0000898432-12-001161.txt : 20121105 0000898432-12-001161.hdr.sgml : 20121105 20121105165819 ACCESSION NUMBER: 0000898432-12-001161 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 20121105 DATE AS OF CHANGE: 20121105 EFFECTIVENESS DATE: 20121105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Midas Series Trust CENTRAL INDEX KEY: 0000770200 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-98229 FILM NUMBER: 121180715 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: 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 IRS NUMBER: 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: 121180716 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: 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 0000770200 S000011692 MIDAS FUND INC C000032073 MIDAS FUND INC MIDSX 0000770200 S000038959 Midas Magic C000119766 Midas Magic 0000770200 S000038960 Midas Perpetual Portfolio C000119767 Midas Perpetual Portfolio 485BPOS 1 a485bpos.htm a485bpos.htm
As filed with the U.S. Securities and Exchange Commission on November 5, 2012
 
Securities Act File No. 002-98229
Investment Company Act File No. 811-04316


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[ X ]
 
Pre-Effective Amendment No. ____
[     ]
 
Post-Effective Amendment No. 53
[ X ]
 
and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[ X ]
 
Amendment No. 53
[ X ]
(Check appropriate box or boxes.)

 
MIDAS SERIES TRUST

(Exact name of Registrant as Specified in Charter)

11 Hanover Square, New York, New York     10005
(Address of Principal Executive Office) (Zip Code)
 
Registrant’s Telephone Number, including Area Code: 1-212-480-6432

John F. Ramírez, Esq.
11 Hanover Square, New York, NY 10005
 (Name and Address 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)
[     ]
on (date) pursuant to paragraph (b)
[     ]
60 days after filing pursuant to paragraph (a)(1)
[     ]
on (date) pursuant to paragraph (a)(1)
[     ]
75 days after filing pursuant to paragraph (a)(2)
[     ]
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.

 
 

 
This amendment is being filed solely to submit exhibits containing risk/return summary information in interactive data format that is identical to the risk/return information contained in the Registrant’s prospectus that was filed with the Securities and Exchange Commission in Post-Effective Amendment No. 52 to the Registrant’s registration statement on October 11, 2012.
 
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933, as amended (the “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 No. 53 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City and State of New York on the 5th day of November, 2012.

 
 
 
MIDAS SERIES TRUST
 
 
 
By:   /s/ Thomas B. Winmill
 
Thomas B. Winmill, President,

 
Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment No. 53 has been signed below by the following persons in the capacities indicated on November 5, 2012.
 
Signature
 
Title
 
Date
 
     
/s/ Thomas B. Winmill
Chairman, Trustee, President and Chief Executive Officer
November 5, 2012
Thomas B. Winmill
     
/s/ Thomas O’Malley
Treasurer, Chief Accounting Officer, Chief Financial Officer
November 5, 2012
Thomas O’Malley
     
/s/ Bruce B. Huber*
Trustee
November 5, 2012
Bruce B. Huber
     
/s/ James E. Hunt*
Trustee
November 5, 2012
James E. Hunt
     
/s/ Peter K. Werner*
Trustee
November 5, 2012
Peter K. Werner


 
 
*           Signed by John F. Ramírez, Attorney-in-Fact, pursuant to Power of Attorney filed herewith.

 

 
 

 

Exhibit Index

Type
Description
   
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase

EX-99 4 poa.htm poa.htm
POWER OF ATTORNEY

MIDAS SERIES TRUST, a Delaware statutory trust (“Trust”) and each of its undersigned trustees, hereby nominates, constitutes and appoints Thomas B. Winmill, John F. Ramirez, and Jacob Bukhsbaum (with full power to each of them to act alone) its/his true and lawful attorney-in-fact and agent, for it/him and on its/his behalf and in its/his name, place and stead in any and all capacities, to execute for and on behalf of the undersigned, in the undersigned’s capacity as a trustee of the Trust, the Trust’s Registration Statement on Form N-1A under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any and all amendments to such Registration Statement, and any and all supplements thereto and any exhibits and other documents requisite in connection therewith (the “Documents”); do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Documents and file same with the United States Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares of beneficial interest of the Trust; and take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the Documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact’s discretion. The undersigned hereby grants unto said attorneys-in-fact, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully to all intents and purposes as the Trust and the undersigned trustee itself/himself might or could do.
 

IN WITNESS WHEREOF, I have hereunto signed my name this 11th of October, 2012.

 
 
MIDAS SERIES TRUST
   
   
 
By: /s/ Bruce B. Huber
 
Name: Bruce B. Huber
 
Title: Trustee
   
   
 
By: /s/ James E. Hunt
 
Name: James E. Hunt
 
Title: Trustee
   
   
 
By: /s/ Peter K. Werner
 
Name: Peter K. Werner
 
Title: Trustee
   
 
EX-101.INS 5 mst-20121011.xml 0000770200 mst:S000038959Member 2011-10-16 2012-10-15 0000770200 mst:S000011692Member 2011-10-16 2012-10-15 0000770200 mst:S000038960Member 2011-10-16 2012-10-15 0000770200 mst:S000011692Member mst:C000032073Member 2011-10-16 2012-10-15 0000770200 mst:S000038959Member mst:C000119766Member 2011-10-16 2012-10-15 0000770200 mst:S000038960Member mst:C000119767Member 2011-10-16 2012-10-15 0000770200 2011-10-16 2012-10-15 0000770200 mst:S000011692Member rr:AfterTaxesOnDistributionsMember mst:C000032073Member 2011-10-16 2012-10-15 0000770200 mst:S000011692Member rr:AfterTaxesOnDistributionsAndSalesMember mst:C000032073Member 2011-10-16 2012-10-15 0000770200 mst:S000011692Member mst:SAndPFiveHundredIndexMember 2011-10-16 2012-10-15 0000770200 mst:S000011692Member mst:PMReflectsNoDeductionMember 2011-10-16 2012-10-15 0000770200 mst:S000038959Member rr:AfterTaxesOnDistributionsMember mst:C000119766Member 2011-10-16 2012-10-15 0000770200 mst:S000038959Member rr:AfterTaxesOnDistributionsAndSalesMember mst:C000119766Member 2011-10-16 2012-10-15 0000770200 mst:S000038959Member mst:SAndPFiveHundredIndexMember 2011-10-16 2012-10-15 0000770200 mst:S000038959Member mst:RussellTwoThousandIndexMember 2011-10-16 2012-10-15 0000770200 mst:S000038960Member rr:AfterTaxesOnDistributionsMember mst:C000119767Member 2011-10-16 2012-10-15 0000770200 mst:S000038960Member rr:AfterTaxesOnDistributionsAndSalesMember mst:C000119767Member 2011-10-16 2012-10-15 0000770200 mst:S000038960Member mst:SAndPFiveHundredIndexMember 2011-10-16 2012-10-15 0000770200 mst:S000038960Member mst:LmtacfiMember 2011-10-16 2012-10-15 0000770200 mst:S000038960Member mst:LmatamiMember 2011-10-16 2012-10-15 pure iso4217:USD <div style="display:none">~ http://www.midasfunds.com/role/ScheduleShareholderFeesMidasMagic column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleShareholderFeesMIDASFUNDINC column period compact * ~</div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Example:</font> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXAMPLE:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXAMPLE:</font></div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleShareholderFeesMidasPerpetualPortfolio column period compact * ~</div> 1235 2124 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 44% of the average value of its portfolio.</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 4% of the average value of its portfolio.</font> 1006 0.4379 0.0488 0.0015 <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MIDAS FUND</font></center> <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><b>MIDAS MAGIC</b></font><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(formerly Midas Special Fund)</font></center> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Shareholder Fees</font> (fees paid directly from your investment)</font> <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MIDAS PERPETUAL PORTFOLIO</font></center> 0 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Shareholder Fees</font> (fees paid directly from your investment)</font> 0 0 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Shareholder Fees</font> (fees paid directly from your investment)</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 44% of the average value of its portfolio.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year.</font> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAnnualFundOperatingExpensesMidasMagic column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAnnualFundOperatingExpensesMIDASFUNDINC column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAnnualFundOperatingExpensesMidasPerpetualPortfolio column period compact * ~</div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year.</font> 485BPOS Midas Series Trust <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Annual Fund Operating Expenses</font> (expenses that you pay each year as a percentage of the value of your investment)</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;This example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses were those in the table.&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;This example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses were those in the table.&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> 234 418 <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTMENTS, RISKS, AND PERFORMANCE</font></center><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Investment Strategies of the Fund</font> -0.005 <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTMENTS, RISKS, AND PERFORMANCE</font></center><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Investment Strategies of the Fund</font> 148 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Annual Fund Operating Expenses</font> (expenses that you pay each year as a percentage of the value of your investment)</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;This example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses were those in the table.&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTMENTS, RISKS, AND PERFORMANCE</font></center><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Investment Strategies of the Fund</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-Diversification.&#160;&#160;</font>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 obligations of a single issuer.&#160;&#160;As a result, the Fund may hold a smaller number of issuers than if it were diversified.&#160;&#160;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&#8217;s total returns.&#160;&#160;As of June 30, 2012, the Fund held approximately 35.26% and 34.66% of its net assets in Berkshire Hathaway, Inc. and Mastercard, Inc., respectively, primarily as a result of market appreciation since the time of purchase.&#160;&#160;Thus, the volatility of the Fund&#8217;s net asset value and its performance in general, depends disproportionately more on the performance of a single issuer than that of a more diversified fund.</font> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp; </font><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter:</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1/1/02 - 3/31/02</font></font> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32.63%</font></font></div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp; </font><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter:</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/1/08 - 9/30/08 </font></font> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(41.51)%</font></font> </div> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp; </font><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter:</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/1/09 - 9/30/09</font></font> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23.28%</font></font></div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp; </font><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter:</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10/1/08 - 12/31/08 </font></font> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(32.60)%</font></font> </div> <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average annual total return for the periods ended December 31, 2011</font></center> <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average annual total return for the periods ended December 31, 2011</font></center> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp; </font><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter:</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/1/09 - 9/30/09</font></font> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.69%</font></font></div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp; </font><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter:</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/1/11 - 9/30/11 </font></font> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3.10)%</font></font> </div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be<font style="FONT-STYLE: italic; DISPLAY: inline"> higher</font> than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Because actual after tax returns depend on a shareholder&#8217;s tax situation, returns may vary from those shown.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The total annual fund operating expenses listed above do not correlate to the ratio of expenses to average net assets listed in the &#8220;Financial Highlights&#8221; on page 25, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be<font style="FONT-STYLE: italic; DISPLAY: inline"> higher</font> than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Because actual after tax returns depend on a shareholder&#8217;s tax situation, returns may vary from those shown.</font> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAnnualTotalReturnsMIDASFUNDINCBarChart column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAnnualTotalReturnsMidasMagicBarChart column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAnnualTotalReturnsMidasPerpetualPortfolioBarChart column period compact * ~</div> <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average annual total return for the periods ended December 31, 2011</font></center> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be<font style="FONT-STYLE: italic; DISPLAY: inline"> higher</font> than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Because actual after tax returns depend on a shareholder&#8217;s tax situation, returns may vary from those shown.</font> <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTMENT OBJECTIVE</font></center> 2012-06-30 <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTMENT OBJECTIVE</font></center> 0000770200 <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FEES AND EXPENSES OF THE FUND</font></center> 2012-10-11 <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FEES AND EXPENSES OF THE FUND</font></center> 0 0 <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTMENT OBJECTIVE</font></center> 0 0 <center><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FEES AND EXPENSES OF THE FUND</font></center> 0.0231 0.0416 721 1264 0 0 0.0195 564 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the Fund is not a bank deposit.&#160;&#160;It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.&#160;&#160;It is not a complete investment program.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market.&#160;&#160;</font>The market risks associated with investing in the Fund are those related to fluctuations in the value of the investments in the Fund&#8217;s portfolio.&#160;&#160;A risk of investing in stocks or precious metals is that their value will go up and down reflecting market movements and you could lose money.&#160;&#160;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.&#160;&#160;These investments may involve above average market price volatility and greater risk of loss.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign Investment.&#160;&#160;</font>Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated with investments in securities of domestic issuers.&#160;&#160;Foreign companies are not generally subject to the same accounting, auditing, and financial standards and requirements as those applicable to U.S. companies.&#160;&#160;There may be less publicly available information about a foreign company than a U.S. company.&#160;&#160;Investments in foreign securities could expose the Fund to the direct or indirect consequences of political, social, or economic changes in the countries that issue the securities or in which the issuers are located.&#160;&#160;With respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability, or diplomatic developments that could affect assets of the Fund held in those foreign countries.&#160;&#160;If the value of any foreign currency in which the Fund&#8217;s investments are denominated declines relative to the U.S. dollar, the value of the Fund&#8217;s investments is expected to decline proportionately.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Pricing.&#160;&#160;</font>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.&#160;&#160;In such cases, the value determined for an investment could be different than the value realized upon such investment&#8217;s sale.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-Diversification.&#160;&#160;</font>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 obligations of a single issuer.&#160;&#160;As a result, the Fund may hold a smaller number of issuers than if it were diversified.&#160;&#160;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&#8217;s total returns.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Small Capitalization.&#160;&#160;</font>The Fund may invest in companies that are small or thinly capitalized and may have a limited operating history.&#160;&#160;Small capitalization stocks are more vulnerable than stocks of larger companies to adverse business or economic developments.&#160;&#160;The securities of small companies generally are less liquid.&#160;&#160;During broad market downturns, the Fund&#8217;s net asset value may fall further than those of funds investing in larger companies.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Leverage.&#160;&#160;</font>The Fund may use leverage to the extent permitted under the 1940 Act.&#160;&#160;Leveraging (buying securities using borrowed money) exaggerates the effect on NAV of any increase or decrease in the market value of the Fund&#8217;s investments.&#160;&#160;Money the Fund borrows for leveraging is limited to 33 1/3% of the value of its total assets.&#160;&#160;These borrowings would be subject to interest costs that may or may not be recovered by appreciation of the securities purchased.&#160;&#160;There can be no assurance that the Fund&#8217;s use of leverage will be successful.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Short Selling, Options, and Futures Transactions.&#160;&#160;</font>The Fund may engage in short selling, options, and futures transactions to increase returns.&#160;&#160;There is a risk that these transactions may reduce returns or increase volatility.&#160;&#160;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.&#160;&#160;A small investment in certain derivatives could have a potentially large impact on the Fund&#8217;s performance.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Concentration.&#160;&#160;</font>The Fund is subject to industry concentration risk, which is the risk that the Fund&#8217;s performance can be significantly affected by the developments in the precious metals and natural resources industries.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Investments in Gold, Silver, Platinum, and Other Precious Metals.&#160;&#160;</font>Investment in gold, silver, platinum, and other precious metals are considered speculative.&#160;&#160;The Fund&#8217;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;Additionally, the majority of such producers are domiciled in a limited number of countries.&#160;&#160;Moreover, under the federal tax law, 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.&#160;&#160;Accordingly, the Fund may be required to hold precious metals or to sell them at a loss, or to sell securities at a gain, when for investment reasons it would not otherwise do so.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Natural Resource Companies.&#160;&#160;</font>Natural resource companies can be significantly affected by the supply of and demand for the indicated commodities and related services, exploration and production spending, government regulation, world events, and economic conditions.&#160;&#160;The operations and financial performance of natural resources companies may be directly affected by the prices of the indicated commodities, especially those natural resources companies for whom the commodities they own are significant assets.&#160;&#160;The stock prices of natural resources companies may experience greater price volatility than other types of common stocks.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Depletion and Exploration Risk.&#160;&#160;</font>To maintain or increase their revenue level, natural resource companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through acquisitions, or through long term contracts to acquire reserves.&#160;&#160;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 acquire additional products or reserves sufficient to replace the natural decline.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Precious Metals Mining Company Risk.</font>&#160;&#160;The profitability of companies involved in precious metals mining and related activities is significantly affected by changes in the market prices of precious metals.&#160;&#160;Precious metals mining companies also face risks related to their operations that may affect overall profitability.&#160;&#160;These risks include the uncertainty and cost of mineral exploration and acquisitions and the uncertainties and unexpected problems and delays in developing mines.&#160;&#160;In addition, the business of precious metals mining is subject to numerous risks that could adversely impact such companies.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection.&#160;&#160;</font>The securities in the Fund&#8217;s portfolio may decline in value.&#160;&#160;The investment manager could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Securities Lending.&#160;&#160;</font>Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the Fund, and will adversely affect performance.&#160;&#160;Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities.&#160;&#160;</font>The Fund may invest in fixed income securities that are affected by changes in interest rates.&#160;&#160;When interest rates rise, the prices of fixed income securities typically fall in proportion to their maturities.&#160;&#160;Fixed income securities are also subject to credit risk,<font style="FONT-STYLE: italic; DISPLAY: inline"> i.e.</font>, the risk that an issuer of securities will be unable 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.&#160;&#160;Many fixed income securities, especially those issued at high interest rates, provide that the issuer may repay them early.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">In-Kind Redemptions.&#160;&#160;</font>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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Active Trading.&#160;&#160;</font>The Fund may trade securities actively.&#160;&#160;This strategy could increase transaction costs, reduce performance, and result in taxable distributions which could lower a Fund&#8217;s after tax performance.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the Fund is not a bank deposit.&#160;&#160;It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.&#160;&#160;It is not a complete investment program.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market.&#160;&#160;</font>The market risks associated with investing in the Fund are those related to fluctuations in the value of the investments in the Fund&#8217;s portfolio.&#160;&#160;A risk of investing in stocks is that their value will go up and down reflecting stock market movements and you could lose money.&#160;&#160;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.&#160;&#160;These investments may involve above average market price volatility and greater risk of loss.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-Diversification.&#160;&#160;</font>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 obligations of a single issuer.&#160;&#160;As a result, the Fund may hold a smaller number of issuers than if it were diversified.&#160;&#160;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&#8217;s total returns.&#160;&#160;As of June 30, 2012, the Fund held approximately 35.26% and 34.66% of its net assets in Berkshire Hathaway, Inc. and Mastercard, Inc., respectively, primarily as a result of market appreciation since the time of purchase.&#160;&#160;Thus, the volatility of the Fund&#8217;s net asset value and its performance in general, depends disproportionately more on the performance of a single issuer than that of a more diversified fund.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Leverage.&#160;&#160;</font>The Fund may use leverage to the extent permitted under the 1940 Act.&#160;&#160;Leveraging (buying securities using borrowed money) exaggerates the effect on NAV of any increase or decrease in the market value of a Fund&#8217;s investments.&#160;&#160;Money a Fund borrows for leveraging is limited to 33 1/3% of the value of its total assets.&#160;&#160;These borrowings would be subject to interest costs that may or may not be recovered by appreciation of the securities purchased.&#160;&#160;There can be no assurance that the Fund&#8217;s use of leverage will be successful.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign Investment.</font>&#160;&#160;Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated with investments in securities of domestic issuers.&#160;&#160;Foreign companies are not generally subject to the same accounting, auditing, and financial standards and requirements as those applicable to U.S. companies.&#160;&#160;There may be less publicly available information about a foreign company than a U.S. company.&#160;&#160;Investments in foreign securities could expose the Fund to the direct or indirect consequences of political, social, or economic changes in the countries that issue the securities or in which the issuers are located.&#160;&#160;With respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability, or diplomatic developments that could affect assets of the Fund held in those foreign countries.&#160;&#160;If the value of any foreign currency in which the Fund&#8217;s investments are denominated declines relative to the U.S. dollar, the value of the Fund&#8217;s investments is expected to decline proportionately.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Short Selling, Options, and Futures Transactions.&#160;&#160;</font>The Fund may engage in short selling, options, and futures transactions to increase returns.&#160;&#160;There is a risk that these transactions may reduce returns or increase volatility.&#160;&#160;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.&#160;&#160;A small investment in certain derivatives could have a potentially large impact on the Fund&#8217;s performance.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Small Capitalization.&#160;&#160;</font>The Funds may invest in companies that are small or thinly capitalized and may have a limited operating history.&#160;&#160;Small capitalization stocks are more vulnerable than stocks of larger companies to adverse business or economic developments.&#160;&#160;The securities of small companies generally are less liquid.&#160;&#160;During broad market downturns, the Fund&#8217;s net asset value may fall further than those of funds investing in larger companies.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities.&#160;&#160;</font>The Fund may invest in fixed income securities that are affected by changes in interest rates.&#160;&#160;When interest rates rise, the prices of fixed income securities typically fall in proportion to their maturities.&#160;&#160;Fixed income securities are also subject to credit risk,<font style="FONT-STYLE: italic; DISPLAY: inline"> i.e.</font>, the risk that an issuer of securities will be unable 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.&#160;&#160;Many fixed income securities, especially those issued at high interest rates, provide that the issuer may repay them early.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Pricing.&#160;&#160;</font>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.&#160;&#160;In such cases, the value determined for an investment could be different than the value realized upon such investment&#8217;s sale.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection.&#160;&#160;</font>The securities in the Fund&#8217;s portfolio may decline in value.&#160;&#160;Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Securities Lending.&#160;&#160;</font>Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the Fund, and will adversely affect performance.&#160;&#160;Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Active Trading.&#160;&#160;</font>The Fund may trade securities actively.&#160;&#160;This strategy could increase transaction costs, reduce performance, and result in taxable distributions which could lower a Fund&#8217;s after tax performance.</font> 2002-03-31 0.3263 Worst Quarter: 2008-09-30 0.6105 -0.6089 -0.3597 -0.1066 0.0862 0.1506 0.1475 0.1347 0.0292 0.201 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the Fund is not a bank deposit.&#160;&#160;It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.&#160;&#160;It is not a complete investment program.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market. </font>The market risks associated with investing in the Fund are those related to fluctuations in the value of the investments in the Fund&#8217;s portfolio.&#160;&#160;A risk of investing in stocks or gold or silver is that their value will go up and down reflecting market movements and you could lose money.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign Investment.</font> Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated with investments in securities of domestic issuers.&#160;&#160;Foreign companies are not generally subject to the same accounting, auditing, and financial standards and requirements as those applicable to U.S. companies.&#160;&#160;There may be less publicly available information about a foreign company than a U.S. company.&#160;&#160;Investments in foreign securities could expose the Fund to the direct or indirect consequences of political, social, or economic changes in the countries that issue the securities or in which the issuers are located.&#160;&#160;With respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability, or diplomatic developments that could affect assets of the Fund held in those foreign countries.&#160;&#160;If the value of any foreign currency in which the Fund&#8217;s investments are denominated declines relative to the U.S. dollar, the value of the Fund&#8217;s investments is expected to decline proportionately.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Pricing.</font> 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.&#160;&#160;In such cases, the value determined for an investment could be different than the value realized upon such investment&#8217;s sale.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-Diversification.</font> 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 obligations of a single issuer.&#160;&#160;As a result, the Fund may hold a smaller number of issuers than if it were diversified.&#160;&#160;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 a non-diversified fund&#8217;s total returns.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Investments in Gold and Silver. </font>Investment in gold and silver are considered speculative.The Fund&#8217;s investments can be significantly affected by developments in the precious metals industries and are linked to the prices of gold and silver.&#160;&#160;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.&#160;&#160;Economic, political, or other conditions affecting one or more of the major sources of gold and silver could have a substantial effect on supply and demand in countries throughout the world.&#160;&#160;Additionally, the majority of such producers are domiciled in a limited number of countries.&#160;&#160;Moreover, under the federal tax law, the Fund may not earn more than 10% of its annual gross income from gains resulting from selling gold and silver.&#160;&#160;Accordingly, the Fund may be required to hold gold and silver or to sell them at a loss, or to sell securities at a gain, when for investment reasons it would not otherwise do so.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Investment Companies and ETFs</font>. Subject to the limitations set forth in the 1940 Act, or as otherwise permitted by the Securities and Exchange Commission, the Fund may acquire shares in other investment companies and in ETFs.&#160;&#160;The ETFs in which the Fund may invest will generally have investment exposure to gold and silver which may subject them to greater volatility than investments in traditional securities.&#160;&#160;The market value of the shares of other investment companies and ETFs may differ from their net asset value.&#160;&#160;As an investor in investment companies and ETFs, the Fund would bear its ratable share of that entity&#8217;s expenses, including its investment management and administration fees, while continuing to pay its own investment management and administration fees and other expenses.&#160;&#160;As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Natural Resource Companies.</font> Natural resource companies can be significantly affected by the supply of and demand for the indicated commodities and related services, exploration and production spending, government regulation, world events, and economic conditions.&#160;&#160;The operations and financial performance of natural resources companies may be directly affected by the prices of the indicated commodities, especially those natural resources companies for whom the commodities they own are significant assets.&#160;&#160;The stock prices of natural resources companies may experience greater price volatility than other types of common stocks.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Depletion and Exploration Risk.</font> To maintain or increase their revenue level, natural resource companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through acquisitions, or through long term contracts to acquire reserves.&#160;&#160;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 acquire additional products or reserves sufficient to replace the natural decline.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Gold and Silver Mining Company Risk. </font>The profitability of companies involved in gold and silver mining and related activities is significantly affected by changes in the market price of gold and silver.&#160;&#160;Gold and silver mining companies also face risks related to their operations that may affect overall profitability.&#160;&#160;These risks include the uncertainty and cost of mineral exploration and acquisitions and the uncertainties and unexpected problems and delays in developing mines.&#160;&#160;In addition, the business of gold and silver mining is subject to numerous risks that could adversely impact such companies.&#160;&#160;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.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Leverage.</font> The Fund may use leverage to the extent permitted under the 1940 Act.&#160;&#160;Leveraging (buying securities using borrowed money) exaggerates the effect on net asset value (&#8220;NAV&#8221;) of any increase or decrease in the market value of the Fund&#8217;s investments.&#160;&#160;Money the Fund borrows for leveraging is limited to 33 1/3% of the value of its total assets.&#160;&#160;These borrowings would be subject to interest costs that may or may not be recovered by appreciation of the securities purchased.&#160;&#160;There can be no assurance that the Fund&#8217;s use of leverage will be successful.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Security Selection.</font> The securities in the Fund&#8217;s portfolio may decline in value.&#160;&#160;The investment manager could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Securities Lending.</font> Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the Fund, and will adversely affect performance.&#160;&#160;Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">In-Kind Redemptions.</font> The Fund may require redeeming shareholders to accept readily tradable gold and silver, bullion, coins, ETF shares or other Fund holdings in complete or partial payment of redemptions.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities.</font> The Fund may invest in fixed income securities that are affected by changes in interest rates.&#160;&#160;When interest rates rise, the prices of fixed income securities typically fall in proportion to their maturities.&#160;&#160;Fixed income securities are also subject to credit risk,<font style="FONT-STYLE: italic; DISPLAY: inline"> i.e.</font>, the risk that an issuer of securities will be unable 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.&#160;&#160;Many fixed income securities, especially those issued at high interest rates, provide that the issuer may repay them early.&#160;&#160;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.&#160;&#160;Although the Fund may invest in fixed income securities of any credit quality or maturity, it has no current intention of investing more than 5% of its total assets in fixed income securities rated less than investment grade.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Swiss Franc Assets.</font> The Swiss franc is subject to the risk that inflation will decrease in the United States or rise in Switzerland.&#160;&#160;Swiss government bonds are subject to some risk of default.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Real Estate Investment Trusts and Other Real Estate Companies. </font>Real estate investment trusts (&#8220;REITs&#8221;) and other real estate company securities are subject to, among other risks:&#160;&#160;declines in property values; defaults by mortgagors or other borrowers and tenants; increases in property taxes and other operating expenses; overbuilding; fluctuations in rental income; changes in interest rates; lack of availability of mortgage funds or financing; extended vacancies of properties; changes in tax and regulatory requirements; losses due to environmental liabilities; or casualty or condemnation losses.&#160;&#160;REITs also are dependent upon management skills and are subject to heavy cash flow dependency, self-liquidation and the possibility of failing to qualify for tax-free &#8220;pass-through&#8221; of income under the federal tax law.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Active Trading.</font> The Fund may trade securities actively.&#160;&#160;This strategy could increase transaction costs, reduce performance, and result in increased taxable distributions, which could lower a Fund&#8217;s after tax performance.</font> 2009-09-30 0.2328 Worst Quarter: 2008-12-31 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-Diversification.&#160;&#160;</font>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 obligations of a single issuer.&#160;&#160;As a result, the Fund may hold a smaller number of issuers than if it were diversified.&#160;&#160;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&#8217;s total returns.</font> 0.0102 0.0102 0.0088 0.0292 0.0562 0.0063 0.0096 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 0.0415 0.0357 0.033 0.0292 0.0437 0.0406 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-Diversification.</font> 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 obligations of a single issuer.&#160;&#160;As a result, the Fund may hold a smaller number of issuers than if it were diversified.&#160;&#160;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 a non-diversified fund&#8217;s total returns.</font> 0.0769 2009-09-30 Worst Quarter: 2011-09-30 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund seeks capital appreciation.</font> false 2012-10-15 2012-10-15 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund seeks primarily capital appreciation and protection against inflation</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">and, secondarily, current income.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund seeks to preserve and increase the purchasing power value of its shares over the long term.</font> -0.01 -0.01 0.01 0.0025 0.0106 0.0099 0.01 0.0217 2646 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Turnover</font></div> 4339 -0.01 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Turnover</font> 0.44 0.005 0.0025 0.011 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In pursuit of its investment objective, the Fund invests at least 65% of its total assets in (i)&#160;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 or other natural resources (&#8220;Natural Resources Companies&#8221;) and (ii)&#160;gold, silver, and platinum bullion.&#160;&#160;Up to 35% of the Fund&#8217;s assets may be invested in securities of companies that derive a portion of their gross revenues, directly or indirectly, from the business of mining, processing, fabricating, distributing, or otherwise dealing in gold, silver, platinum, or other natural resources, in securities of selected growth companies, and 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.&#160;&#160;The Fund may invest in domestic or foreign companies of any size.&#160;&#160;The investment manager seeks companies that it believes have attractive fundamentals and often looks at company characteristics such as people, projects, and pricing.&#160;&#160;A security is typically sold when its potential to meet the Fund&#8217;s investment objective is limited or exceeded by another potential investment, when an investment in an issuer no longer appears to meet the Fund&#8217;s investment objective, or when the Fund must meet redemptions.&#160;&#160;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.&#160;&#160;The Fund concentrates its investments by investing at least 25% of its total assets in Natural Resources Companies.&#160;&#160;The Fund may trade securities actively in pursuit of its investment objective.&#160;&#160;The Fund also may lend its portfolio securities to brokers, dealers, and other financial institutions.</font> 0.001 0.0145 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund concentrates its investments by investing at least 25% of its total assets in Natural Resources Companies.</font> <b>Principal Risks of Investing in the Fund</b> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In pursuit of its investment objective, the Fund may invest in any security type (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, common and preferred stocks, bonds, convertible securities, etc.) and in any industry sector, in domestic or foreign companies, and in companies of any size.&#160;&#160;Generally, the investment manager seeks what it believes to be quality companies with unique combinations of strength in operations, products, and finances with either growth or value characteristics.&#160;&#160;A security is typically sold when its potential to meet the Fund&#8217;s investment objective is limited or exceeded by another potential investment, when an investment in an issuer no longer appears to meet the Fund&#8217;s investment objective, or when the Fund must meet redemptions.&#160;&#160;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.&#160;&#160;To achieve the Fund&#8217;s objective, the investment manager may use a seasonal investing strategy to invest the Fund&#8217;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, tax events, and other calendar related phenomena.&#160;&#160;The investment manager&#8217;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.&#160;&#160;These periods can be related to accounting periods and may be further refined by considerations of tax cycles, holidays, and other factors.&#160;&#160;The Fund may invest in fixed income securities of any issuer, including U.S. Government Securities, of any credit quality or maturity, although it has no current intention of investing more than 5% of its total assets in fixed income securities rated less than investment grade.&#160;&#160;The Fund may trade securities actively in pursuit of its investment objective.&#160;&#160;The Fund also may lend its portfolio securities to brokers, dealers, and other financial institutions.</font> 2234 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Risks of Investing in the Fund</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Past Performance</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Turnover</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year.&#160;&#160;The following table compares the Fund&#8217;s average annual returns for the 1, 5, and 10&#160;year periods with appropriate broad based securities market indices.&#160;&#160;The Morningstar Specialty Fund-Precious Metals Average (&#8220;PMA&#8221;) is an equally weighted average of the managed precious metals funds tracked by Morningstar which reflects the market sectors in which the Fund may invest.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Past performance (before and after taxes) is not predictive of future performance</font>.</font> 0.04 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In pursuit of its investment objective, the Fund normally seeks to invest in the following investment categories in accordance with following Target Percentages, subject to certain quarterly and other adjustments, as described below (Target Percentage in parentheses):&#160;&#160;gold (20%); silver (10%); Swiss franc assets (20%); hard asset securities (25%); and large capitalization growth stocks (25%).&#160;&#160;Pending investment or if the Fund&#8217;s investment manager determines that market conditions warrant, the Fund may hold money market funds, money market instruments, bank deposits, investment grade, short term corporate bonds and banker&#8217;s acceptances, and similar investments without limit.&#160;&#160;The Fund may also make these investments for temporary defensive purposes.&#160;&#160;Accordingly, from to time, the Fund&#8217;s actual percentage of its total assets invested in a given investment category may vary from its Target Percentage, sometimes substantially.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subsequent to each calendar quarter end, the Fund&#8217;s investment manager normally compares the Fund&#8217;s actual percentage of investments in a given category with the Target Percentage for that category, and may adjust the Fund&#8217;s investments to more closely align the actual percentage to the Target Percentage in cases where the variance is greater than one-tenth.&#160;&#160;Also, from time to time, the Fund may use leverage to increase its investment in large capitalization growth stocks to the extent permitted under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).&#160;&#160;See &#8220;Investment Objectives, Principal Investment Strategies, Related Risks, and Disclosure of Portfolio Holdings&#8221; below for more information.</font><br/><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gold and silver investments include bullion, bullion type coins, and exchange traded grantor trusts that invest therein (&#8220;ETFs&#8221;).&#160;&#160;From time to time, mining company shares may be used to achieve target allocations in gold and silver if deemed attractive for tax planning or other purposes.&#160;&#160;Swiss franc assets include Swiss franc denominated deposits and bonds of the federal government of Switzerland of any maturity.&#160;&#160;Hard asset securities (e.g., common and preferred stocks, bonds, convertible securities, etc.) include those of U.S. and foreign companies dealing primarily in real estate (such as timberland, ranching and farm land, raw land, and land with improvements and structures) and natural resources (such as oil, gas, coal, precious and non-precious metals, and minerals).&#160;&#160;Large capitalization growth stocks normally include U.S. and foreign companies with market capitalizations over $50&#160;billion which the investment manager believes may experience growth in revenues, earnings, or other similar measures and may include options, warrants, and similar derivatives on such stocks.&#160;&#160;The Fund may trade securities actively in pursuit of its investment objective.&#160;&#160;The Fund also may lend its portfolio securities to brokers, dealers, and other financial institutions.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Risks of Investing in the Fund</font> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">MIDAS FUND</font> &#8211; Year-by-year total return as of 12/31 each year (%)</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">MIDAS MAGIC</font> &#8211; Year-by-year total return as of 12/31 each year (%)</font></div> Best Quarter: <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Past Performance</font> -0.4151 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year.&#160;&#160;The following table compares the Fund&#8217;s average annual returns for the 1, 5, and 10&#160;year periods with appropriate broad based securities market indices.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Past performance (before and after taxes) is not predictive of future performance</font>.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s returns shown above include the effect of reinvesting dividends and capital gain distributions.&#160;&#160;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.&#160;&#160;In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be<font style="FONT-STYLE: italic; DISPLAY: inline"> higher</font> than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Because actual after tax returns depend on a shareholder&#8217;s tax situation, returns may vary from those shown.&#160;&#160;After tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts.</font> -0.0272 0.3972 0.4402 0.317 0.8388 0.4791 0.1063 -0.012 0.1311 0.1428 -0.3597 -0.3627 -0.2333 0.0211 -0.2068 -0.4584 0.3456 0.0567 -0.0215 -0.0265 -0.0212 -0.0025 0.0791 Best Quarter: <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Past Performance</font> -0.326 0.0862 0.0862 0.056 0.0211 -0.0418 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the Fund is not a bank deposit.&#160;&#160;It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.&#160;&#160;It is not a complete investment program.</font> -0.009 -0.009 -0.0076 -0.0025 0.0015 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year.&#160;&#160;The following table compares the Fund&#8217;s average annual returns for the 1, 5, and 10&#160;year periods with appropriate broad based securities market indices.&#160;&#160;The Lipper Mixed-Asset Target Allocation Conservative Funds Index (&#8220;LMTACFI&#8221;) is an equally weighted average of the managed mixed-asset target allocation conservative funds tracked by Lipper which reflects certain of the market sectors in which the Fund may invest.&#160;&#160;The Lipper Mixed Asset Target Allocation Moderate Index (&#8220;LMATAMI&#8221;) is an equally weighted average of the managed mixed-asset target allocation moderate funds tracked by Lipper which reflects certain of the market sectors in which the Fund may invest.&#160;&#160;The LMATAMI may provide a more appropriate basis for comparison than the LMTACFI with respect to the Fund&#8217;s performance.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Past performance (before and after taxes) is not predictive of future performance<br /></font></font><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Prior to December&#160;29, 2008, the Fund (formerly known as Midas Dollar Reserves, Inc.) operated as a money market fund and invested exclusively in securities issued by the U.S. Government, its agencies and instrumentalities.&#160;&#160;On December&#160;29, 2008, the Fund changed its name from Midas Dollar Reserves, Inc. to Midas Perpetual Portfolio, Inc. and began operating as a fluctuating net asset value fund with the investment objective, strategies, and risks above.</font> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">MIDAS PERPETUAL PORTFOLIO</font> &#8211; Year-by-year total return as of 12/31 each year (%)</font></div> 0.0029 0.0161 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Morningstar Specialty Fund-Precious Metals Average (&#8220;PMA&#8221;) is an equally weighted average of the managed precious metals funds tracked by Morningstar which reflects the market sectors in which the Fund may invest.</font> 0.0388 0.04 0.0122 0.1703 0.1304 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Past performance (before and after taxes) is not predictive of future performance</font>.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font> 0.0096 -0.0024 0.0194 0.0211 0.0253 0.0037 0.0705 0.0636 0.0582 -0.0025 0.0369 0.014 <font style="DISPLAY: inline; FONT-WEIGHT: bold">Past performance (before and after taxes) is not predictive of future performance</font>. <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s returns shown above include the effect of reinvesting dividends and capital gain distributions.&#160;&#160;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.&#160;&#160;In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be<font style="FONT-STYLE: italic; DISPLAY: inline"> higher</font> than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Because actual after tax returns depend on a shareholder&#8217;s tax situation, returns may vary from those shown.&#160;&#160;After tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font> 0.44 Best Quarter: -0.031 <div style="display:none">~ http://www.midasfunds.com/role/ScheduleExpenseExampleTransposedMIDASFUNDINC column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleExpenseExampleTransposedMidasMagic column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedMIDASFUNDINC column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedMidasMagic column period compact * ~</div> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleExpenseExampleTransposedMidasPerpetualPortfolio column period compact * ~</div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the Fund is not a bank deposit.&#160;&#160;It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.&#160;&#160;It is not a complete investment program.</font> <div style="display:none">~ http://www.midasfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedMidasPerpetualPortfolio column period compact * ~</div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the Fund is not a bank deposit.&#160;&#160;It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.&#160;&#160;It is not a complete investment program.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Lipper Mixed-Asset Target Allocation Conservative Funds Index (&#8220;LMTACFI&#8221;) is an equally weighted average of the managed mixed-asset target allocation conservative funds tracked by Lipper which reflects certain of the market sectors in which the Fund may invest.&#160;&#160;The Lipper Mixed Asset Target Allocation Moderate Index (&#8220;LMATAMI&#8221;) is an equally weighted average of the managed mixed-asset target allocation moderate funds tracked by Lipper which reflects certain of the market sectors in which the Fund may invest.&#160;&#160;The LMATAMI may provide a more appropriate basis for comparison than the LMTACFI with respect to the Fund&#8217;s performance.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><b>Past performance (before and after taxes) is not predictive of future performance.</b></font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s returns shown above include the effect of reinvesting dividends and capital gain distributions.&#160;&#160;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.&#160;&#160;In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be<font style="FONT-STYLE: italic; DISPLAY: inline"> higher</font> than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Because actual after tax returns depend on a shareholder&#8217;s tax situation, returns may vary from those shown.&#160;&#160;After tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts.</font> The total annual fund operating expenses listed above do not correlate to the ratio of expenses to average net assets listed in the "Financial Highlights" on page 25, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment manager has contractually agreed with the Fund to waive its management fee for the period that is one year from the effective date of the Fund's registration statement. The fee waiver agreement may only be amended or terminated with the approval of the Trust's Board of Trustees ("Board of Trustees") and is subject to the terms of the Fund's investment management agreement. 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