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| Report |
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| | | Registrant: Asa Gold & Precious Metals Ltd. — List all N-SARs |
| | | Semi-Annual Report (at mid-year) for the 1st-half period ended: 5/31/14 |
| | | Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info |
| | | Was the Answer File completed by the Registrant? Yes |
| | | Is this an Amendment to a previous Report? No |
| | | Is this a change to a previous Report? No |
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| Registrant |
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| 1. | | SEC CIK: 1230869 |
| | | SEC File #: 811-21650 |
| | | Telephone #: 650-376-3135 |
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| 2. | | Address: 400 S. El Camino Real, Suite 710 |
| | | San Mateo, CA 94402 |
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| 3. | | Is this the first Form N-SAR filed by the Registrant? No |
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| 4. | | Is this the final Form N-SAR filed by the Registrant? No |
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| 7. | | Is the Registrant a Funds/Series (multiple portfolios) company? No |
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| Administrator |
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| 10.1 | | Name: Kaufman Rossin Fund Services, LLC |
| | | Location: Miami, FL |
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| Shareholder Servicing/Transfer Agent |
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| 12.1 | | Name: Computershare Trust Co., NA |
| | | SEC File #: 085-11340 |
| | | Location: Jersey City, NJ |
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| Independent Public Accountant |
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| 13.1 | | Name: Tait, Weller & Baker LLP |
| | | Location: Philadelphia, PA |
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| Custodian |
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| 15.1 | | Name: JPMorgan Chase Bank |
| | | Role: Custodian |
| | | Location: Brooklyn, NY |
| | | Type of custody: Section 17(f)(1) — Bank |
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| 15.2 | | Name: Firstrand Bank Ltd. |
| | | Role: Sub-Custodian |
| | | Location: Johannesburg |
| | | South Africa |
| | | Type of custody: Rule 17f-5 — Foreign Custodian |
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| 15.3 | | Name: Canadian Imperial Bank of Commerce |
| | | Role: Sub-Custodian |
| | | Location: Toronto |
| | | Ontario Canada |
| | | Type of custody: Rule 17f-5 — Foreign Custodian |
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| 15.4 | | Name: JPMorgan Chase Bank |
| | | Role: Sub-Custodian |
| | | Location: Sydney |
| | | Australia |
| | | Type of custody: Rule 17f-5 — Foreign Custodian |
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| 15.5 | | Name: JPMorgan Chase Bank |
| | | Role: Sub-Custodian |
| | | Location: Hong Kong |
| | | Type of custody: Rule 17f-5 — Foreign Custodian |
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| 15.6 | | Name: JPMorgan Chase Bank |
| | | Role: Sub-Custodian |
| | | Location: Hong Kong |
| | | Type of custody: Rule 17f-5 — Foreign Custodian |
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| 15.7 | | Name: JPMorgan Chase Bank |
| | | Role: Sub-Custodian |
| | | Location: Switzerland |
| | | Type of custody: Rule 17f-5 — Foreign Custodian |
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| 18. | | Does the Registrant’s/Series’ Custodian(s) maintain some or all of the Registrant’s/Series’ securities in a central depository or book-entry system pursuant to Rule 17f-4? Yes |
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| Family of Investment Companies |
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| 19. | | Is the Registrant/Series part of a “family” of investment companies? No |
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| Brokerage Commissions Paid on Portfolio Transactions |
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| 20. | | The brokers who received the largest amount of gross brokerage commissions during the period: |
| 20.1 | | Broker: Bmo Capital Markets |
| | | IRS #: 13-3459853 |
| | | Commissions paid ($000s): 24 |
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| 20.2 | | Broker: Dundee Capital Markets |
| | | Commissions paid ($000s): 15 |
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| 20.3 | | Broker: Cibc World Markets |
| | | IRS #: 13-2798343 |
| | | Commissions paid ($000s): 7 |
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| 20.4 | | Broker: RBC Capital Markets |
| | | IRS #: 13-5033325 |
| | | Commissions paid ($000s): 3 |
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| 20.5 | | Broker: JPM |
| | | IRS #: 13-3224016 |
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| 21. | | Total brokerage commissions paid by the Registrant during the period: Aggregate paid ($000s): 49 |
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| Portfolio Transactions with Entities Acting as Principals |
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| 22. | | The entities acting as principals with whom the Registrant did the largest amount of portfolio transactions, based on total value of principal, during the period: |
| 22.1 | | Entity: Bmo Capital Markets |
| | | Registrant’s purchases ($000s): 1,351 |
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| 22.2 | | Entity: Dundee Capital |
| | | Registrant’s purchases ($000s): 5,058 |
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| 23. | | Total purchase/sale transactions by the Registrant during the period: Aggregate purchases ($000s): 6,409 |
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| Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers |
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| 24. | | At period end, did the Registrant/Series hold any securities of the Registrant’s/Series’ regular brokers or dealers, or of the parents of such brokers or dealers, that derive more than 15% of gross revenue from securities-related activities? No |
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| Considerations which Affected the Participation of Brokers or Dealers |
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| 26. | | Considerations which affected the participation of brokers or dealers or other entities in commissions or other compensation paid on portfolio transactions of the Registrant:
Consideration? |
| | | Sales of the Registrant’s/Series’ shares ............................... No |
| | | Receipt of investment research and statistical info .................... Yes |
| | | Receipt of quotations for portfolio valuations ......................... No |
| | | Ability to execute portfolio transactions to obtain the best price and execution ........................................................ Yes |
| | | Receipt of telephone line and wire services ............................ No |
| | | Broker or Dealer which is an affiliated person ......................... No |
| | | An arrangement to return or credit part or all of commissions or profits thereon... To an Investment Adviser or Principal Underwriter, or to an affiliated person of either ...................................... No |
| | | To the Registrant .................................................. No |
| | | Other .................................................................. No |
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| Investment Company Type |
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| 27. | | Is the Registrant an “open-end” investment company? No, Closed-End |
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| Advisory Fee |
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| 45. | | Did the Registrant/Series have an advisory contract during the period? No |
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| Miscellaneous Info |
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| 55. | | Did the Registrant/Series have any of the following outstanding at any time during the period which exceeded 1% of aggregate net assets: |
| | | Overdrafts? No |
| | | Bank loans? No |
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| 56. | | During the period, did the Registrant’s/Series’ Investment Adviser(s) have advisory clients other than investment companies? No |
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| 57. | | Did the Registrant/Series adjust the number of its shares outstanding by means of a stock split or stock dividend? No |
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| Classification and Asset Allocation |
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| 58. | | Is the Registrant/Series a Separate Account of an insurance company? No |
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| 59. | | Is the Registrant/Series a management investment company? Yes |
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| 60. | | Was the Registrant/Series a diversified investment company at any time during the period? No |
| | | Was the Registrant/Series a diversified investment company at the end of the period? No |
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| 61. | | The lowest minimum initial investment required by the Registrant/Series from an investor that is not an employee or otherwise affiliated with the Registrant/Series, its Investment Adviser, Principal Underwriter or other affiliated entity: $0 |
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| 62. | | Does the Registrant/Series invest primarily in debt securities, including convertible debt securities, options & futures on debt securities or indices of debt securities? No |
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| 66. | | Is the Registrant/Series a Fund that usually invests in equity securities, options & futures on equity securities, indices of equity securities or securities convertible into equity securities? Yes |
| | | Which best describes its primary investment objective:
Aggressive capital appreciation? No |
| | | Capital appreciation? Yes |
| | | Growth? No |
| | | Growth and income? No |
| | | Income? No |
| | | Total return? No |
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| 67. | | Is the Registrant/Series a “balanced” Fund? No |
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| 68. | | Does the Registrant/Series have more than 50% of its net assets at period end invested in the securities of issuers... Engaged primarily in production or distribution of precious metals? Yes |
| | | Located primarily in countries other than the United States? Yes |
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| 69. | | Is the Registrant/Series an index Fund? No |
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| Investment Practices |
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| 70. | | Activities that are permitted by the Registrant’s/Series’ investment policies, and which were engaged in during the period:
Activity Permitted Engaged In |
| | | Writing or investing in repurchase agreements? Yes No |
| | | Writing or investing in options on equities? Yes No |
| | | Writing or investing in options on debt securities? No – |
| | | Writing or investing in options on stock indices? Yes No |
| | | Writing or investing in interest rate futures? No – |
| | | Writing or investing in stock index futures? No – |
| | | Writing or investing in options on futures? No – |
| | | Writing or investing in options on stock index futures? No – |
| | | Writing or investing in other commodity futures? No – |
| | | Investments in restricted securities? Yes to both |
| | | Investments in shares of other investment companies? Yes No |
| | | Investments in securities of foreign issuers? Yes to both |
| | | Currency exchange transactions? Yes to both |
| | | Loaning portfolio securities? No – |
| | | Borrowing of money? Yes No |
| | | Purchases/sales by certain exempted affiliated persons? No – |
| | | Margin purchases? No – |
| | | Short selling? No – |
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| Portfolio Turnover |
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| 71. | | Portfolio turnover rate for the period: |
| | | Purchases ($000s): 8,688 |
| | | Sales ($000s): 11,140 |
| | | Monthly average Value of portfolio ($000s): 265,443 |
| | | Percent turnover (lesser of Purchases or Sales, divided by Value): 3% |
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| Financial Info — Income and Expenses |
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| 72. | | The number of months covered by the values in Items 72 and 73: 6 |
| | | Income ($000s) Net interest income .............................................. | 2 |
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| | | Net dividend income .............................................. | 1,292 |
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| | | Account maintenance fees ......................................... | – |
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| | | Net other income ................................................. | – |
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| | | Expenses ($000s) Advisory fees .................................................... | – |
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| | | Administrator fees ............................................... | 88 |
|
| | | Salaries and other compensation .................................. | 930 |
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| | | Shareholder Servicing Agent fees ................................. | 27 |
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| | | Custodian fees ................................................... | 18 |
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| | | Postage .......................................................... | 13 |
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| | | Printing expenses ................................................ | 39 |
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| | | Directors’ fees .................................................. | 170 |
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| | | Registration fees ................................................ | 5 |
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| | | Taxes ............................................................ | – |
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| | | Interest ......................................................... | – |
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| | | Bookkeeping fees paid to anyone performing this service .......... | – |
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| | | Auditing fees .................................................... | 25 |
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| | | Legal fees ....................................................... | 677 |
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| | | Marketing/distribution payments, incl. Rule 12b-1 plan payments .. | – |
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| | | Amortization of organization expenses ............................ | – |
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| | | Shareholder meeting expenses ..................................... | 6 |
|
| | | Other expenses ................................................... | 366 |
|
| | | Total expenses ................................................... | 2,364 |
|
| | | Expense reimbursements ($000s): 0 |
| | | Net investment income ($000s): -1,070 |
| | | Realized capital gains ($000s): 0 |
| | | Realized capital losses ($000s): -2,816 |
| | | Net unrealized appreciation during the period ($000s): 20,435 |
| | | Net unrealized depreciation during the period ($000s): 0 |
| | | Total income dividends for which the record date passed during the period ($000s): 386 |
| | | Total capital gains distributions for which the record date passed during the period ($000s): 0 |
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| 73. | | Distributions per share for which the record date passed during the period, shown in fractions of a cent, if so declared:
Dividends from net investment income: $0.0200 |
| | | Distribution of capital gains: $0.0000 |
| | | Other distributions: $0.0000 |
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| Financial Info — Condensed Balance Sheet Data |
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| 74. | | Assets ($000s) |
| | | Cash ............................................................. | 3,573 |
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| | | Repurchase agreements ............................................ | – |
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| | | Short-term debt securities, other than repurchase agreements ..... | – |
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| | | Long-term debt securities, including convertible debt ............ | – |
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| | | Preferred, conv. preferred and adjustable-rate preferred stock ... | – |
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| | | Common stock ..................................................... | 263,921 |
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| | | Options on equities .............................................. | – |
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| | | Options on all futures ........................................... | – |
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| | | Other investments ................................................ | – |
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| | | Receivables from portfolio instruments sold ...................... | – |
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| | | Receivables from affiliated persons .............................. | – |
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| | | Other receivables ................................................ | 558 |
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| | | All other assets ................................................. | 80 |
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| | | Total assets ..................................................... | 268,132 |
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| | | Liabilities ($000s) Payables for portfolio instruments purchased ..................... | – |
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| | | Amounts owed to affiliated persons ............................... | 521 |
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| | | Senior long-term debt ............................................ | – |
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| | | Other liabilities: Reverse repurchase agreements .................................. | – |
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| | | Short sales .................................................... | – |
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| | | Written options ................................................ | – |
|
| | | All other liabilities .......................................... | 1,100 |
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| | | Equity ($000s) Senior equity .................................................... | – |
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| | | Net assets of common shareholders ................................ | 266,511 |
|
| | | Number of shares outstanding (000s): 19,290 |
| | | Net Asset Value (NAV) per share (to nearest cent): $13.82 |
| | | Total number of shareholder accounts: 1,280 |
| | | Total value of assets in segregated accounts ($000s): 0 |
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| 75. | | Monthly average net assets during the period ($000s): 268,207 |
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| 76. | | Market price per share at period end: $13.04 |
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| Additional Disclosures |
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| 77. | | Did the Registrant file any additional Exhibits with the filing of this Report (listed here and filed either herewith — as one of the ‘EX-99.*’ ↑Exhibits in this Filing — or separately and incorporated by reference)? Yes |
| | | EX-99.77C: Matters Submitted to a Vote of Security Holders? Yes |
| | | EX-99.77E: Legal Proceeding? Yes |
| | | EX-99.77P: Info Pursuant to an SEC Exemption Order? Yes |
| | | EX-99.77Q3: Other Info? Yes |
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| Subsidiaries |
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| 78. | | Does the Registrant have any wholly-owned investment company subsidiaries whose operating and financial data are consolidated with that of the Registrant in this Report? No |
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| Fidelity Bond in Effect at Fiscal Year End |
| | |
| 80. | | Insurer: Continentalinsurance Co. |
| | | Aggregate face amount of coverage for the Registrant/Series on all bonds on which it is named as an insured ($000s): 1,000 |
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| 81. | | Is the bond part of a joint fidelity bond(s) shared with other investment companies or other entities? No |
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| 82. | | Does the mandatory coverage of the fidelity bond have a deductible? Yes |
| | | The amount of the deductible ($000s): 25 |
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| 83. | | Were any claims with respect to this Registrant/Series filed under the bond during the period? No |
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| 84. | | Were any losses incurred with respect to this Registrant/Series that could have been filed as a claim under the fidelity bond but were not? No |
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| 85. | | Are the Registrant’s/Series’ Officers and Directors covered as Officers and Directors of the Registrant/Series under any errors and omissions insurance policy owned by the Registrant/Series or anyone else? Yes |
| | | Were any claims filed under such policy during the period with respect to the Registrant/Series? Yes |
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| Sales, Repurchases and Redemptions |
| | |
| 86. | | Sales, repurchases and redemptions of the Registrant’s securities: |
| | | Common Stock Sales: Number of shares (000s): 0 |
| | | Net consideration received ($000s): 0 |
| | | Repurchases: Number of shares (000s): 0 |
| | | Net consideration paid ($000s): 0 |
| | | Preferred Stock Sales: Number of shares (000s): 0 |
| | | Net consideration received ($000s): 0 |
| | | Repurchases and redemptions: Number of shares (000s): 0 |
| | | Net consideration paid ($000s): 0 |
| | | Debt Securities Sales: Principal amount ($000s): 0 |
| | | Net consideration received ($000s): 0 |
| | | Repurchases and redemptions: Principal amount ($000s): 0 |
| | | Net consideration paid ($000s): 0 |
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| Securities Outstanding |
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| 87. | | Securities of the Registrant that are registered on a national securities exchange or listed on Nasdaq: |
| | | Title of class: Common Shares |
| | | CUSIP/CINS: G3156P·10·3 |
| | | Symbol: ASA |
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| 88. | | A3? ........ No |
| | | B3? ........ No |
| | | C3? ........ No |
| | | D3? ........ No |
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Signature | | ↑Top of Form N-SAR |
| | | |
| | | /s/ Rodney D. Yee |
| | | Name: Rodney D. Yee |
| | | Title: Coo, Cfo & Treasurer |