-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PWDumk0+VjqERCX1tkbjEBKKgzhxTZPgD9NbQvczfJoJrjO2vYSeEZN+tsJoXiFH b7dChZCWAQkSviI2jvUHjg== 0000770200-06-000051.txt : 20061117 0000770200-06-000051.hdr.sgml : 20061117 20061117162917 ACCESSION NUMBER: 0000770200-06-000051 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060930 FILED AS OF DATE: 20061117 DATE AS OF CHANGE: 20061117 EFFECTIVENESS DATE: 20061117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDAS FUND, INC. CENTRAL INDEX KEY: 0000770200 IRS NUMBER: 411536110 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04316 FILM NUMBER: 061227066 BUSINESS ADDRESS: STREET 1: 11 HANOVER SQUARE CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2124806432 MAIL ADDRESS: STREET 1: 11 HANOVER SQUARE CITY: NEW YORK STATE: NY ZIP: 10005 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 FORMER COMPANY: FORMER CONFORMED NAME: MIDAS GOLD SHARES & BULLION INC DATE OF NAME CHANGE: 19890405 0000770200 S000011692 MIDAS FUND INC C000032073 MIDAS FUND INC MIDSX N-Q 1 midasfundnq93006.txt MIDAS FUND N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-4316 Midas Fund, Inc. (Exact name of registrant as specified in charter) 11 Hanover Square, 12th Floor New York, NY 10005 (Address of principal executive offices) (Zip code) Thomas B. Winmill, President Midas Fund, Inc. 11 Hanover Square, 12th Floor New York, NY 10005 (Name and address of agent for service) Registrant's telephone number, including area code: 1-212-480-6432 Date of fiscal year end: 12/31 Date of reporting period: 9/30/06 Item 1. Schedule of Investments September 30, 2006 (Unaudited) Midas Fund, Inc. MIDAS FUND, INC. FORM N-Q - SEPTEMBER 30, 2006 (UNAUDITED)
SHARES COMMON STOCKS AND WARRANTS (105.43%) MARKET VALUE COMMON STOCKS (104.75%) MAJOR PRECIOUS METALS PRODUCERS (15.81%) 180,000 Barrick Gold Corp $5,529,600 381,200 Kinross Gold Corp. (a) 4,772,624 100,000 Lonmin PLC 4,781,472 200,000 Newcrest Mining Limited 3,358,209 30,000 Polyus Gold (a) (b) 1,317,000 --------------- 19,758,905 INTERMEDIATE PRECIOUS METALS PRODUCERS (33.68%) 100,000 Agnico-Eagle Mines Ltd. 3,113,000 600,000 Bema Gold Corp. (a) 2,658,000 220,000 Cambior, Inc. (a) 776,600 200,000 Centerra Gold, Inc. (a) 1,998,745 355,000 Coeur D'Alene Mines Corp. (a) 1,672,050 260,000 Goldcorp, Inc. 6,136,000 1,000,000 Golden Star Resources Ltd. (a) 2,730,000 48,500 Lihir Gold Ltd. (a) (b) 2,030,210 1,800,000 Lihir Gold Limited (a) 3,882,090 250,000 Meridian Gold, Inc. (a) 6,215,000 250,000 Randgold Resources Limited (a) (b) 5,090,000 121,000 Silver Wheaton Corp. (a) 1,142,240 504,080 Yamana Gold, Inc. 4,662,740 --------------- 42,106,675 JUNIOR PRECIOUS METALS PRODUCERS (30.46%) 400,000 Alamos Gold Inc. (a) 3,276,000 1,250,000 Eldorado Gold Corp. (a) 5,437,500 300,000 Gammon Lake Resources, Inc. (a) 3,429,000 1,964,500 Golden Cycle Gold Corp. (a)(c) 14,596,235 1,500,000 High River Gold Mines Ltd. (a) 2,998,118 274,800 Jaguar Mining, Inc. (a) 1,114,520 3,000,000 Oceana Gold Ltd. (a) 1,533,582 1,000,000 SEMAFO, Inc. (a) 1,622,300 150,000 Silvercorp Metals, Inc. (a) 1,713,000 750,000 Sino Gold Ltd. (a) 2,350,746 --------------- 38,071,001 --------------- EXPLORATION AND PROJECT DEVELOPMENT COMPANIES (24.80%) 65,000 Aurelian Resources, Inc. (a) 1,733,217 500,000 Bear Creek Mining Corp. (a) 4,475,000 745,000 Cumberland Resources Ltd. (a) 3,941,050 270,000 Entree Gold, Inc. (a) 267,300 180,000 Guyana Goldfields (a) 1,427,803 1,000,000 Metallica Resources, Inc. (a) 3,090,000 100,000 Minefinders Corporation Ltd. (a) 913,000 1,400,000 Miramar Mining Corp. (a) 5,740,000 100,000 New Gold, Inc. (a) 700,000 300,000 NovaGold Resources Inc. (a) 4,707,000 1,400,000 Olympus Pacific Minerals, Inc. (a) 514,475 600,000 Peru Copper, Inc. (a) 2,424,000 580,000 Western Goldfields Inc. (a) 1,069,520 --------------- 31,002,365
1 MIDAS FUND, INC. FORM N-Q - SEPTEMBER 30, 2006 (UNAUDITED) - CONTINUED
SHARES COMMON STOCKS AND WARRANTS (105.43%) MARKET VALUE Total Common Stocks (cost: $99,557,349) 130,938,946 --------------- WARRANTS (0.68%) 100,000 Bema Gold Corp., expiring 9/7/2011 (a) 121,000 100,000 Cambior, Inc., expiring 8/12/2008 (a) 112,038 125,000 Jaguar Mining, Inc., expiring 12/31/2007 (a) 196,065 50,000 New Gold, Inc., expiring 2/23/2008 (a) 72,600 84,375 Yamana Gold Inc., expiring 11/20/2008 (a) 351,657 --------------- Total Warrants (cost: $129,310) 853,360 --------------- Total Investments (cost: $99,686,659) (105.43%) $ 131,792,306 --------------- Liabilities in Excess of Cash and Other Assets (-5.43%) (6,791,335) --------------- Net Assets (100.00%) $ 125,000,971 =============== (a) Non-income producing. (b) American Depositary Receipt. (c) Non-controlled affiliate (11.68% of net assets). 1. Income Taxes. At September 30, 2006, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows: Unrealized appreciation $ 36,222,398 Unrealized depreciation (4,116,751) --------------- Net unrealized appreciation $ 32,105,647 =============== Aggregate cost of securities for income tax purposes $ 99,686,659 ===============
2. Affiliated Issuers Affiliated issuers, as defined under the Investment Company Act of 1940, are those in which a Fund's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund's holdings in the securities of such issuers is set forth below:
September 30, 2006 December 31, 2005 -------------------------- ------------------------ Number of Market Number of Market Name of Issuer Shares Held Value Shares Held Value - -------------- ----------- ----- ----------- ----- Golden Cycle Gold Corp. 1,964,500 14,596,235 1,964,500 6,826,637
There were no purchase or sale transactions by the Fund of securities of the affiliated company during the nine months ended September 30, 2006 and the security was non-income producing. 2 Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. Item 2. Controls and Procedures (a) The Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits (a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MIDAS FUND, INC. By:/s/ Thomas B. Winmill Thomas B. Winmill, President Date: November 17, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By:/s/ Thomas B. Winmill Thomas B. Winmill, President Date: November 17, 2006 By:/s/ Thomas O'Malley Thomas O'Malley, Chief Financial Officer Date: November 17, 2006 EXHIBIT INDEX (a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT) EX-99.CERT 2 midasfundnq93006cert.txt EX-99.CERT CERTIFICATIONS I, Thomas B. Winmill, certify that: 1. I have reviewed this report on Form N-Q of Midas Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 17, 2006 /s/ Thomas B. Winmill ------------------------------ Thomas B. Winmill, President I, Thomas O'Malley, certify that: 1. I have reviewed this report on Form N-Q of Midas Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 17, 2006 /s/ Thomas O'Malley ------------------------------ Thomas O'Malley, Chief Compliance Officer -----END PRIVACY-ENHANCED MESSAGE-----