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Midas Series Trust
2026-06-30
Midas Discovery
Midas Discovery
MIDSX
This semi-annual shareholder report contains important information about Midas Discovery (the “Fund”) for the period of January 1, 2026 to June 30, 2026.
semi-annual shareholder report
<span style="font-family: arial; color: rgb(37, 37, 37);">You can find additional information about the Fund at </span><span style="font-family: arial;">www.MidasFunds.com.</span><span style="font-family: arial; color: rgb(37, 37, 37);"> You can also request this information by contacting us at 800-400-6432.</span>
www.MidasFunds.com
800-400-6432
<div style="margin-top: 1.2pt; margin-right: -1pt;"><span style="font-family: arial; color: rgb(104, 104, 104); font-weight: bold;">What were the Fund costs for the last six months?</span></div> <div style="line-height: 10.75pt; margin-right: -1pt;"><span style="font-family: arial; color: rgb(37, 37, 37); font-style: italic;">(Based on a hypothetical $10,000 investment)</span></div>
<table style="font-size: 10pt; border-spacing: 0px; border-collapse: collapse;">
<tr style="vertical-align: top; height: 23.3pt;">
<td style="padding: 0; width: 230.5pt; border-bottom: 1pt solid #252525; border-right: 1pt solid #252525;"> <div style="margin-bottom: 10pt;"> </div> </td>
<td style="padding: 0; width: 130.5pt; border: 1pt solid #252525;"> <div style="margin-top: 1.8pt; line-height: 10.2pt; text-align: center; margin-right: 3pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Costs of a $10,000 investment</span></div> </td>
<td style="padding: 0; width: 161.4pt; border: 1pt solid #252525;"> <div style="text-indent: -29.7pt; margin-top: 1.8pt; line-height: 10.2pt; padding-left: 44.8pt; margin-right: 3pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Costs paid as a percentage of a $10,000 investment*</span></div> </td> </tr>
<tr style="vertical-align: top; height: 17.65pt;">
<td style="padding: 0; width: 193.5pt; border: 1pt solid #252525;"> <div style="margin-top: 4.4pt; margin-left: 2.8pt; margin-right: -1pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Midas Discovery</span></div> </td>
<td style="padding: 0; width: 119.5pt; border: 1pt solid #252525;"> <div style="text-indent: -29.5pt; margin-top: 1.8pt; line-height: 10.2pt; text-align: center; padding-left: 44.6pt; margin-right: 28.8pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">$127</span></div> </td>
<td style="padding: 0; width: 161.4pt; border: 1pt solid #252525;"> <div style="text-indent: -29.5pt; margin-top: 1.8pt; line-height: 10.2pt; text-align: center; padding-left: 44.6pt; margin-right: 28.8pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">2.66%</span></div> </td> </tr> </table> <div style="line-height: 10pt;"><span style="font-family: arial;">*Annualized</span></div>
127
0.0266
<div style="margin-bottom: 6pt; margin-top: 12pt; margin-right: -0.7pt;"><span style="font-family: arial; color: rgb(104, 104, 104); font-weight: bold;">Key Fund Statistics (as of June 30, 2026)</span></div>
<table style="font-size: 10pt; border-spacing: 0px; border-collapse: collapse;">
<tr style="vertical-align: top;">
<td style="padding: 0; width: 350.75pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt;"><span style="font-family: arial;">Fund’s net assets</span></div> </td>
<td style="padding: 0; width: 153.25pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt; text-align: right;"><span style="font-family: arial;">$33,679,590</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 305.75pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt;"><span style="font-family: arial;">Total number of portfolio holdings</span></div> </td>
<td style="padding: 0; width: 153.25pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt; text-align: right;"><span style="font-family: arial; color: rgb(37, 37, 37);">19</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 305.75pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt;"><span style="font-family: arial;">Portfolio turnover rate </span></div> </td>
<td style="padding: 0; width: 153.25pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt; text-align: right;"><span style="font-family: arial; color: rgb(37, 37, 37);">25%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 305.75pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt;"><span style="font-family: arial;">Total advisory fees paid</span></div> </td>
<td style="padding: 0; width: 153.25pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt; text-align: right;"><span style="font-family: arial; color: rgb(37, 37, 37);">$240,784</span></div> </td> </tr> </table>
33679590
19
0.25
240784
<div style="margin-top: 4.6pt; margin-right: -1pt;"><span style="font-family: arial; color: rgb(104, 104, 104); font-weight: bold;">Graphical Representation of Holdings (as of June 30, 2026)</span></div> <div style="margin-top: 6pt; text-align: justify;"><span style="font-family: arial; color: rgb(37, 37, 37);">The tables below show the investment make-up of the Fund, representing percentage of total net assets of the Fund.</span></div>
<table style="font-size: 10pt; border-spacing: 0px; border-collapse: collapse;">
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Top Ten Security Holdings</span></div> </td>
<td style="padding: 0; width: 72pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Percent of Total Net Assets</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">DPM Metals Inc.</span></div> </td>
<td style="padding: 0; width: 72pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">9%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">SSR Mining Inc.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">8%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Evolution Mining Limited</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">8%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">IAMGOLD Corp.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">7%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Aura Minerals Inc.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">7%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Endeavour Mining plc</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">6%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">G Mining Ventures Corp.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">6%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Wheaton Precious Metals Corp.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">6%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">B2Gold Corp.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">5%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">McEwen Inc. </span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">5%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Total</span></div> </td>
<td style="padding: 0; width: 72pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">67%</span></div> </td> </tr> </table> <div style="margin-top: 6pt;">
<img alt="[image]" src="g135523imagea.jpg" style="width: 310.65pt; height: 113.24pt;"/>
<img alt="[image]" src="g135523image2.jpg" style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: 310.53pt; height: 104.95pt;"/></div> <div style="margin-top: 6pt; text-align: justify;"><span style="font-family: arial; color: rgb(104, 104, 104);">Top ten security holdings are shown with approximate percentages of net assets and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain a top ten security holding. To the extent the Fund’s holdings are concentrated in a limited number of securities, industries, or sectors, the Fund may be subject to greater volatility and a higher risk of loss. The figures in</span><span style="font-family: arial;"> </span><span style="font-family: arial; color: rgb(104, 104, 104);">the table use approximate percentages of net assets and may not add up to 100% due to leverage, cash or other assets, rounding, and other factors.</span></div>
<table style="font-size: 10pt; border-spacing: 0px; border-collapse: collapse;">
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Top Ten Security Holdings</span></div> </td>
<td style="padding: 0; width: 72pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Percent of Total Net Assets</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">DPM Metals Inc.</span></div> </td>
<td style="padding: 0; width: 72pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">9%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">SSR Mining Inc.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">8%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Evolution Mining Limited</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">8%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">IAMGOLD Corp.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">7%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Aura Minerals Inc.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">7%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Endeavour Mining plc</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">6%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">G Mining Ventures Corp.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">6%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Wheaton Precious Metals Corp.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">6%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">B2Gold Corp.</span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">5%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">McEwen Inc. </span></div> </td>
<td style="padding: 0; width: 72pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">5%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 112.5pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Total</span></div> </td>
<td style="padding: 0; width: 72pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">67%</span></div> </td> </tr> </table>
0.09
0.08
0.08
0.07
0.07
0.06
0.06
0.06
0.05
0.05
0.67
<div style="margin-top: 12pt;"><span style="font-family: arial; color: rgb(104, 104, 104); font-weight: bold;">Changes in and Disagreements with Accountants</span></div> <div style="margin-top: 6pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">There were no changes in or disagreements with the Fund’s independent registered public accounting firm during the reporting period.</span></div>
Midas Special Opportunities
Midas Special Opportunities
MISEX
This semi-annual shareholder report contains important information about Midas Special Opportunities (the “Fund”) for the period of January 1, 2026 to June 30, 2026.
semi-annual shareholder report
<span style="font-family: arial; color: rgb(37, 37, 37);">You can find additional information about the Fund at </span><span style="font-family: arial;">www.MidasFunds.com.</span><span style="font-family: arial; color: rgb(37, 37, 37);"> You can also request this information by contacting us at 800-400-6432.</span>
www.MidasFunds.com
800-400-6432
<div style="margin-top: 1.2pt; margin-right: -1pt;"><span style="font-family: arial; color: rgb(104, 104, 104); font-weight: bold;">What were the Fund costs for the last six months?</span></div> <div style="line-height: 10.75pt; margin-right: -1pt;"><span style="font-family: arial; color: rgb(37, 37, 37); font-style: italic;">(Based on a hypothetical $10,000 investment)</span></div>
<table style="font-size: 10pt; border-spacing: 0px; border-collapse: collapse;">
<tr style="vertical-align: top; height: 23.3pt;">
<td style="padding: 0; width: 250.5pt; border-bottom: 1pt solid #252525; border-right: 1pt solid #252525;"> <div style="margin-bottom: 10pt;"> </div> </td>
<td style="padding: 0; width: 130.5pt; border: 1pt solid #252525;"> <div style="margin-top: 1.8pt; line-height: 10.2pt; text-align: center; margin-left: 15.1pt; margin-right: 3pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Costs of a $10,000 investment</span></div> </td>
<td style="padding: 0; width: 180.4pt; border: 1pt solid #252525;"> <div style="text-indent: -29.7pt; margin-top: 1.8pt; line-height: 10.2pt; padding-left: 44.8pt; margin-right: 3pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Costs paid as a percentage of a $10,000 investment*</span></div> </td> </tr>
<tr style="vertical-align: top; height: 17.65pt;">
<td style="padding: 0; width: 193.5pt; border: 1pt solid #252525;"> <div style="margin-top: 4.4pt; margin-left: 2.8pt; margin-right: -1pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Midas Special Opportunities</span></div> </td>
<td style="padding: 0; width: 119.5pt; border: 1pt solid #252525;"> <div style="margin-top: 1.8pt; line-height: 10.2pt; margin-left: 44.6pt; margin-right: 28.8pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">$161</span></div> </td>
<td style="padding: 0; width: 161.4pt; border: 1pt solid #252525;"> <div style="text-indent: -29.5pt; margin-top: 1.8pt; line-height: 10.2pt; text-align: center; padding-left: 44.6pt; margin-right: 28.8pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">2.98%</span></div> </td> </tr> </table> <div style="line-height: 10pt;"><span style="font-family: arial;">*Annualized</span></div>
161
0.0298
<div style="margin-bottom: 6pt; margin-top: 12pt; margin-right: -0.7pt;"><span style="font-family: arial; color: rgb(104, 104, 104); font-weight: bold;">Key Fund Statistics (as of June 30, 2026)</span></div>
<table style="font-size: 10pt; border-spacing: 0px; border-collapse: collapse;">
<tr style="vertical-align: top;">
<td style="padding: 0; width: 385.75pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt;"><span style="font-family: arial;">Fund’s net assets</span></div> </td>
<td style="padding: 0; width: 153.25pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt; text-align: right;"><span style="font-family: arial;">$29,343,393</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 305.75pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt;"><span style="font-family: arial;">Total number of portfolio holdings</span></div> </td>
<td style="padding: 0; width: 153.25pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt; text-align: right;"><span style="font-family: arial; color: rgb(37, 37, 37);">12</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 305.75pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt;"><span style="font-family: arial;">Portfolio turnover rate </span></div> </td>
<td style="padding: 0; width: 153.25pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt; text-align: right;"><span style="font-family: arial; color: rgb(37, 37, 37);">16%</span></div> </td> </tr>
<tr style="vertical-align: top;">
<td style="padding: 0; width: 305.75pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt;"><span style="font-family: arial;">Total advisory fees paid</span></div> </td>
<td style="padding: 0; width: 153.25pt; border-top: 1pt solid black; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 0.2pt; line-height: 13pt; text-align: right;"><span style="font-family: arial; color: rgb(37, 37, 37);">$119,146</span></div> </td> </tr> </table>
29343393
12
0.16
119146
<div style="margin-top: 12pt; margin-right: -0.7pt;"><span style="font-family: arial; color: rgb(104, 104, 104); font-weight: bold;">Graphical Representation of Holdings (as of June 30, 2026)</span></div><div style="margin-top: 6pt; text-align: justify;"><span style="font-family: arial; color: rgb(37, 37, 37);">The tables below show the investment make-up of the Fund, representing percentage of total net assets of the Fund.</span></div>
<table style="font-size: 10pt; border-spacing: 0px; border-collapse: collapse;">
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Top Ten Security Holdings</span></div> </td>
<td style="padding: 0; width: 63pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Percent of Total Net Assets</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Alphabet Inc. Class A</span></div> </td>
<td style="padding: 0; width: 63pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">39%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: Arial;">Lam Research Corporation</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: Arial; color: rgb(37, 37, 37);">18%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: Arial;">Mastercard Inc. Class A</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: Arial; color: rgb(37, 37, 37);">18%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Williams-Sonoma, Inc.</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">8%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">JPMorgan Chase & Co.</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">8%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Constellation Software Inc.</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">4%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Berkshire Hathaway Inc. Class B</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">4%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Microsoft Corp.</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">3%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 17.4pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">The Progressive Corporation</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">3%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Qualys, Inc.</span></div> </td>
<td style="padding: 0; width: 63pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">3%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 29.65pt;">
<td style="padding: 0; width: 121.5pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Total</span></div> </td>
<td style="padding: 0; width: 63pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">108%</span></div> </td> </tr> </table><div style="margin-top: 4.6pt; margin-right: -1pt;">
<img alt="[image]" src="g135523image2-1.jpg" style="width: 310.24pt; height: 125.24pt;"/>
<img alt="[image]" src="g135523image1-1.jpg" style="width: 290pt; height: 138.55pt;"/></div><div style="margin-top: 6pt; text-align: justify;"><span style="font-family: arial; color: rgb(104, 104, 104);">Top ten security holdings are shown with approximate percentages of net assets and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain a top ten security holding. To the extent the Fund’s holdings are concentrated in a limited number of securities, industries, or sectors, the Fund may be subject to greater volatility and a higher risk of loss. The figures in the table use approximate percentages of net assets and may not add up to 100% due to leverage, cash or other assets, rounding, and other factors.</span></div>
<table style="font-size: 10pt; border-spacing: 0px; border-collapse: collapse;">
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Top Ten Security Holdings</span></div> </td>
<td style="padding: 0; width: 63pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">Percent of Total Net Assets</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Alphabet Inc. Class A</span></div> </td>
<td style="padding: 0; width: 63pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">39%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: Arial;">Lam Research Corporation</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: Arial; color: rgb(37, 37, 37);">18%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: Arial;">Mastercard Inc. Class A</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: Arial; color: rgb(37, 37, 37);">18%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Williams-Sonoma, Inc.</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">8%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">JPMorgan Chase & Co.</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">8%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Constellation Software Inc.</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">4%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Berkshire Hathaway Inc. Class B</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">4%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Microsoft Corp.</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">3%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 17.4pt;">
<td style="padding: 0; width: 121.5pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">The Progressive Corporation</span></div> </td>
<td style="padding: 0; width: 63pt; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">3%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 16.75pt;">
<td style="padding: 0; width: 121.5pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Qualys, Inc.</span></div> </td>
<td style="padding: 0; width: 63pt; border-bottom: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">3%</span></div> </td> </tr>
<tr style="vertical-align: top; height: 29.65pt;">
<td style="padding: 0; width: 121.5pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial;">Total</span></div> </td>
<td style="padding: 0; width: 63pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;"> <div style="margin-top: 6pt; line-height: 12pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">108%</span></div> </td> </tr> </table>
0.39
0.18
0.18
0.08
0.08
0.04
0.04
0.03
0.03
0.03
1.08
<div style="margin-top: 12pt;"><span style="font-family: arial; color: rgb(104, 104, 104); font-weight: bold;">Changes in and Disagreements with Accountants</span></div> <div style="margin-top: 6pt;"><span style="font-family: arial; color: rgb(37, 37, 37);">There were no changes in or disagreements with the Fund’s independent registered public accounting firm during the reporting period.</span></div>
Annualized
Annualized