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<PAGE> PAGE 2
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SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Midas
Fund, Inc. Annual Report and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000770200
<NAME> Midas Fund, Inc.
<MULTIPLIER> 1
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<PERIOD-START> Jan-01-1996
<PERIOD-END> Dec-31-1996
<EXCHANGE-RATE> 1.00
<INVESTMENTS-AT-COST> 219,004,506
<INVESTMENTS-AT-VALUE> 205,932,976
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</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
SHAREHOLDERS AND BOARD OF DIRECTORS
MIDAS FUND, INC.
NEW YORK, NEW YORK
In planning and performing our audit of the financial statements of Midas Fund,
Inc. for the year ended December 31, 1996, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
December 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
PHILADELPHIA, PENNSYLVANIA
JANUARY 17, 1997
MIDAS FUND
A Special Meeting of Shareholders of the Fund ("Special Meeting") was held on
April 25, 1996 pursuant to notice given to all shareholders of record at the
close of business on February 15, 1996. At the Special Meeting, shareholders
approved the following proposals as indicated: To Amend, in Part, and Amend and
Reclassify, in Part, the Fund's Fundamental Investment Provision Regarding
Lending and Investments in Repurchase Agreements Which Mature in More than Seven
Days (4,560,244.28 in favor, 184,741.40 against, and 196,178.75 abstaining); To
Amend the Fund's Fundamental Investment Provision Regarding Borrowing and the
Issuance of Senior Securities (4,537,071.70 in favor, 215,982.44 against, and
188,110.29 abstaining); To Amend the Fund's Fundamental Investment Provision
Regarding Underwriting Securities (4,571,587.47 in favor, 160,270.99 against,
and 209,305.96 abstaining); To Amend the Fund's Fundamental Investment Provision
Regarding the Purchase or Sale of Real Estate (4,479,552.59 in favor, 269,055.60
against, and 192,556.25 abstaining); To Amend and Reclassify the Fund's
Fundamental Investment Provision Regarding Commodities (4,557,664.55 in favor,
197,253.73 against, and 186,246.16 abstaining); To Amend and Reclassify the
Fund's Fundamental Restriction Regarding Investments in Exploration or
Development Programs, Such as Oil or Gas Programs (4,551,070.13 in favor,
194,217.86 against, and 195,876.44 abstaining); To Amend and Reclassify the
Fund's Fundamental Investment Provision Regarding Margin Purchases and Short
Sales (4,553,571.00 in favor, 202,658.87 against, and 184,934.56 abstaining); To
Amend and Reclassify the Fund's Fundamental Investment Provision Regarding
Investments in Other Investment Companies (4,553,571.00 in favor, 202,658.87
against, and 184,934.56 abstaining); To Amend and Reclassify the Fund's
Fundamental Investment Provision Regarding Pledging or Mortgaging its Assets
(4,553,571.00 in favor, 202,658.87 against, and 184,934.56 abstaining); To Amend
and Reclassify the Fund's Fundamental Investment Provision Regarding Investments
in Securities of Unseasoned Issuers (4,553,571.00 in favor, 202,658.87 against,
and 184,934.56 abstaining); To Amend and Reclassify the Fund's Fundamental
Investment Provision Regarding Investments in Securities of a Company If Those
Officers or Directors of the Fund, Who Own 1/2 of 1% or More of the Company's
Securities, Own Together More than 5% of the Company's Securities (4,553,571.00
in favor, 202,658.87 against, and 184,934.56 abstaining); To Amend and
Reclassify the Fund's Fundamental Investment Provision Regarding the Purchase of
Restricted Securities (4,553,571.00 in favor, 202,658.87 against, and 184,934.56
abstaining); To Eliminate the Fund's Fundamental Investment Provision Regarding
the Fund's Investments in a Single Issuer (4,553,571.00 in favor, 202,658.87
against, and 184,934.56 abstaining).
