Vice President | /s/ Heidi Keating |
| Donald Klimoski II, Esq. | Assistant Secretary, Assistant General Counsel, and Assistant Chief<br> Compliance Officer | /s/ Donald Klimoski II, Esq. |
| Thomas O'Malley | Treasurer, Chief Financial Officer, and<br> Chief Accounting Officer | /s/ Thomas O'Malley |
| Daniel Ross | Investment Analyst | /s/ Daniel Ross |
| Louis Soulios | Vice President, Finance | /s/ Louis Soulios |
| Mark C. Winmill | Vice President | /s/ Mark C. Winmill |
| Thomas B. Winmill, Esq. | Chairman, President, Chief Executive Officer, and Chief Legal Officer | /s/ Thomas B. Winmill, Esq. |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each officer whose personal signature appears above has been duly authorized by resolution of the board of
trustees of the Borrower to execute any and all instruments or documents which he may deem necessary or appropriate in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Attached hereto, marked Attachment C, is a copy of the resolution authorizing the execution and delivery of
any documents in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Borrower is in good standing in the state of its formation. Attached hereto, marked Attachment D, is a
certificate of good standing issued within the past thirty (30) days by the Secretary of State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attached hereto, marked Attachment E, is a certificate executed in the name of the Borrower by an officer of
the Borrower certifying that the representations and warranties contained in Section 3 of the Revolving Credit Agreement are true and correct in all material respects as of the date hereof and shall remain true and correct for as long as the
Revolving Credit Agreement remains in effect.

IN WITNESS WHEREOF, the undersigned hereby certifies the above to be true and has executed this certificate this 21<sup>st</sup> day of October, 2025.

<u>/s/ Thomas B. Winmill</u><br> Thomas B. Winmill, President<br>

The undersigned does hereby certify that he is the Secretary of the Borrower and does further certify that the signatory above is the President of the Borrower, and that his signature set forth above is his true and customary signature.

<u>/s/ Russell Kamerman</u><br> Russell Kamerman, Secretary<br>

## Exhibit 99.28

**AMENDMENT NO. 11** 

**TO** 

**REVOLVING CREDIT AGREEMENT** 

**between** 

**MIDAS SERIES TRUST,** 

**on behalf of each of its series and** 

**THE HUNTINGTON NATIONAL BANK** 

**Dated as of March 1, 2026** 

------

**AMENDMENT NO. 11** 

**TO** 

**<u>REVOLVING CREDIT AGREEMENT</u>**

This **AMENDMENT TO THE REVOLVING CREDIT AGREEMENT** ("Amendment") is entered into as of March 1, 2026 by and between **MIDAS SERIES TRUST**, a Delaware statutory trust (the "Borrower"), executing this Amendment on behalf of itself, and, if applicable, on behalf of those investment series set forth on <u>Exhibit 1.1</u> (the "Fund(s)" and each, a "Fund") and **THE HUNTINGTON NATIONAL BANK**, a national banking association (the "Bank").

WHEREAS, the Borrower is an open-end registered investment company under the Investment Company Act of 1940, as amended, and the Funds are investment series of the Borrower;

WHEREAS, the Borrower and Bank have previously entered into an REVOLVING CREDIT AGREEMENT dated as of June 18, 2018, (as said REVOLVING CREDIT AGREEMENT may be amended, restated or otherwise modified from time to time, the "Agreement") pursuant to which the Bank makes Loans to the Borrower, for the benefit of certain of its investment series, including the Funds, and makes available a credit facility for the purposes and on the terms and conditions set forth in the Agreement; and

WHEREAS, Argent Institutional Trust Company has agreed to acquire the corporate and institutional custody business from the Bank.

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties to this Amendment agree as follows:

Section 1 <u>Amendments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the following definitions in Section 1.1 of the Agreement are deleted in their entirety and replaced with the following:

"Authorization Letter" means the Authorization Letter(s), as executed by the Borrower and the Investment Adviser from time to time on behalf of the Fund on March 1, 2026, including as such Authorization Letter may be amended, restated or otherwise modified from time to time, whereby the Borrower and the Investment Adviser authorize the Custodian to direct the making of Loans to the Borrower pursuant to this Agreement.

"Custodian" means Argent Institutional Trust Company.

"Custody Agreement" means that certain Custodian Agreement by and between the Custodian and Borrower dated as of March 1, 2026, as it may be amended, restated or otherwise modified from time to time.

------

"Permitted Liens" shall mean Liens to the Bank under this Agreement or in connection with the Bank's activities as a Fund's securities lending and custodial agent, Liens of governmental entities that secure amounts not at the time due and payable and that are imposed by law without the consent of the Borrower, Liens in favor of the Custodian, and Liens in favor of a Fund's broker or other intermediary relating to short sales and other transactions permitted under a Fund's prospectus or Statement of Additional Information.

"Pledge Agreement," means that Pledge and Security Agreement by and between the Bank, Borrower, and Custodian dated March 1, 2026, including as such Agreement may be amended, restated or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective as of the date of this Amendment, Section 2.5 of the Agreement is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Term of Facility.</u> Except as otherwise provided in this Section 2.5, with respect to a Fund, the term of the Facility shall expire on the Maturity Date, and the entire outstanding principal balance of the Loans and all accrued interest and other charges, with respect to such Fund, shall become due and payable not later than that date in the event that any principal or accrued interest and other charges have not been previously repaid. The Maturity Date may be extended for successive 364 day terms upon (a) the Bank's executive committee (or similar committee established from time to time) approving an extension of the Facility, (b) the Bank giving written notice of such extension to Borrower prior to the end of the current or extended term, (c) the payment of the Commitment Fee, and (d) the execution of a Note; provided, however, that the Borrower may elect not to renew the Facility by giving written notice to the Bank no less than thirty (30) days prior to the end of the current or extended term. This Facility shall automatically terminate upon the termination of the Custody Agreement, except upon the simultaneous execution by the Bank, Custodian, and Borrower of a substantially identical custody agreement in replacement thereof. Until all Obligations have been fully repaid and this Agreement has terminated, the Bank shall retain its security interest in all Collateral, then existing or arising thereafter, pledged to the Bank pursuant to the Pledge Agreement. Subject to the foregoing, this Agreement may be terminated by the Bank or Borrower at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective as of the date of this Amendment, Section 7.1(g) of the Agreement is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Custody Agreement is terminated except upon the simultaneous execution by the Bank, Custodian, and the Borrower of a substantially identical custody agreement in replacement thereof, in form and substance satisfactory to the Bank;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective as of the date of this Amendment, the following Section 17(k) is added to the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Pledge Agreement, and/or the Control Agreement annexed thereto, is terminated except upon the simultaneous execution by the Bank, Custodian, and the Borrower of substantially identical agreements in replacement thereof, in form and substance satisfactory to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective as of the date of this Amendment, the following Exhibits, relating to the Agreement, each of which is attached hereto, are made part of the Agreement, and replace those currently in effect:

Exhibit 1.1 – Participating Funds

Exhibit 2.1 – List of Authorized Representatives

Exhibit 3.1 – Certificate of Borrower

Exhibit 3.7 – Specific Representations of the Borrower

Appendix A – Pledge and Security Agreement Appendix

B – Authorization Letter

Section 2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each reference to the "Agreement" in the Agreement (as it existed prior to this Amendment) and in every other agreement, contract, or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment or modification to this Amendment shall be valid unless made in writing and executed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paragraph headings in this Amendment are included for convenience only and are not to be used to construe or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

------

**IN WITNESS WHEREOF**, the Borrower and the Bank have executed this Amendment by their duly authorized officers as of the date first above written.

---

| |
|:---|
| **MIDAS SERIES TRUST on behalf of those Funds listed on Exhibit 1.1 of the Agreement** |
| By: <u>/s/ Russell L. Kamerman, Esq.</u> |
| Name: Russell L. Kamerman, Esq. |
| Title: General Counsel |
| **THE HUNTINGTON NATIONAL BANK** |
| By: <u>/s/ Michael Felix</u> |
| Name: Michael Felix |
| Title: Senior Vice President |

---

------

**EXHIBIT 1.1** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**Date:** June 18, 2018, as amended March 1, 2026

**PARTICIPATING FUNDS** 

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| | |
|:---|:---|
| **Fund** | **Date Added** |
| Midas Discovery | June 18, 2018 |
| Midas Special Opportunities | June 18, 2018 |

---

------

**EXHIBIT 2.1** 

**TO REVOLVING CREDIT AGREEMENT BETWEEN** 

**MIDAS SERIES TRUST** 

**Fund:** Midas Series Trust

**DATE:** June 18, 2018, as amended March 1, 2026

**LIST OF AUTHORIZED REPRESENTATIVES** 

In accordance with section 2.1(b) of that certain revolving credit agreement dated June 18, 2018, between Midas Series Trust (the "Borrower") and The Huntington National Bank (the "Bank"), the Borrower hereby authorizes the Bank to act upon the telephonic and/or written instructions of the following authorized representatives of the Borrower:

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| | |
|:---|:---|
| Borrower and/or Investment Adviser: | Russell L. Kamerman, Esq. |
|  | Heidi Keating |
|  | Donald Klimoski II, Esq.<br> Thomas O'Malley<br> Daniel Ross |
|  | Thomas B. Winmill, Esq. |
| Custodian: | Any and all officers and employees of Argent Institutional Trust Company |

---

---

| |
|:---|
| **Midas Series Trust, on behalf of those Funds listed on Exhibit 1.1** |
| By: <u>/s/ Russell L. Kamerman</u><br> Name: Russell L. Kamerman, Esq.<br> Title: General Counsel |

---

------

**EXHIBIT 3.1** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**FORM OF CERTIFICATE OF BORROWER** 

**Date**: June 18, 2018, as amended March 1, 2026

**<u>MIDAS SERIES TRUST</u>** 

**CERTIFICATE OF BORROWER** 

Re: Midas Series Trust $15,000,000 Financing, consisting of $9,000,000 for Midas Discovery and $6,000,000 for Midas Special Opportunities

From The Huntington National Bank

The undersigned does hereby certify that he is the duly elected, qualified and acting President of Midas Series Trust, a Delaware statutory trust (the "Borrower"), and the undersigned does hereby further certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Attached hereto, marked <u>Attachment A</u>, is a true and correct copy of the current Declaration of Trust,
as in effect on the date hereof certified by the Secretary of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached hereto, marked <u>Attachment B</u>, is a true and correct copy of the Bylaws of the Borrower, as in
effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following persons are the duly elected officers of the Borrower, holding the office set forth opposite
their respective names. Each officer who has executed or will execute any documents in connection with this loan transaction has set forth his or her true and customary signature opposite his name:

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---

| | | |
|:---|:---|:---|
| Name | <u>Title</u> | Signature |
| Russell L. Kamerman, Esq. | Secretary, General Counsel, and Chief<br> Compliance Officer | |
| Heidi Keating | Vice President | |
| Donald Klimoski II, Esq. | Assistant Secretary, Assistant General Counsel, and Assistant Chief<br> Compliance Officer | |
| Thomas O'Malley | Treasurer, Chief Financial Officer, and<br> Chief Accounting Officer | |
| Daniel Ross | Investment Analyst | |
| Louis Soulios | Vice President, Finance | |
| Thomas B. Winmill, Esq. | Chairman, President, Chief Executive<br> Officer, and Chief Legal Officer | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each officer whose personal signature appears above has been duly authorized by resolution of the Board of
Trustees of the Borrower to execute any and all instruments or documents which he may deem necessary or appropriate in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Attached hereto, marked <u>Attachment C</u>, is a copy of the resolution authorizing the execution and
delivery of any documents in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Borrower is in good standing in the state of its formation. Attached hereto, marked <u>Attachment D</u>,
is a certificate of good standing issued within the past thirty (30) days by the Secretary of State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attached hereto, marked <u>Attachment E</u>, is a certificate executed in the name of the Borrower by an
officer of the Borrower certifying that the representations and warranties contained in Section 3 of the Revolving Credit Agreement are true and correct in all material respects as of the date hereof and shall remain true and correct for as
long as the Revolving Credit Agreement remains in effect.

***SIGNATURES ON FOLLOWING PAGE***

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IN WITNESS WHEREOF, the undersigned hereby certifies the above to be true and has executed this certificate this 1st day of March 2026.

Thomas B. Winmill, Esq., President

The undersigned does hereby certify that he is the Secretary of the Borrower and does further certify that the signatory above is the President of the Borrower, and that his signature set forth above is her true and customary signature.

Russell L. Kamerman, Esq., Secretary

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**EXHIBIT 3.7** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**Funds:** Midas Series Trust

**Date:** June 18, 2018, as amended March 1, 2026

**SPECIFIC REPRESENTATIONS OF BORROWER** 

1. The exact legal name of the Borrower is: <u> </u> <u>Midas Series Trust</u> 

2. If the Borrower has changed its name since it was established, its past legal names were: <u>See Item 11 below</u> 

3. The Borrower uses in its business and owns the following trade names:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>N/A</u> 

4. The Borrower was organized on September 28, 2012 and is in good standing under the laws of the State of
Delaware.

5. The Borrower has its chief executive office and principal place of business at:

<u>P.O. Box 4</u>, <u>Walpole</u>, <u>NH 03608</u>

6. The Borrower maintains all of its records with respect to its accounts at that address and at Ultimus Asset
Services, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 (the offices of the Borrower's Transfer, Dividend Disbursing and Investment Accounting Services Agent) and State Street Bank and Trust Company, 801 Pennsylvania, Kansas City,
MO 64105 (the offices of the Borrower's former custodian and lender).

7. The Borrower also has places of business at: <u>N/A</u> 

8. No securities owned by the Participating Funds are located at any other place, nor were they located at any
other place within the past four (4) months, except as held by The Huntington National Bank or Argent Institutional Trust Company, as custodian, and by the agents and sub-custodians thereof

------

9. In the past five (5) years the Borrower has never maintained its chief executive office or principal
place of business or records with respect to accounts, nor owned personal property, at any locations except those set forth above and except:

The Borrower has maintained its chief executive office or principal place of business at 11 Hanover Square, 12th Floor, New York, NY 10005; 2255 Buffalo Road, Rochester, NY 14624; 3814 Route 44, Millbrook, NY 12545

10. If the name of any Fund has been changed since it was formed, its past names are:

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| | |
|:---|:---|
| <u>Current Name</u> | <u>Previous Names</u> |
| Midas Discovery | Midas Fund |
|  | Midas Fund, Inc. |
| Midas Special Opportunities | Midas Magic<br> Midas Magic, Inc. |
|  | Midas Special Fund, Inc. |

---

------

**APPENDIX A** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST AND** 

**THE HUNTINGTON NATIONAL BANK** 

**PLEDGE AND SECURITY AGREEMENT** 

**THIS PLEDGE AND SECURITY AGREEMENT** ("Agreement"), dated as of March 1, 2026, between Midas Series Trust, a Delaware statutory trust (the "Borrower"), executing this Agreement on behalf of itself and on behalf of those investment series set forth on <u>Exhibit 1.1</u> (the "Fund(s)" and each, a "Fund"), and **THE HUNTINGTON NATIONAL BANK**, a national banking association ("Bank"). In the event of conflict between the Revolving Credit Agreement and this Agreement, this Agreement shall control.

**W I T N E S S E T H:** 

**WHEREAS**, the Borrower and Argent Institutional Trust Company ("Custodian") have previously entered into a Custody Agreement dated March 1, 2026 (as said Custody Agreement may be amended, restated or otherwise modified from time to time, "the Custody Agreement"), pursuant to which Bank holds securities as custodian for the Borrower on behalf of the Funds, all as more fully set forth in the Custody Agreement; and

**WHEREAS**, the Borrower, on behalf of the Funds, is issuing to Bank a promissory note (as said Note may be amended, restated or otherwise modified from time to time, the "Note") in connection with the execution on the date hereof by the Borrower on behalf of the Funds and Bank of that certain Revolving Credit Agreement (as said Loan Agreement may be amended, restated or otherwise modified from time to time, the "Loan Agreement"); and

**WHEREAS**, the Borrower, on behalf of the Funds, the Investment Adviser and the Bank may execute a Foreign Exchange Agreement(s) ("FX Agreement") pursuant to which the Investment Adviser enters into foreign exchange transactions on behalf of a Fund for hedging and investment purposes and the Borrower, on behalf of the Funds, the Investment Adviser and the Bank may execute an ISDA Master Agreement (Multicurrency - Cross Border), as well as any related annexes, confirmations and other documentation (an "FX Options Agreement", and together with the FX Agreement, the "FX Documentation"), pursuant to which the Investment Adviser may enter into foreign currency options transactions on behalf of a Fund; and;

**WHEREAS**, it is a condition to Bank executing the Loan Agreement, an FX Agreement and, if applicable, an FX Options Agreement that this Agreement be executed and delivered by the Borrower, pursuant to which the Borrower is, among other things, agreeing to pledge securities owned by the Borrower but held by a Fund to (i) secure borrowings incurred by the Borrower on behalf of the Fund under the Loan Agreement and as reflected on the Note and (ii) secure the settlement of foreign exchange transactions under the FX Documentation.

**NOW, THEREFORE**, in consideration of the premises and to induce Bank to agree to execute the Loan Agreement and the FX Documentation, it is agreed as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

Specific Definitions. The following definitions shall apply:

"Alternative Funding Date" shall have the meaning given it in the FX Agreement.

"Business Day" shall mean any day other than a Saturday, a Sunday*,* or other day on which Bank is authorized or required to be closed.

"Collateral" shall have the meaning set forth that term in Section 2. "Costs" shall have the meaning set forth that term in Section 4.

"Default" means any event that, with the giving of notice or the passage of time, or both, would be an Event of Default.

"Event of Default" has the meaning set forth in Section 8.

"Governmental Authority" shall mean any foreign, federal, state, regional, local, municipal or other government, or any department, commission, board, bureau, agency, public authority or instrumentality thereof, or any court.

"Insolvency Event" means, with respect to a Person, any of the following: a court enters a decree or order for relief in respect to such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar law then in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of such Person or for any substantial part of its property, or orders the wind-up or liquidation of its affairs; or a petition initiating an involuntary case under any such bankruptcy, insolvency or similar law is filed against such Person; or such Person commences a voluntary case under any applicable bankruptcy, insolvency or other similar law in effect, or makes any general assignment for the benefit of creditors, or fails generally to pay its debts as such debts become due, or takes corporate action in furtherance of any of the foregoing.

"Investment Adviser", has the meaning set forth in Exhibit 1.1

"Lien" means any security interest, mortgage, pledge, assignment, or voluntary or involuntary lien, charge or other encumbrance of any kind, including interests of vendors or lessors under conditional sale contracts or capital leases.

"Obligation(s)" (i) means all loans, advances, indebtedness and other obligations of the Borrower owed to Bank under the Loan Agreement, as the same may be amended from time to time hereafter, of every description whether now existing or hereafter arising and whether direct or indirect, primary or as guarantor or surety, absolute or contingent, liquidated or unliquidated, matured or unmatured, secured or unsecured, and all expenses and attorney's fees incurred by Bank under this Agreement or any other document or instrument related thereto, and (ii) any amounts owed to the Bank in connection with any foreign exchange transaction or foreign currency options transaction entered into on behalf of a Fund and to pay any and all

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applicable fees under the FX Agreement, the FX Options Agreement or any Pledge Documents, and all Costs incurred by the Bank.

"OFAC" means The Office of Foreign Assets Control of the U.S. Department of the Treasury. "Person" shall mean and include an individual, business trust, statutory trust, corporation, partnership, corporation, joint stock company, trust, unincorporated association, joint venture or other entity.

"Pledge Documents," means this Agreement and the Control Agreement dated March 1, 2026, by and among the Borrower, on behalf of the Funds; the Custodian and the Bank, including any and all such documents as they may be amended, restated or otherwise modified from time to time.

"Requirements of Law" as to any Person shall mean the articles or certificate of incorporation and bylaws or other organizational or governing documents of such Person and any determination of an arbitrator or a court or other Governmental Authority, or law, treaty, rule or regulation or, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"Sanctioned Entity" means (i) a country or a government of a country, (ii) an agency of the government of a country, (iii) an organization directly or indirectly controlled by a country or its government, (iv) a Person resident in or determined to be resident in a country, in each case, that is subject to a country Sanctions program administered and enforced by OFAC.

"Sanctioned Person" means a Person named on the list of Specially Designated Nationals maintained by OFAC.

"Securities" shall have the meaning set forth that term in Section 2.

"Settlement Date" has the meaning given it in the FX Documentation.

"Trade Date" has the meaning given it in the FX Documentation.

"Trust Custody Account," means each account of the Borrower established with the Custodian on behalf of a Fund pursuant to the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Pledge</u>. To secure the payment and performance by the Borrower, on behalf of a Fund, of the Obligations under the Loan Agreement and the FX Documentation, the Borrower grants to the Bank and its successors and assigns, with full power and discretion as hereinafter provided, a continuing first priority lien and security interest in and right of setoff against all of the Borrower's rights, title and interest, including without limitations the Borrower's securities entitlement (as such term is defined in Article 8 of the Uniform Commercial Code as adopted by the State of Indiana (the "UCC")), in and to the Securities (as defined below) now or at any time held or controlled by Custodian pursuant to the Custody Agreement or by any third party, whether or not acting on behalf of the Bank, together with all the Borrower's rights, title and interest in and to all Securities and financial assets (as such term is defined in Article 8 of the

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UCC) therein and all principal, interest, distributions, dividends (whether cash or stock), income, earnings, cash and other rights at any time received or receivable or otherwise distributed in respect of or in exchange therefor, and all additions to, all replacements of, all substitutions for, and all proceeds of any or all of the foregoing (the "Collateral").

The Borrower acknowledges and agrees that so long as this Agreement is in effect, the Custodian is holding physical possession and/or control of the Securities for the purposes set forth in the Custody Agreement.

"Securities" shall include, without limitation, whether certificated or uncertificated, those common and preferred stocks, bonds, registered and unregistered investment company securities, call options, put options, debentures, notes, bank certificates of deposit, banker's acceptances, mortgage backed securities, U.S. Treasury Securities, money market instruments or other obligations, repurchase agreements and the underlying collateral, certificates, receipts, warrants, securities entitlements, securities accounts or other investment property, instruments or documents, and all additions, all as owned by the Borrower on behalf of a Fund. Securities shall also include any rights or other interests therein to receive, purchase or subscribe for any of the foregoing and all investments and rights therein. The collateral value of the Securities shall be calculated in accordance with the procedures set forth in the Borrower's current prospectus and Statement of Additional Information ("Securities Valuation").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Authorization to File Financing</u> <u>Statements</u>; <u>Ratification.</u> The Borrower hereby authorizes the Bank to file all financing statements. The Borrower will deliver to the Bank control agreements (substantially in the form attached here to as <u>Annex 1</u>, a "Control Agreement") and other documents and take such other actions as may from time to time be requested by the Bank in order to maintain a first perfected security interest in and, if applicable, Control (as defined in the UCC) of the Collateral owned by the Borrower on behalf of a Fund. Any financing statement filed by the Bank may be filed in any filing office in any UCC jurisdiction and may indicate the Borrower's Collateral (i) as all assets of the Borrower or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC or such jurisdiction, or (ii) by any other description which reasonably approximates the description contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Fees and Costs</u>. The Borrower shall reimburse the Bank for all fees, costs and expenses including, without limitation, reasonable attorney's fees, other professional fees, appraisal fee, court costs, litigation and other expenses (collectively, "Costs") incurred in connection with the enforcement of the Pledge Documents without any limitation. Costs shall be due and payable upon demand by the Bank. If the Borrower fails to pay Costs upon such demand, the Bank is entitled to disburse such Costs as Obligations. Thereafter, the Costs shall bear interest from the date incurred or disbursed at the highest rate set forth in the Loan Agreement. This provision shall survive the termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>. The Borrower represents and warrants to the Bank that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date of each Loan (as defined in the Loan Agreement) and each transaction under the FX Documentation, the Borrower will be the sole beneficial owner of the Securities free and clear of any security interest, pledge, or other lien or encumbrance (collectively, "Lien") thereon or affecting the title thereto, except for Liens in favor of the Bank and the Custodian and Liens of governmental entities which secure amounts not at the time due and payable and which are imposed by law without the consent of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower has the right and requisite authority to pledge, mortgage, assign, transfer, deliver, deposit, set over, grant a security interest in and confirm the Securities to the Bank and/or the Custodian, as applicable, as provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower has obtained all permits, consents, approvals, authorizations or other orders of any Person, corporation, partnership, trust, governmental entity, or other entity required for the execution and delivery of this Agreement or the delivery of the Securities to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower has good and marketable title to the Securities, and the Liens granted to the Bank pursuant to this Agreement are fully perfected first priority Liens in and to the Securities assuming that the Custodian has physical possession and/or control of the Securities as set forth in Section 2, Control Agreements remain in effect with respect to the Securities providing control of the Securities to the Bank, and that Bank makes and continues such UCC-1 financing statement filings as are necessary to perfect Bank's security interest in the Securities.

The representations and warranties set forth in this Section 5 shall survive the execution and delivery of this Agreement and shall be deemed to have been made anew upon the making of each Loan pursuant to the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Covenants</u>. The Borrower covenants and agrees that until payment in full of all the Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without the prior written consent of the Bank, it will not mortgage, pledge or otherwise encumber any of the Borrower's rights in or to the Securities or any unpaid dividends or other distributions or payments with respect thereto, or grant a Lien in any of the above; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower will not cause or permit any Fund to create, incur, assume or permit to continue in existence any Lien on Collateral now owned or hereafter acquired by the Borrower, except for Liens to the Bank under this Agreement in favor of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Rights with Respect to Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this Agreement, the Borrower shall have the rights provided to it in the Custody Agreement or any Control Agreement. The Borrower shall have the right, from time to time, to vote and give consents with respect to the Securities for all purposes not inconsistent with the provisions of this Agreement, the Custody Agreement or any Control Agreement. Notwithstanding anything else set forth in this Agreement, in the event of a conflict between this Agreement, the Custody Agreement and the Control Agreement, the provisions of this Agreement and the Control Agreement shall control and in the event of a conflict between this Agreement and the Control Agreement, the Control Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank (itself or through an agent) is hereby authorized and empowered at its election, subject to the terms of the Control Agreements, to transfer and register in its name or in the name of its nominee the whole or any part of the Securities to collect and receive all cash dividends and other distributions made thereon, to sell in one or more sales, but without any previous notice or advertisement, the whole or any part of the Securities and to otherwise act with respect to the Securities as though the Bank was the outright owner thereof. Except as provided in the Authorization Letter (as defined in the Loan Agreement), the Bank hereby agrees that it shall not exercise any of the powers granted in this Section 7(b) unless an Event of Default (as defined in Section 8) has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Events of Default</u>. The following shall each constitute an "Event of Default" under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The occurrence of an Event of Default under the terms of the Loan Agreement, the Note or the FX Documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure by the Borrower to observe and perform any covenant, condition, or agreement on the Borrower's part to be observed or performed under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure of any representation or warranty of the Borrower contained in this Agreement to be true when given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An Insolvency Event occurs with respect to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any of the following occurs: there is a material impairment of the value or priority of the Bank's Lien in the Collateral; a notice of lien, levy or assessment is filed against the Borrower or an asset of the Borrower by any government authority; or a judgment or

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other claim becomes a Lien on any Collateral; or any asset of the Borrower is seized, attached, or otherwise levied upon by a judicial officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any event occurs which might, in the Bank's reasonable opinion, have a material adverse effect on the Collateral pledged to the Bank under this Agreement or on the Borrower's financial condition, operations or prospects or the ability of the Borrower to perform its obligations under this Agreement or any other Pledge Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custody Agreement is terminated except upon the simultaneous execution by the Bank, the Custodian, and the Borrower of a substantially identical custody agreement in replacement thereof, in form and substance satisfactory to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Default shall occur and be continuing, then or at any time thereafter, and in addition to the rights and remedies of Bank pursuant to the terms and provisions of the Loan Agreement and the Note, the Bank (itself or through an agent) is hereby authorized and empowered at its election, to sell in one or more public or private sales after seven days' notice (which notice the Borrower agrees is commercially reasonable) but without any previous notice or advertisement, the whole or any part of the Securities. Any sale may be either for cash or upon credit or for future delivery, and the Bank may be the purchaser of the whole or any part of the Securities so sold and hold the same thereafter in its own right free from any claim of the Borrower or any right of redemption. The Bank reserves the right to reject any and all bids at such sale which, in its sole discretion, it shall deem inadequate. Demands of performance, except as otherwise herein specifically provided for, notices of sale, advertisements and the presence of property at sale are hereby waived and any sale hereunder may be conducted by any officer or agent of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at the original time or times appointed for the sale of the whole or any part of the Securities, the then current market price is inadequate to discharge in full all the Obligations, or if the Securities be offered for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would indicate to the Bank, in its discretion, the unlikelihood of the proceeds of the sales of all of the Securities being sufficient to discharge all the Obligations, the Bank may, on one or more occasions, postpone any of said sales by public announcement at the time of sale or the time of previous postponement of sale, and no other notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided, however, that any sale or sales made after such postponement shall be after seven days' notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any sale(s) hereunder the Bank shall, after deducting all costs or expenses of every kind (including, to the full extent permitted by law, attorney's fees and disbursements) for care, safekeeping, collection, sale, delivery or otherwise, apply the residue of the proceeds of the sale(s) to the payment or reduction, either in whole or in part, of the Obligations returning the surplus, if any, to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, at any time when the Bank shall determine to exercise its right to sell the whole or any part of the Securities hereunder, such Securities or the part thereof to be sold

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shall not be effectively registered, for any reason whatsoever, under the Securities Act of 1933, as then in effect (or any similar statute then in effect) (the "Securities Act"), the Bank may, in its discretion (subject only to applicable Requirements of Law), sell such Securities or part thereof by private sale in such manner and under such circumstances as the Bank may deem necessary or advisable, but subject to the other requirements of this Section 9, and shall not be required to effect such registration or to cause the same to be effected. Without limiting the generality of the foregoing, in any such event the Bank in its discretion (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Securities or part thereof could be or shall have been filed under said Securities Act (or similar statute), (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment and not with a view to the distribution or sale of such Securities or part thereof. In addition to a private sale as provided above in this Section 9, if any of the Securities shall not be freely distributable to the public without registration under the Securities Act (or similar statute) at the time of any proposed sale pursuant to this Section 9, then the Bank shall not be required to effect such registration or cause the same to be effected but, in its discretion (subject only to applicable Requirements of Law), may require that any sale hereunder (including a sale at auction) be conducted subject to restrictions (i) as to the financial sophistication and ability of any Person permitted to bid or purchase at sale, (ii) as to the content of legends to be placed upon any certificates representing the Securities sold in such sale, including restrictions on future transfer thereof, (iii) as to the representations required to be made by each Person bidding or purchasing at such sale relating to that Person's access to financial information about the Borrower and such Person's intentions as to the holding of the Securities so sold for investment, for its own account, and not with a view to the distribution thereof, and (iv) as to such other matters as the Bank may, in its discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with laws affecting the enforcement of creditors' rights and the Securities Act and all applicable state or other jurisdictions' securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower acknowledges that any sale under the circumstances described in this Section 9 shall be deemed to have been held in a manner which is commercially reasonable. In the event of any such sale under the circumstances described in this Section 9, the Bank shall incur no responsibility or liability for selling all or any part of the Securities at a price which the Bank may deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sales were deferred until after registration as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower agrees that it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or hereafter in force in order to prevent or delay the enforcement of this Agreement, or the absolute sale of the whole or any part of the Securities or the possession thereof by any purchaser at any sale hereunder, and the Borrower waives the benefit of all such laws to the extent it lawfully may do so. The Borrower agrees that it will not interfere with any right, power and remedy of the Bank provided for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Bank of any one or more of such rights, powers or remedies. No failure or delay on the part of the Bank to exercise any such right, power or remedy and no notice or demand which may be given to or made upon the

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Borrower by the Bank with respect to any such remedies shall operate as a waiver hereof, or limit or impair the Bank's right to take any action or to exercise any power or remedy hereunder, without notice or demand, or prejudice its rights as against the Borrower in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Bank acknowledges and agrees that the exercise of remedies set forth in this Section 9 is subject to compliance with the terms of the Control Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower waives any right to require Bank to: (i) proceed against or exhaust any security held for the Obligations, or (ii) pursue any other remedy in Bank's power whatsoever. The Borrower hereby waives notice of acceptance of this Agreement, and also presentment, demand, protest and notice of dishonor of any and all of the Obligations, and promptness in commencing suit against any party thereto or liable thereon, and in giving notice to or of making any claim or demand hereunder upon the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No delay on the Bank's part in exercising any power of sale, lien, option or other right hereunder, and no notice or demand which may be given to or made upon the Borrower by the Bank with respect to any power of sale, lien, option or other right hereunder, shall constitute a waiver thereof, or limit or impair the Bank's right to take any action or to exercise any power of sale, lien, option, or any other right hereunder, without notice or demand, or prejudice the Bank's rights as against the Borrower in any respect. No act or omission of any kind on Bank's part shall in any event affect or impair this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnification</u>. The Borrower agrees to indemnify and hold the Bank harmless from and against any taxes, liabilities, claims and damages, including reasonable attorney's fees and disbursements, and other expenses incurred or arising by reason of the taking or the failure to take action by the Bank, in good faith, under this Agreement and in respect of any transactions effected in connection with this Agreement, including, without limitation, any taxes payable in connection with the delivery or registration of any of the Securities as provided herein. The obligations of the Borrower under this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees to promptly reimburse Bank for actual out-of-pocket expenses, including, without limitation, reasonable counsel fees, incurred by the Bank in connection with the administration and enforcement of this Agreement and/or the Note and/or the Loan Agreement; provided, however, that this Section 12(a) shall not be construed as granting the Bank a security interest in any Securities for the purpose of paying such counsel fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon the Borrower and the Borrower's assigns, and shall inure to the benefit of, and be enforceable by, the Bank and its successors, transferees and assigns. None of the terms or provisions of this Agreement may be waived, altered, modified or amended except in writing duly signed for and on behalf of the Bank and the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Any notices under or pursuant to this Agreement shall be deemed duly sent when delivered by hand or when mailed by registered or certified mail, return receipt requested, or when sent by facsimile transmission, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Bank:

The Huntington National Bank

45 North Pennsylvania Street

INHP22

Indianapolis, IN 46204

Attention: Michael Felix

Tel: 317-687-2440

Email: <u>Michael.Felix@Huntington.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Trust:

Midas Series Trust

P.O. Box 4

Walpole, NH 03608

Attention: Russell L. Kamerman, Esq., General Counsel

Tel: 212-785-0900, Ext. 275

Email: rkamerman@performancedriven.us

with a copy to:

Midas Management Corporation

P.O. Box 4

Walpole, NH 03608

Attention: Donald Klimoski II, Assistant General Counsel

Tel: 212-785-0900, Ext. 280

Email: dklimoski@performancedriven.us

Either party may change such address by sending notice of the change to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, which shall, collectively and separately, constitute one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing</u> <u>Law</u>; <u>Jurisdiction</u>. All acts and transactions hereunder and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Ohio. The Borrower agrees that the state and federal courts in Franklin County, Ohio or any other court in which Bank initiates proceedings have exclusive jurisdiction over all matters arising out of this Agreement, and that service of process in any such proceeding shall be effective if mailed to the Borrower at its address described in the Notices section of this Agreement. BANK AND THE BORROWER HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER PARTY AGAINST ANY OTHER ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

***SIGNATURES ON FOLLOWING PAGE***

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**IN WITNESS WHEREOF**, the parties hereto have caused this Pledge and Security Agreement to be duly executed as of the date first above written.

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| |
|:---|
| **MIDAS SERIES TRUST, on behalf of the Funds** |
| "Borrower" |
| By: <u>/s/ Russell L. Kamerman</u><br> Name: Russell L. Kamerman, Esq.<br> Title: General Counsel |
| **THE HUNTINGTON NATIONAL BANK**, "Bank" |
| By: <u>/s/ Michael Felix</u><br> Name: Michael Felix |
| Title: Senior Vice President |

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**EXHIBIT 1.1** 

**TO PLEDGE AND SECURITY AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**PARTICIPATING FUNDS** 

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| | | |
|:---|:---|:---|
| Fund | Investment Adviser | Date Added |
| Midas Discovery | Midas Management Corporation | June 18, 2018 |
| Midas Special Opportunities | Midas Management Corporation | June 18, 2018 |

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| |
|:---|
| **MIDAS SERIES TRUST on behalf of the Funds,** |
| "Borrower" |
| By: <u>/s/ Russell L. Kamerman</u><br> Name: Russell L. Kamerman, Esq.<br> Title: General Counsel |
| **THE HUNTINGTON NATIONAL BANK**, "Bank" |
| By: <u>/s/ Michael Felix</u><br> Name: Michael Felix |
| Title: Senior Vice President |

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**ANNEX 1** 

**TO PLEDGE AND SECURITY AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**CONTROL AGREEMENT** 

This Control Agreement (this "Agreement"), dated March 1, 2026 is by and among **MIDAS SERIES TRUST,** a Delaware statutory trust (the "Borrower") executing this Agreement on behalf of itself and on behalf of those investment series set forth in Exhibit A (the "Funds" and each, a "Fund"), **THE HUNTINGTON NATIONAL BANK**, a national bank ("Bank"), and **ARGENT INSTITUTIONAL TRUST COMPANY**, (the "Custodian").

WHEREAS, the Borrower and the Custodian are parties to a certain Custody Agreement(s) whereunder Custodian holds custody of various assets of Borrower, which include the Collateral Account(s), as defined and listed below; and

WHEREAS, the Borrower and Bank have entered into the Pledge Agreement dated as of March 1, 2026; and

WHEREAS, Bank, the Borrower and the Custodian are entering into this Agreement to provide for Bank's control of the Collateral Account(s) and the financial assets and other property held in the Collateral Account(s).

NOW THEREFORE, for valuable consideration, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Establishment of Collateral Account(s</u>). The Custodian hereby confirms and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Custodian has established the following account(s) (the "Collateral Account(s)"), in the name of the Borrower.

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| | |
|:---|:---|
| Fund | Collateral Account Numbers |
| Midas Discovery | 15040001820 |
| Midas Special Opportunities | 15040001830 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Custodian is, and at all times hereafter will be, acting in the capacity of "Securities Intermediary" (as such term is defined in Article 8 of the Uniform Commercial Code as adopted by the State of Ohio (the "UCC")) in respect of all Securities or other property credited to the Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 All securities or other property underlying any financial assets credited to the Collateral Account(s) shall be registered in the name of the Custodian or its nominee, indorsed to the Custodian or in blank and in no case, will any financial asset credited to a Collateral Account be registered in the name of the Borrower, payable to the order of the Borrower or specially indorsed to the Borrower except to the extent the foregoing have been specially indorsed to the Custodian or in blank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Collateral Account Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Bank Securi</u>ty <u>Interest</u>. The Borrower has granted Bank a security interest in the Collateral and Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Control</u>. Custodian will comply with the entitlement order(s) (as defined in the UCC) or other instruction(s) received from the Borrower until Custodian receives a written notice from Bank instructing Custodian that Bank is exercising its right to exclusive control over the Collateral Account(s). Such notice, which shall be substantially in the form attached hereto as <u>Exhibit B</u>, is referred to herein as a "Notice of Exclusive Control". After Custodian receives a Notice of Exclusive Control and Custodian has a reasonable time to act thereon, Custodian shall thereafter comply only with the entitlement order(s) (as defined in the UCC) or other instruction(s) received from Bank with respect to the Collateral and the Collateral Account(s) without further consent of Borrower or any other Person. If the Custodian receives conflicting entitlement orders or instructions from the Borrower and the Bank, the Custodian shall follow the instructions or entitlement orders originated by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Limited Responsibili</u>ty <u>of Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Custodian shall have no responsibility or liability to Bank for complying with entitlement orders or other instructions originated by the Borrower concerning the Collateral Account(s) or any Collateral, prior to Custodian receiving a Notice of Exclusive Control and Custodian having had a reasonable time to act thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Custodian shall have no responsibility or liability to the Borrower, for complying with a Notice of Exclusive Control or complying with entitlement orders or other instructions originated by Bank concerning the Collateral Accounts or any Collateral. The Custodian shall have no duty to investigate or make any determination as to whether any entitlement order or Notice of Exclusive Control is appropriate whether or not the Borrower may allege that such entitlement order or Notice of Control is inappropriate. Upon Bank issuing a Notice of Exclusive Control, the Borrower agrees not to issue any request or instructions to Custodian to make trades of securities held in the Collateral Account(s) or to transfer or withdraw any financial assets, cash or other property from the Collateral Account(s) without the prior written consent of Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Notwithstanding any provision contained herein or in any other document or instrument to the contrary, Custodian shall not be liable for any action taken or omitted to be taken at the instruction of Bank or the Borrower, as applicable, or any action taken or omitted to be taken under or in connection with this Agreement, except for Custodian's own gross negligence or willful misconduct in carrying out such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Distributions</u>; <u>Tax Reportin</u>g. Custodian or its agent shall credit to the Borrower's custodial account(s) all interest, dividends and other income received by Custodian on the Collateral, unless Custodian has received a Notice of Exclusive Control and has had a reasonable time to act thereon. All items of income, gain, expense and loss recognized in the

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Collateral Account(s) shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duties and Services of Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Custodian shall have no duties, obligations, responsibilities or liabilities with respect to the Collateral or the Collateral Account(s) except as and to the extent expressly set forth in this Agreement (and as between the Borrower and Custodian the Custody Agreement), and no implied duties of any kind shall be read into this Agreement against Custodian including, without limitation, the duty to preserve, exercise or enforce rights in the Collateral and Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Instructions under this Agreement from the Borrower's authorized representative given in accordance with the terms of the Custody Agreement shall also constitute proper instructions under the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Bank agrees to provide to Custodian, on <u>Exhibit C</u> attached hereto, the names and signatures of authorized parties who may give written notices, instructions or entitlement orders concerning the Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Notwithstanding anything to the contrary in this Agreement, Bank and the Borrower hereby further acknowledge and agree that any Collateral issued outside the United States ("Foreign Security System Assets") which may be held by Custodian, a sub-custodian within Custodian's network of sub-custodians (each a "Sub-Custodian") or a depository or book-entry system for the central handling of securities and other financial assets in which Custodian or the Sub-Custodian are participants may not permit the Borrower to have a security entitlement under the UCC with respect to such Foreign Security System Assets (and such property shall be deemed for purposes of this Agreement not to be a financial asset held within the Collateral Account(s)). The parties hereby further acknowledge that Custodian gives no assurance that a security entitlement is created under the UCC with respect to any assets held in Euroclear or Clearstream Banking or their successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnification of the Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Borrower and Bank hereby agree that Custodian is released from any and all liabilities to the Borrower and Bank arising from the terms of this Agreement and the compliance of Custodian with the terms hereof, except to the extent that such liabilities arise directly from Custodian's gross negligence or willful misconduct. In no event shall Custodian be liable under this Agreement to the Borrower or Bank or any Person claiming by through or under the Borrower or Bank for consequential or special damages, even if Custodian has been advised of the possibility or likelihood of such damages. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 As between the Borrower and Custodian, Custodian shall be and remains entitled to all of the rights, indemnities, powers, and protections in its favor under the Custody Agreement, which shall apply fully to Custodian's actions and omissions hereunder. This provision shall survive the termination of this Agreement. In addition to such the rights, indemnities, powers, and protections set forth in the Custody Agreement, Borrower hereby

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agrees to hold harmless, indemnify, and defend Custodian, and its affiliates, successors, assigns, officers, directors, employees, and agents, against all losses, liabilities, claims, litigation, demands, suits, costs (including reasonable attorneys' fees), disbursements, or expenses incurred as a result of the assertion of any claim by any Person or entity arising out of or otherwise arising from or in connection with or related to this Agreement, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement, except to the extent the losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses are a direct result of Custodian's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 As between Custodian and Bank, Bank will hold harmless, indemnify, and defend Custodian, and its affiliates, successors, assigns, officers, directors, employees, and agents, against all losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses arising out of entitlement orders and any other instructions given by Bank to Custodian under this Agreement or actions taken by Custodian in compliance with entitlement orders originated by Bank, or otherwise following instructions of Bank hereunder, including reasonable attorneys' fees and disbursements, except to the extent the losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses are a direct result of Custodian's gross negligence or willful misconduct. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Custodian Representations</u>. The Custodian agrees and confirms, as of the date hereof, and at all times until the termination of this Agreement that it has not entered into, and until the termination of this Agreement will not enter into, any agreement (other than the Custody Agreement and any sub-custodian agreements in connection therewith) with any other Person or entity relating to the Collateral or the Collateral Account(s) under which it has agreed to comply with entitlement orders (as defined in Section 8-102 of the UCC) of such other Person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Access To Reports</u>. The Custodian will provide access to Bank to view statements of the holdings report of the Collateral Account(s) which is updated on daily basis; provided, however, that Custodian's failure to provide access to Bank to shall not give rise to any liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Fees and Expenses of Custodian</u>. In addition to the terms of the Custody Agreement, the Borrower hereby agrees to pay and reimburse Custodian for any advances, costs, expenses (including, without limitation, reasonable attorney's fees and costs) and disbursements that may be paid or incurred by Custodian in connection with this Agreement or the arrangement contemplated hereby, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liens</u>; <u>Advances</u>; <u>Right of Offset</u>. Any fees, expenses or other amounts that may be owing to Custodian from time to time pursuant to the terms hereof or of the Custody Agreement shall be secured by any lien, encumbrance and other rights that Custodian may have under the Custody Agreement or applicable law; and Custodian shall be entitled to exercise such rights and interests against the Collateral and Collateral Account(s) in accordance with the terms of the Custody Agreement. Without limiting the generality of the foregoing, Bank furthermore agrees that (a) if Custodian, at its option without any liability or obligation to do so, advances

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cash or investments to the Collateral Account(s) for any purpose (including but not limited to securities settlements, foreign exchange contracts, assumed settlement or account overdraft) for the benefit of the Borrower, any property at any time held pursuant to this Agreement shall be security therefor and, should Borrower fail to repay Custodian promptly, Custodian shall be entitled to utilize available cash and/or to liquidate assets in the Collateral Account(s) to the extent necessary to obtain reimbursement; and (b) Custodian shall be entitled to utilize available cash and/or to liquidate assets in the Collateral Account(s) for the payment of fees, cost and expenses owing to Custodian with respect to the Collateral Account(s), and all costs and expenses that may be paid or incurred by Custodian in connection with this Agreement, including, without limitation, any that may be incurred in performing Custodian's duties under this Agreement pertaining to instructions or entitlement orders or a Notice of Exclusive Control issued by Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. Any notice, instruction or other instrument required to be given hereunder requests and demands to or upon the respective parties hereto shall be in writing and may be sent by hand, or by facsimile transmission, or delivery by any recognized delivery service, prepaid or, by certified or registered mail, postage prepaid, and addressed as follows, or to such other address as any party may hereafter notify the other respective parties hereto in writing; provided, however, that any notice to the Custodian shall not be deemed to be given until received by it:

&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) If to Custodian, then:

Argent Institutional Trust Company

5901 Peachtree Dunwoody Road

Suite C495

Atlanta, GA 30328

Attention: Legal Department

&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) If to Bank, then:

The Huntington National Bank

45 North Pennsylvania Street

INHP22

Indianapolis, IN 46204

Attn: Michael Felix

Tel: 317-687-2440

Email: Michael.Felix@Huntington.com

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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;(c) If to Borrower, then:

Midas Series Trust

c/o Bexil Advisers LLC

P.O. Box 4

Walpole, NH 03608

Attention: Russell L. Kamerman, General Counsel

Tel: 212-785-0900, Ext. 275

Email: rkamerman@performancedriven.us

with a copy to:

Midas Series Trust

c/o Midas Management Corporation

P.O. Box 4

Walpole, NH 03608

Attention: Donald Klimoski II, Assistant General Counsel

Tel: 212-785-0900, Ext. 280

Email: dklimoski@performancedriven.us

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. No amendment or modification of this Agreement will be effective unless it is in writing and signed by each of the parties hereto. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but such counterparts together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Termination</u>. This Agreement shall continue in effect until Bank has notified Custodian in writing that this Agreement or its interest in the Collateral Account(s) is terminated. Upon receipt of such notice, Bank shall have no further right to originate instructions with respect to the Collateral or Collateral Account(s) and any previous Notice of Exclusive Control delivered by the Bank shall be deemed to be of no further force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severabili</u>ty. In the event any provision of this Agreement is held illegal, void or unenforceable, the remainder of this Agreement shall remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Successors</u>; <u>Assignment</u>. This Agreement shall be binding upon the parties hereto and their respective successors and assigns. No party may assign or transfer any of its rights or obligations hereunder without the prior written consent of the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing</u> <u>Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without giving effect to the conflict of law provisions thereof and the jurisdiction of Custodian for purposes of this Agreement shall be the State of Ohio. The Borrower and Bank agree that the state and federal courts in Franklin County, Ohio or any other court in which Custodian initiates proceedings have exclusive jurisdiction over all matters arising out of this Agreement, and that service of process in any such proceeding shall be effective if mailed to the Borrower or Bank at its addresses described in the Notices section of this Agreement. EACH OF THE PARTIES HEREBY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OTHER PARTY ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but such counterparts together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Headin</u>gs. Any headings appearing on this Agreement are for convenience only and shall not affect the interpretation of any of the terms of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Agreement under their respective seals as of the date first written above.

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| |
|:---|
| **ARGENT INSTITUTIONAL TRUST COMPANY**, as |
| Custodian |
| By: <u>/s/ Luke McCabe</u><br> Name: Luke McCabe<br> Title: Managing Director<br> Its duly authorized officer |
| **THE HUNTINGTON NATIONAL BANK**, as Bank |
| By: <u>/s/ Michael Felix</u><br> Name: Michael Felix |
| Title: Senior Vice President<br> Its duly authorized officer |
| MIDAS SERIES TRUST |
| on behalf of the Funds, as Borrower |
| By: <u>/s/ Russell L. Kamerman</u><br> Name: Russell L. Kamerman, Esq.<br> Title: General Counsel |
| Its duly authorized officer |

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<u>Exhibit A</u>

To the

Control Agreement

<u>Participating</u> <u>Funds</u>

Midas Discovery

Midas Special Opportunities

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<u>Exhibit B</u>

[Bank letterhead]

Argent Institutional Trust Company

5901 Peachtree Dunwoody Road

Suite C495

Atlanta, GA 30328

Attention: Legal Department

<u>NOTICE OF EXCLUSIVE CONTROL</u> 

We hereby instruct you pursuant to the terms of that certain Control Agreement dated as of March 1, 2026 (as from time to time amended and supplemented, the "Control Agreement") among the undersigned, The Huntington National Bank (together with its successors and assigns), Midas Series Trust (the "Borrower") and you, as Custodian, that you (i) shall not follow any instructions or entitlement orders of Borrower in respect of the Collateral Account(s) or the Collateral assets held by you for Midas Discovery and Midas Special Opportunities (as each such capitalized term is defined in the Control Agreement), and (ii) unless and until otherwise expressly instructed by the undersigned, Custodian shall exclusively follow the entitlement orders and instructions of the undersigned in respect of the Collateral Account(s) or the Collateral Account(s) assets.

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| |
|:---|
| Very truly yours, |
| THE HUNTINGTON NATIONAL BANK |
| By: |
| Authorized Signatory |

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cc: Midas Series Trust

Midas Management Corporation

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<u>Exhibit C</u>

[Bank letterhead]

Argent Institutional Trust Company

5901 Peachtree Dunwoody Road

Suite C495

Atlanta, GA 30328 Attention:

Legal Department

The Huntington National Bank, (the "Bank"), hereby certifies that the Persons whose names appear below are authorized to act on its behalf, including the authorization to give instructions, with respect to the Control Agreement among the undersigned, The Huntington National Bank (together with its successors and assigns), Midas Series Trust (the "Borrower") and you, as Custodian, dated as of March 1, 2026. The Bank further certifies that the true signature of each such Person is set forth below opposite his/her name, and that Custodian may rely upon this certificate until such time as it receives another certificate bearing a later date and has had a reasonable opportunity to act thereon.

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| | |
|:---|:---|
| NAME | SIGNATURE |
| Michael Felix<br> Andrew Cardimen<br> Jonathan Ericksen | &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;&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;&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;&nbsp;&nbsp;<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;&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;&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;<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;&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;&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; |

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**THE HUNTINGTON NATIONAL BANK** 

BY:

TITLE:

DATE:

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**APPENDIX B** 

**TO REVOLVING CREDIT AGREEMENT** 

**BETWEEN** 

**MIDAS SERIES TRUST** 

**AND** 

**THE HUNTINGTON NATIONAL BANK** 

**AUTHORIZATION LETTER** 

March 1, 2026

Michael Felix

The Huntington National Bank

45 North Pennsylvania Street

INHP22

Indianapolis, IN 46204

Ladies and Gentlemen:

This letter will serve as a notification that Midas Series Trust (the "Borrower") and Midas Management Corporation (the "Investment Adviser") have the power and authority to request and enter into borrowings on behalf of those investment series set forth on <u>Exhibit 1.1</u> (the "Funds" and each a "Fund") pursuant to that certain Credit Agreement between the Borrower and The Huntington National Bank dated as of even date herewith ("Credit Agreement"). The Borrower is the Borrower referenced in the Credit Agreement. The Adviser is the investment adviser for the Borrower registered under the Investment Advisers Act of 1940 with SEC registration number 801-49079

The Borrower and the Investment Adviser hereby expressly authorize Argent Institutional Trust Company (the "Custodian") as the Borrower's designated representative on behalf of the Funds, without any further oral or written instruction, (a) to request advances from The Huntington National Bank (the "Bank") under the Credit Agreement for the purposes set forth therein on each occasion where a Fund has daily cash needs in excess of the amount of cash then available in the Fund's Trust Custody Account, and (b) to immediately apply when available the cash held by the Custodian on behalf of the Fund to the repayment of principal and interest of the amounts due by the Fund under the Credit Agreement.

The Borrower and the Investment Adviser hereby acknowledge and agree that all securities of a Fund are to be pledged as security for any and all advances made to the Fund under the Credit Agreement pursuant to the terms of the Pledge and Security Agreement to be entered into between the Bank and the Borrower (the Pledge Agreement") and upon the delivery of a Report of Pledged Securities to the Bank. The Borrower and the Investment Adviser

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hereby authorize and direct the Custodian to execute on behalf of the Fund, a Report of Pledged Securities granting to the Bank a security interest in securities owned by the Fund in an amount equal to the Loan.

Notwithstanding the authority granted to the Custodian in this Authorization Letter, the Borrower and the Investment Adviser shall be at all times responsible for ensuring that the borrowings made by a Fund under the Credit Agreement do not violate the Investment Company Act of 1940 or any of the rules and regulations thereunder. A Fund shall from time to time promptly inform the Custodian of any applicable limitations, restrictions and/or prohibitions on borrowings by the Fund under any agreement binding upon or affecting the Fund.

Nothing in this Authorization Letter shall obligate the Custodian to request any advances under the Credit Agreement. To the extent that the Custodian takes any actions contemplated by this Authorization Letter, the Custodian shall be held to the exercise of reasonable care and shall be without liability to a Fund for any loss, damage, cost, expense (including attorneys' fees and disbursements), liability or claim unless arising from the gross negligence, bad faith or willful misconduct of the Custodian. The Custodian shall not be under any obligation at any time to ascertain whether a Fund is in compliance with the Investment Company Act of 1940, the rules and regulations thereunder, any other laws, rules or regulations applicable to the Borrower or the Fund, the provisions of the Borrower's charter documents or by-laws, or the Fund's investment objectives and policies as then in effect.

Nothing contained in this Agreement shall be deemed to modify or amend the Custody Agreement in effect between the Custodian and the Borrower. The obligations and liabilities of the Bank and the Borrower shall be as set forth in the Credit Agreement and related loan documents.

The Borrower and the Investment Adviser hereby expressly authorize the Bank to act upon the oral and/or written instructions of the Custodian as the Funds' authorized designated representative, in making advances to the Fund under the Credit Agreement. The authorizations and designations set forth in this Authorization Letter shall remain in force as to a Fund until delivery to the Custodian and the Bank of written notice by Borrower revoking such authorizations and designations.

***SIGNATURE PAGE TO FOLLOW***

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| |
|:---|
| Sincerely yours, |
| MIDAS SERIES TRUST |
| By: <u>/s/ Russell L. Kamerman</u><br> Name: Russell L. Kamerman, Esq.<br> Title: General Counsel |
| MIDAS MANAGEMENT CORPORATION |
| By: <u>/s/ Russell L. Kamerman</u><br> Name: Russell L. Kamerman, Esq.<br> Title: General Counsel |

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<u>Exhibit 1.1</u>

To the

Authorization Letter<u> </u>

<u>Participating</u> <u>Funds</u> 

**Date**: March 1, 2026

Midas Discovery

Midas Special Opportunities

## Exhibit 99.28

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April 30, 2026

Midas Series Trust

17 Old Drewsville Road

Walpole, New Hampshire 03608

Ladies and Gentlemen:

We consent to the incorporation by reference in this Registration Statement of our opinion dated April 28, 2015, regarding the sale of shares of Midas Discovery (formerly, Midas Fund) and Midas Special Opportunities (formerly, Midas Magic), each a series of Midas Series Trust. In giving this consent, however, we do not admit that we are experts or within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended.

Very truly yours,<br>*/s/ Godfrey & Kahn, S.C.*<br>GODFREY & KAHN, S.C.<br>

![LOGO](g24895dsp0171b.jpg)

## Exhibit 99.28

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the references to our firm in the Post-Effective Amendment to the Registration Statement on Form N-1A and to the use of our report dated February 23, 2026 on the financial statements and financial highlights of Midas Discovery and Midas Special Opportunities, each a series of the Midas Series Trust. Such financial statements and financial highlights appear in the 2025 Annual Report to Shareholders which is incorporated by reference into the Statement of Additional Information.

![LOGO](g24895dsp0172.jpg)

**Philadelphia, Pennsylvania** 

**April 30, 2026**