UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-04316

MIDAS SERIES TRUST

(Exact name of registrant as specified in charter)

11 Hanover Square, 12th Floor New York, NY	10005
(Address of principal executive offices)	(Zip Code)

John F. Ramírez, Esq.

Midas Series Trust

11 Hanover Square

New York, NY 10005

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2016

Item 1. Schedule of Investments

MIDAS FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
September 30, 2016
(Unaudited)
Bullion Shares (8.25%)		Value
	Exchange Traded Funds (8.25%)
24,643	iShares Silver Trust (a)	$                  448,503
11,600	SPDR Gold Trust (a)	1,457,424
	Total bullion (Cost $1,528,454)	1,905,927
Common Stocks (100.12%)
Shares
	Major Precious Metals Producers (39.21%)
35,000	Agnico Eagle Mines Limited	1,896,300
55,000	AngloGold Ashanti Ltd. ADR (a)	875,600
45,000	Compania de Minas Buenaventura S.A.A. (a)	622,800
55,000	Goldcorp Inc.	908,600
45,000	Newmont Mining Corporation (b)	1,768,050
15,000	Randgold Resources Limited  ADR	1,501,050
29,749	Rio Tinto plc ADR	993,617
115,000	Yamana Gold Inc.	495,650
		9,061,667
	Intermediate Precious Metals Producers (29.53%)
200,000	B2Gold Corp. (a)	526,000
85,000	Detour Gold Corp. (a) (b)	1,845,844
225,000	Eldorado Gold Corp. Ltd. (a)	884,250
125,000	New Gold Inc. (a)	543,750
241,000	OceanaGold Corporation	722,496
1,145,001	Resolute Mining Ltd.	1,726,141
45,000	Tahoe Resources Inc.	577,350
		6,825,831
	Junior Precious Metals Producers (7.98%)
225,000	Alamos Gold Inc.	1,845,000
	Exploration and Project Development Companies (4.67%)
180,000	Ivanhoe Mines Ltd. Class A (a)	312,269
500,000	Northern Dynasty Minerals Ltd. (a)	355,000
150,000	Platinum Group Metals Ltd. (a)	411,000
		1,078,269
	Other Natural Resources Companies (18.73%)
43,970	AuRico Metals Inc. (a)	36,467
20,800	BHP Billiton Limited	720,720
27,000	Ciner Resources LP	840,510
3,900	Compass Minerals International, Inc. (b)	287,430
10,000	Franco-Nevada Corp.	698,700
8,000	Johnson Matthey PLC	342,314
8,000	Minerals Technologies Inc. (b)	565,520
3,519	Nucor Corp. (b)	174,015
17,500	Osisko Gold Royalties Ltd.	191,212
2,694	Sociedad Quimica Y Minera De Chile S.A.	72,468
8,320	South32 Limited ADR	77,625
2,000	Spectra Energy Partners, LP	87,380
2,678	Syngenta AG ADR	234,593
		4,328,954
Total common stocks (Cost $37,054,043)		23,139,721
Money Market Fund (0.90%)
209,159	State Street Institutional Liquid Reserves Fund, 7 day annualized yield 0.15% (Cost $209,159)	209,158
Total investments (Cost $38,791,656) (109.27%)		25,254,806
Liabilities in excess of  other assets (-9.27%)		(2,143,338)
Net assets (100.00%)		$             23,111,468
(a) Non-income producing.
(b) All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement.  As of September 30, 2016, the value of securities pledged as collateral was $4,094,457.
ADR means "American Depositary Receipt."

MIDAS MAGIC
SCHEDULE OF PORTFOLIO INVESTMENTS
September 30, 2016
(Unaudited)
Common Stocks (95.56%)
Shares		Value
	Commercial Banks (1.25%)
29,300	Lloyds Banking Group plc ADR	$                   84,091
17,000	The Royal Bank of Scotland Group plc ADR (a)	79,220
		163,311
	Computer Communications Equipment (4.84%)
20,000	Cisco Systems, Inc.	634,400
	Computer and Computer Software Stores (1.63%)
7,750	GameStop Corp.	213,822
	Drilling Oil & Gas Wells (2.03%)
25,000	Transocean Ltd.	266,500
	Electronic Computers (2.07%)
2,400	Apple Inc.	271,320
	Fire, Marine & Casualty Insurance (9.71%)
8,800	Berkshire Hathaway, Inc. Class B (a)	1,271,336
	Industrial Trucks, Tractors, Trailers, and Stackers (1.79%)
4,000	PACCAR Inc.	235,120
	Information Retrieval Services (10.44%)
1,700	Alphabet Inc. Class A (a)	1,366,902
	Investment Advice (2.12%)
350	Diamond Hill Investment Group, Inc. (a)	64,677
6,000	Franklin Resources, Inc.	213,420
		278,097
	Leather & Leather Products (2.38%)
6,650	Michael Kors Holdings Limited (a)	311,154
	Miscellaneous Homefurnishings Stores (1.65%)
5,000	Bed Bath & Beyond Inc. (a)	215,550
	National Commercial Banks (5.08%)
10,000	JPMorgan Chase & Co.	665,900
	Other Real Estate Operators (2.00%)
10,000	Marcus & Millichap, Inc.	261,500
	Pharmaceutical and Medicine Industry (2.15%)
900	Biogen Inc.	281,727
	Pharmaceutical Preparations (9.92%)
11,000	Johnson & Johnson	1,299,430
	Radio & TV Broadcasting & Communications Equipment (2.70%)
6,600	Ubiquiti Networks, Inc.	353,100
	Railroad Equipment (3.31%)
12,300	The Greenbrier Companies, Inc.	434,190
	Retail -  Drug Stores and Proprietary Stores (2.15%)
4,000	Express Scripts Holding Company (a)	282,120
	Retail - Miscellaneous Shopping Goods Stores (2.50%)
8,200	Hibbett Sports, Inc. (a)	327,180
	Services - Advertising Agencies (2.32%)
3,575	Omnicom Group Inc.	303,875
	Services - Business Services (11.66%)
15,000	Mastercard Incorporated	1,526,550
	Services-Educational Services (1.11%)
2,500	Capella Education Company	145,100
	Services-Help Supply Services (1.88%)
6,500	Robert Half International Inc.	246,090
	Sporting Goods Stores (3.25%)
7,500	Dick's Sporting Goods, Inc.	425,400
	Telecommunication Carriers (1.23%)
10,000	Inteliquent, Inc.	161,400
	Textile Goods  (2.44%)
39,400	Iconix Brand Group, Inc. (a)	319,928
	Wholesale - Drugs Proprietaries & Druggists' Sundries (1.95%)
1,530	McKesson Corporation	255,127
Total common stocks (Cost $7,622,195)		12,516,129
Money Market Fund (5.02%)
657,377	State Street Institutional Liquid Reserves Fund, 7 day annualized yield 0.15% (Cost $657,377)	657,377
Total investments (Cost $8,279,572) (100.58%)		13,173,506
Liabilities in excess of other assets (-0.58%)		(76,287)
Net assets (100.00%)		$            13,097,219
(a) Non-income producing.
ADR means "American Depositary Receipt."

Notes to Schedule of Portfolio Investments (Unaudited)

Valuation of Investments

Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade. Most equity securities for which the primary market is in the United States are 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 valued using the official closing price or the last sale price in the principal market in which they are traded. If the last sale price on the local exchange is unavailable, the last evaluated quote or closing bid price normally is used. In the event of an unexpected close 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 are valued at 4:00 p.m. ET, at the mean between the last bid and asked quotations of the Bloomberg Composite (NY) Spot Price for that metal. Certain debt securities may be priced through pricing services that may utilize a matrix pricing system which takes into consideration factors such as yields, prices, maturities, call features, and ratings on comparable securities or according to prices quoted by a securities dealer that offers pricing services. Open end investment companies are valued at their net asset value. 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. Securities for which market quotations are not readily available or reliable and other assets may be valued as determined in good faith by Midas Management Corporation, the Investment Manager, under the direction of or pursuant to procedures approved by the Funds' Board of Trustees. Due to the inherent uncertainty of valuation, such fair value pricing values may differ from the values that would have been used had a readily available market 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 net asset value of its shares to differ from the net asset value 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 next trades.

Value Measurements

Inputs to valuation methods are prioritized by a three level hierarchy as follows:

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

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

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets for the security, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for investments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy, within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs and methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

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

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

Bonds – The fair value of bonds is estimated using various techniques, which may consider, among other things, recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Although most bonds may be categorized in level 2 of the fair value hierarchy, in instances where lower relative consideration is placed on transaction prices, quotations, or similar observable inputs, they may be categorized in level 3.

Restricted and/or illiquid securities – Restricted and/or illiquid securities for which quotations are not readily available or reliable may be valued with fair value pricing as determined in good faith by the Investment Manager under the direction of or pursuant to procedures approved by the Trust's Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted or illiquid securities issued by nonpublic entities may be valued by reference to comparable public entities or fundamental data relating to the issuer or both or similar inputs. Depending on the relative significance of valuation inputs, these instruments may be categorized in either level 2 or level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of September 30, 2016 in valuing each Fund's assets. Refer to each Fund's Schedule of Portfolio Investments for detailed information on specific investments.

MIDAS FUND			Level 1	Level 2	Level 3	Total
Assets
	Investments, at value
		Bullion shares	$   1,905,927	$       -	$        -	$   1,905,927
		Common stocks	23,139,721	-		23,139,721
		Money market fund	209,158	-	-	209,158
	Total investments, at value		$ 25,254,806	$       -	$        -	$ 25,254,806

MIDAS MAGIC			Level 1	Level 2	Level 3	Total
Assets
	Investments, at value
		Common stocks	$ 12,516,129	$         -	$        -	$ 12,516,129
		Money market fund	657,377	-	-	657,377
	Total investments, at value		$ 13,173,506	$         -	$        -	$ 13,173,506

During the nine months ended September 30, 2016, Midas Fund transferred $138,600 of Ivanhoe Mines Ltd. Class A common stock categorized under Exploration and Project Development Companies into level 1 from level 2 due to the completion of the conversion of Class B restricted shares of Ivanhoe held by the Fund into freely trading Class A shares. The Fund's policy is to recognize transfers into and out of level 1, level 2, and level 3 at the end of a reporting period.

Cost for Federal Income Tax Purposes

The aggregate cost of investments for tax purposes will depend upon each Fund's investment experience during the entirety of its fiscal year and may be subject to changes based on tax regulations. As of September 30, 2016, for federal income tax purposes, subject to changes, the aggregate cost, gross unrealized appreciation (depreciation), and net unrealized appreciation (depreciation) of investments are summarized as follows:

	Federal Income	Gross Unrealized		Net Unrealized
	Tax Cost	Appreciation	(Depreciation)	Appreciation (Depreciation)
Midas Fund	$ 38,791,656	$ 3,671,301	$ (17,208,151)	$ (13,536,850)
Midas Magic	$   8,279,572	$ 5,120,831	$      (226,897)	$    4,893,934

Portfolio Concentration

Each Fund operates as a "non-diversified" investment company, which means that the portion of the Fund's assets that may be invested in the securities of a single issuer is not limited by the Act and the amount of the outstanding voting securities of a particular issuer held by a Fund is not limited. Each Fund, however, currently intends to continue to conduct its operations so as to qualify as a "regulated investment company" for purposes of the Internal Revenue Code of 1986, as amended, which currently requires that, at the end of each quarter of the taxable year, with respect to 50% of a Fund's total assets, the Fund limits to 5% the portion of its total assets invested in the securities of a single issuer. There are no such limitations with respect to the balance of a Fund's portfolio, although no single investment can exceed 25% of a Fund's total assets at the time of purchase. A more concentrated portfolio may cause a Fund's net asset value to be more volatile and thus may subject shareholders to more risk.

Foreign Securities Risk

Investments in the securities of foreign issuers involve special risks which include changes in foreign exchange rates and the possibility of future adverse political and economic developments, which could adversely affect the value of such securities. Moreover, securities of foreign issuers and traded in foreign markets may be less liquid and their prices more volatile than those of U.S. issuers and markets.

In June 2016, the United Kingdom (UK) voted to leave the European Union (EU) following a referendum referred to as "Brexit." It is expected that the UK will exit the EU within two years; however, the exact time frame for the UK's exit is unknown. There is still considerable uncertainty relating to the potential consequences of the withdrawal, including how the financial markets will react. In light of the uncertainties surrounding the impact of the Brexit on the broader global economy, the negative impact could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues, which could have an adverse effect on the value of a Fund's investments.

Item 2.  Controls and Procedures

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

(b)   There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits

(a)   Certifications of the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act.

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 Series Trust

By: /s/ Thomas B. Winmill

Thomas B. Winmill, President

Date: November 15, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act 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 15, 2016

By: /s/ Thomas O'Malley

Thomas O'Malley, Chief Financial Officer

Date: November 15, 2016

Exhibit Index

(a) Certifications of the registrant's principal executive and principal financial officer as required by Rule 30a-2(a) under the 1940 Act. (EX-99.CERT)