Portfolio Manager's Journal
As of December 26, 2018

Midas Fund seeks primarily capital appreciation and protection against inflation and, secondarily, current income through investments primarily in precious metals mining and other natural resource companies as well as gold, silver, and platinum bullion. The Fund’s holding of Evolution Mining Limited, an intermediate gold producer with six mines in Australia, outperformed recently, while shares of Ciner Resources LP, a trona ore mining and soda ash producer in Wyoming, underperformed recently. The Fund is currently seeking to add to its portfolio companies in the natural resources and other sectors with promising exploration potential, expanding production profiles, increasing cash flow, strong balance sheets, and/or other special growth features. The Fund currently is invested in a global portfolio of primarily large and medium gold and diversified mining companies, precious metals royalty companies, and ETFs holding gold and silver bullion.

Midas Magic seeks capital appreciation. Relative to the S&P 500, the Fund’s portfolio currently is more weighted in cyclical companies, such as financial services, and is underweight in economically sensitive and defensive industries. The Fund continues to focus on companies that appear to have strong operations showing superior returns on equity and assets while retaining reasonable valuations. Portfolio holdings of Broadcom Inc., which designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions, outperformed recently. A position in shares of Hawaiian Holdings, Inc. which operates scheduled air transportation of passengers and cargo amongst the Hawaiian Islands and surrounding areas, recently hindered Fund performance. Each of Mastercard Inc. Class A, Berkshire Hathaway, Inc. Class B, and Alphabet Inc. Class A currently comprise more than 10% of the Fund’s net assets.

Top Ten Security Holdings

Cautionary Note Regarding Forward Looking Statements

This release may contain certain “forward looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,”“will,” and similar expressions identify forward looking statements, which generally are not historical in nature. Forward looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from a Fund’s historical experience and its current expectations or projections indicated in any forward looking statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which a Fund invests, management risk, and other risks discussed in each Fund’s filings with the Securities and Exchange Commission. You should not place undue reliance on forwardlooking statements, which speak only as of the date they are made. Each Fund undertakes no obligation to update or revise any forward looking statements made herein. There is no assurance that each Fund’s investment objectives will be attained.